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Announcement: Kaiser has completed the acquisition of the Henty Gold Mine and become a multi-asset Australian gold producer When a junior gold producer strategically adds a proven asset like the Henty Gold Mine to its portfolio, it doesn’t just reshape the company—it often redefines its position in the gold space. Kaiser Reef Limited (ASX: KAU) has completed the acquisition of the Henty Gold Mine from Catalyst Metals (ASX: CYL) , instantly elevating itself into the multi-asset producer category with +30koz annual output and a growth path to +50kozpa. In the eyes of the market, this is more than just a transaction—it’s a signal.   A Transformational Move in High-Grade Territory Kaiser’s acquisition of Henty comes at a time when gold prices are hovering around record levels, providing an ideal backdrop for the company to leverage operational gains. Henty, situated in northwest Tasmania (Figure 1), boasts a production pedigree of 1.4Moz at an average grade of 8.9g/t Au. Kaiser now inherits a fully permitted 300ktpa CIL plant, a skilled workforce of over 150 personnel, and a 5-year mine plan supported by JORC Ore Reserves of 1.2Mt @ 4.0g/t Au for 154koz. Importantly, the Mineral Resource base offers further upside at 4.1Mt @ 3.4g/t for 449koz. The underexplored tenement package—25km of strike along the Henty fault—adds yet another layer of long-term potential.   Figure 1: Location of the Henty Gold Mine in northwest Tasmania (source: Kaiser Reef Limited)     Jonathan Downes, Managing Director of Kaiser , commented: “The acquisition of the profitable Henty Gold Mine significantly strengthens our production base, provides compelling near-mine exploration opportunities, and establishes the Company as a leading high-grade gold producer in Australia.” "Catalyst has built a strong and profitable operation at Henty over the past four years, and we are committed to building on that success. Their continued involvement as a major shareholder and potential JV partner at Maldon supports a collaborative approach to value creation."   Backed by Capital, Powered by Partnership To fund this strategic leap, Kaiser raised $30 million through a placement and secured a further $10 million funding facility from Auramet International Inc. With financial firepower and operational readiness, Kaiser is well-positioned to drive Henty’s performance while reducing debt and enhancing shareholder returns. Catalyst Metals, now a 19.99% shareholder in Kaiser, brings not just its past success at Henty but also the potential for collaborative development of the Maldon processing facility in Victoria (Figure 2)—a move that could create synergistic efficiencies across the board.   Figure 2: Maldon Victoria – existing processing plant (source: Kaiser Reef Limited) A Compact Snapshot of Opportunity The Henty Gold Mine brings Kaiser Reef a high-grade production history of 1.4Moz at 8.9g/t Au, underpinned by current JORC Ore Reserves of 1.2Mt @ 4.0g/t for 154koz and a broader Mineral Resource of 4.1Mt @ 3.4g/t for 449koz. The site features a fully permitted 300ktpa CIL plant with recoveries above 90%, supported by a workforce of over 150 personnel (Figure 3). The acquisition, completed for A$31.6 million—or less than A$1,200 per production ounce—instantly positions Kaiser as a +30kozpa producer with clear growth upside.   Figure 3: Henty CIL plant and infrastructure overview (source: Kaiser Reef Limited) Samso’s Concluding Comments The completion of the Henty acquisition marks a defining shift in Kaiser Reef’s growth story. This is not just about adding ounces to the balance sheet—it’s about transforming into a serious, high-grade gold producer with real momentum. With a strong operating team and a clear 5-year mine plan, Kaiser now has the foundation to scale its production and take advantage of the current bullish gold environment. The timing couldn’t be better. The gold price is hovering near record highs, and Henty offers immediate cash flow from an asset that has a long, proven history. More importantly, the exploration potential surrounding Henty remains largely underexplored, giving Kaiser the kind of upside that investors look for in emerging producers. From an investment perspective, this acquisition strengthens the fundamentals and positions the company for a possible market re-rating. With Catalyst now aligned as a strategic shareholder and JV partner, Kaiser is not only building scale but doing so with a view toward collaboration and long-term value creation. Happy Investing and remember, always DYOR.   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Compelling New Gold Targets Identified at Laverton South It is good to see that E79 Gold Mines Limited (ASX: E79)  has identified several compelling new drill targets at its Laverton South Project. The company has completed a comprehensive regional review and reinterpretation of large-scale geophysical datasets, inspired partly by the recent Lighthorse discovery by neighbour KalGold (ASX: KAL) . Executive Perspective   E79’s CEO, Ned Summerhayes , highlighted the strategic timing of this re-evaluation: “This work has generated a number of compelling geophysical targets from both magnetics and gravity, adding to the pipeline of exploration opportunities in this region.” Both Target 1 & Target 2 are scheduled for immediate drilling between May and June 2025 , and full assays are also pending from E79’s recently completed 82-hole, 5,871m air-core drilling program west of Lighthorse (Figure 1). Among the high-priority targets: Target 1  sits 3km south of KalGold’s Kirgella Gift resource. It is located in a structurally complex zone, marked by demagnetisation and a northwest-trending fault from reprocessed gravity and magnetic datasets. Target 2  lies in the north of the Lake Yindana tenements and is interpreted as a domal structure , geologically analogous to the nearby Duke deposit in Ramelius Resources ’ (ASX: RMS) Rebecca Gold Project. Figure 1. Map of reprocessed and regional magnetics highlighting high-priority drill targets. (source: E79 ASX Announcement 15 May 2025) Laverton South: A Gold Belt with Serious Pedigree The Laverton South Project  covers 272km² within the Laverton Tectonic Zone (LTZ)  — one of the richest Archean gold belts globally   (Figure 2). The LTZ has yielded over 30 million ounces of gold, including: Granny Smith – 5.8Moz Sunrise Dam – 10.3Moz Wallaby – 11.8Moz   Figure 2: Image adapted from OzAurum ASX announcement 29 November 2024 demonstrating the proximity of E79 Tenure to Heysen’s Find. (source: E79 ASX Announcement 15 May 2025) Recent developments at Heysen’s Find , just 250m north of E79’s tenements, are also drawing interest. Neighbour OzAurum Resources (ASX: OZM) announced surface rock chip samples returning up to 16.23g/t Au , from historic workings (Figure 2). These lie on a regional structure believed to extend into E79’s ground. E79 previously intersected 12m @ 1.12g/t Au  (hole 23LRAC163) along this trend, enhancing confidence in the untapped gold potential. Additional fieldwork and air-core drilling are being planned to follow up on these results (Figure 3).   Figure 3. Map of the Laverton South Gold Project. (source: E79 ASX Announcement 15 May 2025)   E79 Gold’s projects include tenements in Western Australia’s Laverton Tectonic Zone and Murchison Goldfields—regions with over 30 million ounces of gold within the Yilgarn Craton (Figure 4). The Murchison Project is under a joint venture with Scorpion Minerals (ASX: SCN) , allowing E79 to focus on its Laverton South exploration. Additionally, the company holds ~1,838km² of highly prospective ground in the Northern Territory’s McArthur Basin, known for its zinc-lead potential and prospectivity for copper, gold, bismuth, and diamonds. Figure 4: Map of E79 Gold’s exploration projects (source: E79 ASX Announcement 15 May 2025) Samso’s Concluding Comments I have always said that the mineral exploration game is a marathon, and it is good to see that E79 Gold is playing the long game with sharp focus on near-term execution. The Laverton South region is not new to gold—it’s a proven district  with geological hallmarks that have consistently delivered million-ounce deposits (Figure 4). What’s exciting now is how E79 is interpreting the old data through a new lens, applying modern geophysics to target zones the old timers may have overlooked. The re-interpretation of historical data is not a new phenomenon. What is a phenomenon is the lack of importance that is paid to doing that, and to top it all off, is the lack of attention to do it properly and to treat the datasets with extreme caution. In the "old days", things were done differently, and in some ways, it was done with less technology and less emphasis on the methods that have been proven to work in recent times. Then there are considerations such as whether the collection was done by cowboys or not, so the skill is in understanding the datasets and the methods by which it was collected. In my opinion, irrespective of the way historical data was collected and interpreted, the point is that the skill now is to do it with diligence and importance, otherwise, it will be a case of "Rubbish In and "Rubbish Out" For E79, it probably appears that Targets 1 and 2  are probably not just shots in the dark, as I do have a lot of faith in management. The target looks like they do represent structurally sound zones that are supported by geophysical interpretations, and are adjacent to known mineralisation. We are told that there are pending assays from the recent air-core programs, so the news flow could build rapidly. As always, “money in the ground”   is E79’s motto. The next few months may show just how well that principle plays out in the Laverton Tectonic Zone.   Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In a world where major mineral discoveries are increasingly elusive and hidden beneath cover, Geoscience Australia  has crafted a powerful lens into the Earth’s potential— mineral systems-based prospectivity mapping . This approach, backed by decades of data and a deep understanding of geology, is turning Australia into a frontier once again, particularly in the hunt for Iron Oxide Copper-Gold (IOCG) deposits. Since 2010, Geoscience Australia has carried out six major regional mineral potential mapping studies targeting IOCG and uranium systems (Figure 1). These studies span key terrains: eastern Yilgarn Craton , Western Australia (A, orogenic Au), northern Queensland (B, IOCG and uranium mineral systems), central-eastern South Australia (C, IOCG and uranium mineral systems), southern Northern Territory (D, IOCG and uranium mineral systems), southern Arunta region (E, IOCG), and Tennant Creek to Mt Isa region (F, IOCG). The base map used in these studies illustrates Australia's geological framework, with sedimentary basins in pale yellow and green, and older outcropping units in darker hues (Skirrow et al., 2019). Figure 1: Regional-scale mineral potential mapping studies undertaken by Geoscience Australia since 2010 (source: Ore Geology Reviews 113 (2019) 103011 ) The Science Behind the Discovery IOCG deposits are not just about copper and gold—they're about systems . They form through a series of interlocking geological events (Figure 2): Energy  to drive these fluids through the crust. Architecture (structure pathways),  like faults and shear zones, that act as superhighways for the fluids. S ources of metals and fluids , often magmatic or sedimentary. Ore deposition gradients  where physical or chemical gradients cause the minerals to precipitate (Wyborn et al., 1994; McCuaig et al., 2010). This schematic outlines the critical processes required for an IOCG system to form. Figure 2: Presents a schematic of a mineral system showing that ore formation occurs when four critical components—source, energy, pathway, and trap—coincide in both time and space. These components may operate at different geological scales and times, with ore deposition occurring when mass and energy converge and physical or chemical changes trigger precipitation. Mineral potential mapping is a predictive tool that integrates geological knowledge and diverse datasets to highlight areas most likely to host mineral deposits. Rather than relying solely on known occurrences, it uses geophysical, geochemical, and geological indicators to assess where mineral systems could have formed, even in unexplored or covered regions (Figure 3). The mapping workflow developed by Geoscience Australia involves five key steps: (1) developing a mineral systems model; (2) identifying mappable geological proxies for ore-forming processes; (3) selecting and normalising spatial data layers; (4) assigning weightings based on importance, applicability, and confidence; and (5) integrating all components into a final prospectivity map. This structured approach enables consistent, data-rich, and knowledge-driven predictions across vast terrains. Figure 3: Summarises this workflow, showing how knowledge inputs and spatial data are combined through a scoring and rule-based inference framework to produce final prospectivity outputs. This method ensures a robust, transparent process for evaluating mineral potential. (source: Ore Geology Reviews 113 (2019) 103011) From Concept to Greenfields Discovery The method’s value is most apparent when it predicts success where none existed before. Exploration teams using this model have made new copper-gold discoveries  in areas previously considered barren. In an age of declining discovery rates, this is no small feat. It underscores the power of data-rich, knowledge-driven exploration at a time when surface clues are no longer sufficient. Perhaps the greatest success lies in the tool’s ability to spotlight greenfields terrains —areas under cover, where the cost of drilling blind is high. With a decision-support framework like this, companies can reduce exploration risk, and governments can better target where to invest in new geoscientific data. To map mineral potential, Geoscience Australia developed an IOCG mineral system model based on the inclusion of all of the criteria listed in the definition (Figure 4). This model helps identify geological environments that are highly favourable for IOCG mineralisation, while also ensuring that important variants of IOCG systems are not overlooked. Figure 4: Presents a multi-scale model of IOCG systems based on the hematite-rich Olympic Dam type. At the lithospheric scale, it illustrates the deep mantle source of metals (S2), fluid and magma pathways (P), and energy sources such as mafic underplates (D). At the regional to deposit scale, it highlights possible host-rock sources (S1), structural pathways (P), heat sources (D), and zones where ore is deposited due to physico-chemical gradients (G). This comprehensive view captures the scale and complexity of IOCG systems. (source: Ore Geology Reviews 113 (2019) 103011) Samso’s Concluding Comments This work by Geoscience Australia is a masterclass in turning theory into action. What Skirrow and his team have developed is not just a predictive model—it's a strategic tool that reshapes how we think about resource discovery. As someone who has walked the terrain of countless mineral provinces, I can tell you that this methodology offers a real path forward for unlocking Australia’s vast covered terranes. The integration of science, data, and mineral systems thinking is exactly what our industry needs. With every overlay and every fuzzy logic equation, this model chips away at the guesswork and opens doors to deposits yet to be discovered. For those in the exploration game, this is a call to look again—and look deeper. References McCuaig, T. C., Beresford, S., & Hronsky, J. M. A. (2010). Translating the mineral systems approach into an effective exploration targeting system. Ore Geology Reviews, 38(3), 128–138. Schofield, A. (2012). A knowledge-driven approach to prospectivity mapping for IOCG deposits: Application to the Gawler Craton, South Australia. Geoscience Australia Record. Skirrow, R. G., Murr, J., Schofield, A., Huston, D. L., van der Wielen, S., Czarnota, K., et al. (2019). Mapping iron oxide Cu-Au (IOCG) mineral potential in Australia using a knowledge-driven mineral systems-based approach. Ore Geology Reviews , 113, 103011. Wyborn, L. A. I., Heinrich, C. A., & Jaques, A. L. (1994). Australian Proterozoic mineral systems: essential ingredients and mappable criteria. In Proceedings of the Australian Institute of Mining and Metallurgy Annual Conference. Mapping iron oxide Cu-Au (IOCG) mineral potential in Australia using a knowledge-driven mineral systems-based approach by Geoscience Australia - Roger G. Skirrow, James Murr, Anthony Schofield, David L. Huston, Simon van der Wielen, Karol Czarnota, Rohan Coghlan, Lindsay M. Highet, Daniel Connolly, Michael Doublier, Jingming Duan 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: HRE URANIUM PROJECTS – EXPLORATION UPDATE Heavy Rare Earths Limited (ASX: HRE) has released a March 2025 exploration update that signals progress across its uranium portfolio. With projects in the uranium-rich Curnamona Province of South Australia and the Mid West region of Western Australia, the company is moving aggressively to define targets through passive seismic, airborne surveys, and historical data analysis. HRE Exploration Manager Joseph Ogierman alongside mine shaft at Bonython North uranium prospect, 5 kilometres north-east and along strike of historic Radium Hill mine, Radium Hill Project. This multi-faceted program is aimed at positioning HRE for drilling in late 2025 and early 2026.   Location Overview: Multi-State Targeting The company’s uranium exploration program spans two states (Figure 1) : South Australia:  Lake Namba–Billeroo, Prospect Hill, Radium Hill Western Australia:  Perenjori project near the Mid West Figure 1: South Australian and Western Australian project locations for uranium exploration. (source: Heavy Rare Earths Limited) Lake Namba–Billeroo and Prospect Hill Projects: Revisiting Forgotten Channels HRE’s Lake Namba–Billeroo and Prospect Hill projects focus on palaeochannel-hosted uranium systems, a model well-known for its potential in sedimentary environments. At Billeroo , passive seismic and gravity surveys now cover 35 km of palaeochannel length (Figure 2). These surveys revisit a zone last tested by a single drillhole in 1970. Figure 2: Location of Billeroo Palaeochannel passive seismic/gravity surveys, Lake Namba-Billeroo Project. (source: Heavy Rare Earths Limited) Prospect Hill  spans 9.5 km of exploration ground within a setting favourable for Tertiary and Cretaceous-age palaeochannels (Figure 3). Figure 3: Location of passive seismic/gravity survey, Prospect Hill Project. (source: Heavy Rare Earths Limited) Previous drilling in the Namba Palaeochannel  highlighted redox fronts and low-grade uranium anomalies. HRE is now interpreting historical drilling patterns to refine drill targets for the upcoming campaign (Figure 4). Figure 3: Location of selected historic drillholes in the Namba Palaeochannel and the uranium-rich Birksgate polymetallic prospect in a basement high, Lake Namba-Billeroo Project. Groundwater flow indicated by red arrows. (source: Heavy Rare Earths Limited) Radium Hill Project: Breathing New Life into Australia’s First Uranium Mine The Radium Hill project is steeped in uranium history, and HRE is now revisiting this classic district with modern tools and new objectives. Key updates include: Reconnaissance sampling at historic shafts and costeans Assay testing of unsampled 1961 drill core from Bristowe’s Prospect, 1.1 km northeast of the main Radium Hill mine Planned low-altitude airborne magnetic-radiometric survey along the projected northeast extension of the Radium Hill Line of Lode Figure 5: Location of reconnaissance sampling, previously unsampled drill core and planned airborne geophysical survey along projected northeast extension of line of lode, Radium Hill Project. (source: Heavy Rare Earths Limited.) This data compilation will inform structural and mineralogical interpretations to guide future drilling programs. Perenjori Project (WA): Pre-Drilling Work Begins The Perenjori project in Western Australia is progressing towards drill readiness. HRE has scheduled passive seismic surveys for March and is preparing for Ultrafine™ soil sampling across all three tenements ( Figure 7 ) . Figure 7: Location of planned passive seismic and soil survey areas at Perenjori Project. (source: Heavy Rare Earths Limited) All pre-drilling work is expected to be completed by mid-May 2025 . What Comes Next? HRE is moving from early geophysical surveys to drill planning. Several key milestones are expected: Processed geophysical data will be available in April 2025. Assay results from the Radium Hill core are due in March 2025. An airborne survey at Radium Hill is scheduled for late March 2025. Drill targeting and approvals are planned for the second half of 2025 through early 2026.   