Announcement Funded Collaboration Agreement with Protect Animal Health 21 October 2025 Invion Limited (ASX: IVX) has signed a funded collaboration with Protect Animal Health Inc. (Taiwan, 7850.TT) to evaluate Photosoft™ in veterinary oncology across in-vitro, in-vivo, and companion-animal studies. Invion supplies compounds, Protect funds, and runs the work. Invion retains all Photosoft IP, with scope to move to a co-development/commercial agreement if results warrant. Animal health is a fast-growing market, with an urgent need for new cancer therapies as pet ownership rises and disease incidence climbs. Many current treatments are lengthy and rely on older therapeutics with sub-optimal outcomes. Highlights - Animal Cancer Care Funded pathway into veterinary oncology: Protect will fund and conduct the evaluation program using selected Photosoft™ compounds. IVX keeps the crown jewels: Invion retains all rights to Photosoft™ and any new IP arising. Clear go/no-go gate: Positive outcomes may lead to a co-development agreement governing commercialisation and further development. Large, growing addressable market: Pet cancer therapeutics ~US$4.8B in 2024; forecast ~US$12.1B by 2034 (CAGR ~9.7%). ~50% of dogs over 10 develop cancer. Platform strategy reinforced: Move complements existing Photosoft™ collaborations (Hanlim Pharm — oesophageal cancer & glioblastoma; Dr.inB — HPV) and aligns with IVX’s partnering and non-dilutive funding strategy. Prof Thian Chew, Invion’s Executive Chairman and CEO, commented: “We are pleased to be working with Protect to expand the use of Photosoft into areas beyond human health. The partnership gives Invion and Protect an opportunity to demonstrate the potential of our technology for companion animals, which can have accelerated paths to commercialisation. “This collaboration adds another dimension to Photosoft as a platform technology. It also aligns with our strategy to actively partner to access both expertise and nondilutive funding to advance Photosoft across additional areas. Our partnership with Protect is complementary to collaborations we already have with Hanlim Pharm for oesophageal cancer and glioblastoma, as well as Dr.inB for HPV.” The Chief Executive Officer of Protect, Haolin Sung, commented: “We are excited by the opportunity to collaborate with Invion given Photosoft’s unique mechanism of action, as demonstrated in preclinical and human clinical trials to date. “Based on studies already conducted by Invion, we believe Photosoft may open new treatment pathways in the companion animal market.” What’s New vs Prior IVX Messaging New use-case: Extends Photosoft™ beyond human indications into companion animal cancer—an area with potentially faster commercial timelines. Funding mix: Continues IVX’s approach to advance the platform with partner funding (also seen with RMW Cho-funded research/clinical trials). Strategic optionality: The evaluation structure preserves downside protection (retain IP) and upside leverage (co-development pathway). Why This Move Makes Strategic Sense Fit to mechanism: Photodynamic Therapy (PDT) uses light-activated photosensitisers to selectively kill cancer cells and may stimulate anti-tumour immune responses; a minimally invasive profile can be attractive in pet care settings. Portfolio risk-spread: Veterinary oncology provides an additional validation path for Photosoft™ while human programs continue. Commercial tempo: Veterinary pathways can sometimes offer accelerated routes vs human approvals, potentially providing earlier signals and partnering data. What to Watch Next Study design & milestones: Commencement of in-vitro/in-vivo/companion animal studies; timing of first readouts. Technical endpoints: Safety, tumour response, durability, and practicality of light-delivery protocols in a veterinary clinic context. Deal evolution: If data are supportive, details of any co-development structure (territories, economics, responsibilities). About Invion Invion Limited (ASX: IVX) is a life-sciences company leading global R&D of the Photosoft™ technology for treating cancers, atherosclerosis, and infectious diseases. It holds exclusive cancer rights in Australia–New Zealand with exclusive distribution across Asia-Pacific (excluding China, Macau, Taiwan, Japan), plus exclusive rights for atherosclerosis and infectious diseases in Asia and Oceania (excluding China, Hong Kong, Taiwan, Macau, the Middle East, Russia), later expanded to include the United States, Canada, and Hong Kong for infectious diseases. Research and clinical cancer trials are funded by the technology licensor, RMW Cho Group Limited. About Protect Protect Animal Health Inc. is a veterinary pharma company bringing human-level innovation to pet care, targeting major age-related diseases like cancer, kidney and heart disease, autoimmune and skin disorders, infections, chronic pain, and bone conditions. Lead programs include PT001 (therapeutic cancer vaccine) and PT401 (gene therapy for canine heart disease), alongside a proprietary pet-antibody platform adapting proven human biologics. The goal: an integrated pet-health ecosystem from early diagnostics to advanced therapeutics. About Photodynamic Therapy (PDT) Photodynamic Therapy (PDT) uses non-toxic photosensitisers activated by light to selectively kill cancer cells and stimulate an anti-cancer immune response, offering a minimally invasive alternative to surgery with typically fewer side effects. Invion’s next-generation Photosoft™ aims for complete tumour regression and durable remission, and has also shown broad-spectrum activity against bacteria, fungi, and viruses—holding promise against antibiotic-resistant “superbugs.” Figure 2: The Photosoft™ Advantage (source: IVX)TM Samso Concluding Comments Stepping into veterinary oncology (Animal Cancer Care) via a funded evaluation feels like the right kind of risk for Invion. It keeps the capital burn measured while testing whether Photosoft™ can translate into a real-world clinic setting for companion animals. Crucially, the structure preserves control—Invion retains the core IP and any new IP that emerges. That combination of downside protection and upside option value is exactly what you want to see at this stage of platform development. The commercial logic is also sound. Companion animal care has become both emotionally resonant and economically meaningful, and modalities that are minimally invasive and clinic-friendly tend to find traction faster than their human counterparts. If Photosoft™ can demonstrate clear safety, practical light-delivery workflows, and consistent tumour response in this setting, it won’t just open a revenue door—it will strengthen the broader Photosoft™ thesis. What matters now is disciplined execution: define study endpoints that actually reflect clinical utility, sequence the in-vitro → in-vivo → companion-animal work so each readout de-risks the next, and communicate milestones with enough detail that investors can track progress without reading between the lines. If the data stack up, the pre-framed co-development pathway provides a clean route to scale without surrendering negotiating leverage too early. The Samso Way – Seek the Research Always go back to the primary release for scope, rights, funding, and milestones—then track subsequent study updates against those markers. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Extensive Downhole Uranium Intersected at Portland Creek 9 October 2025 Infini Expands Strategic Footprint at Portland Creek by 68% 13 October 2025 Upsized Flow Through Placement Raises ~A$11M at 34% Premium for Expanded Uranium Exploration Programs 23 October 2025 Infini Resources Limited (ASX: I88) delivered three key messages in its October sequence: the discovery of visible uranium in the core at Portland Creek (Figure 1), a 68% expansion of tenure around that system, and the raising of fresh capital at a premium to accelerate drilling in Newfoundland and the Athabasca region. This summary pulls the key facts and where they fit in the bigger picture. Figure 1: Portland Creek Uranium Project, located in the pro-mining province of Newfoundland, Canada (source: I88) About Infini Resources Limited Focus: Energy-metals explorer targeting uranium (primary) and lithium in Canada and Western Australia; portfolio spans ~8 projects. Key ground: Active uranium programs at Portland Creek (Newfoundland) and Reynolds Lake (Canada’s Athabasca region); recent drilling at Portland Creek reported “game-changing” uranium-hosting structures and visible uraninite, with the land package expanded ~68%. Capital & runway: Completed an ~A$12m flow-through raise at a 34% premium (Oct 23, 2025) to fund expanded uranium work. Highlights — 23 October 2025 Firm commitments of ~A$11m via Canadian Flow-Through Shares at A$0.75, a 34% premium to last trade A$0.56; plus A$1m to sophisticated/professional investors at A$0.50. Total raise framed as ~A$12m (Flow-Through + concurrent placement). Use of proceeds: expand drilling at Portland Creek and initiate programs at Reynolds Lake and Reitenbach Lake. Loyalty Options: 1-for-4, $0.02 issue price, $0.27 exercise, expiry 30 Sep 2028; record date 7 Nov 2025; indicative timetable provided. Infini’s Chief Executive Officer, Rohan Bone, commented: "This heavily subscribed placement — completed at a 34% premium — is a powerful endorsement of Infini’s active exploration strategy and the outstanding potential of our uranium portfolio. The structure of this placement enables us to raise capital at a premium to market, reflecting the strength of our project portfolio and the tailwinds of a global resurgence in investment into clean energy-focused critical minerals. With a strengthened balance sheet, we are now positioned to aggressively advance exploration programs aimed at unlocking potential new discovery opportunities at Portland Creek, Reynolds Lake and Reitenbach Lake projects located in the tier-1 mining jurisdictions of Newfoundland and the Athabasca region. The capital raised enables us to move decisively into our next phase of discovery growth, targeting high-impact results that can drive substantial value for shareholders.” The Company raised ~A$11m via Canadian Flow-Through Shares at A$0.75 (≈34% premium to A$0.56 last trade), alongside A$1m at A$0.50 to sophisticated investors. Funds will expand Portland Creek drilling (up to 12 high-priority targets) and kick off drilling at Reynolds Lake and Reitenbach Lake. Highlights — 13 October 2025 (Tenure Expansion at Portland Creek) +10,250 ha via 410 newly staked claims (all contiguous), lifting Newfoundland landholding to >25,000 ha — a 68% expansion of the Portland Creek footprint (Figure 2). Figure 2: Infini’s footprint at the Portland Creek Uranium Project strategically increased by 10,250 hectares, covering potential extensions of known structures and prospective host lithologies. (source: I88) Expansion secures possible extensions of E–W trending mineralised structures identified in recent drilling; positions the project for district-scale follow-up. Phase-2 drilling context: visible uraninite in PCDD25-012 at 270.0 m (~1.2% U) and 289.0 m (~1.17% U) (pXRF); molybdenum up to 2.38% (pXRF) in PCDD25-009A; assays expected Q4 CY2025. Infini’s Chief Executive Officer, Rohan Bone, commented: " This is a strategic expansion for Infini at a pivotal time. Following the breakthrough of visible uraninite and high-grade molybdenum at Portland Creek, it was essential