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IPO Replacement Prospectus (27 May 2025) A Rare Window Into a Forgotten Gold-Copper System The IPO wardrobe has been pretty bare in 2025 and it si good to see the emergence of an IPO with a project that appear to have been off the radar for the last four decades in the heart of New South Wales’ Macquarie Arc – one of Australia’s most fertile mineral belts (Figure 1). When I reviewed LinQ Minerals Limited ’s IPO Replacement Prospectus (27 May 2025) and accompanying investor presentation, it was clear this is not your standard greenfields hopeful. LinQ does offer something much more compelling: a genuine brownfields gold-copper project with real tonnage, credible grade, deep geological understanding, and—importantly—a team that’s been here before. In an IPO draft, this is not a bad start. The offer is simple: 37.5 million shares at $0.20 to raise a minimum of $7.5 million , up to 50 million shares for a maximum raise of $10 million . This does not appear to be a spray-and-pray IPO; it is an old project with 470,000 metres of historical drilling and a global resource of 3.7Moz gold and 1.2Mt copper  under the company’s belt. Figure 1: Map of Gilmore Project and Macquarie Arc showing nearby Tier-1 deposits (source: LinQ Minerals) The Foundation: Gilmore Gold-Copper Project At the heart of LinQ’s IPO is the Gilmore Project , a consolidated tenement package spanning nearly 600km², wholly owned by LinQ. Located near West Wyalong and Temora, this project sits within the Macquarie Arc—a belt that also hosts Cadia, Northparkes, and Cowal. The project does have good real estate, which is a good thing to have for the promotional part of the equation. LinQ holds two things I consider rare in today’s IPO market: A JORC-compliant resource that’s not just conceptual but already well drilled: ~1.2Moz Au and ~120Kt Cu  at Gilmore South alone. Clear evidence of high-grade intercepts (Figure 2) , such as: 40m @ 2.8g/t Au 167m @ 1.0g/t Au, 0.7% Cu 150m @ 1.02% Cu, 0.75g/t Au Figure 2: Drill intercept highlights (source: LinQ Minerals) This isn’t early-stage sniffing. This is resource confirmation and potential system expansion. Strong Capital Discipline LinQ plans to use the IPO proceeds primarily for exploration and project advancement, allocating $5.0 million to $7.0 million toward drilling and development, depending on the amount raised. Offer costs are estimated between $0.62 million and $0.77 million, with the remaining $2.43 million to $2.78 million set aside for working capital. “Our aim is to deliver discovery and resource growth in a cost-efficient manner, with over 40 years of historical investment to build on.” – Michael Gibson, Executive Director   Who’s Running the Show? The leadership at LinQ is one of the most experienced I've seen in a junior IPO this year. Clive Donner  (Executive Chair): 40+ years in mining private equity, ex-NM Rothschild and Citibank Scott Munro  (Chief Geologist): 6+ years of direct experience on Gilmore, Lachlan Fold Belt specialist John Holliday  (Technical Advisor): Principal discoverer of the Cadia porphyry deposit “We’ve built LinQ to execute like a private equity-backed team—lean, experienced, and discovery-focused.” – Clive Donner  The Upside: More Than a Starter Resource Yes, LinQ is listing with a solid base. But it’s the exploration pipeline  that excites me (Figure 3). Multiple systems remain open along strike and at depth +20 prospects across a 40km corridor , spanning porphyry and epithermal targets Near-term catalysts  from drill-ready zones like Donnington and Monza “The current JORC resources are only estimated to 300–450m. This is shallow compared to major producing peers in the Arc.” – LinQ Prospectus Figure 3: Geological clusters and target zones (source: LinQ Minerals)      Samso’s Concluding Comments   To me, LinQ Minerals is a good IPO that commonly slips under the radar until a discovery headline forces everyone to look. What I can say is that the project is real, the team is okand the address can be classed Tier-1 or at least have the potential to be in the same class. And the upside, from a system already demonstrating grade and scale, is substantial. The potential is great, and the market sentiment is obvious. Unlike some IPOs fishing in greenfield ground, LinQ is reactivating a proven system with modern geological thinking and a sharp execution model. As the company says, “ drill, don’t drift .” The price of gold is good, and the potential pricing of copper will remain on the upside. This isn’t investment advice—just my take. We all know that there is never a sure thing, but when the geology and the capital plan all line up like this, I tend to pay attention. Don’t Miss the Mark Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is not driven by hype—we only tell stories we believe are worth telling, backed by sound geology and credible management. If you’re new to what we do, I encourage you to explore our three core products: Coffee with Samso , Samso News , and Samso Insights . Each offers a unique perspective, whether it’s a deep dive into a company, reflections on market trends, or long-form interviews that go beyond the surface. There are many paths to success in investing, but if there’s one thing I’ve learned over the years, it’s this: the most successful investors stay committed to making informed decisions . Equip yourself with the right knowledge and tools, and you’ll always be one step closer to your financial goals. Most importantly, know your limits. Be clear about your own risk-reward tolerance  and financial capacity. Never bite off more than you can chew. As I always remind people, Rome wasn’t built in a day, and the Great Wall didn’t go up overnight. Good things take time, patience, and a solid foundation. That’s what we aim to help you build here at Samso. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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.

As part of the Samso evolution, welcome to our weekly review of the different sectors on the ASX. Samso will give a short highlight of what has come across our radar each week and share our thoughts so that investors can start some DYOR. The ASX Biotech Review is all about performance and innovation, with a clear demonstration of commercialisation in the biotech sector on the ASX. What's on offer in this ASX Biotech Review? When it comes to spotting undervalued potential in ASX stories, I often look for companies that are not only developing novel technologies but also demonstrating clear paths to commercialisation. The other category is what the opportunities are. This month, three small-cap names on the ASX have really caught my attention: Memphasys Limited (ASX: MEM) , Control Bionics (ASX: CBL) , and dorsaVi Ltd (ASX: DVL) . Each is on a very different mission, but all three are making measurable progress, and their recent share price performance looks like investors are starting to notice. Memphasys Limited (ASX: MEM): Transforming Fertility and Animal Health So why did I choose Memphasys Limited (ASX: MEM) for this review? It's an interesting business, a biotechnology company specialising in fertility solutions for both human and animal applications. It has a market capitalisation of AUD9.91M (7th June 2025)and a fairly stable share price range for the last 2 years, with a high of just over AUD $0.02 and a low of AUD $0.005. The biotech sector is like the mineral exploration business: High Risk-High Reward. At the centre of it all is the Felix™ System , a sperm separation device designed to improve outcomes in human assisted reproductive technology (ART). The company hit a major milestone in March 2025 with the successful completion of its pivotal Phase III clinical trial. The data showed Felix achieved embryo utilisation rates statistically superior to Density Gradient Centrifugation (DGC), and non-inferior to the Swim-Up method — the gold standard in ART. This is a game-changer for IVF clinics globally. Why do I find this interesting? According to MEM, the global fertility market is substantial and growing. For instance, the equine artificial insemination market alone was valued at USD 681.1 million in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032.   Memphasys's technologies, like the Felix™ System, have the potential to capture a share of this expanding market, especially as they continue to gain clinical validation and regulatory approvals. Let's face it, it's still touch and go, but let's say if this is successful, then an MC of under AUD $10M is going to be re-rated. Just as compelling is a growing network of partnerships: distribution agreements with Vitrolife (Japan, Canada, NZ), and ongoing discussions with Heranova in China and labs in Brazil. All of this feeds into their commercialisation pathway and regulatory submissions for CE Mark (Europe), TGA (Australia), and CDSCO (India). Strategic Partnerships and Collaborations (source:  Memphasys Limited) Vitrolife Group : Memphasys has secured a five-year exclusive distribution agreement with Vitrolife Japan KK, a subsidiary of the global leader in IVF technologies. This partnership has successfully integrated the Felix™ system into several high-volume clinics in Japan's private health sector. Additionally, the agreement has been extended to include distribution rights in Canada and New Zealand, facilitating Memphasys's entry into these early access markets. Heranova Lifesciences : In December 2024, Memphasys signed a Letter of Intent with Heranova, a Hong Kong-based biotech company specializing in women's health. This collaboration aims to launch and distribute the Felix™ system in the Greater China region, leveraging Heranova's extensive experience in medical device distribution. Monash IVF Group : Memphasys has conducted pivotal clinical trials for the Felix™ system in collaboration with Monash IVF Group across nine active sites in Australia. The trials have confirmed the system's best-in-class performance in sperm selection for assisted reproductive technology (ART), paving the way for global commercial expansion. Then there’s RoXsta™ A complementary platform measuring oxidative stress. While initially tested in livestock fertility, it’s gaining serious traction for broader diagnostics. Their RoXsta Mega Cell High-Throughput Assay processes 96 samples in under an hour, which is a leap ahead of legacy systems that take up to 16 hours. This opens doors in both human and veterinary diagnostics. Dr David Ali - CEO & Managing Director: “We are thrilled that RoXsta™ can be so readily scaled, with the Mega Cell High-Throughput Assay device representing a further commercial opportunity for the Company. To date, much of the focus has been on smaller-scale assessments of RoXsta™, ensuring the results are accurate and the device is capable of being deployed in a commercial setting.” “The success of these pilot studies suggest Memphasys can move into the next development phase, identifying significant opportunities and optimising antioxidant testing for both commercial and research-led laboratories.”   With a recent $1.275 million raise and an R&D rebate loan facility in hand, Memphasys is well-capitalised to keep the momentum going. Figure 1: Memphasys Limited (ASX: MEM) share price chart. 9source: commsec) Highlights in 2025 Clinically validated success of Felix™ as a best-in-class ART solution. Accelerated global commercial rollout in China, Brazil, and the UAE. RoXsta™ expansion into high-throughput diagnostics with veterinary and human applications. Strengthened funding base via $1.275M placement and R&D-backed loan. Growing strategic partnerships with Vitrolife and Heranova. Control Bionics (ASX: CBL): Assistive Tech Meets Global Expansion What makes Control Bionics stand out to me is their blend of real-world impact and commercial smarts. Their core IP is the NeuroNode® — a wearable EMG device that allows people with conditions like ALS or cerebral palsy to communicate and control devices using muscle signals. Already approved across the US, Australia, and Japan, NeuroNode is now entering a new growth phase. Recently, the company moved to a wholesale distribution model. In October 2024, a new US insurance code enabled standalone NeuroNode sales, opening up a whole new market of channel partners. They’ve already secured distribution agreements with SmartBox in the UK and are piloting new partnerships in the US and Europe. Even more interesting is how they are extending their tech into new verticals. Their DROVE module, for example, retrofits power wheelchairs for autonomous navigation. TGA approved and now heading for FDA submission, it adds a mobility dimension to their assistive communication dominance. And the NeuroStrip™? It’s their latest offering — a paper-thin, miniaturised EMG device already being trialled in sports science, rehabilitation, and health diagnostics. First revenue from NeuroStrip is expected in Q4 FY25, and their partner in Japan, StrokeLab, is leading a 100-patient study on Parkinson’s. CBL’s ability to translate IP into commercial applications is exactly what I like to see. Jeremy Steele – CEO: “We are delivering strong sales, cash collection and meaningful progress on our growth initiatives.” “We’ve found strong commercial appetite for our core IP, the NeuroNode, through our NeuroNode Only strategy. We’ve rolled out this technology now to multiple distributors (both in pilot and contract phases) in multiple geographies.”   