Announcement ACW confirms eligibility for further $1.9m RDTI 20 October 2025 ACW achieves early screening closure for XanaMIA trial 20 October 2025 Actinogen Medical Limited (ASX: ACW) released two important updates dated 20 October 2025: (1) accelerated recruitment has enabled early closure of pTau screening for the Phase 2b/3 XanaMIA Alzheimer’s trial; and (2) an Advance Overseas Finding (AOF) approval confirms eligibility for a further RDTI rebate of ~$1.87m, taking the total FY25 RDTI to ~$7.36m if the ATO amendment is favourably assessed. These are operational and funding milestones that speak to trial momentum and balance-sheet support as the program advances toward the January 2026 interim look and mid-Q4 2026 topline. XanaMIA pTau Screening Closes Early (Operational Momentum) - A Solution for Alzheimer Patients. Highlight pTau screening closes to new participants on 31 October 2025 (brought forward from 30 November). Projected total enrolment ~240 (up from 220); 180 enrolled to date with ~60 more expected by year-end. Topline final results reaffirmed for mid-Q4 2026; independent DMC interim analysis for safety/futility slated late January 2026. The added participants increase statistical power for the primary endpoint (CDR-SB) in this 36-week, double-blind, placebo-controlled study across Australia and the US. Overall, bringing pTau screening forward to 31 October 2025 signals strong site performance and patient flow, with enrolment now targeting ~240 (up from 220) — 180 already in, and ~60 more expected by year-end. This uplift enhances statistical power on the CDR-SB primary endpoint in the 36-week, double-blind, placebo-controlled study across Australia and the US, while key catalysts remain intact: an independent DMC interim for safety/futility in late January 2026 and topline results in mid-Q4 2026. AOF Approval Supports Additional ~$1.87m RDTI (Funding Clarity) Highlight ACW received an Advance Overseas Finding certificate covering eligible overseas R&D in FY25, enabling an ATO return amendment for additional $1,874,143 RDTI rebate (subject to favourable assessment). Combined with the $5,489,600 RDTI announced 15 Oct 2025, total FY25 RDTI would be ~$7,363,743. Management flags RDTI as an important ongoing funding source as Alzheimer’s Phase 2b/3 milestones approach. Trial Snapshot Design: 36-week, double-blind, placebo-controlled; primary endpoint CDR-SB; biomarker-confirmed AD via pTau181. Dose: Xanamem® 10 mg once daily vs placebo. Geography: Australia and the US. Extension: XanaMIA-OLE (open-label, up to 25 months) to start Q1 2026 for current/former participants. The Importance Execution signal: Early screening closure and an uplift in projected enrolment point to site/patient engagement and operational throughput—inputs that typically de-risk timelines. Statistical power: The ~9% increase from 220 to ~240 enhances the power to detect a treatment effect on CDR-SB. Funding runway assist: The AOF-enabled RDTI addition improves cash inflows linked to FY25 R&D, complementing capital management ahead of interim (Jan 2026) and topline (mid-Q4 2026) inflection points. Near-Term Milestones to Watch 31 Oct 2025: pTau screening closure. By end-2025: Targeting full enrolment (~240). Late Jan 2026: Independent DMC interim (safety/efficacy futility). Mid-Q4 2026: Topline primary readout (CDR-SB). The Science in One Line Xanamem (emestedastat) aims to reduce elevated brain cortisol by inhibiting 11β-HSD1, a mechanism ACW links to potential benefits in Alzheimer’s and depression, with an overall promising safety profile across ~400 participants to date. Figure 1: Xanamem - a small molecule tissue cortisol synthesis inhibitor (11β-HSD1 enzyme) (source: ACW) Clinical Trials The XanaMIA Phase 2b/3 Alzheimer’s disease trial is a 36-week, double-blind, placebo-controlled trial in ~220 patients with mild–moderate Alzheimer’s, confirmed by elevated blood pTau181. Participants receive Xanamem® 10 mg once daily or placebo; progression is measured across endpoints, with CDR-SB as the primary. Sites are in Australia and the US, with full enrolment due by end-2025, an interim analysis in late Jan 2026, and topline results in mid-Q4 2026. Samso Concluding Comments The decision to bring pTau screening forward to 31 October 2025 reads as a signal. Sites are recruiting, processes are working, and the trial appears to be tracking to plan. In my experience, timelines tighten only when the operational engine is running smoothly. Lifting projected enrolment to ~240 (from 220) improves the study’s statistical footing on CDR-SB without changing the core design. This is important because effect sizes in Alzheimer’s are often modest; a little more power can be the difference between noise and a decision-grade signal. On funding, the additional ~$1.87m AOF-enabled RDTI (taking FY25 to ~$7.36m if assessed as expected) is practical. It strengthens near-term cash inflows around the late-January 2026 DMC interim and the mid-Q4 2026 topline—precisely when options narrow and choices become consequential. The path from here is to complete enrolment, pass the interim gates, and deliver the primary readout. For investors, the discipline remains the same—calibrate expectations to the milestones, focus on the quality of data (not headlines), and DYOR. Figure 2: ACW share price chart as of 29th October 2025 (source: CommSec) In my opinion, the ACW story is only going to get bigger. Currently, it has a market capitalisation of AUD $104M which is healthy for something that is still at the "early" stage. If everything lines up, I am confident that the market will start to re-rate its business. The share price chart (Figure 2) is moving in the right direction and this is one of the few businesses in the ASX that potential investors should be doing a #SamsoDYOR. The Samso Way – Seek the Research Always read the source documents and track specific milestone dates and cash inflow mechanics (e.g., RDTI processes) against your own risk framework. 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 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 Burbanks Drilling Returning Spectacular Grades 6 October 2025 Horizon Minerals (ASX: HRZ) has reported fresh high-grade infill hits from the Burbanks Gold Project, ~9 km south of Coolgardie, adding weight to the historical high-grade pedigree (Figure 1). The early Phase 1 results delivered multiple high-grade intercepts within the existing resource envelope, including standout intercepts (e.g., 1.55 m @ 99.65 g/t Au), reinforcing geological continuity across Main Lode and Burbanks North ahead of development studies. Figure 1: Project location map (source: HRZ) Highlights - The Gold Mining Hub Historical underground production at Burbanks: 324 koz @ 22.7 g/t Au, in addition to an existing JORC (2012) Mineral Resource of 6.1 Mt @ 2.4 g/t Au for 466 koz. Ongoing 30,000 m program (Phase 1 infill ~15,000 m; Phase 2 extensional ~15,000 m). 18/45 Phase 1 holes completed; assays returned for 15 holes. Stand-out Phase 1 infill intersections (downhole, not true width) include: ◽ 1.55 m @ 99.65 g/t Au from 336.3 m, incl. 0.37 m @ 350.00 g/t Au (25HBBD004) ◽ 1.71 m @ 37.18 g/t Au from 71.0 m (25HBBD004) ◽ 4.00 m @ 12.75 g/t Au from 366.1 m, incl. 0.47 m @ 67.28 g/t Au (25HBBD002) ◽ 1.00 m @ 31.63 g/t Au from 106.0 m (25HBBD005) ◽ 1.00 m @ 19.84 g/t Au from 285.0 m (25HBBD013) Visible gold observed in multiple holes; infill drilling is improving resource continuity/confidence toward Indicated classification to support Ore Reserve and development studies. Managing Director and CEO Mr Grant Haywood commented, “These spectacular high-grade intersections from our infill diamond drilling program further demonstrate the exceptional quality of the orebody and underscores the potential of our Burbanks project. Confirming such strong results within our existing resource area provides real assurance in the project and demonstrates the opportunity to deliver improved resource confidence that will feed directly into development studies, ultimately providing valuable high-grade feed to our 100% owned Black Swan processing plant.” Project Overview Burbanks is hosted within the Burbanks Shear Zone across basalts with intercalated gabbro/dolerite and sediments. Gold occurs in laminated quartz veins with sulphides and an alteration assemblage including biotite and garnet; quartz-pyritic shears and garnetiferous diorite sills are also noted. Tenement M15/161 is fully granted and in good standing, with established local infrastructure (Figure 2). Figure 2: Burbanks Mining Centre showing the location of the completed holes in the current drill program (source: HRZ) Drill Program — What’s Been Done Phase 1 (Infill ~15,000 m) targets Main Lode and adjacent lodes (Birthday Gift, Burbanks North) to improve continuity and upgrade resources from Inferred to Indicated—supporting Ore Reserve conversion and mine planning. As of this update, 18/45 holes are complete, with assays for 15 holes published and multiple intercepts >20 g/t Au reported. Visible gold in quartz at 357.56 m (25HBBD004) within 0.4 m @ 7.43 g/t Au from 357.4 m (Figure 3) —image is illustrative and not representative of grade/metal content. Figure 3: Visible gold in quartz at 357.56 m (25HBBD004) (source: HRZ) Burbanks North — Continuity Strengthened Infill drilling has confirmed lode position/grade, extended high-grade trends west, and infilled along MRE margins. Continuity has been demonstrated northward and in the corridor between Burbanks North and Main Lode (Figure 4). Figure 4: Long section (SW–NE) showing Main Lode & Burbanks North, MRE categories and >1.0 g/t pierce points (source: HRZ) Main Lode Figure 5 presents a local-grid cross-section (±10 m of the section line) featuring hole 25HBBD004 in context with nearby historical drilling. All >1.0 g/t Au downhole intersections are displayed, illustrating where mineralisation has been pierced across the section and aiding correlation of lodes between old and new drilling. Note: intervals are reported as downhole lengths; true widths are not yet known. Figure 5: Cross-section (±10 m) for 25HBBD004 with >1 g/t pierce points (source: HRZ) Hole 25HBBD008 intersected mineralisation ~70 m beneath historical workings, extending the trend to ~300 m below surface (Figure 6) and improving confidence in the geological model. Further drilling is planned along this gap between existing pierce points spaced ~100 m to north and south. Figure 6: Schematic cross-section (±20 m) with >1 g/t intercepts in 25HBBD008 (source: HRZ) Mineral Resource Context Burbanks Mineral Resources (cut-off 0.5 g/t Au for OP, 2.5/2.0 g/t Au for UG) (Table 3): OP Total: 4.86 Mt @ 1.90 g/t Au for 297.7 koz UG Total: 1.19 