Announcement Algorae Signs Exclusive License Agreement with Sakar 23 September 2025 Algorae Pharmaceuticals Ltd (ASX: 1AI) takes a step towards establishing a commercial presence in the Australian and New Zealand markets. The Company has entered into an exclusive licensing agreement with global pharmaceutical manufacturer Sakar Healthcare Limited (NSE: SAKAR, BSE: 538377) (Figure 1) to launch five oncology medicines across the region. Figure 1: Sakar Healthcare (source: Sakar Healthcare) This move strengthens Algorae’s position as an AI-enabled pharmaceutical company and complements its research and development initiatives, including the ongoing high-throughput validation program at the Peter MacCallum Cancer Centre (Figure 2). Figure 2: Peter MacCallum Cancer Centre, Australia’s leading cancer treatment, education and research institute. (source: Victorian Comprehensive Cancer Centre) Key Highlights - Beginning the Oncology Business. Exclusive Commercial Licensing Agreement – Algorae secures rights to launch five oncology medicines into the Australian and New Zealand markets. Addressable Market – The combined annual market opportunity for these products is estimated at ~A$10 million. Regulatory Pathway Underway – Algorae has commenced planning for TGA registration to enable timely commercialisation. Strategic R&D Complement – The deal aligns with the ongoing 21 oncology drug target validation program at Peter MacCallum Cancer Centre, with results expected in Q4 2025. Building a Commercial Presence This agreement represents Algorae’s first commercial deal in the region and provides an immediate pathway to revenue generation. By partnering with Sakar, a globally recognised manufacturer with EU-GMP and WHO-GMP certified facilities, Algorae strengthens its ability to deliver high-quality oncology medicines. Algorae’s on-site due diligence in Ahmedabad, Gujarat, India, confirmed Sakar’s production capacity, quality systems, and regulatory compliance. The partnership is designed to enhance patient access to trusted therapies while positioning Algorae for long-term growth. Management Commentary Algorae Chairman, Mr David Hainsworth, stated: “Our licensing agreement with Sakar is a significant milestone as Algorae expands its commercial footprint, enhances patient access to trusted therapies, and positions the Company for long-term growth. This partnership allows us to leverage Sakar’s established manufacturing capabilities, and we are delighted to be working alongside Mr Sanjay Shah and his team.” Algorae Chief Commercial Officer, Mr Vishal Shah, commented: “The Sakar license agreement represents Algorae’s first commercial deal for the Australian and New Zealand markets with six key generic oncology medicines. These products will be marketed under the Algorae brand, and we are delighted to partner with Sakar on this exciting commercial opportunity that strengthens both companies’ growth ambitions.” Sakar Managing Director, Mr Sanjay S. Shah, stated: “We are pleased to partner with Algorae Pharmaceuticals in a licensing agreement for the Australian and New Zealand markets. This collaboration combines Sakar’s proven manufacturing expertise with Algorae’s commercial focus, supporting greater access to high-quality oncology medicines in the region. About Sakar Healthcare Founded in 2004 and headquartered in Ahmedabad, India, Sakar Healthcare is a vertically integrated pharmaceutical group with a strong focus on oncology. The company manufactures APIs and finished dosage forms, including sterile injectables, oral liquids, tablets, and emerging dosage forms, and exports to more than 60 countries across Europe, Asia, Africa, and Latin America. About Algorae Pharmaceuticals Algorae Pharmaceuticals (ASX: 1AI) is an AI-enabled drug discovery company pioneering the identification of synergistic drug combinations to address unmet medical needs. Its proprietary platform, AlgoraeOS, uses machine learning and deep neural networks to generate fixed-dose combination (FDC) drug candidates, leveraging existing clinical and scientific data to accelerate development and reduce costs (Figure 3). Figure 3: AlgoraeOS (source: 1AI) By combining commercialisation opportunities with a growing pipeline of AI-predicted therapies, Algorae is positioning itself as a key player at the intersection of AI and biopharma innovation. Samso Concluding Comments This announcement is a step forward for Algorae, shifting it from a purely R&D-driven narrative to one with a near-term commercial pathway. The partnership with Sakar provides credibility, manufacturing strength, and a tangible route to revenue. The most interesting aspect for investors is the dual-track approach: while commercialisation of generic oncology medicines provides cash flow potential, the AI-enabled oncology drug discovery pipeline could unlock higher-value, differentiated opportunities over time. This deal effectively de-risks Algorae’s entry into the market while keeping its innovation pipeline intact. As results from the Peter Mac validation program come through in late 2025, the market will have more data to assess the long-term value of AlgoraeOS. The AI + Pharma theme is a growing theme on the ASX, and this will be an interesting company for Samso News to follow. Currently, 1AI has a market capitalisation of just under AUD $16.9M and the share price chart below is indicating a good base for investors to take stock and do some good old DYOR. Figure 3: The share price chart for 1AI as of 13th October 2025. (source: CommSec) The Samso Way – Seek the Research Follow Algorae’s TGA approvals, track launch timelines, and watch Q4 2025 R&D results for the bigger picture. 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 Change of Company Name to Terra Critical Minerals Limited 23 September 2025 High grade silver up to 400 g/t identified at Silent Grove 23 September 2025 Terra Critical Minerals Limited (ASX: T92) recently confirmed a new high-grade silver discovery at the Silent Grove Prospect within its 100%-owned Mole River Project in New South Wales (Figure 1). This update represents an important step forward in unlocking the polymetallic potential of the Mole Granite district, an area already known for tin, tungsten, and silver-rich systems. Figure 1: Location of Mole River and the Silent Grove Prospect (source: T92) Key Highlights - A High-Grade Silver News Strategic Positioning and Regional Context Silent Grove is part of Terra’s larger New England exploration portfolio (Figure 2), which includes the Ottery Tin Mine, Castle Rag Silver Deposit, and Glen Eden (NSW’s largest tungsten deposit). The project area is located along the margins of the Permo-Triassic Mole Granite, a geological unit historically hosting over 350 tin operations, with associated wolfram, bismuth, silver, and molybdenum occurrences. Mineralisation styles in the district are polymetallic, with silver typically occurring in hydrothermal quartz lodes associated with cassiterite and base-metal sulphides – often as argentite or within Pb-Zn-Ag sulphides. Figure 2: Regional Map of T92 Project Areas around Mole Granite (source: T92) High-Grade Silver Discovery The company reported standout surface sample results (Figure 3), including: 400 g/t Ag, 6.09% Pb, 4% Zn, 0.55% Sn (Sample G94/095) 203 g/t Ag (Sample 070926-2) 165 g/t Ag (Sample 070926-4) 148 g/t Ag and 0.62 g/t Au (Sample 070926-1) Figure 3: Sample Locations with Satellite Background (source: T92) These results confirm that Silent Grove hosts silver grades significantly above regional background levels, adding a new high-grade zone just 7.5 km from previously announced Mole River mineralisation (>30 g/t Ag across 24 outcrops, up to 147 g/t Ag with Pb-Zn association. Table 1 below summarises the key surface rock chip results from Silent Grove, highlighting the standout silver, lead, and tin assays that underpin the potential for a polymetallic system. Table 1. Surface sample results. (source: T92) Geology and Exploration Pathway The geological setting and historic production records suggest that the Mole River district is underexplored for silver-rich polymetallic mineralisation at depth. Terra has commenced: Reviewing historical datasets (including NSW DIGS data) Undertaking literature and open-file geophysics reviews Progressing access approvals and planning a comprehensive exploration program focused on follow-up sampling, infill drilling, and depth extensions to define mineable zones. Corporate Update In parallel with this announcement, the Company confirmed that Terra Uranium Limited has officially changed its name to Terra Critical Minerals Limited, effective 24 September 2025. The ASX code remains T92. Samso Concluding Comments The geological history of the Mole River district has always been an intriguing part of NSW. This update from Terra Critical Minerals should not be surprising for investors. The Mole Granite has a long history of producing tin and tungsten, and silver tends to occur with those systems in structurally controlled lodes. The upside for Silent Grove is that it is showing a potential footprint of silver mineralisation up to 7.5 km, which means Terra is in the district-scale play. This kind of step-out discovery is often how small explorers add value quickly — by proving that mineralisation is not isolated but part of a broader, repeatable system. The caution here for readers is that this is an area that has a long history of base metals play. While it is promising, one has to pull the brakes on and look at the science first. I do realise that the market is super hot at the moment, but if you want to be in this game for a few more decades (assuming you are a person whose age allows for decades more of investing :-) on the ASX), you have to remember that these parts of the world are notorious for land access issues. While there are obstacles, there are also opportunities when the stars are aligned. Figure 4: The T92 share price chart (source: CommSec). Market acceptance for T92 is very important (Figure 4), and this current narrative is consistent with the broader story. As the market continues to go through its paces, the critical mineral, or what I call the essential mineral story, is not looking to pause. The need for tungsten is now at an all-time high, with real shortages being felt globally. There are now pricing coming out of China being quoted at over USD $620/mtu, and this is backed by narratives that there is just not enough tungsten, so if T92 gets its stars aligned, this is going to be an interesting ride. The optimistic view is that early-stage exploration results should be viewed as the first data points in a longer narrative. The next phase — historical data consolidation, structural interpretation, and follow-up drilling — will determine whether these grades persist at depth and across strike. Success here could transform the Mole River project from a collection of prospects into a coherent, potentially mineable resource base or an M&A opportunity. Ultimately, this is a story that is still in its early chapters. If Terra can demonstrate continuity of presence of economical mineralisation, then Mole River might become an asset that complements its tin and tungsten portfolio and positions the company as a diversified critical minerals explorer. That’s the kind of optionality the market tends to reward when the results continue to back up the thesis. The Samso Way – Seek the Research Always look beyond the headline grades. High silver assays are a great start, but the next step is proving continuity and volume. Track how Terra designs its exploration program and whether it prioritises near-surface, high-grade zones or deeper polymetallic shoots. 