Ariana Resources Plc (ASX: AA2 | AIM: AAU) is entering into the ASX spotlight with a dual listing that combines global operational success with a bold growth vision anchored in Zimbabwe’s emerging gold sector. With producing mines in Türkiye and a 100%-owned flagship gold project at Dokwe in Zimbabwe (Figure 1), Ariana offers a rare blend of cash-generating assets, a robust pipeline, and resource expansion upside. Following a consistent profit streak since 2016 and a proven development model, Ariana’s entry onto the ASX sets the stage for a fresh valuation re-rate. Figure 1: Location of Dokwe Project in Zimbabwe (July 2025) (source: AA2) This move comes at a pivotal time in the gold cycle, with Ariana looking to capitalise on its multi-million-ounce portfolio, a strategic alliance with Newmont, and a disciplined capital strategy. The upcoming IPO aims to raise up to A$15 million via CHESS Depositary Interests (CDIs) priced at A$0.28. ASX Listing Details ASX Code: AAU Listing Date: Expected 15 September 2025 IPO Offer Price: A$0.28 per CDI Current Share Price (as at August 2025): Not yet trading on ASX. Current AIM market capitalisation is ~£34.02M (≈A$70.42M) Market Capitalisation (on Admission): At Minimum Subscription (A$10M raise): ~A$92.8M At Maximum Subscription (A$15M raise): ~A$105.5M Industry Group: Materials – Mineral Exploration & Development Investment Highlights – Ariana, a Gold Mining Story at a Glance. Multi-Asset Gold Exposure: Dokwe Gold Project (Zimbabwe) – 1.42Moz in JORC (2012) Resources; DFS underway targeting 100koz/year (Figure 2). Figure 2: Dokwe Gold Project (source: AA2) Zenit Partnership (Türkiye) – Producing mines at Kiziltepe (172koz Au at 1.63g/t Au grade MRE) and Tavşan (311koz Au at 1.26g/t Au grade MRE) with 2Moz in total Resources. Proven Developer & Operator: Two mines built in Türkiye – Kiziltepe (producing since 2017) and Tavşan (2024). Over 81,900m drilled FY21–24; further drilling in 2025. Financial Strength & Track Record: Special dividends of £7.74 million paid across 2021–22. £1.8 million raised in Q1 2025; US$2 million debt facility drawn. Consistent profitability since 2016. Undervalued Resource Base: Ariana's EV/resource ounce of A$27/oz is low compared to peers – ASX listing designed to close this valuation gap. Strategic Relationships: Newmont holds ~4% of Ariana and is funding generative exploration in SE Europe. JV structure in Zenit includes Proccea (23.5%) and Özaltin Holding (53%). Core Asset: Dokwe Gold Project – Zimbabwe’s Largest Undeveloped Gold Resource. The Dokwe Gold Project lies at the heart of Ariana’s strategy, boasting: JORC Resource: 22.9Mt @ 1.52g/t for 1.1Moz Au (0.6g/t cut-off). JORC Reserve: 18.25Mt @ 1.36g/t Au for 795.8koz Au. Scalable Development: 2024 PFS outlines a 65koz p.a. operation. DFS underway targeting 100koz p.a. with completion due mid-2026. Estimated capex: US$82M (A$124.6M), payback in 1.8 years. Use of IPO Funds: Up to A$6M allocated to accelerating DFS and expanding Resources/Reserves. Strong potential for strike and depth extensions. Turkish Cash Engine: Zenit Operations Kiziltepe Gold-Silver Mine (Figure 3) 126koz gold in JORC Resources. Historic cash flow generator. Figure 3: Kiziltepe Location Map, also showing Kepez, Karakavak and Kizilcukur Projects (September 2024) (source: AA2) Tavşan Gold-Silver Mine (Figure 4) Recently commissioned (2024). 311koz gold in Resources with 30koz p.a. production target. New heap leach plant scheduled for Q3 2025. Figure 4: Tavşan Location Map (June 2025) (source: AA2) Salinbaş-Ardala Gold Project (Figure 5) Large-scale 1.5Moz gold Resource across NE Türkiye. High exploration upside. Figure 5: Salinbas Gold Project (source: AA2) Growth Beyond Core: Kosovo and Cyprus Newmont Partnership – Backed by US$3.3M investment to fund Kosovo exploration, with follow-on funding tied to licences and drilling at Hertica Project confirming a Cu-Au porphyry system. Slivova (Kosovo) (Figure 6) 76% indirect interest in Western Tethyan Resources Ltd, which owns 51% of the Slivova Gold Project. Advancing through earn-in. Figure 6: Slivova Gold Project (source: AA2) Magellan (Cyprus) 61% indirect interest via Venus Minerals. Resource: 96.7kt Cu and 26.8kt Zn. Asgard Metals 100%-owned investment vehicle targeting early-stage discovery companies across the Eastern Hemisphere. 🔹 Offer Summary Details Minimum Maximum Offer Price A$0.28 A$0.28 Funds Raised A$10M A$15M CDIs Issued 35.7M 53.6M Use of Funds DFS, exploration, RiverFort debt repayment (A$3.4M), working capital Market Cap on Listing ~A$70M ~A$75M (undiluted) The Road Ahead – Key Near-Term Catalysts Completion of DFS at Dokwe by mid-2026. Full-scale Tavşan ramp-up and heap leach plant commissioning in Q3 2025. New drill programs across Zimbabwe, Türkiye, and Kosovo. Potential monetisation of non-core holdings (Zenit, WTR, Venus, Asgard). Newmont-supported exploration across SE Europe. ASX re-rate opportunity based on resource growth and production scalability. Board and Management – Proven Leadership Across Continents A seasoned board leads Ariana Resources with deep experience in exploration, mine development, and capital markets. Chairman Michael de Villiers brings strong financial oversight, while Dr. Kerim Sener, Managing Director, drives strategy and discovery—having led the development of Ariana’s Turkish mines and now focused on unlocking value at Dokwe in Zimbabwe. The team is rounded out by operational specialist Galip Sener, financial expert William Payne, and ESG-focused Dr. Lucy Morgan, combining technical capability with disciplined governance. Their global perspective and in-country expertise underpin Ariana’s success across Türkiye, Africa, and Europe. Board of Directors – Ariana Resources Plc Dr Ahmet Kerim Sener – Managing Director and CEO (founder, appointed April 2005). A long-serving executive, holding both leadership and board responsibilities. Michael John de Villiers – Executive Chairman & Company Secretary (since approximately 2009–2010). Also chairs the Audit Committee. William J. B. Payne – CFO and Non-Executive Director (appointed December 2010). Chairs Compensation Committee and sits on Audit Committee. Michael William Atkins – Independent Non-Executive Deputy Chairman; serves on Audit Committee. (Appointed Aug 2018) Christopher John Stuart Sangster – Independent Non-Executive Director; sits on Compensation Committee. Appointed August 2016. Nicholas John Graham – Non-Executive Director (appointed June 2024); founder and substantial shareholder. Andrew John du Toit – Operations Director & Director (appointed June 2024); part of the executive leadership. Use of IPO Funds – Summary (Actual vs Budget) Ariana Resources will use its IPO funds to progress the Dokwe Gold Project, allocating A$1.0M to feasibility studies, A$1.8–4.0M to drilling, and up to A$1.0M for environmental work, while also supporting the Slivova Project (A$0.4–0.9M), Western Tethyan Alliance (A$0.4–0.5M), and Venus Minerals (A$0.2M). In addition, A$3.4M is earmarked for part repayment of the RiverFort Facility (pre- and post-Admission), alongside A$1.8–2.7M for working capital and A$1.4–1.7M for Offer costs. Under the maximum raise of A$15M, Ariana will significantly expand drilling and complete a full EIA, strengthening the Dokwe development pathway. Investor Takeaway: The funding strategy prioritises fast-tracking Dokwe while maintaining a balance between growth, debt reduction, and portfolio development. Samso Concluding Comments Ariana Resources is anchored by a producing asset base in Türkiye, but it is the potential scale of the Dokwe Gold Project in Zimbabwe that could transform Ariana into a mid-tier gold producer. With an experienced board, a proven management team, and the support of strategic partners such as Newmont, Ariana is well-positioned to deliver on both near-term cash flow and long-term growth. The strength of this story lies in balance. Ariana has demonstrated its ability to generate shareholder returns — through dividends, disciplined capital management, and smart partnerships — while still pushing forward aggressively on resource growth. This is not a one-dimensional exploration story; it is a growth strategy underpinned by production, feasibility, and discovery. For investors, Ariana has multi-jurisdictional exposure, tangible development pathways, and exploration blue-sky potential. The next two years will be critical, as the DFS at Dokwe progresses and Ariana seeks to unlock the broader copper-gold opportunities in Kosovo under its Newmont alliance. At Samso, we remind readers that #SamsoNews is where investors can look for valuable information. Always seek the research, and remember — the market rewards companies that not only tell a good story but can also deliver it. The Samso Way – Seek the Research At Samso, we believe in one principle — Seek the Research. The Samso Way is about cutting through noise, focusing on facts, and understanding the real stories that drive investment value. 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.

