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Coffee with Samso | Episode 209 | UWA Club, Crawley, Western Australia In this latest episode of Coffee with Samso, I reconnect with exploration legend Jon Hronsky to unpack one of the most significant emerging geological stories in Australia: the West Arunta carbonatite province. This conversation builds on John's recent presentation at the AIG’s event and dives deep into how Encounter Resources Limited (ASX: ENR) has methodically uncovered what may become a globally significant carbonatite-hosted niobium and rare earth element (REE) district in remote Western Australia. From big structures and conceptual targeting to nuanced mineral system thinking, this discussion is a masterclass in modern greenfields exploration. It reminds us that true discovery lies in resisting the urge to pigeonhole — and embracing complexity. Key Highlights A Career in Discovery Jon Hronsky is entering his fifth decade in mineral exploration, with a long history of working across major greenfields campaigns. He is a director at Encounter Resources and previously with Western Mining Corporation, where he was mentored by Roy Woodall. Discovery of West Arunta - Carbonatite Province. Encounter pegged a strong magnetic anomaly in remote WA, now known as the Hoschke Prospect, with initial IOCG targeting. Drilling in 2019 revealed complex magnetite alteration and ultimately a carbonatite with 16m @ 1% Nb₂O₅. What began as an IOCG hunt became a game-changing niobium-carbonatite discovery, drawing analogies with Palabora and Olympic Dam. Mineral System Thinking Jon challenges rigid classifications like IOCG vs carbonatite, advocating for a spectrum-based approach to targeting. Shared features across IOCG and carbonatites: deep mantle-tapping structures, lamprophyres, and metasomatic fluids. Gravity vs Magnetics While gravity anomalies aided other discoveries (e.g., Luni), the Westrunter carbonatites lack strong gravity signatures due to weathering offsets. Emphasis is placed on magnetic data and structural interpretation as primary exploration tools in the region. Targeting with Data Exploration guided by WA’s exceptional pre-competitive datasets (GSWA, GA). Shallow cover (<50m in many places) enables low-cost aircore drilling, accelerating discovery. Encounter also incorporates EM, passive seismic, and gravity for 3D understanding of mineralisation. Metallurgy and Development Encounter believes its discoveries could support a standalone niobium operation. Metallurgical testwork is ongoing — John notes that niobium is far less complicated to process than rare earths. Early-stage studies suggest the project is economically viable “on the back of the envelope.” Conceptual Learnings Jon highlights the concept of IOCGs without the iron — disseminated copper without the typical magnetic/gravity signature. Explains the significance of multi-scale thinking, where the key is understanding regional and global context for every local anomaly. Building a Province Carbonatite event dated to ~800 Ma, with potential reactivation of 1590 Ma Olympic Dam-aged structures. Big structures show repeated pulsing through time, allowing multiple mineralisation events. The Greenfields Challenge Funding remains a structural issue — greenfields needs long-term, risk-tolerant capital. Small caps struggle to sustain non-revenue-generating exploration without external support or JV backing. Advice to Young Geologists John’s #1 advice: develop the cognitive skill of scale integration — link deposit, district, regional, and global frameworks. Always ask: “What is the context?” Expand the search space. Use regional data to make better local decisions. Next Steps Continue metallurgical studies and mineralogical definition across the West Arunta belt. Target additional carbonatite-hosted systems along the identified structural corridor. Drill conceptual copper targets associated with 1590 Ma geochronology and surface anomalies. Advance regional exploration using passive seismic and detailed gravity. Chapters 00:00 Start. 00:10 Introduction. 01:03 Introducing Jon Hronsky. 01:12 Jon Introduction. 02:30 Mineral System Approach and Discovering the West Arunta Carbonatite Province. 03:19 Jon's view of Mineral Systems - The similarity of geological relationships. 04:14 Reason why Encounter gets involved in the West Arunta region. 05:29 The IOCG Connection - The Beginning. 06:34 The Roy Woodall Concept of tenement consolidation. 07:02 The remoteness of the West Arunta Project. 07:40 The Discovery hole. 08:49 The Geophysical Conundrum - Carbonatite Signatures for Encounter Resources. 10:19 The Hybrid Conversation of Mineral Mineralisation - IOCG without the Iron. 12:46 Jon's Concept of Search Space. 14:45 The fundamentals of the West Arunta Province for Large Scale Mineralisation. 18:17 Funding the Reality of taking Discovery to Mining. 19:58 Any learnings from the discovery techniques by WA1 Resources? 21:44 The Competitive Advantage of Free Government Datasets. 23:21 Current project acquisition from free data. 24:08 Chemistry of Kimberlites and Lamprophyres could be a clue to future discoveries? 26:01 Are there any thoughts in the past that could help modern mineral exploration? 27:49 Is there a place left for Field Mapping? 28:39 Are the learnings of modern exploration being taught to younger geologists? 29:54 AI Targeting. 30:56 Risk reward ratio for Greenfield Exploration 32:29 The difference in Greenfield and Near-Mine Exploration. 33:43 The challenges to provide capital and skillset to do proper mineral exploration. 34:45 What advice would you give to the incoming young geologists today? 36:43 Conclusion. Samso Concluding Comments In the world of mineral exploration, for me, few conversations are more engaging in terms of explaining the complexities of mineral exploration than that with Jon Hronsky. This episode is about the conversation of Western Australia standing at the edge of a new global province — and it’s not lithium, gold, or copper. It’s Carbonatites, niobium, and rare earths. What is the significance of Carbonatites? Generally, carbonatites are rare, and globally there are only a few hundred known occurrences, typically small bodies (plugs, dikes, breccia pipes) associated with alkaline complexes. Despite their rarity, they are incredibly economically significant as many of the world’s richest REE and niobium deposits, plus phosphate (P), and sometimes Fe–Cu, come from carbonatites (e.g., Bayan Obo, Mountain Pass, Araxá/Catalão, Palabora). This story is what I call the power of staying open-minded in geology. You go in searching for an IOCG and come out with a Carbonatite. You chase magnetics but find your answer in subtle alteration. You expect Olympic Dam–style signatures but discover something without the iron. I have had so many conversations on what real mineral exploration looks like — messy, adaptive, and powered by deep systems thinking. The significance of West Arunta is not just what Encounter Resources has drilled — it’s the framework they’re exposing and building. Encounter is opening the door to a scale of mineral endowment that few in the market are fully appreciating yet. As Jon notes, greenfields isn’t about hope — it’s about managing a portfolio with creative concepts, disciplined testing, and repeatable targeting. This province — if it matures — could become the next big thing not just in WA, but globally. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Big Jim Fluorspar Lode Rediscovered at OD6 Metals Quinn Project, Confirming a Third High-Grade System in Nevada Samso News | ASX: OD6 | Critical Minerals | Fluorspar — Nevada, USA This is another reason why Samso has been a keen follower of the OD6 story. The pivoting towards a US-based fluorspar portfolio was a good move, especially at a time when the reality of the "critical minerals" narrative is getting rewarded, especially in the United States. The United States currently imports 100% of the fluorspar it consumes, with the majority sourced from China. Samso identified OD6 Metals because the Quinn Fluorspar Project sits in Nevada, one of the world's premier mining jurisdictions, and hosts historical grades that are exceptionally high by any fluorspar standard — including 98.6% CaF₂ at the now-rediscovered Big Jim lode. The project entered the company's portfolio via an option agreement announced in March 2026, and the pace of field work since acquisition has been prompt, as within weeks, the team had relocated a historically documented lode that had not been formally visited in decades. Whether this is it s a fortunate, orchestrated, lucky scenario is irrelevant. Fortune favours the creative is my thought. The Big Jim rediscovery adds a third extensive fluorspar system to the Quinn Project alongside Mammoth and Horseshoe, expanding the district-scale footprint. The company is now systematically de-risking through sampling, mapping, and drill target definition. For investors tracking the critical minerals space, the intersection of ultra-high grade, a strategic domestic supply gap, and proximity to the US Strategic Minerals Reserve at Hawthorne is a combination that warrants close attention. Big Jim Fluorspar Lode Located at Quinn Project: A Third Extensive High-Grade System Confirmed in Nevada as OD6 Metals Defines Its Next Drill Target Samso News ASX: OD6 | Source: OD6 Metals Limited ASX Release, 12 May 2026 Introduction OD6 Metals Limited (ASX: OD6) has announced the rediscovery of the Big Jim Fluorspar Lode at its Quinn Fluorspar Project in Nevada, United States. The lode was historically referenced in United States Geological Survey reports and first mined by Frank and Joe "Big Jim" Perkins from 1934. The lode was discovered through targeted field reconnaissance guided by historical descriptions documented as far back as the 1940s. Its rediscovery in 2026 confirms a third extensive fluorspar system on the Quinn Project tenement, sitting approximately 1km north-northeast of the Horseshoe deposit and complementing the Mammoth and Horseshoe discoveries already identified by the company's exploration team. Historical reports documented by Goulet and Jones in 1947 recorded fluorspar content of 94.6%, 96%, and 98.6% CaF₂ across the main vein. Visual estimates (Figure 1) made by the company's field team during the 2026 rediscovery are consistent with that historical record, estimating the massive fluorspar vein at 85–95% CaF₂ and the footwall breccia at 40–60% CaF₂. Figure 1: Big Jim rediscovered in 2026. Location 616125mE, 4221580mN (Datum NAD83, Zone 11) To place those figures in context, today's economic fluorspar projects generally operate at grades above 20% CaF₂, and some companies indicate that mineralisation at grades above 8% CaF₂ can be considered economic. The Big Jim main vein, which is clearly exposed at surface with a width of approximately 2 metres, sits an order of magnitude above the general threshold for economic viability. OD6 Metals Limited Big Jim Main Vein - Highlights The United States currently imports 100% of the fluorspar it consumes domestically, with approximately 68% of global supply sourced from China. Fluorspar is listed as a critical mineral by the United States Geological Survey, with applications spanning hydrofluoric acid production, AI semiconductor chip etching, advanced battery technologies, nuclear fuel processing, and aerospace and defence applications. The Quinn Fluorspar Project sits approximately 300km by road from the US Strategic Minerals Reserve at Hawthorne, Nevada, a geographic context that the company has consistently flagged as part of the strategic case for domestic fluorspar development (Figure 2). Figure 2: Quinn Fluorspar Location in Nevada. Highlights Key Historical Assay Results — Big Jim Fluorspar Lode (Goulet & Jones, 1947) Big Jim is situated about 1 km NNE of the Horseshoe Fluorspar Deposit. It was discovered and intermittently mined by Frank and Joe "Big Jim" Perkins starting in 1934. Table 1: Key Historical Assay Results — Big Jim Fluorspar Lode (Goulet & Jones, 1947) Source: OD6 Metals ASX Release, 12 May 2026. Historical results from Goulet & Jones, 1947, compiled by Competent Person Dr Darren Holden (Fellow, AusIMM). Visual estimates are not a substitute for laboratory results and should not be relied upon. Assay results are historic in nature and whilst consistent with surface observations should not be relied upon pending new laboratory confirmation. A 1947 report by Goulet & Jones described the Big Jim lode as a shallow dipping, high-grade lode over 6 feet (2m) wide. The workings reported grades of 94.6%, 96%, and 98.6% from the vein (Figure 3). See Table 1 below for some key assay results. Figure 3: Schematic Geological Cross-section of Big Jim geology. Widths are schematic for illustration purposes with the massive fluorspar estimated at 2m, and the footwall breccia at least 2m (lower contact not observed). Management Commentary What the Company's Leadership Said About the Big Jim Rediscovery Brett Hazelden, Managing Director of OD6 Metals, attributed the rediscovery to targeted geological detective work by the company's Nevada-based team, drawing on historical descriptions in documents dating back to the 1940s to narrow the search area. Brett Hazelden characterised Big Jim as the company's highest-grade target to date at the Quinn Project and confirmed it represents a third extensive fluorspar system alongside Horseshoe and Mammoth, each of which is now a target for the drill-out program. He described the visual estimates of size and grade as consistent with the historical reports, lending confidence to the company's assessment of the lode's potential. Hazelden framed the discovery specifically within the context of OD6's strategic objective: to develop a US-based, high-grade fluorspar asset that can