Figure 2: Control Bionics (ASX: CBL) share price chart since 2022. (source:commsec) Highlights in 2025 US reimbursement code enabled NeuroNode standalone sales. Strategic distribution wins in UK (SmartBox) and Japan. New revenue potential through NeuroStrip™ and autonomous wheelchair tech (DROVE). Highest US and Australian revenue in years alongside leaner operations. SaaS revenue emerging from NeuroStrip cloud software. dorsaVi Ltd (ASX: DVL): AI-Driven Injury Prevention in the Real World dorsaVi , for me, is the pick of the three companies. I like small-cap companies applying deep tech to real-life problems. dorsaVi is one of those. Their core tech — FDA-cleared wearable sensors and now an AI-powered video movement analysis platform — is finding strong uptake in elite sports, clinical rehab, and high-risk workplaces. Their latest product release, a first-in-class 3D motion analysis test, identifies ACL injury risk by capturing rotational torque forces that 1D force plates miss. For a physiotherapist or a sports team, that’s a leap forward in injury prevention. Over 80 clinics adopted their AI video platform within four months of launch. That’s impressive scalability. Dr Andrew Ronchi – CEO: “This technology represents a paradigm shift in sports injury prevention. Our AI-driven 3D motion analysis offers unprecedented accuracy in assessing knee mechanics in the clinic—something the industry has never had access to outside of biomechanics labs. We believe this innovation will become the new standard in ACL injury prevention and rehabilitation, delivering tangible benefits for athletes, teams, and clinicians worldwide.” And they’re making waves in the US: collaborating with top sports physician Dr. Chirag Patel (ESPN Resident Expert), working on injury mitigation with elite athletes across the NFL, NBA, and MLB. Plus, they’re securing security and tech clearances with a major US clinical franchise network — a move that could expand them across thousands of clinics. Most recently, they signed a three-year deal with SANO Health to deploy ViSafe+ Premium across remote mining sites. It’s a reminder that workplace safety remains a huge, and often overlooked, commercial opportunity.  Figure 3: dorsaVi Ltd (ASX: DVL) share price chart since 2021.(source: commsec) Highlights in 2025 Launched 3D ACL injury test with AI-powered knee analysis. Rapid uptake of AI-powered video platform across >80 clinics. Strategic deal with ESPN’s injury expert, Dr. Chirag Patel. Expanded use of ViSafe+ through mining deal with SANO Health. Cleared path toward large-scale clinical rollout in the US.   Samso Concluding Comments Each of these companies brings a different approach to biotech, but they all aim to deliver validated technology, targeting large addressable markets, and converting innovation into actionable business outcomes. Their progress across clinical, regulatory, and commercial fronts is why I am making the time to check them out. Do not forget that the biotech sector is a very volatile sector of the ASX, and it is as unforgiving as the mineral exploration stories. What appears to be a cat may not eventually turn out to be a cat. My point is as much as the facts tell the story, be aware that market sentiments are definitely in play, and the cash burn rate of these companies is just as bad as those in the mineral exploration game. Final Analysis Memphasys has bridged clinical validation with global partnerships. Control Bionics has transformed a life-changing assistive technology into a commercially viable growth engine. dorsaVi, meanwhile, is evolving from a niche wearable tech firm into a scalable AI-driven diagnostics and safety platform. That is what it boils down to, and I think each business has exponential growth; we just need to find the details and follow the ins and outs of the business they are promoting. Don't get me wrong, this is a sector I am now interested to learn and these three companies have their own unique value to me. dorsaVi is my pick of the 3 compnaies, especially with recent market excitement, and the business is in high-value markets that are always needing to fine-tune their products, and that is the athletes that make their business. Anything that is in the sports business is worth noting. At Samso, we focus on unearthing stories that matter — companies that are building quietly, solving real problems, and forging global pathways from local innovation. These three biotech stories are not about hype; they’re about traction. If you value diligence over noise and fundamentals over flash, these are the names to watch. Stay curious. Stay sharp. And remember — the smartest investments are often made before the headlines hit. Join us at www.samso.com.au  to explore more ideas like these and be part of a community that believes in thinking deeper, investing better, and staying ahead of the curve.   References Memphasys Limited. (2025). ASX Announcement – 14 April 2025  and 8 May 2025 . Retrieved from https://www.memphasys.com Control Bionics Limited. (2025). Quarterly Activities and Cash Flow Report – 31 March 2025 ; Investor Presentation – May 2025 . Retrieved from https://www.controlbionics.com dorsaVi Ltd. (2025). ASX Announcements – 3 Feb, 18 Mar, 30 Apr, 30 May 2025 . Retrieved from https://www.dorsavi.com ASX. (2025). Share Price Charts for MEM, CBL, DVL. Retrieved from https://www2.asx.com.au     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: Residual HM at Minta expands to over 540km2 A Samso Reflection When a project keeps delivering—consistently, scalably, and with geological integrity—you start paying closer attention. The latest update from Peak Minerals Ltd (ASX: PUA) is not just another batch of numbers. It’s a lesson in how overlooked jurisdictions, sound geoscience, and strategic persistence can converge to reveal something much bigger. The Minta Rutile Project in Cameroon is beginning to defy expectations. Not long ago, this was a speculative foray into underexplored terrain. Today, with every single drill hole intersecting mineralisation from surface, the project isn’t just growing—it’s building a geological case for being one of the most significant rutile-dominant mineral sands provinces discovered in recent decades. This is not just about rutile grades or metres drilled. It’s about a consistent story of mineralisation, scale, and scarcity—the three factors that define a strategic resource in today’s critical minerals landscape. The Latest: 540km² of Confirmed HM Mineralisation Peak Minerals’ announcement on 28 May 2025 unveils results from 32 additional hand-auger holes drilled over a new 30 km-wide zone. The outcome? A confirmed extension of heavy mineral (HM) mineralisation, taking the known mineralised area at Minta to approximately 540km², out of a potential 3,500km² target zone. Key Intercepts (Figures 1& 2): 6.0m @ 1.5% HM 5.5m @ 1.6% HM 4.4m @ 1.8% HM 1.3m @ 3.1% HM 2.0m @ 1.8% HM These are not isolated high points. All drill holes to date—over hundreds now—have intercepted mineralisation from surface to end-of-hole, a rare consistency in mineral sands exploration. Casper Adson, CEO, Peak Minerals,  commented: “Every drill hole to date has intersected heavy mineralisation from surface to end-of-hole—highlighting the geological continuity of the deposit.”— Casper Adson, CEO, Peak Minerals. Figure 1: Inset from Figure 2 showing detail of significant HM intercepts across 30km at Minta Rutile Project. Beyond the Sand: Rutile’s Strategic Edge Rutile isn’t just another mineral commodity. It’s the highest-grade natural form of titanium dioxide (TiO₂) , prized for its efficiency in pigment production and titanium metal manufacture, especially in aerospace, medical, and defence sectors. What makes Minta special is its assemblage: a dominant rutile composition with an early discovery hole showing 63.2% rutile within the HM suite —a world-class figure. “Minta has the potential to become the world’s next major rutile-dominant mineral sands project.” — Casper Adson Globally, natural rutile resources are declining, and few major discoveries have emerged in over 70 years. That makes Minta, with its extensive footprint and high in-situ value, a rarity. Looking Forward: What’s Next? While these latest results only represent about 50% of the initial drill grid , a further 303 holes are pending assay , including coarse +1mm oversize 'nugget' rutile . Figure 2: Minta Rutile Project confirms a further 30km length of mineralisation  There’s a methodical, layered approach at play here. Peak is moving from broad reconnaissance to targeted infill, with compositional analysis and geometallurgical characterisation already underway. This is a textbook example of how to turn first-pass exploration into a pathway toward a maiden resource. Samso’s Concluding Comments What Peak Minerals is uncovering at Minta is far more than just heavy mineral grades on a spreadsheet. This is about scale meeting strategy—the kind of project that doesn’t just add ounces or tonnes, but redefines what’s possible when frontier geology is given a modern lens. We’ve seen plenty of stories where early promise fades with tighter drill spacing or deeper cuts. From what I have read and understand, it does look like Minta is not one of them. The recent announcement is adding strength to the project, as every new hole is drilled and an assay is released, the footprint increases. That kind of consistency is what turns prospects into provinces. Rutile, often overshadowed by its bulkier cousin, ilmenite, is finally stepping into the spotlight. And rightly so. In a world grappling with the energy cost of materials and the demand for cleaner processing, natural rutile’s low-emission profile and premium market price put it in a unique strategic category. In projects like this, sovereign risks are always at the front of my concerns, and I am hoping that Cameroon appears to be showing signs that it will be safe. With the recent news of nationalism in some of the African states, I am, like all investors, concerned. The geology is compelling, the mineralisation is shallow and broad, and Peak is one of the few players doing the work with rigour and patience. One surprising point of fact with PUA—they do not appear to be chasing headlines. There has not been much fanfare in the media, which may be a good sign for the creation of a substance-based journey. This is a journey still in its early chapters, but it already has the hallmarks of something enduring. At Samso, we follow stories that are driven by geology and grounded execution, not hype. Minta fits that bill. For investors who understand the importance of scale, timing, and strategic commodities like rutile, this is a project worth keeping on your radar. We encourage readers to dig deeper, ask questions that matter, and watch this space as the narrative evolves. Whether you’re an investor, a geologist, or someone simply intrigued by frontier discoveries, now is the time to pay attention. Stay curious. Stay grounded. And as always, follow the geology. 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: PTSD Gains Sustained at 6m Follow-Up, MOU Signed with ANU At Samso, we often talk about “first movers” and “market makers” in the mining and tech sectors. But when it comes to mental health care, particularly treatment-resistant conditions like Post-traumatic stress disorder ( PTSD ) , the stakes aren’t just commercial. They’re deeply personal. What sets Emyria (ASX: EMD) apart is not only its focus on psychedelic-assisted therapy , but its uncompromising integration of clinical structure and real-world data. Their care model is delivering outcomes that are rarely seen in mainstream psychiatric care, particularly for cohorts long dismissed as “untreatable.” This 28 May 2025 update delivers something profound: six-month follow-up data from a PTSD treatment program that is not only effective, but also durable. These are patients who didn’t respond to standard care, yet nearly two-thirds no longer meet PTSD criteria after half a year. Let’s explore what’s driving these results, why the strategic MOU with Australian National University (ANU) adds validation, and how the real-world data strategy may be Emyria’s ace in the long run. Six-Month Outcomes: Real Relief That Persists - PTSD Treatment Emyria’s cohort-based follow-up tells a compelling story (Figure 1). Among the initial eight patients: 63% (5 of 8)  no longer met PTSD diagnosis criteria. Average 55.5% reduction  in symptom severity based on the PCL-5 scale . 121.5% improvement  in ReQoL-10 quality-of-life scores. These are not marginal improvements—they are deeply meaningful shifts for individuals who have struggled through failed therapies. Dr. Michael Winlo, Emyria’s Chief Scientific Officer , commented: “These sustained outcomes provide compelling evidence that our approach can deliver durable symptom relief and genuine quality of life improvements for patients with complex trauma,” “They also underscore Emyria’s position as a global leader in the delivery and optimisation of new treatments for PTSD.”   