Announcement Drilling Commenced at Haddon Copper Prospect 30 September 2025 Encounter Resources Limited (ASX: ENR) has kicked off a 6-hole RC program at the Haddon copper prospect (formerly BM5) within its 100%-owned Yeneena Copper Project in the Paterson Province, ~50 km SE of Nifty, WA (Figure 1). The target sits on a major fault with coincident EM resistive response and prior aircore results that finished in gossanous, multi-element anomalism—an undercover setting analogous in style to nearby sediment-hosted copper systems and magmatic Cu-Au deposits. Figure 1: Yeneena Copper Project within the Encounter Paterson Province Copper Projects (source: ENR) Key Highlights - Searching for Copper RC drilling underway (6 holes) at Haddon to test a large EM resistive body in a favourable structural position. Three rigs operating across two provinces (Paterson & West Arunta), indicating sustained near-term news flow. Prior aircore intercepts at end-of-hole with strong multi-element anomalism, including 15m @ 21.8 g/t Ag, 1,729 ppm Cu, 1,342 ppm Pb, 452 ppm Zn, 350 ppm Co from 69m (23PTAC0109); elevated Ag (to 55.1 g/t) and Pd (to 24.7 ppb) support a gossan model. Petrography: goethite replacing zoned (bravoitic) pyrite—textures typical of hydrothermal systems, consistent with weathered expression of copper sulphides along faulting. Target concept: primary mineralisation potentially at depth near the apex of an anticline adjacent to the mineralising fault; Broadhurst Formation setting is analogous to Nifty, ~50 km NW. Executive Chairman, Will Robinson, Commented: “The Paterson Province in WA is already home to several large-scale sedimentary copper and magmatic copper/gold deposits. Despite this proven potential, extensive sand cover has limited the rate of new discoveries. Haddon stands out as a compelling undercover copper target. It sits in a classic structural setting for a sediment-hosted deposit with a coincident EM resistive body that may represent silica alteration linked to a mineralising event. This is supported by highly anomalous silver, copper, lead and zinc values associated with a probable gossan intersected in prior aircore drilling. Our copper-focused exploration team is now drill testing this target in parallel with the multi-rig program underway in the West Arunta. Encounter is operating across two outstanding mineral provinces, with strong news flow expected in the months ahead.” New Data The 6-hole RC drill plan targets the faulted corridor alongside the anticline’s interpreted core (Figure 2). Figure 2: Cross-section and drilling target at Haddon (source: ENR) A reasonable geological model vectors to depth, with mineralisation concentrated near the anticline crest and along the neighbouring mineralising fault (Figure 3). Figure 3: Haddon prospect exploration summary plan (1VD gravity) (source: ENR) Airborne EM mapping reveals additional fold axes and a low-conductivity belt (Figure 4) that sits over near-surface copper anomalism intercepted by several aircore holes—consistent with alteration related to a mineralising system. Figure 4: Haddon prospect exploration summary plan (VTEM 202m depth slice) (source: ENR) Why this target matters (geology & model) Gossan confirmation: Petrography on 23PTAC0109 (Figure 5) shows goethite after zoned pyrite—textures common in hydrothermal systems (including sediment-hosted base metals)—supporting the interpretation that aircore hit the weathered expression of copper sulphides. Structure + stratigraphy: The target sits within the Broadhurst Formation, adjacent to a major regional fault, a textbook setting for sediment-hosted copper in the Paterson. The model vectors toward primary mineralisation at the anticline apex near the fault. Geophysics: The EM resistive zone (mapped in the VTEM depth slice) aligns with near-surface copper anomalism—an alteration proxy that can be associated with mineralising fluids. Figure 5: Gossanous samples in chip trays from Haddon drillhole 23PTAC0109 (assays reported in release dated 5 March 2024) (source: ENR) Samso Concluding Comments The story at Haddon is looking interesting: structure (a major fault flanking an interpreted anticline), geophysics (a coherent low-conductivity/resistive feature), and geochemistry (gossanous, multi-element anomalism at end-of-hole in prior aircore). As we all know, it does not guarantee success, but it does justify putting RC holes into the core of the model rather than orbiting around the edges. The technical priority now is simple: test the anticline crest and the faulted corridor at depths where primary sulphides are plausible. In first-pass programs like this, downhole geology—sulphide descriptions, alteration intensity, veining, structures—often matters as much as assays. If the geology tracks the concept, vectoring the next collars becomes cheaper, faster, and smarter. Understanding the geology will negate any "issues" in the future. Encounter is now in a good position to test geology as funding will no longer be an issue. With the interest being generated from their "Carbonatite" story, this will be a great project to have in the background. Many great mineral projects are lost due to the simple fact of a lack of funding to sustain the discovery timeline. For investors, the near-term signals to watch are: drill results for the resistive body in regards to sulphides or strong alteration in chips. In addition, positive results supporting multi-element indicators such as Ag, Pb-Zn-Co pathfinders would be good. How quickly the team cycles into follow-up holes if the first hits are encouraging would be encouraging, although this will depend on the Company's progress in the Arunta. The simple truth is very simple, the need to see that the RC holes are converting weathered expressions into evidence of primary mineralisation. Projects are always about uncovering targets, and they are always tend to be binary—either the structural trap and fluid pathway line up at depth, or they don’t. Haddon is now at that critical “proof” juncture. As always, track the primary data and let the geology, not the narrative, lead the conclusion. As always, DYOR. The Samso Way – Seek the Research Always go back to the source figures, logs, and tables in the original release and track how drill data confirm—or refute—the model. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Silver Identified Ahead of Drilling 15 October 2025 Orange Minerals NL (ASX: OMX) has released new surface sampling results from the Lennon’s Find polymetallic project in the Pilbara, with rock chips returning standout precious and base-metal grades along a 4.5 km mineralised corridor (Figure 1). The company is moving to a single 650m diamond hole in early November to directly test a pronounced induced polarisation (IP) anomaly interpreted as a potential feeder to the known zinc-lead-silver system. Figure 1: Lennon’s Find Project location (source: OMX) Highlights - A Silver Story? (Figure 2) Rock chips confirm high-grade mineralisation along 4.5 km trend, including: 2,948 g/t Ag, 3.55 g/t Au, 17.4% Pb (sample OLRS38) 746 g/t Ag, 3.4% Cu (OLRS22) 5.5 g/t Au & 22.4% Pb (OLRS35) 583 g/t Ag, 5.29% Cu & 5.70% Zn (OLRS20) First deep test of the system: 650 m diamond hole scheduled for early November to drill the centre of a strong IP anomaly beneath the near-surface resource. EIS support: WA Government Exploration Incentive Scheme grant of A$110,930 to part-fund the program. Existing resource at surface: 1.55 Mt @ 5.9% Zn, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, 84 g/t Ag (near-surface; no prior deep drilling). Figure 2: Lennon’s Find Project conceptual VHMS model. (source: OMX) Orange Minerals Managing Director, Mr Chris Michael, commented: “The rock chip sampling has continued to confirm the strength of the mineralised corridor and refined our understanding of the system’s geometry. The upcoming 650-metre diamond hole will directly test the centre of the IP anomaly, which we interpret as the potential feeder zone of a larger VMS system beneath the surface.” Project snapshot Location: Lennon’s Find, ~75 km SE of Marble Bar, Pilbara, WA (M45/368). Style: stratiform, lenticular VMS-style Zn–Pb–Cu–Ag–Au associated with barite, hosted in the upper Duffer Formation (Warrawoona Group) beneath/near the Apex Basalt contact. Known deposits along strike: Grey Nurse, Tiger, Hammerhead, Mako, Bronze Whaler (evenly spaced along the ~4.5 km corridor). Resource (near-surface): 1.55 Mt @ 5.9% Zn, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, 84 g/t Ag. Planned work: single 650 m diamond hole in Q4 2025 (early November start) to test the deep IP target below Hammerhead. What’s new on the ground (Figure 3) Orange collected 35 new rock chip samples to validate historical work and infill gaps where the mineralised surface expression thins or is offset by NE–SW faulting. Figure 3: Rock chip locations along the 4.5km mineralised trend identified at the Lennon’s Find Project. (source: OMX) The best values include peak assays of Ag 2,948 ppm, Au 5.50 ppm, Cu 5.29%, Pb 22.40%, and Zn 5.70% (Figure 3). Sample locations and significant results are compiled in Table 1. Table 1. Lennon’s Find Project significant rock chip assays. November diamond drill program (first deep test) Hole: 650 m diamond tail to test the centre of the IP anomaly situated beneath the existing resource in the Duffer Formation. Target concept: a VMS feeder zone below zinc-barite-rich gossans that may represent distal expressions of a deeper core. Rationale: the September 2024 IP survey—extending earlier 2018 work and preceded by soil geochemistry—defines an anomaly coincident with a linear magnetic trend and an overlying fault, increasing prospectivity. Geophysical & geochemical framework (why the hole is where it is) (Figure 4) IP anomaly: pronounced response directly beneath near-surface mineralisation and resource outlines. Magnetics & structure: IP high is coincident with a linear magnetic feature and a mapped fault zone. Soils: historical soils (Laconia 2012; 134 samples on 200 m spacing) show zinc anomalism