contribute to domestic supply at a time when US demand for the mineral is structurally unsupported by any domestic production. "Big Jim perhaps is our highest-grade target to date. This discovery validates our ambition to be a US-based high-grade fluorspar developer coinciding with increasing strategic demand for US domestic supply." — Brett Hazelden, Managing Director, OD6 Metals Limited The geological commentary in the release is notable for its specificity about what remains open. The footwall breccia base contact was not observed during the field visit, which means its true width is not yet confirmed. This may mean that the true width may be thicker than the approximately 2 metres currently visible. The system is described as open to the north and south beyond the 220 metres of historic workings that have been mapped (Figure 4). A third lode, approximately 20 metres beneath Big Jim, reported by Goulet and Jones in 1947, has not yet been located. Each of these represents an aspect of the system that remains to be tested through further field work and, ultimately, drilling. Figure 4: Schematic geological map of the Big Jim area based on recent field visit. Not all historic workings were located at surface, and their position is estimated based on geographically referencing Figure 3. (source: OD6 Metals Limited) Near-Term Milestones to Watch What Investors Should Monitor Following the Big Jim Rediscovery Announcement Near-Term Milestones to Watch Samso Concluding Comments The 12 May 2026 announcement from OD6 Metals is best understood as a field validation of a historically documented deposit, combined with the definition of a new drill target within a growing district-scale fluorspar system. The company is not reporting a new discovery in the geological sense, as Big Jim was mined from 1934 and formally documented in 1947. As far as I understand, the field team has physically located it in 2026, confirmed that the surface exposure is consistent with historical descriptions, collected samples for laboratory confirmation, and identified the geological geometry that defines the depth drill target. As an exploration practitioner, sometimes, situations like this are a greater boost to the project development than what meets the eye. A "discovery" of something like Big Jim can add to the big picture in terms of prospectivity. The bonus is the ability to confirm the grades that are in the historical books (Figure 5). Figure 5: Annotated mine sketch map with historic results (Goulet & Jones, 1947) for AFW Carlson of Bishop, California The grade context deserves emphasis. Fluorspar is unusual among critical minerals in that its commercial grade threshold is well-established and widely published. Existing projects are generally considered economic above 20% CaF₂, with some operators citing 8% CaF₂ as a minimum. The Big Jim main vein has historically recorded 94.6%, 96%, and 98.6% CaF₂ and the footwall breccia material that was historically dismissed as uneconomic "gangue" at 60% CaF₂ would itself be considered high-grade by the standards of today's operating projects. The company has explicitly noted this point in the release, observing that material once considered commercially valueless now represents a potentially valuable fluorspar source by modern economic standards. This is a meaningful observation: it suggests the economic inventory at Big Jim may be larger than the historic operators recognised. The structural geometry of the Big Jim system is also worth noting as an investor consideration. The lode dips shallowly to the west at approximately 32 degrees, which is a geometry that, as the company's schematic cross-section illustrates, places the mineralisation directly beneath the jasperoidal lithocap at accessible depths. A jasperoidal lithocap is a large, erosional, silica-rich capping layer that forms at or near the surface in an epithermal/hot spring system, characterized by intense silicification. It represents a "cap" of altered rock—often replacing limestone or dolomite—that overlies deeper porphyry copper-gold mineralization. ------- University of Tasmania, "Lithocaps - characteristics, origins and significance for porphyry and epithermal exploration" This is a more tractable drill target than a steeply dipping vein that requires deep drilling to intercept at depth. The shallow dip also has implications for potential mining geometry, should the project advance to that stage: flat-lying or gently dipping ore bodies are generally more amenable to open-pit or shallow underground extraction than steep systems. Don't get excited, this is still an early-stage project What will Make This A Economical Fluorspar Project? The open questions at this stage are the ones that assays and drilling will resolve. The laboratory results from the 2026 rock chip samples will confirm or refine the visual grade estimates. The geological mapping program will clarify the strike extent and depth continuity of the system beyond the 220 metres of historic workings. The soil geochemistry program will define the geochemical footprint of Big Jim and the surrounding prospects. And when drilling eventually commences — subject to US Forest Service permitting — it will test whether the historical high grades persist at depth beneath the lithocap. Each of these steps is a discrete, measurable milestone. Investors tracking OD6 Metals and the Quinn Fluorspar Project should watch for the assay results as the next near-term data point, followed by any disclosure on the geological mapping and drill permitting timeline. The company is moving quickly and the March 2026 option agreement suggests an intent to advance the project systematically and disclose results as they come to hand. About OD6 Metals Limited OD6 Metals Ltd (ASX: OD6) is an Australian public company pursuing exploration and development opportunities across the critical minerals sector, with a portfolio spanning fluorspar, rare earth elements, and copper. Its flagship rare earth asset is the Splinter Rock Project in Western Australia's Esperance-Goldfields region, which hosts one of Australia's largest clay-hosted rare earth deposits with an Indicated Resource of 119Mt at 1,632ppm TREO and an Inferred Resource of 563Mt at 1,275ppm TREO. In fluorspar, the company holds an option to acquire the Quinn Fluorspar Project located approximately 220km north of Las Vegas, Nevada — a project with documented high-grade mineralisation across multiple systems, including Mammoth, Horseshoe, and now the rediscovered Big Jim lode, each exhibiting grades well above the economic threshold for fluorspar development. The company also holds the Gulf Creek Copper-Zinc VMS Project near Barraba in New South Wales. Previous Samso News Coverage Samso has followed OD6 Metals Ltd across multiple ASX releases. The following represents our prior published coverage of the company: April 05, 2026 - April 17, 2026 - March 18, 2026 - December 19, 2025- November 08, 2025- September 10, 2025- August 24, 2025 - August 13, 2025 August 22, 2023 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's 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 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

This Samso Insight argues that the current market narrative around a major iron ore price decline, driven by the start-up of the Simandou Iron Ore Project in Guinea, may be overstated. While Simandou is a significant high-grade development, its forecast production needs to be considered against the scale of global iron ore supply and the long history of demand growth tied to steelmaking. The article places this discussion in historical context by tracing iron ore consumption through crude steel production since the 1960s, showing that the iron ore story has always been shaped by industrial growth, infrastructure build-out, and the ability of major producers to deliver reliable, scalable supply chains. The key conclusion is that iron ore should not be viewed simply as a commodity facing oversupply, but as a sector entering a new stage of differentiation. The article highlights that the future of iron ore will increasingly depend on product quality, logistics, and suitability for cleaner steelmaking pathways. In that sense, the real investment shift may not be about whether Simandou adds more tonnes to the market, but whether producers can supply the higher-grade feedstocks needed for Direct Reduction Iron and lower-emission steel production. The concluding view is that the iron ore market is in transition rather than decline. Global steel output remains near historically high levels, demand may shift geographically rather than disappear, and the rise of decarbonisation is creating a new premium segment for magnetite projects capable of producing Direct Reduction-grade concentrate and pellets. In supporting the narrative of a transition to cleaner DIR pellets, China is now deploying commercial DRI facilities. For investors, this means the more important story may not be short-term fear around Simandou, but identifying which companies and ore bodies are best positioned for the next phase of the iron ore business. To help readers navigate through the Samso Insight, a content list is provided below. Content 1.0 Introduction – Are Iron Ore Investments A Sunset Industry or Are We Being Fed The Red Herring. 2.0 Global Consumption of Iron Ore 3.0 Decade-by-Decade: What Drove the Iron Ore Appetite? 1960s — The export era switches on 1970s — Growth continues, then energy shocks bite 1980s — Mature economies plateau; Brazil’s next chapter ramps 1990s — A long pause before the surge 2000s — The super-cycle: steel becomes a global volume game 2010s — China dominates; the system industrialises further 2020s — Plateau signals + regional shift 4.0 Timeline: Consumption Milestones + When Major Producers Stepped Into The Iron Ore Game. 5.0 The “Major Producer Involvement” Point That Often Gets Missed 6.0 The Top 10 Global Iron Ore Projects 6.01 Rio Tinto – Pilbara iron ore system (Australia) 6.02 BHP – Western Australia Iron Ore (WAIO) 6.03 Vale – Carajás Northern System (Brazil, incl. S11D) 6.04 Fortescue – Pilbara iron ore operations (Australia) 6.05 Simandou iron ore project (Guinea) (projected) 6.06 Roy Hill (Australia) 6.07 NMDC – Bailadila iron ore complex (India) 6.08 Kumba Iron Ore – Sishen & Kolomela (South Africa) Sishen Mine – Northern Cape Kolomela Mine – Northern Cape Production & Strategic Importance Geological Context 6.09 LKAB – Kiruna & Malmberget (Sweden) 6.10 IOC – Iron Ore Company of Canada (Canada) 7.0 The New Generation of the Iron Ore Business -Direct Reduction Pellets — The Race Toward Green Steel Starts at the Ore Body China Making DRI Happen 7.01 What Are Direct Reduction (DR) Pellets? 7.01.1 Key Characteristics of DR Pellets: 7.02 How Are DR Pellets Produced? 7.02.1 Step-by-Step Process: 7.03 Why DR Pellets Matter 7.03.01 Decarbonisation of Steel 7.03.02 EAF Growth 7.03.03 Premium Pricing 7.04 Not All Magnetite Deposits Can Produce DR Pellets 7.04.01 Why? 7.04.02 Ore body geology determines pellet quality. 7.04.03 Why This Sector Is Emerging 8.0 Global Companies Working on DR Pellets 8.01 Vale S.A. - Brazil 8.02 LKAB - Sweden 8.03 ArcelorMittal (AMMC Canada) - Canada 8.04 Cleveland-Cliffs Inc. - US 8.05 Fortescue Limited - Australia 9.0 Small Iron Ore Companies Targeting the Direct Reduction Pellet Market 9.01 Tacora Resources – Magnetite DR Pellet Producer 9.02 Grange Resources – Magnetite Concentrate for DR Pellets 9.03 Kamistiatusset (Kami) Iron Ore Project – DR Pellet Feed Concept 9.04 Magnetite Mines – DR Pellet Feed From Razorback 9.05 Champion Iron – Premium DR Pellet Feed Supplier 9.06 Iron Bear Limited – Iron Bear Iron Ore Mine - Direct Reduction Strategy 10.0 Strategic Observations — The Samso View 11.0 Final Thoughts 12.0 Samso Concluding Comments 1.0 Introduction – Are Iron Ore Investments A Sunset Industry or Are We Being Fed The Red Herring. Investors in the iron ore sector are currently being told to brace for a softening in global iron ore pricing as the giant Simandou Iron Ore mine ships its first shipment of high grade ore. The street talk is that the imminent 120 million tonnes per annum production coming out of Guinea is going to drive iron ore pricing to the sub USD $80 to $90 per tonne. Iron Ore Rocks and Mining Operations in Australia Market analysts have largely accepted this situation, as the dominant conversation centers on the influx or "glut" of ore "flooding" the market. To me, this is reminiscent of past experts who predicted the decline of oil and gas, the continuous rise of lithium and cobalt, and the fall of gold in 1999 when its price dropped from USD $428 to below USD $240. I recall experts at that time claiming that gold would just become another commodity. Figure 1: Historical Gold Price Chart. (source: Macrotrends.net) For those readers who remember that moment in 1999, you would have thought that there must be some truth in those headlines, but as you can see in Figure 1, that was a mere bump in the road to the current gold price in February 2026. Check this site out, it has a good summary of the gold price movement for the last several decades: Best Brokers I remember in 2018, gold price was about to fall below USD $1000 and there was also a series of conversations of the oncoming dark clouds of a depressing gold price. Again, that was just another bump in the road. So is this current discussion with the iron ore price another bump in the road? Are we going to see a new era of a lesser iron ore pricing? 