JUNE 2025 INVESTOR PRESENTATION Proposed ASX code PC Gold Ltd is preparing to list on the ASX, bringing forward a gold exploration story anchored by its 100%-owned Spring Hill Project in the Pine Creek region of the Northern Territory (Figure 1). Through its subsidiary TM Gold Pty Ltd, the company controls both a granted 21-year mineral lease and surrounding exploration licence, offering a substantial growth runway. Figure 1: Spring Hill (100% -owned) in A Tier-1 Location (source: PC2) With a JORC 2012 Mineral Resource Estimate (MRE) of 821,000 oz Au at 1.0 g/t Au (424koz Indicated, 397koz Inferred), Spring Hill stands as a solid foundation in a province known to host more than 20Moz gold. The IPO is designed to fund an intensive drilling and feasibility program, moving the project toward development while testing multiple exploration targets that could significantly expand the resource base. IPO Offer Details Issue Price: $0.25 per Share Capital Raising: Minimum $10M – Maximum $15M (before costs) Shares Offered: 40M – 60M new shares Market Capitalisation Post-IPO: $65.2M – $70.2M (undiluted) Expected ASX Listing Date: 7 October 2025 Joint Lead Managers are Wallabi Group and Canaccord Genuity, with CPS Capital as Co-Manager. Project Highlights – Spring Hill Gold Project A Tier-1 Location. Situated just two hours south of Darwin, with sealed road access and proximity to power, gas, and water infrastructure. Pine Creek region has a long mining history and remains underexplored despite hosting world-class deposits. Mineral Resource & Upside. JORC Resource: 821koz Au (Indicated + Inferred) across the Hong Kong (Figure 2), Macau and Main zones. Figure 2: Hong Kong Zone (source: PC2) Exploration Target: An additional 1–2Moz Au identified across strike extensions and new zones such as Steve’s Gully, Vein Heaven and Zbonsky. Mineralisation remains open along strike and at depth, with historic drilling suggesting grade increases at depth (Figure 3). Figure 3: Spring Hill Resource Opportunity (source: PC2) Near-Term Growth Strategy 34,000m drilling program underway, targeting extensions to the MRE and testing high-priority exploration zones (Figure 4). Figure 4: Near-Term Growth Strategy (source: PC2) Initial 6,000m infill and step-out drilling in the MRE zone (including the Lasagne lode). North Zone drilling (46 holes planned), including a co-funded 400m deep hole to test plunge potential (Figure 5). Figure 5: North Target Zone (source: PC2) Photon Assay re-analysis program covering ~40% of historical pulps, aiming to capture coarse gold missed by fire assay and potentially increase grades (Figure 6). Figure 6: Near-Term Growth Strategy (source: PC2) Metallurgical and Development Pathway Bulk sampling at Spring Hill has confirmed strong recoveries of ~97% and highlighted a ~45% uplift in grade compared to fire assay, reinforcing the free-milling nature of the ore with high gravity recoveries. A Photon Assay re-analysis of ~40% of historical samples is underway to better capture coarse gold and potentially upgrade the Mineral Resource. With a 21-year mining lease and open-pit approvals already secured, PC Gold plans to fast-track a standalone CIL plant under NT’s updated regime. Strong nearby infrastructure supports a clear development pathway, starting with open-pit mining and potential underground expansion at depth. Use of Funds (IPO Proceeds) According to the Prospectus, funds will be directed towards: Resource expansion drilling and feasibility studies. Updated plant engineering studies and grade control drilling in Eastern and Macau pits. Ongoing exploration across multiple targets (North and Far North zones, untested southern strike). Working capital and corporate purposes. IPO costs. Management & Alignment The leadership team is led by Executive Chair & CEO, Ashley Pattison, supported by a strong technical group including COO Sean Church (ex-Agnico Eagle), GM Exploration Peter Harris, and NT Technical Advisor Geoffrey Eupene. Importantly, insiders and management are expected to hold ~30% of the company post-IPO, ensuring strong alignment with shareholders. Samso Concluding Comments The PC Gold IPO brings to market a tightly structured gold exploration story in a proven province. The Spring Hill Project already hosts a sizeable JORC Resource, but the real intrigue lies in the multiple growth vectors – strike extensions, parallel lodes, and the potential 1–2Moz exploration target. Investors should recognise both the opportunity and the risk. While the company benefits from a granted mining lease, supportive infrastructure, and environmental approvals, this remains an exploration-driven story with speculative risk inherent to the sector. Success will hinge on drilling results, resource conversion, and the feasibility of development. The investment case is strengthened by previous metallurgical work that shows high recoveries and the potential for grade uplift, coupled with existing environmental approvals that de-risk the pathway to production. What is unusual for the typical Australian mineral resource IPO is the alignment of management, who will retain around 30% post-IPO, ensuring their interests remain closely tied with shareholders. With drilling already underway and regular news flow expected into 2026, PC Gold is positioning itself for a steady stream of catalysts that will test the true scale of Spring Hill. For those following Australian gold exploration, PC Gold is offering exposure to a gold project that is in a very hot timing with the high gold price, with significant potential scale, strong management alignment, and a clear path to de-risking. The IPO funds will directly test whether Spring Hill can grow beyond its current 821koz base toward a multi-million-ounce gold system. As always, #SamsoNews, we encourage investors to take the time to review the full Prospectus and company presentation, consult advisers where appropriate, and do their own due diligence. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found. 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 has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 26 August 2025 Exploration JV with Sumitomo at Bangemall Ni-Cu-PGE Project. Miramar Resources Limited (ASX: M2R) has taken another decisive step forward, announcing a multi-year Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) at its Bangemall Ni-Cu-PGE Projects in Western Australia (Figure 1). This agreement, which could see SMMO earn up to 90% interest through staged expenditure and feasibility milestones, is designed to systematically test for giant Norilsk-style Ni-Cu-PGE deposits—some of the most valuable mineral systems globally. For Miramar, the partnership provides both capital strength and technical validation of its early exploration work. Figure 1: Bangemall Ni-Cu-PGE Projects (source: M2R) At #SamsoNews, we have been following Miramar’s journey closely. From its initial exploration campaigns through to the discovery of disseminated nickel and copper sulphides earlier this year, the company has steadily built the foundations of its geological concept. This new JV now marks a turning point—moving from proof-of-concept towards the possibility of a world-class discovery, with one of the industry’s most experienced global mining groups at its side. Highlights - The search begins for a Norilsk-style Ni-Cu-PGE deposit. Multi-year, multi-million-dollar Exploration Joint Venture with Sumitomo Metal Mining Oceania Pty Ltd (SMMO) over Miramar’s Bangemall Ni-Cu-PGE Projects. JV aims to target giant Noril’sk-style nickel-copper-PGE deposits in the Edmund and Collier Basins, Western Australia. SMMO can earn up to 80% interest through $5.5M expenditure over 5 years, and up to 90% via Feasibility Study completion. Minimum commitment: $600,000 expenditure, with Miramar to manage JV exploration programmes. JV builds on Miramar’s February 2025 discovery of disseminated Ni-Cu sulphides within differentiated Kulkatharra Dolerite sills. EIS co-funded VTEM and magnetic survey underway, to define next exploration steps (Figure 2). Figure 2: Bangemall Ni-Cu-PGE Projects showing the EIS co-funded VTEM survey (source: M2R) Exploration JV with Sumitomo Miramar Resources Limited (ASX: M2R) has signed a Non-Binding Term Sheet with SMMO, a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd, to advance exploration at its 100%-owned Bangemall Ni-Cu-PGE Projects. Sumitomo brings over 300 years of mining expertise, with a portfolio spanning Japan (Hishikari), North America, South America, and Australia. This partnership underscores strong external confidence in Miramar’s strategy to unlock the Noril’sk-style mineralisation potential of the Bangemall region. Miramar’s Executive Chairman Allan Kelly commented: “We are looking for mafic intrusion-hosted Ni-Cu-PGE deposits, like the Noril’sk deposits in Russia, which are some of the world’s largest and most valuable mineral deposits of any kind,” he said. “The Edmund and Collier Basins have been recognised by the Geological Survey of WA, Geoscience Australia and the CSIRO as having potential for Noril’sk-style mineralisation, however Miramar is the first company to specifically target this style of mineralisation in this region,” he added. “Since commencing exploration at Bangemall, we have demonstrated the existence of differentiated dolerite sills, mafic cumulate rocks and disseminated nickel and copper sulphides, thereby proving the Noril’sk concept. Now we are looking for massive sulphides,” Mr Kelly said. “This Exploration Joint Venture with Sumitomo gives us the resources to systematically explore the project, and we look forward to progressing towards a potentially very significant discovery.” SMMO's Managing Director, Mr Jiro Uesugi, commented: “SMMO is delighted to have signed a term sheet for participation in Miramar's Bangemall project. We believe the Bangemall project has significant potential for Ni-Cu-PGE mineralisation, and we look forward to working with Miramar's strong technical team as the project operator, as well as looking forward in