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 AuMEGA Identifies Major New Anomaly at the Cape Ray Project 2 October 2025 AuMEGA Metals Limited (ASX: AAM) has reported a standout result from its July airborne time-domain EM survey over Cape Ray: the work both maps known mineralisation at Central Zone and—critically—defines a large, previously untested conductor just 500 m to the southeast that mirrors Central Zone’s geophysical signature (Figure 1). With a fully funded drilling program slated for Q4 2025, the discovery pipeline at Cape Ray continues to expand. Figure 1: AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure (source: AAM) Key Highlights - A Gold Story With a Changing Journey. (Figure 2) Major, untested anomaly 500 m SE of Central Zone: ~1,000 m strike, ~500 m width; open along strike beyond the survey edge; same conductive host (graphitic schist in Windsor Point Group) as Central Zone; never drill-tested. Central Zone “lights up”: EM conductivity tightly matches the gold-bearing host rocks, validating EM as a vectoring tool at Cape Ray. Historic ultra-high-grade clue: nearby heavy-mineral concentrate sample assayed 111.5 g/t Au (1988), proximal to the new EM source. Multiple new targets: Additional EM conductors (incl. “Anomaly B, C, D”) align with second- and third-order structures off the Cape Ray–Valentine Shear Zone (CRSZ), with geochemical support in places. Near-term catalysts: Crews on the ground for till geochem, mapping, and sampling now; drilling before year-end 2025. Figure 2: Major EM Anomaly Southeast of the Central Zone deposits (source: AAM) AuMEGA Metal’s Managing Director and CEO, Sam Pazuki, commented: “The EM survey delivered exactly what we wanted – clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies. Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature. It’s a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray. “With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada.” What’s New — Survey Takeaways The 930 line-km airborne EM program delineated conductive zones beneath cover (graphite/sulphide-rich horizons) that correlate with gold at Central Zone, while revealing several unrecognised trends (Figure 3). The survey confirms the Central Zone is hosted in graphitic schist within the Windsor Point Group, and it shows multiple open-ended conductors along strike and at depth beyond current resource limits. Figure 3: Electromagnetic anomalies adjacent to the Central Zone resource areas. (source: AAM) The New SE Anomaly — Why It Matters Scale & Signature: Conductivity strength, geometry, and orientation are comparable to Central Zone—Cape Ray’s largest deposit. The anomaly extends ≥1 km long by ~500 m wide and remains open along strike. Structure: Coincident with a north-to-east trending fold, truncated by a second-order CRSZ splay—an architecture consistent with gold emplacement at Cape Ray. Evidence Under Cover: Area is largely concealed; the Central Zone access road passes through it; historical work is sparse, but a standout 111.5 g/t Au HMC sample sits near the EM source. No drilling has ever tested this target. Next Step: Elevated to high-priority drilling status in Q4 2025 after current till geochem/mapping. Additional Conductors — Broadening the Pipeline (Figure 4) Major EM Anomaly (south of Window Glass Hill Granite): Within Windsor Point Group sediments—same host sequence for most resources—300–1,500 m along strike from historical drilling; analogous structural setting to Central Zone. Anomaly B (Cape Ray West): On the interpreted SE boundary of the Windsor Point Group; strong EM response (graphitic schist) plus favourable structure; first-pass mapping/geochem completed in July 2025; assays pending. Anomaly C (east of Central Zone): Historic drilling likely tested the wrong horizon; gold-in-soil anomalism aligns directly with the EM response—an immediate follow-up target. Anomaly D (SW edge of survey): ~800 m strike; minimal prior work; supported by a 550 m gold-in-till anomaly and a 2023 float sample grading 4.38 g/t Au, 49 g/t Ag, 1.38% Cu (MR001585). Figure 4: Several EM Anomalies Identified at Cape Ray (source: AAM) Field Programs & Near-Term Work (Figure 5) Till & Rock Geochem: 1,082 till and 91 rock samples collected at Cape Ray West in August 2025. Historical datasets show a strong correlation between till anomalies and known deposits. Pending assays will be integrated with EM/magnetics for a multi-layered targeting model ahead of drilling. Planned Activities (2025): Priority surficial geochem over key conductors, detailed mapping/rock sampling to tighten controls, and RC/diamond drilling to test the highest-priority targets. Figure 5: Cape Ray West Till and Rock Sampling Program (source: AAM) Resource & Context Cape Ray currently hosts ~420 koz Au (Indicated) and ~141–160 koz Au (Inferred) on resource statements under a US$1,750/oz gold price assumption (see 30 May 2023 reference). The broader land position spans ~110 km along the CRSZ, with strategic backing that includes B2Gold. The company is also active in the Hermitage Flexure and holds an option on Blue Cove Copper. Samso Concluding Comments There is a saying that I have kept in my memory bank, and that is Good geology will always deliver, and Cape Ray is the classic case of that methodology. What AuMega is doing, and all credit to management, is that they are looking at the dataset and allowing the geology to guide their exploration. The large, untested conductor just 500 metres to the southeast is the kind of near-mine target that can change the growth profile quickly if drilling connects. From here, it is all execution. Till geochem and mapping will tighten the vectors; then the drill bit answers the only question that matters—are these EM features also gold systems of scale? The geometry, host rocks, and structural position tick the right boxes, but we still need intercepts to translate potential into value. Investors should anchor expectations to tangible catalysts: assay results from current surface work, drill collar selection, and first drilling outcomes in the next campaign. Keep an eye on how the company sequences targets along the CRSZ splays and whether early holes demonstrate continuity, width, and grade comparable to Central Zone. Figure 6: The share price chart for AuMega Metals Limited (ASX: AAM) as of 13th October 2025. (source: CommSec) The share price reaction (Figure 6) is a testament to both the market sentiment and the investors following the AuMega story. I am a big fan of the management of AuMega and the geology that they have in Cape Ray. With a market capitalisation of just over AUD$30M, I do feel that there is still a lot of room for improvement. Don't forget that AUD $30M is including over 800,00 ounces of gold. Gold at the heights of over USD4,000 an ounce is going to change the dynamics of AuMega very soon. I think there are exciting times ahead, and it would be good for readers to check out the Coffee with Samso that we did in June 2024. Coffee with Samso: AuMega Metals Limited (ASX: AAM) - Large Scale Gold Exploration in Newfoundland, Canada. As always, do your own work—read the technical notes, examine the figures, and understand the limits of geophysical inference. Funding runway, seasonal windows in Newfoundland, and service availability are practical variables that can shape timelines. If AuMega Metals can convert one or more of these conductors into meaningful gold intercepts, the Cape Ray story moves from validation to acceleration. The Samso Way – Seek the Research Always go to the source—read the full PDF, scrutinise figures and assumptions, cross-check history and tenure, map results to geology, track catalysts against cash and execution, and decide only after DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement DY6 Advances Metals Portfolio 2 October 2025 DY6 Metals Ltd (ASX: DY6) has delivered a practical operational update across its Malawian projects (Figure 1), completing follow-up surface sampling at Tundulu and commencing a new grid-based program at Machinga. The work targets high-value mineralisation in gallium (Ga), rare earth elements (REEs), niobium (Nb), and phosphate, with assays in preparation for SGS Randfontein. Figure 1: Location of Malawian Projects (source: DY6) DY6 Metals CEO, Cliff Fitzhenry, commented: "We are extremely pleased with the progress being made across our Malawian assets. The completion of follow-up sampling at Tundulu marks another important milestone in advancing what we believe is a highly strategic project, with significant exposure to gallium, rare earth elements, and phosphate. Early results and historical data continue to highlight the outstanding grade profile and scalability of Tundulu, and we see clear potential to define a globally relevant gallium and REE resource. With only a fraction of the project area tested to date, the upside opportunity remains substantial. At the same time, our new sampling program at Machinga is targeting high-priority anomalies and building on recent successful drilling. The strong geological continuity we’re observing gives us growing confidence in the potential to expand mineralisation and unlock further value. DY6 Metals is systematically advancing a critical metals portfolio that aligns with global demand trends for clean energy and advanced technologies. We are excited by the momentum building across our projects and remain focused on delivering meaningful exploration results that drive shareholder value." Key Highlights - The search for Gallium - Phosphate - REE - HREE - Niobium. Tundulu sampling completed: 90 soil & rock-chip samples collected over 11 north–south lines (50 m line spacing; 50–100 m station spacing) focusing on known and prospective high-grade REE and gallium zones (Figure 2). Historical high-grade context at Tundulu: prior drilling includes intercepts such as 25 m @ 64.63 g/t Ga₂O₃ & 1.03% TREO from 45 m, including 9 m @ 81.85 g/t Ga₂O₃ from 61 m (TU008), and spot grades up to 310.46 g/t Ga₂O₃ & 5.68% TREO at 97–98 m (TU043). Under-tested upside: only ~40% of the most prospective area has been drill-tested to date, leaving scope for scale and extensions. Machinga program underway: a 116-sample grid (400 m × 200 m) is targeting a strong