tracking the main gossan trend (to 1,470 ppm Zn), with Cu–Au elevation influenced by mafic units and structures—supporting the drill targeting (Figure 4). Figure 4: Lennon’s Find historical soil geochemistry. (source: OMX) About Orange Minerals NL OMX is positioned in proven belts with a near-term focus on advancing a concentrated set of gold, base-metal, and critical minerals targets. The Company’s strategy is rapid, aggressive exploration across key assets, currently prioritising: NSW: Calarie & Wisemans Creek (gold/base metals) WA: Majestic/Kurnalpi (gold), Lennon’s Find (base metals), and Mulga Rocks (uranium/critical minerals) Samso Concluding Comments Orange is an intriguing story of lots of little projects and some potential corporate moves that are clearly observed with the recent share price movements (Figure 5). The Lennons Find project does show some interesting geology, and the delivery of high-grade silver is interesting; however, as I am highlighting, the recent share price movement for what I call substandard projects is more important. Figure 5: The share price chart for OMX as of the 24th October 2025. (source: Commsec) I am not indicating that the present projects are not good, I am just alluding to the fact that the recent share price movement is not reflecting the news that has come out from the projects. What one thinks of this comment should be part of your DYOR process. Look at the path that most of the company stories have evolved, and you will see a similarity. Is there a silver project developing at Lennons Find, or is there something that may come and add to the portfolio? Look out for our upcoming Samso Insights, where we will discuss some of these types of projects. Let's see if the news develops before the release of our thoughts. In the meantime, keep doing your DYOR. The Samso Way – Seek the Research Read the source document, scrutinise the tables, maps, and methods, and let the data—not the narrative—shape your conclusion. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Exploration Update over WYX Gallium Projects in WA 21 October 2025 Western Yilgarn Limited (ASX: WYX) has kicked off ground-exploration planning over two gallium targets in Western Australia—Ida Holmes Junction (Figure 1) and New Norcia—building on very high-grade rock chips and historical aircore intercepts. The Company also confirms a newly granted exploration licence at New Norcia and outlines imminent on-ground reconnaissance, including helicopter follow-up over Ida Holmes Junction. Figure 1: The location of the Ida Holmes Junction Project, WA (source: WYX) Highlights - A Evolving Gallium Story With Substance Systematic exploration now planned at Ida Holmes Junction to follow up high-grade gallium delineated in June 2025; helicopter-borne reconnaissance slated to commence this month. Mineralisation remains open in all directions. Two mineralised zones mapped across E36/1020 and E36/1080, ~21 km apart. Rock chip assays up to 195.5 g/t Ga (262.79 g/t Ga₂O₃), with multiple high-grade samples including 146.0 g/t, 135.5 g/t, 117.5 g/t, and 97.9 g/t Ga. New Norcia (E70/6705) granted in the Darling Range Bauxite Mineral Field, ~25 km north of the Julimar West Bauxite Resource Project; land-access negotiations underway to enable drilling. Historical aircore (New Norcia) shows near-surface gallium: ABAC002: 9 m @ 95.83 g/t Ga₂O₃ from surface ABAC003: 2 m @ 134.3 g/t Ga₂O₃ from surface ABAC007: 6 m @ 110.24 g/t Ga₂O₃ from surface ABAC008: 9 m @ 110.28 g/t Ga₂O₃ from surface ABAC009: 4 m @ 95.61 g/t Ga₂O₃ from surface ABAC011: 8 m @ 90.22 g/t Ga₂O₃ from surface. Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos commented: “We have commenced a systematic exploration planning program targeting high-grade gallium mineralisation across both the Ida Holmes Junction and New Norcia Projects in Western Australia. Field activities are expected to commence later this month, with helicopter-borne reconnaissance planned to follow up the highgrade gallium mineralisation previously delineated at Ida Holmes Junction. In parallel, with the New Norcia tenements now granted, the Company has initiated negotiations for land access agreements to enable the commencement of drilling programs aimed at testing the depth and strike continuity of the historically defined high-grade gallium mineralisation associated with bauxite.” Why this matters now — policy and market context On 20 October 2025, the U.S. and Australian governments announced support to advance a gallium plant at Alcoa’s Wagerup alumina refinery in WA, targeting ~100 tpa gallium output via a JV structure that includes Japan Australia Gallium Associates (JAGA/Sojitz)—as published here: Governments Announce Support For Alcoa’s Gallium Critical Mineral Development Project In Western Australia (10/20/2025) The parties are targeting 2026 for FID and initial production, underscoring sovereign-supply priorities for a semiconductor-critical metal historically concentrated in a single global source. For WYX, which is exploring gallium tied to lateritic/bauxite systems, this policy tailwind signals a growing industrial pathway in WA—from discovery to local processing/offtake—should continuity and scale be demonstrated. Ida Holmes Junction – follow-up over high-grade rock chips (Figure 2) WYX’s planned program aims to extend and better define the newly identified mineralised zones at Ida Holmes Junction, with reconnaissance to refine targets and test strike continuity. The presence of multiple, widely separated high-grade rock-chip results (including 195.5 g/t Ga) indicates scale potential, and the Company notes the system remains open. Figure 2: E36/1020 high-grade gallium rock chip results (source: WYX) New Norcia (E70/6705) – granted tenure with historical shallow gallium hits (Figure 3) With E70/6705 now granted, WYX is moving on access agreements to enable drilling programs that will test depth and strike of historically defined gallium (noted as associated with bauxite). Located within the Darling Range Bauxite Mineral Field and in proximity (~25 km) to the Julimar West Bauxite Resource Project, it provides geological context and operational synergies. Figure 3: Location of Significant Gallium Drilling Intersections within E70/6705 (source: WYX) Bauxite resource context across WYX projects WYX’s Global JORC (2012) Inferred bauxite resources total 205.0 Mt @ 34.1% total Al₂O₃ and 23.7% total SiO₂ (Julimar West, Cardea 2, Cardea 3). A supplementary table using Bomb Digest reports 43.1 Mt @ 30.7% available Al₂O₃ and 6.43% reactive SiO₂ (Cardea 2, Cardea 3, New Norcia). These data frame New Norcia’s bauxite-gallium context. Samso Concluding Comments The WYX bauxite is developing into something much larger than my first thoughts. As the ASX market reacts to the whole Gallium story, what is underlying the business is not a standalone mining proposition. The Gallium story is more about being the byproduct of the Bayer process in the bauxite refinery. In our last Samso News, we made the comment that the business of bauxite in Western Australia is all about logistics and the ability to move the ore to a processing facility. When you take that into consideration, the Western Yilgarn projects are ideally located for this narrative. I can see that the Alcoa story has sparked a lot of interest in the share price. Speculators would pay to be cautious and follow the facts. In saying that, I do think that Alcoa will have a lot less stress with the anti-bauxite mining fraternity if they look at the Western Yilgarn potential. Figure 4: Western Yilgarn share price chart as of 23rd October 2025. (source: CommSec) The recent news with Alcoa will be the main theme only because this will give Alcoa more reasons to "talk" to Western Yilgarn. This is one of the no-brainer situations. What is not certain is the conclusion of any discussion, and what is not certain is any discussion of the metallurgical issues that the project may have. The Gallium grade that Western Yilgarn has been releasing is consistent with all known Australian bauxite, and there is no reason why there will be any major differences in the geology or future processing issues. I do not doubt that the recent statement from Alcoa in regards to a Gallium refining process in Australia is going to draw a lot of spotlight to the Western Yilgarn story. There is still caution to consider for shareholders and any potential investors, but this is definitely what I would call a #SAMSODYOR. The Samso Way – Seek the Research Read the primary documents, verify the assays and tenure details, and build your own conviction — #SamsoDYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement HPA Project, Next phase of commercialisation underway 7 October 2025 Andromeda Metals Limited (ASX: ADN) has advanced its High-Purity Alumina (HPA) strategy, initiating pilot-scale testwork to move its proprietary flowsheet from batch trials into continuous production— using refined kaolin feedstock from the Great White Project (Figure 1)—a key step flagged in the recent HPA Scoping Study. The program’s objective is to generate commercial samples of 4N HPA for potential customers and to provide data inputs for the next feasibility phase. Figure 1: The Great White Project (source: ADN) Highlights - The HPA Story Pilot-scale testwork initiated to optimise Andromeda’s innovative HPA flowsheet for continuous production (Figure 2). Figure 2: Andromeda’s Innovative Technology (source: ADN) Commercial 4N HPA (99.99%) samples to be produced in multiple forms (amorphous → crystalline; gamma → alpha) for customer evaluation. Feedstock: refined kaolin from the Great White Project. Pilot outcomes to inform future feasibility studies and generate an amorphous silicate by-product for further value assessment. Update follows the HPA Scoping Study (18 Sep 2025) and 4N HPA breakthrough (1 May 2025) noted by the Company. Sarah Clarke, Andromeda’s Acting Chief Executive Officer, commented: “We are excited to progress the HPA Project to the next stage of commercialisation, with the production of commercial samples