anticipation to the results that can be delivered.” Key JV Terms The Joint Venture has been structured with clear staged earn-in milestones, ensuring that both Miramar and Sumitomo are aligned through progressive investment and exploration success. Farm-in Fee: SMMO will reimburse ~$275,000 for the ongoing EIS co-funded VTEM survey. Minimum Commitment: $600,000 within the first 36 months. First Earn-in: 60% interest through $2.5M expenditure over three years. Second Earn-in: +20% via additional $3M expenditure over two years. Third Earn-in: +10% through completion of a Feasibility Study. Management: Miramar to manage all exploration activities. If either party’s interest drops below 10%, it converts to a 2% NSR. Next Steps With the EIS co-funded VTEM and magnetic survey nearing completion, Miramar and Sumitomo will soon process the data to refine priority targets. The follow-up program is expected to include detailed mapping, rock chip sampling, and ground EM surveys, leading towards targeted drilling designed to test for massive sulphide mineralisation. Broader Exploration Projects Update (Figure 3) Planning additional geophysical surveys and drilling at the flagship Gidji JV Gold Project, particularly at the 8 Mile prospect. Sale process initiated for non-core projects, including Glandore and Randalls, in the Eastern Goldfields. Figure 3: Miramar Resources (source: M2R) Share Purchase Plan Miramar reminded shareholders that its Share Purchase Plan closes 5:00 pm AWST, Wednesday, 27 August 2025. Samso Concluding Comments This agreement with Sumitomo is a signal that one of the world’s most experienced and long-established miners sees real geological potential in the Bangemall Ni-Cu-PGE Projects. For investors, it shows that Miramar’s hard work and conviction in the concept over the last few years have attracted the interest of a group that is selective about where it commits time and capital. The structure of the earn-in ensures Miramar is free-carried through the early phases of systematic exploration, while still retaining exposure to discovery success. This is typical of such agreements, as it reduces financial risk while allowing the Company’s team to focus on applying their technical expertise. It also creates a pathway for the project to be advanced through feasibility if the results are compelling. At the heart of this story is the scale of the target. Noril’sk-style deposits are some of the largest and most valuable mineral systems globally. If Miramar and Sumitomo can demonstrate that potential in the Bangemall Basin, it would be transformational for both the company and the region. For readers of #SamsoNews, the key takeaway is that this is the next chapter in a story we have been following for some time. It is still early days, and the usual risks of frontier exploration remain, but the involvement of Sumitomo provides the financial muscle and global experience to test this concept properly. Investors should watch the upcoming geophysical results and follow-up drilling closely as the JV begins to unfold. 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 come 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 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 25 Aug 2025 $4.5M INVESTMENT BY QIC CRITICAL MINERALS FUND DEVELOPMENT. 16 Jul 2025 Presentation. Ark Mines (ASX: AHK) has secured a $4.5 million investment from the QIC Critical Minerals and Battery Technology Fund (QCMBTF) to advance development of its flagship Sandy Mitchell Rare Earth and Heavy Mineral Project, located northwest of Cairns (Figure 1). The funding package—$4m in upfront royalty-linked financing and $500,000 in equity (subject to shareholder approval)—follows a collaborative due diligence process and underscores the Queensland Government’s commitment to strengthening domestic critical minerals supply chains. Figure 1: Sandy Mitchell Project Location (source: AHK) This investment provides Ark Mines with a non-dilutive funding pathway, positioning the company to accelerate its development program. Stage-3 infill drilling is underway, and results will feed into a Pre-Feasibility Study (PFS) scheduled for early 2026. Production is targeted for late 2027, with ~80 jobs expected to be created locally. The Sandy Mitchell resource currently stands at 71.8 Mt @ 1,732.7 ppm Monazite Equivalent (MzEq), with Ark aiming to significantly expand this figure in the near term (Figure 2). Figure 2: Exploration Target and Drilling Results (source: AHK) Project Highlights - Moving the Rare Earth Narrative. Strategic Investment: QCMBTF’s backing aligns Ark Mines with the Queensland Government’s strategy to build sovereign capability in critical minerals. Resource Expansion: Current Measured MRE covers only ~4.5% of the anomaly area. Exploration targets outline 1.3–1.5 Bt @ 1,286–1,903 ppm MzEq, suggesting substantial growth potential. Metallurgical Advantage: Early test work returned a concentrate grading ~52% TREO, with gravity separation confirming simple, low-cost beneficiation pathways (Figure 3). Figure 3: Metallurgy Results (Slide 7: Gravity Beneficiation 52% TREO) (source: AHK) Low Environmental Impact: Mining is shallow (10–15m), chemical-free, and designed for continuous rehabilitation — offering an environmentally sustainable profile compared to hard rock alternatives (Figure 4). Figure 4: Low-Impact Mining Method (source: AHK) Pathway to Production Ark Mines has locked in drilling and metallurgical programs that will underpin the upcoming PFS in early 2026 (Figure 5). The company expects the resource base to grow substantially, with management guidance pointing toward an upgrade well beyond the current 71.8 Mt. Offtake discussions with processors and customers are also underway, highlighting market interest in Sandy Mitchell’s high-value rare earth and heavy mineral basket. Figure 5: Resource Growth Potential (source: AHK) CEO & Managing Director Benjamin Emery commented: “We are pleased to announce this funding agreement with the QCMBTF, which follows an extensive period of engagement with the Fund and marks a significant step forward in our strategy to develop Sandy Mitchell through to production. With a busy works program scheduled for the second half of 2025, this investment provides Ark with an effective non-dilutive source of funding to accelerate development.” “Strategically, it also delivers long-term alignment with the state government’s policy objective to position the North Queensland region as a key supplier of the critical minerals used in global clean energy supply chains. Our goal now is to establish Ark Mines as a leading Australian rare earths supplier, serving end users in domestic and international markets.” “We look forward to updating our investors on more key developments in the coming months, led in the near-term by a comprehensive infill drill program which we expect will deliver a significant increase to the current Measured resource of MzEq at Sandy Mitchell.” Samso Concluding Comments The Rare Earth sector seems to be lighting some renewed interest back into the ASX. I have to admit that the positive vibes seem to be creating momentum back into what was a very beaten sector. I have not followed Ark Mines, but this ASX release sure does make me think twice about whether there could be a resurgence of interest in the REE story. The $4.5M commitment from the QIC Critical Minerals Fund provides Ark Mines with capital and an endorsement of both the scale of Sandy Mitchell and the strategic importance of rare earths to Queensland’s future economy. The structure is a mix a mix of royalties and equity that reduces dilution while tying government-backed funding to long-term project success. Investors should note the dual momentum — drilling to grow a resource already defined at 71.8 Mt @ 1,732.7 ppm MzEq, and metallurgy that has already proven up a 52% TREO concentrate via simple gravity separation. This dual pathway of resource expansion and process validation places Ark Mines in a strong position ahead of its 2026 PFS. Equally important, Sandy Mitchell’s low-impact, shallow mining model may prove to be one of its greatest differentiators. With no chemicals, no blasting, and continuous rehabilitation, it provides an ESG profile that could attract end-users and financiers focused on supply chain sustainability. This is similar to the recent release by OD6 Metals Limited (Ion Exchange and Nanofiltration Redefine Rare Earth Processing Flowsheet - First Mover Advantage for OD6 Limited? Is It Time for Investors?), in defining a new process to treat its ore and hence giving a more economical process for extracting its products. In short, the Ark Mines story is moving into a phase where execution is now paramount and growing the resource, refining the flowsheet, and laying the groundwork for offtake is awaiting shareholders. If these elements align, Sandy Mitchell has every chance of becoming a significant Australian rare earth supplier. #SamsoNews is where investors can look for valuable insights to guide their DYOR. The Samso Way – Seek the Research At #SamsoNews, the focus is always on cutting through the noise and grounding every analysis in facts and context. Real insights come when investors 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 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 2 September 2025 High-grade saprolite-hosted rutile confirmed. DY6 Metals Ltd (ASX: DY6) has confirmed the presence of high-grade saprolite-hosted rutile mineralisation across its Central Rutile Project in Cameroon (Figure 1). Results from reconnaissance auger drilling, channel sampling, and stream sediment sampling indicate rutile as the dominant titanium-bearing mineral with minimal ilmenite and no leucoxene. These findings strengthen the case for a globally significant rutile province, adding momentum to the Company’s exploration strategy. Figure 1: DY6’s Central Rutile Project comprises 5 licence blocks which border Peak Mineral’s Minta Project in Central Cameroon. (source: DY6) Key Highlights - The Beginning of a Rutile Story. High-Grade Results: Up to 2.1% rutile over 1m at Nsimbo. Up to 1.57% rutile over 1m at Alamba. Significant channel intercepts include: 3.5m @ 0.78% rutile (5.29% HM) from 0m, including 1m @ 2.1% rutile. 