2.0 Global Consumption of Iron Ore Iron Ore Consumption Since the 1960s — and When the Giants Stepped In When discussing "iron ore demand," people typically refer to steel demand. Iron ore is the essential feedstock for primary steelmaking, and nearly all iron ore (around 98%) is used for steel production. For a clear and consistent timeline from the 1960s onward, the most dependable long-term indicator is world crude steel production, which serves as a strong proxy for iron ore consumption trends. What follows is a Samso-style overview of the past ~65 years: how the world's appetite expanded, why it evolved over time, and how the major producers (along with the modern export system) developed capacity to meet this demand. I discovered an excellent chart by Own Analytics (Figure 2) that I believe will complement the details described below. Owen Analytics has illustrated the volatility of iron ore pricing over the decades and how various events have influenced pricing. Figure 2: The Owen Analytics chart showing the share prices of the big three iron ore miners/exporters – BHP, RIO and Fortescue (FMG) and that of iron ore. Their share prices have been scaled in order to show them on the one chart. (source: Owen Analytics) In this Samso Insight, the key events influencing iron ore prices highlight why investors should carefully consider the current state of the iron ore market. While the common belief suggests a slowdown in pricing, I believe there are strong reasons to think the impact of Simandou might be exaggerated. Let's explore the Samso Insight to determine if the global trend of selling in anticipation of lower iron ore prices is actually a strategic move by the market to encourage others to sell while they themselves are buying for long-term positions. Consider this: in 2024-2025, the average global annual production of iron ore was approximately 2,490 MT, and in the future, Simandou is expected to reach a peak of about 120 MT annually. If they were to boost their production to 120 MT per year today, it would only represent about 4-5% of global production (a rough estimate). Figure 3: China Steel Output vs. Steel product exports. (source: Reuters) The speed at which Simandou reaches its maximum production is a significant factor. Although reaching the target of 120 MT per annum is an objective, any delays or operational disruptions that hinder achieving this level will lend more credibility to my views on Simandou's impact on global iron ore production. Assuming that consumption will increase over time and that the Chinese economy (Figure 3) will eventually resume its growth towards a forward-moving GDP, any new production will most likely simply be absorbed. Narratives forget that the whole world is still progressing and the consumption is always going to be increasing and deleption of ore is also always going to be increasing. For me, this is a very simplistic explanation of why I believe that the output from Simandou will naturally be consumed and not be a real significant hurdle for the iron ore price. Depletion from existing mines, which is a strong candidate for a decrease in future supply, will definitely contribute negatively to the global production versus consumption balance. My thoughts: the price of iron ore is unlikely to be depressed; if anything, it will remain at a sustainable level, with some volatility, and has a good chance of rising in the medium term, likely after the Chinese New Year period. Before we convince each other, let's look through some market facts that the internet cans provide for us. The Consumption Story (1960s → Today), Told Through Steel World crude steel production (million tonnes): Figure 4 Figure 4: Work Steel production since 1960. 1960: 347 MT -1970: 595 MT - 1980: 717 MT - 1990: 770 MT - 2000: 850 MT - 2005: 1,148 MT - 2010: 1,435 MT - 2015: 1,626 MT - 2020: 1,883 MT - 2024: 1,885 MT. The tonnage are an approximation from a search on google. Looking at Figure 2, you can see the narrative illustratively but it's a good addition to the visualisation if you consider the details listed below: 1960–1970: rapid industrial build-out (post-war rebuild + manufacturing expansion). 1970–1990: slows and flattens (oil shocks, recessions, and mature-economy saturation). 2000–2020: the modern super-cycle (China-led urbanisation and infrastructure build). 2020–2024: high plateau (still huge volumes, but no longer the same growth engine). 3.0 Decade-by-Decade: What Drove the Iron Ore Appetite? Figure 4 is a good chart to follow as you go through this section. 3.01 1960s — The export era switches on This decade is the “start gun” for the modern seaborne iron ore trade, especially for Australia. In 1960, Australia partially lifted an iron ore export ban that had been in place since 1938—one of those policy pivots that looks obvious in hindsight. On the consumption side, global crude steel output moved from 347 Mt (1960) to 456 Mt (1965), reflecting accelerating industrial demand. 3.02 1970s — Growth continues, then energy shocks bite Steel production rises to 595 Mt (1970) and 644 Mt (1975), but the growth rate slows as oil shocks and inflation reshape heavy industry economics. This is also when Japan’s role as a premium buyer of seaborne ore becomes structurally important (long-term contracting culture, reliability, and quality discipline), shaping how producers think about scale and consistency. 3.03 1980s — Mature economies plateau; Brazil’s next chapter ramps World crude steel is basically flat: 717 Mt (1980) and 719 Mt (1985). But the supply system keeps professionalising and expanding. A major marker here is Vale’s Carajás region, where Vale notes it has been mining iron ore in the area since 1985 (a key turning point in Brazil’s scale and grade advantage). 3.04 1990s — A long pause before the surge World crude steel is 770 Mt (1990) then 753 Mt (1995)—a decade where demand growth is real but not explosive. This is the era where efficiency, blending, and supply-chain reliability become increasingly valuable. The “big mining” model (large hubs, integrated rail/port, tight product specs) proves it can outcompete a fragmented supply base. 3.05 2000s — The super-cycle: steel becomes a global volume game Steel production jumps from 850 Mt (2000) to 1,148 Mt (2005). This is the decade that rewired iron ore thinking: volume security becomes strategic; pricing mechanisms evolve (from annual benchmark norms toward more market-linked approaches); and miners invest like the market will be big forever. 3.06 2010s — China dominates; the system industrialises further Steel hits 1,435 Mt (2010) and rises through the decade to the 1.8+ Bt level. By now, the iron ore market is less about “finding customers” and more about: keeping trains and ports running, matching product to mill blends, and managing grade/sinter/pellet strategies. 3.07 2020s — Plateau signals + regional shift World crude steel is basically at a high plateau: 1,883 Mt (2020) and 1,885 Mt (2024). Recent reporting also points to a key transition theme: China appears to have passed peak steel, while developing Asia continues to grow, which can change where iron ore demand growth comes from—even if global volumes remain enormous. 4.0 Timeline: Consumption Milestones + When Major Producers Stepped Into The Iron Ore Game. Table 1: Here’s a combined timeline (demand proxy + producer milestones) to make it easy to reference. Period Demand proxy (world crude steel) Producer “involvement” milestones (how the giants entered / scaled) 1960 347 Mt Australia partially lifts iron ore export ban (policy unlock) 1966 (mid-60s growth) Rio Tinto notes its first Pilbara shipment from Mount Tom Price in 1966 1969 (approaching 1970 peak) BHP marks 1969 as first railing + first shipment from the Mt Newman Project (Mt Whaleback / Port Hedland) 1970 595 Mt Pilbara system proves repeatable at scale (rail + port + long-term Asian contracting) 1980–1985 717–719 Mt Vale’s Carajás mining era begins (Vale references mining since 1985) 1990–1995 770 → 753 Mt Majors consolidate “hub” thinking: product quality, blending, port optionality, and reliability become competitive moats 2000–2005 850 → 1,148 Mt China-driven demand shock forces multi-year capital programs across Australia & Brazil 2010 1,435 Mt Market becomes structurally seaborne-volume dominated; miners optimise for throughput + consistency 2024 1,885 Mt New narrative: China output appears past peak; growth shifts toward developing Asia 5.0 The “Major Producer Involvement” Point That Often Gets Missed A useful way to frame producer involvement isn’t just “who existed,” but who built export systems that could scale: Australia (Pilbara) became the blueprint for integrated iron ore exports: mine → rail → port → Asia, enabled by the 1960 export policy shift and then executed through the first shipments in the mid-to-late 1960s. Brazil (Carajás) reinforced the other pillar of global supply: very large scale with quality advantages, with Vale referencing operations in Carajás since 1985. Over time, the market migrated from a “many suppliers” feel to a system where a small number of huge, operationally disciplined exporters set the reliability standard. 6.0 The Top 10 Global Iron Ore Projects 6.01 Rio Tinto – Pilbara iron ore system (Australia) Tonnes mined per year: ~330–340 Mtpa (operating capacity) Typical product grade: ~61–62% Fe Mine life remaining: 20+ years (continuously extended via replacement hubs) One of the aspects of the Rio Tinto operations in the Pilbara is the longevity of their operations. For example, the Paraburdoo region is one of the longest running iron ore operations in their Western Australian operations having started production in 1972 (Figure 5). Figure 5: A large haulpak working in Rio Tinto's operations in the Paraburdoo region in Western Australia. (source: RioTinto) The most recognisable iron ore operations in the Pilbara that Rio Tinto operates is the Mount Tom Price operations (Figure 6). The Mount Tom Price mine is located in the Pilbara region of Western Australia, near the town of Tom Price. The mine is fully owned and operated by Rio Tinto Iron Ore and is one of twelve iron ore mines the company operates in the Pilbara. In 2009, the combined Pilbara operations produced 202 million tonnes of iron ore, a 15 percent increase from 2008. Figure 6: The Mount Tom Price operations. (source: Wikipedia - By Bäras - Own work, CC BY-SA 3.0) The Pilbara operations accounted for almost 13 percent of the world's 2009 iron ore production of 1.59 billion tonnes. Figure 7 below shows the Rio Tinto operations as of 2023. Figure 7: Pilbara miners produced over 800 billion tonnes of iron ore in the 2020-21 financial year, with Western Australia accounting for 98% of the country’s total iron ore reserves. These products included over $100bn (A$150bn) worth of iron ore exports, and generated $103.3bn (A$154bn) in sales, up from $42.7bn (A$64bn) in 2016-17. (source: Mine Australia - Credit: Peter Christener via Wikimedia) The Hamersley Range, where the mine is located, contains 80 percent of all identified iron ore reserves in Australia and is one of the world's major iron ore provinces. (source: Wikipedia) 6.02 BHP – Western Australia Iron Ore (WAIO) Tonnes mined per year: ~330 Mtpa (operating system capacity) Typical product grade: ~61–62% Fe Mine life remaining: 20–30+ years (portfolio of mines) The BHP operations are just as extensive in the Pilbara and a type example of the iron ore operations is that of the Mount Whaleback mine, officially the Newman West operation and is located in the Pilbara region of Western Australia, six kilometres west of Newman. The mine is majority-owned (85 per cent) and is one of five iron ore mines the company operates in the Pilbara. Figure 8: The Mount Whaleback iron ore mine. The Mount Whaleback deposit was discovered in 1957 by Stan Hilditch but not publicised until 1960, when the Australian Government lifted the embargo on iron ore exports it had put in place because of concerns the mineral was in short supply. (source: Wikipedia - By Graeme Churchard from Bristol (51.4414, -2.5242), UK - Uploaded by PDTillman, CC BY 2.0 ) The story of iron ore mining around Newman begins in 1968, when BHP opened the Mount Whaleback Mine in the heart of the Pilbara. At the time, this was a defining moment for Australia’s iron ore industry. Mount Whaleback would become the largest single open-pit iron ore mine in the world. The mine itself is immense (Figure 8). The pit is around 1.5 kilometres wide and stretches more than five kilometres in length. Over time, the operation has continued to deepen, with the final design expected to reach roughly half a kilometre below surface. The scale of the deposit and the mining operation helped establish Newman as one of the key centres of iron ore production in the Pilbara (Figure 9). Figure 9: The location of the town of Newman to the Mt Whaleback mine - 2020. (source: Wikipedia - By NASA Earth Observatory image by Lauren Dauphin) Developing Mount Whaleback required more than just building a mine. A new township was established to support the workforce, and the town of Newman grew alongside the project. To move the ore to the coast, BHP constructed the 426-kilometre Mount Newman Railway linking the mine to port facilities on the Pilbara coast (Figure 7). Operations moved quickly once the infrastructure was in place. The first train carrying iron ore left Newman on 1 January 1969, marking the beginning of large-scale shipments from the Pilbara. Only a few months later, on 1 April 1969, the first cargo of Newman ore was loaded onto the vessel Osumi Maru for export. In those early years, Newman was operated as a closed company town, a common model for remote mining developments at the time. This arrangement remained in place until 1981, when the town opened up and evolved into the regional mining centre it is today. For anyone looking at the development of the Pilbara iron ore industry, the opening of Mount Whaleback and the creation of Newman marked the beginning of what would become one of the most significant iron ore production regions in the world. 