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Announcement Extensive Gallium Mineralisation at Salazar ( click here to view the announcement ) West Cobar Metals Limited (ASX: WC1)  has released new findings from the Salazar Critical Minerals Project, located approximately 150km northeast of Esperance (Figure 1). A detailed review and re-analysis of historical drilling, paired with new RC work across Newmont, O’Connor, and adjacent prospects, has confirmed extensive gallium mineralisation  throughout the system. This discovery adds another valuable co-product to the existing rare earths, scandium, TiO₂, and alumina profile already defined within the Salazar clay-hosted system. Figure 1: Map of Salazar Critical Minerals Project, WA (source: WC1) The Business of West Cobar Metals - Gallium? West Cobar Metals is advancing: Salazar Critical Minerals Project (WA):  REE + TiO₂ + Sc + Ga + HPA-alumina Bulla Park Copper-Antimony Project (NSW) Mystique Gold Project (WA) Nantilla Copper-Gold Project (NSW) Highlights – Extensive Gallium Mineralisation Across Multiple Deposits   Gallium present across the Salazar tenure , with grades up to 145ppm Ga₂O₃  at Glenmorangie (GMGRCP001). Metallurgical testwork confirms potential to recover gallium alongside rare earths and scandium . Newmont and O’Connor drilling shows consistent, near-surface gallium intersections  within existing REE resource envelopes. Historical sample re-analysis triggered by China’s export restrictions  on gallium, a key semiconductor and chip-making material. Existing Mineral Resource Estimates (MREs) now under review  to incorporate gallium. Leadership Commentary West Cobar Managing Director, Matt Szwedzicki, commented: “The Salazar project contains valuable rare earth elements as well as a unique mix of high value co-products, such as scandium, titanium, alumina and now gallium. Historical metallurgical testwork undertaken by Nagrom shows that the Salazar clays are amenable to leaching with the recovery of REEs, Sc and Ga concentrates. The recent export restrictions on gallium products imposed by China, indicate the vulnerability of western markets which could result in supply shortages that impact global production of computer chips and semiconductors, used in smartphones, computers, EVs, military applications and other electronic devices. We are now reviewing our Mineral Resource estimates in light of a potential gallium co-product. The extensive gallium mineralisation within our tenure shows potential for significant upside outside of our current Salazar resource area. Reviewing the RC drilling results from earlier in the year, our Glenmorangie prospect intersected outstanding grades of up to 145ppm Ga2O3 from near surface. About Salazar Critical Minerals Project (WA) The Salazar Critical Minerals Project hosts two significant clay-hosted rare earth deposits: Newmont and O’Connor. Newmont Deposit 123Mt @ 1,145ppm TREO (Indicated + Inferred) Plus associated TiO₂, Scandium, and Alumina Extensive gallium intersections from near surface, including: SZA203 5m @ 47.4ppm Ga (63.7ppm Ga2O3)  from 25m SZA203 5m @ 47.4ppm Ga (63.7ppm Ga2O3)  from 25m SZA111 21m @ 37.4ppm Ga (50.3ppm Ga2O3)  from 9m Figure 2: Newmont Gallium Intersections and REE Block Model (source: WC1) O’Connor Deposit 107Mt @ 1,216ppm TREO (Inferred) Gallium intersections include: SZA079 3m @ 39.9ppm Ga (53.6ppm Ga2O3)  from 8m SZA079 3m @ 39.9ppm Ga (53.6ppm Ga2O3)  from 8m SZA098 13m @ 31.0ppm Ga (41.7ppm Ga2O3)  from 22m Regional Gallium Potential – Glenmorangie & Talisker Glenmorangie: GMGRCP001 12m @ 56ppm Ga from 3m incl. 3m @ 108ppm Ga (145ppm Ga₂O₃) Talisker: TSKRC004 12m @ 25.5ppm Ga (34.3ppm Ga2O3)  from 36m Figure 3: Salazar Gallium Collars and Magnetic Amphibolite Bedrock (source: WC1)   Near-term Milestones to Watch Updating the Mineral Resource Estimates  to include gallium. Continuing metallurgical assessment of combined REE + Sc + Ga + TiO₂ + alumina  pathways. Integrating Nagrom’s earlier extraction results into the broader development flowsheet. Evaluating additional gallium potential south-west of Newmont and around O’Connor. How Samso Understands the Investment Memo for the Company The inclusion of gallium strengthens the project’s positioning within the emerging critical minerals mix—particularly those linked to semiconductor, defence, and sustainable technology supply chains. With REEs, scandium, alumina, and TiO₂ already in play, gallium adds a strategic dimension that may reshape overall project economics.   Samso Concluding Comments The Salazar project continues to surprise me with the wide suite of metals in the system. In my earlier Coffee with Samso with the company, I was always curious about the many stories that are in the deposit. Now we have gallium results, spread consistently across both major deposits, which is pointing to a robust geological continuity. The narration gets better as the grades are near-surface, which will play strongly into favourable potential operating conditions, particularly for projects that may adopt low-impact, low-strip mining approaches. Gallium’s relevance in semiconductors and power electronics cannot be overstated. With the global chip ecosystem under structural pressure, new Western-aligned sources carry both strategic and economic weight. The grades reported at Glenmorangie, in particular, demonstrate that the system is not just prospective but genuinely competitive. The technical validation from earlier Nagrom testwork will add confidence that these elements can be extracted within a coherent processing path. While more metallurgical optimisation is required, the fundamentals are encouraging. For now, the key message is clear: Salazar is evolving into a diversified critical minerals project with increasing leverage to global supply chain dynamics. Investors need to keep in mind the nature of this deposit in terms of potential metallurgical hurdles. Complex deposits with many metals are notorious for having complex metallurgical issues, and many a good deposit has fallen into this vicious cycle. Market Expectations One of the important clues to market acceptance is the share price (Figure 4), and that is not showing a big rush. Currently, WC1 has a market capitalisation of AUD $6.4M which is at the punting level; however, making a Gallium story stick is not going to be easy.   Figure 4: The share price chart for West Cobar (source: CommSec) I would say for readers and those contemplating the Gallium space, I think be patient. Gold is in fashion now and the attention will be hard to catch when gold is looking to move again. Inflationary figures are not going down, which will fuel the gold sentiment. Irrespective of how the market moves, always DYOR.   The Samso Way – Seek the Research Always understand the geology, the process, and the numbers behind the story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 CSIRO Research Paper Publication 12 November 2025 ( click here  to view the announcement ) OD6 Metals Limited (ASX: OD6)  has announced the publication of a peer-reviewed scientific paper detailing three years of advanced geological and geochemical work at the Company’s flagship Splinter Rock Rare Earth Project in Western Australia (Figure 1). The research—undertaken by CSIRO, Murdoch University, Monash University, and OD6—provides a technical, science-backed understanding of how rare earth elements (REE) occur, concentrate, and can be extracted from this large clay-hosted system. Figure 1: Location of Splinter Rock Rare Earth Project in Western Australia (source: OD6)   The Business of the Company: Focus – Projects OD6 Metals is developing two critical mineral projects: Splinter Rock (WA)  — one of Australia’s largest high-grade clay-hosted REE deposits, supported by a detailed Mineral Resource Estimate released in 2024. Gulf Creek (NSW)  — a copper-zinc VMS system with historical high-grade production and modern geophysical targeting underway.   Highlights – A Peer-Reviewed Advancement in REE Geological Understanding (Figure 2) Figure 2: The CSIRO publication on Splinter Rock Clay-Hosted REE Rare Prospect (source: OD6)   The newly published research, titled “Multi-disciplinary characterisation of the Splinter Rock clay-hosted REE prospect, Western Australia” , provides several technical outcomes: Three years of multi-institutional collaboration  involving CSIRO, Murdoch University, Monash University, and OD6 Metals. Landscape evolution, mineralogy, geophysics, and geochemistry  were integrated to explain REE enrichment pathways. Three major regolith units  were identified — saprock, saprolite, and transported  — with the highest REE grades concentrated in saprolite . AEM conductivity changes  and hyperspectral kaolinite crystallinity  successfully mapped key regolith interfaces. Mineralogical work identified REE-bearing phases , including REE phosphates, Al-REE phosphates, and REE carbonates. The publication provides a peer-reviewed foundation  for development decisions, helping OD6 assess extraction pathways, scale, and project economics with greater scientific confidence (Figure 3). Figure 3: Summary figure of the regolith units or analytical workflow from the paper (source: OD6) Leadership Commentary Brett Hazelden, Managing Director,  commented: “OD6 continues to work closely with Australia’s leading research institutions to build a deep scientific understanding of the Splinter Rock Rare Earth Project and develop advanced technologies for REE discovery and extraction. We are proud to be one of the few companies globally that base development decisions on such detailed, peer - reviewed science. The collaboration with CSIRO, Murdoch and Monash has provided valuable insights into how and where rare earths occur at Splinter Rock. In the current geopolitical environment, and as one of Australia’s largest and highest-grade clay-hosted REE deposits, Splinter Rock provides governments and industry with a project based on real science, plus in-depth research and development, sourced from a stable jurisdiction.”   About the Splinter Rock Project (WA) The Splinter Rock Project contains a Mineral Resource Estimate (MRE) reported in the OD6 Presentation dated 5 November 2025 , comprising: 119Mt @ 1,632ppm TREO (Indicated – Inside Centre) • 563Mt @ 1,275ppm TREO (Inferred across Centre, Centre NW, Scrum, Prop and Flanker) A combined 682Mt @ 1,338ppm TREO at a 1,000ppm cut-off , with ~22.9% MagREO , equivalent to 307ppm MagREO  and an estimated 209kt of contained magnetic rare earths The Company has selected an innovative processing flowsheet incorporating heap leaching, nanofiltration, and ion-exchange , delivering: ~75% Nd & Pr recovery • High-quality MREC/H product grading ~56–59% TREO Very low impurity levels  (Al, Fe, P, Si) Extremely low U + Th concentrations (<0.001%) Splinter Rock demonstrates the geological scale, grade distribution, and metallurgical performance consistent with the foundations of a potential long-life clay-hosted rare earth development.   Near-Term Milestones to Watch Integration of peer-reviewed geological findings into ongoing resource modelling. Application of new geophysical and hyperspectral insights to refine future drilling programs. Further metallurgical optimisation aligned with regolith profiles identified in the publication. Progressing project development pathways with updated technical datasets. How Samso Understands the Paper. This publication is not a casual update—it is a strategic de-risking event. Peer-reviewed scientific work strengthens confidence in key assumptions underpinning mineralisation, extraction, and project continuity. For a clay-hosted system of this scale, the integration of AEM, regolith science, and mineralogy provides a map for future investment decisions.OD6 is positioning Splinter Rock not just as a resource but as a well-studied geological system capable of long-term, stable REE supply.   