Figure 1: Sustained Reduction in PTSD Symptoms at 6 Months. Average PTSD symptom scores (PCL-5) for patients treated under Emyria’s program. Higher scores indicate more severe symptoms. (Source: Emyria ASX Announcement, 28 May 2025) Quality of Life: From Surviving to Thriving Equally important, the ReQoL-10 scores show that mental health isn’t just about alleviating symptoms—it’s about restoring lives. The cohort achieved a mean increase of over 20 points , with many individuals reaching levels consistent with those of the general population (Figure 2). This matters. For too long, success in psychiatry has meant "less distress." Emyria's data shows it's possible to aim for—and reach—full recovery metrics.   Figure 2: Mean Percentage Improvement in ReQoL Scores. Self-reported improvements in mental health-related quality of life. Higher scores indicate better well-being. (Source: Emyria ASX Announcement, 28 May 2025) The Data Engine Behind the Therapy PTSD affects over 800,000 Australians , and traditional treatment success rates remain disappointingly low. Emyria’s strategy is refreshingly pragmatic: create a care model that works, generate ethically-sourced real-world data, and use that data to fuel policy engagement, funding discussions, and new drug development. Here’s what makes Emyria unique: It’s a care provider, a data aggregator, and a biotech pipeline—rolled into one. The program has already grown to 30+ patients  across real-world clinical sites. Its clinical oversight is psychiatrist-led, meaning treatment is as safe as it is structured. The outcome? A scalable system that appeals not only to patients but also to insurers, regulators, and governments  seeking evidence-based innovation. Partnership with ANU: Academic Weight and Clinical Rigor In another milestone, Emyria signed a non-binding MOU with the ANU , one of the country’s most esteemed academic institutions. This collaboration is aimed at co-developing protocols, clinician training, and health economics evaluations. This partnership unlocks a powerful combination: Emyria’s clinical infrastructure  and ANU’s academic oversight , led by Professor Paul Fitzgerald, a global figure in neuroscience and psychiatry. ANU’s involvement in Medibank’s $50M psychotherapy initiative further underscores the significance. With both sides contributing independently, the MOU represents a serious commitment to ethically grounded, clinically sound mental health advancement. Samso’s Concluding Comments When I look at the stories that are making marks on the ASX, it is always about facts and figures. For me, that is the compelling nosie for investors. I feel that Emyria is at these moments when data speaks louder than any marketing pitch. The six-month outcomes from Emyria’s PTSD program are not just clinical wins—they’re societal signals. Signals that structured, empathetic, evidence-based care can reach those whom the system has historically failed. At Samso, we look for companies that aren’t just reacting to market trends but are setting the bar  for what the future should look like. It feels like Emyria is doing that through what I observe as a combination of care, data, and scalable infrastructure. It is quietly redefining how mental health support can—and should—operate. What impresses us most is not the headline figures, although they are strong. It’s the depth of commitment  behind those numbers. The fact that this program offers over 90 hours of care per patient, integrates real-time data feedback, and proactively collaborates with institutions like ANU speaks to a long-term vision, not just a short-term win. As a former carer for my mother who had dementia, where the disabilities are unseen, it is good to see the appreciation for PTSD, which is all about the mental and not the physical issues. In a market crowded with quick solutions and digital therapies, Emyria appear to be taking the hard road: measured, clinical, and sustainable. This is good for investors looking for something of substance. The issue for investors in this part of the ASX is that the risk-reward ratio can be skewed very quickly with one negative outcome. I understand that the upside, but I am also very acutely aware of how an investment here could turn south. For now, things are looking positive, and there appear to be no obvious potential pitfalls. And in our view, that's a journey worth following. At Samso, we believe that informed decisions create lasting value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Whether it’s through Coffee with Samso , Samso News , or Samso Insights , we’re here to help you think smarter, invest better, and stay ahead of the curve. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.  Happy investing—and as always, do your own research. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing on Equity Markets Investing in small-cap stories on the ASX (Australian Stock Exchagne) in 2025 can seem overwhelming, especially for beginners. With the abundance of information available, it is crucial to know how to sift through it effectively to make informed decisions. As I have been in this industry for over 30 years and as an investor prior to the 1987 stockmarket crash, this blog will just outline some of my own experience and insights as to what has wroked for me over those years. This is not a recommendation nor a blog that is a receipe for successful investing. At best, it will be a guide through various strategies to consider as you plan your investing path with your own financial choices. For those investors who swim in the small-cap sector, you may think that your requirements may be vastly different to those that "invest" in the higher-cap companies. In my opinion, I would say that it is not. The need to understand the stock and all the parts that make that stock a business is fundamentally the same. It is the scale of the information that is different. Investing in ASX Small-Cap Stories. Informed decisions stem from a thorough understanding of market dynamics and personal financial goals. Instead of reacting to trends or news headlines, successful investors base their choices on research and evidence. They analyse data, assess risks, and evaluate the potential of various assets. To illustrate the importance of informed decision-making, let's consider the example of two investors: Investor A buys stocks based on a hot tip from a friend, while Investor B conducts detailed research on the company's performance, market conditions, and future potential. A close-up view of stock market data offers insight for informed investing. Investor A may make short-term gains, but without a strategy, they risk significant losses when the market turns. In contrast, Investor B, who invests with a solid understanding, is more likely to achieve sustainable growth over time. Research and Analysis for Informed Decisions The first step in making informed decisions is conducting comprehensive research. This involves collecting relevant data about the investment landscape, specific industries, and individual assets. A good approach is to use various resources to broaden your perspective. Start with financial news outlets, corporate earnings reports, and investment analysis platforms. For example, consider sites that offer detailed company profiles, stock analysis, and investment insights. Eye-level view of an analyst reviewing market research for informed investment decisions. According to a survey by the Financial Industry Regulatory Authority (FINRA), nearly 80% of successful investors spend time analysing their investments. This research allows them to understand key metrics like price-to-earnings ratios, dividend yields, and company growth rates. For those investors who are looking at the small-caps, be aware of platforms that are promotive, look out for content that is balanced and create a discussion. There are many platforms out in the space that merely repeat the content from the companies. Look for content providers who create organic discussions and are not promoting the company's highlights. Actionable Tip : Create a checklist of crucial metrics to evaluate each potential investment, and track your findings systematically. Setting Clear Investment Goals Another vital factor in making informed decisions is having clear, realistic investment goals. It is important to identify what you want to achieve with your investments, whether it's saving for retirement, purchasing a home, or funding a child's education. Your goals will influence the types of investments you pursue and your risk tolerance. For instance, if your goal is long-term wealth accumulation, you might lean towards stocks or index funds, willing to withstand short-term fluctuations. Conversely, if you need access to your funds in the near term, you might prefer bonds or high-yield savings accounts. Consider this insightful statistic : A study conducted by the CFA Institute found that 70% of investors who set clear goals were more likely to achieve their desired financial outcomes. Diversification: The Key to Mitigating Risk Diversification is one of the most effective strategies for minimising risk in an investment portfolio. By spreading investments across various asset classes, sectors, and geographic regions, you reduce the impact that any single investment could have on your overall portfolio. For example, instead of investing solely in technology stocks, you could allocate funds to real estate, commodities, and international markets. This mixed approach helps to stabilize your returns and build a more resilient investment strategy over time. A wide-angle view of a portfolio pie chart illustrates diversification strategies. Moreover, research from Morningstar reveals that well-diversified portfolios tend to outperform less diversified ones in the long run. This reinforces the idea that a balanced approach can lead to more sustainable growth. As a serial investor in the small-cap sector, the diversification for us will still be focusing on a spread of sectors, but for those that play solely in one sector, such as the small-cap mineral resources, diversification will come in the form of different commodities and/or different stages of exploration and mining. ASX Resources' Sector Heat Map (source: commsec) Actionable Tip : Review your portfolio regularly to ensure it reflects your risk tolerance and investment goals, making adjustments as necessary. Learning from Mistakes and Successes Every investor will face ups and downs. The key to becoming a successful investor in the mineral resource sector is to learn about the company in regards to the management and the major shareholders. The small-cap mineral resource sector is notorious for share prices taking off and then leaving the buyers at the top of the run to hold on to the baby. To master the roller coaster ride, you will have to talk to industry participants, and one of the best ways is to get onto a couple of social media platforms like X and LinkedIn. Look for the people who post information, but beware of those who are just posting for promotions. I have to admit that there are not a lot that I know who I would recommend, except for Roland Gotthard , who is a serial poster on LinkedIn. Roland is a straight as you are going to get, and he is very capable in a technical aspect. A typical post from Roland Gothard. I am sure there are more that are in the same category, but none that I could name as I don't know them intimately. I have had several conversations with Roland, and I have met him in person. I feel his genuine intent, and that is the only reason I would recommend his content. In my experience, most of the time my investment failed, I made the wrong timing decision in an exit, so learning from your mistakes is a very important trait to develop. Research for entry and timing for exit. I was told once, and this theory has never failed me: Always have a reason for entry, and when that reason changes for whatever reason, that is your exit trigger. Statistic Alert: According to a report by TD Ameritrade, over 60% of investors believe that their past mistakes have ultimately made them better at investing. Utilising Technology for Information In today's fast-paced environment, using technology can vastly improve your decision-making process. There are numerous tools available designed to assist investors in analysing data, tracking trends, and managing portfolios efficiently. Online platforms and apps offer everything from market news alerts to real-time stock tracking. For example, services like Bloomberg or Yahoo Finance provide updates that can help you stay on top of the market changes. Additionally, several robo-advisors use algorithms to create personalized investment strategies based on your goals and risk tolerance. This technology can provide automated insights, letting you focus on strategy and long-term growth. Actionable Tip : Explore different investment apps and tools to find the ones that suit your style best. Make technology work for you. Building a Support Network Lastly, consider the power of a strong support network. Surrounding yourself with knowledgeable individuals can accelerate your learning and provide new perspectives. This network can include family, friends, financial advisors, or even online communities where you can discuss investment strategies. One significant advantage of such networks is the ability to share experiences and insights. Engaging with others allows you to ask questions and gain access to resources you might not have encountered alone. Important Note : Ensure that the individuals you turn to for advice are experienced and knowledgeable in investing practices. Using trusted resources can further enhance the quality of the support you receive. Concluding Comments from Samso Investing wisely is a skill that requires continuous learning, research, and strategic planning. By implementing the strategies discussed, you can significantly improve your decision-making process. Remember, informed decisions come from a combination of data analysis, setting clear goals, mitigating risks through diversification, learning from past experiences, leveraging technology, and building a supportive network. The underlying habit for investors, based on my experience, is to be patient. My best investments have come from long-term positions that are measured in years. There are short-term wins, but again, with my experience, the biggest losses have been from short-term positions. There have been big, long losses, but the magnitude of the loss compared to the wins was minimal. Here at Samso , we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well researched and is only created if the team see a merit in discussing the company story. Investors can view our three main products in Coffee with Samso , Samso News and Samso Insights . There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall took is a great phenomenon because it took centuries to build. 