Mt @ 4.38 g/t Au for 167.9 koz Combined: 6.05 Mt @ 2.39 g/t Au for 465.6 koz (rounding applied). The Company confirms no material changes since the 1 Aug 2024 Group MRE update. Table 3. Horizon Minerals Limited – Burbanks Gold Mineral Resources (source: HRZ) Next Steps Second diamond rig mobilised to accelerate Phase 1; program scheduled to complete by December 2025. Remaining Phase 1 assays expected by end March 2026; Updated MRE targeted for June 2026, followed by Ore Reserve studies. Phase 2 (extensional ~15,000 m) planned to commence early 2026 to grow the resource base. Samso Concluding Comments When I first caught onto the Horizon Minerals story, I was intrigued by the strategy and the intend of how the company is moving forward. What I saw was a company that should be worth a lot more in terms of market capitalisation with the surging gold price. The valuation of gold companies on the ASX was starting to run upwards, and many had already bolted out of the gate in valuation, but I was wondering why Horizon was still very modest. Coffee with Samso: Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX: HRZ). In our discussion on the Coffee with Sasmo, Grant started to lay out the foundations for the Samso platform, and I have been a keen admirer of the story since that time. It is also great to see that the rising share price for the company since that time. Figure 7: The share price chart for Horizon Minerals Limited (source: Commsec). For me, this is a great confirmation of the strategy, and as Grant mentioned in the Coffee with Samso, the Burbanks story is an integral part of the Horizon story. One of the things I learnt over the years is that good geology that has delivered will always keep delivering, and Burbanks is what good systems do: deliver high grade where you already have ounces and show you there’s more beneath the old workings. Have a watch of Grant Haywood talking about the Burbanks project in the recent Coffee with Samso that he did in August 2025. The early Phase 1 holes have tightened geological continuity across Main Lode and Burbanks North and, importantly, tagged deeper mineralisation below historical stopes. That combination—grade plus continuity inside the current envelope with indications of depth potential—supports the core aim here: upgrade classification and de-risk mine design rather than chase step-outs for headlines. For investors, the remaining Phase 1 assay batches will hopefully continue to grow. After that, Phase 2 step-outs become the growth lever. If the team continues to turn high-grade pierce points into coherent, mineable blocks, the market will have a much easier time pricing Burbanks as a developing asset rather than a historical curiosity. From a global view, one would be brave to call a drastic fall in the gold price. I do see a correction, but as the new world order is being shifted and being restored at the same time, I think the uncertainty will keep the shiny metal in demand. If you throw in the talk about balancing the capital market within the East vs. West scenario, gold will no doubt be in play. The Samso Way – Seek the Research Always anchor your view in the understanding of the facts. Always do that extra step and ask that question. 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 Collaboration expanded to advance Endometriosis blood test Proteomics International Limited (ASX: PIQ) has expanded its research agreement with the University of Melbourne and the Royal Women’s Hospital (RWH), a leading centre for endometriosis research. The partnership has two clear streams: (1) additional clinical validation for Promarker®Endo—PIQ’s first-in-class blood test for diagnosing endometriosis, and (2) discovery work toward a tissue-specific, next-generation test using peritoneal fluid to improve disease localisation. The initiative targets a large unmet need, with endometriosis affecting ~1 in 9 women and girls and an average diagnostic delay of ~7 years. Promarker®Endo is slated for Australian launch in H2 CY25. About the Business of Proteomics International Limited Focus: Protein-based diagnostics (proteomics). PIQ develops and commercialises blood tests that detect disease risk early. Flagship product Promarker®D predicts diabetic kidney disease risk years before symptoms. Pipeline includes Promarker®Endo (endometriosis) and Promarker®Eso (esophageal adenocarcinoma); the group also earns services revenue from analytical/contract work. Go-to-market (PromarkerD): Launched in Australia (Mar 2025) and progressing US entry via CLIA lab/LDT route while pursuing FDA clearance; Medicare (CMS) reimbursement pricing is in place in the US. Recent product step-ups: Next-gen PromarkerD test system released (June 2025); data shows it outperforms conventional tests at predicting kidney decline. Scale/readiness: FY25 annual report frames 2025 as an inflection toward commercialisation; US launch activity highlighted at major diabetes conference (June 2025). Highlights - Validation of the Promarker®Endo—PIQ’s first-in-class blood test for diagnosing endometriosis Collaboration expanded with University of Melbourne & RWH to strengthen clinical evidence for Promarker®Endo and to pursue a next-generation, tissue-specific endometriosis test. Promarker®Endo: first-in-class blood test validated to diagnose endometriosis—including early-stage disease—targeting Australian launch in H2 CY25. ~300 additional patient samples with rigorous clinical data will be provided to further validate Promarker®Endo and support broader clinical adoption. Discovery pathway: analysis of peritoneal fluid—in direct contact with lesions—to identify biomarkers that may refine disease location categorisation, potentially beyond what blood alone can reveal. Major health burden: endometriosis affects ~1 in 9 women/girls; average time to diagnosis ~7 years; annual cost in Australia estimated at A$9.7bn—underlining the value of a non-invasive diagnostic. Commercial framework: PIQ granted an exclusive licence to commercialise any new IP (jointly owned), with rights to assignment on milestones; an initial 10-year term, renewal option for another 10 years or the life of any new patent; royalties to partners on additional products under the project. The collaboration Two-part program: Clinical validation at scale: Incorporates ~300 well-annotated patient samples to strengthen diagnostic performance data and support medical community adoption. Tissue-specific discovery: Investigates peritoneal fluid as a richer biomarker source for localising disease (e.g., ovarian, peritoneal, bowel, lung involvement), aiming at a next-generation test that could complement Promarker®Endo. Why it matters? (Figure 1) Diagnostic access & speed: Current “gold-standard” laparoscopy contributes to long delays. A simple blood test can triage earlier, guide referrals, and reduce time to treatment. Precision in a complex disease: Endometriosis has multiple sub-types and sites. A tissue-specific tool could improve disease characterisation, management planning, and monitoring. Health economics: With an estimated A$9.7bn annual burden in Australia, earlier non-invasive diagnosis may improve productivity and reduce system costs. Figure 1: Target Population for Endo (source: PIQ) Endometriosis is a chronic and often debilitating condition affecting one in nine women and girls of reproductive age worldwide. Endometriosis can cause symptoms such as pelvic pain, painful periods, and infertility. Promarker®Endo is a blood test for the early diagnosis of endometriosis, with existing studies on over 900 individuals showing the test has high diagnostic accuracy. Leadership commentary Proteomics International Managing Director Dr. Richard Lipscombe commented: “This is an important collaboration as we bring PromarkerEndo to market in the coming months. Endometriosis is a complicated disease which affects millions of women and girls globally, and it is essential that our results are validated in multiple studies to add to the body of data on the test's accuracy. Precision medicine necessitates that we aim to give precise diagnoses to patients, and this expanded collaboration also offers us a rare opportunity to build a next-generation test that provides distinct information on the location of the disease within the body, something not thought possible via a blood test until now.” Professor Peter Rogers, endometriosis researcher and Research Director at the Royal Women’s Hospital, commented: "A simple, reliable blood test that can detect early-stage endometriosis could transform how we manage this condition. PromarkerEndo has the potential to reduce diagnostic delays and support timely intervention. This collaboration unites deep clinical insight and cutting-edge proteomics technology to address one of the most critical unmet needs in women's health. By combining carefully curated patient information with matched tissue and blood samples, we are enhancing the robustness of biomarker validation. Most exciting is the potential to advance towards a universal blood test that not only diagnoses endometriosis but can also categorise its location in the body." About the Assets Promarker®Endo: Blood-based proteomic panel designed to support early and accurate diagnosis of endometriosis; validated in studies covering >900 individuals; Australian launch planned H2 CY25. Institutional partners: University of Melbourne & RWH bring clinical depth and women’s health leadership to accelerate validation and discovery. Near-term Milestones to Watch Read-outs from the ~300-sample validation program. Product-readiness activities ahead of H2 CY25 launch in Australia (regulatory, clinical engagement, market education). Early signals from peritoneal-fluid biomarker discovery—scope, feasibility, and development pathway for a tissue-specific test. How Samso Understand the Investment Memo for Proteomics Thesis: If PromarkerD adoption accelerates (Australia + US LDTs first, FDA to follow), recurring test revenue can start to dominate PIQ’s mix and de-risk the pipeline. What they sell: Lab-developed and kit-based blood tests built on proprietary biomarker panels (Promarker® platform); plus fee-for-service proteomics. Market: Type 2 diabetes patients at risk of DKD (large, growing cohort); early prediction can change therapy earlier and lower costs—key for payer uptake (supported by US CMS pricing). Samso Concluding Comments There is a kind of similarity to developing early stage mineral exploration projects in the journey of PIQ as it is trying to create more evidence while opening a pathway to a second act in women’s health diagnostics. Sometimes, the timing for success is often forgotten as more successful projects are being highlighted