Samso Concluding Comments The release of a peer-reviewed research paper is a strong signal that OD6 has created a sense of technical credibility. In a market where REE processing is paramount for market news, a paper like this is good for confidence in the market. The Splinter Rock project already has scale, but what matters now is clarity on how and why REE concentrations occur. This paper directly addresses these points. Investors should view this as more than an academic milestone; it is a step in reducing geological uncertainty. Companies that make decisions on science tend to avoid costly missteps. As the market shifts toward secure REE supply chains, projects with robust technical foundations will attract the attention of policymakers and industry groups seeking long-term partners.   The Samso Way – Seek the Research Good decisions come from understanding the science behind the story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 Proteomics International receives $2.2m in R&D tax incentive 12 November 2025 ( click here to view the announcement ) Proteomics International Laboratories Ltd (ASX: PIQ) has received $2.2 million in R&D tax incentive refunds for the 2024–25 financial year, reinforcing its financial position as the Company advances multiple diagnostic products towards commercialisation. Based in Perth, Western Australia, the Company continues to develop next-generation diagnostic tools built on its proprietary Promarker® technology platform, with applications across chronic disease detection, women’s health, oncology, and sports science.   The Business of Proteomics International Laboratories Proteomics International operates a dual-stream model supported by: Ground-breaking diagnostic R&D  based on its Promarker® proteomics platform. Bio-analytical testing services  for biopharmaceutical and life science partners, generating recurring revenue to partially offset R&D expenditure. The Company’s diagnostics portfolio includes (Figure 1): Promarker®D  – predictive test for diabetic kidney disease. Promarker®Endo  – diagnostic test for endometriosis. Promarker®Eso  – diagnostic test for oesophageal cancer. OxiDx  – oxidative stress test for elite sports training. Promarker® pipeline extensions  across asthma, COPD, and diabetes-related complications. Figure 1: Promarker® Test Pipeline (source: PIQ)   Highlights – Strengthening the R&D Engine Behind Commercialisation R&D Incentive Delivers Strategic Funding PIQ received $2,241,476  in R&D rebate, reflecting $5.15 million in eligible R&D expenditure  undertaken across the Group in FY2024–25. The Federal R&D tax incentive provides a 43.5% rebate , supporting Australian innovation. The additional $2.2 million cash boost  strengthens PIQ’s reserves ahead of commercial roll-outs for its diagnostics suite. The funding directly supports late-stage development of flagship tests such as Promarker®D, Promarker®Endo, and Promarker®Eso.   About the Project (WA) – A Perth-Based Global Diagnostics Innovator Proteomics International is headquartered in Nedlands, Western Australia (Figure 2) , operating as a medical technology leader specialising in proteomics—the industrial-scale analysis of protein structure and function. The Company’s mission is to build diagnostic tools that improve disease detection, treatment pathways, and long-term patient outcomes. Figure 2: PIQ Facility State-of-the-art facilities at the Harry Perkins Institute of Medical Research in Perth, WA (source: PIQ) Near-term Milestones to Watch Support ongoing development and commercial readiness for flagship Promarker® tests. Continued investment in the Promarker® pipeline across chronic diseases and women’s health. Advancement of the OxiDx platform into broader sports and health applications. Ongoing provision of bio-analytical services to sustain revenue during R&D progression. How Samso Understands the Investment Memo for the Company Proteomics International is building a diagnostics ecosystem where proteomic insights form the foundation for predictive and early-stage disease detection. The Company’s funding base—supported by R&D incentives—reduces development risk and enhances long-term commercialisation potential. With multiple tests progressing simultaneously, the platform approach positions PIQ as a diversified diagnostics player in a market increasingly favouring precision medicine.   Samso Concluding Comments The R&D tax incentive will allow Proteomics International to leverage external funding to maintain momentum across its innovation portfolio. This is also a non-dilutive capital to add essential funding for diagnostics companies approaching their commercial tipping points. The size of the rebate also reflects the scale of scientific activity within the organisation. This level of expenditure highlights the seriousness of PIQ’s ambitions and the depth of its product pipeline. From an investor lens, a strengthened cash position provides continuity in R&D while reducing the pressure to raise capital unnecessarily. It also signals an operational rhythm that is consistent with companies preparing for market expansion. PIQ operates in a sector driven by accuracy, validation, and long-term adoption, and continued R&D investment underpins both credibility and future value creation. PIQ has a market capitalisation of just under AUD $55M and the market seems to be reacting in a steady state. There is no major movement either up or down for its share price, which is good to see, as there is no hype in the story (Figure 3). Figure 3: PIQ share price chart as of 24th November 2025 (source: CommSec)   Like all of the biotech stocks on the ASX, the slow and steady path in the early part of the journey is one that investors have to decide as a point of entry or wait for the major ticks which is prove of concept. For me, with a market cap of AUD $50M+ is one that should be worthy of a DYOR. When Samso started following Race Oncology (ASX: RAC) on the 27th August 2025, Who is Race Oncology (ASX: RAC)? DYOR on Anti-Cancer Innovation and Heart Protection . We highlighted the unique potential if things go right for the company. If you look at that time, the share price was flattening and had a market capitalisation of AUD $206M and they are now hovering around AUD $504M (Figure 4), which peaked around the AUD $800M level. Figure 4: RAC share price chart as of 24th November 2025 (source: CommSec)   The current share price of AUD $3.05 may seem high for RAC but in hindsight, the price at the time we wrote on RAC is even cheaper. The key here is to understand the business of PIQ and then bet on the potential. Good old DYOR is what is going to undermine investors' thoughts on the merits of putting money on this story.   The Samso Way – Seek the Research Always understand the science, follow the milestones, and let the data guide your investment thinking.   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 Institutional Placement Accelerates EMD National Expansion 20 November 2025 ( click here to view the announcement) Emyria Limited (ASX: EMD ) has taken another step toward building a national network of intensive, evidence-based mental health services in Australia. The Company has secured funding through an $8 million institutional placement and exercised a key option with Avive Health, paving the way for its first Empax Clinic in Victoria. At the same time, insurer-funded treatments have commenced at the Brisbane Empax Clinic, adding a second reimbursed site to the existing Empax Centre in Perth. These developments mark a transition from early validation to multi-state execution for Emyria’s capital-light Empax clinic model, underpinned by growing private and government reimbursement frameworks. The Business of the Company: Focus – Mental Health Projects Emyria develops and delivers new treatments for mental health and select neurological conditions using an integrated model that combines direct clinical services with treatment development: Emyria Healthcare  provides evidence-based treatment for patients who have not found relief from conventional care, including assisted therapy for PTSD and treatment-resistant depression. Emyria Data  captures robust, ethically sourced real-world data from patients to refine therapy programs and support drug-development activities. Emyria’s Pipeline  focuses on new psychedelic-assisted therapies and drug treatments for mental health and selected neurological diseases. The Empax Clinics sit at the centre of this model, delivering psychiatrist-supervised, therapist-assisted care while continuously generating clinical data to inform future programs.   Highlights – Institutional Placement and Avive Partnership Accelerate National Expansion 1. Mornington Option Exercised – First Empax Clinic in Victoria Emyria has exercised the “Mornington Option”. Secures a six-month exclusive right to negotiate an Empax Clinic within Avive Health’s flagship mental-health hospital on the Mornington Peninsula. Mornington is expected to become Emyria’s first Empax Clinic in Victoria. The site is intended to be a cornerstone East Coast hub, expanding reimbursed treatment beyond Western Australia and Queensland. 2. Exclusive Rights to Roll Out Empax Clinics Across Avive Health Agreement with Avive Health expanded to provide Emyria exclusive rights to negotiate Empax Clinics across: All existing Avive-operated hospital sites; and All future Avive-operated hospital sites. Avive currently operates four clinics nationally, with two more under construction. This framework offers a scalable, capital-efficient pathway for national deployment of Empax services. 3. Brisbane Empax Clinic Commences Insurer-Funded Treatments Insurer-funded treatments have commenced at the Brisbane Empax Clinic. The clinic is located within Avive Health’s licensed private hospital in Queensland. Now generating reimbursed revenue and validating the scalability and repeatability of Emyria’s treatment model across jurisdictions. Psychiatrists and therapists have shown “overwhelming” interest, reinforcing Emyria’s position as a clinical leader in medication-assisted psychotherapy. 4. DVA Creates World-First Government Funding Framework On 3 November 2025, the Department of Veterans’ Affairs (DVA) began funding medication-assisted psychotherapy for eligible veterans. Establishes the world’s first government-payer reimbursement framework for this treatment class. Around 17% of veterans experience PTSD, and 11% have treatment-resistant depression, underscoring the scale of need. DVA funding complements Emyria’s existing Medibank agreement. Together, they create Australia’s first combined private and government-funded pathway for medication-assisted psychotherapy (Figure 1) Figure 1: Federal Minister for Veterans’ Affairs Hon. Matt Keogh MP (l) with Emyria Executive Chairman Greg Hutchinson (r) at the Empax Centre in Perth (source: EMD). 5. Strong Support for $8m Institutional Placement Emyria has completed an $8 million institutional placement at $0.06 per share. Approximately 133.3 million new shares issued under existing placement capacities. Issue price represents: 9.09% discount to the last closing price of $0.066; and 9.49% discount to the 15-day VWAP. Placement strongly supported by:     Specialist life sciences and healthcare-aligned institutional investors;     Existing shareholders; and   New strategic investors, with bids scaled due to demand. Use of funds will include:     East Coast clinic expansion through CY2026;     Workforce and infrastructure growth across the Empax network.     