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 Major New Air-core Drill Program Commences to Test Multiple Gold Targets at Laverton South In our world of mineral exploration, conviction is currency, and E79 Gold Mines Limited (ASX: E79) is spending it wisely. The reason Samso is continuing to cover E79 is for this very reason, they do what the money is raised to do. One and only purpose. As someone who's watched this sector for over three decades, I tend to gravitate toward stories where the science leads the drilling, not the other way around. The latest announcement from E79 Gold shows exactly that: a methodical, data-driven campaign that’s laying the foundation for a potential discovery in one of Western Australia’s most gold-endowed regions. Drilling Strategy: From Theory to Drill Core E79 Gold has launched a 5,000-metre air-core (AC) drill program  at its Laverton South Gold Project , targeting three gold anomalies, with a tight infill campaign already underway at Pinjin in WA (Figure 1). The objective? To follow up on the 700 m-long gold anomaly that sits just west of Kalgoorlie Gold Mining’s Lighthorse discovery.  Figure 1: Map of aircore holes over magnetics. The red anomaly zone is the focus for the infill drill program (source: E79 Gold Mines Limited) Ned Summerhayes, CEO of E79 Gold , commented: “The AC rig has returned to follow up the 700m long gold anomaly, located immediately west of Kalgoorlie Gold Mining Limited’s (KalGold’s) emerging Lighthorse discovery,” “The previous drilling results have led us to focus in on this favourable structural position. Following this infill work, the rig will move on to test two other regional targets identified in the recent geophysical and project review of the area.” Why It Matters: Reading Between the Magnetics This is not about chasing shallow anomalies—it’s about uncovering deeper structures that whisper of something bigger beneath the surface. E79’s geological team has interpreted zones of demagnetisation —visible in reprocessed aeromagnetic data—that coincide with the gold anomaly and suggest favourable structural conditions for mineralisation. While the previous drilling returned modest results (e.g. 3m at 0.29g/t Au ), it’s important to note that only a fraction of the bedrock has been properly tested. With over 40m of transported paleochannel material and only ~15% of lateral bedrock  intercepted per drill line, the potential remains largely untapped (Figure 2).  Figure 2: Cross-section of drill line 6660162 mN (source: E79 Gold Mines Limited) “All of these factors combine to support a compelling and coherent gold anomaly over a number of 200m-spaced drill lines that warrants in-fill air-core drilling,” the Company noted. The Next Step: Two Regional Targets on Deck Once the infill work is done, the rig won’t be idle. E79 will immediately pivot to two high-priority regional targets derived from magnetic and gravity data (Figure 3): 🔶 Target 1 – South of Kirgella Gift Located in a zone of structural complexity Overlaps a large-scale northwest fault Just 3km south of KalGold’s resource Nearby historic drilling has shown coincident gold anomalism 🔶 Target 2 – North Lake Yindana Interpreted domal structure under cover Geologically analogous to the Duke Deposit Sits 3km southwest  of the Duke, part of Ramelius Resources ’ Rebecca Project Figure 3: Map of priority drill targets over regional and reprocessed magnetics (source: E79 Gold Mines Limited) Strategic Positioning in WA's Gold Heartland With 272km² under tenure, the Laverton South Project places E79 in a compelling position—right in the middle of a prolific gold-producing corridor. This belt is no stranger to discoveries, and with KalGold and Ramelius nearby, E79’s path to a potential discovery could attract strategic attention. E79 isn’t just active in WA, either (Figure 4). Their Mountain Home Cu-Au-Bi Project  in the NT and McArthur Basin ground  adds long-term diversification with polymetallic upside. Figure 4: Map of the Laverton South Gold Project (source: E79 Gold Mines Limited)   E79 Gold (ASX: E79) is focused on gold exploration in WA’s Laverton and Murchison regions, with additional targets for copper, gold, bismuth, and diamonds in the NT’s highly prospective McArthur Basin (Figure 5).  Figure 5: Map of E79 Gold’s exploration projects (source: E79 Gold Mines Limited)   Samso Concluding Comments  When I look at stories like E79 Gold, I see the quiet potential that often precedes the loud headlines. The company is doing the hard yards—working through data, following structure, drilling methodically—and that’s where real discoveries are born. It’s easy to get caught up in the noise of instant results, but the groundwork being laid here is what builds genuine value. Exploration under cover is never straightforward, but with good science and disciplined execution, the rewards can be transformational. E79’s Laverton South program is a textbook example of how to de-risk greenfield targets through thoughtful interpretation and patient drilling. Add in the proximity to significant discoveries like Lighthorse and Duke, and the upside becomes very real. As investors, we often talk about leverage to discovery. E79 Gold has that in spades—technical, financial, and strategic. What matters now is execution, and from what I see, the company is moving in the right direction. In my opinion, E79 Gold’s latest campaign is exactly the kind of program that investors should be watching closely. As an investor myself, I remind myself that this is not about immediate gratification—it’s about building a discovery from first principles : geophysics, structure, and methodical drilling. They’ve ticked every box: ✅Defined structural controls ✅Early gold anomalism ✅Strategic proximity to established discoveries ✅Prudent capital management (~$2.9M in cash as of April) If this anomaly proves fertile—and as an exploration geologist, any attempt to drill for results is an encouraging sign. With a modest market capitalisation of a modest AUD 3.0M, a positive result could quickly find itself on a much larger stage. Reasons Why Samso Helps Your Research. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso , Samso News  and Samso Insights . There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day , and the Great Wall is a great phenomenon because it took centuries to build . Happy Investing, and always remember to DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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.

An Interesting ASX Biotech Story for your Watchlists Introduction Mesoblast Limited (ASX: MSB) is a leading Australian biotechnology company specialising in the development of allogeneic (off-the-shelf) cellular therapies for the treatment of severe and life-threatening inflammatory diseases. Founded in 2004 by CEO Dr. Silviu Itescu, the company has established itself as a global leader in regenerative medicine, with a focus on mesenchymal lineage cells. As of mid-2025, Mesoblast boasts a market capitalization of approximately A$1.86 billion, reflecting significant investor confidence in its innovative therapies and robust pipeline. The company's year-to-date share price growth of over 425% underscores its remarkable progress and the market's optimism about its future prospects. Mesoblast Limited - The Art of Allogeneic Cellular Therapies Mesoblast's core mission is to develop and commercialize allogeneic cellular medicines to treat serious inflammatory conditions with significant unmet medical needs. The company's proprietary technology platform is based on mesenchymal lineage cells, including Mesenchymal Precursor Cells (MPCs) and Mesenchymal Stem Cells (MSCs), which have immunomodulatory and anti-inflammatory properties. Key Therapeutic Areas Graft-versus-Host Disease (GVHD):  Mesoblast's flagship product, Ryoncil® (remestemcel-L), is an MSC therapy approved by the U.S. Food and Drug Administration (FDA) for the treatment of steroid-refractory acute GVHD in children. This condition is a severe complication following allogeneic bone marrow transplantation, and Ryoncil® offers a novel treatment option for affected paediatric patients. Chronic Low Back Pain:  The company's investigational product, rexlemestrocel-L, is being evaluated in Phase 3 clinical trials for chronic low back pain associated with degenerative disc disease. Early results have shown durable pain reduction lasting at least three years from a single injection, highlighting its potential as a long-term treatment option. Cardiovascular Diseases:  Mesoblast is also developing Revascor®, an MPC therapy aimed at treating advanced chronic heart failure. The therapy has received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA, facilitating its expedited development and review. Reasons for Strong Performance in 2025 Figure 1: The share price movement with highlights that have contributed to its growth over the last 12 months. The impressive market appreciation for Mesoblast is one of the reason that sparked my interest to review this ASX story. We all know that the biotech ASX industry is very similar to the risk-reward ratio of the mineral exploration industry, so this may be something that retail punters may want to look at for several reasons. To me, the current position of Mesoblast is the reason why retail investors look for small-cap "High-Risk" ASX stories because for the one that turns out to be a multi-bagger, it makes up for those that don't make it. Mesoblast is also now a good one to play the dividend game and have a "safer" option. Pharmaceutical companies are big players in the US market and if Mesoblast end up in that scale, the market capitalisation of AUD1.8B, may be start of something even bigger. Mesoblast has had a volatile run since its listing in 2004, having come back from the heights of 2020 when the company had a market capitalisation of over AUD $2B. Mesoblast's impressive share price growth in 2025 can be attributed to several key developments: 1.0 FDA Approval of Ryoncil® In December 2024, the FDA approved Ryoncil® for the treatment of steroid-refractory acute GVHD in children, making it the first MSC therapy approved in the United States for any indication. This milestone significantly enhanced Mesoblast's credibility and opened up new revenue streams in the U.S. market. The approval was based on robust clinical data demonstrating the therapy's efficacy and safety in paediatric patients. 2.0 Commercial Launch and Market Access Following FDA approval, Mesoblast successfully launched Ryoncil® in the U.S. market in early 2025. The company secured inclusion in major drug pricing compendia and entered into a National Drug Rebate Agreement with Medicare, expanding access to approximately 40% of the insured paediatric population in the U.S. These strategic moves have facilitated the therapy's adoption and reimbursement, contributing to revenue growth. 3.0 Inclusion in S&P/ASX 200 Index In March 2025, Mesoblast was added to the S&P/ASX 200 Index, reflecting its growing market capitalization and significance in the Australian biotech sector. This inclusion has increased the company's visibility among institutional investors and index funds, further boosting its share price. 