in the ASX. There has been a steady flow of ASX releases since our first coverage of PIQ which started on June 6th 2025 (A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis.) and it is good to see that the market is now digesting its path (Figure 2). With a market capitalisation of just under AUD $53M, we think that there is substance in this story. Figure 2: The PIQ share price chart as of 4th November 2025. There is a certain feel of DeJa vu for the shareholders as the market is not championing the business model and almost reverting to its share price levels in 2020. (source: commsec) The expanded collaboration in this announcement does create some confidence for the Promarker®Endo’s clinical case with ~300 additional, well-annotated samples, which is what clinicians and payers will want to see. As the story develops, the near-term value would most likely lie in reducing the time to diagnosis with a non-invasive blood test. This will create the strategic upside as a tissue-specific tool that could help characterise where disease sits—an angle that may sharpen treatment planning beyond simple case finding. Commercially, the licence settings look practical—exclusive rights over jointly developed IP, milestone-linked assignment options, and a 10-year term with renewal—all standard levers that support productisation if the science holds. As always, the proof will be in the validation data, and how everything progress towards the H2 CY25 Australian launch, and early feasibility signals from the peritoneal-fluid discovery stream. As always, DYOR. The Samso Way – Seek the Research Read the primary documents, check the data, and build your own conviction—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 Outstanding High-Grade Niobium Intersections Expand Green 6 October 2025 Encounter Resources Limited (ASX: ENR)’s latest Aileron results sharpen the focus on Green Prospect (Figure 1) as the emerging high-grade core of this West Arunta carbonatite system. A standout 85m @ 3.1% Nb₂O₅ within a thicker 124m envelope materially upgrades grade continuity inside—and beyond—the current resource shell. With Green East assays due in early November and AC drilling stepping into the Joyce–Green corridor, the near-term data flow is set to test both scale and grade growth while metallurgical sampling advances development studies. Figure 1: Green Prospect – AEM LEI DS55 showing arcuate conductive feature, weathered carbonatite outline, and MRE. (source: ENR) Key Highlights - Establishing the World Class Niobium Carbonatite Province Best intercepts to date at Green: ⚬ 85m @ 3.1% Nb₂O₅ from 48m, within 124m @ 2.4% Nb₂O₅ from 45m (EAL961B) ⚬ 26m @ 3.4% Nb₂O₅ from 78m, within 112m @ 1.5% Nb₂O₅ from 56m to EOH (EAL947A) ⚬ 11m @ 5.5% Nb₂O₅ from 74m, within 59m @ 1.8% Nb₂O₅ from 73m to EOH (EAL948). High-grade growth outside the initial MRE: extends beyond Green’s 12.1 Mt @ 1.63% Nb₂O₅ & 0.55% TREO and strengthens scale/continuity. Green East advancing: first assays from the ~1.5 km eastern extension due early Nov 2025; resource definition drilling underway. Joyce footprint extended: 2m @ 3.2% Nb₂O₅ from 122m (within 42m @ 0.6% to EOH) highlights system openness; follow-up AC drilling planned at Joyce and the Green deposit, Oct–Nov 2025. Steady news flow: two rigs (AC + diamond) operating at Aileron with assays expected every 2–4 weeks through 2025. Executive Chairman, Will Robinson, commented: "Broad spaced exploration drilling in 2024 outlined the initial MRE at Green. As expected, closerspaced drilling is enhancing and expanding the higher-grade core of this large niobium-REE system. We’re now seeing exceptional grades and thickness at Green, including 85m at 3.1% Nb₂O₅ from 48m (EAL961B) and 11m at 5.5% Nb₂O₅ from 74m (EAL948) – the strongest results recorded so far. These results clearly demonstrate further grade enrichment as drilling density increases to support ongoing development studies. In September 2025, we confirmed the Green carbonatite complex extends a further 1.5km to the east. With resource definition drilling already underway, we’re rapidly building momentum and confidence in the scale and quality of this globally significant niobium system.” Project Snapshot & Resource Context Aileron initial Inferred MRE (May 2025): 19.2 Mt @ 1.74% Nb₂O₅ (>1.0% cut-off) across Green, Emily, and Crean; Green is the largest at 12.1 Mt @ 1.63% Nb₂O₅ (>1.0% cut-off). Reporting of subsets above 0.25% cut-off is also provided in the tables/notes. Mineralisation is carbonatite-related, with oxide-enrichment developed from weathering/deflationary processes; intrusions are localised along structures, including the Weddell Fault. What’s New on the Ground (Green) (Figure 2) Resource definition (infill) drilling within the Central zone has enhanced grade and thickness, including the step-change result from the redrill/extension of EAL961 (now EAL961B) delivering 85m @ 3.1% Nb₂O₅ (within 124m @ 2.4% from 45m). Additional high-grade hits: EAL947A and EAL948 as listed above. Figure 2: Green Prospect 439200E - RC drilling cross section A – A’. (source: ENR) Joyce Update (Figure 3) Broad-spaced AC lines (800m) have extended the mineralised footprint at Joyce; the system remains open. Western section drilling returned 2m @ 3.2% Nb₂O₅ from 122m within 42m @ 0.6% to EOH (EAL1013A). The ~3 km corridor between western Joyce and Green is now a priority for follow-up AC drilling in Oct–Nov 2025. Figure 3: Joyce and Green prospects (Magnetics TMI transparency over 1vd). (source: ENR) Forward Plan & Operations Green East assays expected early Nov 2025; resource definition drilling has commenced there to support potential inclusion in an updated MRE. Diamond rig collecting metallurgical samples (oxide + fresh) at Green for development studies. A second AC rig mobilising to test regional targets, including the Green–Joyce corridor. Sampling/QAQC, methods & Competent Person: ALS ME-MS81hD + ME-ICP06, over-limit ME-XRF30; standard CRMs/blanks, field duplicates; Competent Person statement included in the release. Samso Concluding Comments The Encounter Carbonatite story is now starting to create waves of interest as its Green prospect looks like it’s maturing fast. The drilling is showing thicker, higher-grade runs in the same neighbourhood; that’s usually the system telling you there’s a coherent core developing. The point now isn’t just that there are great individual meters—it’s that those meters are appearing in the right structural context and beginning to cluster. This is now a Provincial Mineral System at play. Near-term, Green East is the key. If the assays are similar to those of the central zone, the resource conversations shift from “good start” to “high-grade nucleus plus satellites.” That’s the kind of transition that can move the dial on development optionality and economics, especially if metallurgy continues to behave. What that means is that shareholders are going to /be very happy, and Figure 4 proves that the market is responding. I think that the rise is just happening, as this ASX release does indicate that the Tier-1 Provincial Mineral System is going to make ENR the envy of ASX mineral companies. Figure 4: The Encounter Resources share price chart as of 24th October 2025. (source: CommSec) The Joyce prospect could turn this from a single-core story into a corridor play. The space between Joyce and Green will either connect or it won’t—but the work program is set up to answer that cleanly. In my experience, good drilling results will convert the geophysical ideas into real targets without losing time or money. For investors, the watchlist is simple: cadence and quality of assays, coupled with good luck, will turn ENR into my thoughts on the fortunes of the Company's path. If these points line up, the ingredients for a bigger, cleaner narrative will be established. The Samso Way – Seek the Research Read the full ASX release and the answers will make the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 AR9 Secures Additional U.S. DoD Contract 17 October 2025 archTIS Limited (ASX: AR9) has announced a second U.S. Department of Defense–related contract, this time to deliver customised development work on its NC Protect product for the Microsoft DoD365 environment via federal contractor Copper River Technologies. While modest in dollar terms, management frames this engagement as a bridge that advances enterprise-grade rollout and positions the company for a larger licensing outcome already flagged earlier in the year. Highlights - DoD Narrative Second U.S. DoD-related engagement: archTIS to provide services to Copper River Technologies on behalf of the U.S. DoD. Scope: Build new NC Protect features requested by the DoD for deeper integration with Microsoft DoD365 and existing Defense classification tools in a highly classified environment. Value & timeline: A$250,000 services contract with work to be completed by 16 January 2026; standard termination for cause or convenience applies. Strategic role: Serves as an operational bridge between initial license issuance and a broader enterprise award, enabling continuous collaboration and product enhancement. Scale potential: Positions archTIS for multi-phase adoption, anticipated to grow from thousands to potentially hundreds of thousands of users over time. Link to prior milestone: Management references the 16 June 2025 ASX announcement about progressing a large licensing deal with the U.S. DoD. Company Snapshot archTIS provides data-centric security for the secure collaboration of sensitive information across cloud, on-prem, and hybrid environments, featuring policy-enforced zero trust and attribute-based access controls (ABAC). The product suite includes Trusted Data Integration, Kojensi, NC Protect, and Spirion. archTIS Managing Director & CEO, Mr Daniel Lai, commented: “Securing this contract to support new features and deployment services into the U.S. Department of Defense demonstrates clear customer validation and investment into NC Protect and its readiness in mission-critical environments. This added milestone provides confidence as we accelerate our U.S. expansion off the back of the Spirion acquisition and reinforces archTIS’ ability to scale and deliver differentiated high-value data-centric security products and solutions. The US DOD has access to every technology in the world, and they are investing in archTIS, that’s a good sign.” What the contract actually does This engagement funds feature development and deeper integrations that the DoD has specifically requested to support enterprise rollout in the DoD365 stack. In practical terms, it keeps the vendor–agency engineering loop active, aligns NC Protect with mission-specific