that we consolidate our position across this highly prospective district. These new tenements strengthen our geological footprint, secure potential extensions of known structures, and provide the foundation for long-term exploration and development. We’re building scale and optionality in one of the most supportive jurisdictions for uranium exploration globally." Infini lodged 410 new claims (+10,250 ha) contiguous with existing tenure, consolidating the structural corridors now being drilled and lifting the Newfoundland holding to >25,000 ha. The move secures potential extensions of the E-W trending mineralised structures established in Phase 2. Highlights — 9 October 2025 (Drilling — Portland Creek) PCDD25-012 (Target 2): visible uraninite at 270.0 m (12,000 ppm U) and 289.0 m (11,700 ppm U) by pXRF (~1.2% and 1.17% U), within intensely fractured/altered granites (Figure 3). Figure 3: Drill core from PCDD25-012 (470459E, 5557965N, UTM Zone 21) (source: I88) Fracture/joint-hosted mineralisation pervasive from 28–312 m: ~50 pXRF spots, >90% between 1,000–12,000 ppm U. Example pXRF peaks across the hole include 3,200 ppm U (28 m), 6,600 ppm U (175 m), and numerous 1,000–3,600 ppm U readings at intermediate depths. Polymetallic signatures nearby: 2.38% Mo (PCDD25-009A); 14.4% Ti (PCDD25-008); additional U hits in PCDD25-010 (all pXRF) (Figure 4). Figure 4: Drill core samples with significant mineralisation detected using pXRF (source: I88) Infini’s Chief Executive Officer, Rohan Bone, commented: "These first drillholes are a game-changer for Portland Creek. We have intersected extensive zones of elevated uranium, confirming widespread hydrothermal alteration and validating our exploration model. With Phase 2 drilling still in the early stages, the scale of the opportunity at Portland Creek is becoming increasingly clear. With every hole, we are uncovering more indications of a potential district-level polymetallic uranium system in Newfoundland, at a time when uranium and critical minerals are central to the global energy transition.” Phase 2 drilling at Target 2 (PCDD25-012) intersected pervasive fracturing and alteration with uraninite blebs at depth, alongside numerous fracture- and joint-hosted U readings from near-surface to >300 m (pXRF). These features align with near-vertical fracture sets and brecciation consistent with fluid pathways in a hydrothermal system. Important Facts To Narrate a Uranium Story The fracture-controlled U with visible uraninite provides a clear structural target to follow in Phase 2. Assays will determine thickness/continuity and economic context. Mo and Ti responses strengthen the polymetallic narrative typical of robust hydrothermal systems. Tenure scale now better matches the scale hypothesis emerging from drilling and historic geochem/radiometrics. A premium raise reduces dilution and funds aggressive testing across Portland Creek and two Athabasca-region projects. Samso Concluding Comments The good news for any investor in the mineral exploration sector is that their Company has raised good cash. In this case, Infini has secured ~A$12m, comprising ~A$11m in Canadian flow-through shares at A$0.75 (≈34% premium to A$0.56) and A$1m at A$0.50, with the flow-through tranche to be block-traded at A$0.50; tax benefits remain with the initial Canadian investors. Funds are allocated to expand drilling at Portland Creek and to commence programs at Reynolds Lake and Reitenbach Lake, including testing up to 12 high-priority targets at Portland Creek. A loyalty offer is proposed on a 1-for-4 basis at A$0.02 per option, exercisable at A$0.27 and expiring 30 Sep 2028, with a record date of 7 Nov 2025 and an intention to seek quotation. Figure 5: I88 share price chart as of 5th November 2025. (source: CommSec) A current market capitalisation of AUD $26.5M is reasonable for retail to take a punt. Investors need to understand that working in Canada is going to cost a lot more so a raise this size is appropriate, and it does give people like Samso confidence that there are sufficient funds to undertake a good exploration program. Near-term markers include assays from Phase 2 expected in Q4 2025 and the recently announced 10,250-hectare tenure expansion lifting Newfoundland holdings to >25,000 hectares; note the company’s caution that pXRF readings are qualitative spot. The Samso Investment Memo Thesis: Consistent positive drilling results across multiple targets will transition the company value from concept to discovery in a uranium market that is driven by supply tightness. Market capitalisation increases will be driven by drill results, scale of anomalies, and advancing to maiden resources. What they own/sell: Early-stage exploration rights across uranium (flagship Canada) and lithium (Canada & WA). Market: Uranium thematic (reactor restarts/new builds) supports funding for high-grade Canadian exploration; lithium optionality remains in the portfolio. If the lithium market stabilises with a return of lithium carbonate pricing in the USDS $20,000 + region, the lithium projects may come into play. The Samso Way – Seek the Research Read the original ASX releases and focus on the assay-confirmed results once available in Q4 2025. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Near Surface Exploration Target of 64Kt to 114Kt CuEq defined within Southern Porphyry Target Zone Cannindah Resources Limited (ASX: CAE) has outlined a near-surface Exploration Target at the Monument prospect within the Southern Porphyry Target Zone at Mt Cannindah (Qld) (Figure 1), interpreting skarn mineralisation as the upper expression of a deeper, pencil-style porphyry. The work compiles historical drilling, recent mapping, rock chips, and trench/channel results into a coherent near-surface Cu-Mo model that opens new drill targets toward depth. Figure 1: Mt Cannindah Cu/Au Project, Queensland (source: CAE) About Cannindah Resources Limited Focus: Queensland copper–gold explorer/developer. Flagship Mt Cannindah project (granted mining leases) with an updated JORC MRE: 14.5Mt @ 0.72% Cu, 0.42 g/t Au, 13.7 g/t Ag (1.09% CuEq); contains ~158kt CuEq. Secondary asset: Piccadilly gold project. Current activity: Ongoing drilling across the Mt Cannindah breccia and larger porphyry targets (Southern & Eastern), aiming to expand resources and test deeper “pencil” porphyry centres. Recent funding: Oversubscribed ~A$4.5m entitlement offer to advance drilling; program described as “potentially transformational.” Highlights - A Porphyry Story Begins (Figure 2) Exploration Target (conceptual, JORC 2012): 25–30 Mt @ 0.2–0.3% Cu and 100–150 ppm Mo, equating to ~64–114 kt CuEq within an ~850 m × 700 m mineralised footprint at Monument. Note: insufficient drilling for a Mineral Resource at this stage. System geometry: Outcropping skarn Cu-Mo is interpreted as the high-level signature of possible higher-grade porphyry centres at depth (vectoring particularly toward Appletree–Dunno and a NW target). Mineralisation remains open to the west, south, and east. High-grade vectors: Modelled zones of +0.5% Cu and +200 ppm Mo occur on the eastern margin near Appletree–Dunno and in the NW (data-limited) area. These features support pencil-porphyry targeting beneath the skarn blanket. Surface & trenching (Appletree): Previously reported channels include 61 m @ 1.28% CuEq (0.94% Cu, 0.22 g/t Au, 141 ppm Mo), 46 m @ 0.81% CuEq, 51 m @ 0.46% CuEq, plus other intervals; precious-metal credits are indicated but Au/Ag not yet fully incorporated due to incomplete assays. Rock chips & textures: Mapping and sampling record peaks to 12.28% Cu, 9.94 g/t Au, 1.24% Mo, with porphyry-style veining preserved (Photo 1) and magnetite-garnet skarn textures consistent with fluid flow from a porphyry source. Photo 1: LS25013 7269174N 325965E Cu 0.56%, Au 0.24gt, Ag 4gt, Mo 157ppm (source: CAE) Program status: Scout drilling to ~320 m is planned to test combined geochem + IP chargeability + magnetics + geology criteria, following ongoing activity at the Mt Cannindah Breccia (5 holes completed; at the time of the release, first assays anticipated within weeks). Figure 2: Mt Cannindah Project with near surface Exploration Target, MRE, and Target Areas. (source: CAE) Chairman Mr. Michael Hansel commented: “Our work programs continue to upgrade the mineral potential of Mt Cannindah. It is my understanding that the development of skarn mineralisation identified here is frequently typical of the upper or overlying level of many of these porphyry systems. The delivery of this exploration target is an exciting and significant result not only in consolidating the target but also verifying the transformational potential at depth of this significant project. Our exploration teams continue to rapidly advance the current drill program and we look forward the delivery of results.” What’s been defined — the Monument Exploration Target Cannindah delineates a near-surface skarn envelope within the Southern Porphyry Target, integrating 34 historical holes and recent surface datasets. The model shows continuous low-grade skarn (>0.1% Cu) with localized higher-grade cores and an eastern +0.5% Cu / +200 ppm Mo cluster contiguous with Appletree–Dunno (Figure 3). Figure 3: Cross-sections (W→E) showing skarn continuity and higher-grade development toward Appletree–Dunno. (source: CAE) The Company highlights this as vectoring toward internal porphyry centres, prioritising Appletree–Dunno for drilling while flagging a NW target for follow-up (Figure 4). Exploration Target statements are conceptual per JORC 2012 and not Mineral Resources. Figure 4: Drill-hole plan over Monument wireframe and trench locations. (source: CAE) Why it matters — vectoring to porphyry The Cu and Mo distributions act as pathfinders. In Appletree–Dunno, coincident Cu–Mo highs suggest proximity to a centre; in the NW, Mo appears halo-like, possibly encircling a Cu-Au core yet to be tested. This pattern (plus IP chargeability highs and magnetite development) supports the “pencil porphyry beneath skarn” concept, a classic exploration trajectory for porphyry systems where skarn caps mark fluid outflow above intrusives. Copper Distribution (Figure 5) Figure 5: Cu isosurfaces (>0.5% Cu cores) within the Monument model (isometric view). (source: CAE) Molybdenum Distribution (Figure 6) Figure 6: Mo isosurfaces (>200 ppm Mo) highlighting large, significant zones. (source: CAE) Interpretation of Cu Mo distribution (Figure 7) Figure 7: Cu–Mo coincidence at Appletree–Dunno and halo-like NW association (isometric view). (source: CAE) Project context — existing CuEq and broader target pipeline Mt Cannindah Breccia MRE: 14.5 Mt @ 1.09% CuEq for ~158 kt CuEq (Measured + Indicated + Inferred), with structurally controlled high-grade zones open along strike and multiple high-grade Au veins yet to be specifically targeted. This breccia body sits on the outer periphery of the porphyry system and remains a growth and extension drill focus. Southern Target (regional footprint): A 1.4 km × 0.1–0.4 km geochemical anomaly with coherent Cu–Au–Mo anomalism, supported by IP/magnetics, mapping, and trenching—now anchored by the Monument Exploration Target and Appletree–Dunno vector. Eastern Target: A largely undercover corridor with the largest IP response (coherent >100 mV/V), variable magnetics, and shallow anomalous skarn hits; further work is planned. Put simply, the modelled metal footprint backs the call and speaks to