of 4N HPA designed not only to demonstrate the technology in continuous process but also generate commercial samples for engagement with potential customers.” “The production of HPA represents a high-value, strategic growth opportunity that complements our premium kaolin product offering from the Great White Project. It also positions Andromeda to expand into the critical minerals sector, enhancing our product portfolio and exposure to emerging markets.” What’s new on the ground Andromeda has kicked off pilot-scale testwork to shift its HPA process from prior batch runs—which achieved up to 99.9985% purity—into a continuous operation, validating the flowsheet at an intermediate scale and producing commercial-grade 4N samples for market evaluation. The pilot will use refined kaolin from the Great White Project as feedstock and is designed to deliver product-form flexibility (amorphous → crystalline gamma → alpha) to meet different end-use specifications. In parallel, the program will inform future feasibility studies and produce an amorphous silicate by-product for further assessment. Project snapshot & process (Figure 3) Input: refined kaolin from Great White. Process goal: optimise an innovative flowsheet under continuous conditions. Output: 4N HPA in varied forms for market sampling. By-product stream: amorphous silicate to be analysed for potential value. Commercialisation lane: pilot → feasibility inputs + customer engagement via samples. Figure 3: Great White → De-risked and construction-ready (source: ADN). Why this matters Management positions HPA as a strategic, high-value growth avenue that complements premium kaolin and extends ADN’s exposure to critical minerals markets, with the pilot aimed at both technical de-risking and customer-led validation through delivered samples (Figure 4). Figure 4: HPA End Use Markets (source: CRU via ADN) Next steps (Figure 5) Pilot execution & optimisation: evidence of stable continuous runs and reproducible quality. Sample logistics: timing, number of counterparties, and feedback from potential customers on product specs. Feasibility inputs: how pilot data feeds into the next study phase (design, capex/opex refinement, QA/QC envelopes). By-product work: analysis of amorphous silicate for market applications (if any). Figure 5: Andromeda’s Next steps: pilot testwork → customer engagement → market definition → PFS → development & funding (subject to funding/approvals). (source: ADN) Samso Concluding Comments This reads as a pivot from proof-of-concept to pilot-ready execution: taking a lab-validated flowsheet into continuous mode and putting real samples in front of customers. The product-form flexibility (amorphous → gamma/alpha crystalline) matters because end-use specs drive value in HPA markets. From here, technically and with our very low level of understanding the HPA sector, the quality and consistency of 4N output—and customer feedback—will tell us whether ADN’s process can translate efficiently into feasibility inputs. The mention of an amorphous silicate by-product is worth tracking; any credit or offtake around by-products can sharpen project economics. Investors should look out for pilot run metrics (uptime, impurity control, yield), sample acceptance cycles, and how quickly pilot learnings filter into a sharper feasibility case. That cadence will frame the commercialisation timeline and the credibility of any future offtake dialogue. Figure 6: Andromeda’s share price chart as of 17th October 2025. (source commsec) The market (Figure 6) is definitely responding to the news, but I am not sure if there is much meat to the announcement. I am trying very hard to get ADN onto a Coffee with Samso and allow us to get a better understanding of the narrative. The Samso Way – Seek the Research Read the source documents, track the figures, and challenge the narrative—only evidence earns conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Drilling Commenced at Western Queen Project 7 October 2025 Rumble Resources Limited (ASX: RTR) has kicked off a ~20,000 m diamond program at Western Queen (Figure 1), with two DDH1 rigs chasing high-grade down-plunge gold beneath the South and Central pits while advancing sub-parallel tungsten lodes. The work targets growth/upgrade of the 370 koz @ 3.1 g/t Au MRE and builds on the 13.2 kt WO₃ tungsten MRE, supported by geotech and metallurgy (+93% historical Au recovery). The first rig started on 4 Oct, the second lands mid-Oct, with drilling to Feb 2026 ahead of an early-2026 MRE update. Figure 1: Location Plan of the Western Queen Gold Project (source: RTR) Peter Harold, Managing Director and CEO commented: “We are delighted that DDH1 has been able to mobilise a rig so quickly and get this major drill program underway. The program has three main aims which are to: • discover more gold resources down-plunge of the known resources at both Western Queen South and Central; • upgrade some of the existing Inferred Resources into the Indicated category; and • discover more high-grade tungsten resources. The drilling will also allow us the opportunity to do a geotechnical review of the ground conditions in the vicinity of the proposed portal and decline for the underground. We look forward to providing shareholders with regular updates on the drilling and assay results as they come to hand.” Highlights - Gold and Tungsten Story Up to 20,000 m diamond program now underway (DDH1 providing two rigs) targeting high-grade down-plunge gold extensions at Western Queen South and Central. Program designed to grow the Western Queen gold MRE: 3.72 Mt @ 3.1 g/t Au for 370 koz Au (current) (Figure 2). Infill drilling at Western Queen South to upgrade part of 2.32 Mt @ 2.66 g/t Au for 198.9 koz from Inferred → Indicated. Concurrent focus on tungsten lodes sub-parallel to gold over ~1.5 km strike between the South and Central pits; aim to grow/upgrade maiden WQ tungsten MRE: 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃, including a higher-grade domain 1.44 Mt @ 0.51% WO₃ for 7.4 kt WO₃. Geotech: two holes to assess ground conditions for the proposed underground portal/decline. Metallurgy: selected core to confirm +93% historical gold recoveries across WQ South & Central. Timeline: first rig started 4 October 2025; second rig mid-October; program targeted to be completed by February 2026, with basis for a revised MRE in early 2026. Figure 2: DDH1 Drilling rig at Western Queen South (source: RTR) Project Snapshot Western Queen is Rumble’s near-term development focus, with ongoing resource growth through targeted drilling of high-grade shoots below existing pits (Western Queen South & Central) and parallel tungsten lodes. The current gold MRE totals 3.72 Mt @ 3.1 g/t Au for 370 koz, and the tungsten MRE totals 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃, as detailed in the Company’s July/August 2025 updates. Work program (what RTR is doing now) Step-out diamond drilling down-plunge at WQ South & Central to chase high-grade gold extensions (Figure 3). Infill at WQ South to re-classify Inferred → Indicated, supporting potential mining studies (subject to permits, ore sales/tolling, and other conditions for FID). Tungsten drilling to expand/upgrade WO₃ resources and refine the controls/timing of mineralisation for local and district-scale targeting. Geotechnical holes at the proposed portal/decline location. Met testwork using selected diamond core to validate historical +93% Au recovery. Figure 3: Western Queen Long Section showing target areas below Western Queen South and Central deposits (source: RTR) About Rumble Resources Limited Rumble Resources Ltd (ASX: RTR) is an Australian exploration company listed since July 2011, focused on adding value through selected WA mineral assets and disciplined acquisitions. Its portfolio includes the Western Queen Gold Project—being advanced for near-term cash flow with ongoing resource growth—and the Earaheedy Zn-Pb-Ag discovery, underscoring the team’s capability to find large-scale orebodies. Samso Concluding Comments Rumble’s Western Queen program reads as a sensible, staged de-risking exercise: step-outs to test the depth and continuity of high-grade gold, infill to lift resource confidence where it matters for studies, and parallel holes to define the tungsten lodes that sit within the same mining envelope. Adding geotech at the portal/decline location and fresh metallurgy to validate historical recoveries is exactly the kind of groundwork that shortens the path to credible mine planning. From an investor's lens, the drilling results need to stack up. As Samso has been following the Rumble story since March 2025 with a Samso Insight article, the story has been very inconsistent, which is probably more about the messaging than potentially the technical narrative. I do feel that the tungsten is not significant enough to add value, but what I will say is that a step back to look at the bigger picture may be a better path forward. The problem in doing that is that the market is hot to trot, and it needs stories and a marketable pathway. This is always a bad situation to be in, as the market needs will always win, and this may be to the detriment of the project, in terms of finding a more economical story for Western Queen. In my opinion, the bigger picture for Western Queen is that it is a brownfields system with known high-grade gold and now a tungsten vector that could prove strategically useful if drilling does what the targeting suggests—more ounces where the infrastructure already is, plus a maturing tungsten inventory—the project steps closer to study-ready status and a resource update that can re-frame the development conversation. DYOR and keep your eyes on the details as Rumble slowly unfolds this story to the ASX. The Samso Way – Seek the Research Anchor every view to the source—read the ASX, check the figures and tables, verify assumptions—and let the data, not the noise, drive the conclusion. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Kilometre-scale anomalies identified at the Murphy West 7 October 2025 DevEx Resources Limited (ASX: DEV) has put a clear frame around the Murphy West story: first-pass soils are lighting up kilometre-scale, multi-element pathfinder halos across radiometric and structural targets on the southern margin of the McArthur Basin (Figure 1), echoing the Junnagunna orientation model where Pb–Cu–Be mark buried uranium. The update is methodical—boots-on-ground sampling to tighten anomalies now, drill permitting underway, and a defined catalyst window with shallow multi-target drilling flagged for the 2026 field season. Figure 1: DevEx’s NT Uranium Projects surrounding the uranium-endowed margin of the McArthur Basin (source: DEV) DevEx Managing Director, Todd Ross, commented: “These early results have already highlighted several exciting large-scale uranium targets, analogous to both the Westmoreland and Alligator River uranium deposits, for further follow-up. As results continue to be received, and our targeting confidence builds, we look forward to transitioning to our first phase of drilling at Murphy West. “DevEx has a dominant footprint in the McArthur Basin – which has strong geological similarities to the world-class Athabasca Basin in Canada – home to some of the world’s biggest uranium mines. Between our district-scale Murphy West Project and advanced Nabarlek Project we are continuing to advance towards our goal of making a company-changing uranium discovery in Northern Australia.” Highlights - The Developing Uranium Story. First-pass surface geochemistry at Murphy West has outlined several kilometre-scale multi-element anomalies coincident with radiometric/structural targets defined by 2024 airborne surveys. >650 soil samples collected; ~450 assays received so far, with results continuing to arrive as follow-up sampling expands priority targets. Pathfinder suite (Pb–Cu–Be) observed in soils above target areas, analogous to geochemical responses over the Junnagunna uranium deposit at Westmoreland (Laramide Resources Limited’s (ASX: LAM). Drill permit applications are being prepared; shallow multi-target drilling scheduled to commence ~April 2026 (start of the 2026 field season). The McArthur Basin—DevEx’s broader focus area—is considered highly prospective for large-scale unconformity-type uranium systems and is compared with the Athabasca Basin (Canada) in terms of endowment potential. Geology & Target Model in Brief The targets sit on-strike with the same stratigraphy that hosts major uranium to the east—most notably Laramide’s Westmoreland deposit in Queensland (65.8 Mlbs U₃O₈; see Figure 2)— supporting geological continuity and prospectivity along the southern margin of the McArthur Basin. Murphy West is testing both: 1. Unconformity-style targets near the Westmoreland Conglomerate unconformity, commonly associated with magnetic features; and 2. Westmoreland-style targets within or overlying the Westmoreland Conglomerate, locally influenced by favourable fault offsets. Airborne work (2024) and first-pass soils have outlined multiple, large priority anomalies—up to ~2 km—now being ground-truthed. Figure 2: Murphy West — field investigations testing airborne radiometric anomalies. (source: DEV) What’s new on the ground? DevEx is executing a methodical, boots-on-ground soil program to test radiometric and magnetic anomalies generated by the 2024 airborne survey. Priority anomalies overlie flat terrains masked by surficial regolith/transported cover (Figure 3), making soil geochemistry an effective vectoring tool where radiometric signatures can be subdued. Figure 3: Area G — first-pass soil geochemistry showing kilometre-scale pathfinder anomalies with radiometric/structural targets. (source: DEV) Early results show coincident pathfinder responses aligning with the company’s target models (Figure 4). Figure 4: Area A — first-pass soil geochemistry with similar pathfinder footprints. (source: DEV) Why the pathfinders matter (Junnagunna analogue)? DevEx completed an orientation soil/vegetation survey at Junnagunna (with Laramide’s support), demonstrating that although U is not anomalous in surface soils, a characteristic pathfinder halo (including Pb, Cu, Be) reliably marks buried uranium (Figure 5) beneath Siegal Volcanics and surficial cover. The same pathfinder response is now observed at Murphy West over select targets, strengthening the analogue. Figure 5: Orientation soil geochemistry at Junnagunna pinpointing mineralisation with pathfinders (source: DEV) Taken together, the orientation work supports a covered-uranium model where pathfinder halos vector to mineralisation beneath transported cover (Figure 6). Figure 6: Junnagunna summary cross section (Polito & Kyser, 2005). (source: DEV) Next steps & timeline October–November 2025: Additional surface sampling to expand the coincident targets; receipt of remaining assays and integrated review. Regulatory: Drill permit applications being prepared for multiple target areas. Field Season 2026 (~April start): Shallow, multi-target drill program to test the highest-priority anomalies. Samso Concluding Comments Murphy West is shaping up to be an interesting proposition for DEV. First-pass soils are mapping out kilometre-scale pathfinder footprints over radiometric and structural targets along the McArthur margin, and the Junnagunna orientation work gives the model teeth: Pb–Cu–Be can light the way where uranium itself won’t show at surface. That’s the kind of signal you want in covered terrain. For me, the near-term work is all about completing the soil coverage, tightening the anomaly geometries, and converting the best footprints into permitted collars. Management is indicating a window in the 2026 field season for shallow, multi-target drilling, while near-term catalysts are additional assays, refined target maps, and permitting updates. This is a uranium play and its early stage of exploration. Investors or potential investors need to consider the timeline is not short. With the market being so hot in gold, this will be interesting as narratives are pointing to favourable market expectations for uranium stories in 2026. The Samso Way – Seek the Research Follow the data, verify the sources, and let evidence—not hype—shape your investment view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Discovery of the Anticancer Mechanism of (EE)-bisantrene 2 October 2025 Race Oncology Limited (ASX: RAC) has reported a pivotal mechanistic discovery: its lead molecule (E,E)-bisantrene (RCDS1) (Figure 1) primarily exerts anticancer activity by binding and stabilising G-quadruplex (G4) structures in DNA and RNA—not via an anthracycline-like pathway. The Company positions this as a step-change for clinical strategy, biomarker development, and partnering. Figure 1: (E,E)-Bisantrene – Chemical Structure (source: RAC) Bisantrene – Chemical Struct Key Highlights - An Anti-Cancer Story 1. Primary MOA redefined: RCDS1 binds and stabilises G4 DNA/RNA structures that regulate oncogene expression, including the master regulator MYC (Figure 2). This differentiates RCDS1 from doxorubicin-like chemotherapeutics. Figure 2: Model of RCDS1 (E,E-bisantrene) binding to the G4 DNA structure found within the promoter region of MYC. (source: RAC) 2. Mechanistic clustering: Across 102 cancer cell lines and 195 drugs, RCDS1 clustered with G4-binding agents (e.g., actinomycin D), not with anthracyclines (Figure 3). Figure 3: Cluster analysis of the anticancer responses of 195 drugs across 102 cancer cell lines showing that RCDS1 (E,Ebisantrene) is similar in mechanism of action to the G4-DNA binding drug actinomycin D. (source: RAC) 3. Downstream effects consistent with G4 binding (Figure 4): • Inhibition of topoisomerase II and telomerase • Reduction in activity of oncogenes (e.g., MYC, c-KIT, KRAS, TERT, EGFR, BCL2, VEGF, HIF1A, MYB, PDGFA) • Indirect increase in m6A RNA levels (via MYC/FTO/ALKBH5 axis and G4-RNA effects on METTL3/METTL14). These collectively support anticancer efficacy and resistance modification. Figure 4: Binding of RCDS1 to G4-DNA and RNA structures causes multiple downstream anticancer effects. (source: RAC) Context on MYC: MYC is overexpressed/dysregulated in ~70% of cancers and remains historically “undruggable”; G4-promoter targeting offers an indirect route to dampen MYC signalling (Figure 5). Figure 5: Ligand binding to the MYC gene G4 promoter region causes a downregulation of MYC expression, resulting in reduced oncogenic signalling, cancer growth and anticancer therapy resistance. (source: RAC) 5. Direct MYC signal: Race reports dose-dependent downregulation of MYC shortly after RCDS1 treatment (example shown in MDA-MB-231 cells; EC50 ~322.5 nM) (Figure 6). Figure 6: Expression of the MYC gene is dose-dependently downregulated by RCDS1 in MDA-MB-231 breast cancer cells. (source: RAC) 6. Clinical & commercial implications: • Better indication selection and rational combinations • Biomarker development to predict responders (MOA-linked pharmacodynamics) • Stronger regulatory submissions (mechanism-informed) • Improved partnering probability with large pharma. 7. Operational update: Race hosted a webinar on Wednesday, 8 October 2025 at 6 pm AEST to explain the discovery. 