6.03 Vale – Carajás Northern System (Brazil, incl. S11D) Tonnes mined per year: ~230 Mtpa (operating + ramp-up capacity) Typical product grade: ~65–67% Fe Mine life remaining: ~25–40 years The Carajás Northern System is the largest and most important iron ore production hub operated by Vale in northern Brazil. The operations are located in the Carajás Mineral Province in the state of Pará, one of the richest iron ore regions in the world. Figure 10: The Serra Norte iron ore mining area is part of Vale’s Northern System, and is located in the municipality of Parauapebas, which is in the state of Pará, in northern Brazil. The N4W, N4E and N5 mines are currently operating, generally referred to as the Carajas mining complex. The Carajás system contains some of the highest-grade iron ore deposits globally, typically averaging around 65% Fe, which allows Vale to produce premium lump and fines products with relatively low levels of impurities such as silica and alumina. These characteristics make Carajás ore particularly suitable for efficient steelmaking and lower emissions in blast furnace operations. Mining at Carajás began in the mid-1980s, and the region has since developed into a large integrated mining system consisting of multiple open-pit mines, beneficiation plants, rail infrastructure, and export terminals. The Northern System is the largest of Vale’s three main Brazilian iron ore systems and contributes the majority of the company’s total production. The S11D Operations. A major expansion of the Carajás operations came with the development of the S11D Eliezer Batista Complex, which began production in 2016. The S11D project is one of the largest iron ore developments ever built and significantly increased Vale’s capacity in the region. Figure 11: A conveyor belt transports iron ore at the Vale S11D mine in Parauapebas, Para state, Brazil. (source: Bloomberg - Photographer: Dado Galdieri/Bloomberg) The project is notable for its “truckless” mining system, where ore is transported from the pit to the processing plant using conveyor belts rather than traditional haul trucks. This approach reduces fuel consumption, operating costs, and environmental impacts. S11D has a designed production capacity of around 90 million tonnes of iron ore per year, making it one of the largest individual iron ore mining projects in the world. The ore from S11D is also exceptionally high grade, typically above 65% Fe, reinforcing the premium product profile of the Carajás system. Key Facts – Vale Carajás Northern System Location: Carajás Mineral Province, Pará State, Brazil Operator: Vale S.A. Main deposits: Carajás mines including the S11D complex Ore grade: typically around 65% Fe S11D capacity: ~90 million tonnes per year Transport: Estrada de Ferro Carajás railway (~890 km) Export port: Ponta da Madeira terminal (São Luís) One of the largest and highest-grade iron ore mining systems in the world 6.04 Fortescue – Pilbara iron ore operations (Australia) Tonnes mined per year: ~200–220 Mtpa (operating capacity) Typical product grade: ~56–59% Fe (improving with higher-grade replacement ore) Mine life remaining: 20+ years The iron ore operations of Fortescue are located in the Pilbara and form one of the largest iron ore production systems in the world. Since the company’s first shipment in 2008, Fortescue has grown from a new entrant in the Pilbara into the third major iron ore producer in the region, alongside Rio Tinto and BHP. Figure 12: A schematic diagram highlighting the iron ore hub for Fortescue Resources. (source: Livewiremarkets) Fortescue’s operations are centred on large open-pit iron ore mines that produce hematite ore from the Hamersley Basin, one of the world’s most significant iron ore provinces. The company operates multiple mining hubs that supply ore to processing plants, rail infrastructure, and export terminals on the Pilbara coast. Today, Fortescue’s Pilbara system has a production capacity of around 190 million tonnes of iron ore per year, supplying global steel markets, particularly in Asia. Major Mining Hubs Fortescue’s iron ore production is organised into several major mining hubs across the Pilbara. Chichester Hub Located near Cloudbreak (Figure 13) and Christmas Creek (Figure 14), the Chichester Hub was the company’s first major mining operation. These deposits produce a blend of ore types that are processed and transported to port via Fortescue’s rail network. Figure 13: The Christmas Creek iron ore operations. (source: Fortescue) Figure 14: The Cloudbreak iron ore operations. (source: Fortescue) Solomon Hub The Solomon Hub (Figure 15) includes the Firetail and Kings Valley iron ore deposits. This hub produces higher-grade ore compared with some of Fortescue’s earlier operations and contributes a large share of the company’s production. Figure 15: The Solomon iron ore operations. (source: Fortescue) Western Hub – Eliwana and Iron Bridge Fortescue expanded further west with the development of the Eliwana iron ore Mine (Figure 16), which began production in 2020. Eliwana provides higher-grade ore and supports Fortescue’s strategy to improve product quality iron ore. Figure 16: The Eliwana iron ore mine. (source: Fortescue) Another major development is the Iron Bridge Magnetite Project. Unlike Fortescue’s traditional hematite operations, Iron Bridge iron ore mine produces a high-grade magnetite concentrate and represents the company’s move into magnetite iron ore production. Figure 17: The Ironbridge magnetite project accomodation camp. (source: Fortescue) Key Facts – Fortescue Iron Ore Operations Operator: Fortescue Location: Pilbara region, Western Australia First production: 2008 Main mining hubs: Chichester Hub (Cloudbreak, Christmas Creek) Solomon Hub (Firetail, Kings Valley) Western Hub (Eliwana) Magnetite development: Iron Bridge project Rail network: ~600 km heavy-haul railway Export terminal: Herb Elliott Port, Port Hedland Production capacity: ~190 million tonnes per year 6.05 Simandou Iron Ore Project (Guinea) (projected) Tonnes mined per year: ~60 Mtpa (Phase 1 sanctioned) Long-term expansion discussions: up to ~120 Mtpa Typical product grade: ~65–66% Fe (very high-grade hematite) Mine life remaining: 30–40+ years Status: Under development (rail + port critical path) The Simandou Iron Ore Project (Figure 18) in the Republic of Guinea is widely regarded as one of the largest undeveloped high-grade iron ore deposits in the world. Located in the Simandou mountain range in southeastern Guinea, the project contains exceptionally high-grade hematite resources and has the potential to become one of the most significant new sources of seaborne iron ore supply. Figure 18: The Simandou Iron Ore Project. (source: South China Morning Post) The deposit is divided into four main blocks along the Simandou range. Development of the project is being undertaken by a consortium that includes Rio Tinto, the Aluminium Corporation of China (Chinalco) and a group of Chinese investors under the Simandou Winning Consortium. The government of Guinea also holds a stake in the project. Simandou has been known for decades as a world-class iron ore province, but development has been delayed due to infrastructure requirements, financing complexity and ownership changes. In recent years, construction has accelerated as the partners move toward bringing the project into production. Simandou is notable for its high-grade hematite ore, typically grading around 65–66% iron, which is comparable to the premium ores produced from Brazil’s Carajás deposits. The scale of the deposit is also exceptional, with resources estimated to exceed two billion tonnes of high-grade iron ore across the Simandou range. Figure 19: Mining begins at the Simandou Iron Ore Project. (source: Reuters) The ore occurs along a ridge system stretching more than 100 kilometres, making it one of the most extensive undeveloped iron ore formations globally. These characteristics mean Simandou could produce a premium iron ore product suitable for efficient steelmaking. The mine officiaily commenced in early November 2025. Production rates are expected to reach full capacity of 120mtpa by 2030, 60mtpa of which will come from SimFer, a consortium 53% owned by Rio. When the project reaches full capacity, it will account for about 5% of total global supply. As the Simandou operations approach full capacity, S&P Global estimates all-in sustaining costs in the range of $55-$60/t. Key Facts – Simandou Iron Ore Project Location: Simandou Range, southeastern Guinea Deposit type: High-grade hematite iron ore Resource scale: >2 billion tonnes Average grade: ~65–66% Fe Planned production: ~100 Mt per year (long-term) Infrastructure: ~650 km Trans-Guinean railway New deep-water export port Major stakeholders: Rio Tinto Chinalco Simandou Winning Consortium Government of Guinea 6.06 Roy Hill (Australia) Tonnes mined per year: ~60 Mtpa (operating nameplate) Typical product grade: ~55–62% Fe (lump + fines blend) Mine life remaining: >20 years The Roy Hill Mine is a large open-pit iron ore operation located in the eastern part of the Pilbara. The mine is operated by Roy Hill Holdings and represents one of the largest single iron ore mining developments constructed in Australia during the past two decades. Figure 20: The Roy HIll Iron Ore Operations. (source: MLG) The project is situated about 115 kilometres north of the mining town of Newman and was developed to exploit a large hematite iron ore deposit within the Brockman iron formation of the Hamersley Basin. Construction of the mine and associated infrastructure began in 2013, with the first shipment of iron ore exported in December 2015. The development required significant investment in mining infrastructure, processing facilities, rail transport and port infrastructure. Mining and Processing Operations Roy Hill is designed as a large-scale open-pit mining operation producing hematite iron ore. Ore extracted from the mine is transported to a central processing plant where it is crushed, screened and beneficiated to produce lump and fines iron ore products suitable for steelmaking. The operation has a nameplate production capacity of approximately 60 million tonnes of iron ore per year, placing it among the major iron ore producers in the Pilbara. Mining operations utilise large-scale haul trucks, excavators and drill rigs typical of modern Pilbara iron ore operations. The project was designed to operate as an integrated mining system with its own processing and logistics infrastructure. Ownership Roy Hill Holdings is privately owned and led by Australian businesswoman Gina Rinehart through the Hancock Prospecting group. The project also includes several international partners. Major stakeholders include: Hancock Prospecting Marubeni Corporation POSCO China Steel Corporation These partnerships helped finance the large-scale development of the project and support long-term iron ore supply agreements with steel producers. Key Facts – Roy Hill Iron Ore Mine Location: Pilbara region, Western Australia Distance from Newman: ~115 km north Mining method: Open-pit hematite mining Production capacity: ~60 Mt per year Railway: ~344 km Roy Hill Railway Export port: Roy Hill terminal, Port Hedland First shipment: December 2015 6.07 NMDC – Bailadila iron ore complex (India) Tonnes mined per year: ~45 Mtpa (operating / targeted) Typical product grade: ~64–66% Fe Mine life remaining: 20+ years (multiple mining leases) The Bailadila Iron Ore Complex is one of India’s most important iron ore mining regions and is operated by the state-owned company NMDC Limited. The complex is located in the Bastar district of Chhattisgarh, within a series of mountain ridges known as the Bailadila range (Figure 21). Figure 21: The Bailadila Iron Ore Mine. (source: NMDC) The name “Bailadila” translates roughly to “hump of the ox”, reflecting the shape of the hills where the iron ore deposits occur. These deposits are among the highest-grade iron ore resources in India, typically producing hematite ore with iron content exceeding 64% Fe. Mining in the Bailadila region began in the late 1960s and has since developed into a major production centre supplying iron ore to both domestic steel producers and international markets. The Bailadila complex consists of a number of iron ore deposits distributed along the Bailadila hill range. Several deposits are actively mined by NMDC, including: Deposit 14/11C Deposit 11B Deposit 5 Deposit 10 and 11A Mining is conducted using large open-pit methods, where ore is extracted from the hillside deposits and transported to nearby crushing and screening plants. The ore is then processed to produce lump and fines products suitable for steelmaking. The deposits are known for their high-grade hematite ore, which allows NMDC to supply premium iron ore products to steel mills. Key Facts – Bailadila Iron Ore Complex Location: Bastar region, Chhattisgarh, India Operator: NMDC Limited Deposit type: High-grade hematite iron ore Ore grade: typically 64%+ Fe Mining method: Open-pit mining Major deposits: 14/11C, 11B, 5, 10 and 11A Rail connection: Kirandul–Visakhapatnam line Export port: Visakhapatnam Port 6.08 Kumba Iron Ore – Sishen & Kolomela (South Africa) Kumba Iron Ore (Figure 22) is one of the largest iron ore producers in Africa and a major supplier of high-quality iron ore to the global steel industry. The company operates large open-pit iron ore mines in the Northern Cape Province of South Africa and is majority owned by Anglo American. Kumba’s operations are centred on the Sishen and Kolomela mines, which extract hematite iron ore from deposits within the Transvaal Supergroup of the Kaapvaal Craton. These deposits are known for producing high-grade lump and fines iron ore products, which are exported primarily to steel producers in Asia and Europe. The