Preparatory work for community-based programs for DVA veterans and workers’ compensation patients;     General working capital. Leadership Commentary Emyria Executive Chairman, Greg Hutchinson , commented: “We’re pleased to exercise the Mornington Option and expand our agreement with Avive Health, enabling the establishment of new funded Empax Clinics across additional states, strengthening our national rollout pathway. These developments increase our access to aligned clinical infrastructure and support our mission to make high-quality, evidence-based mental-health care more accessible to Australians with unmet mental health needs.” “With insurer-funded programs now operating in Western Australia and Queensland, and with the DVA now actively supporting treatment for eligible veterans, we are demonstrating that our model of care can scale nationally. The strong backing for our $8 million Placement positions us to accelerate site development, grow our clinical workforce and expand treatment availability for patients living with complex mental-health conditions.” Avive Health’s Co-CEO, Mark Sweeney , commented: “By integrating Empax Clinics into both our Brisbane and Mornington Peninsula hospitals – Queensland and Victoria’s first hospital-based services of its kind – we offer patients the reassurance of hospital-level care throughout their medication-assisted psychotherapy journey. Avive is focused on carefully scaling a national network of clinician-led mental health hospitals and clinics, beginning with Brisbane and the Mornington Peninsula and extending to Adelaide and additional sites over time.”   About the Project – Empax Clinics and the Avive Health Network The Empax clinic model is designed to deliver structured, psychiatrist-supervised, therapist-assisted care in a capital-light format. Under the expanded Avive Health agreement: Emyria holds a six-month exclusive right to negotiate an Empax Clinic at the Mornington hospital under its operational protocols. A nationwide negotiation option extends first-refusal rights across all current Avive sites and future Avive hospitals, subject to commercial terms and approvals. The capital-light structure means no material up-front capital expenditure is required to exercise negotiation options, with commitments triggered only upon site conversion and commencement of operations. The Brisbane Empax Clinic, now treating insurer-funded patients, serves as a blueprint for East Coast deployment. It demonstrates operational efficiency and portability, and provides an additional reimbursed revenue stream alongside the Perth Empax Centre. The dual-payer framework – private insurer support through Medibank and government funding through DVA – strengthens demand visibility, clinic economics and revenue diversity as the network scales.   Near-Term Milestones to Watch Finalising Mornington Peninsula Empax Clinic:  Negotiation of detailed commercial terms and operational readiness for the first Victorian Empax Clinic within Avive’s flagship mental-health hospital. Further Avive Site Conversions:  Progress on deploying Empax Clinics across existing and new Avive hospitals, including Adelaide and additional sites flagged by Avive Health’s growth plans. Expansion Through CY2026:  East Coast footprint growth supported by placement proceeds, with new clinics expected to add reimbursed treatment capacity. Community-Based Programs:  Preparatory work during CY2026 for community-based treatment programs targeting DVA veterans and workers’ compensation cohorts. Scaling Clinical Workforce and Data Systems:  Recruitment and training of clinicians and therapists, and ongoing integration of real-world data to refine and support therapy and drug-development programs.   How Samso Understands the Investment Memo for the Company From an investment memo perspective, this announcement frames Emyria as entering a new execution phase: Defensible First-Mover Position:  The Company now operates insurer-funded Empax programs in both Western Australia and Queensland and is preparing for Victoria, backed by exclusive rollout rights across Avive’s network. This structure supports a defensible first-mover advantage in medication-assisted psychotherapy delivered within hospital environments.   Capital-Light National Rollout:  The Avive agreement and the negotiation options allow Emyria to expand without material upfront capital expenditure at the option stage. Capital is deployed at the point of site conversion, which may offer improved capital efficiency as the network grows.   Dual-Payer Revenue Model:  The combined Medibank and DVA reimbursement pathways create diversified, recurring revenue streams and may improve clinic-level economics as patient throughput increases.   Institutional Support and Balance Sheet Strength:  The strongly supported $8 million placement, led by specialist life-science and healthcare investors, provides the funding platform for near-term expansion and signals market interest in the Company’s strategy.     Samso Concluding Comments Emyria’s latest announcement is about rolling out the plan to scale. With insurer-funded treatments now operating in both Perth and Brisbane, the model is proving it can scale across jurisdictions. The Mornington Option introduces a meaningful foothold in Victoria, supported by exclusive negotiation rights across all Avive Health hospitals. This creates a structured pathway for national expansion without heavy upfront capital. The introduction of DVA funding is particularly significant. A government-backed reimbursement framework places medication-assisted psychotherapy on firmer ground and expands the addressable patient base beyond private insurer cohorts. With an $8 million placement secured and demand from clinical partners rising, the focus now will be on converting these opportunities into operational clinics that can deliver consistent, reimbursed treatment at scale. What Does All This Mean To the Retail Investor EMD currently has a market capitalisation of just over AUD $40M and the recent share price movements have all been supportive (Figure 2). The recent ASX releases have been good news for shareholders, and the rise from the middle of 2025 is a very encouraging sign for the company.   Figure 2: The share price chart for Emyria Limited as of 21st November 2025 (source: CommSec). The uplift in shareholder support is more clearly appreciated in Figure 3, as we can see the changing mood of investors in regards to the Company's journey to creating scale and getting the business model forward. Figure 3: The share price chart for Emyria Limited between 2024 and as of 21st November 2025 (source: CommSec). The share appreciation between May 2025 and 21st November 2025 has seen a more than doubling of the share price, which, as I have mentioned, is a great endorsement of management. The EMD business is one that I feel has a lot of potential, as the diagnosis of mental health has been increasing globally. Australia is not immune, and if one is on social media, one would have been inundated with all forms of mental health information. At a market cap of AUD $40M, this is far from a horse that has bolted. In fact, I think this is ripe for a good old DYOR and almost a certain #SamsoDYOR. The Samso Way – Seek the Research As always, readers should review Emyria’s full ASX announcement and related disclosures, and undertake their own independent research before making any investment decision.   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 New High-Grade Niobium-REE Zone 500m East of Crean 17 November 2025 ( click here to view the announcement ) Encounter Resources Limited (ASX: ENR)  has reported a significant extension of high-grade niobium and rare earth element (REE) mineralisation at the Aileron Niobium-REE Project in the West Arunta region of Western Australia (Figure 1). New results from broad-spaced aircore drilling have identified a mineralised zone more than 500m east of the existing Crean Mineral Resource Estimate (MRE), further validating the potential of the Elephant Island Fault corridor as a major carbonatite-hosted critical minerals system. Figure 1: Location of Aileron Nb-REE Project (source: ENR) The Business of the Company: Focus – Projects (Figure 2) Encounter Resources is an Australian explorer focused on niobium–REE and copper, anchored by its dominant Aileron Project position in the West Arunta—an emerging critical minerals province—supported by additional copper-gold projects in the Paterson Province and Northern Territory, including Jessica (JV-funded work with South32). 100%-owned niobium–REE and copper projects in Tier 1 jurisdictions World-class maiden niobium MRE at Aileron with strong growth potential Copper upside at Yeneena, Lamil (Paterson Province), and Jessica (NT) alongside Tier 1 partners Figure 2: Location of Aileron Nb-REE Project (source: ENR) Highlights – New High-Grade Niobium–REE Zone Identified 500m East of Crean Recent aircore drilling at Crean has produced strong intersections that confirm a newly identified high-grade niobium–REE zone located over 500m east of the existing MRE boundary: 13m @ 1.8% Nb₂O₅ and 1.3% TREO from 86m 24m @ 3.0% Nb₂O₅ and 1.7% TREO from 106m 11m @ 2.3% Nb₂O₅ and 1.2% TREO from 145m All part of a broader 77m @ 1.7% Nb₂O₅ and 1.1% TREO from 83m (EAL1327) These results illustrate the mineralised continuity along the 8km-long Elephant Island Fault corridor (Figure 3), an area that remains sparsely drilled. Figure 3: Elephant Island Fault – RTP Magnetics with Crean MRE outline and max-in-hole Nb2O5 (source: ENR) Leadership Commentary Executive Chairman, Will Robinson , commented: “Results continue to show the major structures running through the Company’s large land position are active conduits for mineralised carbonatites, and we are still determining their full potential. Drilling along the Elephant Island Fault has successfully extended high-grade niobium–REE mineralisation more than 500m from the Crean resource. Crean sits over 10km from the Emily-Luni-Green carbonatite system. With broad mineralised intersections now defined over 8km of strike along the Elephant Island Fault, the scale and potential of this emerging carbonatite system are becoming increasingly clear. We’re confident more high-grade zones like Crean will be identified as our exploration continues along the corridor.” About Aileron Project The Aileron Project is located within the Proterozoic West Arunta Province. Carbonatite intrusions at Crean, Hurley, Green, and Emily are spatially associated with major structures, including the Elephant Island Fault, which hosts the newly discovered zone at EAL1327.Initial diamond drilling established wide, fresh-carbonatite intervals at Crean and Hurley, including: Crean:  282m @ 0.54% Nb₂O₅ from 64m (including 48.3m @ 1.0% Nb₂O₅) Hurley:  Multiple intersections including 24m @ 0.93% Nb₂O₅ from 66m  and 72m @ 0.45% Nb₂O₅ from 82m Crean currently hosts an Inferred MRE of 3.5Mt @ 1.92% Nb₂O₅ and 1.05% TREO , forming part of the broader Aileron MRE (19.2Mt @ 1.74% Nb₂O₅ and 0.65% TREO above 1.0% Nb₂O₅ cut-off) (Table 1). Table 1 – Aileron Project Inferred Mineral Resource Estimate (source: ENR) Near-term Milestones to Watch Assay results from remaining aircore drilling along the Elephant Island Fault (every 2–4 weeks ) Priority target refinement and follow-up drilling Continued definition of shallow niobium-REE enriched zones across Crean, Hurley, Emily, and Green Additional step-out drilling to test continuity along the 8km corridor How Samso Understands the Investment Memo for the Company From a technical standpoint, this update reinforces the scale and fertility of the Elephant Island Fault system. Crean now extends beyond its current MRE, and the mineralisation style—oxide-enhanced zones overlying fresh carbonatite—supports the potential for additional shallow resources. Encounter’s systematic approach to structural mapping, geophysics, and broad-spaced drilling continues to uncover new zones, each adding incremental geological confidence to the region’s prospectivity.   