system-scale. Next Steps Drill ~320 m scouts at Appletree–Dunno to test the Cu–Mo coincidence. Probe the NW target along chargeability highs. Finalise Au/Ag assays and update CuEq/zoning. Integrate new holes with IP/mags + mapping and rank follow-ups. Plan deeper tests beneath >0.5% Cu / >200 ppm Mo pods; publish assays + 90-day plan to the ASX. Samso Concluding Comments This ASX release is setting the path for a long journey for Cannindah Resources. Chasing porphyry is a bold move with a big prize if successful. The geological data is promising, and it does look like the mineralised porphyry does exist. A target is one thing, but defining that into an economical porphyry is another matter. Management will need to keep abreast of the bank balance and looking at the share price chart for Cannindah Resources; shareholders are liking the news (Figure 8). Figure 8: The share price chart for Cannindah Resources as of the 10th November 2025. (source: commsec) CAE does have a market capitalisation of over AUD $57M and that would make this a risky punt for the average penny stock investor. However, if the project develops to being a monster, which commonly happens to well mineralised porphyry projects, the present market valuation will be very cheap. Our Synopsis for the Investment milestones: Thesis: If drilling extends mineralisation beyond the current breccia resource and vectors into porphyry centres, Mt Cannindah could scale meaningfully in a copper-tight market. What they own/sell: Exploration rights at Mt Cannindah (Cu-Au-Ag; JORC resource in place) plus Piccadilly (Au). Value inflection is driven by drill results and resource growth. Traction & signals: Resource upgrade (July 2024) now embedded in investor materials; active 2025 drilling; fresh capital secured to execute. Catalysts (6–12 months): drill results at breccia and porphyry targets, MRE update, metallurgy (including Cu recovery options), and any scoping-level study signals. Key risks: Exploration risk (geology/assays), permitting & logistics, need for ongoing funding if results/timelines extend, and copper price volatility. (Sector-standard risks summarised from company disclosures.) The points above are very typical and are not anything that is mind-blowing in terms of what will trigger success. What I can say is that the capital raise in September is going to be well used, and there will be another raise coming soon if drilling keeps getting good results. Capital raises are good when it is coupled with good results, so investors should be patient in taking positions. As usual, take your time, DYOR, and have fun. The Samso Way – Seek the Research Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation 20 Oct 2025 Successful Completion-Impurity Removal Neutralization Tests 13 OCTOBER 2025 Test Mining Completed at The Cowboy State Mine 23 Sep 2025 SynBREE produce Heavy & Light Rare Earths Oxide Concentrates 15 Aug 2025 American Rare Earths Limited (ASX: ARR) has ticked off three important boxes at Halleck Creek Project (Figure 1): (1) impurity-removal breakthrough, (2) ~3,080 t test-mined and bulk samples dispatched for comminution, (3) third-party LREO/HREO concentrates validating the ore. The October Investor Presentation then ties the technical gains to the scale and economics of a phased development plan. Figure 1: Halleck Creek Project, Wyoming, US (source: ARR) Highlights - REE and Permanent Magnets in the USA. 1.0 Processing breakthrough: impurity removal neutralisation tests (13 Oct 2025) Minimal gypsum/silica gel formation with MgO during impurity removal—historically a key challenge for allanite ores—points to fewer steps, lower losses, and lower potential capex/opex. Primary neutralisation (15% MgO, ~75 °C, pH ~3.15): removed ~99.8% Fe, ~99.4% Ti, ~89% Si, ~92.9% Th, with average REE loss ~0.6% (LREE) and ~0.8% (HREE). Secondary neutralisation (pH ~5.0): further removed ~99.4% Fe, ~96.3% Al, ~71% Si, ~98.9% Th, ~95.6% Ti; solids recommended to be recycled to leach to recapture REE. Optimal neutraliser selected: MgO preferred over MgCO₃/NaOH/Ca-based reagents, which showed co-precipitation or gypsum formation. Next steps: create mixed rare earth oxalate → calcine to mixed rare earth oxide → re-leach (cerium removed) → prepare for solvent extraction. Work slated for completion before year-end. 2.0 Test mining completed; comminution optimisation underway (23 Sep 2025) ~3,080 t mined and crushed at the CSM test pit; ~13.7 t dispatched to vendors (FLSmidth—HPGR; Loesche—VRM; Corem—alternate HPGR; DISA—high-pressure slurry ablation). Program targets reducing fines to lift beneficiation efficiency and overall REE recoveries—feeding directly into PFS economics. Remaining ore stockpiled for a demonstration plant. 3.0 First LREO/HREO concentrates from Halleck Creek ore via SynBREE (15 Aug 2025) Under the DARPA EMBER program, University of Kentucky produced ~96.4% LREO and ~97.1% HREO concentrates from Halleck Creek ore precursors to separated oxides; ~82% TREO recovery from leachate reported in that lab flow-sheet. Figure 2: LREO & HREO Products from UK SynBREE Test Work (source: ARR) Demonstrates third-party validation that Halleck Creek ore can yield both light and heavy rare earth oxides. 4) Scale & economics reiterated (Investor Presentation, 20 Oct 2025) Resource: 2.63 Bt @ 3,292 ppm TREO (JORC resource estimate); ~26% magnet REEs, ~11% HREEs—tilting Halleck Creek toward high-value magnet metals. Phase-1 CSM (state land) base case 3 Mtpa: NPV10 post-tax ~US$558 m, IRR ~24%, payback ~2.7 yrs; PFS targeted 2026. Funding signals: Non-binding EXIM Bank LOI up to ~US$456 m; US$7.1 m Wyoming grant support. Strategic fit: potential to supply a material share of domestic magnet feed (light + heavy REEs) within a 2–3 year state permitting pathway for Phase-1. Processing risk is falling while front-end settings are being dialled in—exactly how a very large, magnet-metal-weighted resource becomes a buildable, phased project. Resource Base, Growth Potential & Areas Cowboy State Mine represents only ~20% of the broader Halleck Creek system. The current resource is a baseline with a clear scope to grow beyond published estimates. Bluegrass stands out as a priority target for additional tonnes. Mineralisation remains open laterally and at depth, indicating further expansion potential (Figure 3). Figure 3: Halleck Creek Resource Areas—CSM, Red Mountain, Overton, Bluegrass (source: ARR) Phased Development Plan Two-stage build: Halleck Creek will be developed in two separate, independent phases: Phase 1 CSM (100% Wyoming state minerals; streamlined permitting) → Phase 2 (federal lands; multi-generation runway). Why It Matters Processing risk moves down: The impurity-removal data directly addresses the classic allanite bottleneck (gypsum/silica gel, co-precipitation). Lower REE losses and cleaner leachates translate into higher recoveries and simpler downstream SX, which is where projects often stumble. Front-end tuning in motion: Real ore bulk samples at multiple comminution vendors should tell ARR how to cut fines and lift beneficiation yields—the lever that compounds through the flow-sheet and the PFS. Third-party optics: SynBREE’s lab-stage result isn’t in the PFS flow-sheet, but it independently demonstrates oxide production from this ore system—useful validation while ARR advances a conventional route. Scale + jurisdiction: The combination of deposit scale, phased permitting on state land, and visible public-sector support keeps phase-1 development credible against a tight US mine-to-magnet timeline. Market Snapshot — 22 Oct 2025 ARR’s share price surged into mid-October, peaking near $0.80 on heavy turnover (several sessions >10–15 M shares), before pulling back to the mid-50c range. The latest point on the chart (31 Oct) marks ~$0.47, indicating a cool-off after the spike but still well above late-September levels (~$0.35–0.40). In short: elevated price, elevated volumes, post-rally consolidation. Figure 4: ARR’s Share price & volume to 31 Oct 2025 (source: ASX) What to watch next Hydromet wrap-up before year-end: mixed REO/oxalate steps and re-leach ahead of SX testwork. Comminution vendor outcomes (HPGR/VRM/ablation) and follow-on beneficiation optimisation sequence. Demonstration-plant pathway using stockpiled test-pit ore. PFS (2026) scope & sensitivities—especially recovery, reagent suite (MgO), operating complexity, and capex intensity vs earlier scoping metrics. About American Rare Earths American Rare Earths (ASX: ARR) is advancing the Halleck Creek project in Wyoming via its wholly owned U.S. arm, targeting cost-efficient open-pit mining at the Cowboy State Mine on 100% state land with streamlined permitting and onsite processing/separation. The project aims to cut U.S. import reliance (notably on China) and build a long-life domestic magnet-metal supply, backed by responsible practices and U.S. government-supported R&D. Samso Concluding Comments This is simply a REE and Permanent Magnets in the USA story. The key is the Halleck Creek, which appears to be building as a scalable project. The impurity-removal work—especially the MgO neutralisation and tight pH windows—points to cleaner leach solutions with low REE loss, which is exactly where allanite projects often stumble. That’s a genuine de-risking signal for downstream separation. This is a substance story as ARR has moved real tonnes, and has a market capitalisation of AUD $266M and that should speak volumes. The PFS numbers will be the key, but investors should consider that if ARR makes this business work and is a US business, this would be worth a lot more than AUD $266M. This is worth a lot of DYOR time for investors. ARR is not exploring, nor is it promoting rock chips and concepts. Strategically, the two-phase pathway makes practical sense. The Company will start on the Wyoming state minerals at the Cowboy State Mine to leverage permitting advantage and then consider federal-land scale as the system matures. Pair that with a resource that’s both large and magnet-metal weighted, and you have a credible long-life narrative. We’ll want to see the hydromet program close out into mixed REO, the comminution/beneficiation settings lock in, and economics that stand up to price and reagent sensitivities. If those land as indicated, Halleck Creek’s case for a domestic mine-to-magnet contribution strengthens materially. The Samso Way — Seek the Research Follow the flow sheet, assays, and permits—trust the numbers, question the hype, and always do your own work. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement icetana AI secures its largest-ever Australian sale 23 October 2025 icetana Limited (ASX: ICE) has landed its largest Australian sale to date—a five-year SaaS order via Millennium Services Group, a national security and cleaning operator in which SoftBank Robotics holds a controlling stake. The deal totals A$376,000 and is slated for initial deployment next quarter, with licensing expected to commence in the March 2026 quarter. The end user is a major shopping centre in northeast Queensland (~107,000 m² GLA; 345 shops), reinforcing icetana’s footprint in the shopping-mall security segment. The Company indicates the contract will add A$75,200 to ARR on a SaaS basis. Highlights - An AI Video-Analytics Narrative Largest Australian sale to date for icetana AI’s security software. New partner: Millennium Services Group, a national security & cleaning operator (majority-owned by SoftBank Robotics). Contract value: A$376,000 on a 60-month SaaS term; adds A$75,200 to ARR. End user: a large retail shopping centre in northeast Queensland (~107,000 m², 345 shops). Timing: initial deployment expected next quarter; licensing anticipated to begin in the March 2026 quarter. Payment terms: five years in advance (initial payment due 30 days from invoice). Chief Executive Officer Kevin Brown commented: “We welcome Millennium Services Group as a new partner in our home market of Australia and look forward to a fruitful on-going relationship. This sale is further evidence of our ability to leverage our partnership with SoftBank Robotics into new sales and ARR growth. Our go-to-market is focussed on security integrators servicing large shopping malls, and this later deployment will further cement our reputation in this segment.” Commercial Terms & Revenue Shape Contract value: A$376,000 + GST over 60 months (SaaS). ARR impact: A$75,200 per annum added. Billing & cash: Five years in advance, first payment due 30 days from invoice. Start/implementation: Licensing to commence following implementation, anticipated March 2026 quarter; initial deployment expected next quarter. Renewal: Revenue beyond the initial period is subject to customer renewal; the company cautions that actual revenue may not extend beyond the initial order. Five-year prepaid SaaS that becomes ARR once licensing starts in Mar-Q 2026; cash up front, revenue recognised post-implementation, with renewal the swing factor—watch deployment timing, collections on a new relationship, and whether this flagship mall seeds a repeatable integrator pipeline. Customer & Use-Case Context The end user is a major retail shopping centre in northeast Queensland—~107,000 m² of gross leasable area with 345 shops—a classic large-format, multi-camera environment where self-learning anomaly detection can reduce operator load and sharpen incident response. icetana flags this as its largest Australian sale, delivered via Millennium Services Group, a national security & cleaning operator in which SoftBank Robotics holds a majority/controlling stake. This integrator pathway already services 100+ shopping centres across Australia and New Zealand. Why This Matters It is icetana’s largest Australian sale, reinforcing traction in the shopping-centre vertical. The ARR uplift (A$75.2k) and upfront billing structure provide visibility on contracted revenue over the 60-month term (subject to implementation/licensing commencement as scheduled). The Millennium / SoftBank Robotics linkage suggests a partner-led expansion pathway within a large mall footprint across Australia & New Zealand. Net-net: this announcement pins down icetana’s biggest local mall win with clear ARR math (+A$75.2k) and five years’ cash paid up front, but the real proof will be smooth implementation and licensing in the March-2026 quarter—and turning this Millennium/SoftBank Robotics channel into repeatable deployments while managing renewal and credit risk. Timeline Snapshot Announcement date: 23 Oct 2025. Initial deployment: Next quarter (post-announcement). Licensing start: Anticipated March 2026 quarter (post-implementation). Who Is Icetana Limited? icetana Limited (ASX: ICE) is a Perth-based software company that sells AI video analytics for large CCTV networks. Its self-learning system plugs into existing video management platforms, learns what “normal” looks like for each camera, and flags unusual behaviour in real time to help security teams focus on critical events across sites like shopping centres, campuses, and smart-city projects. It’s offered as SaaS and is used at dozens of sites globally. Samso Concluding Comments What I like about a business like icetana is that small-sized wins, such as the one on this Samso News, make a difference to the bottom line, as it is a single, sizeable Australian deployment prepaid over five years and tied to a national integrator. Time paid is important, and a client that has scale is the perfect type of customer—a clean SaaS contract with clear ARR math once licensing starts. The steps moving forward are simple, licensing expected to commence in the March 2026 quarter. Execution from here is the key, gett the rollout right, and the ARR shows up as planned. As like in the movies, "Built It and They Will Come". Figure 1: ICE share price chart as of 3rd November 2025. (source: CommSec) If icetana and Millennium convert this site into a repeatable pattern, the channel could do the heavy lifting. For now, the focus is simple—deliver the install, confirm collections, and let the results tell the story. If those boxes tick, the narrative shifts from a “largest Australian sale” moment to a platform for repeatable growth. DYOR. The Samso Way – Seek the Research As always, go to the primary source—read the announcement, note the dates, terms, and risks—and do your own research (DYOR). Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AuMEGA Defines New Multi-Kilometre Gold Corridor at Cape Ray 16 October 2025 AuMEGA Metals Limited (ASX: AAM) has reported results from a surficial geochemistry (till) program at Cape Ray West, defining multiple high-grade gold-in-till anomalies along the western contact of the Isle aux Morts Granite — an intrusive body that has never been drill-tested (Figure 1). The anomalies coincide with structural breaks and magnetic features, establishing a new discovery corridor west of existing resources. Drilling of priority targets is planned and fully funded for Q4 2025; additional assays from broader sampling are pending. Figure 1: Cape Ray Project (source: AAM) AuMEGA Metals’ Managing Director and CEO, Sam Pazuki, commented: “Cape Ray continues to demonstrate all the hallmarks of a fertile gold system, as we’ve now expanded the footprint of mineralisation well beyond the boundaries of our current high-grade deposits. Cape Ray West has opened a brand-new, multi-kilometre discovery corridor. The results, located approximately three kilometres west of our Window Glass Hill mineral resource and one kilometre south of our BP deposit, reveal the convergence of high-grade gold-in-till anomalies with key structural and geophysical features along the Isle aux Morts Granite — a massive, underexplored intrusive complex. We are set up with multiple high-quality drill targets, which the Company is fully funded to drill in the fourth quarter of 2025. Through the great work conducted this year, and the important analysis of the past two years, we’ve built a robust pipeline of high-quality opportunities across our district-scale land package. This includes Cape Ray and Cape Ray West, along with the exceptional regional programs advancing at Bunker Hill and Hermitage. Collectively, these projects reinforce our conviction that AuMEGA is operating within one of the most prospective and underexplored gold belts in Canada — the same belt that hosts the country’s newest large scale gold mine at Valentine.” (Figure 2) Figure 2: AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage (source: AAM) Highlights - Building a Gold Narrative (Figure 3) Multiple >99th percentile gold-in-till anomalies with peaks up to 402 ppb Au over multi-km strike. (see Figs 5–6). Spatial association with cross-cutting structures inside the Isle aux Morts Granite and along intrusive contacts; this intrusive complex has not been drill tested to date. Coincident signatures: till anomalies align with magnetic breaks and mapped structures, creating a multi-layered anomaly footprint. Targeting underway: integrating geochemical, geophysical (EM, magnetics), and structural datasets to rank drill targets. Q4 2025 drilling is fully funded. Assays pending from broader till and rock sampling across the Isle aux Morts Granite and an airborne EM anomaly southeast of Central Zone. Figure 3: Cape Ray West results (>20ppb Au) in relation to the Historic surficial geochemical footprint (>20ppb Au) and pit shell outlines over the Cape Ray Resource Corridor (source: AAM) Project context Cape Ray currently hosts ~420 koz Au (Indicated) and ~141 koz Au (Inferred) (US$1,750/oz basis), within a district-scale land package along the Cape Ray–Valentine Shear Zone (CRSZ) that also hosts Canada’s newest large-scale gold mine at Valentine. AuMEGA has integrated legacy datasets with 2025 high-resolution EM, magnetics, and systematic till geochemistry to accelerate discovery. Program & methodology (Cape Ray West) (Figure 4) Sampling grid: ~160 m × 80 m, north-south orientation; target C horizon (B horizon where C not reached), typical depths 0.5–1.0 m. Fine fraction –63 μm; ALS Au-ME-MS43 (Aqua Regia, ICP-MS). Coverage: western side of Cape Ray resource corridor, including Isle aux Morts Granite and adjacent metasediments. Outcome: three discrete, coherent gold-in-till anomalies defined; pathfinders include arsenic with selected >99th percentile responses. Figure 4: Cape Ray Project area (source: AAM) Results — Three anomalies defined To move the story forward, AuMEGA tightened the geology: detailed mapping and rock sampling layered over airborne magnetics and EM, sharpening structurally controlled, geochem-supported targets. Anomaly One Trend: NW–SE; coincident geophysical feature of same orientation. Setting: Extends into the Isle aux Morts Granite and along a faulted paragneiss–siliciclastic boundary. Peak: 402 ppb Au with coincident As. Anomaly Two Trend/extent: ~1.5 km, N–S; coincident with mapped structures, quartz veins, and geophysical lineaments. Peak: 118 ppb Au; strong, coherent footprint within the Granite. Anomaly Three Trend/extent: ~1.9 km, ENE–WSW; coincident geophysical features in both paragneiss and Granite. Peak: 113 ppb Au. Figure 5–7: Gold-in-till results from Cape Ray West Project (source: AAM) The till program, sampled on a 160 × 80 m north–south grid, defines three discrete Au-in-till anomalies (Figures 5–7). Together, these results spotlight the Isle aux Morts Granite as an untested exploration front and validate AuMEGA’s strategy of fusing modern datasets with legacy knowledge across the CRSZ. Ongoing work & near-term catalysts (Figure 8) Follow-up fieldwork completed: broader till survey, expanded mapping, and rock sampling across the Granite; samples submitted for assay (pending). Targeting: integration of till + geological + EM/magnetics to finalise drill priorities. Drilling: Q4 2025 start at Cape Ray West; program fully funded. Figure 8: Isle aux Morts Granite looking north (source: AAM) About AuMEGA District-scale exposure along ~110 km of the CRSZ, supported by institutional holders and B2Gold as a strategic investor. Current Cape Ray Mineral Resource: 6.1 Mt @ 2.25 g/t Au (450 koz, Indicated) and 3.4 Mt @ 1.44 g/t Au (160 koz, Inferred); additional ground at Hermitage Flexure and the Blue Cove Copper option in SE Newfoundland. Samso Concluding Comments Cape Ray already sits in a known productive shear-zone belt, and pushing the footprint west into the Isle aux Morts Granite adds a new dimensionality to the thesis. Intrusive-related architecture alongside shear-hosted mineralisation is fertile ground in Atlantic Canada. The AuMega story has been featured on the Samso platform for a few years now, and it looks like the market is staying confident about the potential results. As far as I am concerned, the story is simple: continue to test the Cape Ray shear and build the potential for a gold mineralised province. Time will be very important, and being in a gold bull market is a great time to accelerate the exploration activities. It is still an AUD $28M market capitalised company that has over 800,000 ounces of gold. How and if these ounces become a mineable proposition will be the deal breaker for investors. The Samso Way – Seek the Research Go to the primary source, verify every number and date, track the stated milestones, and DYOR beyond the headline. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement REE Intersections Accumulate in the West Arunta 16 October 2025 Encounter Resources Limited (ASX: ENR) has reported multiple intersections of rare earth element (REE) fluorocarbonate minerals (including bastnaesite, synchysite, and parasite) from untargeted diamond drilling at the Green carbonatite, alongside a new near-surface REE hit at the Juan prospect, ~10 km from existing niobium-REE deposits in the West Arunta. The results add further evidence that Aileron hosts district-scale niobium–REE potential across several large carbonatite systems (Figure 1). Figure 1: Aileron Project: REE trends (1VD Magnetic). (source: ENR) Highlights - Carbonatites Province? (Figure 1) REE fluorocarbonates intersected in fresh rock at Green during a diamond hole (EAL1370) originally drilled for metallurgical samples. Multiple primary REE intervals were logged across the interpreted basal contact. Photo 1 – EAL1370 – 266.25m – 266.52m – coarse red REE fluorocarbonate minerals in drillcore (1.1% TREO) New prospect “Juan”: first-pass, wide-spaced aircore returned 6 m @ 0.86–0.90% TREO from 48 m (to end-of-hole), with additional anomalism (>0.1% TREO) along line. District scale: REE mineralisation now intersected in multiple carbonatite complexes >40 km apart (Crean, Green, Emily, Hurley). Prior Aileron intercepts (selected): Crean: 7 m @ 6.3% TREO within 49.3 m @ 1.5% TREO from 90.7 m to EOH; 16 m @ 3.3% TREO from 81 m within 52 m @ 1.7% TREO; 4 m @ 3.9% TREO from 67 m within 32 m @ 1.8% TREO to EOH; 4 m @ 2.1% TREO from 98 m within 46 m @ 1.2% TREO from 81 m. Green: 19 m @ 1.7% TREO from 46 m; 5 m @ 2.7% TREO within 13 m @ 1.4% TREO from 46 m; 8 m @ 1.3% TREO within 32 m @ 0.7% TREO. Additional outside-MRE hits include 18 m @ 1.6% TREO from 64 m and 2 m @ 2.1% TREO from 41 m. Emily: 12 m @ 2.1% TREO from 48 m; 6 m @ 1.2% TREO from 40 m. Hurley: 6 m @ 1.2% TREO from 64 m. Aileron MRE (includes REE content): 19.2 Mt @ 0.65% TREO, incl. 3.5 Mt @ 1.05% TREO at Crean; Dy/Tb concentrations compare favourably with leading Australian REE projects (per ENR). Ongoing programs: REE exploration runs in parallel with infill and extensional niobium drilling; metallurgical testwork on EAL1370 composites to commence in Q4 2025; follow-up drilling at Juan planned for 2026. Figure 2: Green Deposit: REE trends (1VD Magnetic). (source: ENR) Executive Chairman, Will Robinson, commented: “REE mineralisation is consistently being intersected in untargeted drilling within the large carbonatite complexes of the West Arunta. Zones of high-grade rare earth and niobium mineralisation are often found proximal to one another within mineralised carbonatite complexes. This is true at the world’s largest niobium deposit at Araxá in Brazil and at the Mt Weld rare earth deposit in Australia that has a niobium deposit proximal to its high-grade rare earth mine. Given the frequency of REE intersections in untargeted drilling in the West Arunta, focussed exploration has a high probability of identifying high-grade REE zones. Accordingly, there’s probably no better place in Australia right now to be exploring for rare earths than the large, recently discovered carbonatites of the West Arunta”. West Arunta: Niobium–REE system emerging ENR notes that many large global carbonatites host both niobium and REE, often spatially adjacent (e.g., Araxá, Brazil; Mt Weld, Australia). In Aileron, carbonatite complexes containing both commodities have now been identified over >40 km. The latest observations at Green point to geological processes that form high-grade, primary REE mineralisation in fresh rock, complementing prior niobium-rich zones. Green: Fresh rock REE fluorocarbonates confirmed Diamond hole EAL1370 (421 m) intersected multiple intervals of REE-rich fluorocarbonates (bastnaesite, parasite, synchysite) within dolomitic/calcitic carbonatite and fenite-altered rocks toward the southern basal margin of the complex. Independent micro-analytical methods (ECORE LIBS, TORNADO Micro-XRF, TIMA) confirmed mineralogy and coarse grain size (>100 μm in ~80% of grains; ~50% >250 μm), considered positive for processing. Reported spot intervals include: 1.19 m @ 1.22% TREO from 260 m 0.34 m @ 1.77% TREO from 299.75 m 0.27 m @ 1.41% TREO from 317 m 0.45 m @ 1.67% TREO from 321.22 m (plus multiple 0.5–1.1% TREO hits nearby) ENR emphasises the carbonatite–fenite contact as a key control (analogous to Mountain Pass, USA), noting that these REE-fertile contacts at Green extend beyond the currently drilled niobium-dominant zones and remain largely untested. With >3 km strike at Green, this creates a large search space for high-grade REE. Photo 2 – EAL1370 – 266.25m – 266.52m - ECORE LIBS Analysis (1.1% TREO) completed by AXT PTY LTD, Perth. Photo 3 – EAL1370 – 266.25m – 266.52m - TORNADO Micro-XRF (1.1% TREO) completed by Portable Spectral Services, Perth. Juan prospect: New near-surface REE hit A reconnaissance aircore line across an interpreted structure at Juan delivered 6 m @ ~0.86–0.90% TREO from 48 m (EOH at 58 m) in hole EAL1108, with multiple adjacent holes returning anomalous REE (>0.1% TREO). This supports the targeting model and opens a new zone of near-surface mineralisation ~10 km from existing niobium-REE deposits. Heavy REE character and context Prior shallow drilling across Crean, Green, and Emily shows elevated Dy/Tb proportions relative to several major Australian REE projects (per ENR comparisons). The cause of this relatively higher heavy-REE ratio is under mineralogical investigation. Resource and technical notes (Aileron & Tyrell) Aileron Inferred MRE (niobium with REE content reported by ENR): resource constrained by pit shells; reported above 0.25% Nb₂O₅ cut-off, with a subset above 1% Nb₂O₅; figures rounded. Tyrell Copper Oxide MRE (for context): pit-constrained, reported >0.25% Cu cut-off; figures rounded. JORC Table 1 details sampling, QA/QC, assay methods (e.g., ALS ME-MS81hD fusion ICP-MS; over-limits by ME-XRF30), drilling methods, recoveries, and data handling. No metal equivalents reported. Reported intervals are length-weighted with 0.5% TREO lower limit and up to 4 m internal dilution. True widths not yet known. Next steps Metallurgy: testwork on EAL1370 composites to begin Q4 2025. Exploration: focused REE targeting at Green (particularly along carbonatite–fenite contacts) and follow-up drilling at Juan in 2026, alongside ongoing infill/extensional niobium drilling across Aileron. About Encounter Encounter Resources (ASX: ENR) is focused on discovering major copper and niobium/REE deposits in Tier-1 jurisdictions. Aileron (West Arunta) remains a core asset within a broader critical-minerals portfolio. Samso Concluding Comments Potential investors can take heart in understanding that it is not just that REE minerals are present, but that they are in the geological structures and in the "Province". Coarse fluorocarbonates along a defined contact are features that can translate into cleaner metallurgy and clearer targeting. A fresh near-surface mineralisation at a new prospect, and the geological vector is showing multiple targets across a broad system. There are still obvious risks. Carbonatites are heterogeneous; grade can flicker, and continuity needs to be earned with metres, not memes. Market sentiment around REE and niobium can also swing, so timelines and funding discipline matter. The counterbalance is that district-scale footprints give you optionality—more places to find thickness, grade, and geometry that work. Some important steps for investors to keep an eye on: (1) follow-up drilling defining strike and thickness along the carbonatite–fenite contact at Green, (2) step-outs at the new prospect to see if near-surface mineralisation persists, and (3) first metallurgy from the diamond composites. These are simple steps that even ChatGPT will list, but the most important thought is that time will test the extent and the viability of an economical definition. The Samso Way – Seek the Research Always go back to the tables, assay methods, and JORC notes before drawing conclusions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation 22 August 2025 Outstanding 61m @ 1.08% CuEq Trench result in Southern Target Zone 16 October 2025 Cannindah Resources Limited (ASX: CAE) has reported standout trenching results from the Southern Target Zone (Appletree–Dunno) at Mt Cannindah, Queensland (Figure 1). The work outlines a 500 m × 100 m corridor of high-order Cu-Au-Mo geochemistry coincident with IP chargeability and magnetic highs—and crucially, an untested target at the lowest topographic level within the mining leases, consistent with a preserved porphyry system. Figure 1: Location of the Appletree–Dunno prospect areas (source: CAE) Highlights - Searching for Porphyry High-grade, broad trench intercepts (open-ended): 61 m @ 1.08% CuEq (0.94% Cu, 0.22 g/t Au, 141 ppm Mo) from 0 m (AT_T01) 46 m @ 0.64% CuEq (0.52% Cu, 0.19 g/t Au, 98 ppm Mo) from 0 m (AT_T02) 51 m @ 0.42% CuEq from 0 m (AT_T03) 58 m @ 0.35% CuEq from 0 m (DNO_T01) (CuEq includes Cu, Au, Ag; Mo not yet included pending recovery data; several trenches end in mineralisation). Mineralised intrusives identified: Appletree trench channel samples from intrusive phases average 0.52% Cu, 0.08 g/t Au, 141 ppm Mo (n=28), supporting a “pencil porphyry” model. Layered geophysical + geochemical support: A strong IP chargeability anomaly is modelled ~200 m below surface and is coincident with a magnetic high directly under trench mineralisation. Untested discovery setting: Appletree and Dunno have never been drill-tested; RC scout drilling to ~250–320 m is scheduled as the rig moves on from breccia resource drilling. Scale upside vs. known resource: The trenching lies within the Southern Target (up to 1.5 km strike footprint); together with the Eastern Target (up to 1.7 km × 0.4 km on the Kalpowar Fault), these areas represent the larger porphyry system footprint beyond the current breccia resource (14.5 Mt @ 1.09% CuEq). Chairman Mr. Michael Hansel commented: “As the understanding and potential of this mineral system continues to evolve, our Mt Cannindah Project continues to deliver exceptional results. The recent recognition of the significance of these trench results is testament to the potential of this project. Our most recent update includes the recognition that this target is located at the lowest topographical elevation within the granted Mining Leases. It is clear that the topographic level has a significant impact in relation to the exposure level of this system. These results verify the pencil porphyry concept and bode well for the development of other preserved porphyry systems in higher elevations (RL’s – relative levels above sea level) beneath other high-order geological, geochemical, and geophysical anomalies.” Project Context (Mt Cannindah) Mt Cannindah hosts multiple Cu-Au-Mo occurrences adjacent to the Triassic Monument Intrusive Complex, with deposit styles including porphyry-related breccias, skarns, stockworks, and late-stage