Concluding Comments from Samso This recent ASX release from Heavy Rare Earths Limited (ASX: HRE) is a clear indication that the company is now moving into the Uranium space and leaving behind the REE narrative. One of the positives of the uranium pathway compared to other commodities is that the future is to be created in Australia, or rather re-created. There is no doubt in my mind that the future for Australia's solution to our energy crises is nuclear. The global path is towards nuclear and this will become clear in the near future. The path of renewable energy will move away form base load energy provider and nuclear will take its rightful place as the energy source that will feed cities. This is the economical path and only time will drag Australians towards this place. From a company perspective, I have been waiting to see some real direction since the announcement of the Radium Hill acquisition in October 2024 ( Acquisition of Three Highly Prospective SA Uranium Projects ). The recent release does give us a good view of the direction. Pros and Cons Mineral exploration has a very difficult path to success and I am sure I am not telling any ASX investor anything new. The chances of success is in the sub 1% range and if we are opportunistic, we could extend that to a sub 5% range. The hard part for companies like HRE is to establish the existence of a potential to have an economic deposit in their tenements. The Radium, Hill area has a history for something that may resemble an economic mineralisation and being in South Australia means if it exist, HRE can actually have a mining project. This is one battle won for HRE. Similarly for their Northern Territory project, in terms of the ability to make it a mining project. I like Richard Brescianini and I think he is a realistic corporate participant. As I have repeatedly said, this is a very important aspect for retail investors. Retail investors, like Samso, are never the first to know the good or the bad news. To have a director that is balanced in his narration is a very important part for anyone interested in following the HRE story. Looking at the projects I think HRE is a good inclusion in a watchlist but as we are all not going to live forever, we should keep our eyes wide open and our ears close to the ground for now. Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: AI-116 for Dementia: Further Positive Pre-Clinical Results and PCT Patent Filing Melbourne-based biotech innovator Algorae Pharmaceuticals (ASX: 1AI) is setting the stage for a game-changing therapeutic breakthrough with its combination drug candidate, AI-116, aimed at treating dementia and neurodegenerative disorders . Rewiring the Future of Brain Health In a world where dementia continues to challenge modern medicine, Algorae Pharmaceuticals has announced promising pre-clinical results for AI-116 — a novel combination of the widely used Alzheimer’s drug Donepezil and cannabidiol (CBD). This dual-action formulation is designed to offer enhanced neuroprotection compared to current single-agent treatments. Key Findings Superior Cell Protection:   In lab tests mimicking dementia-like conditions, AI-116 outperformed Donepezil by a wide margin. In the presence of neurotoxic glutamate levels, AI-116 restored 53% of cell viability, compared to 42%  for CBD alone and just 17% for Donepezil alone. Figure 1. Average percentage increase in cell survival relative to glutamate-treated control cells. Relative to the glutamate-treated toxic control, Donepezil (represented as AChEI) alone restored a mean of 17% of total relative cell viability, CBD alone restored a mean of 42% of total relative cell viability, and AI-116 at the optimal dosages restored a mean of 53% of total relative cell viability. (source: 1AI ASX Announcement, 31 July 2024) Genetic Insights:   RNA sequencing revealed that AI-116 uniquely influenced 21 genes tied to major neurological disorders such as Alzheimer’s , ALS, Parkinson’s disease, and traumatic brain injury. This suggests broad-spectrum potential in treating various forms of dementia. Combatting Amyloid β Toxicity:  AI-116 also demonstrated synergy in protecting cells from amyloid β (Aβ) toxicity, a hallmark of Alzheimer’s disease. The combination drug improved cell viability to 85.6% , versus 77.1%  for CBD and 67.6%  for Donepezil. Next Steps: Clinical Trials & Patent Protection With compelling pre-clinical data in hand, Algorae is now initiating clinical trial planning for AI-116, engaging with top dementia researchers. Meanwhile, the company has filed an international Patent Cooperation Treaty (PCT)  application to secure intellectual property rights across global markets. Why It Matters Dementia affects over 55 million people worldwide and is projected to cost over $2.8 trillion annually by 2030. Current medications offer limited relief. AI-116’s dual-action approach may represent the next evolution in neurotherapeutics. Behind the Science Donepezil, an acetylcholinesterase inhibitor registered since 1996, boosts brain function by increasing acetylcholine levels. CBD, meanwhile, offers anti-inflammatory and neuroprotective benefits. By merging these mechanisms, Algorae aims to deliver a more effective solution.   Samso’s Concluding Comments AI-116 is one of those stories that sits quietly under the radar until it suddenly isn’t. For the longest time, the dementia treatment space has seen incremental gains, but nothing truly game-changing. The market, with its eyes often on tech or trending biotechs, tends to ignore the slow-burn potential of companies like Algorae Pharmaceuticals. Now, with this recent pre-clinical data, AI-116 seems to be stepping into the light it has long deserved. The combination of Donepezil and CBD isn’t just clever—it’s strategic. The numbers speak for themselves, and when you start seeing modulation of key neurodegenerative genes, you know you're not looking at fluff science. What makes this particularly interesting is that the drug doesn’t just show better efficacy—it shows synergistic  efficacy. That word, often thrown around too loosely, actually has merit here. It’s the sort of outcome that turns a known treatment into a potential platform technology. Filing a PCT patent at this stage tells me Algorae is not just playing in the lab; they’re positioning for global reach. That’s a move made by companies who understand the commercial landscape, not just the clinical one. This is the kind of story that will slip past most investors—until it doesn’t. Clinical trials will be the next hurdle, but for now, this looks like one of those early moments we’ll look back on and say, “That’s when it all started.” 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:  Discovery of Rutile Province Expanding Towards a Globally Significant Scale  Declaration: I am a shareholder of Peak Minerals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. Peak Minerals Limited (ASX: PUA) has just released a pivotal update that could reshape its future trajectory—and possibly that of the titanium feedstock market. Their latest announcement from the Minta Rutile Project in Cameroon signals the early definition of a rutile province of potentially global significance.  This is the kind of exploration result that market participants and long-term investors dream about—broad mineralisation, high-value mineral content, and untouched geological terrain ripe for development.  Figure 1: Minta Rutile Project confirms 12km strike of HM in initial results, 25km distant from discovery holes. (source: PUA ASX Announcement 12 May 2025) What’s the Big Deal?   Peak’s maiden greenfields drilling program at the Minta Rutile Project has returned significant heavy mineral (HM) intercepts across a 12km strike, results that are 25km away from the original discovery holes (Figures 1 & 2). Highlights:  4.7m at 2.9% HM   4m @ 1.05% Rutile - Discovery Hole 4.25m at 2.4% HM   Every one of the 12 drill holes hit mineralisation from surface , with an average depth of just 4.7m.  Figure 2: Inset from Figure 1 showing detail of significant HM intercepts across 12km strike. (source: PUA ASX Announcement 12 May 2025) For those who follow mineral sands projects, these are compelling numbers. Importantly, these intercepts exclude the potential contribution from oversized rutile nuggets , some measuring up to 30mm. That’s an extra layer of upside still in the pipeline, with assays pending for 304 additional holes .    Casper Adson, Peak’s CEO , commented:  “These early indications are that we have rutile mineralization over a globally significant area and we expect pending results will demonstrate this.”  This is no small claim—and given the early-stage data, it's one that carries serious weight. Adson's comment underscores the significance of Peak's 7,000km² landholding and the methodical approach being taken to unlock its value.    Exploration That Makes Sense   What makes this announcement stand out is the grade of the project and the low cost drill techniques. This is a tried and tested form of exploration in Africa for mineral sands. The reconnaissance program covers 3,500km² , roughly 50% of the entire project area (Figure 4). The second drilling is now underway, including an additional  134 holes  designed to test the east-west extent and locate basement sources feeding the surface enrichment (Figure 4).  Oversize Rutile – A Hidden Prize?   Peak notes the existence of rutile nuggets in the +1mm category , currently excluded from the HM grade calculations. Once factored in, they could significantly enhance the project's overall grade profile (Figure 3).   Work is being undertaken with laboratories and specialists to quantify this “bonus” material, and it's something investors should watch closely.   