5.8m @ 0.47% rutile (6.98% HM) from 0m, including 1m @ 1.57% rutile. Auger Drilling Intercepts: 2.25m @ 0.6% rutile (8.7% HM), including 0.95m @ 0.96% rutile from surface. 0.8m @ 0.66% rutile (2.81% HM) from surface. 1.35m @ 0.84% rutile (1.23% HM) from surface. Strike Extent: Saprolite-hosted rutile confirmed over 41km strike length between Nsimbo and Alamba (Figure 2). Figure 2: Zoomed-in geological map of the Nsimbo and Alamba licences showing the recently completed reconnaissance sampling campaign. (source: DY6) Systematic Exploration: Soil sampling campaign (35% complete) across the 5,901km² project area. Follow-up reconnaissance auger drilling completed: 24 holes, 237.9m drilled, average depth 9.9m (Figure 3). Figure 3: Locations of reconnaissance auger, channel and stream sediment sampling across the Central Rutile Project. (source: DY6) Project Overview The Central Rutile Project covers 14 exploration permits across 5,901km² in Central Cameroon (Figure 4). Bedrock geology is dominated by kyanite-bearing mica schist, recognised as the primary source of rutile. In-situ weathering liberates rutile into saprolite, forming deposits analogous to Sovereign Metals’ Tier-1 Kasiya deposit in Malawi. Historical records from 1935–1955 show artisanal mining of alluvial deposits yielding ~15,000 tonnes of high-purity (>95%) rutile. Figure 4: Map of Central Cameroon showing DY6’s Central Rutile Project, which encompasses 5,901km2 of prime geological terrain highly prospective for residual, natural rutile mineralisation. (source: DY6) CEO, Cliff Fitzhenry, commented: “These first assays of reconnaissance samples has confirmed the presence of high-grade saprolite-hosted rutile mineralisation at the Central Rutile Project with grades of up to 2.1% and 1.57% over 1m from surface respectively. XRD analysis has also confirmed that the dominant titanium bearing mineral collected at the Central Rutile project in all samples collected is dominated by rutile. At Nsimbo and Alamba reconnaissance exploration has so far delineated an extensive area of ~41km of strike of rutile mineralisation from surface to end of hole. These reconnaissance assays cover 10 shallow auger holes, as well as 12 channel sample localities, which only just scratched the surface of such a large licence package. Our Cameroonian technical team is working expeditiously to prep the samples from the recently completed 24 auger holes covering 237.9m for despatch to the labs in South Africa. These auger holes were drilled to the north of the 41km of strike of defined rutile mineralisation at Alamba and Nsimbo, which we believe represents a highly-prospective target for deep, in-situ hosted rutile mineralisation.” Ongoing Work Soil sampling (~651 samples) to delineate higher-grade areas ahead of deeper auger campaigns (Figure 5). Results pending from follow-up auger drilling at Nsimbo and Alamba, aimed at testing continuity of mineralisation and extensions of strike. Samples from recent drilling are being prepped in-country and will be dispatched for assay to laboratories in South Africa. Figure 5: Map showing the location of all the reconnaissance samples collected to date in the Central Rutile project. (source: DY6) Samso Concluding Comments This announcement is more about the consistency of near-surface rutile grades and the confirmation that rutile is present as a mineral species across the project. DY6 is making a good start with the geological story emerging from Cameroon carries weight. The Central Rutile Project is still in its early exploration phase, yet the scale of mineralisation identified over a 41km strike provides a strong foundation. The combination of systematic soil sampling and auger drilling will build confidence in continuity and grade. Importantly, these results are reconnaissance sampling and the fact that they are returned across multiple licences, suggesting a broader mineralised system. From an investor’s perspective, this work is about laying down the building blocks of a future Tier-1 rutile development. The global rutile market is tight, and discoveries of this nature are increasingly rare. If DY6 can demonstrate scale and economic extraction potential, the significance of this project will move well beyond exploration success. As always, the Samso message remains clear: look beyond the headline numbers, understand the geological setting, and consider the bigger picture. This is how investors can separate signal from noise. DY6’s Central Rutile Project is still an early stage story and it is offering signals worth watching closely. As always, remember to DYOR – Do Your Own Research. The Samso Way – Seek the Research At Samso, we separate signal from noise. Real insight comes when investors do their own research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position 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 has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this episode of Coffee with Samso, we sat down with Dustin Haines, the newly appointed CEO of EchoIQ Limited (ASX: EIQ), to unpack the company’s transformative AI-based technology for cardiovascular diagnosis. While the format shifted to Zoom to accommodate Dustin’s base in the United States, the conversation was no less in-depth as we explored how Echo IQ is aiming to solve one of the most pressing challenges in cardiovascular medicine—misdiagnosis. With a 50% misdiagnosis rate in conditions like heart failure, Echo IQ’s FDA-cleared AI solution could become a game-changer for structural heart disease diagnosis. This is a timely discussion as AI continues to gain traction in medical settings and investors begin to appreciate the real-world value of clinical validation and scalable software solutions. As always, grab your coffee and dive into the conversation. Coffee with Samso: An AI Solution to A Cardiovascular Problem. Guest: Dustin Haines, Chief Executive Officer – EchoIQ Limited (ASX: EIQ) Location: Australia and USA. Meet the CEO: Dustin Haines Dustin brings over 25 years of experience across the pharmaceutical, biotech, and medtech sectors, having operated across regions from Hong Kong to the Middle East and North America. What drew him to Echo IQ was not AI expertise per se, but a deep understanding of how healthcare systems globally are grappling with aging populations, comorbidities, and inefficiencies in diagnosis. "Cardiovascular disease remains the leading cause of death—globally. Echo IQ’s solution doesn’t aim to replace cardiologists, but to help them diagnose better and faster," says Haines. The Problem: 50% Misdiagnosis in Heart Disease. One of the most surprising revelations during the research for this episode was the staggering rate of missed or incorrect diagnoses for cardiovascular conditions: Up to 50% misdiagnosis in heart failure Up to 40% in aortic stenosis These are not untrained professionals making mistakes—cardiologists are highly skilled. The issue lies in complex data interpretation, poor image resolution, and incomplete datasets. Echo IQ’s core proposition is to enhance diagnostic accuracy through its AI engine, which interprets the underlying data behind echocardiogram images. This is where the company adds the most value. EchoSolv: Real-Time AI Integration That Works. EchoIQ has developed a proprietary neural net-based system that creates a 3D model of the patient’s heart using the raw data from echocardiogram images. The model can then: Predict presence and severity of structural heart disease Present results in real-time (within 3 seconds) Integrate seamlessly into existing hospital systems—no new hardware or workflow disruption Importantly, EchoSolv delivers a Negative Predictive Value of 99.5%, meaning the system is almost never wrong when it says a patient does not have the disease. On the positive side, its predictions lead to correct diagnoses or detection of other serious heart conditions. “Our AI doesn’t replace cardiologists—it makes them better.” Milestones Achieved & Revenue Model. EchoIQ has ticked off several critical milestones over the past three years: FDA Clearance (late 2024) – Marked the transition from an R&D company to a commercial entity Flagship Hospital Integration – First integration with Beth Israel, part of Harvard Medical School Reimbursement Pathway – Using Code 93799 (miscellaneous), with plans to secure a Category III code in September 2025 Second Product – Heart failure model pending FDA submission by end-2025 EchoIQ’s revenue model is built around a subscription-based SaaS framework, with hospitals either paying directly or through Medicare/Medicaid reimbursement systems. Once Category III reimbursement is achieved, this could act as an inflection point for growth. "We’re in revenue generation mode now—pre-revenue, yes—but on the path to cashflow positivity in 2–3 years." Market Size & Competitive Landscape. The total addressable markets (TAM) are significant: Heart failure: USD $17 billion Aortic stenosis: USD $10 billion Dustin believes EchoIQ will be a market leader in aortic stenosis and highly competitive in heart failure, with companies like Ultromics serving as benchmarks. "Ultromics raised $55 million recently. Based on that, I believe Echo IQ is currently undervalued at a ~$140M market cap." Expansion Pipeline: More Than Just Two Conditions. EchoIQ’s AI engine is not limited to aortic stenosis or heart failure. The team is exploring: Pulmonary Arterial Hypertension Mitral Valve Regurgitation Hypertrophic Cardiomyopathy The exclusive partnership with NEDA (National Echo Database of Australia) gives EchoIQ access to one of the world’s most comprehensive datasets, allowing future product development to scale rapidly. AI Bias and Equity in Healthcare. One of the most compelling aspects of this conversation was the discussion on AI bias in medical diagnosis, especially regarding gender. EchoIQ’s