radiometric anomaly and following up maiden RC/DD results; mineralised zones show strong correlation with radiometric highs, supporting systematic targeting. Assays pending from both programs; samples being prepared in Zomba before dispatch to SGS Randfontein (South Africa). Figure 2: Tundulu Project Location Map and Historical Drill Hole locations over Nathace Hill. (source: DY6) Project Update — Tundulu: REE – Phosphate – Gallium The completed work at Tundulu focused on Nathace Hill, where carbonatite units (sovite, bastnäsite/synchysite-bearing carbonatite, apatite-sovite, agglomerates, and syenites) host REE–P mineralisation with gallium potential. The current surface grid partially twins historical data points to validate earlier results while opening up previously untested ground (~60%). DY6 emphasizes the strategic nature of Tundulu, given the intersection of REE, Ga, and phosphate in one intrusion within the Chilwa Alkaline Province. Figure 3: Nathace Hill at Tundulu Project Hill showing sampled points. (source: DY6) 📌Why this matters: Tundulu continues to screen as a multi-commodity carbonatite with high-grade Ga hits alongside meaningful TREO/phosphate. Confirmation sampling plus pending assays could tighten vectors for follow-up drilling and potential resource definition work. Project Update — Machinga: HREE & Niobium At Machinga (southern Malawi), DY6 has mobilised for a 116-station soil/rock-chip program on a 400 m × 200 m grid. The targeting relies on a pronounced radiometric anomaly that correlates with previously observed mineralisation from the maiden RC/DD campaign, increasing confidence in stepping out towards higher-grade areas. The company frames Machinga as significantly under-explored with HREE and Nb upside. Operational Momentum & Next Steps Laboratory workflow: Samples are being prepped in Zomba and dispatched to SGS Randfontein for ICP-MS (Na fusion) and XRF analyses; QA/QC will include blanks and certified standards. Data integration: Pending assays from both Tundulu and Machinga will be layered over radiometrics, lithology mapping, and historical datasets to refine drill targets and validate historical high-grade gallium zones at depth. Follow-up drilling: Validation drilling over key Tundulu positions is identified as a logical next step following assay results. Samso Concluding Comments It is good to see that DY6 is doing exploration here in Malawi. It was here that first brought me to look at DY6. In fact, it was the releases on the projects in Malawi created my awareness of DY6. The chase for the Gallium - Phosphate - REE - HREE - Niobium suite of commodities is going to be the focus. Tundulu remains the standout — REEs, gallium and phosphate within a carbonatite system—with only a fraction of the footprint meaningfully drilled. Machinga adds leverage on HREE and niobium with a sensible radiometric-led target definition. Near-term value hinges on assay quality and correlation. If SGS results confirm the historical high-grade gallium/TREO signatures at Tundulu and align with radiometric highs at Machinga, DY6 earns the right to drill with precision. If they don’t, the work still tightens vectors, saves metres later, and clarifies the next round of targeting. Either way, the program is set up to be decision-rich. This is a very early stage exploration story, but as much as the jurisdiction is in question, this is also a place for great discoveries for DY6. As they say, No Pain No Gain. Figure 4: The share price chart for DY6 Metals Limited as of 13th October 2025. (source: CommSec). For investors, the outstanding assays will be the first milestone and the rest is a matter of funding and luck. Drilling and looking for the potential carbonatite is going to be the key highlight, and the next stage of exploration activities will determine the fate of the company. The Company is still an AUD$20M market capitalised company, and as Figure 4 shows, there is still a fair bit of value left from the last boost in May 2025. The key for DY6 is to start advanced exploration and get some numbers to wave their hands around. I think with some solid discovery news, it could be at least nearer the AUD $100M mark based on the levels of market speculation observed lately on the ASX. Lion Rock has a market value of AUD $145M at the time of writing, so it is feasible for DY6 to get close to that level with some good numbers. I have recently been told that the cornerstone investors are very supportive and are very "sticky" shareholders. These are good points for allowing DY6 management to get stuck into the rigours of mineral exploration. Post 2025, I feel that the global markets and thus investors will start to have an appreciation of the level of scarcity of these critical commodities. The geopolitical situation does not look like it's going to settle down anytime soon, so as long as the uncertainty is present, there is going to be a critical nature to the Gallium - Phosphate - REE - HREE - Niobium suite of commodities. The Samso Way – Seek the Research As always, investors should cross-reference this summary with the source announcement, examine JORC Table 1 details, and track subsequent assay disclosures to validate thesis strength and target evolution. #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 1. 2 September 2025 – First Hong Kong Site Activated for RC220 Trial 2. 16 September 2025 – Race Breakthrough Composition of Matter IP Discovery 3. 17 September 2025 – Hong Kong Investor Lunch Briefing Details When Race Oncology Limited’s (ASX: RAC) share price doubled at the start of last week, many investors were left asking the same question: What just happened? The answer, as is often the case with biotech catalysts, lies in a combination of significant scientific developments, strong IP positioning, and a clear signal to the market that management is preparing for the next stage of value creation. Key Highlights—Anti-Cancer Solution Breakthrough Composition of Matter IP Race announced a landmark discovery that bisantrene – their flagship anticancer drug – consists of three photoisomers, with only the (E,E)-bisantrene isomer having significant anticancer activity (Figure 1). Race has now filed three patent applications covering: The chemical structure of (E,E)-bisantrene. Manufacturing and formulation processes to deliver pure active isomer. Use patents to ensure protection across future clinical and commercial applications. If granted, these patents reset the IP clock, providing up to 20 years of the strongest protection possible, potentially extended under patent term extension rules until 2045. This is not just a technical milestone – it fundamentally changes the commercial prospects of both RC110 and RC220, Race’s key formulations. For pharmaceutical partners, long-life composition of matter IP is the gold standard and is often the trigger for serious licensing discussions. Figure 1. Interconversion between the different bisantrene isomers by visible light or heat. (source: RAC) Minimising Risk and Maximising Value Race emphasised that all current and past clinical trials – including the Sheba Phase 2 AML studies and the ongoing RC220 cardioprotection trial – used pure (E,E)-bisantrene, not the mixed isomer formulations of the 1980s. This provides two key benefits: Clinical consistency – ensuring every patient receives the same active dose. Commercial defensibility – regulators will not approve generic versions with variable levels of active API, effectively preventing competition. Figure 2: Example of cis/trans isomers (source: RAC) Investor Engagement and Hong Kong Briefing On 17 September, Race announced a special investor lunch briefing in Hong Kong for 14 October 2025. Dr Pete Smith (Executive Chairman) and Dr Daniel Tillett (CEO) will present an update on clinical development plans and discuss the significance of the newly opened Hong Kong trial sites – a key step in Race’s global program expansion. This face-to-face investor engagement, combined with fresh patent news, has likely fuelled renewed market confidence and positioned RAC as an attractive story for both institutional and retail biotech investors. Figure 3: Share price chart showing sharp rise as of 7th October 2025 (source: CommSec). Market Context – Why the Share Price Moved The doubling of RAC’s share price is likely a combination of: Perceived de-risking – strong IP protection until 2045 removes a major commercial uncertainty. Pipeline clarity – confirmation that both RC110 (AML) and RC220 (cardioprotection/solid tumours) are protected and could advance independently into pivotal trials. Investor awareness – Hong Kong briefing and international site openings bring fresh attention from a new investor base. Next Steps Race will hold its webinar on 18 September 2025 to discuss the significance of the discovery in detail. The market will also be watching closely for updates on: Progress towards partnering or licensing deals. Timelines for a potential pivotal Phase 3 AML trial with RC110. RC220 clinical readouts as recruitment continues. Samso Concluding Comments Race Oncology’s announcement has given the market a very strong reason to re-rate the company. The fact that they now hold composition of matter IP over the active (E,E)-bisantrene isomer until 2045 is a milestone that many small biotechs never achieve. This is not just a scientific curiosity – it is the cornerstone of commercial defensibility and a key enabler for licensing discussions. The near quadrupling of the share price at the start of September tells us that the market sees this as a transformational event. Importantly, it also reflects confidence that Race management is positioning the company for the next stage of growth. Opening clinical trial sites in Hong Kong and scheduling an investor briefing there signals a strategy to attract global attention. With a share price now at AUD $4.01, investors need to understand that the appreciation is coming from good execution. As the majority of my experience in the share market has a strong bend from the mineral resource sector, where speculation is king. A business like RAC is a welcome relief with sound fundamentals. Will Race be able to convert this IP into a major partnership or funding deal? Can they advance RC220 while preparing RC110 for a pivotal Phase 3 trial in AML? These are the value catalysts that could take RAC to the next level. As always, remember that IP protection, while powerful, is only part of the story. Clinical data, regulatory approval, and commercial strategy will determine whether this price momentum holds over the long term. The Samso Way – Seek the Research Always look beyond the share price spike. Treat this move as a validation point, not the final destination. Track management’s ability to convert IP strength into commercial outcomes, watch for follow-on announcements, and consider how this positions Race within the global oncology landscape. 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.