company plays an important role in South Africa’s mining sector, contributing significantly to the country’s iron ore exports and providing supply to both domestic and international steel markets. Sishen Mine – Northern Cape Location: Near Kathu, Northern Cape, South Africa Ownership: Operated by Kumba Iron Ore (majority owned by Anglo American) Product: High-grade hematite iron ore lump and fines Figure 22: Kumba Iron Ore Mining operations. (source: Mining Weekly) Sishen is one of the largest open-pit iron ore mines in the world and the flagship asset of Kumba Iron Ore. The orebody is predominantly high-grade hematite hosted within the Transvaal Supergroup. Mining is conducted via large-scale conventional open-pit methods using truck-and-shovel fleets. Sishen produces both lump (direct shipping ore suitable for blast furnaces) and fines products. The mine is a key supplier to global steelmakers and exports via the Sishen–Saldanha heavy-haul railway to the port of Port of Saldanha. Kolomela Mine – Northern Cape Location: Near Postmasburg, Northern Cape, South Africa Ownership: Operated by Kumba Iron Ore Product: High-grade hematite iron ore Kolomela is a newer, smaller but highly efficient open-pit iron ore operation compared to Sishen. It was developed to replace declining production from older pits and to maintain Kumba’s export capacity. Kolomela is known for: Relatively lower stripping ratios Operational efficiency Consistent high-grade product Production & Strategic Importance Combined production historically ~35–40+ million tonnes per annum (varies by year and market conditions). Typical product grade: ~64% Fe Mine life remaining: Sishen: ~10–15 years Kolomela: ~15–20 years Primary markets: China, Europe, and the Middle East. Strategic importance: Key supplier of premium iron ore products that support efficient blast furnace operations and lower emissions intensity per tonne of steel. Geological Context Both Sishen and Kolomela exploit Banded Iron Formation (BIF)-hosted hematite deposits, enriched through supergene processes that upgraded the original iron formation to high-grade direct shipping iron ore. This natural upgrading is a major reason why these mines are globally competitive. 6.09 LKAB – Kiruna & Malmberget (Sweden) The Kiruna Iron Ore Mine (Figure 23), located in Kiruna, Norrbotten County in northern Sweden, is owned by Swedish mining company LKAB (Luossavaara-Kiirunavaara AB). It is one of the largest and most significant underground iron ore operations in the world. In 2018, the mine produced 26.9 million tonnes of iron ore. The orebody is approximately 4 km long, 80–120 metres thick, and extends to a depth of up to 2 km. Since operations began in 1898, more than 950 million tonnes of ore have been extracted. As of 2020, the main haulage level sits 1,365 metres below the original ore outcrop at Kiirunavaara. Figure 23: Kiruna Iron Ore Mine - Cross Section (source: By Borvan53 - Own work, CC BY-SA 4.0,) Tonnes mined per year: ~25–30 Mtpa (operating) Typical product grade: Pellets: ~67% Fe Fines: up to ~70% Fe Mine life remaining: Kiruna main level to ~2046, longer with deeper mining Due to mining-induced ground subsidence, a decision was made in 2004 to gradually relocate the centre of Kiruna town, with the transition planned over several decades to accommodate continued mining expansion (Figure 24). Figure 24: The close proximity of the townsite and the mine is clearly shown in the two photos. (source: The moving of the Swedish mining city Kiruna) 6.10 IOC – Iron Ore Company of Canada (Canada) Tonnes mined per year: ~18–20 Mtpa (operating capacity) Typical product grade: ~65% Fe concentrate / pellets Mine life remaining: ~20–25 years 7.0 The New Generation of the Iron Ore Business -Direct Reduction Pellets — The Race Toward Green Steel Starts at the Ore Body The business of iron ore has now come to the a stage where the "green" factor is playing a larger role. The old business of just putting >60% Fe ore into a truck and loading it onto trains and then supertankers are now no longer the main game being positioned for the coming decades. It is a well known fact now that mills in China are taking blends and with the cleaning up of the mills in China, the need for cleaner style feed into the furnace is now the talk of the town. The real answer is not hematite vs magnetite — it is grade and quality. Steel mills increasingly prefer High-Fe feedstock (>65% Fe) because it: reduces coke use improves productivity lowers emissions reduces slag volume Remember the following: Steel mills do not prefer magnetite simply because it is magnetite They prefer: higher grade + cleaner ore. Magnetite can deliver that, but only if the beneficiation economics work. That is why some magnetite projects struggle: high capex energy intensive grinding China Making DRI Happen China’s Steel Industry Work Plan (2025–26) emphasises modernization through electric arc furnaces and hydrogen-based ironmaking technologies. China’s steel sector is exploring direct reduced iron (DRI) + electric arc furnace (EAF) as a major low-carbon alternative to blast furnaces. The DRI-EAF route is widely seen as a promising pathway to reduce emissions and reliance on coking coal. However, China currently produces very little DRI, which is why the technology is now being actively developed. China is beginning to deploy commercial DRI facilities. China Baowu and HBIS have commissioned Energiron DRI plants, part of the move toward low-carbon steelmaking (IEEFA) The future of the iron ore industry is now in plain sight as China’s steel industry begins to develop direct-reduction iron (DRI) technologies as part of its decarbonisation strategy, which will increase future demand for high-grade DR-grade pellets. Companies like Vale are already onto this part of the business and the article (Figure 25) from Reuters clearly show that the company is more than talk. Figure 25: An article reporting what Vale is doing to create a "greener" iron ore business. 7.01 What Are Direct Reduction (DR) Pellets? Direct Reduction (DR) (Figure 26) pellets are high-grade iron ore pellets specifically engineered for use in Direct Reduced Iron (DRI) processes. Unlike traditional blast furnace feed (sinter or standard pellets), DR pellets are designed for gas-based reduction using natural gas or hydrogen rather than coke. Figure 26: Iron ores prior to reduction within the direct reduction process. (source: Fraunhofer IKTS) In a DRI plant, iron ore is reduced in the solid state (below melting point) using reducing gases (H₂ and CO), producing Direct Reduced Iron (DRI) or Hot Briquetted Iron (HBI) — the preferred metallic feed for Electric Arc Furnaces (EAFs). 7.01.1 Key Characteristics of DR Pellets High Fe content (typically 67%+) Very low silica and alumina Low phosphorus and sulfur High mechanical strength Uniform size and porosity These specifications are critical. Gas-based reduction is far less forgiving than a blast furnace. Impurities directly affect metallisation rates, energy consumption, and steel quality. 7.02 How Are DR Pellets Produced? Producing DR-grade pellets (Figure 27) is something that I have found in my research that does show in a schematic way the whole palletisation process. I acknowledge that this is just one flowsheet and there will be more newer and modified versions. However, this should give readers a simplistic view of the process and a real world version from one of Vale's operations. Figure 27: Schematic flowsheet of the pelletizing plants of Complexo de Tubarão (Vale) with the HPGR operating in regrinding pre-pelletizing (CAMPOS et al., 2019a). (source: Campos, Túlio. (2023). A NOVEL HPGR ONLINE MODELING AND SIMULATION APPROACH COUPLED WITH REAL-TIME INFORMATION.) 7.02.1 Step-by-Step Process Mining & Crushing Magnetite ore is mined and crushed. Beneficiation Magnetic separation upgrades Fe content. Silica, alumina, and other gangue minerals are removed. Result: High-grade magnetite concentrate (often 68–70% Fe). Pelletising Concentrate is mixed with binders (usually bentonite). Rolled into green pellets using disc or drum pelletisers. Induration Pellets are fired at high temperatures (~1,250–1,350°C). This hardens the pellets and develops required strength and porosity. Quality Control Testing for compression strength, reducibility, swelling index, and metallisation potential. 7.03 Why DR Pellets Matter For decades, the global steel industry has relied heavily on the blast furnace–basic oxygen furnace (BF-BOF) route. This traditional pathway consumes large volumes of iron ore fines, coke, and sinter. However, the steel industry is now under increasing pressure to reduce carbon emissions, and this is where Direct Reduction (DR) pellets become critically important. DR pellets represent a specialised type of iron ore pellet designed specifically for direct reduction iron (DRI) processes, which are increasingly used in electric arc furnace (EAF) steelmaking. As the world transitions toward low-carbon steel production, DR pellets are emerging as one of the most strategically important raw materials in the iron ore value chain. 7.03.01 Decarbonisation of Steel (source: ScienceDirect) The global steel industry produces roughly 7–9% of global CO₂ emissions. The traditional blast furnace route emits large amounts of carbon because it relies on coking coal as both fuel and reductant. Table 2: Direct Reduction offers a lower-carbon pathway: Because DR furnaces require high-purity iron feed, DR pellets are essential to making this transition possible. Steelmaking Route CO₂ Intensity Blast Furnace ~1.8–2.2 t CO₂ per tonne steel Natural Gas DRI + EAF ~1.2 t CO₂ Hydrogen DRI + EAF <0.2 t CO₂ In simple terms: No DR pellets → No large-scale green steel. 7.03.02 EAF Growth Electric Arc Furnaces are expanding globally, especially in: Europe North America Middle East These plants need consistent, high-grade feedstock — and DR pellets are essential. 7.03.03 Premium Pricing DR-grade pellets command price premiums over: 62% Fe fines Standard blast furnace pellets The market increasingly differentiates based on Fe grade and impurity profile. 7.04 Not All Magnetite Deposits Can Produce DR Pellets This is an important part of the process and this is also important for several projects that are in the DR-space. This phenomenon is like we can all be a King but we will never be one because we are not born within the family tree. Hence, it is important understand that Just because a project is “magnetite” does not mean it can produce DR-grade pellets. 7.04.01 Why? Some magnetite concentrates cannot reach 67%+ Fe without excessive grinding cost. Elevated silica or alumina can persist after beneficiation. Certain deposits contain deleterious elements (P, S, TiO₂). Grinding to ultra-fine sizes may create pelletising issues. Mineralogy influences pellet reducibility and swelling. 7.04.02 Ore body geology determines pellet quality. Projects must demonstrate: Consistent concentrate chemistry Suitable grind size distribution Metallurgical test work confirming DR specifications Induration performance Without the specifications required to be a DR capable magnetite source, “DR - Ready” is just marketing. This means: Magnetite deposits are often preferred because beneficiation can produce very high grades. Many hematite deposits cannot reach DR pellet specifications without significant processing. This is why many smaller companies targeting DR markets are developing: magnetite projects beneficiation flowsheets pellet plants Table 3: Suitable Ore Types Note that this is why This is why many DR pellet projects focus on magnetite deposits. Magnetite beneficiation can produce concentrates >68–70% Fe, which are ideal for DR pellet feed. Ore Type DR Pellet Potential Magnetite concentrates Excellent High-grade hematite (>67% Fe) Good Typical Pilbara hematite fines Generally unsuitable 7.04.03 Why This Sector Is Emerging Three major trends are driving DR pellet demand: Electric Arc Furnace steelmaking growth Hydrogen-based steel production Decarbonisation of steel DRI processes need high-purity iron units, which makes DR pellets critical. The Middle East, Europe and the United States are already relying heavily on DR pellets. 8.0 Global Companies Working on DR Pellets - The Big Boys 8.01 Vale S.A. - Brazil World’s largest pellet producer. Actively developing DR-grade pellet feed. Pushing “green briquette” concepts. Positioned to supply Europe’s hydrogen DRI push. Vale’s Carajás ores are naturally high grade — a structural advantage. 8.02 LKAB - Sweden High-grade magnetite producer. Major supplier of DR pellets to Europe. Central to the HYBRIT hydrogen steel initiative. Vertically integrated model from mine to pellet. Figure 28: One of LKAB's main products is iron ore pellets, a small ball consisting of a mixture of refined iron ore, oxides, and additives. The company is now increasing its production volume of iron ore pellets in Kiruna and slowing the transition to carbon dioxide-free sponge iron production in the northern Swedish city. Fredric Alm Swedish magnetite mineralogy is ideal for DR concentrate production (Figure 28). 8.03 ArcelorMittal (AMMC Canada) - Canada Produces high-grade concentrate and DR pellets. Strategic supplier to North American EAF steelmakers. Leveraging Quebec’s magnetite deposits. 8.04 Cleveland-Cliffs Inc. - US Supplies DR-grade pellets domestically. Operates an HBI plant in Toledo. Integrated into US steel decarbonisation. 8.05 Fortescue Limited - Australia Iron Bridge magnetite project. Aiming for high-grade concentrate. Tied to green hydrogen ambitions. Still proving long-term concentrate consistency. Australia has abundant magnetite, but not all deposits achieve DR specifications economically. 