requirements, and reduces technical risk ahead of a larger, multi-phase licensing push. The Business Model Validation in a hard market: The DoD is a rigorous buyer; continued engagement signals fit for purpose in classified settings—credibility that can translate to other defence and regulated markets. Commercial pathway: Although A$250k is not needle-moving on revenue alone, it is a strategic step designed to de-risk and accelerate the path to a broader enterprise license flagged in June. Product flywheel: Funded feature work typically becomes reusable IP, strengthening NC Protect’s value proposition beyond a single program. Key dates & terms Contract value: A$250,000 (services). Delivery deadline: 16 January 2026. Termination: Either party may terminate for cause or convenience with written notice. Channel: Procured and managed via Copper River Technologies (U.S. federal contract holder and archTIS reseller). Samso Concluding Comments This is a small contract that is more about strategy than the monetary value. The DoD doesn’t fund nice-to-haves, so it signals that NC Protect is solving a real problem in a highly constrained environment, which is why it matters more than the headline dollars. The engagement also keeps the engineering loop tight. When the end-user is specifying functionality and the vendor is shipping to that brief, the product tends to harden quickly and become “the way things are done.” A way that graduate from pilot to enterprise standard. What I’ll watch from here is the delivery discipline, evidence of broadened scope, and any step-ups in user counts. If those land in sequence, the bridge from services to licensing becomes a conveyor belt rather than a leap of faith. What it means is that this is a credible progress. It won’t move the revenue needle today, but it can reduce risk on tomorrow’s opportunity. As always—DYOR, track execution, and let milestones rather than narratives guide conviction. The Samso Way – Seek the Research Do the work, read the source, track the milestones, and let facts—not narratives—shape conviction. 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 Medibank Expands Funding Agreement to Support Eligible Patients at Emyria’s Brisbane Clinic 15 October 2025 Company Presentation for Sharewise Webinar 15 October 2025 Medibank Private has expanded its multi-year funding agreement with Emyria Limited (ASX: EMD) to support screened and eligible customers accessing Empax programs for Treatment-Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD) at Avive Clinic Brisbane (Figure 1). Clinic fit-out and regulatory preparations are underway, with treatment commencement targeted for Q4 CY2025. This marks Emyria’s first insurer-backed program on Australia’s east coast and advances the Company’s national growth strategy. Figure 1: Avive Clinic (QLD) (source: EMD) Emyria Executive Chairman, Greg Hutchinson, commented: “We’re pleased to extend our agreement with Medibank and bring our insurer-funded Empax programs to Queensland. This represents an important step forward for patients, clinicians, and the broader health system. Our goal has always been to make world-class, evidence-based mental health care accessible to every Australian who needs it. By integrating insurer funding into high-quality hospital programs, we’re significantly reducing financial barriers that have historically limited access to comprehensive trauma and mood disorder treatments. With funded programs now operating across two states, Emyria is demonstrating that our data-driven model of care can scale nationally. This expansion will enable more Australians to access effective treatment for complex mental health conditions while contributing valuable data to help modernise and strengthen Australia’s healthcare system.” Highlights - A Mental Health Solution (Figure 2) Funding now covers Brisbane (first east-coast site): Eligible Medibank customers admitted to Avive Clinic Brisbane can access Empax’s psychiatrist-led programs for TRD and PTSD under a 24-month agreement (standard 90-day termination clause). Treatments are hospital-delivered, insurer-backed, and designed to reduce out-of-pocket barriers. Go-live targeted for Q4 CY2025. Program scale and depth: Similar courses of care delivered by Emyria are typically valued between A$20,000–A$30,000 per patient, reflecting structured, multidisciplinary care delivered in licensed hospital settings. Proven clinical model with durable outcomes: In Emyria’s real-world PTSD program, >60% of patients no longer met diagnostic criteria at follow-up, ~80% achieved clinically significant improvement, and the program recorded 0% drop-out—comparable to Phase 3 benchmarks out to 6 months. A work-related PTSD cohort recorded a 10/10 return-to-work rate at 6 months. Market opportunity: Addressable segments include adults with difficult-to-treat PTSD (~585k SAM; indicative ~A$33k per treatment) and TRD (~411k SAM; indicative ~A$22k per treatment). Early target cohorts span privately insured patients, veterans, and workers’ compensation pathways. Operational moat taking shape: Emyria reports progress across insurer funding, hospital partners, fit-for-purpose facilities, authorised prescribers, trained therapists, and secure drug supply—key delivery barriers that support scaling. National growth track: Perth programs are active and Brisbane is being established; the rollout plan anticipates capacity expansion (beds and dosing days per week) and additional east-coast sites under consideration. Figure 2: Emyria at a glance (source: EMD) What’s new on the ground (Brisbane) Scope: Medibank funding now applies at Avive Clinic Brisbane for eligible TRD and PTSD patients under the Empax model. Timing: Fit-out and regulatory prep underway; treatments expected before year-end (Q4 CY2025). Significance: Validates the scalability of Empax across multiple hospital partners and jurisdictions using insurer-backed frameworks. Clinical Model (Figure 3) Empax combines hospital-based dosing with ~90 hours of supervised psychotherapy per PTSD course (delivered across screening, multi-day dosing cycles, and structured follow-up). Emyria reports a per-cycle cost framework (~A$10,000 per cycle; PTSD typically three cycles) and shows case-study trajectory improvements on PCL-5 beyond 6 months. Figure 3: Treatment model flow (source: EMD) Demand context (PTSD & TRD) PTSD: ~1.5m adults; ~585k estimated serviceable for MDMA-AT; indicative ~A$33k per full course (3 cycles). Early targets: privately insured patients, veterans, and workers’ compensation. Figure 4: Treatment model flow (source: EMD) TRD: ~1.1m adults with major depression; ~411k estimated serviceable for psilocybin-AT; indicative ~A$22k per full course (2 cycles). Figure 5: Treatment model flow (source: EMD) System spend: Large payors (private insurers, DVA, workers’ comp) collectively outlay significant sums annually on mental-health-related care, highlighting the need for scalable, evidence-based models. Operations & Rollout Moat: Third-party funding, licensed hospital environments, authorised prescribers, trained therapists, secure drug supply. Figure 6: Operational Moat (source: EMD) Capacity build: Perth clinic expansion (beds × days/week), Brisbane beds in preparation; additional east-coast partners being assessed. Milestones: Expanded funded programs to include Depression treatment; revenues from private-health funding have commenced. Governance & Team Emyria’s board includes clinical-services leadership, biopharma development, health-IT strategy, and payer/policy expertise, aligning with its hospital-integrated, insurer-backed care model. Samso Concluding Comments Emyria’s Brisbane expansion under the Medibank agreement is a good next step in translating insurer-backed, hospital-delivered mental health programs beyond WA. The value proposition is the funded access pathways, a structured clinical model with reported real-world outcomes, and a national footprint that is now forming east-coast-first. The near-term catalyst is execution—clinic readiness and commencement in Q4 CY2025—followed by utilisation ramp and additional site partners. Figure 6: The EMD share prices chart as of 27th October 2025 (source: commsec) From an investing point of view, EMD is looking promising, and the market is looking to be supporting the path forward (Figure 6). The theory is straightforward: a payer-validated model expanding into a second state, with near-term delivery milestones and a national rollout thesis to test. Keep an eye on this story as it's only an AUD $40M market capitalisation company. Success in this area will no doubt be worth a lot more. The Samso Way – Seek the Research Read the source document, verify every figure, cross-check context, and make your own call—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.

Coffee with Samso | Episode 211 | UWA Club, Crawley, Western Australia. Guest: Darren Cooke – CEO, FireFly Metals Ltd (ASX: FFM) Introduction In this episode of Coffee with Samso, we continue our Exploration Discovery Series with one of the most fascinating stories from Western Australia’s goldfields — the Pegasus gold discovery. This story is unique. It is not a greenfields success; rather, it was hiding in plain sight. The discovery was made within the Swiss cheese of decades of drilling in the Kundana gold camp. In 2014, Pegasus was recognized as one of the most significant discoveries of the decade. At the time of its unveiling, the project hosted a resource of 2.1 million tonnes at 11.4 g/t Au, containing approximately 763,000 ounces of gold. Northern Star Resources (ASX: NST) later proved what Bill Beament claimed — that this would be a million-ounce deposit just 350 meters from their Rubicon mine. To unpack this milestone discovery, I spoke with Darren Cooke, the CEO of FireFly Metals Limited (ASX: FFM) and the former geology and long-term planning manager for Barrick at Kundana. He later worked with Northern Star Resources Limited (ASX: NST) during the Pegasus discovery years. This conversation is not just a walk down memory lane. It is a technical, strategic, and cultural deep dive into how great discoveries can be made in places everyone thinks they already know. Setting the Scene – Kundana in the 2000s - The Pegasus Gold Discovery The Kundana Province is well-known for its gold. By the early 2000s, it was already a 10Moz gold camp. The ground around Pegasus was peppered with drill holes — hundreds of them — yet the discovery remained elusive. In 2005, Placer Dome drilled the first hole into what would later become Pegasus. However, they walked away because it did not meet their discovery parameters. Fast-forward to 2011–2012, a new team at Barrick re-examined the data. What followed was not a stroke of luck but a combination of fresh geological thinking, technical persistence, and the right mindset to challenge old assumptions. “It wasn’t that Pegasus wasn’t drilled. It was that no one had looked at the data differently. We just saw what others missed.” — Darren Cooke Unlocking the Historical Dataset (2011–2012) When Darren stepped into the Barrick geology and planning role, the first thing the team did was dig through the database — not for something new, but for something overlooked. 