Samso Concluding Comments The new EAL1327 intersection strengthens the case that Crean is part of a much larger mineralised footprint than initially understood. The scale of the corridor, combined with high-grade intervals, highlights a system that has significant growth potential. The results also support Encounter’s broader exploration strategy of systematic step-out drilling along structural corridors. The approach is clearly working, as seen from the rapid identification of high-grade zones at both Crean and Hurley. What stands out is that much of the corridor remains lightly drilled, meaning the upside case is still unfolding. With ongoing assays due every two to four weeks, this project will continue to deliver regular updates. From an investment memo perspective, the Company’s consistent technical execution and the emerging scale of the Aileron system reinforce the rationale for ongoing exploration momentum in West Arunta. The Samso Way – Seek the Research Always look to the data and the geological story behind the announcement. 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 Exceptional Results from Validation Study for EchoSolv HF 24 November 2025 ( click here to view the announcement ) Echo IQ Limited (ASX: EIQ)  is pushing its cardiology decision-support platform into the heart failure space, with its EchoSolv HF algorithm now validated through the Mayo Clinic Platform’s independent “Validate” program in the United States. The Company, based in Sydney with operations anchored out of Western Australia, has completed what it describes as the final clinical requirement ahead of a planned FDA 510(k) submission for EchoSolv HF – a heart failure decision-support solution trained and tested on large-scale echocardiography datasets. In practical terms, this announcement sits at the intersection of clinical AI, US hospital workflows, and a very large, underserved heart failure market. Echo IQ is positioning EchoSolv HF as a tool that can slot into existing cardiology pathways and help clinicians detect heart failure earlier and more reliably, particularly in a US system where rehospitalisation and misdiagnosis remain material issues. The Business of the Echo IQ: Focus – Projects Echo IQ is an AI and medical technology company focused on improving decision-making in cardiology through proprietary, software-based tools. Its core activities and projects, as reflected in this announcement, can be summarised as follows: Core focus:  AI-driven decision support software for cardiology, built around echocardiogram interpretation. Key product in this release:   EchoSolv HF , a heart failure clinical decision support tool intended to support clinicians in identifying patients with heart failure more accurately and earlier. Partnership setting:  Validation undertaken with Mayo Clinic Platform’s Validate program , leveraging independent US clinical data (~17,000 echocardiograms) to test model performance. Regulatory pathway:  EchoSolv HF is being prepared for FDA 510(k) clearance , which would allow the solution to be marketed and used as a clinical decision support tool in the US. Geographic footprint:  Head office presence in Australia (Claremont, WA , and Sydney) with a growing commercial footprint in the United States, including a dedicated US Head of Commercial.     Highlights – EchoSolv HF Validated on 17,000 Mayo Clinic Echocardiograms Final clinical requirement completed: Echo IQ has successfully completed a clinical validation study of EchoSolv HF under Mayo Clinic Platform’s Validate  program – described as the final clinical requirement prior to FDA 510(k) submission. Model performance exceeded internal expectations: Sensitivity: 99.5%  – effectively identifying true positives (patients with heart failure). Specificity: 91.0%  – accurately identifying true negatives (patients without heart failure).  Independent, large-scale dataset: The validation used an independent dataset of approximately 17,000 individual patient echocardiograms , which provides scale and diversity in testing EchoSolv HF’s real-world performance.  Regulatory inflection point approaching: FDA 510(k) submission is being finalised , with lodgement expected in the coming weeks , according to the Company. FDA clearance would formally enable US marketing and clinical use  of EchoSolv HF as decision-support software in heart failure detection.  Large unmet need in the US heart failure market: Only ~50% of heart failure cases are accurately diagnosed  in current practice. Heart failure is the leading cause of rehospitalisation  in the US and accounts for around 17% of US healthcare expenditure . The total addressable market for heart failure is cited as US$60 billion . It is estimated that 1 in 4 Americans  will develop heart failure in their lifetime.  Commercial preparation and investor engagement: Echo IQ intends to leverage its existing US footprint  to drive EchoSolv HF uptake, subject to regulatory clearance. A webinar  is scheduled for Wednesday, 26 November 2025 at 11:00am AEDT , featuring CEO Dustin Haines and US Head of Commercial Nick Lubbers, to discuss the validation results and US strategy.   Leadership Commentary Chief Executive Officer, Mr Dustin Haines , commented: “Completion of this clinical validation study represents a major milestone in the commercialisation of EchoSolv HF. The independent confirmation of our model’s accuracy and reliability through the Mayo Clinic Platform’s Validate program have exceeded internal expectations and provides strong objective evidence supporting the clinical utility of EchoSolv HF in real-world settings, particularly compared to existing diagnostic tools being utilised across the US. This clinical validation sets Echo IQ on a path to deliver category leading evidence for supporting clinicians in diagnosing heart failure accurately, earlier and more confidently.” With this final clinical requirement now complete, our focus shifts to lodging the formal FDA submission in the coming weeks. Gaining clearance will enable clinicians across the US to use EchoSolv HF as a powerful decision support software to improve the early and accurate detection of heart failure – a condition that remains significantly under-diagnosed and under-treated. We look forward to advancing this next phase and to working closely with healthcare partners as we prepare for a full commercial rollout.”   About the Project – EchoSolv HF Clinical Validation with Mayo Clinic Platform The project outlined in the announcement is a clinical validation exercise for EchoSolv HF  – Echo IQ’s heart failure decision support tool – carried out under Mayo Clinic Platform’s Validate program . The key characteristics are: Objective: To evaluate the ability of the EchoSolv HF model to detect heart failure on an independent dataset  of ~17,000 echocardiogram studies from the Mayo Clinic Platform. Study design and endpoint: The primary endpoint was to confirm that EchoSolv HF can accurately identify patients with and without heart failure. The model achieved 99.5% sensitivity  and 91.0% specificity , meeting and exceeding the primary endpoint. Role of Mayo Clinic Platform Validate: The Validate program is described as an in-market AI evaluation program that generates an independent and objective report on: Accuracy Efficacy Susceptibility to bias for AI-based decision software such as EchoSolv HF. Regulatory significance: Completion of this study is explicitly stated as the final clinical requirement  prior to submitting a formal FDA 510(k) application for EchoSolv HF.   Near-term Milestones to Watch From this announcement, the near-term milestones appear to be:  FDA 510(k) lodgement: Finalise documentation and lodge the 510(k) submission in the coming weeks . FDA review and clearance decision: Progress through the FDA review process, where timing and outcome remain subject to regulatory assessment and are not guaranteed. Commercial rollout planning in the US: Prepare clinical adoption strategies, leveraging existing US footprint  and the newly-appointed US Head of Commercial . Stakeholder engagement and education: Deliver the 26 November 2025 investor webinar , update investors on validation outcomes and US commercial plans, and continue outreach to hospitals and insurers.   Samso Concluding Comments - Understanding the Investment Memo IF we look at this announcement and look at the details, t Echo IQ has now delivered a piece of independent clinical evidence  that supports the EchoSolv HF story. The validation through the Mayo Clinic Platform is a third-party dataset confirming that the tool performs at the level required for the next regulatory step. That matters because clinical decision-support software must live or die by evidence, not ambition. From an investment lens, this update appear to de-risks the clinical validation leg  of the thesis. The sensitivity and specificity numbers are strong, and they appear to hold up across a large, diverse dataset. That gives Echo IQ a firmer foundation as it moves towards the FDA 510(k) process. However, investors should remember that regulatory clearance is still a hurdle , and the Company is right to emphasise that timing and outcomes remain outside its control. What is important is to see the market being receptive to the news (Figure 1) in the form or a rising share price. I have always like this story and for those who have missed the Coffee with Samso with Dustin Haines check it out here: An AI Solution to a Cardiovascular Problem | Echo IQ Limited (ASX: EIQ) . Figure 1: The share price chart for EIQ as of 25th November 2025. (source: commsec) The commercialisation narrative is now entering a more demanding phase. The US heart failure market is large and structurally complex. Hospitals are cautious adopters, and AI-based tools must demonstrate not only accuracy, but workflow fit, economic justification, and operational ease-of-use . Echo IQ is signalling that it has a commercial plan in place — a US head of commercial, early engagement, and a growing footprint — but meaningful traction will depend on converting clinical merit into practical adoption. In short, this announcement strengthens the technical and regulatory credibility  of EchoSolv HF, but the investment case still hinges on Echo IQ proving that it can navigate the realities of US healthcare procurement. The evidence is building, but the next phase requires disciplined execution, clear communication, and a strong focus on early commercial wins that validate the broader opportunity.   The Samso Way – Seek the Research As always, investors should read the full Echo IQ ASX release, examine the underlying clinical references on heart failure, and consult independent advice before making any 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.