8. m6A RNA regulation schematic: m6A is a reader-mediated RNA mark that tunes splicing, export, translation, and mRNA stability (Figure 7). Figure 7: Levels of m6A in RNA provide multifaceted regulation of gene expression. m6A levels affect transcription, alternative splicing, alternative polyadenylation, nuclear export, cap-dependent and cap-independent translation, mRNA degradation, and mRNA stabilisation. A diverse set of reader proteins that selectively bind m6A, either directly or indirectly, mediate the many effects on gene expression. (source: RAC) Race Oncology CEO and Managing Director, Dr Daniel Tillett, commented: “The discovery (E,E)-bisantrene acts primarily by binding to G4-DNA and RNA structures, and not like the chemotherapeutic doxorubicin, fundamentally changes our thinking on how to best use this drug in the clinic. Bisantrene continues to surprise, and we look forward to building on this mechanism of action discovery in our future clinical and commercial plans.” What Changed & Why It Matters Historically, bisantrene was assumed to function like anthracyclines based on early-era data; modern profiling and literature-guided experiments redirected the hypothesis to G4 targeting. This updated MOA explains clinical observations (e.g., differing toxicity profile) and gives Race a mechanism-anchored roadmap for: selecting tumour sub-types, designing combinations (including with doxorubicin for anticancer plus cardioprotection aims), and building predictive biomarkers. Next Steps Extend preclinical work on G4-DNA/RNA binding, efficacy, and resistance pathways. Prioritise cancer indications and rational drug combinations for clinical testing. Define commercial market opportunities and required clinical trials. Publish MOA studies (journals/conferences). Investor webinar: 8 Oct 2025, 6 pm AEST (registration link in announcement). Samso Concluding Comments This is a reframing of the bisantrene story. Moving from an assumed anthracycline-like profile to a G-quadruplex–first MOA, with downstream m6A effects and a clear link to MYC biology, gives Race a sharper scientific narrative and a cleaner line of sight to indication selection. Mechanism clarity does not de-risk everything—but it does reduce ambiguity around why and where the drug should work. According to Race Oncology, a G4/MYC thesis naturally prioritises tumour settings where MYC programs are active and measurable, and it encourages combinations that exploit transcriptional stress or RNA metabolism. The m6A/reader engagement provides practical pharmacodynamic hooks that can be built into early trials—allowing faster “learn-and-kill” cycles rather than long, unfocused studies. As one takes a look at the share price chart for RAC, there is no doubt that the market is now embracing the approval and "acceptance" path for the Race story. Is this the start of a larger pricing movement? One will have to DYOR and compare similar stories that have come before Race Oncology. Samso has been covering the Race story for a while now, and it is exciting to see the near quadrupling of its market value over that time. As always, do your own work. I think that if Race can link this MOA to clean clinical signals and a credible path to registration, the equity story strengthens materially. Having a real solution in the anti-cancer arena is definitely worth more than the current market capitalisation of Race at AUD $746M The Samso Way – Seek the Research Do your own research: start at the source, interrogate the figures, cross-check the literature, map claims to testable milestones—and let evidence, not enthusiasm, set your conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Strong Operational Momentum 2 October 2025 Category III CPT code application update 6 October 2025 Echo IQ Limited (ASX: EIQ) has delivered a concise update showing rising clinical usage for EchoSolv™ AS, clear progress on EchoSolv™ HF’s FDA pathway, and expanding commercial channels in the US and Europe. The near-term catalysts are anchored in actual hospital integrations, validation work nearing completion, and newly appointed US key opinion leaders guiding adoption. Chief Executive Officer, Mr Dustin Haines, commented: “Echo IQ continues to build strong momentum across all key workstreams. Achieving a consistent growth rate of echocardiogram processing with fully integrated EchoSolv AS US customers has underpinned strong momentum to date in the American market and highlights increased usage of our technology ahead of a broader scale up and sales push across a range of qualified leads.” “At the same time, our FDA submission pathway for EchoSolv HF remains firmly on track, supported by the pending completion of our Mayo Clinic validation study in the coming weeks. This data will form an important foundation for our FDA submission, which will follow in quick succession upon completion of the trial and marks the final regulatory piece prior to FDA clearance in the coming months.” 1.0 Strong Operational Momentum 2 October 2025 - Diagnosing Heart Disease Usage inflection in the US: Echocardiograms processed on EchoSolv AS at fully integrated US sites increased 153% from July–September 2025. Management frames this as a major milestone ahead of broader conversion activities. Global throughput: >90,000 echocardiograms analysed to date across trials and business development initiatives, underscoring platform scale. Regulatory path (HF): Mayo Clinic Platform validation is scheduled to complete this month, with FDA 510(k) submission for EchoSolv HF to follow shortly thereafter—the final step before clearance. Commercial channels: ◽ ScImage onboarding/integration completed; partner network spans ~1,200 US users. ◽ SARC MedIQ beta complete; reach across ~300 facilities and ~1,500 physicians. ANZ pilot momentum: 50,000+ retrospective echocardiograms analysed across Australia/New Zealand via a fully-funded pilot with a leading structural heart company. US KOL bench strength: Appointments of Dr Philippe Genereux (Morristown MC; structural heart authority) and Dr Asif Ali (University of Texas/Houston Cardiology Consultants; digital health/AI advocate) to drive adoption and integrations. EU expansion: Final-stage negotiations with a specialist distributor and pursuit of CE Mark to broaden the global footprint. Outcomes & economics: Health-economic study with NEDA underway to quantify mortality, hospitalisation, surgical trends, and system cost impacts from earlier AI-driven detection (AS/HF). Operational Update — US Adoption & Conversion Engagement with fully integrated US hospital groups has driven a 153% rise in processed echos (Jul–Sep 2025). Echo IQ is now advancing a conversion strategy across qualified leads, with final demos/beta testing ongoing at large hospital groups and clinics, and expects the usage uplift to begin flowing into revenue in Q4 CY2025 ahead of a broader CY2026 scale-up. Figure 1: Current sales & integration pipeline (source: EIQ) Regulatory — EchoSolv HF (FDA 510(k)) The Mayo Clinic Platform validation (via Mayo Validate) is slated to complete this month; data will underpin the 510(k) submission within weeks, marking the final regulatory piece prior to clearance. The addressable HF market is large, with significant US burden and under-utilisation of evidence-based therapies—supporting the commercial rationale for EchoSolv HF. Commercial Channels — ScImage & SARC MedIQ ScImage integration is complete, positioning EchoSolv within a ~1,200-user US workflow ecosystem (with added traction via the MedAxiom network). SARC MedIQ beta is complete, enabling access to ~300 facilities/~1,500 physicians and an active sales push across their network. Advisors — Clinical Influence & Site Access Dr Philippe Genereux (Structural Heart Program, Morristown Medical Center) and Dr Asif Ali (UT Houston/Houston Cardiology Consultants) join as strategic advisors, supporting US integration opportunities and regulatory submissions. Negotiations for integrations tied to these appointments are advancing within large US hospitals. ANZ Pilot — Scale & Quality Focus In Australia/New Zealand, 50,000+ retrospective echos have been analysed under a fully funded medical device pilot with a leading structural heart innovator, focused on quality assurance and patient recall programs that surface at-risk patients for further review. Europe — Market Entry & CE Mark Echo IQ is in advanced discussions with a specialist EU distributor and is pursuing CE Mark to enable broader regional commercialisation across AS/HF use cases. Evidence & Health Economics — NEDA Collaboration A health economic outcomes study with NEDA is underway to quantify mortality/hospitalisation impacts, intervention trends, and cost/resource utilisation benefits from earlier AI-led detection—evidence that can support adoption decisions by payors and providers. Next Steps Mayo validation completion (this month) → FDA 510(k) submission (EchoSolv HF) shortly after. US integrations via ScImage/SARC networks; ongoing demos/beta and conversion across qualified leads. EU distributor agreement finalisation and CE Mark engagement. NEDA health-economic study outcomes to evidence clinical and cost benefits. 2.0 Category III CPT code application update 6 October 2025 US reimbursement update: The AMA did not grant a Category III CPT code for EchoSolv™ AS (decision filed 3 Oct US time). According to the company, Echo IQ will consider a reconsideration request within 14 days, continue supporting customers via Miscellaneous Code 93799, and is engaging with the AMA on the proposed Clinically Meaningful Algorithmic Analysis (CMAA) AI code framework, anticipated to roll out in CY2026. Chief Executive Officer, Mr Dustin Haines, commented: “This is a frustrating outcome, however, we respect the AMA’s decision and their current stance around AI-based technologies. Despite this decision, we are confident that ongoing engagement with the regulatory body will help ensure that EchoSolv AS remains front of mind, particularly as new frameworks for AI-based technologies, such as the proposed CMAA codes are developed.” “While more robust reimbursement remains a key factor in our commercialisation journey, the Company is continuing to advance a number of initiatives, including expanding our commercial use with Miscellaneous Code 93799, regulatory engagement with the FDA for EchoSolv HF, expanded US deployments of the EchoSolv platform and partnerships which will strengthen the commercialisation of our technology. These parallel efforts leave Echo IQ well positioned to drive adoption and unlock long term value for shareholders.” Samso Concluding Comments The latest news is not the outcome that Echo IQ would prefer. As we all know in this sector, the line between being accepted and not accepted by the FDA can be very fine. It is also pertinent to remember that the decision does not mean that the technology is not valid. There is due process required and the company needs to do what it needs to do. Companies