algorithm has shown it can remove gender bias, diagnosing women with cardiovascular disease at the same rate as men. "We don’t ask for gender in our model, yet we achieve equal diagnostic rates. This is a critical area of impact where AI can do real good." Capital Position & Investor Outlook. Echo IQ recently completed a raise and holds $18 million in cash with no debt. With a burn rate of ~$500k/month, the company has a multi-year runway without needing to return to market. Dustin’s message to investors is clear: “We’ve got cash in the bank, a cleared product, a second in the pipeline, and access to large, growing markets. That’s the definition of robust fundamentals.” And what of market potential? “Look at what Promedicus did. They’re in our space, now worth billions. That’s our blueprint—only faster.” Samso Concluding Comments What stood out in this Coffee with Samso conversation was the real-world practicality of the EchoIQ solution. This is AI working in a tangible, validated, regulated medical setting. EchoIQ (ASX: EIQ) represents the intersection of medtech, AI, and clinical utility—a rare trifecta. With FDA clearance, an upcoming CPT Category III reimbursement milestone, and integrations into world-class hospitals, the foundations are clearly laid for scale. Dustin Haines is a seasoned operator, and his global healthcare perspective, coupled with clear investor communication, suggests a leadership team that understands both product and capital markets. With revenue on the horizon and a growing product pipeline, EchoIQ might well be on track to follow the path of Australia’s next Promedicus. Watch The Coffee with Sasmo: Chapters: 00:00 Start 00:10 introduction 01:47 Introducing Dustin Haines 05:42 The Cardiovascular Diagnosis Issue. 08:33 The milestones for EchoIQ Limited 13:45 What stage is EchoIQ at? 15:07 What is the core medical issue that EchoIQ is solving? 18:27 What is the accepted level of error for the EcoIQ product? 21:16 What is the realistic level of Misdiagnosis for EchoIQ? 23:58 Why is your technology good? 27:13 The EchoIQ WorkFlow Enhancement 30:06 The Revenue Pathway 33:32 Where does EchoIQ sit on the table of Market Leaders? 36:39 Reimbursement is the Key Revenue Driver. 37:46 Can EchoIQ technology be adopted for other pathways? 39:35 How far can AI go? 44:51 The Benefits and Issues of AI 46:57 Why buy EchoIQ shares? 49:54 What market capitalisation could investors of EchoIQ see in the future? 52:37 Dustin Haines' last Words 54:25 Conclusion PODCAST The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

From the recent Blackpearl Group Equity Raising Presentation (August 2025) and the company’s Q1 FY26 investor update, we gain a detailed view of a technology group that has been scaling fast in the US market. Founded in 2012 and headquartered in Wellington, New Zealand, with a US base in Phoenix, Arizona, Blackpearl Group (NZX: BPG) positions itself as a market-leading data technology company. Its focus is squarely on AI-driven sales and marketing solutions, purpose-built for small and medium-sized businesses (SMEs). This IPO marks a milestone in the Group’s evolution into a multi-product SaaS platform with both organic growth drivers and an expanding acquisition pipeline. ASX Listing Details – Blackpearl Group Limited Listing Date: Friday, 28 November 2025 Issue Price: N/A Issue Type: Ordinary Fully Paid Shares – Foreign Exempt NZX Security Code: BPG Capital to be Raised: N/A Expected Offer Close Date: N/A Underwriter: N/A Principal Activities: Technology company building, acquiring, and marketing data-driven cloud services. Current suite includes productivity and demand generation applications for SMBs. Highlights from Q1 FY26 Blackpearl’s first quarter of FY26 underscored the strength of its transition into a diversified SaaS operator: Annual Recurring Revenue (ARR): NZ$14.0m as of 30 June 2025, up 63% year-on-year and 12% from Q4 FY25. ARR Per Employee: NZ$264k, improving 5% YoY and 7% sequentially, highlighting strong operating leverage. Revenue Churn: 4.9%, an improvement from 5.3% in Q4 FY25, reflecting a more retention-aligned customer base. CAC Payback Period: 4.0 months, positioning BPG at the “best in class” SaaS benchmark (0–6 months). Bebop Launch: Delivered NZ$1.2m ARR in just 45 days—double the ramp speed of Pearl Diver, the Group’s flagship demand generation product. Conditional Acquisition – B2B Rocket: On completion, Group ARR would rise to NZ$17.5m, representing 105% YoY growth and clear product synergies. Growth Drivers - A SaaS Business. The company now operates four engines of growth: Pearl Diver – A proven lead generation product continuing to grow through affiliate expansion and intent data enhancements. Bebop – A new AI-powered sales enablement platform with one of the strongest product-market fits in BPG’s history. Wholesale / White Label Offering – Opening broader market reach with scalable distribution. B2B Rocket (pending acquisition) – A complementary AI technology solution with rapid historical growth (+290% in two years), creating significant cross-product synergies. Outlook Management sees a clear trajectory beyond NZ$20m ARR in the near term, with visibility towards NZ$50m ARR and beyond. The addition of B2B Rocket accelerates this roadmap, while Bebop’s early traction validates BPG’s ability to launch new AI products with speed and efficiency. The Group is strategically positioned in the SME market, where scalable SaaS demand continues to grow, particularly in data-driven sales enablement and marketing automation. Board Strength Driving Global Growth Blackpearl Group’s Board is built on a strong mix of global leadership, financial expertise, and deep experience in scaling technology companies across major markets. The Chair, Tim Crown, co-founder and current Chairman of Fortune 500 IT solutions company Insight Enterprises (NASDAQ: NSIT), brings significant strategic and scale-up expertise from leading a business with over 10,000 employees and US$9.2 billion in net sales. Alongside him, Nick Lissette, founder and CEO of Blackpearl, drives the company’s strategic vision and product innovation, drawing on two decades of SaaS and AI leadership. The Board is further supported by Mark Osborne in governance and financial policy, Hugo Fisher with global private equity and capital markets expertise, and Jyllene Miller with SaaS and revenue operations experience. Together, they bring the insight to drive Blackpearl Group’s international growth. Samso Concluding Comments Blackpearl Group’s listing represents another SaaS company entering the public markets—it marks the progression of a business with a proven foundation and an expanding suite of growth drivers. With a Chair who has led a Fortune 500 technology company, a founder-CEO with deep SaaS and AI experience, and directors who bring financial, governance, and global capital market expertise, the Board looks well credentialed to support both scale and sustainability. In this space, it is all about the formula to execution, so I think the senior management is crucial. For investors, this combination of good SaaS metrics, multi-product momentum, and seasoned leadership provides a compelling framework for growth. As Blackpearl looks beyond the NZ$20m ARR milestone toward NZ$50m and beyond, the Group’s international ambitions will likely be matched by the depth of governance guiding its path. At #SamsoNews, we always emphasise The Samso Way – Seek the Research. Blackpearl Group is at the beginning of a new chapter, and for those watching the evolution of high-growth SaaS platforms, this is a story worth following closely. The Samso Way – Seek the Research Blackpearl Group has presented a strong narrative of ARR growth, disciplined SaaS metrics, and a Board with global expertise—but as always, investors should seek the research and form their own conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The proposed listing of Everlast Minerals Ltd (ASX: EV8) introduces investors to a company aiming to establish a presence in Bangladesh’s underexplored mineral sands sector. Anchored by the Gaibandha Mineral Sands Project (Figure 1), which already holds three granted mining leases along the Brahmaputra–Jamuna River, Everlast is seeking to build a foundation for trial mining and eventual commercial production. The Company’s portfolio also includes licence applications at Kurigram and Pabna, offering additional exposure to heavy mineral sands prospective for ilmenite, rutile, zircon, garnet and magnetite. Figure 1: Exploration activities at Gaibandha Mineral Sands Project (source: EV8) With plans to raise $4–6 million at $0.20 per share, Everlast Minerals will list with a market capitalisation of $24–26 million. The proceeds will support project development and operations in Bangladesh, giving investors speculative exposure to the first wave of mineral sands exploration in the region. ASX Listing Details ASX Code: EV8 Listing Date: TBA Issue Price: AUD 0.20 Issue Type: Ordinary Fully Paid Shares Capital to be Raised: $8,000,000 Expected Offer Close Date: Thursday, 7 August 2025 Underwriter: Alpine Capital Pty Ltd (Lead Manager) Industry Group: Materials – Mineral Exploration & Development Highlights - What A Mineral Sands IPO Looks Like in 2025. Offer Structure: Public Offer of 20m–30m shares at $0.20 each. Secondary Offers include:– 2.7m Performance Rights (Directors & Senior Management).– 19.8m Eligible Shareholder Options (exercise $0.20, 4-year expiry).