Figure 3: Representation of mineral sand particles versus oversize particles. Images of sand and oversize particles are not from Minta area – only shown to demonstrate difference in particle size. (source: PUA ASX Announcement 12 May 2025) Strategic Potential: More Than Just Rutile   While rutile remains the headline, Peak’s exploration team has also identified High-grade zircon zones   Alluvial and hard rock gold potential Monazite occurrences   Figure 4: Minta Rutile Project Phase 2 planned residual drilling (source: PUA ASX Announcement 12 May 2025)  These minerals open the door to a multi-commodity play , particularly with gold samples undergoing fire assay testing from areas where artisanal mining has been observed.  Samso’s Concluding Comments   The Minta Rutile Project is shaping up to be something quite special. In a landscape where resource companies are hunting for scale, simplicity, and margin, Peak Minerals has ticked all three boxes.  The fact that every drill hole intersected HM mineralisation from surface  suggests a level of consistency not often seen in early-stage exploration. Combine that with the significant landholding, low-cost drilling, and the potential bonus of oversized rutile, and this project is beginning to look like more than just a good story.  The Complexity of the Rutile/Titanium Story For me, as a shareholder and from the perspective of Samso, where I am trying to seek an acceptable level of understanding, the rutile and titanium story is fairly complex. I had a conversation with Casper Adson, the CEO of Peak Minerals, and I think he has given me a good understanding (Please feel free to correct me if I am mistaken). As far as I understand, the critical number to take note of is the "in-situ" rutile value. The HM (Heavy Mineral) number is a basket of minerals, and the principal participants include Rutile, Ilmenite, Leucoxene, and Zircon. A good description of the properties is listed below as described by Energy Mining of South Australia , Rutile (TiO2) is a red to black, naturally occurring titanium dioxide with a theoretical TiO2 content of 100%, but impurities such as Fe2O3 and Cr2O2 reduce this to 93–95%. World production, in 2013 was 0.77 Mt with the main producers being Australia (58%) and South Africa (16%). Ilmenite (FeTiO3) is black and opaque when fresh, but has typically undergone some weathering and iron removal, so TiO2 contents are between 45 and 65%. World production, in 2013 was 6.79 Mt with the main producers being Australia (14%), China (14%) and South Africa (15%). Leucoxene is the name given to highly altered ilmenite. Grains are brown or grey with a waxy lustre and TiO2 content of 68%. Zircon (ZrSiO4) , a colourless to off-white mineral, is the world’s major source of zirconium products. World production, in 2013 was 1.44 Mt with the main producers being Australia (42%) and South Africa (25%). So, if you imagine a sample (1m interval), the 1.04% "in-situ" rutile number released by the company is really the target number. If you look at the Sovereign Metals Limited grade, >1% rutile, that number is where PUA wants to be. Sovereign Metals quotes their Kasiya Ore Reserve at 538MT at 1.03% Rutile , so when you do all the calculations, the number from PUA will theoretically be equivalent. The table in Appendix 2 (Figure 5) gives the potential breakdown of the Heavy Minerals, and you can see that the majority of HM minerals in the samples are Rutile, especially the 45 micron to 1mm sized "nuggets" referred to by PUA in the release. This is why when you add that into the sample result, there is going to be a major uplift in the number. Figure 5: Previous results from ASX announcement of 4 February 2025 which gives a view of the potential Heavy Mineral assemblages. (source: Peak Minerals Limited). Readers must remember that the numbers in Figure 5 are one that was released on the 4th February 2025 and is really a look at the potential mineral assemblages and should be viewed as guidance. However, if this were to be true, it would undoubtedly uplift the grade of the project. The Potential Size In terms of the scale of the project, when you look at Figure 1 and Figure 4, readers need to appreciate the potential scale. Peak Minerals quotes that " All holes have hit significant Heavy Mineral mineralisation from surface, at an average depth of 4.7m, 12 km across strike ", which would mean that there is a potential for a scale that may dwarf what Sovereign Metals have posted. The geology for Sovereign and what looks like the style of geology for Peak Minerals. It is in some way akin to a bauxite style of mineralisation and deposition Bauxite is created from a weathering profile that is "in-situ" and not a placer style scenario. That means that the consistency of grade and mineralisation is observed, and the scale is typically extensive. My thinking is that the process is an enrichment process, and that will explain the natural beneficiating process to create that high-grade upper layer. It's kind of a supergene process commonly described in gold deposits. Sovereign Metals quotes their Kasiya Rutile-Graphite deposit formation as below, A particular paragneiss unit rich in rutile and graphite is the primary source of both minerals. The high-grade rutile deposit at Kasiya is best described as a residual placer. It is formed by weathering of the primary paragneiss host rock and concentration in place of the heavy minerals such as rutile, as opposed to the high-energy transport and concentration of heavy minerals in a traditional placer. Rutile mineralisation lies in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. Kasiya shows widespread, high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the top 3-5m from surface. Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to the base of the soft saprolite unit to generally 20-25m depth where it terminates on the hard saprock basement. After talking to Casper Adson, I am happy to consider a similar geological formation for the Peak Minerals deposition. What that will mean is that the potential size for Peak Minerals could be multiples of what is at the Kasiya deposit. Only time and continued exploration from drilling and sampling will prove or disprove this concept. It goes without saying that this theory is still too early to put any authority to the statement and therefore, it will make good reason for readers to DYOR. I strongly encourage readers to contact Casper Adson and get your understanding from him. Interesting Times Ahead From where I sit, as a shareholder, this could well be the start of something transformational for Peak Minerals. As the rest of the assays roll in, we’ll see if this early momentum solidifies into a globally significant development. But for now, Peak has done exactly what every junior dreams of—discover something big, near surface, and underexplored. The other aspect to consider for those who are more diligent, you may want to take a good look at the Top 20 shareholders, as this is one of those companies that has an all-star cast in terms of influential and capable shareholders to make this potentially the star of 2025. As I have said, do your research and speak to those who are more qualified to seek a real understanding of the story. No matter how influential or capable shareholders are, the capital appreciation of any project still requires legitimate stories that are Tier 1 assets. No amount of hot air will sustain true quality growth. I am a shareholder, and I will be perceived as biased, and my opinions may be incorrect, so please DYOR. Stay tuned, because this one is just getting started.  Happy Investing.   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: Emyria Opens Second Empax Clinic to Meet Growing Demand and Payer Requirements Emyria Limited (ASX: EMD) embodies the fusion of compassionate care, groundbreaking science, and a market in dire need of change. Recently, the company has gained attention by uniquely creating a scalable, evidence-based model for psychedelic-assisted therapy within licensed medical settings in Australia. A Second Clinic—and a Strategic Footprint On April 14, 2025, Emyria officially opened its second Empax Centre at Perth Clinic, a premier private psychiatric hospital. This move increases treatment capacity by 50% and is a pivotal step in the company’s national expansion plan. Why is this significant? Because the Perth Clinic facility is licensed, it meets stringent criteria required by major health funders and insurers. In simple terms, this allows Emyria to deliver breakthrough care—such as MDMA and psilocybin -assisted therapy—to patients with treatment-resistant PTSD and depression , all under the watchful eye of a clinical governance structure that private payers demand. Emyria’s Executive Chairman, Mr. Greg Hutchinson , commented: “We are responding to growing patient demand and the expectations of major health funders,” “Our expansion into licensed hospital settings demonstrates Emyria’s capacity to deliver scalable, evidence-based mental health care treatments.” Why It Matters: The Mental Health Crisis Is Peaking Mental illness affects 1 in 2 people globally , and in Australia, the cost of mental health is soaring, now rivalling expenditure on cancer. PTSD alone affects over 1.1 million Australians , while treatment-resistant depression (TR-D) impacts over 2.3 million . The need for a new care model isn’t theoretical—it’s national. Emyria’s leadership recognised that not only is the mental health system under pressure, but also that new treatments, particularly psychedelic-assisted therapies (P-AT), could offer durable and transformative relief. Australia is currently the only country in the world  to reschedule MDMA and psilocybin for authorised psychiatric use—an opportunity Emyria is uniquely positioned to harness. Durability and Data: The Proof is in the Outcomes One of the most compelling aspects of Emyria’s offering is its growing pool of real-world evidence . Patients in its PTSD program have shown consistent improvement on both symptom severity (PCL-5 scores) and quality of life (ReQoL scores) three months after active treatment ends . This isn’t just encouraging—it’s a paradigm shift. These results not only improve lives but help pave the way for policy change and payer support. Dr. Michael Winlo, Emyria’s Founder and Chief Scientific Officer , explains: “We’re building valuable real-world data assets in this emerging field—helping us improve our treatments, inform national care models, and support broader system adoption.” Hard to Copy, Easy to Scale