4.0 Positive Analyst Outlook Analysts have expressed optimism about Mesoblast's future, with some projecting substantial upside potential. For instance, Bell Potter Securities has set a price target of A$4.30, indicating significant growth prospects from current levels. The company's strong pipeline and recent regulatory successes underpin this positive sentiment. Future Outlook Mesoblast's future appears promising, driven by its innovative therapies and strategic initiatives: 1.0 Expansion of Ryoncil® Indications Mesoblast plans to expand Ryoncil®'s indications beyond pediatric GVHD to include adult patients and other inflammatory conditions. The company is preparing for Phase 3 trials in adults with GVHD, a market approximately five times larger than the pediatric segment.  Successful expansion into this market could significantly increase the therapy's revenue potential. 2.0 Advancement of Rexlemestrocel-L and Revascor® The ongoing development of rexlemestrocel-L for chronic low back pain and Revascor® for heart failure represents significant growth opportunities. Both therapies have shown promising clinical results and have the potential to address large patient populations with unmet medical needs.  Regulatory approvals and successful commercialization of these therapies could further enhance Mesoblast's market position. (Simply Wall St) 3.0 Strategic Partnerships and Global Expansion Mesoblast is actively seeking strategic partnerships to support the global commercialization of its therapies. Collaborations with established pharmaceutical companies could facilitate market access, distribution, and regulatory approvals in various regions, accelerating the company's growth trajectory. Financial Performance and Sustainability While Mesoblast has historically operated at a loss, the commercial launch of Ryoncil® and potential approvals of other therapies are potential revenue drives for the company toward profitability. Analysts forecast significant revenue growth in the coming years, with estimates suggesting a 233% increase in 2025 and a 336% increase in 2026 (Yahoo Finance). Samso readers must also know that Mesoblast Ltd (ASX: MSB) experienced a significant share price decline from its 2020 highs (Figure 2) due to several key factors: FDA Rejection of Remestemcel-L in 2020 In October 2020, the U.S. Food and Drug Administration (FDA) declined to approve Mesoblast's lead therapy, remestemcel-L (Ryoncil), for treating pediatric steroid-refractory acute graft-versus-host disease (SR-aGVHD). Despite a prior advisory committee vote favoring approval, the FDA requested an additional randomized controlled trial, leading to a nearly 40% drop in Mesoblast's share price that month. COVID-19 ARDS Trial Setback In December 2020, Mesoblast's Phase 3 trial of remestemcel-L for COVID-19-induced acute respiratory distress syndrome (ARDS) was halted early. The Data Safety Monitoring Board recommended cessation after interim analysis indicated the trial was unlikely to meet its primary endpoint of reducing 30-day mortality. This news led to a further 45% decline in the company's share price. Mixed Results from Heart Failure Trial: Mesoblast's DREAM-HF Phase 3 trial for its heart failure therapy, rexlemestrocel-L (Revascor), failed to meet its primary endpoint of reducing recurrent non-fatal heart failure events. Although some secondary endpoints showed promise, the overall results were insufficient to bolster investor confidence, contributing to continued share price weakness. Financial Challenges and Capital Raisings: The company faced financial pressures due to ongoing clinical trials and lack of product approvals, leading to significant cash burn. In January 2025, Mesoblast completed a global private placement, raising A$260 million at a discounted share price. The dilution and exclusion of retail investors from this capital raising contributed to a 9% drop in share price upon the announcement. As they say and I am reminding the Samso faithful's, there is only two things that are considered a sure thing, paying taxes and death. Concluding Comments from Samso A company like Mesoblast Ltd is positioned at the forefront of regenerative medicine, offering innovative allogeneic cellular therapies for challenging inflammatory conditions. In business, the first mover advantage coupled with success in your product development is always going to make you the king of the castle. The market capitalisation of AUD $1.86B for Mesoblast is prove that management and "luck" has been good for shareholders. A YTD growth of over 425% has got to be worthy of some prize to shareholders and all stakeholders in this company (Figure 1). The company's recent FDA approval and commercial launch of Ryoncil® mark significant milestones, validating its technology platform and opening new revenue streams.  Mesoblast Ltd (ASX: MSB) is a prime example of biotech stories getting it right. The roller coaster ride that is synonymous with ASX biotech companies is well known. The story for Mesoblast can be more clear if we look at its journey since listing on the ASX. Figure 2: The share price chart for Mesoblast Limited since listing on the ASX in 2004. (source: commsec) The company is no minor having lived in high market valuation for a good part of the last 5 years but taking a big plunge due to several factors. Time have passed and a new phase is upon the fortunes of Mesoblast. What that means for the retail investors is the question. Is this going to be a "blue chip" investment for the retail end now or is there more capital gains to be had? The share price journey seen in Figure 2 is one that would give investors something to think about on whether there is another 10 bags left in the stock. With a robust pipeline, strategic initiatives, and positive market sentiment, Mesoblast may be well-positioned for continued growth and success in the evolving biotech landscape. If the analysts are to be taken seriously, there appear to be more blue sky to reach.   Happy Investing and remember, always DYOR. References: DA Approval of Ryoncil® (Remestemcel-L) FDA Approval: On December 18, 2024, the U.S. Food and Drug Administration (FDA) approved Ryoncil® (remestemcel-L) for the treatment of steroid-refractory acute graft-versus-host disease (SR-aGVHD) in pediatric patients aged two months and older. This marked the first approval of a mesenchymal stromal cell (MSC) therapy in the United States.  TradingView Orphan Drug Exclusivity: The FDA granted Ryoncil® seven years of orphan drug exclusivity for the treatment of SR-aGVHD in children.  📈 Share Price Growth and Market Performance Share Price Surge: Following the FDA approval of Ryoncil®, Mesoblast's stock experienced a significant surge, reflecting strong investor confidence.  Year-to-Date Growth: Mesoblast's share price experienced significant growth in 2025, driven by advancements in its cellular therapy programs targeting severe inflammatory conditions.  Proactiveinvestors UK 🧬 Rexlemestrocel-L for Chronic Low Back Pain Phase 3 Trial Results: A Phase 3 trial demonstrated that a single injection of rexlemestrocel-L resulted in at least two years of pain reduction in patients with chronic low back pain due to degenerative disc disease.  Wikipedia Durable Pain Reduction: Further follow-up showed that the pain reduction lasted for at least three years, indicating the therapy's potential for long-term relief.  Wikipedia ❤️ Revascor® for Heart Failure RMAT Designation: The FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to Revascor® (rexlemestrocel-L) for the treatment of children with hypoplastic left heart syndrome (HLHS), a severe congenital heart condition.  Clinical Trial Outcomes: In a Phase 2b trial involving patients with end-stage heart failure, Revascor® treatment resulted in a 76% reduction in major gastrointestinal bleeding events and a 65% reduction in hospitalizations. 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 National University Philippines Signs Platform SaaS Agreement with OpenLearning. In a world where the AI narrative is being woven into every corner of enterprise, education is often spoken about but seldom transformed at scale. That’s why OpenLearning Limited (ASX: OLL) stands out. It’s not just deploying AI—it’s integrating it meaningfully into a software-as-a-service (SaaS) platform that’s already showing traction in major education markets. From my point of view, the company’s Q1 2025 update and the landmark deal with the Philippines’ National University reflect more than operational progress—they’re signals of strategic positioning in an overlooked sector. Lifelong learning is no longer a catchphrase; it’s an economic imperative, and OpenLearning is quietly but surely building the rails for this global trend. Figure 1: National University President Renato Carlos H Ermita with OpenLearning CEO, Adam Brimo and other senior executives from National University at the signature ceremony in Manila on 26th May 2025. (source: OLL) The Quarter That Mattered: Q1 2025 Highlights OpenLearning’s performance this quarter shows consistency, clarity, and expansion: SaaS Revenue up 12% YoY : Platform annualised recurring revenue (ARR) rose to A$2.36 million, delivering 13 consecutive quarters of growth. Average revenue per B2B customer reached A$9,466. New Customer Wins : The company added 10 institutional clients (246 in total) and 28 new Course Magic users (now 154), despite limited advertising. Net Cash Outflow Improvement : Down 12% YoY to A$520,000, reflecting leaner operations. Funding Strength : A$1.43 million in available funding, including a A$1 million undrawn loan facility. Regional Expansion : Strategic business meetings and new clients in Malaysia, Philippines, and progress in India with Gujarat University. About National University—Promoting AI Education National University (NU) is one of the largest private universities in the Philippines, operating across 14 campuses with over 85,000 students and plans to exceed 100,000 by 2026–27. As part of its ambitious 10-year expansion strategy, NU is growing its footprint through new campuses in East Ortigas, Bacolod, and Las Piñas. The university group also includes Asia Pacific College, founded in partnership with IBM Philippines to produce IT-ready graduates, and Inspire Sports Academy, a state-of-the-art facility for developing elite athletes (Figure 1). Figure 2: National University has 10 campus location in Manila and across the Philippines and it has strong expansion plans. The group includes Asia Pacific College and Inspire Sports Academy. (source: OLL)   Notable Institutional Partners Added In Q1 2025, the company secured new and extended partnerships with leading institutions in Malaysia, the Philippines, and Australia. These additions strengthen OpenLearning’s position in Southeast Asia’s growing digital education sector, with notable names such as Sunway University and IMU  in Malaysia, National University in the Philippines, and Abbey College  in Australia showcasing the platform’s growing appeal across both private and public education providers. Table 1: OpenLearning’s expanding footprint across key education markets. Strategic Deal: National University, Philippines The 27 May announcement brings to light a pivotal agreement: Five-Year Platform Agreement : A usage-based SaaS agreement covering a minimum of 40,000 students/year  at US$80,000 annually. Scalable Upside : Total contract value starts at US$400,000 with the potential to reach A$250,000/year as the platform expands to NU’s 85,000+ students . Validation Through Competition : NU ran a competitive LMS review before selecting OpenLearning, citing its AI tools, scalability, and outcome-based structure. As National University President Renato Carlos H Ermita Jr. put it: “At National University, we are deeply committed to delivering education that works. After evaluating several learning management systems, we were particularly impressed with OpenLearning. The platform's intuitive AI course builder, its outcome-based approach, and its scalability—which is essential for a large, multi-campus university like NU—were key factors in our decision.” This is no minor win. NU’s multi-campus system and rapid enrolment growth (projected 100,000 students by 2026–27) could cement OLL as a top-tier learning management systems (LMS) in Southeast Asia.    