The investment world is constantly changing, influenced by economic shifts, technological breakthroughs, and global events. In 2025, several trends stand out as particularly influential for those investing in the ASX. The business of Renewable Energy is mainstream. Investors need to consider if this is still a good investment product, especially for retail investors. Reflecting on 2025: ASX Investing Themes That Shaped the Year The investment world never stands still. As we head into the final quarter of 2025, it’s clear that this year has been shaped by global realignments, sector-specific breakthroughs, and a recalibration of risk across markets. For ASX investors, 2025 was all about realising the shifting dynamics with the rising gold price and the increasing geopolitical tension. From a micro to small capitalisation mineral resource perspective, ASX investors started to rise with the mainstream narratives for Antimony and Gold. The rise of companies such as Trigg Minerals Limited (ASX: TMG) is a good example of how investor fortunes have risen with a "good story" (Figure 1). Figure 1: Trigg Minerals Limited has seen spectacular growth from the Antimony narrative. (source: Commsec). Let’s unpack the key trends that defined ASX performance in 2025—and what they may be signalling for investing into 2026. Sustainability & Green Energy Critical minerals matured from promise to performance The critical minerals narrative moved from speculative hope to tangible progress in 2025. Australia’s push to become a trusted supplier of “green economy” metals gained credibility, with material developments across lithium, rare earths, rutile, graphite, tungsten, copper, and uranium. Key 2025 highlights: Sovereign Metals (ASX: SVM) progressed the Kasiya rutile-graphite project in Malawi, updating its DFS timeline and attracting increasing European offtake interest via the EU’s Global Gateway. Peak Minerals (ASX: PUA) - Now Lion Rock Minerals Limited (ASX: LRM) gained traction for its Minta rutile project in WA, benefiting from titanium feedstock shortages and interest from pigment and welding markets. Iluka Resources (ASX: ILU) continued de-risking its Eneabba rare earth refinery, receiving further government support under the $4 billion Critical Minerals Facility. Uranium sentiment turned a corner as energy security dominated headlines. Stocks like Paladin Energy (ASX: PDN) and Boss Energy (ASX: BOE) outperformed as utilities returned to the spot market and long-term contracting resumed. 🡲 Looking ahead: The market will increasingly differentiate between resource holders and those moving into production. ESG-backed capital will continue flowing, but only toward projects with robust execution, permitting certainty, and defined offtake pathways. Technology & Innovation AI shifted from hype to healthcare—and infrastructure While generative AI continued to capture global headlines, on the ASX, the most meaningful tech gains came from real-world application, not hype cycles. Key 2025 movements: EchoIQ (ASX: EIQ) secured its first major U.S. commercial integration, following its 2024 FDA clearance for AI-assisted detection of structural heart disease. This milestone triggered momentum towards CPT reimbursement codes and hospital rollout across the U.S. Spenda Ltd (ASX: SPX) expanded its B2B payments ecosystem, integrating AI-driven analytics to enhance SME credit visibility. BluGlass (ASX: BLG) pushed further into the quantum and photonics space, leveraging its RPCVD technology for chip-level innovation. 🡲 For 2026: Investors will focus on unit economics, scalability, and partnerships—especially in AI/medtech, cybersecurity, and quantum sectors. With Nasdaq valuations normalising, ASX tech players will be expected to show clear revenue paths and real-world traction. Healthcare & Biotechnology Clinical milestones and funding survival sorted the leaders from the pack 2025 was a year of reckoning for ASX biotechs. Capital was selective, and companies that executed clinical or regulatory milestones separated themselves from the crowd. Sector standouts: Actinogen Medical (ASX: ACW) completed dosing for its Xanamem Phase 2b Alzheimer’s trial, with topline results expected in Q1 2026. Investors are now watching closely for data readout and commercial partnering moves. Mesoblast (ASX: MSB) finally made headway with the FDA after years of setbacks, reigniting interest in its cell therapy platform. Race Oncology (ASX: RAC) advanced its RC220 anti-cancer compound, generating promising pre-clinical results that position it as a potential follow-on to doxorubicin. Emyria (ASX: EMD) gained momentum as it repositioned from psychedelic-based therapies to data-backed clinical service platforms. 🡲 Going into 2026, the emphasis will remain on clear regulatory de-risking (FDA, EMA), diversified pipelines, and cash runway visibility. Investors will reward science-backed operators with global ambitions and disciplined capital management. Real Estate & Infrastructure Rate resilience and migration drove selective opportunities Despite ongoing interest rate uncertainty through the first half of 2025, ASX property and infrastructure plays performed with nuance: Key market dynamics: Goodman Group (ASX: GMG) and Centuria Industrial (ASX: CIP) benefited from continued demand for logistics and warehousing, especially near major ports and distribution hubs. Charter Hall Social Infrastructure (ASX: CQE) outperformed as the market rotated into education and healthcare real estate, driven by demographic tailwinds. Residential construction plays remained under pressure from cost inflation, but high migration and government incentives created tailwinds for build-to-rent models. 🡲 Outlook for 2026: Watch for macro easing cycles, REITs with strong cash flows, and exposure to social and industrial infrastructure that aligns with long-term demand. Geopolitical Realignment & Emerging Markets Africa, Southeast Asia, and non-China growth mattered In 2025, global geopolitical tensions and supply chain realignments played directly into ASX-listed companies with international exposure: Relevant developments: DY6 Metals (ASX: DY6) pushed exploration in Malawi, tapping into U.S. and Japanese interest in African REE sources. Blackstone Minerals (ASX: BSX) refocused its Vietnam operations toward downstream nickel-cathode supply chains, targeting Korean battery majors. Perseus Mining (ASX: PRU) and West African Resources (ASX: WAF) benefitted from rising gold prices amid geopolitical uncertainty and USD volatility. 🡲 For 2026, geopolitical risk premiums will remain elevated. Companies with resource-nationalism resilience, multilateral funding support, or sovereign offtake partners will be favoured. How Do You Calculate Investment Required based on Expected Rate of Return on Investment? One of the key trigger points for the average investor is "How Much Do I Need to Make a Return per Month?". For example, generating a steady income of $3,000 per month from investments depends on the expected rate of return and the type of assets chosen. Here’s a simplified approach to estimate the required capital: Determine your target annual income: $3,000 x 12 = $36,000 per year. Estimate your expected annual return: Conservative investments might yield 4-6%, while higher-risk assets could offer 8-10% or more. Calculate the investment needed: At 4% return: $36,000 ÷ 0.04 = $900,000 At 6% return: $36,000 ÷ 0.06 = $600,000 At 8% return: $36,000 ÷ 0.08 = $450,000 Keep in mind that higher returns usually come with increased risk. Diversifying your portfolio and reinvesting dividends can help achieve your income goals more sustainably. Actionable tip: Consult with a financial advisor to tailor your investment plan based on your risk tolerance and financial goals. Financial planning materials for investment income calculation Practical Tips for Maximising Your Investment Returns in 2026 Diversify your portfolio: Spread investments across different sectors and asset classes to reduce risk. Stay informed: Follow market news and updates on key investment trends to adjust your strategy as needed. Focus on quality: Invest in companies with strong fundamentals, good management, and sustainable business models. Use tax-efficient accounts: Take advantage of tax-advantaged investment accounts to maximise after-tax returns. Monitor fees: Choose low-cost funds and be mindful of transaction fees that can erode gains. Set clear goals: Define your investment objectives, time horizon, and risk tolerance before committing capital. Concluding the Investment Environment in 2026 - Key Investment Trends. The year 2025 has been a period of consolidation and transition for ASX investors. From critical minerals to biotechnology, the stories that unfolded on the market were not about speculative hype but about companies demonstrating tangible progress. For followers of Samso content, the themes we have consistently discussed—sustainability, innovation, healthcare, and global realignment—have each provided their own set of examples that help us better understand the forces shaping the market. Sustainability remained at the forefront, with