9.0 Small Iron Ore Companies Targeting the Direct Reduction Pellet Market The shift toward Direct Reduction (DR) pellets is creating a new niche in the iron ore sector. Large producers dominate the current supply, but several smaller or emerging companies are positioning themselves to supply DR-grade concentrate or DR pellets, particularly because green-steel producers require high-purity iron units. Below is a review of smaller iron ore companies working toward the DR pellet or DR pellet feed market. 9.01 Tacora Resources – Magnetite DR Pellet Producer Tacora Resources is a smaller North American iron ore producer focused on high-grade magnetite concentrate suitable for DR pellets. Region: Labrador Trough Province: Newfoundland and Labrador, Canada Nearest town: Wabush Mining district: Western Labrador / Quebec–Labrador Iron Ore Belt Figure 29: Scully Mine Location located in North-West Tasmania, Australia. (source: Mining Services) Key Location Context The mine sits in the Labrador Trough, one of the world’s major iron ore districts. It is close to other historic operations such as those around Labrador City and the large deposits mined by ArcelorMittal and Champion Iron. The region is connected to the port of Sept‑Îles in Quebec via the Quebec North Shore and Labrador Railway, which is used to ship iron ore concentrate to global markets. Key points Operates the Scully Mine Produces 65–67% Fe concentrate Material is sold to pellet plants producing DR-grade pellets Beneficiation upgrades lower-grade ore to high-purity concentrate Tacora sits in the North American DR supply chain, feeding pellet plants that supply electric arc furnace steelmakers. 9.02 Grange Resources – Magnetite Concentrate for DR Pellets Grange Resources Limited operates one of the few integrated magnetite pellet operations in Australia. Key points Owns the Savage River Mine Pellets produced at the Port Latta Pellet Plant Pellet grade around 65–66% Fe Located in North-West Tasmania, Australia Figure 30: Location of the Savage River Iron ORe Mine in Australia. (source: Hancock, E. and Wynn, E. Savage River underground project update. 9th International Conference and Exhibition on Mass mining, Kiruna, Sweden 17-19 September 2024) Although much of the product goes into blast furnaces, magnetite pellets are technically suitable for DR processes depending on chemistry. Grange demonstrates that magnetite beneficiation + pelletisation is the pathway most juniors are exploring for the DR market. 9.03 Kamistiatusset (Kami) Iron Ore Project – DR Pellet Feed Concept Champion Iron Limited (“Champion” or the “Company”) acquired the Kamistiatusset Iron Ore Project (“Kami” or “The Project”) on April 1, 2021. Figure 31: Location of the Kami Iron Ore Project. (source: Champion Iron Limited). Kami is located southwest of the towns of Wabush and Labrador City in Newfoundland & Labrador and east of Fermont, Québec. The Project is situated 21 km southeast of the Company’s operating Bloom Lake mine, in the Labrador Trough geological belt in southwestern Labrador, near the Québec border. Key points Magnetite deposit Target 65–68% Fe concentrate Intended supply for North American pellet plants The project has gone through restructuring but remains a reference case for DR pellet-focused development projects. 9.04 Magnetite Mines – DR Pellet Feed From Razorback Magnetite Mines Limited is one of the most prominent junior DR pellet feed developers. Project: Owner: Magnetite Mines Limited (ASX: MGT) Location: Braemar Iron Formation, near Hawker, South Australia Key points Concentrate grade ~68–70% Fe Designed specifically for DR pellet feed Targeting green steel markets Located 240 km from Adelaide, Australia. Figure 32: Location of the Razorback Iron Ore Project. (source: Magnetite Mines). Ore Grade Run-of-Mine Ore Average in-situ grade: ~16–18% Fe magnetite mineralisation This is typical of large magnetite Banded Iron Formation (BIF) deposits, where beneficiation is required. Concentrate Grade After grinding and magnetic separation: Target concentrate: ~68.8% Fe magnetite concentrate Impurity levels: Very low silica Very low alumina Very low phosphorus This quality is designed to meet DR pellet feed specifications. Project Scale JORC Resource: ~5 billion tonnes of magnetite mineralisation. Planned production: ~5 million tonnes per annum of high-grade concentrate in the initial stage. Mine life: potentially >100 years due to the scale of the resource. This makes Razorback one of the largest undeveloped magnetite iron ore resources in Australia. Direct Reduction (DR) Strategy The Razorback project is specifically positioned to support low-carbon steel production. Key elements of the DR strategy: Produce DR-grade magnetite concentrate (~68–70% Fe). Supply pellet feed for Direct Reduction (DR) iron plants. Target customers operating Electric Arc Furnace (EAF) steelmaking routes. Align with green steel initiatives in Asia, Europe, and the Middle East. 9.05 Champion Iron – Premium DR Pellet Feed Supplier While larger than most juniors, Champion Iron Limited is still considered a mid-tier producer and is a key supplier of DR pellet feed concentrate. Figure 33: Location of the Bloom Lake Iron Ore Project. (source: Champion Iron Limited). Project: Bloom Lake Mine Key points Concentrate grade ~66–69% Fe Low impurities Material used in pellet plants producing DR pellets Champion Iron is increasingly positioning itself as a premium feedstock supplier for green steel. 9.06 Iron Bear Resources Limited – Iron Bear Iron Ore Mine - Direct Reduction Strategy Project: Iron Bear Iron Ore Project Owner: Iron Bear Resources Limited Location: Labrador Trough, near the Québec–Labrador border, Canada Deposit Type: Magnetite iron formation Ore Grade and Product Deposit type: Magnetite banded iron formation (BIF). Run-of-mine grade: typically around 25–30% Fe. Magnetite ore is expected to be beneficiated through grinding and magnetic separation. Target concentrate: 69–71% Fe magnetite concentrate Ultra low impurities Low silica Low alumina Low phosphorus This type of concentrate is suitable for premium iron products and pellet feed. Direct Reduction (DR) Strategy Iron Bear Resources is being evaluated specifically with Direct Reduction (DR) iron production in mind. Key strategy elements: Produce high-grade magnetite concentrate suitable for DR pellets. Target DR-grade pellet feed (71% Fe). Designed to supply Electric Arc Furnace (EAF) steelmaking. Aligns with low-carbon steel production strategies. Strategic Advantages Located in the Labrador Trough, an established iron ore mining district. Magnetite concentrate allows consistent high-grade product. Potential to produce DR pellet feed and DR pellets, which is increasingly demanded by decarbonising steelmakers. Positioned to supply future green steel supply chains in North America and Europe. 10.0 Strategic Observations — The Samso View DR pellet capacity is structurally constrained.High-grade ore bodies are rare. Geology now matters more than scale.Grade consistency and impurity control determine long-term competitiveness. The green steel narrative is real — but selective.Only a subset of global iron ore projects qualify. Future premiums will widen.62% Fe fines vs 67%+ DR feed could see structural divergence. Test work is everything.Investors must look beyond headlines: What is the grind size? What is the silica level after beneficiation? Has reducibility been tested? Is induration proven? 11.0 Final Thoughts The shift toward DRI is not simply a steel story — it is an ore body story. The companies that control consistent, scalable, DR-grade magnetite concentrate will hold strategic leverage in the decarbonising steel industry. But the market must understand: Magnetite ≠ DR pellet. Only certain mineral systems, with the right metallurgy and economics, will make that leap. And that is where the next iron ore differentiation cycle begins. 12.0 Samso Concluding Comments Iron ore consumption since the 1960s reads like a story of steel becoming the physical language of economic development. The numbers show steady growth, then pauses, then a once-in-a-generation surge that lifted the whole system into the billion-tonne era. The producer timeline matters because iron ore is not just a rock story—it’s an infrastructure story. The miners who mattered most were the ones who built repeatable, scalable logistics and then kept product quality consistent enough for steelmakers to plan around. The Transition to Cleaner Iron ore The last few years look like a transition chapter rather than an ending. Global steel output is still sitting near record levels, but the growth engine appears to be shifting geographically, and that will shape which supply chains feel “closest” to the next wave of demand. For me, the current general narrative of a iron ore supply disruption in terms of a potential increase in supply affecting the current producers is unfounded. There may be more disruption currently with them potential escalation of hostilities in the US vs. Iran. One may say that the hostilities may be a catalyst for a increase demand for iron ore and take away the Simandou effect. Making Green Gestures What is more important is for investors to take note of the Direct Reduction Iron factor. If you look at the need to participate in the "green" effect that is encapsulating global economies, the obvious one is to create products that the steel mills can use to increase their part in the decarbonisation process. The big players are all preparing for the switch and the vendors of magnetite projects prone for beneficiation to higher iron grades are all slowly rubbing their hands. There is a concerted effort to seek magnetite projects that will allow the beneficiation process to achieve Direct Reduction status. The companies with projects in the Labrador Trough seem to be making the most waves and this is going to create a this area into the next Pilbara Money Printer. For a start, companies such as Champion Iron Limited , Iron bear Limited and Tacora Resources should be on the watchlist. The Direct Reduction Iron Players Champion Iron stands out as the clear leader, but the unique partnership between Iron Bear Limited and Vale is the one to watch. With a market capitalisation of around AUD $50M as of March 8, 2026, Iron Bear Limited appears to be an incredible bargain, considering their JORC Resource of approximately 16.66 billion tonnes of magnetite mineralization, with a potential Direct Reduction concentrate grade exceeding 70% Fe and a SiO2 grade of 1-1.2%. As a shareholder of Iron Bear, I am particularly interested in this subject. The fact that Champion Iron is also categorising their magnetite in this way indicates that this is not a ground breaking process. Iron Bear Resources Limited is not reinventing the wheel with their efforts. Is Simandou Too late The coming on of a haematite high-grade iron ore deposit may just be too late. This will be a process for time to see if there is going to be a transition from high-grade haematite ore to high-grade magnetite ore that can be made into the Direct Reduction Pellets. 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Australian-Domiciled Iron Ore Developer Advancing the Iron Bear Magnetite Project in the Labrador Trough, Canada Samso Insights ASX: IBR Iron Ore Development Labrador Trough, Canada Iron Bear Resources Ltd (ASX: IBR) is advancing a magnetite iron ore project in a jurisdiction that has been producing iron ore since 1954, and that hosts some of the world's most established direct-reduction-grade producers. Our fascination as a shareholder with the Iron Bear story can be measured by three attributes that matter most for a development-stage magnetite story. The first is scale that is genuinely global, the second, metallurgical results that demonstrate a Direct Reduction-grade concentrate is achievable at industrial pilot scale, and finally, one of the most important parts, infrastructure proximity that is not theoretical but operational. The Iron Bear project sits within 35km of an open-access heavy-haul railway connected to the Sept-Îles and Pointe-Noire iron ore export ports, with access to low-cost renewable hydroelectric power. The 13.6 billion tonne Mineral Resource which 4.5 billion tonnes is now Indicated , technically places the project among the largest magnetite endowments held by an ASX-listed developer. The 71.0% Fe and 1.2% SiO₂ DR-grade pilot concentrate result is a number that puts Iron Bear's potential product specification within the upper band of what the global decarbonisation steel transition is calling for. Indicated Mineral Resource Lifts 114% to 4.5Bt at 29.5% Fe, Strengthening the Foundation for the Iron Bear Project in the Labrador Trough Samso Insights | ASX: IBR | Source: Iron Bear Resources Limited ASX Release, 12 May 2026 Introduction Iron Bear Resources Limited has released its 2026 Mineral Resource Estimate Update for the Iron Bear Iron Ore Project in the Labrador Trough region of Newfoundland and Labrador, Canada (Figure 1). Figure 1: Iron Bear - Regional Access and Infrastructure. (source: Iron Bear Resources Limited) The headline number from the announcement is the 114% increase in the Indicated category, from 2.1 billion tonnes in the previous April 2024 estimate to 4.5 billion tonnes in the current estimate, at a grade of 29.5% total Fe and 20.6% magnetic Fe. The total Indicated and Inferred Mineral Resource sits at 13.6 billion tonnes containing 30.0% total Fe and 20.7% magnetic Fe, reported at a 12.5% magnetic Fe cut-off grade. The total resource has decreased by 18% from the previous estimate, which the company attributes to revised geological interpretation, updated pit optimisation parameters, and application of updated modifying factors. Readers should see the significance of this update in the potential methodology shift behind it. The 2024 Indicated category was defined by reference