Growth Vectors That Matter What stands out this quarter is not just operational maturity but strategic foresight: Course Magic : AI-powered instructional design for B2C users—educators globally are signing on, paving the way for institutional upsell. The Uni Guide : A newly integrated agency model taps into nearly 1M yearly student visitors, offering marketing revenue potential via partner commissions. Employability Advantage Acquisition : Post-quarter, this deal gives OLL an edge in work-integrated learning, offering bootcamps, resume tools, and career-readiness modules. Samso’s Concluding Comments As I am learning about AI and what it means for businesses and people at home, I am understanding the power of being the person who knows how to use AI as opposed to the person who is being left out of the future. The education sector is often slow-moving, bound by legacy systems and institutional inertia. Yet OpenLearning appears to be proving that transformation is possible, especially when it’s rooted in purpose, not hype. For me, it looks like OLL is building momentum by aligning its product with long-term trends: AI-powered learning, skills-based education, and scalable SaaS delivery. The National University deal isn’t just about revenue—it’s about credibility. The amount of money that is being paid is not something that will make OLL profitable. This is one of the Philippines’ largest private universities, and their choice to adopt OpenLearning’s platform across all campuses validates years of patient product development. The upside potential is substantial, but what gives me confidence is how OLL has layered multiple levers of growth—platform licensing, B2C expansion, and student acquisition tools—all on top of a solid AI foundation. This business of SaaS is all about a persistent plan and strategy. The business needs to move in a forceful manner and win significantly more than lose, because if they take too long, they will lose any potential upside to competitors and the age of technology, meaning technology will surpass their business model. Course Magic is not just a flashy AI product—it’s proving itself globally with minimal spend. The Uni Guide gives OpenLearning access to a valuable audience of international students. And the acquisition of Employability Advantage signals that the company understands what learners and institutions want: real-world skills, not just certificates. In my view, OpenLearning is now entering a new phase. Its market capitalisation is just under AUD $9M, and if they make more wins, this is not a bad valuation for entry. This is a long journey, like a marathon, so don't think you will be making your multiples in a short period of time. OpenLearning continues to do what most micro-cap tech players only talk about: grow smartly. The SaaS metrics are trending in the right direction, cash burn is decreasing (a good sign), and the pipeline, fueled by new features and geographic wins, shows signs of depth and repeatability. What resonates with me most is the company’s calm confidence in execution. They’re not shouting about AI—they’re embedding it into their tools, signing real contracts, and entering long-term relationships with tier-one education partners. As CEO, Adam Brimo aptly summarised: "NU has chosen our learning management system as the premier solution to advance their online learning initiatives across all campuses. This decision is a strong endorsement of the quality and continuous evolution of our technology and our leadership position in the application of Generative AI to education.” If the National University deal is any indication, OpenLearning is on the cusp of real, scalable revenue. For investors who understand the value of sticky SaaS in education, especially in emerging markets , this could be a compelling long-term story. The seeds of smart growth are already in the ground. Now it’s just a matter of watching them scale. 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: UPSIZED DRILL PROGRAM OF UP TO 10,000 METRES PLANNED ACROSS YUNDAMINDRA AND KOOKYNIE GOLD PROJECTS, WA Arika Resources (ASX: ARI) has doubled down on discovery with a 40% expansion of its upcoming drilling campaign across the Yundamindra and Kookynie Gold Projects. With a strengthened balance sheet and an ambitious exploration strategy, the company is stepping firmly into the spotlight of Western Australia’s gold narrative. When it comes to finding gold in Western Australia, the Laverton and Leonora regions are one of the few cornerstone mineralisation regions of the Eastern Goldfields. I don't have that much practical experience in this area other than my first job at Bronzewing Gold Mine, which was only the beginning when I was working in 1992. What I lack in hands-on experience, I have had over 30 years of understanding that this region is fertile. Anyone who has been in this industry for as long as I have would be well versed with the numerous discoveries in the region that Arika has the Yundamindra and Kookynie projects (Figure 1). On paper, the Arika projects are greenfield long shots—but they are historically productive, geologically endowed, and now under the stewardship of a company that has the cash to apply modern science to unearth forgotten riches.   Figure 1: Project location plan showing Arika’s Yundamindra and Kookynie Projects in relation to major gold deposits, operating mines and neighbouring tenure. (source: Arika Resources Limited) The recent $5 million capital raise has allowed Arika to lift its initial drill campaign to 10,000 metres, encompassing air-core, RC, and diamond drilling. The company’s focus remains on systematic, cost-effective testing, starting with the high-grade Pennyweight Point, Landed at Last, and the F1-Fault prospects within Yundamindra’s “Eastern” and “Western” Corridors. A multi-purpose rig will ensure flexibility to react to assays as they land. Arika’s Managing Director, Justin Barton , commented: “Given the scale of the opportunity in front of us and the sheer number of targets to test, the team has decided to upsize the program and secure a multi-purpose rig to facilitate a cost-effective and flexible program,”  “This will give us the ability to switch seamlessly between different drilling methods and react quickly to results as we receive them across the wide range of prospects we are testing.”  Yundamindra Project—Structural Interpretation Yundamindra continues to impress with thick, high-grade intercepts , highlighted: 14m @ 15.48g/t Au from 46m (YMRC077) 30m @ 3.86g/t Au from 89m (YMRC069) 36m @ 2.14g/t Au from 104m (25YMD001)   Figure 2: Yundamindra Project structural interpretation from geophysics data showing a plethora of historical gold workings & prospects over TMI (RTP).(source: Arika Resources Limited)  This area sits along strike from the $44M Guyer JV  between Gold Road and Iceni Gold, reinforcing the district’s prospectivity. Pennyweight Point—Assay Highlights On the western flank, the Landed at Last  prospect—part of the aptly named “Yellow Brick Road”  corridor—is yielding impressive results from shallow depths: 30m @ 2.26g/t Au from 26m (YMRC050) 14.8m @ 3.10g/t Au from 87m (25YMD003) Kookynie Project - Historic Cosmopolitan Gold Mine Arika has initiated the first modern review of the historic Cosmopolitan Mine  in over 40 years. The mine once yielded 331,000 ounces at 15g/t Au , ranking it among the most profitable in WA’s gold mining history. Soil geochem programs over Ithaca, Wandin, and Mulga Plum  have been completed. These programs used ultra-detailed aeromagnetics  to map structures obscured by surface cover. Results are expected soon.  Figure 3: Kookynie Project Showing key prospects in relation to operating mines and other gold occurrences. (source: Arika Resources Limited) Samso’s Concluding Comments The first time I saw the Arika story I was not really interested and definitely not looking to put the story on the Samso platform. For some reason, I signed up for its webinar, and as I patiently listened to the story, I was intrigued by several things. The first was that they are cashed up, and most importantly, the Pennyweight project looked interesting. There is no doubt that there is a lot of work left to do, but it has some smoke. The problem I have with these projects that have what I call "really good smoke" is what does the company know that we, the retail investors, don't know? I have been in many conversations with members of the company where the topic was about how they knew something that the public didn't, or they were just doing this to keep things "turning over" while they looked for better projects, etc. I don't know anyone in Arika, so these are my own thoughts and concerns when I see something in the presentation that I like. In saying all those negative narratives, there is something classic and rejuvenated about the Arika story. In a market where investors often chase the next exotic play, I like that Arika is building quietly but confidently on well-endowed ground. This is the sort of methodical, geology-first strategy that often gets overlooked in the noise, yet historically it’s the one that pays off. It is also the strategy that is least practiced in this industry. With over 180km² of tenure , strategic access to regional infrastructure, and a pipeline of high-priority targets—both brownfield and greenfield —Arika isn’t just chasing ounces. They appear to be building a long-term footprint in one of Australia’s premier gold belts. The road to success will be if management has the patience and perseverance to continue down this path. Historically, companies like Arika don't "hang around" like Gold Road Resources or De Grey Mining's story. These two have been the success story in 2025. The market may not have fully priced in the upside yet, but if the assays continue to impress, that won’t stay the case for long. As the saying goes, fortune favours the prepared . And Arika looks more than ready.   Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The narrative around critical minerals is no longer just a story of energy transition. It has become a complex intersection of economics, security, diplomacy, and market psychology. At first, it was about rare earths and lithium. What began as a conversation around rare earths and lithium has now extended deeper into the commodity spectrum—copper, gold, iron ore, antimony, and beyond are all being drawn into the geopolitical spotlight. What’s becoming increasingly clear is this: the battleground for the future of energy, technology, and manufacturing supremacy is being fought in the boardrooms of mining companies and in the rocks beneath their feet. And much of that tension will surface at events such as the Critical Minerals Investment Summit 2025 , which runs from 22–24 July at the Mercure Perth . From where I sit and have seen over the last 5 years of the "Critical Minerals" narrative, there seems to be a stream of fear and positioning of those that have and a race for positions for those that have not settled. The recent decline in lithium price has deleted the word dominance of lithium from the narrative coming out of Australia. The next commodity that is dominated by Australia that may have the same fate could be iron ore, as Rio Tinto, the iron giant in the Pilbara Iron Ore heaven, recently announced to the world to expect lower grades. The chest-pounding Antimony explorers are currently raising their voices as there is a West vs. China war on that commodity. I think with China dominating that market as well, it would make perfect sense for them to make peace and bring the price back to a sensible market price. Once that happens, that game will be over as well, like the recent Cobalt, Tin, Lithium and REE ride. Let's delve into the whole geopolitical discussion and see if we can simplify all the smoke that is currently doing the rounds on mainstream media. The chapters below will help readers move around this review: 1.0 From Strategic Metal to Strategic Mindset 2.0 Was Geopolitics Always This Influential? 3.0 Gold, Copper, Lithium, Antimony, Iron Ore—How Deep Does It Go? 4.0 Between Headlines and Hard Policy 5.0  Australia’s Role in a Fragmenting Supply Chain 6.0  U.S. Industrial Policy and What It Means for Australian Critical Minerals Projects 7.0  Investment Realities: What Capital Is Willing to Pay For? 8.0  Strategic Partnerships vs. Transactional Deals: Which Way Forward? 9.0 Concluding Comments From Samso 1.0 From Strategic Metal to Strategic Mindset The traditional investor mindset of supply, demand, and commodity pricing is being upended. Whether it’s lithium required for EV batteries, copper for grid-scale electrification, or antimony used in military-grade flame retardants, the driver now is not just  utility—it’s control. The U.S. administration—be it under Biden’s cooperative frameworks or Trump’s transactional style—is crystal clear on one thing: China dominates too many steps of the critical minerals value chain. And that’s no longer acceptable in Washington, Brussels, Tokyo, or Seoul. We’ve known about China’s grip on rare earth refining and graphite anodes for years. But we’re now seeing broader categories of minerals being swept into the same conversation—iron ore as a proxy for steel autonomy, gold as a hedge against monetary instability, and copper as the pulse of decarbonisation (Figure 1). Figure 1: News like China banning critical metals to the US is now the norm in mainstream media. (source: Reuters). At the centre of all this? Australia. With geology, political alignment, and operational capacity on its side, Australia is emerging as the most geopolitically strategic resource partner in the Western alliance. 2.0 Was Geopolitics Always This Influential? There’s a risk that all this could be dismissed as short-term noise or election-season rhetoric. But the reality is more layered. Geopolitics has always shaped resource flows—think oil in the Middle East, gas pipelines through Europe, or uranium trade networks. What’s different now is that the conversation has gone mainstream. Clyde Russell of Reuters said it best ahead of the summit: “If the U.S. wants critical minerals without China, it will cost more.”  