100+ drill holes were already in the area. Most were shallow and targeted under a subvertical plunge model. Hits were dismissed because follow-up holes below were barren. No one questioned whether the plunge direction was wrong. Darren’s team challenged the model. By recognizing a double-plunging shoot orientation, they unlocked a structure that others had effectively drilled around. “It was a classic case of model bias. Everyone was fitting data to the model rather than re-examining the model itself.” The Turning Point – Geological Insight Meets Practical Pressure Pegasus was not just a technical story. It was also about operational necessity. The Barrick Kundana team was running out of ore. The long-term planning and geology groups collaborated closely to rethink their targeting strategy. This internal pressure drove them to rework the historical data. The double plunge model that emerged: Explained the original hit and subsequent misses. Predicted mineralization at depth offset from previous holes. Led to rapid resource definition once drilling resumed. The result: a million-ounce gold system hiding between existing infrastructure and old drill collars. “Well Drilled” Does Not Mean “Well Explored” One of the most powerful takeaways from this conversation is the difference between density of drilling and quality of exploration. “Well drilled doesn’t mean well explored. You can have a pin cushion of holes and still miss the prize.” This statement resonates across WA discoveries: Hemi sat beside 1.4Moz of known gold. Never Never was hidden in existing data. Pegasus was 350m from Rubicon and hiding in plain sight. Brownfields areas are full of opportunity, but only for those willing to break models and reframe the geological story. From Discovery to Development – The Northern Star Effect In 2014, Barrick sold the Kundana assets to Northern Star Resources for $75 million. Barrick described the assets as “high-cost, short-life.” Northern Star saw the opposite: long-life, company-making assets. The cultural difference was stark: Within weeks, Northern Star doubled drill rigs at Pegasus. Approved an underground decline for drilling access. Backed the geological team to prove the model quickly. “Every mine has its right size owner. For Barrick, Pegasus was peripheral. For Northern Star, it was core.” The entrepreneurial mining mindset turned geological opportunity into economic reality. Brownfields Discovery – A Playbook for the Future The Pegasus story mirrors many of WA’s recent major discoveries. It shows: Brownfields is fertile ground — geology doesn’t stop at mine fences. Challenging geological dogma can change everything. The right owner and investment are crucial in turning potential into production. Every mineral system is bigger than one orebody. “Once you’ve found one part of the system, you know there’s more hanging around. Pegasus unlocked the belt. That thinking helped lead to Millennium and more.” Lessons for a New Generation of Geologists Darren’s advice to young geologists is simple: Don’t stay in the Perth office — get into the field. Don’t accept geological interpretations as fact — interrogate them. Talk to other geos — learn different ways of seeing things. Be persistent — chew harder when the work gets tough. “Discoveries like Pegasus don’t come from staring at a computer. They come from challenging assumptions, collaborating across disciplines, and getting your boots dirty.” Samso Concluding Comments The Pegasus discovery is one of those stories that will be told for decades — not because it was lucky, but because it exemplifies what happens when good geology meets the right mindset. It serves as a reminder that a deposit missed is not a deposit lost, and that WA’s brownfields have plenty more to give to those willing to think differently. Northern Star’s success with Pegasus was built on a strong interpretation of sound geological ideas, supported by bold corporate action. This is the essence of Australian gold exploration history — and the kind of story Samso strives to document. So, as is the Samso phrase, grab your favourite beverage and sit back for the return of the Exploration Discovery Series. Chapters 00:00 Start 02:39 Introduction 04:03 Introduction to Darren Cooke. 04:54 The early days of the Discovery - Pre 2011 07:11 The Unlocking of the Historical Dataset - 2011 to 2012 08:32 The Duration of the Work to “work” the data. 09:45 What was the structural concept? 10:47 Was the narrow mineralisation of Kundana the key to thinking differently? 11:58 With hindsight, was Pegasus easy to define/discover? 12:38 The double plunging mineralisation is the thinking that helped other discoveries? 13:48 Well Drilled Does Not Mean Well Explored - Quality of Data 14:46 Time is required to understand historical data 15:42 Geological Models are only a good guide. 16:35 How much confidence did Management know about the Pegasus potential? 18:20 The Northern Star “Thinking”. 19:40 Was there a Sliding Door moment that would have meant Pegasus would not be discovered? 21:52 Was Anton Billis a good JV partner? 22:48 Was the purchase price of AUD $75M cheap? 24:02 Was there something that could have made Pegasus not a discussion? 25:29 Is there more discoveries left to discover from “Brownfield” projects? 26:47 Is there another Pegasus still out there like a Never Never? 27:53 A different view to a Brownfield project? 29:18 Brownfield projects should be more about a Brownfield new discovery not a reintroduction of the old concepts. 31:45 A Mineral System Is Always More Than One Success. 32:06 The FireFly Story. 33:34 Is Northern Star the new generation of Western Mining in terms of quality work. 35:12 The skillset required in developing a Mining of Mineral Resources 36:33 The culture DNA of Northern Star. 37:19 Words of Wisdom to the new generation of geologists. 38:48 A Special DNA to Find the Solution. 40:03 Darren last Words 40:30 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 questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking 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 initiative 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 to 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 organization 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 Diona-1 Operations Update 8 October 2025 Diona-1 - 23m Net Pay Confirmed - Testing to Follow 14 October 2025 Diona-1 Well Program Update 22 October 2025 Xstate Resources Limited (ASX: XST) has provided an operations update for Diona-1 within the Diona block, ATP 2077, in the Surat–Bowen Basin, Queensland (Figure 1). As at the time of writing, the well had reached 2,479 m MD, intersected its Jurassic primary target (non-hydrocarbon-bearing), and on entering the Permian encountered an ~181 m hydrocarbon-prone sequence with a significant overpressured gas column. Drilling is continuing to a planned ~2,530 m TD, with wireline logging to follow immediately after completion. Figure 1: Location of the Diona Block (source: XST) Managing Director, Andrew Bald, commented: “The Diona-1 well has proven the presence of (moveable) hydrocarbons across an unanticipated 180m+ (gross) column of the Permian section of this well. We cannot rule out that Diona-1 has intersected the updip edge of the Taroom Basin Centred Gas play, which, if present, could offer us the opportunity to prove up a significantly larger unconventional resource. The strategy of targeting a multi-stacked play has paid dividends and early signs are that this could be a remarkable outcome for the team and the Company. It is a credit to the geologists and geophysicists who have identified the opportunity. We are all very excited and looking forward to seeing the outcome of the wireline logging.” Highlights — 8 October 2025 (Operations Update) 2,479 m (MD) drilled; primary and secondary targets intersected. ~181 m Permian-to-basement hydrocarbon-prone sequence with a significant overpressured gas column; kick controlled via mud-weight increases and circulation. Wireline logging is pending after reaching ~2,530 m TD. Figure 2 shows a controlled flare from circulating gas from Diona-1 well. Figure 2: Controlled flare of circulating gas from Diona-1 well (source: XST) Project overview - A Developing Gas Producer Story The Diona project lies between the Silver Springs Gas Processing Facility and the Waggamba Gas Field, adjacent to the Waggamba–Silver Springs gas pipeline. Diona-1 targets three proven reservoirs — Showgrounds, Tinowon, Wallabella — with early signs of flowing hydrocarbons in the lower two formations. Crucially, a pipeline is <100 m from the pad, with a valve tie-in ~1 km away, indicating a potentially rapid path to market if commerciality is established. Xstate owns 51% of ATP 2077; Elixir Energy (ASX: EXR) retains 100% beneficial ownership of Blocks A & B. Diona-1 spudded 27 September 2025. What’s new? LWD indicates several Permian hydrocarbon-bearing sandstones warranting additional logging and testing. Drilling continues to ~2,530 m before a wireline program acquires the dataset required for final interpretation. Preliminary observations are encouraging pending wireline confirmation. Why this matters - Diona Prospectivity Diona-1 is testing a low-risk four-way dip closed anticlinal structure at Showgrounds, Tinowon, and Wallabella levels, with stratigraphic pinch-outs to the west in Tinowon/Wallabella (Figure 3). The structure sits on a prominent nose plunging east into the Permian source kitchen, providing a credible charge model for gas (and possibly oil). Combined with evidence of overpressure and multiple sandstones, the play concept remains compelling, subject to reservoir quality and deliverability to be confirmed by logs/tests. Figure 3: Tinowon depth map highlighting structural closure and westward pinch-out—key trap geometry. (source: XST) Highlights — 14 Oct 2025 ASX update (wireline results) 23 m net gas pay (116 m gross) across three Permian intervals: Bandanna/Black Alley (13 m), Tinowon (1 m), Wallabella (9 m); avg. porosity ~10% (max up to ~14% by interval). Wallabella upside: part of the interval wasn’t fully logged due to downhole constraints; LWD/mud logs indicate additional pay potential. Well