like EchoIQ do not present themselves to the FDA without knowing that their product holds up in concept and in practice. In regards to the story of Echo AI - Diagnosing Heart Disease, the company is continuing to highlight usage at integrated US sites is rising, the validation work for EchoSolv™ HF has defined endpoints and timing, and channel partners already touch meaningful clinical workflows. That combination—real usage + tight regulatory sequencing + existing distribution—is what typically separates intent from execution. Disregarding the setback recently, investors should keep their attention on three proof points: (1) sustained throughput growth at fully integrated sites; (2) the completion of the Mayo validation and the timing of the 510(k) submission for HF; and (3) tangible conversion from pilots and demos into paying deployments via ScImage/SARC networks. Each of these is measurable and should show up in the cadence of quarterly updates. Investors need to remember that the EchoSolv narrative is a proven concept from the company's point of view. So this may be the opportunity for shareholders to get in on the story at a market discount. Figure 2: The share price chart for EchoIQ Limited as of 14th October 2025. (source: commsec) As an investor, situations like this highlight a step in the decision-making when it comes to parting with your hard-earned money. Is this a misstep that will be recovered from is it a significant milestone that breaks the story? This is the decision that investors must make, and as I have always said, DYOR. The ANZ pilot and the NEDA health-economic work matter because adoption in cardiology isn’t won on algorithms alone; it’s won on workflow fit and clinical/economic outcomes. If EchoSolv continues to surface at-risk patients earlier and demonstrates reduced downstream costs, the conversation with providers and payers gets simpler. As always, none of this is a recommendation. Samso’s view is that the story is building the right way—evidence first, then scale. Track the milestones, read the primary documents, and DYOR. However, if you are chasing a discount, the time may be perfect for that investment strategy. The Samso Way – Seek the Research Work through the PDF, track each milestone to completion, and map revenue recognition against integration timelines and FDA/regulatory gating items. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Production Update - Quarter ending September 2025 Kaiser Reef Limited (ASX: KAU) has marked its first full quarter since acquiring the Henty Gold Mine, with reconciled production reported for 1 July – 30 September 2025. Alongside the steadying of Henty as the core asset, the quarter featured renewed activity at Maldon and a strategic transition at A1, setting a clearer operational footing across the portfolio (Figure 1). Figure 1: KAU - Multi-asset Tasmanian and Victorian gold producer (source: KAU) Highlights - A Gold Mining Story. Henty Gold Mine (processed & reconciled): 68,675 t processed (dry), 4.12 g/t head grade, 89.1% processing recovery, 8,115 oz Au produced. Portfolio activities in train: Maldon drilling commenced (results expected in October). Henty plant modifications largely completed; detox capacity upgraded; throughput trials to start with added crushing capacity. Henty Resources & Reserves update progressing; release targeted for October. A1 Gold Mine transitioning to care & maintenance. Bulk sampling of historical material underway at the Maldon Processing Plant. Kaiser Reef Managing Director, Jonathan Downes (Now Retired) , commented: “This has been a great quarter for Kaiser, marked by a successful first full quarter of ownership at the Henty Gold Mine, which produced well over 8,000 ounces of gold. Henty has solidified its position as our flagship production asset, and we are progressing on several fronts to realise continued upside from Henty. “Our portfolio-wide activities have progressed significantly. Exploration drilling at Maldon has recommenced, targeting zones under the Union Hill Open Pit, and we are working through multiple pathways to ensure that the Maldon Processing Plant remains operational and ready for future mining production. Whilst we have committed to transitioning the A1 Gold Mine to care and maintenance, overall, we think this will place the company in a much stronger position going forward and ensure we realise the inherent value of the historic Maldon Gold Project. With robust gold production, a strong pipeline of exploration and development opportunities and a solid balance sheet, Kaiser is well positioned to capitalise on a surging gold price. I’m very pleased with where Kaiser is now positioned, and we are well set for organic production growth. “ Operations & Activity — What’s Moving Henty (Tasmania): Production metrics above establish Henty as the current flagship producer within the portfolio (Figure 2). Processing upgrades (including detox capacity) and imminent throughput trials indicate a practical focus on plant performance and potential rate uplift. Henty has excellent infrastructure (Figure 2), with a grid-powered 300 ktpa SAG–CIL plant (≈A$100m replacement) staffed by 150+ locals, reliable water and power, sealed-road access and workshops, plus TSF capacity approved for ~2.5 years and permitting underway for ~6 more years. Figure 2: Henty – excellent infrastructure (source: KAU) Maldon (Victoria): Drilling has recommenced, initially targeting zones beneath the Union Hill Open Pit (Figure 3); historical material bulk sampling is also in progress through the Maldon plant to keep the facility operationally active ahead of future mine schedules. Results are expected in October. Figure 3: Maldon Victoria – prolific high-grade tenure (source: KAU) A1 (Victoria): The operation is moving to care and maintenance, a decision positioned by management as strengthening the Company’s forward footing and sharpening focus on value realisation at Maldon/Henty. What To Watch Next Maldon drilling results (October). Henty Resources & Reserves update (October). Henty plant throughput trials with additional crushing capacity. Operational readiness at Maldon via bulk sampling and plant utilisation. About Kaiser Reef Kaiser Reef is an ASX-listed gold producer-explorer with Henty (Tasmania), Maldon (Victoria), including the Union Hill mine and operating a 200,000 tpa plant, and the A1 Gold Mine (Victoria) is now moving to care & maintenance. Henty includes an underground operation and ~300,000 tpa processing plant. Samso Concluding Comments From a production lens, the headline is simple: Henty delivered a clean, reconciled quarter and now anchors Kaiser’s story. When a newly acquired asset settles quickly, it tells you two things: operational control is improving, and plant tweaks are starting to matter. The focus on practical upgrades and throughput trials points to incremental, low-risk lift rather than blue-sky promises, which is exactly what you want to see at this stage. Maldon adds the growth option that is both geologically sensible and infrastructure-aware. Drilling beneath established workings and keeping the plant “warm” via bulk sampling is a pragmatic way to shorten the path between discovery and milling—if the drill bit cooperates. The near-term cadence matters: results flagged for October will do the heavy lifting in converting potential into a pipeline, and they’ll tell us whether Maldon can step up from optionality to plan. Placing A1 into care and maintenance is a portfolio choice that is a very smart thing to do. Concentrate on what is making the money, and Henty is by far the best option. In my opinion, it is the only option at this time. What should investors track from here? First, the Henty reserves/resources update and how it squares with the production profile; Second, the outcome of plant throughput trials versus realised head grade and recovery; Third, the Maldon drill results and any follow-through targeting; and finally, balance-sheet flexibility to fund what works. My thoughts are that the reserves/resource update is going to happen, and it is going to add value to the current market capitalisation. People like Brad Valiukas are all about finding ounces, and he probably already knew where the ounces were before he took the reins of the project. Figure 4: Kaiser Reef share price chart as of 13th October 2025. (source: CommSec). The value of the company was always going to head north and figure 4 is a great example of the uplift in valuation for shareholders. My gut feeling is that this is going to happen again once the new numbers come out. With the Australian gold price at over AUD6,000/oz, someone like Brad would make a killing on the production ounces, and you will have very happy shareholders soon. With a current market capitalisation of just over AUD $181M and projecting 25,000 ounces annually, it is not that hard to see an uplift coming soon. The Samso Way – Seek the Research Start with the data, verify the claims, and let evidence—not headlines—shape your investment view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Record Sales Result of $2.4m in Q1 3 October 2025 The Calmer Co. International Limited (ASX: CCO) has reported the strongest quarter in its history with Q1 FY26 sales of $2.4 million, up 26% on Q4 FY25 ($1.9m). Growth was broad-based across Australian retail, the USA, and B2B channels, with additional funding commitments to support inventory and expansion. Samso has been following CCO’s journey for some time, particularly its pivot toward a retail-led mix in Australia, the building momentum on Amazon US, and steady B2B demand. Today’s update sits squarely within that trajectory—showing execution across multiple channels while putting additional capital behind inventory to meet reorder cadence. Key Highlights - The Kava Business Record revenue: $2.4m in Q1 FY26 (+26% vs Q4 FY25). Australia: $1.4m (+30%), led by Coles and Woolworths retail distribution. USA: $936k (+20%), supported by new Amazon US product formats. B2B: $290k (+20%), growth underpinned by partners including IMCD’s Network