The challenge for Australia isn’t just technical or financial anymore—it’s also diplomatic (Figure 2). Securing funding or offtake agreements from the U.S. Department of Energy or Japan’s JOGMEC is increasingly dependent on policy alignment, ESG compliance, and even the optics of non-China ties. Dr. Vlado Vivoda, CEO & Director of Strategic Minerals Advisory & Research , offered another layer: the shift isn’t just away from China but also from laissez-faire market logic. The U.S. Inflation Reduction Act (IRA) is a blueprint of how industrial policy is now taking precedence over free trade principles. Figure 2: China is single-handedly propelling the price of Antimony. (source: Reuters) In that context, projects in Australia that may have previously struggled to gain traction due to modest scale or early-stage status are now finding a new kind of validation: strategic value . 3.0 Gold, Copper, Lithium, Antimony, Iron Ore—How Deep Does It Go? Figure 3: The mining process of these critical minerals are now changing masters. Who do mines side with now the changing funding landscapes? When I do a search on these commodities, they give me the same kind of generic reasons why they are critical and that there is a shortage of these commodities in terms of mines and resources. The list below is an example of the results. You may ask why gold is included in our list, and that is a great question. Lithium  remains front and centre. The U.S. and its allies are scrambling to localise supply chains, from spodumene to hydroxide conversion, bypassing China-dominated processors. Australia’s lithium projects, especially those with downstream ambitions, are getting increasing attention. Copper  is quickly becoming a metal of geopolitical importance. Beyond its obvious use in electric vehicles and renewables, copper is critical for rebuilding and upgrading power grids—a national security issue in disguise. Antimony  is quietly having a moment. With China and Russia as major producers, Western countries are finding themselves exposed. The metal’s use in military applications and battery technology gives it disproportionate strategic weight relative to its market size. Iron ore  is the wildcard. While traditionally seen as a bulk commodity, its central role in China’s industrial complex makes it a potential pressure point. Any serious decoupling between China and Western steelmakers will put Australia in a complicated spot. Gold , often ignored in critical minerals conversations, is not immune. Central banks, especially in non-Western countries, have been increasing their holdings. Gold is the original hedge against geopolitical chaos, and in a world facing growing monetary fragmentation, it is quietly being weaponised. When you look at the list above, the big elephant in the room is to ask if we are talking about critical from a geopolitical reason or from a geological and mining scarcity issue (Figure 3). Commodities such as Tungsten and Antimony have been talked about as being a threat of being critically short in the market for about 15 years. I say that because that is when I was introduced to these two metals. Today, we are still talking about it, but it has been enhanced with China making the ban effective (Figure 1). 4.0 Between Headlines and Hard Policy It’s tempting to view all this as just election theatre, especially with Trump poised for another potential term. But Vivoda is careful to point out that while the tone may shift, the direction remains. Whether the U.S. prefers alliances or arm-twisting, the end goal is the same: reduce dependency on China (Figure 4). Figure 4: Is the critical minerals pricing is a political or market narrative? (source: Reuters) When we look at the "noise' of pricing and the sudden supply crunch of antimony, tungsten, tin, etc., the complexity for investors is that we have to now, in 2025, factor in market demand vs. supply and the political issue. In the past, nations have gone to war (Figure 5) for these kinds of matters, so could we be potentially looking at something like that again? What happens when the warring sides begin to smoke that peace pipe? Are the critical metals suddenly not so critical, or do we believe that the Western world will learn the lesson and pay the price of recreating a "Western" market? Figure 5: As the geopolitical tensions continue to rise, will be look at the draconian thinking of the past? As usual, Australia will be courted either way, but we must be prepared to navigate uncertainty. Industrial funding mechanisms such as DPA Title III , the IRA-linked tax credits, and bilateral trade compacts offer huge opportunities—but only for companies that understand the rules of the new game. The United States–Australia Climate, Critical Minerals, and Clean Energy Transformation Compact might sound like diplomatic theatre, but it signals the direction of travel. Supply chains are being rewired, and Australian companies that are strategically aligned will find more doors open—if they can move fast enough. 5.0  Australia’s Role in a Fragmenting Supply Chain As global powers recalibrate their critical minerals strategies, Australia is becoming central to efforts aimed at diversifying away from China (Figure 6). With abundant resources, stable regulation, and established ESG standards, Australia is increasingly viewed as a reliable anchor in an unstable system. Is it? The Australian issue is the inability to rise above the mounting challenges: faster project approvals, scalable downstream capabilities, and the ability to form enduring trade partnerships that align with shifting geopolitical demands. For Australian players, the task ahead is no longer just about delivering supply—it’s about meeting the world’s rising expectations, on time and on terms that serve national and "partner" interests. Figure 6: World Critical Minerals Dependency Map. 6.0  U.S. Industrial Policy and What It Means for Australian Critical Minerals Projects The Inflation Reduction Act (IRA)  is the cornerstone of America’s clean energy and industrial revitalisation strategy. Doing the research and trying to understand all the points is incredibly complex. Some of the key points are listed below. Navigating U.S. funding mechanisms —including tax credits and clean energy incentives—is complex for foreign companies . Eligibility hinges on  factors like: Domestic content requirements Strategic alignment with U.S. supply chain goals Avoidance of Chinese-linked ownership or processing Additional policy layers include: Title III of the Defence Production Act (DPA) Department of Energy (DoE)  Loan Programs Office Bilateral agreements such as the U.S.–Australia Climate and Clean Energy Transformation Compact The result is a maze of incentives and compliance conditions, requiring deep policy understanding. For Australian companies, the challenge is to align with U.S. priorities without compromising project independence or operational flexibility. In my opinion, all these trade restrictions will always eventually be relaxed with time, or another route for the trade will arise, which ultimately negates the barriers. History has shown that this is the way of the world; otherwise, global trade would not be as efficient as it is now. Investors must wonder if all this required effort is a place that they want to park their hard-earned money. With the recent reduction in tariffs being "negotiated," investors may prefer to just go for a holiday or leave it in some other asset class where there is more certainty. 7.0  Investment Realities: What Capital Is Willing to Pay For? For all the headlines around critical minerals being “strategic,” the investment fundamentals haven’t disappeared. At the end of the day, capital still moves based on risk, return, and timing. There’s no shortage of geopolitical interest, but translating that into real dollars, especially for early-stage projects, remains a challenge. Many assets that tick the right boxes in Washington or Brussels, in Hong Kong or Australia, struggle to attract meaningful funding without long-term offtake agreements or government-backed finance. Sovereign wealth funds, institutional capital, and specialist investors are circling, but their focus is narrow—priority is given to projects that are both politically aligned and commercially credible. As I read more into the whole concept of "Critical Minerals," one needs to understand to whom it is a critical issue. One would then assume that the eager capital that is used to fund the mineral exploration or the mining process must benefit the community that surrounds the end process. The competition for funding is fierce, so the business case for receiving funding would need to be on point. In Australia, there is no real downstream process, and one would think that it should not be our concern. A good example is the case of struggling Australian Mineral Explorers seeking government funding but having limited success. Why would this make sense? Why not spend the funding on commodities that Australia benefits from? Would that not make more sense, from Australia's point of view? In October 2024, Tim Craske was on Coffee with Samso explaining why we may have misunderstood the terminology and the meaning of Critical Minerals. Coffee with Samso - Insights: Critical Metals - The Real Meaning and Path Australia should Play in the Clean Energy Revolution. Capital is ultimately the market maker and the one that decides what sells and what is bought. There is no denying this simple point, and it has been this way for centuries. For developers across lithium, copper, antimony, and even gold, this creates a sharper lens: technical merit alone is no longer enough. The real question is whether Western governments—and their funding mechanisms—are genuinely prepared to absorb the cost of reshoring supply chains. In other words, are they ready to pay the “strategic premium,” or is this still a market that expects security without subsidy?  8.0  Strategic Partnerships vs. Transactional Deals: Which Way Forward? Australia is focused on establishing long-term alliances founded on trust and stability, in contrast to short-term, transactional deals that are often influenced by political cycles. To achieve this, Australia needs to collaborate with key partners, including the United States, the European Union, Japan, and South Korea. However, a significant challenge remains as the market is asking if Australia can preserve its strategic leverage without becoming entangled in one-sided or coercive economic agreements. Is siding with President Trump a good choice of economic policy, or is it time for Australia to be more strategic with its real trading partners, the ASEAN players? The strategic significance of certain minerals necessitates that partnership structures emphasize long-term, mutual benefits rather than mere opportunistic trade. It is not solely about supply. The process is also about fostering a shared vision, ensuring transparency, and aligning with broader economic and security objectives. Furthermore, the nature of these minerals should be reflected in the strategic planning of the partnerships.  9.0 Concluding Comments From Samso The growing intersection of geopolitics and critical minerals is no longer a speculative conversation—it’s the operating environment (Figure 7). What we’re seeing is not a short-term reaction, but a structural reordering of how resources are valued, funded, and supplied globally. Figure 7: The geopolitical impacts for "Critical Minerals". (source: Samso) Australia is in a unique position. We have the geology, the stability, and the diplomatic alignment that many countries are actively seeking. But that advantage is not automatic. It requires intent, speed, and the ability to structure projects that meet new geopolitical and ESG realities. The days of simply finding a high-grade deposit and waiting for the market to respond are fading. Today, investors and policymakers are demanding clarity on processing pathways, offtake alignment, ESG credentials, and geopolitical fit. If these elements aren’t addressed early, projects may miss the funding cycle altogether. For gold, copper, antimony, lithium, and even iron ore, the narrative has shifted from one of production to one of purpose. Why does your project exist, who does it serve, and how does it fit into broader supply resilience? These are now fundamental questions every explorer must answer. Figure 8: Rare Earth Elements have been a big topic for a while but can the "Western" influences re-create the downstream process and maintain the course. (source: Thermo Fisher Scientific) When you start talking about the Rae Earths, there is another level of complexity, as the cost of restabilising the downstream process may be too rich for the "West," so what do you do there? There are paths being created now, but will they be sustained, and will they break down as soon as the Trump factor goes into retirement? It’s encouraging to see forums like the Critical Minerals Investment Summit 2025  bring these issues to the front. These are the conversations that shape investor confidence and industry direction—not just in Australia, but across the global resource landscape. As always, I encourage companies and investors alike to look past the headlines. Understand the long game, track the geopolitical signals, and position wisely. The rocks haven’t changed, but the world around them has and is affecting the way we explore and complete the mining process.  