to a "30-year pit shell". The 2026 Indicated category is defined by reference to closer-spaced drilling supported by an optimised pit shell that satisfies Reasonable Prospects for Eventual Economic Extraction (RPEEE) requirements. The reduction in the total resource is therefore not a reflection of less mineralisation — it is a reflection of a stricter application of constraints. The trade-off is a much larger Indicated category, which is the category that can support more advanced technical studies and is the foundation from which Ore Reserves are ultimately derived. For a development-stage company, this is a meaningful methodological maturation. Iron Bear Resources Limited Mineral Resource Estimate The Mineral Resource update is supported by an updated geological interpretation developed in conjunction with Snowden Optiro, integrated with field mapping completed by IOS Géosciences across 284 stations during the 2025 summer season, and underpinned by four phases of pilot-plant scale metallurgical test work at Corem in Canada. The metallurgical work confirms that the Iron Bear deposit can produce a Direct Reduction-grade concentrate of 71.0% Fe and 1.2% SiO₂ at an overall magnetic Fe yield of 88.8%, and a Blast Furnace-grade concentrate of 69.1% Fe and 3.5% SiO₂ at a magnetic Fe yield of 97.5%. These are pilot-plant production-run averages, not single-day peaks, and are the basis on which the resource has been optimised for RPEEE. Highlights 2026 Mineral Resource Estimate Detail Iron Bear Mineral Resource Estimate at 12.5% Magnetic Fe Cut-Off (Effective Date 5 May 2026) Table 1: The Mineral Resource Estimate. (source: Iron Bear Resources Limited ASX Release, 12 May 2026 (Table 2). Inferred Mineral Resources have a lower level of geological confidence and must not be converted to Ore Reserves and do not have sufficient confidence to support economic studies.) Global Peer Comparison How Iron Bear's Magnetite Grades Compare to Major Global Magnetite Operations and Developments Magnetite iron ore deposits are not assessed in the same way as direct-shipping hematite ores. The head grade and the in-ground iron percentage is typically lower than for hematite deposits, because magnetite ores are designed to be processed through grinding and magnetic separation into a high-grade concentrate. What matters in a magnetite assessment is the combination of three things: the in-ground magnetic Fe percentage (which drives recovery and tonnes-to-concentrate ratio), the concentrate Fe specification achievable from metallurgical work, and the impurity profile (particularly SiO₂ and Al₂O₃) of the final concentrate. The table below benchmarks Iron Bear against a selection of major global magnetite operations and developments on those parameters. Table 2: Global magnetite deposit comparisons. (sources: Public company disclosures, JORC/NI 43-101 reports, Geoscience Australia Australian Resource Reviews, S&P Global Commodity Insights, and operator websites accessed May 2026. Concentrate specifications refer to production-run or pilot-plant averages; in-situ head grades refer to current Mineral Resource or Reserve grades at stated cut-offs. Iron Bear concentrate specifications are pilot-plant production-run averages (Corem Phase 4).) The relevant observation from this comparison is not the in-ground head grade which for a magnetite BIF is always going to fall in a range that reflects the geological character of the host rock. The Iron Bear in-ground grade of 29.5% Fe / 20.6% magnetic Fe sits within the typical range for Lake Superior-type taconite operations globally, comparable to Sino Iron at ~28-30% Fe and the Mesabi Range taconite operations at ~25-30% Fe. What separates Iron Bear from the lower-grade end of this peer group is the concentrate specification. A 71.0% Fe DR-grade concentrate at 1.2% SiO₂, with alumina below analytical detection limits, is at the upper specification band of the global magnetite industry. It is comparable to what Bloom Lake (Champion Iron) is targeting from its DR-grade pellet feed upgrade project at 69% Fe, and approaches the LKAB Kiruna premium pellet feed specifications. Readers should remember that the concentrate purity is a function of both the favourable mineralogy at Iron Bear (low alumina, low phosphorus, low manganese) and the flow sheet's inclusion of reverse flotation and tertiary grinding to break apart any composite magnetite-quartz particles. Table 3: Top 10 Global Iron Ore Producers by Proven & Probable Reserves. Note that the top 4 alone account for over 80% of reserves among the top 10, which is a concentration that defines long-term supply dynamics. (Source: Vale, BHP, Wikipedia, Rio Tinto, Champion Iron, Cleveland Cliff, LKAB, ArcelorMittal Anglo America) What is very interesting is that the global concentration of iron ore producers as shown in Table 3 show that the top 4 producers in a list of a global top 10 list of producers, account for over 80% of reserves. This is very important when you take into context that Iron Bear Resources Limited has Vale as a funding partner. For the shareholders of Iron Bear Resources, this is very important as the upcoming release of the PFS is going to need a Tier-1 partner to fund the Iron Bear project. The Iron Bear project is not a small project, it is in the scale of all the major iron projects. This is a very important fact to remember because investors could be blindsided by the very low market capitalisation of Iron Bear Resources Limited. Last 5 Major Iron Ore Projects Developed (to May 2026) Ranked by scale of investment and significance, with all figures cross-checked against company disclosures and recent reporting up to early 2026: 1. Simandou — Guinea Operators: Rio Tinto SimFer (Blocks 3 & 4) and Winning Consortium Simandou / Baowu (Blocks 1 & 2) Ownership of SimFer: Rio Tinto 53%, Chalco Iron Ore Holdings 47% (with Guinea Government holding 15% in the mining concession company) CAPEX: Total project investment of approximately US$20 billion (Wikipedia/industry summary including rail and port). The Simfer joint venture alone has a capital funding requirement of approximately US$11.6 billion, of which Rio Tinto's share is approximately US$6.2 billion. Status: First shipment left Guinea in December 2025. Ramping up over 30 months to 60 Mtpa from the SimFer mine, with combined Simandou (SimFer + WCS) capacity up to 120 Mtpa. Grade: ~65% Fe high-grade hematite — described as the world's largest untapped high-grade iron ore deposit. 2. Onslow Iron — Pilbara, Western Australia Operator: Mineral Resources Limited (MinRes, ASX: MIN) on behalf of the Red Hill Iron Joint Venture JV Partners: MinRes (60.3%), China Baowu Steel Group, AMCI, POSCO CAPEX: Approximately A$3 billion (~US$2 billion). MinRes subsequently sold a 49% interest in the dedicated haul road to Morgan Stanley Infrastructure Partners for total expected proceeds of A$1.3 billion. Status: First ore on ship May 2024, ahead of schedule. Reached nameplate capacity of 35 Mtpa in 2025. Expected mine life of more than 30 years. Grade: Hematite Direct Shipping Ore 3. Iron Bridge — Pilbara, Western Australia Operator: Fortescue (FMG Magnetite Pty Ltd) JV Partners: FMG Magnetite (69%, owned by Fortescue and Baosteel) and Formosa Steel IB (31%) CAPEX: US$3.9 billion total (Fortescue share approximately US$3.0 billion). The project blew out from an original estimate of US$2.6 billion at FID in 2019. Status: First magnetite production May 2023. Ramp-up has been slower than planned — revised guidance now sees nameplate of 22 Mtpa not reached until FY2028 (a full five-year ramp from first production). Grade: 67%+ Fe high-grade magnetite concentrate 4. Western Range — Pilbara, Western Australia Operator: Rio Tinto JV Partners: Rio Tinto (54%), China Baowu Steel Group (46%) CAPEX: US$2 billion (Rio Tinto share US$1.3 billion). Completed on time and on budget. Status: First ore processed late March 2025. Officially opened June 2025. Capacity of up to 25 Mtpa, sustaining the Paraburdoo mining hub for up to 20 years. Grade: Pilbara Blend hematite 5. Serra Sul +20 Mtpy (S11D Expansion) — Carajás, Brazil Operator: Vale S.A. CAPEX: Approximately US$2.8 billion Status: Operating licence received from IBAMA in September 2025; commissioning scheduled for the second half of 2026. As of July 2025 the project was at 77% physical progress and 57% financial progress. Capacity Add: Lifts S11D mine-plant capacity by 20 Mtpa to approximately 120 Mtpa. Grade: ~65% Fe Carajás high-grade fines Total Capital Deployed Across These Five Projects Approximately US$30 billion in headline project investment (using the lower Simfer-only figure of US$11.6 bn for Simandou rather than the total US$20 bn integrated figure). Thoughts To Ponder The CAPEX figures highlight just how capital-intensive new iron ore development has become. The smallest of these — Western Range at US$2 bn — is a sustaining brownfield project that leveraged existing Paraburdoo infrastructure. Simandou, the largest, required US$20 billion in part because it had to build 622 km of greenfield railway and a deep-water port from scratch. Infrastructure is the variable that swings project cost most heavily. The two magnetite projects on the list (Iron Bridge and the still-developing context of what Iron Bear faces) tell their own story. Iron Bridge ran from US$2.6 bn to US$3.9 bn through construction and is now in a multi-year slow ramp. That's the lesson that's most relevant to the Iron Bear context. This is why the infrastructure proximity of the Labrador Trough (existing rail, existing ports, existing hydro) is genuinely material to any project economics in that region versus building greenfield in the Pilbara. The Kami Project, which I referenced in a previous Samso Insight (see below) as a development-stage Labrador Trough peer, is currently estimated at approximately US$4 billion to bring into production is the most useful as a benchmark for what an undeveloped DR-grade magnetite project of similar scale might require. The Australian Magnetite Scene The Australian magnetite industry has been described in industry commentary as having a "checkered past" — Sino Iron and Karara are well-documented examples of major cost overruns, slow ramp-ups and challenging economics. The lesson from those operations is that low head grade combined with high beneficiation cost can produce a project that struggles to compete with hematite Direct Shipping Ore producers. What makes A Magnetite Project Work The variable that determines whether a magnetite project is commercially viable is whether the concentrate it produces commands sufficient premium to offset the additional processing cost. That premium is being increasingly driven by demand for DR-grade pellet feed (above 67% Fe, with low silica and alumina) from electric arc furnace (EAF) and hydrogen-based direct reduction iron (DRI) steelmaking — the routes that are central to the global steel industry's decarbonisation pathway. Iron Bear's pilot-plant concentrate specifications place it within the DR-grade window that this consistent to this market segment. Regional Peer Comparison Iron Bear in the Context of Labrador Trough and North American Magnetite Peers The Labrador Trough is one of the most established iron ore regions in the world, with continuous production dating to 1954. The region currently produces approximately 50 million tonnes per annum across producers including Rio Tinto's Iron Ore Company of Canada (IOC) operation at Labrador City, ArcelorMittal's Mont-Wright operation in Quebec, Champion Iron's Bloom Lake mine, and other regional producers (Table4). The Iron Bear project sits within the same geological belt , the Sokoman Formation, that hosts these operations, but with its own particular structural characteristic: the deposit has been thickened by repeated thrust faulting that has stacked the mineralised stratigraphy across more than 500 vertical metres of section. The table below benchmarks Iron Bear against its Labrador Trough and adjacent North American magnetite peers. Table 4: An attempt to create a Labrador Trough peer comparison. (sources: Champion Iron corporate filings, Rio Tinto Labrador Iron Ore (LIORC) disclosures, Champion Iron / Nippon Steel / Sojitz Kami Project partnership announcements, ArcelorMittal Mining Canada disclosures, and Cleveland-Cliffs operational reports. Comparison is for illustrative context only and does not represent equivalent reporting standards across all entries.) The Labrador Trough peer comparison clarifies what Iron Bear is and what it is not. Iron Bear is not yet a producer. Bloom Lake, IOC, and Mont-Wright are all operating mines that have been shipping concentrate for decades or in Bloom Lake's case, they have completed a major Phase II expansion and are now investing in a DR-grade upgrade. The peer that most resembles Iron Bear's current stage of development is the Kami Project, which is also a development-stage DR-grade-targeted project, also in the Labrador Trough, also without a final investment decision. Kami's announced partnership with Nippon Steel and Sojitz provides a useful benchmark for the scale of investment that DR-grade Labrador Trough development represents, which is that the Kami partners have indicated up to US$490 million of partner funding ahead of Champion's pro-rata contribution, and the project has been described as requiring an investment in the order of US$4 billion to bring into production. What Iron Bear does have in common with the Labrador Trough producers, and what is distinct from the Australian magnetite peer group, is the geological character of the mineralisation. The deposit is a Lake Superior-type banded iron formation hosted in the Sokoman Formation — the same stratigraphic unit that hosts Bloom Lake, IOC's Carol Lake, and the historical Schefferville