Announcement Monazite Source with Heavy Rare-Earths Identified at Minta 12 November 2025 ( click here to view the announcement ) Lion Rock Minerals Ltd (ASX: LRM)  has identified a unique “monazite-enriched granite” at the Minta Est Project in Cameroon, confirming the source of heavy rare-earth mineralisation coincident with high-grade rutile zones (Figure 1). This discovery marks a significant milestone in the Company’s exploration program across its 5,000 km² tenement, establishing Minta Est as a potential district-scale source of monazite, xenotime, zircon, and rutile. Figure 1: Thorium radiometric high zones and geology outline showing the monazite-enriched granite at Minta Est. (source: LRM) The Business of Lion Rock Minerals - Monazite and Heavy Rare Earths Project:  Minta and Minta Est Projects, Central Cameroon Focus:  Rare earth–rich mineral sands (monazite, xenotime, rutile, zircon) Strategy:  Advancing exploration with strategic partner Tronox Holdings plc (NYSE: TROX) Objective:  Define high-value mineral assemblages for a Western-aligned rare earth supply chain. Highlights – Monazite Source Confirmed, Infill Drilling Underway Monazite-Enriched Granite:  A 250 km² granite identified as the source of monazite and xenotime mineralisation (Figure 2). Figure 2: Regional map of Lion Rock’s tenure indicating the uniqueness of the “monazite-enriched granite” intrusion across the broader region. (source: LRM) High-Value Assemblage:  Samples show enrichment in monazite, rutile, and zircon , producing an exceptional basket value (Figure 3). Figure 3: Panned concentrate RE0014 from primary tributary demonstrating the high-value of assemblage of rutile, monazite, and zircon (source: LRM) Heavy Rare-Earth Content:  Up to 1.8% Dy₂O₃  and 1.1% Tb₄O₇ , with Samarium (Sm₂O₃) up to 3.1% —considered exceptionally high. ANSTO Validation:  Laboratory confirmation of TREO enrichment with heavy REEs beyond typical hard-rock monazite. Infill Drilling:  Rapid drilling program underway to define enriched zones of monazite and xenotime. Regional Potential:  Multiple high-value deposits possible across 5,000 km² of reconnaissance ground (Figure 4). Figure 4: Minta Project: District-Scale Rutile and REE Footprint (source: LRM) Strategic Support:  Ongoing rutile and REE exploration underpinned by Tronox’s partnership and investment. Leadership Commentary   Lion Rock Chief Executive Officer, Casper Adson, commented: “Following the outstanding rutile results announced recently across what is emerging as a truly district-scale system, we’re now seeing the Minta Project reveal another exciting layer - a zone of monazite and xenotime mineralisation coincident with the rutile, potentially capable of generating a very high-value product suite. “Our geological team has done exceptional work in pinpointing the source of this mineralisation - a monazite-enriched granite - through the integration of thorium radiometric data and detailed field mapping. “The rare earth distribution within the monazite concentrate at Minta Est is particularly compelling, showing elevated levels of the high-value heavy rare earth elements dysprosium (Dy) and terbium (Tb) along with samarium (Sm) - the latter recently being recognised by the United States as the most critical mineral. Confirmation of the presence of xenotime as the source of Dy and Tb adds further value as these remain under Chinese export restrictions and are therefore in strong global demand. “Infill drilling is now advancing rapidly to define the extent of this new monazite–xenotime zone, supported by expanded equipment that has doubled our on-ground capacity. With our strategic partnership alongside global rare-earth and titanium leader Tronox, Lion Rock is fully funded for the next phase of exploration and continues to deliver potential world-class discoveries across the Minta Project.” About the Cameroon Project The Minta Rutile Project  spans 8,800 km²  across 18 granted permits and three pending applications in central Cameroon. Exploration has confirmed widespread rutile mineralisation exceeding industry benchmarks across over 1,800 km². At Minta Est, reconnaissance sampling identified exceptional monazite grades  in high-energy stream systems, with up to 74% monazite assemblage in heavy mineral concentrate. Independent ANSTO testing verified heavy rare-earth enrichment consistent with monazite–xenotime associations . Near-Term Milestones to Watch (Figure 5) ✅ Commence infill drilling  targeting monazite and xenotime at Minta Est. ✅ Receive and report pending assay results  for rutile, zircon, and monazite. ✅ Complete and commission the Yaoundé heavy mineral sands laboratory . ✅ Finalise recruitment of lab and field staff for expanded operations. ✅ Continue rutile resource assessment  across Minta Project zones. All planned exploration for 2025–2026 is fully funded. Figure 5: Planned 500m diamond grid drilling pattern over high thorium anomalies at Minta Est. (source: LRM)    How Samso Understands the Investment Memo for the Company Lion Rock’s discovery of a heavy rare-earth enriched monazite–xenotime system  within a high-value rutile district represents a dual commodity advantage. The project’s linkage with Tronox not only anchors its operational funding but positions LRM strategically in the global shift toward non-Chinese rare-earth supply chains. The geological data suggests scalability—transforming a previously rutile-dominated system into a multi-mineral heavy sands province.   Samso Concluding Comments The story of Lion Rock is starting to be confusing. The initial excitement was all about Rutile and some secondary products such as monazite, ilmenite, and others. However, as we have learnt, the narrative appears to be changing to a monazite story. The latest release talks about a monazite-enriched granite  as the primary source for heavy rare earths at Minta Est as the main feature for the company. My initial excitement for the company and for which I took a position was for a rutile beast of a project. It was definitely a change in the rutile landscape, but I have since taken a view that all is not well for the story. A long time ago, a very wise friend had told me that I should enter a position with a story, and when the story changes, I need to take one of the three steps: reduce, add, or exit. I have taken the reducing step as we are reading this Samso News. The next move will probably be an exit as other opportunities are starting to appear. The recent devaluation of the company, which seems to be still happening, is not helping the situation. Don't get me wrong, Monazite is still a very valuable commodity, which is why Tronox is joining up with the LRM project. Figure 6: The share price chart for Lion Rock as of 21st November 2025. (source: CommSec) The Retail Investor Proposition All retail investors have the same view of companies that are being devalued on the sharemarket, and the LRM story is no different. With a current market capitalisation of just under AUD $86M as compared to levels in the AUD $180M, there is an obvious level of concern. Figure 6 above is a good view of the fortunes of the share price as investors take a similar view to my comments; there is something missing in the story. The good news for investors is that this may actually be a good level to be topping up or an entry. In my opinion, the story headline may have changed, but my selling is not about the demise of the storyline but rather a shift in my own portfolio. The change in the story headline is enough for me to change horses, but it is not an endorsement of my thoughts that there is a negative flow of the company's fortunes. I went in for Rutile, made my margins, and now there is another horse I would like to bet on. The change in storyline was my out. Readers who are thinking of a move have to take into account similar thoughts. This is a serious case of DYOR, and while I have reduced my position, I am still holding a position that will make a difference if things start to move to the stratosphere levels.   The Samso Way – Seek the Research Always look deeper — every discovery has a source, and understanding it is where real value begins.   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 Maiden Bush Chook drilling to start in November ( Click here to view the announcement ) Moho Resources Ltd (ASX: MOH)  is preparing to commence maiden drilling at the Bush Chook Gold Project in the Pilbara region of Western Australia (Figure 1), following receipt of government approval for its Programme of Works (PoW). The drilling program is a critical step in the Company’s strategy to advance its Swan Prospect. This large and high-grade gold anomaly could emerge as the cornerstone of Moho’s Pilbara growth portfolio.  The Business of Moho Resources Ltd: Looking for Gold in the Pilbara Region. Moho Resources Ltd  is an Australian natural resources company advancing early-stage gold and base metal projects across Western Australia. The Company holds 100% ownership  of its assets (Figure 1), including o    Bush Chook Project  in the Pilbara Craton   o    Silver Swan North Project  in the Yilgarn Craton Led by Chairman Peter Christie , Moho has assembled a board and technical team with strong commercial, geological, and capital markets experience. The Company’s strategy focuses on converting its extensive portfolio of historical anomalies into drill-ready, high-value gold targets . Figure 1: Location of Bush Chook & Silver Swan North Projects in WA (source: MOH) Highlights – Maiden Drilling to Begin at the Swan Prospect A 1,000m–1,600m reverse circulation (RC)  drilling program is scheduled to commence in mid-November 2025 , targeting the Swan Prospect , a 1.4km-long by 250m-wide gold-in-soil anomaly grading up to 330ppb Au (Figure 2). Figure 2: Swan Gold Prospect soil anomaly (source: MOH) The Swan Prospect lies approximately 10km west of AIM Mining’s Blue Spec Gold-Antimony Deposit , which contains 242koz Au @ 24.3g/t Au and 1.6% Sb . The anomaly was discovered through a recent infill soil sampling program  over historic +32ppb gold anomalies — none of which have previously been drilled . Project-wide target distribution is shown in Figure 3 below. Figure 3: Overview of gold targets across Moho’s 386km² landholding The drilling campaign follows the acquisition of Bush Chook in August 2025 , where due diligence sampling returned assays up to 28.6g/t Au . The Project benefits from prospecting licences with no native title conditions , allowing rapid mobilisation and lower exploration costs.    Leadership Commentary   Moho Resources Chairman, Mr Peter Christie , commented: “Our goal from day one has been to deliver the Pilbara’s next gold discovery. We are fully committed to establishing Bush Chook as a cornerstone project to launch the company’s new phase of growth. Bush Chook is a large land position acquired at low cost, adjacent to existing mining infrastructure and development projects, with extensive and exceptional historical soil and rock chip results in a Tier 1 mining jurisdiction. This maiden drilling program follows a comprehensive and relentless drill target generation campaign by our new exploration team. Our in-ground exploration will accelerate in 2026 as we drill test new targets generated from over one hundred historic gold anomalies across Bush Chook.” About the Bush Chook Project (WA) Located within the Mosquito Creek Basin , the project sits in a proven gold-producing terrain that has delivered more than 2.5Moz of gold  in historical and current resources. The region is home to significant operations, including AIM Mining’s Nullagine Gold Project , which produced 543koz of gold @ 1.6g/t Au  and supports a 1.8Mtpa processing facility . The Swan Prospect lies in the hinge of an antiform structure , coincident with quartz reefs parallel and oblique to the fold axis — a classic structural environment for gold mineralisation . Bush Chook comprises 386km² of tenure , with over 100 historical soil (32ppb–7910ppb Au)  and rock chip (up to 28.6g/t Au)  anomalies awaiting follow-up.   Near-Term Milestones to Watch November 2025:  Commencement of 1,000–1,600m RC drilling at Swan Prospect. Q1 2026:  Expansion of fieldwork to convert >100 historic gold anomalies into drill-ready targets. 