Nutrition. Funding: Secured commitments of $700k as Tranche 1 of a proposed $1.4m secured convertible note, to build wholesale inventory and support growth initiatives; management states the company remains on track to break even. Founder and CEO, Zane Yoshida, commented: “Our lower cost and more diversified sales and marketing strategies are now delivering growth across all channels. New product launches on Amazon USA are showing pleasing signs of the potential of this market. Australian retail sales remain extremely strong and more profitable than the eCommerce-led strategy originally used to penetrate the market. Meanwhile, eCommerce in both Australia and the USA, through the Acuity platform, continues to grow at a much lower investment level. Our B2B business, which now includes market-leading extracts at higher kavalactone concentrations, has also shown exceptional growth, underpinned by increasing orders from strategic partners and IMCD’s Network Nutrition. The renewed engagement from Applied Food Sciences and their participation in our recent funding further validates our strategy and highlights the global potential of kava.” Operational & Commercial Notes Management highlights a lower-cost, diversified sales and marketing strategy. Australian retail is described as more profitable than the earlier eCommerce-led approach; meanwhile, eCommerce in Australia and US (via the Acuity platform) continues to grow at lower investment levels. In B2B, the company cites market-leading extracts at higher kavalactone concentrations and increased orders from strategic partners, including IMCD’s Network Nutrition. Funding & Outlook The Company has secured $700k in commitments toward a two-tranche $1.4m secured convertible note to fund wholesale inventory build and other growth initiatives. The release states that this ensures the business is well-resourced to execute and remain on track to break even. Participation from Applied Food Sciences in the funding is noted as a validation point of the strategy and the global potential of kava. What to Watch Next Retail sell-through in Coles/Woolworths and repeat orders. Amazon US momentum from new formats and reviews/ratings trends. B2B orders cadence (incl. IMCD’s Network Nutrition) and uptake of higher-concentration extracts. Deployment of convertible note proceeds into inventory and the company’s stated breakeven point. About The Calmer Co. The Calmer Co. (ASX: CCO) is a beverage and natural products business focused on kava-based relaxation and sleep support products, delivered globally via e-commerce and blue-chip retail partners through a farm-to-shelf supply chain (Figure 1 ). Brands include Fiji Kava, Taki Mai, and Danodan Hempworks, with markets across the USA, Australia, New Zealand, China, and the Pacific Islands. Figure 1: Growth beverage player expanding into global kava and broader natural products markets. (source: CCO) Samso Concluding Comments A record $2.4m quarter, with Australia retail now the profit anchor, is a good result for a company that has been struggling to make the Kava story mainstream. What is now looking like a Bread-and-butter sell-through in Coles/Woolworths rather than chasing vanity metrics online appears to be the right recipe. If that mix holds, operating leverage should improve without the heavy marketing spend that previously diluted returns. The USA e-commerce uplift—notably new formats on Amazon—adds optionality. It’s early, but if reviews, repeat rates, and Subscribe & Save adoption continue to trend up, that becomes a second engine rather than a distraction. The B2B extracts piece is interesting: higher-concentration actives can underpin better pricing power and stickier relationships, which tends to smooth quarterly volatility. Funding matters. The $700k Tranche 1 of a proposed $1.4m secured convertible note buys time to build inventory and meet reorders—exactly where growth companies trip if they under-stock into momentum. The flipside is balance-sheet discipline: investors should read the note terms closely, track inventory turns, and watch gross margin as the channel mix evolves. Breakeven claims are credible if the sell-through and reorder cadence keep pace with stock on hand. Figure 2: CCO share price chart as of 13th October 2025. (source: CommSec) The share price (Figure 2) has not really reflected any movement upwards but I think this is more to do with the heating up of the mineral resource sector of the ASX. I don't think that the lack of excitement has much to do with a perception of underperformance of CCO. The flow-down effect of the surging gold price and the sudden realisation of an actual shortage of certain minerals, and the ongoing geopolitical narrative are creating a surge in the popularity of any mineral resource story. Unfortunately, this will reflect the more "not so interesting" stories. The upsurge in the revenue of CCO is very encouraging for me as an investor. A market capitalisation of AUD $12M is a great place, as the proof of market traction appears to be in place. A subtle kink upwards in share price is not lost on me. I have been following this company's story since I first had a chat with Zane Yoshida. I have yet to be able to convince him to appear on Coffee with Samso, but there is time left. Execution now is simple to measure: scan retailer planograms and restock frequency, monitor Amazon rankings/reviews, and watch B2B order frequency from groups like IMCD’s Network Nutrition. If these dials move together, the path to sustainable cash generation is in sight. If they decouple—rising inventories, softer reorders, or margin slippage—expect the market to demand tighter cost control before assigning a higher multiple. The Samso Way – Seek the Research Always verify growth claims, funding terms, and channel sell-through against primary disclosures. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Arrakis Gold Discovery Confirmed With 54m @ 1.2g/t Au 22 September 2025 Yandal Resources Ltd (ASX: YRL) has confirmed a new gold discovery at the Arrakis Prospect within the Caladan target area of the Ironstone Well–Barwidgee Project — a major milestone that de-risks exploration and advances the project (Figure 1). With 54m @ 1.2g/t Au from fresh rock, including 8m @ 4.7g/t Au, the result highlights scale and continuity over more than 2.2km of strike. Figure 1: Yandal Resource exploration Project locations within the Yandal Greenstone Belt. The Arrakis Prospect is located within the Caladan target area. (source: YRL) Key Highlights: Gold Discovery 54m @ 1.2 g/t Au from 108m, including 24m @ 2.1 g/t Au and 8m @ 4.7 g/t Au from 154m to EOH (Hole 25IWBRC0040) (Figure 2). Figure 2: Yandal Resource exploration Project locations within the Yandal Greenstone Belt. The Arrakis Prospect is located within the Caladan target area. (source: YRL) Confirmation of primary mineralisation within fresh rock, demonstrating down-dip continuity below previous air-core intercepts. 6m @ 1.1 g/t Au from 180m to EOH in 25IWBRC0041, confirming mineralised structure at depth. Mineralisation interpreted to have sub-vertical geometry with ~30m apparent width – open along strike and at depth. Further five RC holes completed with results pending, designed to test the 2.2km Arrakis trend. Diamond drilling planned to re-enter and extend 25IWBRC0041, supported by heritage surveys clearing drilling lines across the prospect. Exploration Context Arrakis is part of the Caladan target area, located 60km south of Jundee (ASX: NST) and just north of the Siona discovery, within the Yandal Greenstone Belt. The current drilling program was designed to test mineralisation continuity in fresh rock below significant air-core intercepts, which had defined a +2.2km mineralised corridor (Figure 3). Figure 3: Collar plan showing drill hole locations and interpreted Arrakis structure (source: YRL) Geological Observations Mineralisation in 25IWBRC0040 is hosted within a strongly foliated, sheared, and altered mafic-derived unit. High-grade zones are associated with intense silica-albite-carbonate alteration, quartz veining, and up to 5% disseminated pyrite/arsenopyrite (Figure 4). Lower-grade envelopes are marked by sericite alteration with minor veining. Figure 4: Example of RC rock chips (155–160m) showing intense alteration and sulphide dissemination (source: YRL) Yandal Resources’ Managing Director, Mr Chris Oorschot, commented: “In a region where gold remobilisation within the regolith profile is common and complex, fresh rock tests represent a significant milestone in de-risking and progressing exploration targets. These first results demonstrate significant primary fresh rock mineralisation, confirming the discovery of a new mineralised system at Arrakis and the capacity for this system to be large in scale. Well done to the Yandal team, whose resolve and focus on executing the long-term exploration strategy have been paramount to this success. The Arrakis trend has been defined over more than 2.2km based on 400m and 800m spaced air-core lines. The impact of this discovery will be determined with further results and as exploration is progressed; however, the discovery potential is substantial when you consider the scale of the trend, and the limited and broadly spaced nature of current drilling. Our priority going forward is simple: to confirm the extent of primary fresh rock mineralisation across the 2.2km of strike. With one heritage survey complete and a second scheduled for the end of September, Yandal will soon have a significant amount of drilling positions available from which to progress the Arrakis discovery.” Next Steps Yandal has already completed one heritage survey, clearing 200m spaced lines, and has a second survey scheduled for late September to clear 100m spaced lines, giving flexibility for follow-up drilling. Immediate exploration plans include: Diamond drilling to extend 25IWBRC0041. RC drilling on 200m spaced lines along strike to the northwest and southeast. Integration of geological observations with assay results to refine targeting across the 2.2km