– Up to 5m Lead Manager Options (exercise $0.30, 3-year expiry). Projects Portfolio: 🔹Gaibandha Mineral Sands Project (Bangladesh) – The Company’s flagship asset, comprising three granted mining leases along the Brahmaputra–Jamuna River in northern Bangladesh (Figure 2). With confirmed prospectivity for ilmenite, rutile, zircon, garnet and magnetite, Gaibandha has advanced to the stage of an independently prepared JORC Code resource estimate. The Project is earmarked for initial trial mining and processing, positioning Everlast to potentially transition from exploration to production and establish itself as a first-mover in Bangladesh’s mineral sands sector. Figure 2: Gaibandha Mineral Sands Project Location (source: EV8) 🔹Kurigram Mineral Sands Project – exploration licence application (Brahmaputra River). The Kurigram Project covers 4,000 hectares of sandbars and river sand bed along the Brahmaputra–Jamuna River Channel in northern Bangladesh. Located in Kurigram District, near the Indian border, the project area extends approximately 17 km in length and 5 km in width, with good access via highways and railways from Dhaka, 350 km to the south (Figure 3). While still at the application stage, Kurigram offers exposure to a prospective stretch of river sands that complements the Company’s broader mineral sands portfolio. Figure 3: Kurigram Mineral Sands Project Location (source: EV8) 🔹Pabna Mineral Sands Project – exploration licence application (Padma River)The Pabna Project is an exploration licence application covering 4,000 hectares along the Padma (Ganges) River in central Bangladesh (Figure 4). Situated across the districts of Pabna and Rajbari, the project area spans river channels and sand bars that are prospective for heavy mineral sands. The location benefits from proximity to regional infrastructure and is accessible from Dhaka, providing a strategic addition to Everlast’s emerging mineral sands portfolio. Figure 4: Pabna Mineral Sands Project Location (source: EV8) All projects are prospective for ilmenite, rutile, zircon, garnet, and magnetite. Development Focus: Initial trial production planned at Gaibandha, with commercial production as the long-term goal. Independent JORC Code resource estimation already completed for Gaibandha. Mining and trial processing operations ready to progress, subject to successful listing. Capital Allocation: Proceeds directed to mining equipment and operating costs at Gaibandha. Working capital, corporate overheads, and Offer costs covered. Future funding (equity/debt) anticipated for full-scale mine development and potential expansion to Kurigram and Pabna. Key Dates: Offer Opens: 3 July 2025 Offer Closes: 7 August 2025 Expected ASX Listing: 15 August 2025 Company Snapshot: Incorporated: 2017, Australia (subsidiary in Bangladesh, 99.99% owned). Business Strategy: Junior mineral sands explorer/developer targeting heavy mineral sands along major rivers in Bangladesh. Board & Management: Everlast Minerals is led by Executive Chair Paul Qian, supported by a board and executive team with strong corporate, financial, and exploration credentials. The Company’s Bangladesh subsidiary is managed by Delwar Titu and Baharul Biswas, providing essential local expertise. Together, the leadership group combines international resource experience with on-the-ground knowledge to advance Everlast’s mineral sands projects. Paul Qian — Executive Chairperson Founder of the company, Executive Chairperson since incorporation in July 2017. He holds a B.Sc. in Chemistry from East China Normal University and serves as a NSW Justice of the Peace. He is also a director of the company's subsidiary and the sole director of Creative Mortgages Pty Ltd, as well as the major shareholder. George Edwards — Non‑Executive Director Holds a B.Sc. (Metallurgy) from UNSW, and is a seasoned industry professional with fellowships including FAICD, FAusIMM (Chartered Professional), FIE (UK), and FAIE. Past President of the Australasian Institute of Mining & Metallurgy, former chair of Standards Australia and ASX-listed SAI Global. Over 55 years of experience in mineral and coal sectors, including ownership and operation of export coking coal mines. Greg Starr — Non‑Executive Director Brings extensive corporate governance and financial leadership experience—including chair, independent director, managing director, and finance director roles. Experienced in arranging equity, debt, convertible financing, IPOs, mergers and acquisitions, and operational leadership across heavy mineral sands, gold, copper, lead, silver, and silica sand sectors. He has led ASX- and TSX-listed mining operations in Australia, PNG, China, Fiji, and Brazil. Key Risks As with all resource IPOs, investors should note the speculative nature of the opportunity: Exploration and development risk in Bangladesh. Political, regulatory, and permitting uncertainties. Offtake arrangements yet to be secured (local demand prioritised under Bangladesh law). Infrastructure and operational risks given project location. Requirement for future funding to progress projects to production. Samso Concluding Comments The IPO of Everlast Minerals Ltd (ASX: EV8) offers investors early exposure to a frontier mineral sands play in Bangladesh, anchored by the Gaibandha Project. While the potential prize is significant – given the mineral sands suite of ilmenite, rutile, zircon, garnet, and magnetite – the Company faces the usual high-risk factors of jurisdiction, permitting, and financing. The proposed pathway to trial mining and early production is commonly pushed in the Asian projects. While it sounds great in principal, time is the only judge of success, so it's a serious case of DYOR. As with all junior listings, this is a speculative opportunity that requires investors to carefully assess risk appetite against the potential for first-mover advantage in an underexplored region. As always, this is one of those opportunities where the prize is enticing, but the journey will test investor patience and resilience. At #SamsoNews, we continue to stress the importance of independent research #SamsoDYOR. Seek the Research. Do your own due diligence. The Samso Way – Seek the Research Always look beyond the headlines and dig into the details before making your investment decisions. 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.

Prospectus Green & Gold Minerals Equity Raise Presentation July 2025 From the Green & Gold Minerals Limited Prospectus (8 July 2025) and the July 2025 Equity Raising Presentation, we gain a detailed picture of a Queensland-focused gold explorer positioning itself for near-term development. The Company’s flagship Mt Wandoo project, located within the Chillagoe Gold Project in northern Queensland, anchors its gold strategy (Figure 1), while a growing rare earth element (REE) portfolio broadens its critical minerals exposure. With this dual focus, Green & Gold Minerals is targeting a strong entry to the ASX under the proposed code GG1. Figure 1: The Chillagoe Gold Project is located in northern QLD (source: GG1) The offer seeks to raise between $5 million and $7 million at $0.20 per share, funding development studies at Mt Wandoo and accelerating exploration across gold, fluorite, and REE prospects (Figure 2). Figure 2: Chillagoe Gold – Near-Term Development with Multi-Million Ounce Potential (source: GG1) ASX Listing Details Company: Green & Gold Minerals Limited ASX Code: GG1 Issue Price: AUD $0.20 per share Capital Raised: $5m (min) – $7m (max) Shares on Issue at Listing: 57.7m – 67.7m Market Capitalisation: $12m – $14m (at offer price) Offer Close Date: 18 August 2025 Expected Listing: 28 August 2025 Lead Manager: Harbury Advisors Pty Ltd Project Portfolio - Gold, REE and Fluorite. 🔹 Chillagoe Gold Project (North Queensland) (Figure 3) Flagship Asset – Mt Wandoo Inferred Resource: 905kt @ 1.1 g/t Au and 13 g/t Ag, for 32 koz Au and 387 koz Ag. Hosted on granted mining leases, shallow and expandable. Recent intercepts include 70.5m @ 1.7 g/t Au and high-grade shoots (e.g., 6m @ 22.5 g/t Au, 43 g/t Ag). Ore sorting test work achieved up to 8x grade uplift with 91% recovery. Figure 3: Wandoo Mining Leases – Shallow Resource Growth and Fast-Track Development (source: GG1) Exploration Upside (Figure 4) Little Wandoo – historic mines with grades up to 2,700 g/t Au, no current resource. North Wandoo – intercepts include 30m @ 1.4 g/t Au, 13 g/t Ag. Satellite Prospects: Sentinel, Dingo, Yum Yum – early-stage targets with large intrusive-related gold system potential. Figure 4: Mt Wandoo – Shallow, Expandable and Development-Ready (source: GG1) Infrastructure Advantage Located only 12km from Mungana mill (currently idle). 70ML onsite water dam and established road access. Critical Minerals – REE & Fluorite 🔹 Nutgrove Rare Earth Prospect (Cosgrove Project, QLD) (Figure 5) Rock chips up to 1.4% TREO (75% heavy REE, dominated by yttrium). Early-stage, interpreted as a large alkaline intrusive diatreme system. No drilling to date – mapping and sampling ongoing. Figure 5: Nutgrove Prospect – Potential Large Breccia-Hosted Heavy REE Deposit (source: GG1) 🔹 Fluorite Potential (Chillagoe Tenements) (Figure 6) Historic mines with a 2.6 km vein system. Fluorite demand linked to LiPF₆ electrolytes for lithium-ion batteries. Figure 6: Fluorite Revival – Historic Veins Positioned for Modern Lithium Battery Demand (source: GG1) Board & Management Anthony Bellas – Chair 40+ years in corporate and government, former CEO of CS Energy and Ergon Energy, Deputy Chairman at Novonix (ASX: NVX). Quentin Hill – Managing Director Geologist with 25+ years’ experience, including key role in Hawsons Iron discovery. Former MD of Carpentaria Resources. Edward (Ted) Boulton – Non-Executive Director Mining engineer, founding partner of MEC Mining, with deep expertise in resource economics and mine planning. With 90+ years of combined experience, the Green & Gold Minerals board blends technical and financial expertise with a proven record of responsibly managing shareholder funds, positioning the Company to advance Mt Wandoo and its wider portfolio. Use of IPO Funds Funds from the raise will be directed towards: Mt Wandoo drilling – resource expansion and confidence upgrade. Development studies – mining, processing, and environmental approvals. Little Wandoo & North Wandoo drilling – targeting new resource delineation. Exploration – gold (Sentinel, Dingo, Yum Yum), fluorite, and Nutgrove REE. Working capital & IPO costs. Key Highlights Shallow gold resource with near-term development potential. Multi-million-ounce exploration upside across the Chillagoe cluster. Ore sorting breakthrough delivering significant grade uplift. Strategic critical minerals exposure (REE + fluorite). Strong board and management with proven ASX, technical, and corporate track records. Samso Concluding Comments Green & Gold Minerals Limited (ASX: GG1) is stepping onto the ASX with a story that blends near-term gold development with long-term discovery potential. The Mt Wandoo project offers a shallow, expandable resource backed by ore-sorting technology, while Little Wandoo and North Wandoo provide the promise of high-grade extensions. Layered on top is the Company’s foothold in REE and fluorite—commodities linked to the clean energy future. For investors, this is a classic early-stage proposition: speculative by nature but carrying leverage to both gold market sentiment and critical mineral demand. The additional exposure to REE and fluorite adds a strategic angle, particularly with fluorite’s role in lithium battery supply chains. As always, the real value lies in what the drill bit can prove. #SamsoNews is where investors can look for valuable information—so seek the research, understand the risk, and watch how this Queensland explorer executes on its plans. The Samso Way – Seek the Research At Samso, it’s about looking beyond the headlines. Seek the Research, weigh the risks, and ground your decisions in facts. 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 fina