2026:  Systematic RC drilling across four key zones — A through D — targeting extensions of high-grade trends and soil anomalies. Ongoing:  Field mapping, geophysical interpretation, and heritage clearance for new licences to support accelerated exploration.   The Samso Investment Memo for Moho Resources Ltd The Bush Chook Project offers genuine first-pass discovery potential  in a district already proven for high-grade gold deposits. Moho’s strategic proximity to AIM’s Blue Spec and Nullagine infrastructure presents future development optionality  with low capital intensity. The Company’s strong funding position , streamlined land access, and geological model create a clear pathway toward rapid exploration success . If drilling at Swan delivers significant intercepts, it could immediately elevate Moho’s standing within the Pilbara gold exploration space.   Samso Concluding Comments The Pilbara has been rewarding the deep-pocket and bold explorers for decades, and a good concept like the Bush Chook project may fit the explorer's criteria of a good punt. Moho has a decent chance as they are drilling a 1.4 km by 250 m gold-in-soil anomaly with credible grades, in a structural setting that makes geological sense. First-pass RC into an undrilled trend is good from a retail investor's point of view. The project is close to established deposits and processing infrastructure, which gives the feeling of being in a tight location, but as we all know, this doesn’t guarantee success. It does give a sense of being more advanced than a scouting mission, which does matter in a market that increasingly favours projects with plausible development routes. Execution risk is lower than in most early-stage stories. Good to see that approvals are in hand, licences are straightforward, and the program is modest but targeted. The quick move from acquisition to drilling is a credit to a team intent on testing ideas rather than marketing them. This is a very important point to consider in a market that is awash with "rock-chip" flavours. If assays validate the soil footprint and structural model, Bush Chook will move from potential to probability. If not, Moho still holds a pipeline of untested anomalies across the same system—fuel for the next target in 2026. This is a very early-stage prospect, and investors will need to understand that the road to any sign of a discovery is still a distance away. DYOR is the key, and patience is always a virtue in this form of investment. I don't know much about the management, so there is still that risk for me to take any positions. The Samso Way – Seek the Research Always look beyond the announcement — understand the rocks, the structure, and the story  that drive 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 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 838.7Mt Gallium Resource Estimate at Mt Ridley Project 28 October 2025 Mount Ridley Mines Limited (ASX: MRD)   has declared a maiden Inferred Gallium Mineral Resource Estimate (JORC 2012)  of 838.7Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃) at a 25 ppm Ga cut-off  across three blocks at the Mt Ridley Project, ~55 km NE of Esperance, WA (Figure 1). Mineralisation is shallow, flat-lying and clay/saprolite-hosted, with strong associations to HREE  and scandium —particularly in the central and northern corridors. The resource is supported by 732 holes for 30,112 m , extends >25 km in strike  with a ~70 km² mineralised footprint, and sits inside a 575 km²  tenure where ~70% remains untested . Figure 1 – Regional Location Map showing the major Infrastructure such as Esperance Port, Road, and Rail (source: MRD) Highlights - Gallium (Figure 2) Global MRE:   838.7Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃)  for 24,584 t contained Ga  (cut-off 25 ppm Ga). Block 1 – Central Gallium Corridor (incl. Keith’s HREE):   164.1Mt @ 29.8 ppm Ga (40.0 ppm Ga₂O₃)  for 4,888 t Ga ; strong correlation with HREE  and scandium ; shallow, flat-lying saprolite. Block 2 – Northern Extension (incl. Winston’s HREE):   372.2Mt @ 30.3 ppm Ga (40.7 ppm Ga₂O₃)  for 11,288 t Ga ; continuation of the same clay profiles hosting REE/HREE. Block 3 – Mia + Eastern Zone:   302.5Mt @ 27.8 ppm Ga (37.4 ppm Ga₂O₃)  for 8,408 t Ga ; overlays the Mia REE MRE of 168Mt @ 1,201 ppm TREO . Geometry & Depth:  Mineralisation from ~4 m to ~60 m  depth; shallow, broad lenses in saprolite/laterite; >25 km  strike and up to ~6 km  width. Work to Date:   732 drillholes / 30,112 m ; domain modelling and ID² / kriging  grade checks; densities applied by regolith unit; top cut 45 ppm Ga ; parent blocks 50×50×1 m . Scale & Positioning:  Among the largest known gallium resources  globally; logistics advantaged by proximity to Esperance Port, road, and power .     Figure 2: Mount Ridley Gallium Topographic Location Map highlighting the MRE Zones (source: MRD)   Mount Ridley Mines Non-Executive Director Mr Pedro Kastellorizos  commented: “The timing of our maiden gallium resource could not be more significant,” said Mount Ridley Mines Director, Pedro Kastellorizos. “With Australia and the United States now formally aligning on criticalminerals supply chains, the Mt Ridley Project represents one of the few new gallium discoveries outside of China, and it sits within an established rare-earth system. This resource establishes Mount Ridley as a serious participant in Australia’s emerging critical-minerals sector. Immediate focus will be on highvalue zones rich in gallium and heavy rare earths as we advance metallurgical testwork and partnership discussions to define a viable development pathway” Geology & Mineral System (Why It’s There) Host & Setting:  Clay/saprolite-hosted Ga within the weathered profile across parts of the Grass Patch Complex (Blocks 1–2) and Biranup Complex granitoid gneiss  (Block 3). Controls:  Spatial association with alkali-enriched gabbroic/plutonic dykes  visible in aeromagnetics; highest grades near redox fronts  in lower saprolite and at saprolite–fresh transition. REE/HREE Link:  Re-assay of legacy pulps confirms coincident Ga–REE enrichment ; Keith’s  (Block 1) and Winston’s  (Block 2) show scale/continuity of HREE-rich clays.   The Mineral Resource areas known as Blocks 1, 2 & 3 are situated in the vicinity of Mt Ridley and Lake Halbert region of Western Australia (Figure 3,4 & 5). Figure 3: Block 1 (source: MRD) Figure 4: Block 2 (source: MRD) Figure 5: Block 3 (source: MRD) Table 1 presents the new JORC 2012 Resource Estimate (JORC 2012) for the Inferred category, applying at a >25 ppm Ga cut-off, the JORC 2012 Inferred MRE totals 838.7 Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃) —placing Mt Ridley among the world’s largest known gallium resources. The 575 km²  tenure hosts a ~69.9 km²  mineralised footprint across three MRE zones, with >70% of the project still untested and slated for systematic drilling.                   Table 1 - Mount Ridley Global Gallium Deposits Inferred Mineral Resource Estimate by Blocks (using a >25 ppm Ga cut-off) Development Path (How It Could Advance) Metallurgy:  Concept is a mixed rare-earth carbonate  as the primary product with gallium (and other critical elements) as secondary recoveries ; testwork to include acid leach and hydrometallurgy  (solvent extraction/ion exchange). Program Design:  Targeting zones most amenable to acid-leach processing ; flow-sheet design underway; legacy pulp re-assays and re-logging to refine HREE/Sc  targets. Advisory Build-Out:  Engagement with Australian & international processing/supply-chain experts  (including U.S.–Australia critical minerals context).   Forward Plan & Near-Term Priorities (Figure 6) Extensional drilling  SW of Block 1 along ~11 km × ~6 km  corridor. Infill drilling  across the 3 km  corridor between Blocks 1 & 2 . Step-outs  east ( ~4.35 km ) and west ( ~4.3 km ) of Block 2 resource. Block 3  extensions NE (~5.3 km) plus ~3 km E  and ~4 km SW  untested zones. Drill extensions along alkali-rock corridors  associated with better Ga intersections. Metallurgical studies  to confirm optimal acid-leach domains and refine the flow sheet. Define requirements to deliver an Indicated Resource  sufficient to support capex studies. Figure 6: Location map showing the 3 MRE Zones, showing multiple untested zones over Interpreted Total Magnetic Intensity Images (source: MRD)   Market & Strategic Context (Why It’s Timely) Supply Concentration:  China has produced >98% of global Ga, historically as a by-product  of bauxite/zinc refining; export controls and geopolitics have tightened supply. Allied Policy Tailwinds:  On 20 Oct 2025 , the U.S.–Australia framework  to secure critical minerals and rare earth supply chains highlighted WA projects as priorities, aligning with MRD’s path.   Samso Concluding Comments Mount Ridley’s maiden inferred gallium resource gives the project tangible scale and, importantly, demonstrates a multi-element regolith system  where Ga, HREE, and Sc  appear to co-locate within shallow, lateritic/saprolitic horizons. The Block 1–2 corridor  is the immediate focus, given its HREE-rich character  and continuity; Block 3  adds leverage via the Mia REE MRE  already in place.  How the deposit moves from here will largely be dependent on metallurgy  and infill drilling, which will provide consistent leachability , scalable hydromet flowsheets , and enough drill density to uplift portions to Indicated . The published forward plan is appropriately calibrated to those aims.  Like all projects, whether it is a mineral or non-mineral project, a favourable logistical path (proximity to Esperance ), and a current supported policy backdrop  are going to be very constructive for Mount Ridley. As we have learnt over the last couple of years, clay-hosted critical-mineral systems live or die by extraction efficiency, impurity management,  and unit costs . Those data points will ultimately define commerciality. For investors tracking gallium  exposure aligned with HREE/Sc optionality, this is now a defined system with scale  and a clear work program to de-risk the flow sheet and grow resource confidence. DYOR, as the sector is just being thrown back into the spotlight. How long this remains in a favourable position is going to be tightly bound to the tenure of President Trump. Market Influence There is no doubt that the release of the resource has sparked great interest in the share price of MRD. As it's clearly shown in Figure 7, the market has taken notice, but the challenge for new investors and shareholders looking to top up is when to do that. Figure 7: The share price chart for Mount Ridley as of 14th November 2025. (source: CommSec) The Gallium "talk" is one that I am not really in tune with, as the main "producer" of the metal comes as a byproduct of the bauxite refinery. The recent news that the US government and the Australian government are in talks to support Alcoa to make a refinery that will treat their Gallium makes me think that there will be no space for the lone rangers, like Mount Ridley. I would suggest reader DYOR and do it well :-) The Samso Way – Seek the Research Go to the source, interrogate the figures and methods, and build conviction from facts—not narratives; DYOR. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Gold Results from Union Hill Drilling 28 October 2025 Henty Reserves Increase by 29% 23 October 2025 This Samso News is all about Kaiser Reef Limited (ASX: KAU) at the Henty Gold Mine, West Coast, Tasmania , announcing a 29% lift in Ore Reserves to 199 koz @ 3.28 g/t, strengthening mine-life visibility, while the processing plant demonstrated ~400 ktpa run-rate—about one-third above nameplate—through targeted, low-capex debottlenecking. When the acquisition of the mine was consummated, I mentioned that this was always going to be on the cards. On the 27th April 2025, we published " Kaiser Reef Limited (ASX:KAU) - A Lesson in How To Become A Gold Producer Overnight , " and I discussed in length why a revaluation of the ounces and a recalibration of operating costs was what someone like Brad Valiukas was going to produce. This is clearly what is happening now. At Maldon–Union Hill, Central Victorian Goldfields, Victoria , shallow in-pit drilling has confirmed high-grade continuity along the Eaglehawk Reef over a meaningful strike length, indicating potential for near-term underground access and follow-up drilling. Figure 1: Map Location of   Henty Gold Mine, Maldon Plant & Union Hill Gold Mine (source: KAU) Together, these updates tighten the operating plan: more ounces in reserve, higher throughput capacity to monetise them, and fresh drill evidence to grow the pipeline. 28 October 2025 — Union Hill in-pit drilling confirms high-grade continuity at Maldon Gold Project (Figure 2) Figure 2: Maldon Gold Project (source: KAU)   22 holes / 960 m program  inside the Union Hill Open Pit targeting unmined Eaglehawk Reef (EHR) extensions; 18 of 19 effective holes intersected gold , confirming continuity over ~ 160 m strike (Figure 3). Standout intercepts (down-hole): 5.8 m @ 5.37 g/t Au from 39.0 m  (incl. 2.5 m @ 10.25 g/t). 6.9 m @ 6.05 g/t Au from 30.4 m  (incl. 1.98 m @ 16.44 g/t). 8.6 m @ 4.99 g/t Au from 18.4 m  (incl. 2.0 m @ 15.69 g/t). Next steps: re-establish underground access as an exploration platform (decline rehab planned to commence in January ) and set a northern drill position. Context: Union Hill Resource 187 koz @ 4.4 g/t ; district hosts multiple historical reefs.   Figure 3: Long Section of 2025 In-Pit Drilling program holes (Blue) with assay results. Note: Only recent drilling shown   (source: KAU)   Kaiser’s Managing Director, Brad Valiukas , commented: “This recently completed drilling at Union Hill tested a shallow gap zone between known workings, and these are great results in an area that was historically left behind. “Without taking away from the bigger picture approach to the entire Maldon Gold Project, the next step at Union Hill will be to re-establish the underground as an exploration platform. We expect to commence active work on re-accessing and rehabilitating the decline in January, to allow follow-up drilling. Additionally, we plan to establish a drill position giving access to the north. “Maldon represents a district-scale gold opportunity for Kaiser, with numerous historical mines and lines of working that remain substantially underexplored. Kaiser has not previously had the funds to progress the Maldon Gold Project as actively as warranted, but with Henty now bedded in and Kaiser’s transformation into a profitable gold miner complete, we are now in a great position to drive Maldon forward as a key growth asset.” 23 October 2025 — Henty Reserve up 29%; Resource steady (Figure 4) Figure 4: Mineralisation Domain Wireframes and historical mining - Long-Section Projection Looking West (source: KAU) Ore Reserve increased 29%  to 199 koz @ 3.28 g/t Au (1.89 Mt @ 3.28 g/t) from 154 koz; depletion to 30 June 2025: 25.7 koz . Mineral Resource updated  to 438 koz @ 3.32 g/t Au (4.11 Mt @ 3.32 g/t) at 1.5 g/t  cut-off, reported within underground shape optimiser constraints (Figure ). Company indicates >6-year mine-life outlook targeting >30 koz pa  Au as operations build through FY26; second underground diamond rig  now focused on exploration/resource extension (Figure 5). Figure 5: Mineralisation Domain Wireframes and planned mining (Reserve and other LOM designs) - LongSection Projection Looking West  (source: KAU) Kaiser’s Managing Director, Brad Valiukas , commented: “We continue to see significant upside at Henty, and I’m very pleased with the near 30% increase in Reserves we are now reporting. “We are focused on building both mine life and resilience at Henty over the next 12 months. We have brought in the second underground diamond drill rig, giving us dedicated capacity for exploration and resource extension, ultimately targeting continued Resource growth. “We have committed to increasing the processing rate, which removes a significant constraint on underground production potential, de-bottlenecking the decline so we can deliver to the processing plant, and bringing in more productive equipment as key improvements to drive performance. We expect to see continued improvements across the business during the financial year. This is another step that confirms Kaiser’s transformation into a profitable gold producer, with Henty providing a solid production and cashflow base on which to build the Company.” Samso Concluding Comments Kaiser’s October updates are strengthening the operating story with more booked ounces at Henty, a demonstrably faster plant, and fresh shallow drilling at Union Hill that hangs together along strike. For a gold mining business, the positive news on reserves, throughput, and geological continuity is simply all about better mine-life clarity and optionality. The processing uplift to ~400 ktpa without major capex is meaningful, but the proof is sustaining that rate with consistent underground delivery. The decline in de-bottlenecking, fleet changes, and the second rig at Henty are the right levers; execution over the next quarters matters more than the single data point. At Maldon, the other project, confirming high-grade continuity inside the Union Hill pit can be a path to de-risk near-term underground work. Re-establishing underground access and setting a northern drill platform will indicate whether the ~160 m strike of hits can convert to mineable shapes and, ultimately, cash flow. So for investors and shareholders, it will be important to watch underground productivity and dilution control at Henty. Sustaining plant stability at higher tonnage, timing on Maldon access works, and assay flow from both programs will be key points of observation as well. If those boxes tick, the pathway to >30 koz p.a. becomes more credible; if not, the market will discount the stretch targets until the data catches up. DYOR. Market Status - A Discount for New Shareholders? As we write this Samso News, KAU is just coming off a low price point from a fall in the last week (Figure 6). With a strong gold price sentiment globally, with predictions of further growth, I would see this moment as primed for taking positions. Figure 6: Share price chart for Kaiser Reef Limited as of 14th November 2025. (source: CommSec) Conversations with people working in the capital markets have now convinced me that the recent fall in gold price is a time for reloading or getting into positions in this sector, whether it is in gold equities or physical, or ETF gold. The deficit in physical delivery is good evidence that the gold pricing situation is very different from previous times. There will be ups and downs, but I think from a retail end, we can see inflationary pressure being very obvious. DYOR, and I think readers should start reducing themselves for this growing story. The Samso Way – Seek the Research Read the original ASX releases and annexures (28, 23, and 20 October 2025), trace each figure back to the text, and form your own view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position 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 Promising Assays from AC Drilling and Gold Nugget Discovery 10 November 2025 (Click here to view the announcement: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03020837-6A1296198&v=undefined ) E79 Gold Mines Limited (ASX: E79)   has reported a promising set of exploration results from its Laverton South Gold Project, Western Australia (Figure 1). Located approximately 130km east-northeast of Kalgoorlie, this project spans 272km² across the southern portion of the Laverton Tectonic Zone (LTZ) — one of the world’s richest gold belts. Final assays from the recent wide-spaced air-core drilling program have confirmed anomalous gold at depth beneath a regional paleochannel, supported by the discovery of numerous small gold nuggets within the Pinjin North tenements. Figure 1: Map of drill holes over regional magnetics (source: E79) The Business E79 Gold Mines (Figure 2) E79 Gold is a Western Australian-based exploration company with a portfolio covering over 2,336km² of highly prospective ground across the Yilgarn Craton and McArthur Basin: Flagship: Laverton South Gold Project (100% — Pinjin & Lake Yindana)  in the Laverton Tectonic Zone , a belt endowed with >30 Moz across multiple tier-one deposits Mountain Home Cu–Au–Bi Project (NT)  within the McArthur Basin , prospective for copper, gold, and diamonds. Murchison's presence  via earn-in/JV at the Murchison Goldfields, enabling focus on Laverton South and Mountain Home. Cue Gold Project (Day Dawn, Murchison) : E79 signed a Binding Heads of Agreement (3 Oct 2025) to acquire 90% of Cue Metals Pty Ltd ; completion expected late November 2025  (subject to shareholder approval). The project sits immediately south of Westgold’s Great Fingall  mine and covers ~ 65 km² . Figure 2: Map of E79 Gold’s exploration projects. (source: E79) Highlights — Laverton South Air-Core Assays & Nugget Finds The final air-core assays  have reinforced the gold prospectivity of the Pinjin area within Laverton South: 1m @ 0.41g/t Au from 88m (25LRAC164)  at End of Hole (Figure 3) Figure 3: Cross-section of drill results (source: E79) 4m @ 0.12g/t Au from 60m (25LRAC160) 4m @ 0.18g/t Au from 72m (25LRAC161) These intersections occur below the regional paleochannel , within sericite-altered mafic rocks , and align with an area of magnetite destruction (Figure 4) . The westernmost hole, 25LRAC164 , remains open to the west with no further drilling yet undertaken. Figure 4: Map of drill holes over regional magnetics (source: E79) In addition: (Figure 5) Figure 5: Map of recent activity within the northern portion of the Laverton South Project (source: E79) Prospectors have discovered numerous small gold nuggets  across a 500m x 500m area  in the northern tenements (Photo 1). Photo 1: A selection of gold nuggets prospected from E31/1082 (source: E79) A nugget with visible crystalline gold in quartz-veined mafic rock suggests a nearby lode-style source for the nuggets (Photo 2). Photo 2: Gold nugget discovered at the Laverton South Project (source: E79) Soil sampling programs identified two parallel gold anomalies (Au > 30ppb)  running parallel to the Pinjin Fault , supported by shallow RAB results such as 4m @ 1.17g/t Au from 4m (SWP095) . Leadership Commentary E79 Gold CEO, Ned Summerhayes, commented: “All assay results from the recently completed wide-spaced air-core drilling program have now been returned, with gold anomalism identified in the central line of drilling. “Significantly, the anomalous gold sits below the paleochannel that blankets much of the area, highlighting the potential for gold discoveries at depth. “Elsewhere at Laverton South, soil sampling and gold detecting activities have identified areas of gold prospectivity in the north of the project with numerous small gold nuggets collected from surface by prospectors with E79 Gold’s consent.”   