trend. Looking Ahead With a strong cash position and a fully funded program, Yandal is maintaining an aggressive exploration schedule through the remainder of 2025. Near-term news flow will include: Results from the five remaining RC holes at Arrakis. Mobilisation of a diamond rig in October. First results from AC drilling at the New England Granite target. Completion of the Gordons Gold Project sale agreement for A$2.81M in cash and shares. Samso Concluding Comments The confirmation of a new primary gold system at Arrakis is a meaningful outcome for Yandal Resources. Fresh rock intercepts of this scale are rare, and they represent more than just a continuation of air-core success – they show that the mineralised system is robust and likely to persist at depth. From an investor perspective, this discovery sets Yandal apart in the Yandal Belt, where brownfields exploration can often be hit or miss. The continuity of mineralisation over 2.2km of strike offers leverage, and with further RC and diamond drilling on the way, the next set of assays could be a real catalyst. Geologically, the alteration style and sulphide association support the presence of a well-developed hydrothermal system. If step-out drilling continues to deliver similar grades and widths, we may be looking at the foundation of a significant resource. As with all early-stage discoveries, patience is key. Investors should watch for upcoming results, pay attention to how the geometry of mineralisation is refined, and track how Yandal systematically tests the full strike length. This is where long-term value is created. The Samso Way – Seek the Research Always look beyond the first announcement. Discovery confirmation is only the beginning–track how Yandal Resources continues to step out along strike, extend depth continuity, and integrate geological and geophysical data into the model before forming a long-term view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Presentation RRS Gold Coast Investor Presentation - September 2025 DevEx Resources Limited (ASX: DEV) is leaning hard into the Northern Territory uranium thesis with a 2025 program that moves from mapping to gravity-constrained drilling across Nabarlek’s Big Radon and KP prospects (Figure 1)—two kilometre-scale radon anomalies now tied to fault architecture by new ground gravity. Heritage clearances are being finalised, and the NT Government has tipped in $160k to co-fund the maiden holes, a tidy endorsement at this stage. Figure 1: DevEx’s uranium ground. (source: DEV) The second runway is the Angularli Fault Corridor—Sandfire and Spitfire—on trend from Deep Yellow’s Angularli (32.9 Mlbs @ 1.09% U₃O₈), with gravity, surface geochem, and drill permits already in motion. A third leg, Murphy West, brings scale via ~2 km radiometric uranium anomalies now being ranked for first collars. With $7.1m cash (30 Jun 2025) and a ~$39.3m market cap (8.9c, 12 Sep 2025), DEV is executing a “Right Rocks + Right Structures = Right Targets” plan aimed at a Jabiluka/Ranger-style find. Highlights 2025 drill focus locked in at Nabarlek (Figure 2): gravity surveys completed across Big Radon and KP to define drill targets beneath kilometre-scale Radon Track Etch anomalies; NT Government co-funding of $160k secured for maiden drilling at both prospects. Heritage surveys being finalised. Figure 2: Several large Radon Track Etch anomalies recognised from the +25,000 samples collected at Nabarlek. (source: DEV) Angularli Fault Corridor (Figure 3) now live: gravity completed (Aug) at Sandfire & Spitfire; RC and diamond drilling permits lodged. The corridor sits along strike from Deep Yellow’s Angularli deposit (32.9 Mlbs @ 1.09% U₃O₈). Figure 3: Angularli Fault Corridor — Sandfire/Spitfire (source: DEV). Murphy West emerging: new airborne radiometrics/magnetics define multiple uranium anomalies up to ~2 km; surface geochemistry now underway to rank drill collars. Early interpretation supports both unconformity-type and Westmoreland-type uranium systems (Figure 4). Figure 4: Murphy West Project - An emerging uranium asset (source: DEV). Strategy + capacity: DEV is the dominant uranium explorer in the NT (~16,000 km² where uranium mining is permitted) with a clear model—“Right Rocks + Right Structures = Right Targets”—seeking a Jabiluka/Ranger-style discovery within its 100%-owned Nabarlek Uranium Project primely located on the NW margin of the McArthur Basin, in the Alligator Rivers Uranium Province, NT (Figure 5). Figure 5: Murphy West Project - An emerging uranium asset (source: DEV). Cash $7.1M (30-Jun-25); Market cap ~$39.3M (12-Sep-25 @ 8.9c); Chairman Tim Goyder holds 19.58%. Project snapshot & location Nabarlek Uranium Project (100%, NW McArthur Basin, NT): Tier-1 province hosting historical Nabarlek Mine (24 Mlbs @ 1.84% U₃O₈). DEV has multiple high-grade intercepts from 2023–2024 and is mapping the Nabarlek and U40 Fault Corridors, plus the Angularli corridor to the southeast (Figure 6). Aim: position Nabarlek- or Jabiluka-host rocks against the controlling structures to define new ore lenses beneath cover. Figure 6: Nabarlek & U40 Fault Corridors (key intercepts) (source: DEV). What’s new on the ground? (Figure 7) Nabarlek (Big Radon & KP): Ground gravity completed; radon geochem defines large, high-order anomalies with alteration footprints in the overlying sandstones—classic undercover Jabiluka-style vectors. Heritage approvals being finalised; co-funded maiden drilling is next. Angularli corridor (Sandfire/Spitfire): Gravity complete to map basement faults; permits lodged for RC/diamond drilling. Proximity to known high-grade systems (Angularli, Sandy Creek South, Aurari) is a key de-risking feature. Murphy West: Surface geochem is live to ground-truth airborne uranium anomalies (to ~2 km). Targets sit near the McArthur Basin unconformity and along faulted offsets in the Westmoreland Conglomerate—two distinct uranium models to test. Figure 7: DEV Exploration Portfolio Map (source: DEV). The Exploration Model (Why uranium?) DEV is applying an Athabasca-style approach to the McArthur Basin, focusing on radon anomalies, alteration halos, and gravity-defined structures to pinpoint structure–host rock intersections under shallow cover. The aim is to replicate the discovery mechanics of the Ranger/Jabiluka district in a largely underexplored NT footprint. With the supply shortfall forecast to grow ~200% by 2040 and prices well above pre-2021 levels (Figure 8), DEV’s assets are aligned to strengthening uranium fundamentals. Figure 8: DEV’s assets are aligned with a strong resurgence (source: DEV). Capital, board & capacity to execute Capital: Shares 441.69M; Options/PRs 10.85M; Cash $7.1M (30-Jun-25). Market cap ~A$39.3M at 8.9c (12-Sep-25). Investments include Lachlan Star (26.16%) and entX (4%). Top-20 holds 52.74%. Led by a proven team: Tim Goyder (Chair), Todd Ross (MD), Brendan Bradley (Technical Director), Stacey Apostolou (GM Corporate)—a team with uranium and capital-markets depth aligned to a targeted NT campaign. Near-term newsflow to watch Nabarlek (Big Radon/KP): Heritage completion → kick-off drilling. Angularli corridor (Sandfire/Spitfire): Permit outcomes → drill timing. Murphy West: Surface geochem results → rank ~2 km radiometric anomalies into drill targets. Targeting refinement: Ongoing core re-logging to sharpen the “Right Rocks vs Right Structures” model. REE option value (Queensland) Kennedy REE Project (100%) (Figure 9): 150 Mt @ 1,000 ppm TREO (470 ppm TREO-CeO₂) Inferred, shallow, unconsolidated “non-swelling” clays; preliminary metallurgy indicates rapid desorption in ~30 minutes at pH~4 with low acid consumption; adjacent to highway & infrastructure. A complementary “energy metals” asset as uranium exploration advances. Figure 9: Kennedy Project location (source: DEV) Samso Concluding Comments DevEx is lining up fertile host rocks in the NT, clear structural corridors (Nabarlek/U40 and Angularli), and multi-scale vectoring—using techniques from radon and radiometrics to gravity, allowing a narrowing of the search space beneath cover. A well-used recipe that has worked in other Tier-1 uranium provinces. The path is simple: first convert anomaly maps into gravity-constrained collars and then let the drill bit (The Truth Machine) answer grade, thickness, and continuity. Angularli (Sandfire/Spitfire) provides genuine adjacency to known high-grade uranium, which is the kind of de-risking investors should want at this stage. Murphy West adds scale and optionality: large, coherent radiometric features with dual models (unconformity and Westmoreland-style) broaden the chance of a discovery “type.” If Nabarlek/Angularli is the near-term quality shot, Murphy West is the leverage. Summarising the execution risk will come in these three levers: (1) timely heritage and permitting, (2) "lucky" drill design with the help of a gravity/structure story, and (3) timely assay results for the market. Investors should be ready for potential early wins that are not monster hits. What will be the reality is potentially alteration, structure, and pathfinder geochemistry aligned with gravity lows, allowing exploration to progress with some confidence. The market cap of DEV is probably a bit high with being at over AUD $61M but there are very interesting shareholders in the company, and I would never bet against them. When FireFly took over the Green Bay project, they had a market capitalisation of over AUD $100M and they are not nearly AUD $1B. All I can say is keep your eyes on this, or take a position and go about your normal daily lifestyle. As usual, the next phase of work is proof of concept, and if there are legs in the results, uranium is not a bad commodity to be in with what I feel is a uranium rush. A rush may not be the ultimate journey, but there will be a lot of interest in this sector post-2025. The Samso Way – Seek the Research Always triangulate claims with maps, methods, and numbers—then let the drill-bit test the thesis. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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