Announcement 1 Sept 2025 Cyclone Launches Pre-Feasibility Study for Iron Bear. Cyclone Metals Limited (ASX: CLE) has announced a major step forward with the commencement of a Pre-Feasibility Study (PFS) for its 100%-owned flagship Iron Bear Project, located in the Labrador Trough, Canada (Figure 1). The appointment of global engineering firm Hatch to lead the study underscores the project’s significance and the Company’s intention to position Iron Bear as a strategic supplier of high-grade magnetite concentrate for the global steel market. Figure 1: Project Location Map (source: CLE) This follows the strong Scoping Study released in August 2025 and represents the transition of Iron Bear into a more advanced phase of development. Cyclone has set a clear timeline, targeting PFS completion in Q2 CY2026. Cyclone CEO and Managing Director, Paul Berend, commented: “The launch of the PFS for Iron Bear, predicated by the outstanding results of the Scoping Study, represents a critical step in our strategy to unlock the value of this world-class asset. With increasing global demand for high-grade, low-emission iron ore products, such as blast furnace concentrate and pellets, Iron Bear is uniquely positioned to meet future market needs. We look forward to advancing the project through this next phase and demonstrating its significant economic and strategic potential.” Key Highlights - A Green Iron Ore Story. Appointment of Hatch, a leading global engineering firm with extensive experience in large-scale iron ore projects. PFS Scope will include: Detailed mine design and scheduling Advanced metallurgical test work Processing plant and infrastructure evaluation (including pelletising studies) Logistics options (rail and slurry pipeline) Capital and operating cost estimates Environmental, social, and permitting studies Marketing studies Comprehensive risk assessment and mitigation scenarios Pelletising Expertise – Cyclone has also engaged IDOM, a consulting group specialising in steel and metals industrial plants, to deliver pelletising plant design and cost estimation. With over 60 years of experience and five offices across Canada and the US, IDOM brings both global expertise and local capabilities. Cyclone’s updated development timeline shows a pragmatic shift in the transition from Phase 1 to Phase 2, moving from April to June 2025 (Figure 2). This adjustment reflects the realities of permitting, approvals, and the sequencing of key operational activities, rather than any fundamental change to the project’s trajectory. Importantly, it also allows for better alignment with Vale’s decision process, which underpins the funding and progression of Iron Bear. With the launch of the Pre-Feasibility Study now formalised as milestone 13, the project remains firmly on track, signalling both momentum and a disciplined approach to managing the complexities of a world-class development. Figure 2: Updated Development Timeline (highlighting Phase 1 to Phase 2 shift) (source: CLE) Next Steps Completion of advanced metallurgical test work. Progress on mine design, logistics, and pelletising plant studies. Ongoing stakeholder and environmental permitting workstreams. Delivery of the PFS in Q2 CY2026, marking the next key de-risking milestone. These next steps mark the transition of Iron Bear from concept to detailed planning, with a clear focus on technical validation, infrastructure design, and regulatory alignment. Each milestone builds towards the delivery of the PFS in Q2 CY2026, which will serve as a pivotal checkpoint in demonstrating the project’s economic and strategic potential. Samso Concluding Comments Cyclone Metals’ Iron Bear project appears to be advancing along a logical roadmap, with the PFS marking a pivotal stage in shaping the project’s future. The dual engagement of Hatch and IDOM signals a commitment to be ticking all the boxes to have technical rigour and market relevance, with a strong focus on sustainability and global competitiveness. The highlight is there is a need to keep the studies that will be in line with any Tier-1 company such as Vale. Investors looking at this announcement need to be reminded that the Cyclone story is unique with the strategic funding arrangement with Vale, ensuring momentum and credibility as Iron Bear progresses. While there are still challenges to overcome such as, permitting, logistics, and market dynamics, the project appears well-aligned with the broader industry trend of securing low-emission, high-grade iron ore supply. As a shareholder of the company, the comfort in the process is the understanding that this business at this stage has minimum technical issues as in most cases, the advancement to a mature study such as a PFS, is only open now to Black Swan events. As I have mentioned in my previous blogs on Cyclone Metals, a partnership with a company like Vale does not come with rigorous due diligence that was taken in the earlier stages of the project. Vale is not a newcomer to the iron ore industry. Vale is not a newcomer to the Green Iron story. Anyone who have had to deal with a Tier-1 company like Vale will know that someone like Vale would not commit its resources and time to a project that they don't have a strong conviction of a positive outcome. For investors and observers, the Q2 CY2026 PFS milestone will no doubt be a critical marker of value creation. For the believers, the Green Iron Ore story is on track and its aligned with market expectations as one of disciplined advancement, careful partnerships, and strong positioning in the global iron ore narrative. As always, #SamsoNews is about looking past the noise and focusing on the facts that matter. The Samso Way – Seek the Research At Samso, we emphasise cutting through the noise. As always, DYOR—true insights come from understanding the details behind each milestone, not just 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 Pre Feasibility Study 27 Aug 2025 Horizon Minerals Limited (ASX: HRZ) has provided an update on the ongoing Pre-Feasibility Study (PFS) for the Black Swan Project, situated 40km northeast of Kalgoorlie-Boulder in the Western Australian Goldfields (Figure 1). The PFS incorporates mining, infrastructure, and processing studies to refurbish and repurpose the Black Swan operation into a gold processing facility. Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure (source: HRZ) Managing Director and CEO Grant Haywood commented: “Progressing the Black Swan Pre-Feasibility Study is an important step in our development and growth pathway towards being a new, independent mid-tier gold producer. The study work is founded on robust technical and economic analysis of our assets and is advancing well. With work completed on the option studies and associated preliminary engineering design, we look forward to sharing the final outcomes in the December quarter when completed and making a Financial Investment Decision shortly thereafter, and moving to the next steps of refurbishment and commissioning.” Highlights - The Path to a Gold Mining Story. Processing PFS Progress (Figure 2) GR Engineering Services (GRES) is nearing completion of the PFS on Black Swan’s processing facility. The design incorporates refurbishment of the comminution circuit and installation of a new gold Carbon-in-Leach (CIL) facility. The plant is designed for 1.5Mtpa throughput with a product size of P80 106µm. A preferred comminution option has been identified: single stage crushing plus SAG and ball mill, maximising flexibility and robustness for future ore types. Detailed process flow diagrams, mechanical and electrical lists, and engineering studies have already been completed. Figure 2: Black Swan – Process Flow Diagram (source: HRZ) Comminution and Recovery Circuits Three comminution circuit options were reviewed as part of the Black Swan PFS. Both GR Engineering Services (GRES) and Orway Minerals Consultants (OMC) independently favoured the Single Stage SAG (SS SAG) design for 1.5Mtpa throughput. To future-proof the project, consideration is also being given to incorporating both SS SAG and SABC circuits at refurbishment stage, providing greater long-term flexibility and expansion potential. Downstream, the new gravity and CIL recovery circuits are being purpose-built with scalability in mind, ensuring capacity for increased throughput if required. Importantly, the existing nickel flotation circuit will remain on care and maintenance, deliberately isolated to preserve optionality for future redevelopment without disrupting gold operations. Mining and Infrastructure Studies Mining Plus has completed scoping studies on 24 open pit and underground