projects such as Sovereign Metals’ Kasiya rutile-graphite development and Peak Minerals’ focus on rutile in Western Australia drawing attention to how critical minerals fit into the global decarbonisation effort. These stories highlighted the importance of long-term strategic positioning rather than short-term price action. Technology and innovation also featured strongly. Conversations with companies like EchoIQ (ASX: EIQ) reminded us that artificial intelligence is no longer a distant concept—it is being applied to address real challenges in healthcare, with FDA-cleared tools now making their way into hospitals. This is a continuation of a theme Samso has been exploring for years: the intersection of technology with practical outcomes. In healthcare and biotechnology, the year brought both challenges and breakthroughs. Actinogen (ASX: ACW) progressed its Alzheimer’s trial, while companies such as Mesoblast (ASX: MSB) and Race Oncology (ASX: RAC) kept the narrative alive around innovation in treatments for complex diseases. These developments illustrate the patience required when investing in this sector, something Samso has often emphasised in past discussions. Real estate and infrastructure were shaped by the same forces we have written about previously—population growth, logistics demand, and the ongoing need for social infrastructure. The performance of groups such as Goodman (ASX: GMG) and Charter Hall (ASX: CHC) served as reminders of how demographic shifts and structural demand underpin certain investment stories, regardless of short-term sentiment. Geopolitics also remained an unavoidable backdrop. ASX companies active in Africa and Southeast Asia, such as DY6 Metals (ASX: DY6) and Perseus Mining (ASX: PRU), highlighted both the opportunities and the risks of looking beyond Australia. These are not new ideas for Samso readers—we have long pointed out that resource narratives often sit within broader global supply chains and geopolitical realities. Samso Concluding Comments Looking back, 2025 has underscored many of the recurring themes we have explored on Samso over the years. The lessons have been less about telling investors what to do and more about recognising how markets evolve and how companies adapt to change. As we move towards 2026, the challenge remains the same: to follow the stories, understand the context, and see how they fit into the broader investment landscape. At Samso, the aim has always been to provide that context, separating the signal from the noise, and letting readers form their own conclusions about where the opportunities may lie. As we head into 2026, investors would do well to ask: Who has moved beyond promises and delivered milestones? Which teams are aligned with structural tailwinds and de-risked jurisdictions? Where is the capital disciplined and product-market fit real? At Samso, we continue to believe that insight comes from looking deeper than the headlines. The signals are there—you just need to tune into them. The Samso Way – Seek the Research At #SamsoNews, the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only emerge when investors take the time to do their own research and look beyond the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Highly Prospective Gold Deposit in NSW 22 September 2025 Thunderbird Resources Limited (ASX: THB) has executed a binding agreement to acquire 100% of the Springfield Gold Deposit in central NSW (Figure 1) — a project with historical shallow drilling, multiple thick, high-grade intercepts, and significant exploration upside. Alongside this acquisition, Thunderbird has secured $2.2M through a placement at $0.014/share, ensuring it is well-funded to accelerate its exploration programs. Figure 1: Location of the Springfield Gold Deposit and LM2’s other projects in relation to Thunderbird’s existing (source: THB) Key Highlights - A Developing Gold and Antimony story. Springfield Gold Deposit Acquisition – 100% interest in a drill-ready gold project within the Slashers Flat Project (EL 8437), located ~10km south of Gulgong, NSW. Mineralised Intrusion – Well-defined monzodiorite mapped over >1,700m strike, with drilling to date focused on only 500m (Figure 2). Figure 2: The mineralised monzodiorite at the Springfield Gold Deposit is mapped to shallow mineralisation focused on just 500m of strike at the Springfield Deposit (source: THB) Impressive Historical Intercepts – Including: 27m @ 3.65g/t Au from surface (incl. 6m @ 8.29g/t Au) 65m @ 1.16g/t Au from 2m (incl. 13m @ 2.92g/t Au) 86m @ 1.04g/t Au from 104m (incl. 26m @ 1.83g/t Au) Open in All Directions – Mineralisation remains open along strike and at depth, with Springfield North Prospect showing shallow hits yet to be followed up (Figures 3,4 & 5). Figures 3,4 & 5: Mineralisation remains open in all directions at the Springfield Gold Deposit. (See Figure 2 for location of cross section) (source: THB) Complementary Portfolio – Strengthens THB’s position alongside its Rockvale and Kookabookra Gold-Antimony Projects in NSW. $2.2M Placement – Firm commitments received; directors to subscribe for $235k subject to shareholder approval, funding drilling and exploration programs. Geology & Exploration Upside. The Springfield Deposit is hosted in monzodiorite intruding volcaniclastics, with alteration ranging from propylitic to phyllic. Quartz stockwork veining and sulphide mineralisation (arsenopyrite, pyrite, minor chalcopyrite) dominate the system. Historical exploration — just 6,568m of drilling — intersected mineralisation at very shallow depths, yet deep drill holes confirm potential continuity at depth. Springfield North offers an immediate opportunity with untested mineralised zones over 500m strike. Additional prospects within Slashers Flat (Lady Belmore, Divide 4) have also returned encouraging gold intercepts, presenting a pipeline of targets (Figure 6). Figure 6: All previous drilling within the Slashers Flat project area. Multiple intrusions have been mapped within the project area, with many of these known to be mineralised (including at Springfield) (source: THB) Upcoming Exploration & Maiden Drilling Program. Maiden Drilling: Thunderbird to commence first drilling program soon after acquisition completion. 1.7km Mineralised System: Lightly tested with significant strike length still open. Discovery Potential: Infill drilling to define and expand high-grade zones at Springfield. Step-out drilling to test strike extensions north and south. Deeper drilling to explore mineralisation continuity at depth. First follow-up drilling at Springfield North to test untested shallow mineralisation. Permitting in Progress: New land access agreement being finalised. Other permits underway to enable drilling to start in coming months. Samso Concluding Comments I like the Springfield acquisition as it is a natural move for Thunderbird — it adds a drill-ready project with proven mineralisation in a premier NSW gold belt. The presence of thick, high-grade gold near the surface and the fact that more than two-thirds of the mineralised strike has never been drill-tested make a compelling story for the market. What I believe is not mentioned is an older resource that cannot be released. Looking at the about of drilling already completed, it does not take a genius to realise that there will be something like that coming out in time. With Mike Haynes as Executive Chair, I am very happy as a shareholder. The CPS Capital and Mike haynes combination is going to work well for shareholders. The $2.2M placement ensures that Thunderbird is not just acquiring ground but is positioned to act on it immediately. Investors should watch for the maiden drilling program results, as even modest step-out success could materially scale the known mineralised envelope. What we are really seeing here more than the creation of a strong gold-antimony portfolio across NSW, with Springfield joining Rockvale and Kookabookra to form a consolidated exploration pipeline. Thunderbird is now purpose driven and I feel that with the right mix of a proven management backed by the largest micro-small cap group in Australia, there are good things to come. Figure 7: The share price journey of THB (source: commsec). With a market capitalisation of just over AUD $11M, this is a viable position play based on my comments above. For the technical investors, looking at that chart above, it is primed for some action? As I have mentioned, I am a shareholder and I am encourage with what I am seeing and with the performances of the suite of CPS Capital stocks rocketing to the moon with their share prices, I am going to be applying the art of being patience. As always, keep an eye on execution: access agreements, permitting, and drilling start dates will be key near-term catalysts. The real excitement will come when those first assay results hit the market. The Samso Way – Seek the Research Always track how management converts strategic acquisitions into drilling success. Follow the permitting progress and maiden drill campaign closely, as this is where value creation will accelerate. 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.