reached TD 2,479 m, then cased to ~2 m of TD and cemented; testing program to be finalised (perforate/stimulate each zone independently). Wireline logs at Diona-1 confirm three intervals of net gas pay in Permian sandstones, consistent with LWD and mud-log data. Downhole conditions limited full tool coverage over the Wallabella Sandstones, leaving that unit only partially evaluated. Net-pay figures were derived using cut-offs aligned with ERCE-Sproule’s contingent resource methodology applied to Elixir’s nearby tight-gas permits. Table 1: Pay Zones (ERCE–Sproule Cut-offs) Managing Director, Andrew Bald, commented: “These are extremely encouraging results for Diona-1. We now need to flow test each of the Permian reservoirs and we are very optimistic that we could see more upside from the unlogged Wallabella formation. Production testing will confirm flow rates from what could be a new gas discovery. Highlights — 22 Oct 2025 deck (program & context) Drilled, cased & suspended (Oct 2025); significant gas shows over ~181 m; net pay 23 m over 3 zones; avg. porosity 10%. Figure 4: Ventia Rig 101 at Diona 1 (source: XST) Gas kick at base not fully covered by logs suggests an additional partially evaluated gas zone; gas safely flared at wellsite. Formations intersected: Bandanna, Tinowon, Wallabella (Permian). Figure 5: DIONA -1 Pay on Wireline Logs (source: XST) BCG angle: Large continuous pay interval suggests basin-centred gas potential beyond mapped closures; testing to determine flow rates. Figure 6: Closure & pinch-out suggesting BCG potential (source: XST) Location advantage reaffirmed: <100 m to Waggamba pipeline, ~1 km to tie-in, ~15 km to Silver Springs plant (see Figure 1). Next steps Formalise the Operations Committee and finalise the completion & testing plan. Perforate (and possibly stimulate) each of the three Permian pay zones independently to obtain clean, zone-specific data. Execute flow tests to determine deliverability and pressures; management explicitly flags flow-testing of each reservoir. Assess the partially logged Wallabella interval for additional pay indicated on LWD/mud logs during testing/design. Update resource estimates and forward work program based on measured test results; planning contemplates revisions after data acquisition. If results support it, progress tie-in options leveraging proximity to pipeline (<100 m) and valve (~1 km). About Xstate Resources Limited Xstate Resources (ASX: XST) is an ASX-listed oil & gas company focused on its Diona project in Queensland, where it owns 51% of ATP 2077 (with Elixir Energy retaining 100% beneficial ownership of Blocks A & B). The Company spudded Diona-1 on 27 September 2025 and also holds exploration assets in the Sacramento Basin, California. Samso Concluding Comments This is our first Samso News for the Oil & Gas sector, and deciding to cover Xstate is based on my uptake of some IPO shares. I liked the concept and the understanding that this investment is a bet on the outcome of the drilling. My limited understanding of the outcome, at that time, was purely a binary result; however, the more I read into the sector, I see similarities in the thinking, but the way the information is presented is the main difference. For an investor that is not attuned to the oil and gas sector, my decision to sell or buy more was solely dependent on the reaction of the market. What that means is I was just going to follow the market. However, as I learned more about the reasons behind management optimism was all about the Taroom Trough. The Taroom Trough is why management is openly entertaining basin-centred gas at the up-dip edge. That is not a claim of scale — it’s a vector for upside, pending data. My assessment of Risk is now based on whether the pressure from the drilled hole is sufficient to sustain any flow. If the logs are supportive and testing proceeds, the proximity to the pipeline is the key to the difference in a mineral mining scenario and one that is just about the ability to connect a pipe to the main line — a valuable advantage in any development scenario. The Samso Way – Seek the Research Always read the primary ASX release in full and wait for the wireline/test updates before forming a view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, 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 Algorae Signs Binding Term Sheet with Cadila Pharmaceuticals 20 October 2025 Algorae Pharmaceuticals Ltd (ASX: 1AI) has executed a binding term sheet with Cadila Pharmaceuticals Limited for a proposed license and supply agreement covering Australia and New Zealand. The partnership would see Algorae launch two generic medicines targeting cardiovascular and metabolic disorders, with next steps focused on finalising a definitive agreement and preparing for TGA registration. Highlights - A Solution for Cardiovascular and Metabolic Disorders Binding term sheet signed with Cadila Pharmaceuticals, one of India’s largest privately held pharma companies. Scope covers two generic medicines for Australia and New Zealand, aimed at cardiovascular and metabolic markets. Parties will now work toward a definitive License & Supply Agreement (LSA) to formalise operations. Post-LSA, Algorae will commence TGA registration planning and documentation and update shareholders on approval timelines and anticipated revenue contributions as the program advances. Cadila operates facilities accredited by US FDA, EU, MHRA (UK), WHO, and TGA, supplying 100+ countries with a 9,000+ workforce; Algorae reps recently met Cadila’s senior/technical teams in Ahmedabad. Company & Partner Snapshot Algorae Pharmaceuticals (ASX: 1AI) — An AI-enabled pharmaceutical development company leveraging its AlgoraeOS platform (machine learning, deep learning, neural networks) to identify synergistic drug combinations addressing unmet medical needs, progressing candidates with research and pharma partners. Cadila Pharmaceuticals Limited — A vertically integrated pharma with APIs, finished formulations, CRAMS, and global accreditations (US FDA, EU, MHRA, WHO, TGA). Markets products across Asia, Africa, Europe, the Americas; 9,000+ staff; 350+ R&D scientists across respiratory, cardiometabolic, GI, oncology, anti-infective, and pain. Founded in 1951, led by Dr Rajiv Modi, mission of “affordable innovation.” Cadila Pharmaceuticals Chief Commercial Officer, Mr Vishal Shah, commented: “This partnership represents an important step in executing our commercial strategy and expanding our product portfolio through a partner,” “Our focus now is on finalising the definitive agreement and preparing for regulatory submissions.” What’s Being Agreed & Why It Matters Scope: License and supply for two generics in AU/NZ aligned to large, chronic therapeutic areas (cardiovascular, metabolic). Rationale: Expands Algorae’s commercial footprint via a world-class manufacturing partner with global regulatory track record. Operationalisation: Execution of a definitive LSA will set the operational framework; TGA submissions to follow. Near-Term Work Program & Catalysts Definitive LSA execution (operational terms locked). TGA registration planning & documentation initiation after LSA execution. Shareholder updates on approval timelines and anticipated revenue contributions as the program advances. Samso Concluding Comments The ASX release by Algorae Pharmaceuticals reporting the signing of a binding term sheet with a credible manufacturer to progress two AU/NZ generics in the cardiometabolic sector is a very good step forward. It lays down the commercial framework without overpromising and making shareholders and potential investors have confidence in the path forward. The value proposition is simple. The partner leverage—global regulatory accreditations and scale, and paired with Algorae’s push to expand a near-term product portfolio, is obvious. This is all about creating capability and a pathway rather than immediate volumes. The near-term check boxes are simple. It is to execute the definitive LSA, then move into TGA documentation. Those milestones turn intent into process and will anchor more specific timelines and market detail. For now, one can assume that the groundwork completed. Hopefully for the company, the LSA signature will materialise and hence lead to TGA progress. The rest of the news will become the branches of a revenue-making business. DYOR is a very important aspect, as is the Samso way. The Samso Way – Seek the Research Always read the source announcement end-to-end (including the forward-looking statements) before forming a view—and keep an eye out for the definitive LSA and TGA milestones in forthcoming updates. 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 Tronox Strategic Partnership to Accelerate Minta Project 15 October 2025 Lion Rock Minerals Limited (ASX: LRM) has secured a strategic placement and technical partnership with Tronox Holdings plc (NYSE: TROX)—one of the world’s largest vertically-integrated titanium dioxide and zircon producers. This is not just funding; it’s an alignment with an operator that mines, upgrades, and markets titanium feedstocks (including rutile) and rare earth-bearing monazite at an industrial scale. The move signals an intention to fast-track drilling, resource definition, and metallurgy at Minta (Cameroon), with in-country lab capability also on the agenda. Figure 1: Tronox and LRM executives in Cameroon on the Minta Rutile & Monazite Project (source: LRM). Lion Rock Chief Executive Officer, Casper Adson, commented: “We are delighted to welcome Tronox as a strategic investor and development partner in the Minta Monazite and Rutile Project. Tronox’s senior leadership team has visited site, met with key government stakeholders and completed initial due diligence before committing to this investment. “Their participation provides both capability and immediate cash - creating a foundation for collaboration in rare earth and titanium feedstock development, processing and market access. This partnership aligns LRM’s high-quality resource base with Tronox’s established technical and operational expertise, including its strategic consideration in the downstream rare earth value chain. “With Tronox’s support, Lion Rock is positioned to accelerate the development of one of the most significant undeveloped monazite and rutile projects globally, delivering value for shareholders and contributing to secure, sustainable supply chains of critical minerals.” Tronox Chief Executive Officer, John Romano, commented: “The Lion Rock Project represents an opportunity for Tronox to advance its critical mineral strategy in rare earths and high-grade rutile. Our investment in Lion Rock reflects the exciting opportunity we see in the