Au-As veins. Figure 2: Location of Mt Cannindah Project (source: CAE) Current Resource (Cannindah Breccia): 14.5 Mt @ 1.09% CuEq (Measured/Indicated/Inferred) With copper, gold, and silver credits, mineralisation remains open along strike north and south and at depth. Conclusion (Geology & System) Preserved porphyry signature: Fine-grained dyke-like intrusives, upper-level alteration, pyrite veinlets/disseminations, and quartz micro-fractures/disseminations—all typical of upper porphyry levels—are recorded at surface.This supports vertical continuity potential beneath trenches. Vectoring to a “pencil” core: The 500 m × 100 m intrusive-skarn corridor with strong Cu-Au-Mo geochemistry overlies coincident IP + magnetic highs—a classic vector to a compact, higher-grade “pencil porphyry” centre. System scale remains largely untested: Historical drilling around Southern/Eastern targets is mostly shallow (30–60 m; only several holes to ~200–300 m). Deep testing akin to porphyry vertical extents (>1,000–1,800 m) has not been undertaken outside the breccia area. Near-Term Work Program & Catalysts RC scout drilling to test below the trench corridor (~250–320 m), targeting the coincident IP/magnetic response under Appletree–Dunno. Ongoing surface geochem/rock-chip work to the east of current lines, where soil anomalism remains open. Breccia resource extensions (north/south and at depth) to add scale and potentially improve project economics alongside metallurgy options (e.g., HydroFloat). Why This Matters Grade × width at surface with open-ended trenches is uncommon this early in a porphyry target and provides direct drill vectors. The system-scale footprint (Southern + Eastern targets) significantly exceeds the current resource envelope (~5% of interpreted system explored), preserving Tier-1 style upside if a compact high-grade core is confirmed. Untested depth beneath a strong IP + magnetic overlap makes the incoming scout holes technically pivotal. Detailed Trench results include: Table 1: Appletree - Dunno Trench Results All four trenches (AT_T01, AT_T02, AT_T03, DNO_T01) terminated while still above the >500 ppm Cu cut-off—so each remains open—and DNO_T02 also stays open to the northeast (see Figure 3). Figure 3: Location of the Appletree and Dunno trench’s (source: CAE) Samso Concluding Comments These trench results simplify the picture. Mineralisation at surface, continuous above threshold, and coincident geophysics give a clean vector for first-pass drilling. All this makes good geological sense, but it does not do much more for investors. For investors, the question is now “depth and is there continuity,” not “is there something here?” The scout holes beneath the trench corridor will answer that. Grade × width at surface is encouraging, but drill metres decides the value. Remember the pathway: verify the target below the trenches, follow the system down-plunge, then frame scale and metallurgy. Each step de-risks the story; none can be skipped. As always, DYOR and keep your senses on. Porphyry targets are notorious for being expensive, and it always takes a long time to materialise. Do your own work, read the source figures and tables, and keep position sizes sensible until the drill bit speaks. Projects like these are good to have on your watch screen, and it is always good to be prepared to get on these stories if the facts are piling up and making convincing evidence for a position. The Samso Way – Seek the Research Always read the original ASX releases, figures, tables, and appendices before forming a view—then map the geophysics, geochem, and geology against the drill plan. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $4.5M Arcemy Order from the Largest Shipbuilder in the USA AML3D Limited (ASX: AL3) will supply two custom ARCEMY® systems to Newport News Shipbuilding, extending its footprint in US naval supply chains. The order value is ~A$4.5m, reinforcing momentum after multiple ARCEMY® deployments into the US Navy’s Maritime Industrial Base. The Company expects the units to be installed and operational in Q2 2026. Highlights - Shipbuilding for the US Navy ~A$4.5 million order for two custom ARCEMY® systems to Newport News Shipbuilding (NNS), a division of HII. HII is the largest military shipbuilder in the US (aircraft carriers & submarines). These units will be the 9th and 10th ARCEMY® systems supporting the U.S. Navy Maritime Industrial Base. Install/operational target: Q2 CY2026. Spec uplift: based on large-scale ARCEMY® X with a 10,886 kg positioner for heavy-capacity builds. Purpose: accelerate lead times and provide alternatives to casting/forging, with lower waste & environmental impact. AML3D CEO Sean Ebert commented: “During my recent visit to our US operations it was clear AML3D had a huge opportunity to build on our success supporting the US Navy submarine program and expand into US Navy shipbuilding and munitions as part of US Government’s ‘Make Shipbuilding Great Again’ initiatives. These custom large capacity ARCEMY®X systems, are similar in scale to the ARCEMY® X that we recently brought online for another US Defense shipbuilding prime contractor. It is pleasing to see demand for our technology across the US and other globally, significant defense markets is continuing to accelerate. In parallel, we are making progress on our strategic goal to access additional non-defense sectors. Our US operations recently delivered a large capacity ARCEMY X to the Tennessee Valley Authority, the largest public utility in the USA. Having an established US manufacturing base means AML3D is advantaged when supporting US customers as the US Government’s tariff policy evolves. AML3D is also well positioned to leverage our US playbook to accelerate our entry into the UK and other European Defense markets and expand our defense and non-defense work in Australia. Facts Depth in US defense: The NNS order represents systems 9th and 10th tied to the US Navy ecosystem, evidencing repeat adoption and stickiness in critical programs. Bigger, faster parts at point-of-need: The ARCEMY® X platform, configured with a 10,886 kg positioner, is designed for heavy shipbuilding applications, targeting faster delivery of certified parts compared to traditional routes. Process advantages: AML3D highlights lead-time reduction, waste minimisation, and ESG benefits versus casting/forging/billet machining. What will NNS use it for? NNS plans to use the custom systems across a variety of shipbuilding applications. While specific part families aren’t listed, the heavy-capacity configuration indicates intent to address large, structurally demanding components where schedule resilience is key. Samso Concluding Comments From an investor’s seat, this order is less about the headline ~$4.5m and more about “where” it lands: Newport News Shipbuilding, the core of America’s carrier and submarine build programs. That’s the credibility dividend AML3D has been working toward—placing ARCEMY® capacity inside the highest-bar, schedule-sensitive end of shipbuilding. Each placement lowers friction for the next, and it compounds service, software, and consumables revenue over the lifecycle. A large-scale ARCEMY® X with a ~10.9-tonne positioner signals real intent to transition from prototyping into production-relevant parts. If the commissioning hits the Q2 CY2026 window, the narrative shifts from “can it qualify?” to “how quickly can it scale across the business family?”. Investors should watch for commissioning updates, first-article milestones, and any disclosure on repeatability/quality metrics that unlock broader deployment inside the yard. Strategically, this is AML3D leaning into the US maritime industrial base while keeping non-defense optionality alive (e.g., utilities and heavy industry). That mix is important: defense offers sticky programs; non-defense can smooth order cadence and showcase total addressable market beyond shipyards. Management’s signalling on UK/EU and Australia suggests the US playbook is portable—execution will determine whether that becomes another leg of growth or just near-term noise. The share price journey for AL3 is an indication that the market has liked the recent news and is slowly digesting its steps. The valuation of the Company for its potential is very reasonable, from the view of an investor, wanting to take a position in the developing story with just over AUD $104M. Figure 1: The AL3 share price chart as of 30th October 2025. (source: CommSec) Key risks remain the usual trio: delivery/commissioning on time, proof of throughput at quality, and the company’s ability to scale support as the installed base grows. If AML3D converts this install into dependable output and follow-on orders, we get operating leverage and a more predictable aftermarket. If timelines slip, the share price will likely mark time. As always, DYOR—focus on milestone cadence, customer breadth, and evidence of parts flowing through ARCEMY® into critical programs. The Samso Way – Seek the Research Always go back to primary sources—ASX releases, technical appendices, and commissioning milestones—verify the numbers, and DYOR beyond the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 212 | UWA Club, Crawley, Western Australia. Guest: Brent Hazelden – MD, OD6 Metals Limited (ASX: OD6) Introduction In this episode of Coffee with Samso, we reconnect with Brett Hazelden, Managing Director of OD6 Metals, to explore how the company is navigating two of the most intriguing thematic opportunities in the market today — rare earth elements (REEs) and copper. OD6 was first introduced to the Samso audience in a very different market — rare earth sentiment was hot, clay-hosted projects were flooding the ASX, and recovery pathways were still largely unproven. Fast-forward to 2025, and the game has changed. The company’s flagship Splinter Rock project in Western Australia is now underpinned by validated heap leach metallurgy, enhanced nano-filtration, and a robust understanding of orebody consistency — ticking the key boxes that separate projects with longevity from the fleeting momentum plays. At the same time, OD6 is quietly advancing a highly prospective copper VMS project at Gulf Creek in New South Wales, where historical high grades and recent drilling suggest potential for a standalone, company-making discovery. This conversation explores both sides of the OD6 story — a smarter REE flow sheet and the search for a modern VMS discovery in an overlooked district. Rare Earths at Splinter Rock – Smarter Processing, Lower Capex, Better Product ✔ Heap Leach Breakthrough What started as a “just in case” test alongside traditional tank leach flowsheets has emerged as a breakthrough: heap leaching not only works — it offers higher recoveries, lower reagent use, and slashes capex. 