deposits. A ranking process has identified prioritised deposits to provide feed to Black Swan. Infrastructure studies cover power, water, accommodation, and ore storage requirements under a hub-and-spoke model. Environmental and permitting approvals are advancing. The Burbanks project, with a Mineral Resource of 465.5koz @ 2.8g/t Au, is a cornerstone but requires further drilling and metallurgical work before inclusion at PFS level. It will remain at Scoping Study level for now. Next Steps The full PFS, incorporating the processing facility refurbishment, mining, and infrastructure components, is on track for completion in the December 2025 quarter. Horizon expects this study, together with the Burbanks Scoping Study, will provide sufficient basis for a Financial Investment Decision (FID). Pending a positive outcome, refurbishment and construction at Black Swan could commence in 2026. Samso Concluding Comments To simply summarise this announcement, this is the logical step forward for the company. The shareholders are obviously crying out for Horizon Minerals to get the gold mining business happening so this is a good sign to the market that there is a process in mind. The careful balancing of processing options, integration of multiple ore sources, and structured path towards an FID underscores the company’s intent of making the path a reality. Horizon needs to show scale and optionality by incorporating flexibility upfront and they need to show beyond today’s processing requirements by leaving the door open for future growth. The inclusion of Burbanks—though only at Scoping Study stage—adds another layer of potential upside, especially with its sizeable resource base. If Horizon can progressively de-risk and upgrade this asset, the long-term production profile could be significantly enhanced. As always, the market will be waiting for the December 2025 PFS release to assess the numbers and economics. However, this staged update demonstrates that Horizon is steadily positioning itself for its next growth chapter. The challenge for Horizon will now be to show impatient shareholders and potential investors that the reality of being a gold mining company is within their ability and their available resource. Time will be the key determinant of all that needs to be answered. The Samso Way – Seek the Research At #SamsoNews, the focus remains on separating signal from noise. The Black Swan PFS update is not just about technical refinements; it reflects the practical steps Horizon is taking toward independent production. Investors should follow the details, understand the scope of work, and align it with their own due diligence. 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: Major Expansion of the Minta Rutile Project 12 August 2025 Drilling Confirms the Expansion of Major Mineralised System. Lion Rock Minerals Limited (ASX: LRM), formerly called Peak Minerals Limited (ASX: PUA), has reported further high-grade heavy mineral (HM) assay results from the Minta Rutile Project in central Cameroon. This confirms the expansion of what is shaping up to be a globally significant rutile system. The defined mineralised footprint has now grown to approximately 2,125km² within a broader 3,500km² target area. This reinforces the scale and continuity of rutile-rich mineralisation (Figure 1). This is the first modern exploration in the Minton #Titaniuma region. The Company has employed a cost-efficient hand-auger drilling program to target near-surface rutile. This method is widely recognised in the global heavy mineral sands industry. It is particularly effective in the residual soils of Minta, enabling rapid, systematic coverage of vast areas while maintaining low operational costs. The approach is already delivering consistent results, confirming the geological continuity and high-value potential across multiple target zones. Figure 1: Results further confirm the scale of the mineralised zone1 at Minta Rutile Project. (source: LRM) Highlights - A Mineral Sands Project Enriched in Rutile Continuous High-Grade HM Mineralisation Every one of the 330 drill holes completed to date has intersected heavy mineralisation. Key intercepts from the latest 52 drill holes include: 4.0m @ 8.0% HM from 3m 5.8m @ 3.5% HM from surface 5.0m @ 3.9% HM from 4m Extensive Drilling and Assays Pending A total of 552 holes have now been drilled, with assays pending for 222 holes. Broad reconnaissance spacing is being used to locate high-value zones, which will be targeted in upcoming infill drilling. Minta Est – Monazite, Zircon, and Rutile Fieldwork at Minta Est has confirmed strong monazite, zircon, and rutile mineralisation in residual soils. This aligns with earlier panned sample results from nearby artisanal gold workings. The presence of exceptionally coarse monazite and abundant rutile with minimal gangue has been described as highly encouraging. Alluvial Channel Targeting Reconnaissance sampling has confirmed well-washed heavy minerals and visible gold in certain zones. Some areas host thick, high-grade HM intervals. These will undergo detailed mineralogical analysis to assess mining potential. Oversize Rutile Contribution Samples from priority areas are being analysed to assess the contribution of oversize rutile to overall HM grades. There is potential for a material uplift in in-situ rutile content. Lion Rock Chief Executive Officer, Casper Adson, commented: “These results further confirm that Minta hosts a massive, high-grade rutile system, with strong geological continuity and clear targets for follow-up exploration. The fact that heavy mineralisation has been intersected in every hole drilled to date underscores the consistency and scale of the system.” Lion Rock Competent Person and Technical Manager, Richard Stockwell, added: “Our systematic approach is already highlighting regions with elevated concentrations of high-value minerals. The challenge now is to identify the highest value areas from the outset in this highly prospective province.” Field Sampling Confirms High-Value Mineralisation at Minta Results further confirm the scale of the mineralised zone at the Minta Rutile Project. This underscores the continuity and extent of high-value rutile-rich mineralisation (Figure 2). Figure 2: Collecting roadside samples in Cameroon. (source: LRM) The exploration team is seen collecting roadside samples in Cameroon. This is an important step in ground-truthing the latest exploration model and refining target areas (Figure 3). Figure 3: Panned sample from MRGR0039 at Minta Est shows ~10% monazite within ~2% heavy minerals, with coarse rutile particles visible. (source: LRM) A panned sample from Minta Est reveals a visible band of approximately 10% monazite within ~2% heavy minerals. Coarse rutile particles are clearly identifiable (Figure 4). Figure 4: Peak Minerals’ exploration team collecting roadside sample as referred to in Figure 3. (source: LRM) Next Steps Mineralogical analysis of sand and oversize heavy minerals in priority areas is currently underway. Residual drill hole samples will soon be assessed for mineralogy. Preliminary mining studies are progressing on high-value alluvial targets, complemented by planned wet table trials across both residual and alluvial zones. An exploration target for the alluvial setting is anticipated by September 2025. Meanwhile, priority monazite, rutile, and zircon targets will guide infill drilling programs aimed at delivering a maiden JORC Mineral Resource Estimate in 2026. In parallel, planning is advancing for the establishment of a dedicated Heavy Mineral Sands laboratory in Yaoundé. All exploration activities through 2025 and into 2026 are fully funded. Minta Rutile Project – Background The Minta Project spans 8,800km² over 18 granted permits (plus 3 under application) in a highly under-explored rutile province. Early-stage work has delineated areas of high-grade rutile, monazite, zircon, and gold in both alluvial and residual settings. Large angular rutile nuggets have also been discovered, which could materially boost total valuable heavy mineral grades. Samso Concluding Comments The Minta Rutile Project is quickly establishing itself as a standout in the global mineral sands sector. The sheer scale of confirmed mineralisation – with every drill hole intersecting heavy minerals – is a rare and compelling feature. This level of geological consistency, combined with high-value mineral assemblages, places Minta in a strong position to emerge as a world-class rutile asset. The presence of monazite, zircon, and coarse rutile within both residual and alluvial settings adds depth to the project’s potential value streams. These accessory minerals are highly sought after in advanced technology, clean energy, and industrial markets. This enhances the overall strategic significance of the discovery. Lion Rock Minerals' decision to employ low-cost, hand-auger drilling has proven efficient and effective. This enables the systematic coverage of a vast landholding. This approach ensures that exploration is both comprehensive and cost-controlled, creating a solid foundation for long-term project development. With all exploration activities fully funded and clear milestones ahead – including the September 2025 alluvial target release and the maiden JORC Mineral Resource in 2026 – the next 12 months will be pivotal. The market will be watching closely as Minta moves from large-scale exploration success towards resource definition and potential development. The Samso Way – Seek the Research At Samso, we believe that meaningful investment decisions are built on thorough, fact-based research. It’s about looking beyond the headlines, understanding the geology, the strategy, and the market forces at play. By taking the time to examine the details – from drill results to project economics – investors can better identify opportunities with genuine potential. The Samso Way is about clarity, context, and insight, so that every decision is anchored in knowledge, not speculation. 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