Emyria’s delivery model is robust: Licensed hospital environments Specialist clinicians,  including psychiatrists, psychologists, nurses, and occupational therapists Secure, pharmaceutical-grade medication supply Approved Authorised Prescribers by the TGA This framework isn't easy to replicate, which makes Emyria a rare breed on the ASX—a first mover with intellectual property, clinical traction, and market-ready infrastructure. Where Next? Following this Perth expansion, Emyria is actively negotiating with East Coast hospital groups to open more Empax Centres. While no agreements are final yet, the company’s ambition is clear: a national network of payer-supported clinics that can deliver precision mental healthcare at scale. With treatment costs averaging $20,000–$30,000 per patient  and an estimated $36 billion addressable market , the potential is enormous. Samso’s Concluding Comments Emyria’s journey is not just about a new clinic—it’s about ushering in a new era of mental health care. They’re not following the trend—they’re building the infrastructure. The ability to pair treatment-resistant depression and PTSD patients with therapies that are scientifically backed, clinically supervised, and payer-supported  is game-changing. We’re seeing the early blueprint of a national care model that could finally start closing the gaps in our fractured mental health system. With their focus on data, delivery, and durable results, Emyria has moved from being a bold idea to a real solution. It’s not often you see a small-cap ASX company building a moat this wide—and this meaningful. For investors looking at impact and scalability, this is a story to watch especially with a market capitalisation of just over AUD $17M. Looking at the share price chart below, that is current to the close of trade on the 16th May 2025, this could be good timing do to some serious DYOR. The use of psychedelic-assisted therapy is something very interesting as I was just in a conversation on the weekend with a friend who is presently undergoing the same treatment. Figure 1: The share price chart for Emyria Limited as of the close of trade on the 16th May 2025. (source: commsec). To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

A discovery of a copper deposit usually comes with great excitement and is instinctively followed by narratives of great wealth generation. Over the recent decades, these discoveries are few, and the reality for investors is fueled with disappointments and rhetoric of false narratives from the explorers. The well-seasoned investors in this sector will know that copper has always been one of those commodities that teases investors with the promise of world-class returns. Yet, very few truly understand what a genuine copper discovery looks like. In my three decades of participating in " The Truman Show ", I have seen so many headlines—"major intercepts", "new zones", "high-grade hits"—but as this Samso Insight will reveal, the devil is in the details. Escondida mine in Chile. (Source: BHP) The reality investors need to accept is that real discoveries that lead to an economic deposit are more of a rarity than the perception they create to comfort themselves. It is a fact of self-inflicted false narratives and misunderstanding rather than the misconception of messaging from exploring companies. The most important recognition investors need is to understand what a real discovery looks like, and not leave themselves open to disastrous investment positions. To add to the complexity of trying to figure out the whole "Economical Deposit" concept, one of the realities investors have to accept is that the depth at which new deposits are being discovered is getting deeper, and that adds to the financial disposition of whether the project will ever become a profit-making business. This thought is well documented in Figure 1, a graphical representation of the major discoveries since 1900 from the BHP website. Figure 1: As deposits are found deeper underground, accessing these resources becomes more costly and technically complex, ultimately impacting copper prices. To highlight this trend, Visual Capitalist partnered with BHP to show the depths and sizes of major copper discoveries found since 1900. (source: BHP) If you follow the link to Visual Capitalis t, you will get a great write-up on these discoveries, and it is a good source of information to help understand the requirements of the modern-day exploration projects. Table 1: The 10 largest copper discoveries from 2014 to 2023. (source: S&P Global) Discovery Discovery Year Discovered By Country Copper in reserves, resources and past production (metric tonnes) Kamoa-Kakula (Kakula) 2014 Ivanhoe Mines DRC 19,840,147 Western Foreland 2017 Ivanhoe Mines DRC 4,959,000 Encierro 2016 Antofagasta PLC Chile 3,400,000 Cachorro 2015 Antofagasta PLC Chile 3,158,000 Winu 2017 Rio Tinto Australia 2,895,000 La Huifa 2014 Codelco Chile 2,430,000 Tatogga (Saddle) 2017 GT Gold Canada 2,173,159 Porvenir 2019 SolGold Ecuador 1,680,000 Llaguen 2019 Hudbay Minerals Inc. Peru 1,100,000 Jebel Ohier 2013 Qatar Mining Sudan 1,087,200 Marimaca 2016 Coro Mining 51%; Compa Minera Constanza 49% Chile 1,040,960 Elida 2020 Lundin Mining Peru 1,016,586 Chapada (Sauva) 2021 Lundin Mining Brazil 945,000 Julimar 2020 Chalice Mining Ltd. Australia 512,000 To add to the confusion and the complexities, the fact that you are featured as part of a list of a large deposit, as in Table 1, does not mean that you are an economical deposit. It is also prudent to remember that the time it takes to be an economical concept from discovery is normally measured in a decade, as a minimum, with some exceptions, and these are normally few and far between drinks (for the cricket fans). Figure 2: A diagrammatic representation of the copper regions and their share of copper deposits. (source: S&P Global). There is no doubt that South America is rich in copper deposits, as it is blessed with the perfect geology. The region is considered the King of Copper due to the abundance of naturally large-volume porphyry-style deposits. In terms of tonnage, 55.6%, or 730.9 million metric tons, of the copper in Figure 2 was discovered in Latin America. Exploration has primarily focused on Chile and Peru, which together account for 573.9 million metric tons, or 78.5%, of the copper found in Latin America. The top three largest discoveries in our list are from Chile (Collahuasi and Los Bronces Underground) and Peru (Cerro Verde), see Table 2. Table 2: The 20 largest copper discoveries from 1990 to 2023. (source: S&P Global) Coming back to our reality, let's have a look at some potential characteristics that are featured in known major copper discoveries. These examples are standout projects, and the idea is to understand what kind of numbers one should be looking for to visualise some form of economical discovery. The next part for your average investor is to look at the ASX announcements and then wonder if the results are any good. What makes a good result?. I ask that question many times, as nobody is an expert on every commodity or any project. What does a keen investor who has no geological background need to know? Let's see if we can dissect all those parts in this Samso Insight. Characteristics of Discovery Drillholes for Large Copper Deposits One of the most common mistakes that investors make is not understanding the facts that indicate a discovery and the type of information that indicates the possibility of an economic discovery. What is the difference between a drill intercept of 2m @100g/t Au or 100m @ 2g/t Au? Does a single drill, like with great results, a discovery? Or is multiple adjacent lines with good results a discovery? So let's try and make some sense of all the terminologies and the endless numbers. The following are chapters that will provide quick reference to the discussion. 1.0 Long Intercepts 2.0 High Grades (for Copper) 3.0 Shallow Depth - Maybe Not so now post 2025 4.0 Visual Cues in Core 5.0 Good Geological Context 6.0 What Does The Drill Core from a Major Copper Discovery Look Like? 7.0 An Example of a Good Copper Discovery. 7.1 The Kamoa-Kakula deposit in the Democratic Republic of Congo (DRC) 7.1.1 Interesting Notes 8.0 Other Notable Copper Deposits 9.0 Concluding comments from Samso. 10.0 Reference 1.0 Long Intercepts You often get very thick zones  — 100 to 300+ meters  — of mineralisation. The copper grades are relatively consistent  over long intervals. For example, at Kamoa and Kakula (Katanga, DRC) : Some early holes hit over 10% Cu  over several meters , within broader zones of 2–3% Cu  over hundreds of meters . The Olympic Dam intercepts are also measured in hundreds of meters. 2.0 High Grades (for Copper) Grades above 1% Cu  over large thicknesses  are already considered excellent. Some Examples: Kamoa and Kakula (Katanga, DRC) Kakula discovery hole : 11 meters @ 5.53% Cu within 36 meters @ 3.24% Cu (early drilling). The discovery Hole DD1450 at the Kamoa deposit intersected 13.05% copper over 22.3 meters (true thickness) at a 2% copper cut-off grade. This intersection included multiple one-meter intervals with copper grades exceeding 20%, with one interval reaching 40% copper. The mineralization begins at a depth of approximately 190 meters below the surface. [source: Mining Review Africa ] The discovery Hole DD1124 at the Kakula deposit intersected 5.83% copper over 8.86 meters at a 2.5% copper cut-off grade, including a 6.14-meter interval at 6.84% copper. This discovery extended the known mineralized system at Kakula by approximately 800 meters, bringing the total strike length to about 11 kilometers. [source: Mining Review Africa] DKMC_RC159 intersected 12m @1.32% Cu associated with malachite and native copper. [3] (Figure 3) DKMC_RC177 intersected 6m @5.01% Cu. [3] (Figure 3) Later holes: 8% Cu over 20–30 meters! Figure 3: Diamond drill section 8811900N through the Kamoa deposit west of the Kamoa dome, looking north. Note the gently dipping strata, strattiform nature of mineralisation. (source: Broughton and Rogers 2010) Olympic Dam, South Australia, Australia At the Olympic Dam discovery, RD1, drilled in July 1975, intersected 38 m @ 1.05% Cu, 70 ppm U3O8, 0.27 g/t Au, 3.5 g/t Ag at a depth of 353 m beneath the surface (Roberts and Hudson, 1983) High-grade mineralisation was not intersected