The Challenger Gold Mine Story The Challenger Gold Project is one of these forgotten projects that has more to give than people realise.  The Challenger gold deposit is 750 km north-northwest of Adelaide in Archaean rocks of the Gawler Craton. The Challenger Mine is the most significant gold-only discovery made in South Australia.  It took over three years of exploration to discover the ore body in 1995 by Dominion Mining Limited.  They used what was then a new form of geochemical sampling called “calcrete” sampling. A regional sampling grid of 1.6km x 1.6km was used to cover the tenement area.  The sampling anomaly was followed up with drilling to test the calcrete geochemical anomalies.  After the discovery continued reconnaissance and infill calcrete sampling has defined over 300 calcrete gold anomalies over an area of approximately 10,000 km². Drilling of 50 of these prospects has revealed numerous occurrences of gold mineralisation but failed to define any further mineable reserves. Calcrete geochemical data, including the anomaly that led to the discovery of the Challenger deposit. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) One of the many hundreds of samples was the “lucky” sample and recorded above background values of gold in calcrete.   That lucky sample led to the discovery of what is now a mine that produced 1M ounces of gold since mining started in 2002.  Like many discoveries, the initial drilling intersected high-grade ore, but subsequent drilling was not consistent. Infilling of the regional sampling grids occurred by progressively decreasing the size of the patterns down to 400 m × 400 m then 100 m × 50 m, eventually homing in on the Challenger gold and arsenic anomaly. An initial RAB drilling program targeting the calcrete anomaly delivered an intersection of 28 m @ 5.8 g/t, which launched the Challenger project. (Androvic, P, Bamford, P, Sandt, M, The Challenger Gold Mine, 2008). Cross-section and drill hole geochemical data across the Challenger geochemical anomaly showing anomalous values associated with the Challenger mineralisation. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) More detailed drilling with detailed structural interpretation led to the discovery of a series of tightly folded linear shoots.  Mineralisation occurred as discrete shallowly (30° to 45°) plunging shoots hosted by granulite-facies paragneiss, which lacks marker horizons to aid in geological and structural mapping. High-grade moderate to steeply dipping auriferous quartz veins occur within the shoots. The Challenger Landscape Geophysical Signatures What is interesting is that no significant structures are observable in the area in regional (400 m line spacing) aeromagnetic data.  Most of the people I have spoken to tell me that there are no visible geophysical signs of the deposit. The diagrams below show the difficulties in using geophysics as a tool.  There is some slight inference to the deposit, but like all hindsight theories, they are useless in real-life exploration. Regional-scale geophysical data from the northern Gawler Craton showing locations of gold deposits and prospects. Co-ordinates are AMG zone 53. SAEI TMI aeromagnetic data. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) The gravity data show more detail, but it is not a great use for identifying a target. Regional-scale geophysical data from the northern Gawler Craton showing locations of gold deposits and prospects. Co-ordinates are AMG zone 53. AGSO Bouguer anomaly gravity data. White circles show locations of gold mineralisation. Imaging by Cowan Geodata Services. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) The Mining of Challenger Challenger started as an open pit in 2002 and was mined to a depth of 135m and completed in April 2004. A total of 120,000 ounces of gold was mined.  Due to the massive nature of the Challenger gneiss, the mining process was complicated. The poor natural fracturing and indistinct geology in the pit resulted in the problematic interpretation of ore zones.  This lead to poor geological control.  The actual structural geometry of the ore was not apparent during the open-pit mining period as no ore was exposed for mapping in the early part of the mining process. The folded nature of the ore was known, but the complexity of the ore was not fully realised. What was suitable for the mine was the “free dig” nature of the top 33m of the weathering profile. Challenger is a structural monster, and a laterally extensive shear zone defines the orebody with shoots plunging 30º to 030º – 035° (AMG) or 055° – 060° mine grid. Cartoon showing the progressive shortening of psammitic beds (So) to produce tight to isoclinal folds that ultimately are transposed by the axial planar foliation (S1) and local shear zones along attenuated limbs (S2). The psammitic bed could also represent leucosome melt bands and quartz veins and is independent of scale (from Standing, 2003). (source: Androvic, P, Bamford, P, Sandt, M, The Challenger Gold Mine, 2008) Speaking to some people who have worked in Challenger, they tell me the mine is called Challenger for a reason.  The complexity would have caused a lot of dilution during the mining of the ore body.  There are at least ten different known types of ore geometry, and I would not doubt that there would be even more that have not observed. In 2001, Challenger had a reserve of 110,000oz of contained gold and the mine produced over 460,000 oz up to June 2008.  In the three financial years to 30 June 2008, the mine produced 325, 600 oz from 1.18M tonnes at an average grade of 9.1 g/t.  The average operating cost was $319/oz (Not sure if the author is quoting in AUD or USD).  That is an incredible costing.  Remember that the gold price was just over USD400 in 2005 and about USD800 in 2008. Today, Challenger has produced over 1.1M oz of gold which is a testament to the endowment of the mine. What’s the upside? As my “devoted” readers know, I am all about exploration and the opportunity to find new deposits.  I wrote about these opportunities many times such as Bellevue Gold Limited (ASX: BGL) and their Bellevue Gold Mine ( Best Way to Find a Gold Mine: Bellevue Gold Project, an Exploration Success ), Breaker Resources Limited (ASX: BRB) and their Bombora Project( Best way to find a Gold Mine: A Mineral Exploration Success )  and the recently taken over Echo Resources Limited (ASX:EAR) ( Echo Resources (ASX: EAR) – King of the Yandal Province ). These stories are what excites me about the Challenger area.  The last concentrated exploration effort would have been the period up to the discovery of Challenger in the late 1990s.  All exploration would have stopped post-2000.  During the search for Challenger, Dominion discovered several satellite prospects that were followed up by Southern Gold Limited (ASX: SAU).  In 24th February 2010 , SAU announced their maiden JORC-compliant Gold Resources of 102,600oz within the Challenger Area Gold JV.  Trafford Resources Limited which is now Tyranna Resources Limited (ASX: TYX) took over the leases and had more exploration success and announced a JORC 2012 resource of 319,000oz over the JV leases. These two companies have made these discoveries based upon the work from the Dominion days while they were fine-tuning the discovery of Challenger.  The lack of activity over the years is why I am excited.  That’s one mine, 1.2M oz mined and not much else.  If you were to draw a 100km radius around challenger, you would not find anything.  In the Kalgoorlie and the Menzies area of the Eastern Goldfields of Western Australia, you would find thousands of operations. Comparing statistics, the same 100km radius around two well-known mining district in the Eastern Goldfields, Kalgoorlie and Menzies, you get a very different picture.  There is one mine at Challenger while you have over 4,000 “mining activities” around Kalgoorlie and over 2,000 around Menzies area (Mining Activities = Mines that are classified as Shut, Proposed, Operating or Care and maintenance.  Mindex Data from Department of Mines, Western Australia.) And when you look at Australia’s gold operations, it is even bleaker.  The figure below does not even show Challenger as the big yellow circle is Olympic Dam.  As many would know, I am an exploration geologist, and I look out for projects that have long legs for opportunities and have a cheap entry.  To me, the Challenger area has lots of potentials (comes with lots of money required to explore) and the supergene deposits that are being discovered by Tyranna and Mamota Resources Limited (ASX: MEU) are what is the cream.  These kind of deposits were all the rage in the 1980s in the Eastern Goldfields and is now an extinct creature. All the supergene low hanging fruits would have been taken out in the 1980s and 1990s.  As one would expect, the concentration in activities is directly correlated to the quality of infrastructure.  It is no secret that the mining infrastructure in and around the Eastern Goldfields are all an A-grade level. For this reason, Challenger is still “untouched” and the primary factor has been the remoteness and the lack of exploration funding since the 1990s.  The Challenger area is remote and if not for the robustness of the gold price, we would not be even entertaining this prospect. Significant Gold Deposits in Australia, 2016. (source: Geoscience Australia) The best example of a similar scenario is when Gold Road Resources Limited (ASX: GOR) took up practically the whole Yamarna Greenstone Belt.  At a time not too distant away, it was felt that the greenstone belt in the Yamarna was of different age and tectonic sequence and hence would not be mineralised like the Norseman-Wiluna belt.  Well, 6.6Moz resource of which 3.9Moz is in Reserve later, this belt is pretty well endowed with gold.  It is not too hard to think that this Challenger area could be that.  There are more facts that there is more to find then there are facts to disprove this theory.  Work by Tyranna Resources is factual evidence that the supergene mineralisation scenario is well and truly alive and well. The Challenger Gold Mine. (2018)(source: Tim James) The Samso Way – Seek the Research Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 18 September 2025 Pathkey Advances TrialKey with Drug-Level AI Features. 8 September 2025 Successful TrialKey Observational Predictions. Introduction On 25 July 2025, Opyl Limited (ASX: OPL) officially rebranded to Pathkey.AI (ASX: PKY) – a move signalling a sharpened focus on applying artificial intelligence to the most critical challenges in clinical trials and drug development. Rather than being “just another med-tech rebrand,” Pathkey.AI represents a company building a sophisticated decision-support ecosystem designed to help therapies get to patients faster, de-risk trials for sponsors, and improve capital efficiency for investors. This Samso News takes a closer look at what Pathkey.AI actually does, its key platform TrialKey, and why the company’s recent announcements suggest it is positioning itself at the forefront of AI-driven life sciences. About Pathkey.AI - AI and Clinical and Drug Development. Pathkey.AI is an Australian technology company applying AI to improve the efficiency, success, and transparency of clinical trials. Its flagship platform, TrialKey, uses AI to predict the probability of success (PoS) for clinical trials by analysing a massive global dataset of over 500,000 programs and more than 1,500 variables per trial. TrialKey is not simply a data-mining tool – it is a decision-support system for sponsors, contract research organisations (CROs), insurers, and investors. By benchmarking trial protocols against peer programs, it can flag trials with meaningfully above-average likelihoods of meeting primary endpoints. Recent Validation – Real-World Observations. In its first major update since the rebrand, Pathkey released observational data on 11 biotech programs tracked by TrialKey between March and July 2025 (Table 1). 