About the Laverton South Project (WA) Located in the Archaean Yilgarn Craton  along the Laverton Tectonic Zone (LTZ) , which hosts tier-one deposits: o    Granny Smith (5.8 Moz) o    Sunrise Dam (10.3 Moz) o    Wallaby (11.8 Moz) Pinjin tenements  target structures parallel to the Pinjin Fault , a mineralised trend extending >50 km , with localised, lode-style gold occurrences. Recent gold nuggets with crystalline gold  in quartz-veined mafic volcanic rock  point to proximity to a primary lode-style source . Near-Term Milestones to Watch New Regional Air-Core Program  planned over newly defined gold areas (post-heritage survey). Deeper RC drilling  to test anomalous zones under the paleochannel north-west of Lighthorse and at T14 South. Cue Metals Acquisition  completion targeted for 27 November 2025 , following shareholder approval. Ground Gravity Program  planned across the Cue Gold Project  to define new structural targets — methodology proven successful at nearby Break of Day  and Day Dawn  deposits. Database consolidation and target generation  underway to accelerate 2026 field programs. How Samso Understands the Investment Memo for the Company   E79 is primarily an exploration company at the greenfield level. The recent acquisition of the Cue Metals project is an addition to the story. Is it better with the new projects? I don't think that can be decided for now. It needs to develop its own value or more for near-term projects, if you can find one, and if major shareholders want to dilute their positions. Upcoming exploration work will decide the investment position. Samso Concluding Comments E79 Gold’s Laverton South update underscores the ongoing evolution of potential discovery within the heart of the Laverton Tectonic Zone. The story now is taking the path of mentioning that gold mineralisation may be present beneath the paleochannel cover as gold anomalism in sericite-altered mafic rocks will support the model that mineralised systems may extend below the transported overburden, which is a critical narrative for future discoveries in this belt. The presence of crystalline gold within quartz-veined mafic volcanic rock is an important validation point. It suggests that the gold identified at surface may originate from a proximal lode-style source rather than being transported far from its origin. Such geological evidence aligns with historical patterns observed across the LTZ, where near-surface nugget discoveries often preceded major bedrock systems. E79 is trying to de-risk discovery — moving logically from geophysical anomalies to air-core validation and now transitioning toward deeper RC drilling. The exploration footprint, coupled with growing field data, positions the company to build predictive confidence in its models. The follow-up heritage surveys and subsequent drilling campaigns will test these targets in earnest, with strong potential to extend gold mineralisation down-dip and along strike. In a market where investor attention oscillates between early-stage hype and late-stage scarcity, E79’s balanced exploration narrative — backed by geological substance — continues to make me feel the substance of the storytelling journey. What makes me worry is the new content of the Board. Keep E79 on your watchlist, and taking a position is still a good idea in my opinion. The Samso Way – Seek the Research   Always look beyond the headline grades — follow the structure, the system, and the science behind the discovery.   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 Exceptional Rutile Grades to 2.2% Insitu at Minta Project 29 October 2025 Lion Rock Minerals Limited (ASX: LRM ) has released first-pass mineralogy from the Minta Monazite & Rutile Project in central Cameroon (Figure 1), outlining broad zones of high-grade natural rutile from surface and near-surface. Results include up to 2.2% in-situ rutile and rutile making up to 71% of the heavy-mineral assemblage. With reconnaissance complete over a >5,000 km² target area and results received across ~3,800 km², the program now pivots to infill drilling supported by an in-country lab nearing commissioning in Yaoundé.  Figure 1: Map of Minta Project  (source: LRM) Highlights - The Ongoing Rutile, Titanium, and Monazite Narrative (Figure 2) In-situ rutile grades up to 2.2% , with rutile assemblage up to 71% . Eight of the top ten results occur at Minta Est  (rutile, zircon, and REE-enriched monazite).  Standout intercepts  (all in-situ): 4.0 m @ 1.3% from surface (MRAU0231); 3.9 m @ 1.2%  from surface (MRAU0268); 5.0 m @ 1.0%  from surface (MRAU0230); 5.0 m @ 1.0%  from surface (MRAU0228); 6.8 m @ 0.9%  from 1 m (MRAU0246).  Scale:  Reconnaissance drilling across >5,000 km² (nominal 1 km × 10 km  spacing); results to date cover ~ 3,800 km² . 107  locations returned ≥0.5% in-situ rutile (avg 0.8% ), with rutile averaging 22.8%  of HM at these sites; 74 locations exceed 20%  rutile in HM (avg 30.7% ).  Operations ramp-up:  Infill program imminent; LRM’s wholly-owned HM laboratory  in Yaoundé is nearing completion (Figure 3); in-country technical team expanded (Country Manager Dr Tasin Godlove Bafon ; Lab Manager Joseph Mayi ). Figure 2: Map of Minta insitu rutile with priority zones; Kasiya Project (ASX: SVM, Malawi) outline is a scale reference only.  (source: LRM) Lion Rock Chief Executive Officer, Casper Adson , commented: “These latest results continue to reinforce the world-class potential of the Minta Monazite and Rutile Project and highlight Cameroon’s emergence as a significant new rutile province. The scale and grade of mineralisation being defined at Minta is exceptional, with insitu rutile grades of up to 2.2% from surface confirming the project’s potential as one of the largest undeveloped natural rutile systems globally. “The recent investment of our strategic partner, Tronox, was driven by the rare-earth-rich monazite assemblage at Minta Est. This same area is now returning some of the highest rutile grades recorded to date, underscoring the exceptional mineral potential and complementary value of the deposit. “With expanded drilling capacity, new in-country heavy mineral laboratory and an experienced technical team now established in Cameroon, Lion Rock is entering a transformational growth phase. The combination of scale, grade and strategic alignment positions the Company as it aims to become a leading supplier of premium natural rutile and critical mineral sands to the global titanium and rare-earths markets.”   Program Snapshot Program design:  Broad, fast coverage to rank higher-grade/value areas; initial paired XRF/XRD at 141  of 335 locations with >1.5% HM to expedite targeting amid external lab constraints.  Targeting outcomes:  Clear infill targets at Minta Est  (co-present rutile–zircon–monazite), plus additional contiguous high-grade zones circled in Figure 1. Results include mineralisation from oversize rutile nuggets .  Reconnaissance totals:   712 holes  for 3,018 m ; 3,339  drill & QA samples plus 68  grab samples collected. Further HM assays are pending; mineralogy will follow as assays return. Market & Context (Rutile vs Synthetic Feedstock) Titanium minerals are recognised as “critical/strategic” across major jurisdictions. Recent market commentary includes the suspension of Iluka’s Cataby mine and SR2 kiln from 1 December 2025  amid subdued mineral-sands demand and pigment oversupply; synthetic rutile (upgraded ilmenite) is more exposed to downstream costs and oversupply risk. Natural rutile —a high-TiO₂ feed needing minimal upgrading—has fewer value-chain dependencies. LRM positions Minta as a higher in-ground TiO₂ grade opportunity with potential processing simplicity. (Figure 2 is contextual; Minta has no  current MRE.)   Figure 3: Global rutile projects based on public Mineral Resource Estimates (context only). (source: LRM) In-Country Capability LRM has strengthened its Cameroon presence with two key hires (Figure 4): Country Manager – Dr Tasin Godlove Bafon:  12+ years in West/Central Africa (iron ore discoveries; scoping work), now leading project execution. Lab Manager – Joseph Mayi:  6+ years running mining analytical ops; established mineral-sands labs and QA/QC programs; now leading Yaoundé lab build-out. Figure 4: Photos of Dr Tasin Godlove Bafon & Joseph Mayi (source: LRM) Operations are ramping up, with infill drilling imminent and LRM’s wholly owned heavy-mineral laboratory in Yaoundé nearing commissioning (Figure 5). Figure 5: Photos of the LRM Yaoundé laboratory under construction and retrofit. (source: LRM)   Next Steps Validate and prioritise highest-prospectivity areas; commence infill drilling . Extend mineralogical analysis adjacent to  standout results. Finalise monazite & xenotime targeting  at Minta Est; review VHM assemblage data; compile dredge study  findings for alluvial targeting. Commission  the Yaoundé lab; complete recruitment to support expanded field ops and faster sample turnaround.   Samso Concluding Comments On first pass, Minta ticks the two boxes that matter at this stage—scale and early quality. You’ve got insitu rutile reported up to 2.2% , rutile making up to 71%  of the heavy-mineral assemblage, and several metre-scale intercepts starting at or near surface. That’s a credible signal for a reconnaissance dataset. Minta appears to be broad with a 1 km × 10 km  spacing across a >5,000 km² target, with results covering ~ 3,800 km² so far, with sites with >1.5% HM for the initial paired XRF/XRD to fast-track target ranking. The standout cluster at Minta Est —where rutile, zircon, and REE-bearing monazite coincide is making headline narrative. The Yaoundé lab will take some of the risk off the table. Commissioning an in-country facility—backed by experienced hires in the Country Manager and Lab Manager roles—should cut turnaround times, improve QA/QC, and keep momentum as sample volumes rise through infill. The Company’s own wording highlights the expected lift in data quality for JORC-style work and metallurgy—exactly what you want before resource-class decisions. The near-term items to watch are about the infill start-up, the return of outstanding HM assays, and follow-on mineralogy to tighten the model. Keep in mind there is no MRE  declared for Minta today, and any external project outlines (e.g., Kasiya) are for scale only —useful context, not guidance. Market Perspective - The Capital Market This is a business that is all about Rutile, Titanium, and Monazite (REE), and as we are writing about these recent ASX releases, the share price of LRM has taken a turn for the worse. Figure 6 below shows a disconnect between market expectations and the technical merits that are being narrated by the management of LRM. Readers will know that Samso is a big fan of this story, and I am also a shareholder of the story. Figure 6: The share price chart for Lion Rock Minerals as of the 14th November 2025. (source: CommSec) It is more than interesting that there has been a sell-down, especially since the introduction of Tonox, which was covered on the 30th October 2025, " Tronox Joins Lion Rock: 5% Cornerstone to Accelerate Minta (Rutile + Monazite) ". The sell-down pretty much started from that event. One would have thought that the introduction of Tronox would be a supportive indicator for the LRM story. My conclusion is that there was profit-taking and a potential resetting of the support soon. That would be my only thought at this stage, which makes sense. For me, the story is still valid but with my experience, the real truth will not really be known till a later date, if it appears at all. From a shareholder's point of view, the technical merit has not changed. The addition of Tronox is still a positive narration, and the inclusion of monazite adds value to the business overall. The sell-down is the one that is adding colour to the overall storyline, and the issue is how it is going to make the colour at the end. There is no doubt in my mind that this is a #SAMSODYOR for those who are seriously invested in this story. The Samso Way – Seek the Research Always read the underlying release and appendices before concluding—grade, width, continuity, metallurgy, and logistics will frame ultimate 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 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.