again until 15 months after RD1, in drill hole RD10, which intersected 170 m @ 2.09% Cu, 630 kg/t U3O8, 0.65 g/t Au, 3.1 g/t Ag. Degrussa Copper Mine, Western Australia, Australia. In 2009, the Degrussa copper project released the following results, 47m @ 5.3% Cu, 2.01 g/t Ag and 1.0% Zn from 93m (DGRC105) 22m @ 3.6% Cu, 3.8 g/t Au and 13.4 g/t Ag from 96m (DGRC101) 18m @ 2.9% Cu, 13.0 g/t Ag, 2.1% Zn, 1.0 g/t Pd from 126m (DGRC101). Escondida Porphyry Copper Deposit, Atacama Desert, Northern Chile First hole, RDH-6, on the northern slopes of the Cerro Colorado, intersected 241 m of strongly leached capping before passing through 51 m of supergene chalcocite averaging 1.51% Cu , underlain by an additional 0.68% Cu enrichment zone and into a high pyrite/chalcopyrite primary zone. The second hole, RDH-7, on the southern slopes of the hill passed through 137 m of leached cap, and then into 73 m of secondary chalcocite averaging 0.68% Cu, 55 m at 1.52% Cu and 37 m of 0.68% Cu . The third hole, RDH-8 was further south again and over the best of the surface leached capping indications. It detected a 22 m thick interval of copper oxides assaying 0.8% Cu and an underlying 25 m of 0.67% supergene copper sulphide. The final hole in this program, between RDH-6 and 7, and a little further east, penetrated 365 m of intensely leached capping, before intersecting 91 m of supergene sulphides averaging 1.30% Cu. 3.0 Shallow Depth - Maybe Not so now post 2025 Ideally, in the past, discovery holes should have found mineralization near surface  or within 300m  downhole, although this may be a characteristic of a few decades ago. The analogy in Figure 1 is now more the normality than not. The idea of having a shallow deposit was that it would be cheaper to mine; however, as I have mentioned, this is now more about the grade and the length of interception. 4.0 Visual Cues in Core Copper sulphides  dominate, especially minerals like: Chalcocite  (Cu₂S) — bright steel-grey colour, very high copper content (~80% Cu). Bornite  (Cu₅FeS₄) — purple to iridescent colours ("peacock ore"). Chalcopyrite  (CuFeS₂) — brassy yellow colour. Massive  or semi-massive  textures — meaning much of the rock is made up of copper minerals. Veinlets, replacements, disseminations  are also common. 5.0 Good Geological Context The discovery holes usually intersect: Favourable stratigraphy  (certain sedimentary layers). Structural traps  (like folds or faults). Strong alteration  (silica, carbonate, chlorite) surrounding mineralisation. 6.0 What Does The Drill Core from a Major Copper Discovery Look Like? In early discovery holes from Kamoa-Kakula (and similar deposits): You’d see thick sections of core  looking dark and metallic from the chalcocite or bornite. Figure 4: A sample of core from Sandfire Resources Limited (source: Sandfire Resources Limited ) Veins and massive sulphide zones can be several centimeters to tens of centimeters  thick (Figure 4). High copper content zones often look "heavy," reflective , and may even leave a metallic mark on your fingers when handling the core. 7.0 An Example of a Good Copper Discovery. 7.1 The Kamoa-Kakula deposit in the Democratic Republic of Congo (DRC) One of the most significant copper discoveries in the past 30 years is the Kamoa-Kakula  deposit in the Democratic Republic of Congo (DRC). Discovered by Ivanhoe Mines in 2014, Kakula is recognized as the largest copper find of the past decade, containing approximately 19.8 million tonnes (Mt) of copper with an exceptionally high grade of 2.58%. Combined with the earlier Kamoa discovery in 2008, which holds about 25 Mt of copper, the Kamoa-Kakula project ranks among the world's largest undeveloped copper resources.​ The Kamoa-Kakula mine commenced production in 2021 and is projected to become the world's second-largest copper mine upon full expansion, with peak annual output exceeding 700,000 tonnes of copper. Its high-grade ore and shallow depth make it one of the most economically attractive copper mining projects globally. These discoveries have significantly contributed to global copper resources, addressing the increasing demand driven by technological advancements and the transition to renewable energy. 7.1.1 Interesting Notes Kamoa Deposit (2008) : Discovered by Ivanhoe Mines' geologists, the Kamoa deposit is a near-surface, flat-lying, stratiform copper deposit. At the time of discovery, it was considered the largest high-grade copper discovery in Africa and the world's largest undeveloped high-grade copper deposit. ​ Kakula Deposit (2016) : Approximately 5 km southwest of the Kamoa deposit, the Kakula deposit was discovered. It is characterized by its ultra-high-grade, shallow, and flat-lying stratiform copper mineralization, making it ideal for low-cost mechanized mining.  8.0 Other Notable Copper Deposits Resolution Copper  (USA): Discovered in 2002 in Arizona, this deep underground deposit is expected to supply up to 25% of U.S. copper demand over a 40-year lifespan. It holds an estimated 27 MMt of copper but faces environmental and regulatory challenges. Oyu Tolgoi  (Mongolia): Discovered in 2001, this mine is one of the largest copper and gold deposits globally, with an estimated 2.7 MMt of copper. It began production in 2013 and is a joint venture between Rio Tinto and the Mongolian government. Timok  (Serbia): Discovered in 2012, the Timok deposit contains approximately 16 MMt of copper and is notable for its high-grade ore and potential for rapid development. 9.0 Concluding comments from Samso. The discovery of a copper deposit is without doubt a great prize for any company, and with a global narrative calling for more copper, this is as close you can come to finding the holy grail of mineral exploration. I have tried to keep my blog as simple as possible and used examples that are as definitive to being a world-class discovery. The Kamoa-Kakula example serves as the benchmark of what defines a copper discovery in the modern age. The discovery of Escondida serves to show that a "low-grade" copper deposit mixed with the right ingredients is just as appetising. It is never just about a single high-grade drillhole—it’s about continuity, scale, context, and the right rocks. Long intercepts with consistent grade, strong geological frameworks, and the ability to deliver economic extraction are what separates geological noise from genuine discovery. As investors, the message is clear: be wary of the hype and be smarter with due diligence. The path from drillhole to production is long, complex, and often paved with many false dawns. Learn to read between the lines and recognise the signs of a true discovery. After all, in a world where copper is the bloodline of electrification, the rewards for getting it right are significant—but only if you can tell signal from noise. One must always know and accept that copper is not a hidden treasure; it is one that teases investors with its geological charm and financial seduction (Check out Hot Chili Limited (ASX: HCH ). Yet, what this Samso Insight reinforces is the clear distinction between a “drill hit” and a genuine discovery. Too often, market excitement is drawn from shallow headlines and not the substance of what makes a mineral system truly economic. The takeaway here is simple — discoveries like Kamoa-Kakula, Olympic Dam, or DeGrussa did not emerge overnight, nor were they proven by one drill hole. They were built on consistent data, long intercepts, grade continuity, and most importantly, strong geological context. That is the bar. If an investor wants to understand copper exploration, they must become comfortable with the language of geology, not just the excitement of assay results. Samso always reminds the market that exploration is a process, not a product. Discovery is the start of a journey, not the end. If you are investing based on a headline, step back and ask: Does it resemble what a real copper discovery has historically looked like? If not, you may be funding a drill program, not a mine. 10.0 Reference Kinkela, Jai & Ziramov, Sasha & Dzunic, Aleksandar & Urosevic, Milovan & Hilliard, Paul. (2014). Seismic Exploration for Volcanogenic Massive Sulphides - The DeGrussa Copper-gold Mine, Western Australia. ASEG Extended Abstracts. 2015. 10.3997/2214-4609.20140503. Hawke, Margaret & Davidson, Garry & Meffre, Sebastien & Hilliard, Paul & Large, Ross & Gemmell, Bruce. (2015). Geological Evolution of the DeGrussa Cu-Au-Ag volcanic-hosted massive sulfide deposit, Western Australia. D. W. Broughton, T. Rogers, 2010. "Discovery of the Kamoa Copper Deposit, Central African Copperbelt, D.R.C.", The Challenge of Finding New Mineral Resources: Global Metallogeny, Innovative Exploration, and New Discoveries, Richard J. Goldfarb, Erin E. Marsh, Thomas Monecke 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.