8 of 11 trials (72.7%) met at least one primary endpoint. If an investor hypothetically bought on the date TrialKey recorded its prediction and sold on results day, the average share price gain was +76%, with standout examples like Abivax (NASDAQ: ABVX) seeing +785% gains. TrialKey-Flagged NASDAQ Biotechs — Prediction Day to Results Day Totals: trials observed 11 | Met endpoint: 8 | Failed: 2 | Terminated: 1 | Average return: +76.78% Table 1: TrialKey-Flagged NASDAQ Biotechs — Prediction Day to Results Day (source: PKY) This is not a trading system – the company is clear that these are observational results – but it does serve as a powerful validation that TrialKey’s signals align with market-moving outcomes and could be valuable for biotech investors and insurers alike. Methodology Snapshot. To validate TrialKey’s predictive signals, Pathkey applied a clear, rules-based approach: Inclusion Criteria: Trials were included if TrialKey’s percentile score was above 50% vs closest competitors (or ≥40% PoS for rare programs). Comparator Cohorts: Each program was benchmarked against all available trials for the same indication, phase, and treatment type, using ClinicalTrials.gov MeSH terms to build a fair comparison set. Observation Date: The date on which TrialKey generated its probability of success signal. Observation Window: The period between the Observation Date and the public announcement of trial results (or termination). Outcome Measurement: Returns were calculated as % share price change from Observation Date to results announcement date, using split-adjusted official closing prices. Treatment of Data: Hypothetical, flat position sizing was used; transaction costs, taxes, FX, and slippage were excluded. Strategic Evolution – From Trial Optimisation to Drug Discovery. Pathkey’s latest announcement (18 September 2025) signals that TrialKey is moving beyond clinical trial optimisation into AI-powered drug discovery and repurposing. Drug-level features added: TrialKey now analyses molecular structure, pharmacokinetics, receptor binding, and other drug-specific attributes. Peptide proof-of-concept: The platform analysed 42 peptide-based trials in type 2 diabetes and obesity, identifying optimal drug and patient characteristics most associated with success. Market potential: Peptide therapeutics alone represent a US$117 billion market (2024) forecast to more than double by 2030 (10.8% CAGR). This evolution opens a much wider commercial and clinical market: ranking compounds, guiding drug design, and potentially reducing trial failure rates. Benefits of Using TrialKey’s AI Agent. TrialKey’s AI platform helps life sciences teams work smarter, faster, and more efficiently by: ✅Boosting productivity – automating data processing, simulation, and benchmarking so teams can focus on higher-value tasks. ✅Reducing costs – streamlining workflows, cutting inefficiencies, and improving prediction accuracy. ✅Improving decision-making – refining patient selection, endpoints, and site planning with reliable insights. ✅Enhancing stakeholder experience – providing concise, actionable reports for researchers, sponsors, and teams. ✅Supporting global trials – applicable to all phases (I–IV), across drug trials, medical devices, and novel therapies. ✅Scaling with demand – serving both small biotech companies and large pharma running thousands of trials annually. Commercial Pathways. Pathkey has already partnered with L39 Capital to incorporate TrialKey insights into its AI Biotech Fund – a non-exclusive collaboration that provides one commercial use case while leaving the door open for future partnerships. Why This Matters. The cost of failed trials is enormous, both financially and in terms of delayed patient access to therapies. Pathkey’s work is positioning it as an enabler of: Faster go/no-go decisions in drug pipelines Optimised trial design with better inclusion/exclusion criteria De-risked capital allocation for biotech investors and insurers Earlier patient access to effective therapies Pathkey.AI Executive Chairman, Saurabh Jain, commented: "The success of Pathkey's R&D program has proven that TrialKey is evolving from a clinical trial optimisation platform into a comprehensive AI engine for both trial design and drug discovery. These developments strengthen Pathkey’s commercial position, broaden its addressable market and reinforce the Company’s role as a global leader in AI for life sciences." Samso Concluding Comments Pathkey.AI is an interesting story in the life sciences space because it is not about a single therapy or a single drug. This is a platform play, and platform plays are where long-term value can be created if they scale. This is all about AI and Clinical and Drug Development. The validation of TrialKey’s predictions against real-world outcomes is crucial. In a market where drug development costs are rising and timelines remain painfully long, anything that improves the odds of success has significant commercial and societal value. This is also a business model with leverage. Once built and validated, the TrialKey platform can scale across multiple therapeutic areas, markets, and use cases with relatively low incremental cost. The recent move into drug-level feature analysis is a signal that Pathkey intends to broaden its moat and extend its value proposition to early-stage discovery. For investors, these are still early days. The challenge will be to watch for commercial traction: partnerships with CROs, adoption by big pharma, and recurring revenue from predictive insights. If these fall into place, Pathkey could become an indispensable part of the global biotech toolkit. The Samso Way – Seek the Research Understand that predictive analytics in biotech is a nascent but rapidly growing field. Track Pathkey’s progress in commercial adoption, partnerships beyond L39, and how its R&D pipeline expands into new therapeutic areas. 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.

Ryman Equity Raise_Presentation_Feb 25 Founded in Christchurch, New Zealand, in 1984, Ryman Healthcare (NZX: RYM) has grown into one of Australasia’s leading operators of retirement villages and aged care services (Figure 1). For over forty years, the company’s guiding principle has been simple yet powerful — that everything it does must be “good enough for mum and dad.” This philosophy has shaped Ryman’s reputation as a trusted brand, built around its purpose of enhancing freedom, connection, and well-being for older people. With a continuum of care model that supports residents as their needs evolve, Ryman has positioned itself as a provider of both independence and security for its communities. Today, Ryman operates 49 villages across New Zealand and Australia, serving more than 15,300 residents. Its scale and focus on care have cemented its leadership in the sector, while demographic tailwinds continue to create strong long-term demand for retirement living and aged care. Against this backdrop, Ryman is undertaking a decisive balance sheet reset through a $1.0 billion equity raising, designed to reduce gearing, strengthen financial resilience, and provide flexibility for future growth. The raise is not just about shoring up the capital structure, but also about positioning Ryman to deliver on its heritage of care while adapting to changing market conditions and investor expectations. Figure 1: Miriam Corban Village (source: RYM) ASX Listing Details. Listing Date: Tuesday, 23 September 2025 Principal Activities: Ryman Healthcare Ltd is a New Zealand-based operator of retirement villages and provider of aged care services in both New Zealand and Australia. Issue Price: AUD $3.05 Issue Type: Ordinary Fully Paid Shares Security Code: RYM Capital to be Raised: N/A (Equity raise targeted $1.0 billion already announced) Expected Offer Close Date: September 2025 Company Overview. Ryman operates 49 villages, providing homes and care for more than 15,300 residents. Its model is built on a continuum of care, spanning independent living, serviced apartments, rest homes, hospitals, and dementia care. This competitive advantage positions Ryman strongly as demand for aged healthcare services continues to accelerate with demographic shifts across Australasia. Highlights of the Equity Raising - Age Care and Retirement Business. Offer Structure: $313m placement to institutional investors, $688m via a 1-for-3.05 pro-rata accelerated non-renounceable entitlement offer. Discounted Offer Price: $3.05 per share, representing a 21.9% discount to TERP ($3.90) and 29.2% discount to the last close ($4.31). Balance Sheet Reset: Net debt reduced from $2.56b to $1.59b, lowering gearing from 37.3% to 23.1%. Funding Flexibility: $820m debt facilities cancelled, $539m extended, with covenant waivers providing headroom for transformation (Figure 2). Annualised Savings: $50–55m in interest cost reductions expected from debt repayment and hedging changes. Figure 2: Strong lender support (source: RYM) Business Transformation in Motion. Leadership Refresh: New CEO Naomi James and a renewed Board with extensive transformation expertise. Operational Reset: Prioritising release of $500m+ from existing stock over 3–5 years, with targets of $100–150m annualised business improvement. Care DNA: With over 4,600 aged care beds, Ryman is expanding its occupancy and leveraging reforms in New Zealand and Australia to capture growing aged care demand (Figure 3). Disciplined Growth: Focus on lower capital intensity, outsourcing build models, and consolidation opportunities in Australia. Figure 3: Ageing Population – Key Driver for Aged Care Demand (source: RYM) Outlook & Guidance. FY25 Guidance: Negative free cash flow (~$100m), capex of $590–620m, and delivery of 940 units/beds. FY26 Outlook: Cash flow breakeven achievable if ORA sales volumes recover to 70–75% of FY24 levels. FY26–27 Build Rate: Between 489–575 new units/beds expected. Samso Concluding Comments Ryman’s $1.0 billion equity raise is both defensive and forward-looking. It shores up a stretched balance sheet, secures covenant waivers, and provides flexibility to navigate through a slow housing market. For investors, this represents a turning point — the chance to back a trusted brand through a reset and participate in the upside as market conditions recover. The long-term investment case remains centred on demographics, demand for aged care, and Ryman’s proven continuum of care model. Execution will be crucial in releasing cash, improving operational efficiency, and growing sustainably. While the offer comes at a deep discount, it also underscores the seriousness of the balance sheet reset and the opportunities for shareholders willing to back the transformation. This raise is all about securing the balance sheet, and this is a blue-chip play. At Samso News, we don't normally