75–80% recoveries from column testwork Removes the need for tanks, filters, tailings dams Simplifies the flowsheet and reduces environmental impact "Everyone expected heap leach to fail with clays. Instead, we found it performs better — less equipment, cheaper, and scalable." – Brett Hazelden ✔ Nanofiltration: A Technical Edge In August 2025, OD6 announced it had successfully trialled nanofiltration on its leach solutions — a key value unlock: Cuts acid use by 80–85% through recycling Reduces downstream plant size by 70% Enhances product purity and ESG credentials Nanofiltration acts like a REE-specific desalination process — separating heavier rare earths from light elements and allowing a high-quality EM-rich product to be recovered with minimal waste. ✔ Orebody Confidence – Consistency at Depth OD6’s testwork has focused on the Inside Centre area of Splinter Rock: 120Mt @ ~1600ppm TREO (from a broader 680Mt JORC) Broad, flat geometry with 70–80m of mineralised clays Simple stratigraphy with consistent metallurgy Upcoming bulk column testing with ANSTO is validating how the ore performs across depth zones — the top 40m vs. the bottom 40m — to ensure no surprises in full-scale operations. OD6’s Advantage in the Rare Earth Game OD6’s rare earth mineralogy is distinct from hard rock monazite or apatite systems, allowing for ambient temperature leaching. Other projects require aggressive cracking at high temperatures — expensive and carbon-intensive. OD6’s approach works at room temperature, using simpler, cheaper reagents. "You can’t just apply heap leach to any rare earth project. Ours works because of our unique mineralogy — that gives us a genuine technical edge." Strategic Thinking: Beyond China, Beyond Hype OD6 is focused on developing a high-purity, globally marketable rare earth carbonate, and potentially refining it further into selective oxides (e.g., NdPr oxide). While the REE market has been volatile, OD6’s strategy is focused on real offtake, real product, and long-term survivability: No reliance on inflated spot prices or unsustainable government support No hype-driven LOIs with no substance Clear cost pathway: ~USD $300M capex vs $1.2B for many peers "There’s a lot of noise in rare earths, but not many with a product that works. We’re now one of the few still standing, with a technically sound, economic pathway." Gulf Creek VMS Copper Project – A Sleeping Giant? While rare earths remain the flagship, the Gulf Creek Copper Project in NSW could be the catalyst that delivers near-term excitement. Historic production (1896–1912) reported grades of 2–12% Cu Drilling confirms mineralisation continues below the old mine 4.6% Cu intercepts in recent programs VMS-style system with multiple repeat structures mapped Strong magnetic signatures tied to known mineralisation OD6 is currently drilling new targets — Big Bend, West Limmon, Northwest — that exhibit geophysical and geological similarities to the main Gulf Creek lode. “VMS is a small company’s holy grail. High grade, modest tonnage, fast capex. Just look at what DeGrussa did for Sandfire.” With solid land access, supportive local communities, and compelling historic grades, Gulf Creek could evolve into a separate copper value centre — and even warrant a spin-out if the results continue to deliver. Samso Concluding Comments OD6 Metals today is not the company it was in 2022. This is now a business with: A technically proven REE flow sheet A heap leach process that defies conventional wisdom Clear understanding of mineralogy, product quality, and economic constraints And now, a copper discovery story is brewing quietly in NSW. In many ways, OD6 is a case study in how to advance a resource project the right way — quietly, methodically, and with the long game in mind. It’s also one of the few juniors with genuine dual-commodity upside — a defensive REE platform and a high-grade VMS copper wild card. For investors tired of rock chip hype and non-binding fluff, OD6 is a rare earths company with a product that works — and a copper discovery that could change the narrative altogether. Chapters 00:00 Start 02:31 Introduction 03:43 Recent Announcement 06:04 How did the Heap Leach concept start? 07:42 Are there any environmental issues with the Heap Leach concept? 08:31 Nanofiltration Concept? 09:46 Orebody consistency. 10:59 What are the Concerns for the Heap Leach Process? 12:08 How is the current REE market influencing OD6 thinking? 15:17 OD6 Resource works with Heap Leach 16:16 The REE market 17:04 The Gulf Creek Copper Project 20:11 VMS projects are made for small companies. 21:09 High-Grade nature of VMS Projects 21:46 Prospectivity of the Gulf Creek project 22:42 Land Access for Gulf Creek 23:32 Gulf Creek - Historical Mining Area 23:50 2025 is now a more evolved REE market 25:16 REE Benchmark pricing 26:32 International Market Sentiment 27:31 A Discussion on the REE market and What it means post 2025 28:26 OD6 - A Better Company for Investors in 2025. 29:50 Capital market- Thoughts on OD6. 30:57 The complexities of the REE market and investing opportunities. 31:58 Caution for looking at the REE market. 33:37 OD6 Last words. 33:26 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Henty throughput rates up to 33% above nameplate 20 October 2025 Kaiser Reef Limited (ASX: KAU) has reported materially higher processing performance and a coordinated ramp-up program at the Henty Gold Mine in Tasmania (Figure 1), alongside actions to de-bottleneck underground access, modernise the fleet, and accelerate resource growth drilling. Management frames these steps as critical to lowering unit costs and underpinning near-term Reserve calculations. Figure 1: Henty project location (source: KAU) Highlights - A Gold Production Story Processing rate tested at ~400,000 tpa — up to 33% above the 300,000 tpa nameplate, achieved without major infrastructure changes; circuit fine-tuning continues. Decline de-bottlenecking in progress — floor stripping equipment on site; a decline bypass is underway (also providing additional ore access), enabling larger trucks and removing a life-of-mine production constraint. Fleet uplift committed — jumbo fleet now standardised to twin-boom jumbos; larger trucks and loaders on order; OEM equipment finance secured with no significant effect on cash balance. Second underground diamond rig commissioned — dedicated capacity to target resource additions and extensions, initially the Cradle Zone above a large portion of the mine. Context — Henty Mineral Resource 449 koz @ 3.4 g/t Au; Ore Reserve 154 koz @ 4.0 g/t Au; updated 2025 Resource & Reserve statement is “due shortly.” Kaiser’s Managing Director, Brad Valiukas, commented: “We continue to see significant upside at Henty, and I’m very pleased with the progress to date. Increasing the processing rate, de-bottlenecking the decline and bringing in more productive equipment are key improvements to drive down unit costs per tonne across the business, noting that a large portion of Henty’s costs are considered fixed. “We are looking to build both mine life and resilience at Henty over the next 12 months. Our 2025 Resource and Reserve statement is due shortly, and productivity and unit costs are important to Reserve calculations. “Bringing in the second underground diamond drill rig gives us dedicated capacity, targeting Resource growth beyond the rate of depletion for mining and, subject to success, further extensions of mine life.” Processing: What Changed and Why It Matters Kaiser attributes the higher throughput to several incremental, practical modifications: Circuit water balance & distribution changes. Cyclone operation tweaks that improved material classification. Cyanide detox capacity increased by converting a water tank to additional reactor capacity (back end of circuit). Mobile secondary crusher (on hire) to reduce feed size. These measures collectively allowed the recent throughput trials to demonstrate sustained operation well above historical rates (~20 years at/near nameplate). The Company plans progressive upgrades to plant items (pumps/screens) historically tuned to 300 ktpa as it fine-tunes for higher sustained rates. Underground: Removing the Bottlenecks A targeted decline bypass and floor-stripping campaign addresses geometry constraints that have limited haulage. Management expects the works to enable larger trucks, remove a life-of-mine production constraint, and lift overall material movement capacity. The bypass also accesses additional ore, adding operational flexibility. Fleet & Financing Standardising to twin-boom jumbos and introducing larger trucks/loaders aims to increase development and haulage productivity. OEM equipment finance is in place and is not expected to materially impact cash, aligning capital efficiency with the ramp-up timeline. Drilling: Building Life and Resilience A second underground diamond rig is now operational. Initial focus is the Cradle Zone, strategically positioned above a large portion of the mine. The goal is to add and extend resources beyond depletion rates, supporting mine-life growth and Reserve renewal. Why This Matters (Operational Take) Throughput uplift + haulage capacity → lowers unit cost per tonne where a large cost base is fixed. Fleet modernisation → productivity leverage during ramp-up. Dedicated drilling → optionality for Resource/Reserve growth heading into the 2025 statement. About Kaiser Reef Kaiser is a profitable ASX-listed gold producer with Henty (Tas.) (Figure 2) and Maldon (Vic.) assets. Henty hosts a 300 ktpa plant (tested to ~400 ktpa run-rate in trials), 449 koz @ 3.4 g/t Resource and 154 koz @ 4.0 g/t Reserve. In Victoria, the Maldon project (including Union Hill at 186 koz @ 4.4 g/t) and a 200 ktpa plant complement the portfolio; the A1 Gold Mine is being transitioned to care and maintenance. Figure 2: – Henty Project Map And Resources (source: KAU) Samso Concluding Comments Henty’s processing uplift is the first real signal that KAU can squeeze more out of an existing plant without heavy capex. When a circuit consistently tests 30%+ above nameplate, the path to lower unit costs becomes tangible rather than theoretical. This was always going to happen. As they say, a loved asset is always going to be treated with more care than one that is not loved. Removing the decline bottleneck and standardising the fleet is the unglamorous work that actually changes tonnes moved per day. If the bypass and bigger trucks deliver as planned, throughput gains at the mill can translate into sustained mine output—closing the classic gap between nameplate and reality. When you have a seasoned operator like Brad going through the details, items such as the second underground rig are the quiet catalyst. Extending resources ahead of depletion is what protects cash flow, supports Reserve renewal, and buys time for optimisation to compound. The initial focus on the Cradle Zone adds sensible near-mine ounces to the critical path rather than chasing far-flung targets. There have been recent announcements that have been released since this Samso News was published, but a good understanding of the steps is a good foundation for understanding the Kaiser story. Execution is now the story. Keep an eye on how quickly the haulage upgrade bites, whether higher mill rates are maintained without recovery slippage, and how the drill bit converts into Resources/Reserves. If these pieces hold together, the investment case shifts from turnaround potential to operating leverage. DYOR. The Samso Way – Seek the Research Always anchor your view in the source documents, track the numbers, not the noise, and DYOR before you make any call. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Large New Conductor Below High-Grade Copper Alotta Deposit 20 October 2025 $5.4M Secured to Accelerate Drilling at Belleterre Project 24 October 2025 Pivotal Metals Limited (ASX: PVT) has released new Fixed-Loop Time Domain EM (FLTEM) results from the Midrim–Alotta area of the Belleterre-Angliers Greenstone Belt (BAGB) Projects in Abitibi, Québec, Canada, ~85 km south of Rouyn-Noranda (Figure 1). The work defines a substantial, untested conductive plate directly beneath the shallow, high-grade Alotta sulphide body, and indicates prior drilling was sub-optimal; a new NE-oriented drill strategy is now planned to test depth extensions and potential feeder pathways. In parallel, Pivotal has secured A$5.4 million to fast-track drilling across its Belleterre copper–gold portfolio, with first rigs scheduled for December 2025. The raise blends an Australian institutional placement with a Canadian flow-through share (FTS) placement, positioning the Company to immediately advance the newly defined Alotta conductor and commence IP at Lorraine ahead of drilling. Figure 1: Location of BAGB Projects (source: PVT) Highlights — 20 October 2025: Alotta Conductor, Down-Dip Targeting Large new conductor at Alotta extends ~150 m down-plunge below known massive sulphides; modelling remains open to the east pending Q4 infill FLTEM over lake-covered ground (Figure 2). Figure 2: Section view of Alotta showing high-grade mineralisation and interpreted FLTEM conductor extending strongly downplunge. (source: PVT) Orientation breakthrough: optimal drilling is from the NE, contrasting with historical SW-oriented holes that largely ran parallel to the conductor plane (i.e., effectively untested at depth) (Figure 3). Figure 3: Long section of the looking north Alotta deposit, showing newly defined FLTEM conductor extending strongly to depth. Almost all drilling is parallel to conductor plane and does not test the anomaly. (source: PVT) Shallow high grades already in hand: e.g., 24.2 m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE; 15.7 m @ 3.1% Cu, 1.6% Ni & 2.9 g/t 3PGE; and bonanza intervals up to 23.8% Cu and ~21 g/t 3PGE (sample-scale). Pipeline of conductors confirmed at Lac Long North and Lac Kirwan West, adding shallow bedrock targets consistent with Alotta-style magmatic sulphide settings. Gold upside at Lorraine: target development continues along a ~1.5 km corridor, anchored by historic underground channel sample 28 m @ 45 g/t Au (plus 1 m @ 53 g/t Au in drilling); IP is planned in Q4. Operating setting advantage: world-class Abitibi infrastructure, low-cost hydropower, nearby mills/smelters, and potential toll-milling pathways for future high-grade discoveries. Ivan Fairhall, Pivotal Managing Director, commented: “The previously discovered Alotta deposit hosts some of the most sensational magmatic sulphide mineralisation seen globally. This new conductor at Alotta potentially unlocks the feeder source of the deposit, because we now know prior drilling was incorrectly orientated. This represents a very exciting opportunity to substantially expand this high-grade deposit. This adds to our suite of conductors that significantly expand the exploration potential of the entire Midrim Project and supports the systematic application of modern geophysics across our wider Belleterre land package. These are high conviction targets for new discovery within a well established mineralised environment.” Alotta (Cu-Ni-Pge-Au) — Why This Conductor Changes the Targeting FLTEM defines a robust conductive plate anchored in the known massive sulphides from surface to ~90 m depth, then continuing ~150 m down-plunge. The new plunge interpretation means historic drilling (Figure 4) largely missed the conductor. Only one historic hole (18-ZA-06) clipped the plate (7.9 m @ 1.1% Cu, 2.2% Ni, 1.9 g/t 3PGE). The conductor is open eastward due to summer access constraints; infill FLTEM in Q4 will tighten the model and potentially widen the shallow conductive zone. Figure 4: Plan view of Alotta deposit showing historic drilling and previously interpreted mineralised envelope and steeping dipping newly defined FLTEM conductor. (source: PVT) Key historical intercepts (context): 24.2 m @ 2.31% Cu, 1.23% Ni, 1.75 g/t 3PGE (approx.) from 53.1 m (18-ZA-04) 15.7 m @ 3.11% Cu, 1.64% Ni, 2.86 g/t 3PGE from 55.3 m (19-ZA-05) (Figure 5) Figure 5: Spectacular 'bonanza grade' intersection of massive chalcopyrite-pyrrhotite mineralisation, 0.5m @ 22% Cu, 0.78% Ni, 11g/t Pd, 3.6 g/t Pt, 0.24 g/t Au from 55.3m (19-ZA-05). Forms part of 15.7m @ 3.1% Cu, 1.6% Ni, 2.2 g/t Pd, 0.6 g/t Pt, 0.25 g/t Au. Drilled by Chase Mining in 2019. (source: PVT) Multiple short-interval bonanza assays, including 0.4 m @ 23.8% Cu and high-grade Pd/Pt spikes (Figure 6). Figure 6: 0.25m massive chalcopyrite sulphide mineralisation, within 0.4m assaying 23.8% Cu, 0.1% Ni, 4 g/t Pd, 1.5 g/t Pt, 0.1 g/t Au from 75.8m (20-ZA-01) (source: PVT) Regional Thesis — A Feeder-Style Plumbing System Within a 5 km corridor (Midrim–Lac Croche–Delphi-Patry–Zullo–Alotta), high-grade magmatic sulphide occurrences point to a large mineralising event. The Company’s model now emphasises deep-seated feeders that could localise multiple high-grade accumulations, with scale potential at depth. Recent FLTEM has already expanded the footprint of bedrock anomalies as far as Lac Long North and east to Midrim East, broadening the effective area to ~15 km x 8 km (Figure 7). Figure 7: Midrim project area showing widespread high grade mineral occurances and geophysical anomalism, and limited drilling outside of the historical target areas. (source: PVT) Other Targets Advancing Lac Long North & Lac Kirwan West: FLTEM over discrete VTEM anomalies confirmed shallow, weak-to-moderate conductors; drill targets generated. Lorraine (Gold) (Figure 8): Soil infill around a prior 1.09 g/t Au anomaly did not reproduce that outlier, but the broader IP survey (Q4) will test extensions along the ~1.5 km corridor from the historic 28 m @ 45 g/t Au UG channel and 1 m @ 53 g/t Au drill intercept. Figure 8: Lorraine Mine gold high-grade gold target (source: PVT) Next Steps (Q4 program cues) Infill FLTEM at Alotta over lake-limited eastern sector (Figure 9). Extend FLTEM to additional Belleterre Cu-Ni-PGE occurrences (beneath/adjacent to known bodies). Test unresolved airborne EM anomalies across the tenure for further sulphide accumulations. Run IP at Lorraine to vector gold-bearing vein systems along strike. Prioritise plates for drilling to evaluate strike/depth extensions of mineralisation. Figure 9: Midrim FLTEM survey layouts, red stars denoting centre of delineated conductors. Note Alotta (top LHS) large area that was un-surveyed due to summer access constraints, and limits the eastern boundary of the conductor which remains open. (source: PVT) Project & Infrastructure Context (Why Québec Matters) (Figure 10) Belleterre sits 85 km south of Rouyn-Noranda within the Abitibi, a premier, long-lived mining district with power, roads/rail, mills, workforce, and proximity to smelters (e.g., Glencore’s Horne and Sudbury). Low-cost hydropower (~5.5 c/kWh) and potential spare milling capacity in the region provide strategic pathways to development for high-grade discoveries. Figure 10: Belleterre Projects location map in relation to nearby current and historic mining and milling operations. (source: PVT) Highlights — 24 October 2025: Funding & Near-Term Workstreams A$5.4m total funding secured — A$4.25m via an institutional placement (firm commitments; scale-backs applied) plus ~A$1.1m through Canadian flow-through shares (FTS). Drilling to commence in December 2025. Register & manager — Powerhouse Ventures (ASX: PVL) as Sole Lead Manager; participation from Matthew Latimore flagged (to become a substantial holder). Placement terms — A$2.5m at A$0.011 per share (≈16.9% discount to 15-day VWAP), issued in two tranches (T1 under LR 7.1A; T2 subject to mid-December shareholder approval). Directors to subscribe A$90k in T2. FTS leg — C$2.62m (~A$2.89m) at a premium to the placement price; proceeds earmarked for eligible exploration. Secondary sale of FTS shares to Australian investors at A$0.011 noted; T1 settlement 3 Nov 2025. Use of proceeds — accelerate Belleterre programs: drill the Alotta down-dip EM conductor and advance Lorraine with a Q4 IP survey to refine first-pass drill targeting. Program context — Belleterre spans ~160 km² with multiple Cu–Ni–PGE targets; corporate optionality maintained via Horden Lake (JORC 37 Mt @ 1.10% CuEq) optimisation alongside Belleterre discovery work. Ivan Fairhall, Pivotal Managing Director, commented: “This is a transformational milestone for Pivotal, and a significant validation for our Quebéc project portfolio. Our Belleterre projects host exciting drill ready targets, which are associated with a regional scale high-grade mineralising system that remains vastly under-explored. The newly identified targets at Belleterre are of top priority for Pivotal, with drilling scheduled this quarter. “The strong demand and support from strategic, institutional and sophisticated investors, including leading Australian resources investor Matt Latimore, underscores confidence in the scale and quality of our Quebec projects. “With a fully funded exploration program ahead, we are now very well positioned to unlock the exciting exploration opportunities at Belleterre, and value of Horden Lake where we hold a recently enlarged shallow mineral resource estimate totalling 37mt @ 1.1% CuEq.” About Pivotal Metals In parallel, Pivotal is advancing its Horden Lake Cu-Ni-PGE-Au project with a 2025 JORC MRE of 37 Mt @ 1.10% CuEq (Indicated + Inferred) (Table 1) and ongoing metallurgical/engineering de-risking—providing corporate optionality between near-resource growth and Belleterre discovery upside. Table 1: Horden Lake 2025 Mineral Resource Estimate Statement (source: PVT) Samso Concluding Comments Alotta looks like it's about the geophysical story. The FLTEM plate sits right beneath shallow high-grade sulphides and was largely missed because historical holes tracked sub-parallel to the conductor. A NE-oriented program is the simple, testable fix. The broader Midrim–Alotta corridor continues to read like a feeder-style plumbing system. Multiple high-grade showings across a short distance suggest scale is possible, but until a few well-placed holes bite into the heart of that plate, EM remains a vector—not an outcome. Like real estate, the space of mineral exploration is largely reflected by location. Abitibi’s power, people, and processing options compress timelines if high grades carry at depth. In practical terms, strong intercepts here are more actionable than the same intercepts in a remote belt. The next important box to tick is the relationship with the capital market, and the latest raising is a great confidence boost to the company. Management is always bolder and more effective with cash in the bank. Figure 11: The share price chart for PVT as of 29th October 2025. (source: commsec) A market capitalisation of just AUD $20M is still a fair bet. If things line up for PVT, the whole high-grade Cu-Ni-Pge-Au narrative could be good timing. I can see now that there is a slowing down in the small end of the ASX, some let's hope narratives that are built on substance will take over the headlines for investors. What I’m watching next will be the infill FLTEM over the unsurveyed eastern margin at Alotta, the first NE-oriented fences into the plate, and whether sulphide thickness and metal tenor improve down-plunge. If the geometry call is right, the drill bit should answer quickly. The Samso Way – Seek the Research Always cross-reference exploration claims with primary data tables, sections, and geophysics—and track how orientation changes convert models into discoveries. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.