Alterity Therapeutics Limited (ASX: ATH, NASDAQ: ATHE) has unveiled compelling Phase 2 clinical trial data for its lead drug candidate, ATH434 —a major advancement in treating Multiple System Atrophy  (MSA). The findings were presented at the prestigious European MSA Symposium in London , drawing attention from global experts in neurodegenerative research. What is MSA? Alterity Therapeutics Limited is a rare, rapidly progressing neurological disorder affecting movement and involuntary functions. It involves: Slowed movement, rigidity Autonomic dysfunction (blood pressure, bladder control) Progressive loss of coordination Accumulation of α-synuclein in the brain   There are currently no approved treatments that slow disease progression.   ATH434 – A New Class of Treatment Targeting the Underlying Pathology ATH434 is an oral iron chaperone  designed to correct abnormal iron metabolism in the brain, a driver of oxidative stress and protein aggregation in MSA (Figure 1). Figure 1: Excess labile iron and alpha-synuclein aggregation driving MSA pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025)   How It Works:   ATH434 reduces the buildup of α-synuclein, a harmful protein linked to MSA. It cuts oxidative damage by up to 80%, helping protect brain cells. The drug has shown effectiveness in animal models of both MSA and Parkinson’s disease (Figure 2).   Figure 2: Development Approach: Address Underlying Pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025)   The ATH434-201 trial  enrolled 77 patients for 12-month treatment across three arms: placebo, 50 mg BID, and 75 mg BID. Assessments included motor function scales, patient-reported outcomes, MRI, and wearable sensor data. Here’s what the trial revealed: ✅ Clinical Efficacy 50 mg dose:  Achieved a 48% reduction in disease severity (p=0.02) using the UMSARS I scale. 75 mg dose:  Showed a 30% reduction , though not statistically significant. Clinical Global Impression of Severity scores also improved significantly at 50 mg (p=0.009). ✅ Patient-Reported Benefit ATH434 users improved on symptoms of orthostatic hypotension , while placebo patients worsened by ~6 points. Wearable sensor data showed increased daily activity , including walking and standing time, especially at 50 mg. ✅ Brain Imaging & Biomarkers MRI scans confirmed that ATH434 stabilized or reduced iron accumulation  in MSA-affected brain regions (Figure 3). Trends in reduced brain atrophy  were also observed, indicating potential neuroprotection (Figure 4). Figure 3: Change in Iron Content by MRI (QSM) (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) Figure 4: ATH434 Demonstrated Trends in Reduced Brain Atrophy Change from Baseline in Brain Volume – MSA Atrophy Index^   (Source: Alterity Phase 2 Presentation at MSA Symposium 2025)   ✅ Well-Tolerated/Safety Profile Side effect profiles were similar across placebo and treatment groups. No serious adverse events were linked to ATH434.   Why It Matters These results position ATH434 as one of the most promising candidates in development for MSA. Not only does it demonstrate clinical benefits, but it also engages its target in the brain, a key benchmark for neurological drugs. Alterity CEO Dr. David Stamler emphasized the significance: “The strong clinical efficacy and novel mechanism of ATH434 was well received by leading experts. We’re motivated to continue advancing this therapy to improve the lives of individuals with MSA.”   With Orphan Drug Designation secured in the U.S. and Europe, Alterity is moving forward with an open-label Phase 2 biomarker study in more advanced MSA cases. The path to a potential breakthrough treatment is becoming clearer.   What’s Next for ATH434? Second Phase 2 trial  ongoing in advanced MSA Orphan Drug Designation  granted in U.S. & Europe Broader potential for Parkinson’s disease  and related disorders Concluding Comments from Samso   The biotech sector is a new place for Samso, but as an investment, the principles are similar to the thinking process in mineral explorers. The steps to success are pretty much the same, but the commercialisation part may be faster and simpler for the biotech sector. In terms of Alterity Therapeutics’ latest Phase 2 results, this stage marks a significant step forward in the treatment of Multiple System Atrophy. The success of the trials for ATH434, assuming that they continue to move in the right direction, will shape up to be a real game-changer in the fight against MSA. For all those readers out there who can connect with what a medical solution to something like MSA, it's a bonus for the patient and the carers. The frustrating part is the time taken for distribution to be approved, and ultimately, the cost of the drug. In terms of an investment option, I think that any successful drug trial that leads to being marketable will be a multi-bagger. The market capitalisation of the company is currently over AUD $100M. Could this be one biotech story that could turn science into a serious impact? I am not well-versed enough to make that call. At this stage of Samso's journey into the biotech sector, this review is a way to educate Samso on the sector and increase our participation in the sector to bring more informed thoughts and understanding of the sector to the investing community. Happy Investing   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.

Actinogen Medical Limited (ASX: ACW) is advancing one of the most promising neuroscience drug candidates in the global biotech pipeline. With its novel oral drug Xanamem® (emestedastat), the company is targeting two of the largest and most urgent unmet needs in modern medicine: Alzheimer’s disease (AD) and Major Depressive Disorder (MDD) . The company’s unique approach of controlling brain cortisol levels offers a fresh mechanism of action that stands out in the crowded field of central nervous system (CNS) therapeutics.       Why Cortisol? Why Now?     Figure 1: Xanamem is a small molecule tissue cortisol synthesis inhibitor (11β-HSD1 enzyme) (Source: ACW Corporate Presentation February 2025)    Excess cortisol in the brain is increasingly recognised as a key driver of neurodegeneration and depression. Oral Xanamem® selectively inhibits the enzyme 11β-HSD1, reducing tissue cortisol synthesis in the brain  without impacting adrenal cortisol production. This makes it the first and only brain-penetrant cortisol controller  in clinical development—a significant competitive edge.  Over 400 patients treated with strong safety results   Low drug interaction risk —ideal for combination therapy  First-in-class   oral drug designation with WHO-assigned INN: emestedastat       Alzheimer’s Disease: Early Signals of Disease Modification   Alzheimer’s remains one of the most difficult neurological diseases to treat, with current therapies offering only modest benefits. In contrast, Actinogen’s Phase 2a trial showed that Xanamem  slowed disease progression  in biomarker-positive AD patients, measured by changes in the gold-standard CDR-SB scale.  pTau181-positive patients experienced clinically meaningful slowing of decline   Interim data from the larger Phase 2b/3 XanaMIA trial is expected in Q4 2025 , with final results in H2 2026   This trial includes 220 patients across Australia and the US and aims to build a regulatory pathway with the FDA and EMA  already engaged.    Depression: A Safe, Oral Option with New Potential   The Phase 2a XanaCIDD trial in moderate MDD delivered clinically and statistically significant results  on key endpoints:  MADRS  (depression severity) scores showed improvement from Week 6  Patients on Xanamem had better outcomes  when combined with SSRIs  Low side effect burden —no evidence of suicide risk or withdrawal syndrome  With over 365 million antidepressant prescriptions written annually , the demand for well-tolerated alternatives with novel mechanisms is massive. Actinogen’s once-daily, brain-penetrant Xanamem could fill this gap.    Backed by Science, Protected by Patents   Core composition-of-matter patent protection through 2031 (extendable to 2036)  5–10 years of data exclusivity  depending on the jurisdiction  Patents covering manufacturing , use in depression and prevention in cognitively normal individuals    Corporate Highlights   Actinogen (ASX: ACW) is a well-funded biotech company with a market cap of approximately $100 million and $22.9 million in cash as of December 2024, providing runway into mid-2026. Key shareholders include Biotech Value Fund (~7%) and CEO Dr. Steven Gourlay (~5%), reflecting strong internal and institutional confidence. The company is led by a highly experienced board and executive team with deep expertise in biotech, pharma, and central nervous system disorders. including:    Dr. Steven Gourlay  – CEO & MD, ex-Roche/Genentech    Dr. Dana Hilt  – CMO, veteran neurologist & CNS trial expert    Andy Udell  – CCO, commercial strategist with US/EU pharma experience    Dr. Geoff Brooke  – Chairman, biotech investor & founder    Upcoming Milestones to Watch   ✅  FDA Type C meeting (MDD)  – Q1 2025  ✅  First patient in US Alzheimer’s trial  – Q4 2024  ✅  100th patient enrolled (XanaMIA)  – Q2 2025  ✅  Peer-reviewed publications  – throughout 2025  🔜  Interim Alzheimer’s trial data  – Q4 2025  🔜  Final Alzheimer’s and MDD Phase 2 trial results  – H2 2026    The Takeaway for Investors   Actinogen is entering a critical window of value creation. With positive Phase 2a data in both AD and MDD , strong patent protection, a unique mechanism, and no direct competitors, Xanamem may represent a transformative asset  in CNS therapeutics. Upcoming data readouts and regulatory interactions could serve as major catalysts for the company (Figure 2).   Figure 2: Strong cortisol control scientific rationale to address huge unmet medical need. (Source: ACW Corporate Presentation February 2025)    As the global burden of Alzheimer’s and depression grows, Actinogen’s science-driven approach could deliver not just returns , but real change.    Executive Perspective Dr. Steven Gourlay, CEO of Actinogen, commented:   “The first quarter of 2025 was a busy period for the team as the XanaMIA trial accelerated and many essential initiatives commenced in parallel with the trial, designed to prepare the Company for partnering and eventual marketing approvals. I was particularly pleased with the positive and clear outcomes from our Type C meeting with the FDA on MDD that provided excellent guidance for the Xanamem program.”        Concluding Comments From Samso   Actinogen Medical is emerging as a key player in neuroscience with its novel drug Xanamem®, targeting Alzheimer’s and depression by safely reducing brain cortisol. Backed by promising clinical results, strong patent protection, and an experienced leadership team, the company is entering a critical phase with upcoming trial milestones. Samso sees Actinogen as a well-positioned biotech with real potential to deliver both investor value and transformative patient outcomes. The current market capitalisation of AUD $86M would make this more than a punt but one needs to fully understand the potential pathway ahead. It goes without saying that a potential medial solution to Alzheimer’s disease and Major Depressive Disorder would propel the company's valuation. This is the most obvious decision making process. The fundamental parts of funding, having significant shareholder credibility, proven patents and a clear pathway to FDA approval with final trials is something that is very promising. This is the kind of story we love to follow. One that merges solid science, smart strategy, and a path to real-world solutions.    