project’s potential to create meaningful value. We look forward to working with the Lion Rock team to assist with their development of this important resource as we continue to expand our presence in the rare-earths value chain.” Highlights - A New Narrative - Rutile and Monazite A$8.6m placement for ~5%: Tronox to invest A$8.6m via placement at A$0.056 per share (153,195,857 new shares); settlement expected 15 Oct 2025. Strategic partner with operating depth: Tronox brings mine-to-pigment know-how across titanium feedstocks (rutile) and monazite (rare earths), plus downstream processing expertise and market access. Use of proceeds—rapid technical work: Funds to accelerate drilling, resource definition, metallurgical testwork/flowsheet validation (monazite & rutile), product qualification, and to establish in-country analytical capacity in Cameroon. On-ground validation: Tronox senior leadership visited site in Cameroon and met key stakeholders before committing. Right to maintain: LRM will seek an ASX waiver to allow Tronox to maintain its holding in future raises (while ≥2.5%). What this partnership actually means This is a potential marriage of funding and an off-taker. Is it a rutile and monazite menu ? . For Minta project, it will mean a faster conversion of geological potential into metallurgical reality and, critically, product qualification—a key de-risking step for both rutile and monazite-derived rare earth streams. For Tronox, it’s a foothold in high-grade rutile and an expansion vector in the rare earth value chain. Transaction details at a glance Placement: 153,195,857 fully paid ordinary shares @ A$0.056; issued under LR 7.1; Tronox ~5% on completion. Timing: Settlement expected 15 Oct 2025. Commercial & Technical Services Agreement: Tronox to provide services to support development. Proceeds: Drilling, resource definition, metallurgy, flowsheet validation (rutile & monazite), product qualification, in-country lab, working capital. Who is Tronox (and why that matters) Tronox is a global TiO₂ and zircon heavyweight with ~6,500 employees across six continents, operating mines in South Africa and Australia, plus eight pigment plants worldwide. The business integrates mining, upgrading (high-grade feedstocks), chlorination, separation, and downstream products—including monazite handling—and is actively expanding in rare earths. That operating breadth and process IP are directly relevant to Minta’s rutile and monazite flowsheets. Project snapshot — Minta (Cameroon) Tenure: 18 granted exploration permits + 3 under application across ~8,800 km² in a rutile-bearing province of central Cameroon. Commodity mix: Rutile (fine + large angular nuggets), monazite, zircon; alluvial & residual styles with little to no overburden in places. Why it’s interesting: The presence of large, angular rutile nuggets across broad areas suggests an additional rutile source that may materially lift total Valuable Heavy Mineral (VHM) grade in target horizons. Other occurrences: Zones of very high-grade zircon at Minta Est; plus alluvial and hard-rock gold in the NE, coincident with a geophysical anomaly linked to granitic intrusions. Figure 2: Minta Rutile Project (source: LRM). What to watch next Drilling cadence & scope: Whether LRM broadens drill coverage to convert areas with rutile nuggets and fine rutile into reportable resources. Metallurgy & flowsheet: Bench/variability testwork across rutile and monazite domains; clarity on recoveries, impurities, and product specs. Product qualification: Progress on bulk samples and off-take-style qualification pathways, especially for chlorination-grade rutile and monazite-derived REE feed. In-country lab: Build-out and commissioning milestones for Cameroon-based analytical capacity (turnaround times and QA/QC). ASX waiver outcome: Confirmation of Tronox’s right to maintain ownership in future raisings (≥2.5% condition). Samso Concluding Comments Tronox stepping onto the register is an operator's vote of confidence that narrows the gap between intriguing geology and saleable product. Tronox is also indicating that the monazite is not a by-product. Is this a change in the focus of the narrative? Is this now a monazite narrative with some good ruitle numbers? Well, I think with the Rare Earth momentum starting to come back, in my opinion, this is what I am reading. This is not a negative change in direction; I think this is merely a shift in labeling. The value creation from both products is what shareholders should be focusing on. The confidence in Tronox becoming a shareholder of their potential feed source is a very good part of the Lion Rock journey. For Minta, the hurdle to create the value proposition is now tied to how quickly Lion Rock can convert surface evidence (rutile nuggets, fine-grained rutile, monazite) into defined resources and a defensible flowsheet. Product qualification will be the market’s litmus test. There is never a better period of the Lion Rock pathway where execution now matters more than narrative. Investors will want drilling results, mineral assemblages (only because that is what the investor's understanding is seeking), and some form of read on the future potential recoveries/impurities, and clear pathways on timing for the news. If the in-country lab comes online and shortens turnaround times, this will help in answering the previous questions, and that should be the management focus for this period. Figure 3: Lion Rock share price chart as of 25th October 2025 (source: CommSec). Don't forget that the usual risks still apply for any form of investing thoughts into Lion Rock. The Tronox partnership is a very good sign and this may lead to pressure to chase, but I caution this thinking. The recent share price devaluation (Figure 3) since this ASX release is worrying for the less informed retail space. As always, DYOR and keep an eye on the news coming out. The Samso Way – Seek the Research Read the original announcement and track subsequent updates before forming 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 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 Acquisition of Stabl-Im technology and Private Placement 16 October 2025 TrivarX Limited (ASX: TRI) announced a binding option to acquire Stabl-Im™, a stable-isotope MRI platform intended to enable early, repeatable, non-invasive detection and monitoring of brain tumours and metastases—an area with high unmet clinical need and limited safe imaging options. The transaction is paired with a $4.2m placement cornerstone by Dr Daniel Tillett (founder/CEO of Nucleics and MD/CEO of Race Oncology, ASX: RAC), signalling both technical belief and strategic alignment. Highlights - Neurological Diagnostics Strategic acquisition: TRI secures an exclusive option over 100% of Stabl-Im™ IP and associated stable-isotope cancer diagnostic IP from Nucleics Pty Ltd. Clinical thesis: Stabl-Im labels replicating cells and reads them on standard MRI, aiming to detect tumour activity before lesions reach the 2–3 mm visibility threshold typical of surveillance MRI. No ionising radiation; designed for safe, repeatable monitoring. Unmet need & market: Brain metastases affect up to ~20% of adult cancer patients; survival in advanced disease remains poor. TRI frames neuro-oncology imaging as a >US$2.5bn by 2030 opportunity, while the broader brain-metastases therapeutics market is projected to US$8.82bn by 2035. Clinical path: Phase 1 first-in-human planned for CY26, focused on safety, imaging precision, and reproducibility, followed by multi-site expansion. Funding & runway: $4.2m placement at $0.008/share (≈30% discount to 15-day VWAP $0.0116), with Directors $200k (subject to approval) and lead-manager options; use of funds spans IP completion, manufacturing & QC, regulatory engagement, and TRI’s existing AI/diagnostics programs. People & validation: Cornerstone support from Dr Tillett and ongoing technical input to TRI’s preclinical/clinical setup adds credibility and execution depth. What Is Stabl-Im™? Healthy adult neurons rarely replicate. Tumour growth reactivates cellular replication. Stabl-Im proposes to label those replicating cells with safe, stable isotopes and then use conventional MRI to detect the signal, providing a non-invasive read-out of tumour activity that can be repeated for surveillance without radiation or surgery. If validated, this could pull detection earlier than morphology-only MRI (which typically registers lesions ≥2–3 mm), enabling timelier intervention and finer-grained response monitoring. Nucleic’s Founder and CEO, Dr Daniel Tillett, commented: “We developed the Stabl-Im IP with the vision to transform how clinicians can detect and monitor metastatic brain tumours – safely, non-invasively, and earlier than ever before. This agreement with TrivarX marks an important next step in bringing this vision to life. TrivarX's experience and commitment to diagnostics and precision neuro-medicine make them the ideal partner to advance this breakthrough technology and take it to the clinic. I feel fortunate to be able to support TrivarX as both a cornerstone investor and ongoing collaborator. Stabl-Im has the potential to deliver a step-change in neuro-oncology care and I look forward working with TrivarX to see patients and shareholders benefit from this exciting technology.” TrivarX’s Non-executive Chairman, David Trimboli, commented: “This transaction marks an important evolution for TrivarX, firmly strengthening our position in the neurological diagnostics sector, while providing exposure to the fast-growing brain cancer imaging market. The addition of Stabl-Im alongside the Company’s existing technology suite establishes a very powerful platform, for objective, data-driven diagnostics across mental health and neurology.” “Alongside this agreement, the Company has secured new funding to rapidly advance clinical development initiatives for Stabl-Im providing a strong foundation for clinical development. Securing cornerstone participation from Dr Tillett, adds further validation ot the Company’s pending strategy and I would like to take this opportunity to thank him, as well as existing shareholders for their ongoing support. We look forward to working alongside Daniel to deliver meaningful advancements in noninvasive diagnostics in the years ahead.” Why This Matters Clinical gap: Despite advances in systemic therapies, prognosis in brain metastases remains poor, and imaging windows can arrive too late for optimal management. A safe, repeatable, activity-based modality would be clinically meaningful if it reliably brings forward detection and tracks early treatment response. Economic frame: TRI references a >US$2.5bn neuro-oncology imaging market by 2030 (CAGR >7%) and a therapeutics market growing toward US$8.82bn by 2035—adjacent spaces where better diagnostics can influence patient flow, therapy selection, and monitoring. Next Steps Near-term: IP finalisation; manufacturing and QC validation of stable-isotope compounds; FDA and EU pre-submission activities; external regulatory/medical consultants engaged. Dr Tillett to provide ongoing support through preclinical/clinical set-up. Clinical path: Phase 1 in CY26, readouts centered on safety, imaging precision, and reproducibility, with interim data used to advance into broader multi-site trials. Stabl-Im complements TRI’s mental-health diagnostics (MEB-001; single-lead algorithm ECG for cMDE screening). Financing Overview Placement: $4.2m via 525m shares @ $0.008, in two tranches (T1 within LR 7.1 capacity ≈14% of SOI; T2 subject to shareholder approval around early December). ~30% discount to 15-day VWAP ($0.0116). Lead manager 6% fee; 20m options at $0.015 (3-year expiry) subject to approval. Directors $200k (approval required). Use of funds: IP completion & DD, Stabl-Im development, TRI’s AI/diagnostics programs, working capital & admin. Acquisition mechanics: A$250k option fee for a 90-day exclusive option. If exercised, no upfront cash/equity, but deferred consideration via performance shares: Class A (250m) → converts 1:1 upon successful Phase 1 within 4 years. Class B (500m) → converts 1:1 upon successful Phase 2 within 4 years. Success definitions specified (Phase 1: safe/well-tolerated; Phase 2: statistically significant efficacy vs placebo/SOC on primary endpoint, acceptable safety). 150m options to Ora Capital Pty Ltd and Twenty1 Corp Pty Ltd (50/50), subject to approval, for introducing/facilitating the acquisition. Samso Concluding Comments What I like here is a message—earlier, safer surveillance of brain tumours—and a technical path that fits existing MRI workflows. If Stabl-Im™ can reliably tag replication and show a clean, repeatable signal, clinicians get a timelier window to act. That’s a meaningful clinical proposition, not a marketing slogan. And this is a good investable story. If management can execute well, then manufacturing consistency, protocol discipline, and transparent engagement with regulators will tell us if this can move beyond a neat laboratory story. Looks like Phase 1 (safety, signal quality, reproducibility) is the first box that needs to be ticked, as the study design will matter as much as the data. It looks like the first three points to watch would be: (1) validated QC of the labelled compounds, (2) the imaging endpoints and how they’re measured, and (3) the cadence of readouts. Markets tolerate time; they punish silence and drift. The cornerstone backing helps, and the platform logic across TRI’s programs is sensible. I think we can all agree that from here, it’s about turning intent into clinical proof. As Samso always encourages—do your own work: read the filings, track the trial registry, and weigh the evidence when it lands. The Samso Way – Seek the Research Read the source announcement, track clinical protocols as they’re registered, and cross-check claims against trial readouts and regulatory interactions. 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 Investor Presentation October 2025 OPERATIONAL UPDATE – PRODUCTION OF MAGNESIUM OXIDE COMMENCED 25 September 2025 Latrobe Magnesium (ASX: LMG) is progressing an Australian-first pathway to produce magnesium and associated by-products from brown coal ash via a patented hydromet/thermal reduction process (Figure 1). In late September 2025, LMG confirmed first production of magnesium oxide (MgO) from its Hazelwood North Demonstration Plant. This operational milestone further de-risks the flowsheet ahead of magnesium metal commissioning. Figure 1: Ash received and stored in Ash Bunker, ready for start-up. Loading of ash into hopper (left) and deliveries of acid for start-up (right) (source: LMG) Highlights (Figure 2) First MgO produced; ramp-up underway. The Demonstration Plant completed operational start-up and is producing MgO; the team is ramping toward ~1,000 tpa steady-state operations with structured training and preventative maintenance during planned pauses. Feedstock and reagents secured. >200 t of ash was delivered for start-up; LPG, industrial gases, and acid logistics are in place; supply chains remain secure. By-products at production scale. Char, silica, iron oxide, and agricultural lime have been produced; validation trials will now support long-term offtake for Demo and future Commercial Plants. Scale-up pathway and timelines. Demo Plant: Mg metal commissioning/first ingot targeted Q1 CY2026. Commercial Plant (10 ktpa, Victoria): BFS from 2026, production targeted CY2027 H2; 100% of magnesium metal offtake contracted. International Plant (100 ktpa, Sarawak): hydropower access granted Mar 2025; FN-slag feed, low-carbon pathway. Multi-commodity revenue. By-products (SCM, iron oxide, lime, char) expected to contribute ~25% of revenue at Commercial scale, diversifying cash flows. Process advantage/emissions. Patented hydromet approach (MgO/CaO feed vs carbonates) targets >60% CO₂ reduction vs China-based magnesium producers. Figure 2: Loading of MgO into 1t bags/storage area - product readying for offtake. (source: LMG) 1) What is the Latrobe Magnesium business? LMG converts brown coal ash (and, internationally, ferronickel slag) into magnesium metal and saleable by-products using a proprietary hydromet/thermal reduction process developed over many years and protected by international patents. The approach aims to recycle a waste stream, cut emissions intensity, and create a multi-product revenue base (magnesium + SCM, silica, lime, char, hematite). Operationally, LMG is: De-risking at demonstration scale in Victoria’s Latrobe Valley (Hazelwood North/Morwell), with MgO already produced and magnesium metal commissioning targeted for Q1 CY2026. Scaling to a 10 ktpa Commercial Plant in Victoria (Figure 3) with contracted offtake for 100% of magnesium metal. Figure 3: Stage 1 Site – Morwell, Victoria (source: LMG) Advancing a 100 ktpa International Plant in Sarawak (Malaysia), leveraging hydropower (Figure 4). Figure 4: Operations Overview (source: LMG) 2) Investor Presentation (Oct 2025): Overview of the Business Strategy & Value Proposition. LMG frames itself as a near-term magnesium producer with a technology moat (patented hydromet), a clear scale-up plan (1 ktpa → 10 ktpa → 100 ktpa), and multi-commodity revenue. The Demo Plant has had A$70m invested; IP development A$20m over ~14 years with CSIRO collaboration. Commercialization Path & Flow Sheet. The Demo Plant’s flowsheet is intentionally similar to the 10 ktpa design, de-risking critical path items; MgO is leached, converted, briquetted, and reduced to 99.99% magnesium through the furnace step (Figure 5). Figure 5: Process and Flow Sheet. (source: LMG) Market Position & Emissions. Magnesium is designated a critical mineral by multiple governments; China and Russia currently dominate global supply. LMG’s feed chemistry (MgO/CaO) underpins a >60% CO₂ reduction claim versus typical Chinese routes. By-products & Diversification. Commercial Plant by-products (SCM, silica, calcium carbonate/Ag-lime, char, hematite) are depicted as ~25% of revenue, broadening customer exposure without incremental production cost (Figure 6). Figure 6: By-products with an indicative revenue mix to reinforce diversification. (source: LMG) Funding & Use of Proceeds. In October 2025, LMG tabled an A$8m equity raising (A$4m placement + A$4m entitlement offer, A$0.023/share). Proceeds support commissioning of magnesium metal production at the Demo Plant, steady-state MgO, commencement of Commercial BFS, and working capital. Project Snapshot Demo Plant (Victoria, 1 ktpa): MgO in production; magnesium metal commissioning targeted Q1 CY2026. Commercial Plant (Victoria, 10 ktpa): Of f takes covering 100% of magnesium metal; BFS from 2026; production targeted CY2027 H2. International Plant (Sarawak, 100 ktpa): FN-slag feed; hydropower access granted Mar 2025; emissions intensity guidance shown as ~4.0 t CO₂/t Mg in project assumptions. About Latrobe Magnesium Latrobe Magnesium (LMG) is commercialising a patented hydromet + thermal-reduction process to produce magnesium metal and cementitious by-products from brown-coal ash. Its Latrobe Valley Demonstration Plant has produced MgO, with magnesium metal commissioning targeted for Q1 CY2026, ahead of a 10,000 tpa Commercial Plant in H2 CY2027 (with planned long-term US offtake). LMG is also progressing a 100,000 tpa “Mega” Plant in Sarawak (PFS-A completed), positioning the business as a low-CO₂, circular-economy recycler serving automotive, aerospace, medical, and electronics demand. Samso Concluding Comments The LMG story is not something that mainstream investors have a lot of exposure to in the ASX. This has been a long journey, and from Figure 7, it has not been anywhere near being a darling for ASX investors. However, it does have a robust business model. One just needs to take time to understand. In this recent ASX release, it does appear to have ticked an important box: MgO is being produced and bagged. The ramp—punctuated by scheduled pauses for training and preventative maintenance—reads like a typical operation that is trying to build run-hours without breaking the plant. The next catalyst is to switch on the magnesium metal section and hit the Q1 CY2026 commissioning target. With the Demo flowsheet intentionally mirroring the 10 ktpa Commercial design, each successful step should be a de-risking scale-up, and the Commercial Plant already has 100% of magnesium metal offtake in place. Management is doing its best to ride the business curve by diversifying. The by-products are flagged at ~25% of Commercial revenue, which is a significant part of the balance sheet, and LMG has started validation trials now that the product exists at production scale. If those trials translate to firm contracts, that’s another leg under the revenue stool. Figure 7: Latrobe Magnesium share price chart as of 27th October 2025. (source: CommSec) What should investors look out for? I think a steady-state MgO and first sales, the metal commissioning window, and BFS momentum for the 10 ktpa plant are important. The value case strengthens if LMG can turn today’s MgO success into consistent plant availability and on-spec magnesium ingots—backed by offtake into the US market already flagged in the deck. The Samso Way – Seek the Research Always go back to the primary documents—read the operational update and the latest investor deck in full before forming a view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.