present this size of business. We thought that it was something interesting and noteworthy to highlight for our platform. The Samso Way – Seek the Research Every raise has its signals. At Samso, we always stress: look beyond the headline number and assess the strategy, sector dynamics, and management execution. As always — DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement First Lupin Protein Order Received From Univar China 17 September 2025. Wide Open Agriculture Ltd (ASX: WOA) has moved decisively into the Chinese market through its partnership with Univar Solutions China. After six months of market development, customer engagement, and technical trials, the first commercial order has been placed. This order – while not financially material on its own – represents the first tangible step towards building a commercial presence in one of the world’s largest and fastest-growing plant-based protein markets. Customer Insights & Lupin Market Alignment Feedback from Univar’s customer network was unambiguous: Lupin protein’s (Figure 1) clean, neutral taste and complete amino acid profile make it an attractive solution for health-conscious consumers in China, where lactose intolerance is common. Its alignment with the Healthy China 2030 initiative further strengthens the strategic fit. Figure 1: Lupin Protein Isolate - A Healthier Alternative (source: WOA) WOA Chair Ms Yaxi Zhan commented “A healthy and versatile Australian-made protein has significant potential in the Chinese market. Our lupin protein offers consumers a functional plant-based protein alternative suited to Chinese dietary traditions. Strongly aligned with the Chinese Government’s Healthy China 2030 initiative, multiple studies demonstrate that lupin protein has significant health benefits including reducing cholesterol levels and supporting everyday health and wellbeing.” Univar will now focus on tailored marketing programs, beginning with protein-enriched milk tea, before expanding into other beverage applications. The Univar team will also visit WOA’s WA headquarters this month to refine product formulation, processing, and supply planning. Independent market research shows that China’s bubble tea market (Figure 2) is projected to reach US$990.7M by 2030, implying ~10.5% CAGR from 2023 to 2030 – offering WOA a compelling springboard for growth. Figure 2: Bubble Tea Milk - Demo Product with WOA’s Lupin Protein Isolate (source: Photo by Univar China) About Wide Open Agriculture WOA is pioneering next-generation lupin-based plant proteins and fibres designed to enhance taste, functionality, and nutritional value across a wide range of food and beverage applications. Its proprietary technology delivers high-quality, clean-label ingredients for global markets, positioning WOA at the forefront of the plant-based protein movement. Samso Concluding Comments For investors, this announcement is a gentle but important reminder that early-stage market entry is about building credibility and securing a foothold. The first 5-tonne order is small in tonnage but large in significance because it confirms that Univar’s customer trials have translated into commercial intent. The choice to begin with bubble tea is very ingenious — this segment is growing, highly innovative, and well-positioned to introduce new functional ingredients like lupin protein. In my opinion, this is all about the younger generation, and if WOA can build a following in this category, it can leverage that brand awareness into other plant-based applications across China’s US$4.2B protein market. This strategy is used in many branding exercises. Getting the younger generation involved is the fastest way to build momentum. The younger consumers spend generously, and they are trendsetters. It is important to emphasise that there is no revenue guidance or guarantee of follow-on orders, so investors need to manage expectations. However, as a milestone, this order reduces market-entry risk and signals that WOA’s China strategy is on the right track. The next step for WOA is to deliver on product performance, supply consistency, and formulation support — and if those boxes are ticked, the company could be well-placed to turn this initial order into a recurring revenue stream. The Samso Way – Seek the Research Look beyond the headline — this first order is a validation step, so track repeat business, follow-on orders, and supply chain execution to see how WOA fits into China’s broader plant-based protein growth story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.

Investing wisely is crucial in today’s fast-changing financial landscape. With so many options available, it can be overwhelming to decide where to put your money. This guide will help you navigate the best promising investment trends and provide practical advice to make informed decisions. Whether you are a beginner or looking to diversify your portfolio, understanding these trends can help you maximize your returns. Exploring Promising Investment Trends in 2024 The investment world is constantly evolving, and staying updated on promising investment trends is essential. Here are some of the most notable trends shaping the market this year: 1. Sustainable and ESG Investing Environmental, Social, and Governance (ESG) investing has gained significant traction. Investors are increasingly prioritizing companies that demonstrate responsibility towards the environment and society. This trend is not just ethical but also profitable, as sustainable companies often show strong long-term growth. Example: Investing in renewable energy companies or green technology startups. Actionable tip: Look for funds or ETFs that focus on ESG criteria to diversify your portfolio responsibly. 2. Technology and Innovation Technology continues to be a powerhouse for growth. Areas like artificial intelligence, blockchain, and cybersecurity are attracting substantial investment. These sectors offer high growth potential but come with volatility. Example: Consider investing in tech-focused mutual funds or individual stocks of companies leading innovation. Actionable tip: Stay informed about emerging technologies and their market impact to time your investments well. 3. Real Estate in Growing Markets Real estate remains a solid investment, especially in regions experiencing population growth and urban development. Rental properties, commercial real estate, and real estate investment trusts (REITs) offer diverse ways to invest. Example: Investing in residential properties in expanding suburbs or commercial spaces in business hubs. Actionable tip: Research local market trends and economic indicators before committing capital. Modern residential buildings in a growing suburb How Much Money Do I Need to Invest to Make $1000 a Month? Many investors wonder about the capital required to generate a steady income of $1000 per month. The answer depends on the type of investment and its expected return. The answer is also dependent on your ability to ride out the investment. The most important aspect of deciding on an investment strategy is to first understand what you have in terms of capital to be invested and how your life will be affected by not having that capital to use. There is nothing straightforward about this decision, as the timeframe required will be dependent on how long you can live without that capital. In addition, the longer your view is for your investment, the lower the risk for you on the immediate scenario. I am not a believer in an investor with a crystal ball. No matter how much experience you have, no matter how much research you have done, there will never be a scenario when you have a sure thing. Trust me, there will always be a scenario of blowing up that ideal investment opportunity. Calculating the Required Investment Dividend Stocks: If a stock yields 4% annually, you would need approximately $300,000 invested to earn $12,000 a year or $1000 a month. Rental Properties: Rental income varies by location, but a property generating $1500 monthly rent with expenses of $500 leaves $1000 net income. Bonds: With an average yield of 3%, you would need around $400,000 invested to make $12,000 annually. Factors to Consider Risk tolerance: Higher returns often come with higher risks. Diversification: Spreading investments reduces risk and stabilizes income. Expenses and taxes: Account for management fees, maintenance costs, and taxes. Practical Steps Define your income goal clearly. Choose investments aligned with your risk profile. Use online calculators or consult financial advisors to estimate capital needs. Financial calculator and investment documents Diversifying Your Portfolio for Stability and Growth Diversification is a key strategy to manage risk and improve returns. By spreading investments across different asset classes, you protect your portfolio from market fluctuations. Asset Classes to Consider Stocks: Growth potential but higher volatility. Bonds: Lower risk and steady income. Real Estate: Tangible assets with rental income. Commodities: Hedge against inflation. Cash or equivalents: Liquidity and safety. Benefits of Diversification Reduces exposure to any single investment. Balances risk and reward. Provides opportunities in various market conditions. How to Diversify Effectively Invest in a mix of domestic and international assets. Use mutual funds or ETFs for broad market exposure. Rebalance your portfolio periodically to maintain the desired allocation. Diversified investment portfolio on a laptop screen Understanding Risks and Rewards in Today’s Market Every investment carries some level of risk. Understanding these risks helps you make better decisions and avoid common pitfalls. Types of Investment Risks Market risk: Fluctuations due to economic changes. Credit risk: Possibility of default by bond issuers. Liquidity risk: Difficulty in selling assets quickly. Inflation risk: Loss of purchasing power over time. Balancing Risk and Reward Higher returns usually mean higher risk. Conservative investors may prefer bonds and cash. Aggressive investors might focus on stocks and emerging markets. Tips to Manage Risk Conduct thorough research before investing. Avoid putting all your money into one asset. Keep an emergency fund separate from investments. Taking Advantage of Investment Opportunities Finding the right investment opportunities can significantly impact your financial future. It’s important to stay informed and act strategically. How to Spot Good Opportunities Look for sectors with strong growth potential. Analyze company fundamentals and market trends. Consider long-term prospects rather than short-term gains. Practical Advice Use trusted platforms and resources for research. Network with other investors and financial experts. Start small and increase your investment as you gain confidence. Final Thoughts on Investing Today Investing is a journey that requires patience, knowledge, and discipline. By focusing on promising investment trends, understanding your financial goals, and managing risks, you can build a portfolio that supports your future aspirations. Remember, the best investment decisions come from continuous learning and adapting to market changes. Start exploring your options today and take control of your financial destiny. The Samso Way – Seek the Research Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide 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.