Greenbushes Lithium Mine in Western Australia. (source: Alamy) To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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 Kaiser's Record-Breaking First Weekly Gold Pour If there was ever a time when a company needed to make a statement, it’s in the first weeks after acquiring a new asset. And for Kaiser Reef Limited (ASX:KAU), their early run at the Henty Gold Mine hasn’t just been good—it’s been headline-worthy. As someone who’s watched many transitions unfold in the mining space, I can say that this clarity and pace are rare. In just the first 10 days of ownership, Kaiser has poured over 1,200 ounces of gold, turning Henty into a real cash generator almost overnight. That’s not just symbolic—it’s strategic. And in a gold market where timing and margins are everything, the ability to hit the ground running is a serious advantage. The beginning of a very interesting journey is about to begin. This image of the first gold pour by Kaiser is a good statement of intent (Figure 1). As Samso has mentioned in our previously published content (see below), Kaiser is not just buying ounces—it’s buying leverage, optionality, and the ability to scale intelligently. Samso Insight Kaiser Reef Limited (ASX:KAU) - A Lesson in How To Become A Gold Producer Overnight. Samso News Kaiser Reef (ASX: KAU): Henty Gold Mine Acquisition Signals Step-Change in Production Ambitions. Brad Valiukas, Kaiser’s Executive Director, commented:   “It’s been an excellent start for Kaiser at Henty, the team is transitioning well, and operational performance has been excellent. We are well positioned to build on the success that Catalyst has had at Henty, as it becomes our flagship asset. Kaiser is now a significantly stronger Company with the incorporation of Henty, and we look forward to advancing our assets and the Company.”  Figure 1: Executive Director – Operations, Brad Valiukas with first gold produced at Henty under Kaiser ownership (source: KAU) What’s Under the Hood at Henty? - A Gold Mining Must Do Let’s unpack why this announcement matters: Immediate Output : The inaugural pour exceeded 1,200oz of gold, and that figure is expected to hold steady with production now tracking around 30,000oz annually. In today’s record gold price environment, that’s an instant ticket to strong margins and cashflow. A Flagship with History and Headroom : Henty isn’t a greenfield punt—it’s a historically prolific mine with 1.4Moz in past production at 8.9g/t (Figure 2). With a current Ore Reserve of 1.2Mt @ 4.0g/t (154koz) and broader resources at 449koz, the story here is about reactivation, not reinvention. Figure 2: Kaiser Reef project location and details of the Henty Gold Mine. and Mine Details. (source: KAU) Infrastructure in Place : With a 300ktpa CIL plant, underground fleet, grid-connected hydropower, and a refreshed tailings facility, Henty gives Kaiser the kind of backbone many juniors spend years (and millions) trying to build. A Real Mine Plan : Backed by a 5-year plan and significant scope for mine-life extension through near-mine drilling, this is not a one-trick pony. There’s a runway here—and it’s one built on real ounces, not just speculative targets. Operational Continuity : Kaiser’s executive team isn’t starting from scratch. With Catalyst Metals remaining a 19.99% strategic shareholder and a transition team already in place, this looks like a well-managed handover with shared incentives for ongoing success. Perhaps the most impressive element of this development is the discipline with which Kaiser is approaching it. While it now boasts multi-asset production capability—including the A1 and Union Hill gold projects—the company isn’t rushing to overpromise (Figure 2). Instead, the focus remains on building value through consistent performance and targeted exploration. With over 150 local employees already on-site and production stabilised early, the company seems intent on avoiding the typical teething issues that can plague mine acquisitions. Samso’s Concluding Comments Gold mining is rarely about the first pour—it’s about what follows. But in Kaiser’s case, this early milestone is worth celebrating because it tells us something deeper: that the company understands what it has, and it knows how to run it. Some people may have looked at the Henty acquisition as a risk. However, for me, it was a no-brainer. Kaiser has shown that this isn’t a scramble for production; it’s a measured step in building a genuine mid-tier gold producer. What I like to remind people is that the company isn’t reinventing the wheel at Henty—it’s refining a working machine. The strategic restraint by Kaiser to allow Henty to just deliver what it has been doing prior to the acquisition is a testament to the understanding of what they acquired. An ongoing gold mining business. Delivering ounces in bars to the market. In an industry full of forward-looking statements and exploration dreams, delivering ounces into the Perth Mint within 10 days of ownership sends a strong signal. For investors, this is more than just an operational update—it’s Kaiser’s way of saying, We’re not just here to explore. We’re here to mine. If they can continue this trajectory—leveraging high-grade resources, disciplined execution, and a strong gold price—then Henty may very well mark the beginning of a golden chapter for Kaiser Reef. Looking at the share price chart and the increasing volume over the period (Figure 3), especially in the last week, is a clear sign from the market that they like what they are seeing from the company. I am pretty sure it will all be heading north from here. Figure 3: The Kaiser Reef Limited share price chart. (source: commsec) Happy investing, and as always—DYOR).   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Hillgrove Antimony-Gold Project Delivers Compelling Definitive Feasibility Study When it comes to development-ready assets, timing is everything. Larvotto Resources has just released a highly compelling Definitive Feasibility Study (DFS) for its Hillgrove Antimony-Gold Project in New South Wales—and it’s arrived at the right time. Gold prices are flying. Antimony prices are surging. Even tungsten is starting to catch a bid. Hillgrove is set to become a key player in a world hungry for critical minerals and strategic metals. What makes this story more exciting is the maturity of the project. Hillgrove isn’t a greenfield dream. It’s a brownfield reality with a strong foundation: existing infrastructure, an 8-year initial mine life, and an offtake agreement already in place. With production slated for 2026, this DFS doesn’t just tick boxes but opens the gate to mining. The Role of the DFS: A Statement of Readiness Larvotto’s DFS is more than a technical milestone—it’s a validation that Hillgrove is ready to move. The study confirms the economic and operational viability of expanding the current plant capacity from 250,000 tpa to 525,000 tpa. This study isn’t just about engineering—it’s about de-risking. The purpose of the DFS is to provide investors, financiers, and stakeholders with a credible roadmap. This includes everything from metallurgical recovery, mine planning, and tailings redesign to operating cost models and risk metrics. What’s clear is that the project economics are robust, and the upside is real. Project Location: Tapping into History Hillgrove sits approximately 25 km east of Armidale in northern New South Wales. It’s a region with a mining history that goes back to the 1850s. Over 750,000 ounces of gold and 40,000 tonnes of antimony have been produced here—testament to the region’s mineral endowment and operational continuity. This isn’t a remote site—it’s within reach of highways, rail, power, and skilled labour (Figure 1). Figure 1: Hillgrove Projection Location Map (source: Larvotto Resources) DFS Highlights: Strong Margins and Quick Payback Annual production (LOM average) : 85,000 oz AuEq Gold production : 40,500 oz/year Antimony production : 4,878 tonnes/year Post-tax NPV (8%) : A$280M (Base) → A$694M (Mid Case) IRR : 48% (Base) → 102% (Mid Case) Payback : Just 11 months (Mid Case) Capital cost : A$139M Start of production : Q2 2026 What’s particularly impressive is the upside at spot pricing: post-tax free cash flow of A$1.6 billion, IRR of 153%, and a payback in just 8 months. This project has genuine torque on commodity prices.  Project Site and Infrastructure Larvotto is not starting from scratch. The site already hosts a sulphide concentrator, electrowinning facilities, pressure oxidation plant, and extensive underground development—all in care and maintenance. This dramatically reduces the execution risk compared to a greenfield build (Figure 2). Figure 2: Hillgrove Gold Antimony Project Site (source: Larvotto Resources) The DFS outlines both underground (3.5Mt) and open pit (350Kt) mining operations, supported by a hired fleet and contract development teams. Combined with existing grid power (66kV), water supply, and tailings infrastructure, this sets up Hillgrove for a low-capital-intensity restart. Plant Upgrade: Ready for the Future The flowsheet has been modernised to enhance recoveries and throughput. Testwork shows metallurgical recoveries of ~87% for antimony and ~84% for gold, exceeding historical levels. The inclusion of dry-stack tailings and updated filtration systems reflects Larvotto’s commitment to environmental responsibility (Figure 3). Figure 3: Plant View of Hillgrove Process Plant Layout (source: Larvotto Resources) Managing Director Ron Heeks commented on the DFS: “The completion of the DFS marks a major milestone. Hillgrove is a high-margin critical minerals project with a rapid path to production. With production set to commence in 2026, Hillgrove is poised to become Australia’s largest producer of antimony—supplying 7% global demand at a time of tightening supply and strategic urgency. This DFS is just the first stage. We still have significant resource potential to unlock at Bakers Creek and Garibaldi-Brackins Spur. Hillgrove is a unique asset with strong long-term upside.” Larvotto’s Share Price: A Market Reawakening Larvotto’s share price tells its own story (Figure 4). After a long period of consolidation through late 2022 and 2023, the stock began to stir in mid-2024. As confidence in the Hillgrove strategy grew and exploration progress gained attention, the market responded. The significant re-rating in late 2024 and early 2025, where the price surged past $1.00, coincided with key project milestones and rising antimony prices. While it has since pulled back to around $0.61 (as of 29th May 2025), the elevated price levels reflect renewed investor belief in the company’s trajectory and the strategic value of Hillgrove. The current market capitalisation of the company of AUD $251M is still not very high for a potential antimony and gold producer. Figure 4: Larvotto Share Price Chart as of closing 29 May 2025 (source: commsec). Samso’s Concluding Comments DFS announcements are often formulaic. Over the years, I have learnt that there is a point in the journey of a project where certain key deliverables, like a DFS, are required for the market to understand the lay of the land in terms of what it means for the maturity of the project. I think Larvotto is a point where clarity and conviction are explained. At this stage, the DFS is saying that the Hillgrove Project is more than just a feasibility case—it’s a project with legs. It has geology. It has infrastructure. It has offtake and commercial alignment. Most importantly, it’s entering the market when the pricing for gold and critical minerals is showing strength. Antimony is not a metal that gets daily headlines, but its strategic value cannot be overstated. I have been a firm believer in this metal for a long time. It looks like the timing for Antimony to take the stage may have arrived. If I sound uncertain, that is because metals like Antimony are very hard to gauge. It is a "China-controlled" metal, and one statement from China to say, We relax the ban, and the market falls over. In a world focused on battery security, defence supply chains, and energy resilience, a Western supply of antimony is a rare thing. If the market continues to have this narrative, then Hillgrove offers that and adds gold production to the equation. For investors who value timing, execution, and relevance, Larvotto’s DFS shows that the company is not waiting for the cycle. It’s stepping into it. This is not just a study. It’s a statement: Larvotto is ready to mine. As much as I have made the statement in the last paragraph, and as I have just mentioned, I am also eagerly concerned that the tightness of the market is easily undone. As a betting person, I do think that there may be more legs to the ban, but I don't trust politicians, especially entrepreneur-type Presidents. One other caution in my thinking is the valuation of AUD $251 at this stage. Feels a bit on the low side if you believe the antimony lack of supply story. Happy Investing and remember, definitely always DYOR.   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.