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: Gidji Drilling Delivers More Gold Results Gold is back in the Eastern Goldfields—and so is Miramar Resources (ASX: M2R) , which is now back in town. In my opinion, the return to Gidji is the right path for M2R. Gidji is one of those projects that requires completion. A complete exploration of all potential options to discover that economic deposit. The latest results from Gidji Joint Venture (JV) Project, located just 15km north of Kalgoorlie, reinforce the project's potential to host a major new gold camp and come as the Australian dollar gold price surges past A$5,000/oz . Project Location The Gidji JV is strategically located along the Boorara Shear Zone, a proven structural corridor with multiple gold operations nearby, including Northern Star Resources’ Kalgoorlie assets (Figure 1).   Figure 1: Gidji JV Project (yellow outline) and Boorara Shear Zone (white), near Kalgoorlie (source: M2R ASX Announcement on 12 May 2025) Why This Matters The latest drilling expands the supergene gold footprint at the high-priority Blackfriars target , an area that shares key geological characteristics with the multi-million-ounce Paddington deposit . Miramar’s Executive Chairman, Mr. Allan Kelly,  commented: “The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,”  “This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz.” Drill Intercepts Miramar released results from the first 34 aircore holes of a 180-hole campaign. While grades are modest, several intercepts hint at a growing, consistent mineralisation: GJAC955 : 1m @ 4.45g/t Au (paleochannel gold) GJAC944 : 1m @ 2.01g/t Au GJAC932 : 2m @ 1.96g/t Au GJAC960 : 2m @ 1.12g/t Au (end-of-hole, open to east) Additionally, strong silver values were encountered: GJAC945 : 2m @ 0.75g/t Au with 8.68g/t Ag GJAC943 : 1m @ 0.53g/t Au with 4.38g/t Ag These numbers may seem small in isolation, but within the context of widespread supergene mineralisation across multiple targets, they carry weight (Figure 2). Figure 2: New aircore drilling results (squares) and previous drilling (circles) (source: M2R ASX Announcement on 12 May 2025) The Bigger Picture This is the first major drill program at Gidji since 2022. The flat-lying supergene gold zones  being intersected are hosted below the Gidji Paleochannel, suggesting the potential for more significant bedrock-hosted mineralisation beneath. Since 2020, Miramar has: Unlocked multiple new gold zones through systematic aircore drilling Identified bedrock targets for deeper drilling Demonstrated large-scale mineralisation potential in an underexplored terrain   Strategic Advantages Infrastructure : Close proximity to operating mills and gold mines Underexplored : Gidji has remained hidden due to transported cover and paleochannel masking Aggressive strategy : Miramar is leveraging historic data with modern exploration techniques What’s Next? Completion of the current 180-hole aircore campaign Targeting high-grade bedrock zones with RC and diamond drilling Assessing scale and continuity of new mineralised zones https://youtu.be/uF2RPWPEXJw?si=QELGfFZBjje6DR5h With the Australian gold price pushing new highs and interest growing in the Kalgoorlie region, Miramar is positioning itself for a potential breakthrough.    Samso’s Concluding Comments Gidji is one of those projects that was left behind, mainly due to the total disinterest in a gold project when the whole market was only interested in lithium. As a practitioner in this market on the corporate level, I am pretty sure that Allan had no choice but to leave Gidji in preference for the "other" commodities. The "Force" to look for the "Critical Minerals" would have been overwhelming. It is now funny that the major asset in the company that was neglected because the market sentiment was lithium and REE is now back in focus. I am glad the focus is now back on Gidji JV. I have mentioned, and you would have heard Allan make this comment many times about the Gidji JV project, "this is the cheapest house on the best street". The Gidji JV ticks many boxes—location, structure, scale, and now with a rising gold market, it is back in fashion. It should never have been taken out of fashion, as the previous exploration results gave no doubt that there exists a prize that is yet to be recovered. The recent results are evidence that the consistency of the exploration success is remarkable. Time and funding are needed to make this either a discovery or a sterilising program. One could not walk away from this project, confirming all the options. Coffee with Samso: The Gidji Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 The Miramar Story - Miramar Resources Limited (ASX: M2R) - Episode 146 Rooster Talk: Discovery of the Primary source at Gidji : Miramar Resources Ltd (ASX: M2R) - Rooster Talk 63 A New Gold Camp in the Kalgoorlie Goldfields - Gidji Gold Project - Miramar Resources Ltd (ASX: M2R) Miramar Resources Ltd (ASX: M2R) Exploration Update: Gidji - Glandore - Whaleshark - Rooster Talk To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: High-Grade Drilling Intercepts From Southern Zone At KGP   Key Highlights 33 RC holes for 4,116m drilled  across the Southern Zone (Dingo & Lukin) and Grasmere. Dingo delivers standout results , with intercepts like: 10m @ 10.55g/t Au from 42m (including 2m @ 50.57g/t Au) 22m @ 2.16g/t Au from 117m (14m @ 3.03g/t Au) 11m @ 2.80g/t Au from 49m (6m @ 4.82g/t Au) Lukin drilling  confirmed low-grade shallow mineralisation but no new lodes. Grasmere Prospect  returned broad, shallow anomalous mineralisation, confirming prospective geology. Datatine and Stanley Thrust drilling now underway , with results expected in the coming quarter. Figure 1: – KGP Resource1 areas with a selection of drilling results; see Figures 2 & 5 for smaller-scale maps of Dingo and Lukin. Ausgold Limited (ASX: AUC)  has unveiled a set of exceptional drill results that underscore the growing promise of the Katanning Gold Project (KGP)  in Western Australia (Figure 1). The latest Reverse Circulation (RC) drilling campaign—part of a broader 19,000m program—has returned standout high-grade gold intercepts from the Southern Zone and strong geological confirmations at the Grasmere prospect.   Dingo: High-Grade Intercepts Could Reshape the Resource Figure 2 – Geological map of the Dingo Resource area displaying new drilling and an outline of the A$4000 Pit Shell   Once considered a modest contributor, Dingo is quickly emerging as a potential game-changer (Figure 2). The recent drilling has intersected zones of high-grade mineralisation above historical averages, reinforcing Ausgold’s confidence in expanding and upgrading the existing 434koz @ 0.94g/t Au resource. “The grade and width of the results from Dingo is particularly encouraging,” noted Executive Chairman John Dorward. “These high-grade and shallow intercepts indicate the potential for a more meaningful contribution to the overall project.” Lukin: Steady but Modest Figure 3 – Geological map of the Lukin prospect (KGP) Southern Zone with new drilling and results highlighted Drilling at Lukin focused on both extending the existing resource and exploring for new lodes (Figure 3). Results remained consistent with previously defined shallow mineralisation, but no new significant lodes were intersected. Despite this, potential still exists in untested southern extensions , although Ausgold is now shifting its near-term focus to higher-grade targets elsewhere, including Datatine and Jinkas.   Grasmere: Confirmation of Host Stratigraphy Figure 4 – Prospect-scale geological map of the Grasmere Prospect with drilling   Located 7km southwest of Dingo, the Grasmere prospect (Figures 4 and 5) revealed a promising 8km gold-in-soil anomaly . The first phase of EIS co-funded drilling confirmed the presence of KGP-style host rocks and returned shallow intercepts of up to: 3m @ 0.31g/t Au (incl. 1m @ 0.52g/t) 9m @ 0.13g/t Au 6m @ 0.16g/t Au Figure 5 – Prospect-scale geological map of the Grasmere Prospect with drilling.   Near-Term Catalysts (1H 2025): Results from high-grade drilling at Datatine  (intercepts >4g/t Au) (Figure 5) Results from regional prospects  along the Stanley Thrust Feasibility Study updates  for the KGP Land tenure and access updates Concluding Comments from Samso The latest results from Ausgold demonstrate a significant uptick in the resource potential of the Katanning Gold Project . With high-grade, shallow intercepts at Dingo and ongoing drilling at Datatine and across regional targets, the company is strategically positioned to deliver meaningful resource growth and economic upside . As I mentioned in my article ( AusGold Limited (ASX:AUC) - The Making of A New Boddington Gold Miner - The Katanning Gold Project ), I am confused as to why this aspiring gold company is not closer to being a producer. Ausgold now has a market capitalisation of just under AUD $190m, which would make this company "cheap" with the potential upside. Figure 6: The Ausgold Limited share price chart. (source; commsec) Looking at the share price journey (Figure 6) of the company , it has been a real steady rise to AUD $0.53 (01/05/2025). I think the rising gold price (Figure 7) is making any companies like Ausgold a prime target, especially when the rest of the market is suffering. The key now is the upcoming Feasibility Study that is expected soon. What is a good point to remember is that these drilling results are confirming the consistency of results, and the preparation for a future resource is not a bad thing. Figure 7: Gold Price chart over the last 5 years. (source: Trading Economics) The big question is now that Trump is "back-peddling" or is now "making deals", will the rising gold price start to recede? If it does, how far will it head back? Remember that when lithium was running, many investors felt that it was a situation that would have no negatives and look at it now. The gold price now looks strong and undefeatable, but I have seen it go from USD 420 to USD 252 in 1999. Figure 8: Gold price in 1999. (source: www.sdbullion.com ) What I have learnt in the investing game is that you are either a long-term investor or you better be the one who creates and manages the weather. If you are not both, you will get soaking wet when the storm comes and badly burnt when the heat rises. A long-term investor has a long average curve that protects them from the volatility. Happy Investing. 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 . 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