direct-shipping ores. The 2025 mapping conducted by IOS Géosciences confirmed three main NW-SE repetitions of the stratigraphic package in the southeastern portion of the property, identifying previously unrecognised iron formation between Boot Lake and Burnetta Lake and north of Nash Lake. The 2026 geological interpretation incorporates the structural complexity that is characteristic of the eastern Labrador Trough, where thrust faulting has repeatedly stacked the iron formation. This is the same geological process that has produced the multi-billion-tonne deposits underpinning Bloom Lake, Mont-Wright, and IOC. The comparison that matters here is geological provenance. Iron Bear's host rock is the same as the host rock for the established producers; its DR-grade concentrate specification falls within the same band as the regional producers; and its proposed processing flowsheet uses techniques that are well-established in Labrador Trough operations. Figure 2: Iron Bear - Regional Geology and Historic Drilling. (source: Iron Bear Resources Limited) Metallurgical Test Work — Pilot Plant Production Pilot Plant Concentrate Production: Corem Phase 4 Confirms the DR-Grade Product Specification The 2026 Mineral Resource estimate is supported by four phases of metallurgical test work conducted at Corem in Canada, culminating in Corem Phase 4 — a 17-tonne resource-grade composite that produced bulk customer samples and informed the pellet plant thermal profile design. The Phase 4 production-run results have been used as the basis for the resource modelling factors and pre-feasibility study design factors. The table below summarises the production-run concentrate chemistry across the four phases: Table 4: Metallurgical Test Work - Pilot Plant Production. (source: Iron Bear Resources Limited ASX Release, 12 May 2026 (Tables 8 and 9). Phase 4 results were obtained as five-day continuous pilot plant averages and are used as the basis for resource modelling and PFS design factors. Alumina (Al₂O₃) grades in both BF and DR concentrates are below analytical detection limits.) The progression from Phase 1 to Phase 4 demonstrates that the concentrate specifications are reproducible across different feed grades and that the addition of column flotation in Phase 4 — replacing conventional reverse flotation — has materially lifted DR concentrate magnetic Fe recovery from 80.7% in Phase 1 to 88.8% in Phase 4. The presence of an Isamill as a tertiary grinding circuit, introduced in Phase 4, was specifically added to break apart any larger composite particles of magnetite and quartz observed in the +45 micron size fraction. The technical implication is that the flowsheet is converging on a configuration that delivers a consistent DR-grade product at high recovery — which is the technical foundation on which a magnetite project's commercial case is built. Management Commentary What the Company's Leadership Said About the Mineral Resource Update Paul Berend, Managing Director and CEO of Iron Bear Resources, characterised the updated Mineral Resource as an important and exciting milestone for the project. His commentary focused on the significance of the Indicated Resource increase and on what it represents for the foundation of the company's ongoing technical studies. The Pre-Feasibility Study is being led by global engineering firm Hatch, and the resource update is the technical input that feeds the optimised mine plan associated with that study. "This Mineral Resource Update is an important and exciting milestone for the Iron Bear project. We now have an indicated mineral resource of 4.5 billion tonnes which strengthens the foundation for ongoing technical studies." — Paul Berend, Managing Director and CEO, Iron Bear Resources Limited The technical detail of the resource update is supported by the work of independent consultants. The Mineral Resource Estimate has been prepared by Mr Michael Andrew FAusIMM, a full-time employee of Snowden Optiro, who is the Competent Person responsible for the estimate. The metallurgy and processing information has been reviewed and compiled by Mr Paul Vermeulen MAusIMM, MAIST, a Director of Vulcan Technologies Pty Ltd. Both consultants have provided sign-off in accordance with the JORC Code (2012) reporting standards. Near-Term Milestones to Watch What Investors Should Monitor Following the 2026 Mineral Resource Update Near-Term Milestones to Watch Samso Concluding Comments Putting the Iron Bear Mineral Resource Update in Context Investors and potential investors should look at the 12 May 2026 ASX release from Iron Bear Resources as a meaningful technical step. What this meaningful step is the 114% increase in Indicated Resource. The 2024 Mineral Resource defined the Indicated category by reference to a "30-year pit shell". The 2026 Mineral Resource defines the Indicated category by reference to drill spacing, supported by an optimised pit shell that incorporates RPEEE constraints and surface exclusion zones. This is a stricter approach. It is also the approach that is more typically applied at the pre-feasibility stage of project development. The Indicated category has doubled under a stricter methodology rather than shrinking, which in most cases is the opposite. It reflects the closer-spaced drilling at the heart of the resource, supported by the structural reinterpretation that came out of the IOS Géosciences mapping work and the Snowden Optiro modelling (Figure 3). Figure 3: Preliminary Geological Map (LHS) vs Model (Middle) vs Geophysics comparison (RHS) at Iron Bear The peer comparison context is what gives the resource update its commercial dimension. A 4.5 billion tonne Indicated Resource is simply a very large resource, regardless of where it sits. But the value of that resource is determined by what can be produced from it, and the Corem Phase 4 metallurgical work has provided the answer that matters most: a 71.0% Fe DR-grade concentrate at 1.2% SiO₂ with alumina below detection limits, at 88.8% magnetic Fe recovery, produced from a 17-tonne pilot-plant production run. That concentrate specification places Iron Bear within the upper specification band of the global magnetite industry, alongside Bloom Lake's planned 69% Fe DR-grade upgrade, the LKAB Kiruna pellet feed product, and the Kami Project's targeted 67.5%+ Fe DR-grade specification. The difference between a 65% Fe blast furnace product and a 71% Fe DR-grade product is not marginal in commercial terms — it is the difference between selling into the conventional integrated mill market and selling into the decarbonisation steel market where premium pricing is established and growing (See the Samso Insight below). Figure 4: Examples of DR Pellets. The infrastructure context is the third leg of the assessment. Magnetite projects globally have struggled, where the infrastructure case has been built on assumptions rather than operational reality. Karara and Sino Iron in Western Australia both had to build new rail, port and water infrastructure to support magnetite production. In terms of accounting, these are capital line items that materially affected the cost of those projects. The Iron Bear project sits within 35km of an existing open-access heavy haul railway that is currently being used by Rio Tinto's IOC, ArcelorMittal, Champion Iron, Tata Steel and Tacora to ship approximately 50 million tonnes per annum of iron ore concentrate to the Sept-Îles and Pointe-Noire ports. The rail line is operating. The ports are operating. The power is available from Newfoundland and Labrador's hydroelectric grid which is the same Churchill Falls hydroelectric system that has historically underpinned the regional industrial base. This is the operational infrastructure case that Australian magnetite projects have generally lacked. Iron Bear is a development-stage company that has market capitalisation of AUD $62M (as of 14th May 2026). The Pre-Feasibility Study is still in progress and should be primed to be release soon. How many companies at this stage is valued at this range? For investors watching this story, the question is no longer whether the Iron Bear project has a meaningful resource. The 12 May 2026 announcement answers that question. The question is what the published PFS will say about the capital intensity of bringing such a resource into production, what the proposed production rate will be, what the strip ratio and operating cost profile look like in study-level detail, and what the financing pathway is for what will inevitably be a multi-billion-dollar development. The Labrador Trough peer set has demonstrated that DR-grade magnetite projects of this scale can attract major partners and that is pretty much answered with Champion Iron's Kami Project partnership with Nippon Steel and Sojitz. Iron Bear has Vale as a paying partner now. Previous Samso News Coverage Samso has followed Iron Bear Resources (formerly Cyclone Metals) across multiple ASX releases. The following represents our prior published coverage of the company: April 12, 2026 January 5, 2026 September 3, 2025 August 13, 2025 July 31, 2025 March 24, 2025 March 9, 2025 About Iron Bear Resources Limited (ASX: IBR) Australian-Domiciled Iron Ore Developer Advancing the Iron Bear Magnetite Project in the Labrador Trough, Canada Iron Bear Resources Limited (formerly Cyclone Metals Limited, renamed in January 2026) is an Australian-domiciled mineral development and investment company focused on advancing the Iron Bear magnetite iron ore project located in the Labrador Trough region of Newfoundland and Labrador, Canada. The project consists of ten licences totalling 7,275 hectares on 291 graticular Mineral Claims, situated approximately 30 km northwest of Schefferville, Quebec, and 1,200 km northeast of Montréal. The mineralisation is a Lake Superior-type banded iron formation of the Sokoman Formation — the same host stratigraphy that has underpinned operating mines in the region for seven decades. The company's strategy is to develop a long-life magnetite operation producing Direct Reduction (DR) and Blast Furnace (BF) grade iron ore concentrates, supported by a 1.6t to 17t pilot plant metallurgical test work programme conducted at Corem in Canada. The Iron Bear project lies within 35 km of an existing open-access heavy haul railway connected to the Sept-Îles and Pointe-Noire iron ore export ports, and benefits from access to low-cost renewable hydroelectric power. The company has received development funding support from Vale. ASX: IBR Iron Bear Resources Limited | 2026 Mineral Resource Estimate Update — Iron Bear Project, Labrador Trough, Canada | ASX Release 12 May 2026 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's 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 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Announcement Drilling Commences at Silver-Gold Targets, Mt Carrington – 12 January 2026 (view the announcement) A silver story to keep on your watch screen. This is an interesting story that is simply all about Silver. The rising silver price is bringing in a lot of interest in the sector, so the hype will bring some interest to this story. Mt. Carrington is steeped in history with this type of mineralisation, and it will be a good source of news for Legacy. As the Samso platform is lacking coverage on silver, I am thinking that this could be one to have on the watchlist. Legacy Minerals Holdings Limited (ASX: LGM) has commenced diamond drilling at the Mascotte Silver-Gold Prospect within its flagship Mt Carrington Project in New South Wales (Figure 1). The program targets high-grade silver and gold mineralisation beneath historical workings and newly defined structural and geochemical targets, to expand the existing Mt Carrington Mineral Resource of 115 Moz silver-equivalent. Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) The Business of the Legacy Minerals: Silver Focus? Legacy Minerals is an ASX-listed explorer focused on gold, silver, copper, and base metals in New South Wales. The Company’s portfolio is anchored by the Mt Carrington Project, a large epithermal system hosting multiple deposits and prospects within a caldera-scale geological setting (Figure 2). Figure 2: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) Beyond Mt Carrington, Legacy Minerals is advancing a diversified suite of exploration assets, including nickel-cobalt exposure at Nico Young, copper-gold exploration via joint ventures, and multiple epithermal and porphyry-style targets across NSW. Highlights – Drilling Commences at Mascotte Silver-Gold Prospect A 2,000m diamond drilling program has commenced at the Mascotte Silver-Gold Prospect, targeting high-grade mineralisation beneath historical workings and new priority targets (Figure 3). Figure 3: Interpreted deep-set structure and lineaments on 3D MT conductivity (201 to 1700ohm.m) (source: LGM) The initial program comprises nine drill holes, with drilling expected to take approximately six weeks. Mascotte sits within the broader Mt Carrington Project, which hosts a 115Moz AgEq Mineral Resource at an average grade of 105g/t AgEq. Historical drilling at Mascotte was completed between 1969 and 1970, was shallow (generally less than 70m depth), and focused on a limited strike length. Best historical results include 18.3m at 237g/t Ag from 3m, including 9.1m at 394g/t Ag. Importantly, historical drill holes were not assayed for gold, leaving significant upside potential untested. Recent rock chip sampling by Legacy Minerals has confirmed elevated gold-silver mineralisation, with results of up to 11.2g/t Au and 222g/t Ag along a ~1.3km trend (Figure 4). Figure 4: Mascotte Prospect plan view showing rock chip assays, planned drilling, and historical workings (source: LGM) The Mascotte trend remains open along strike and at depth, with multiple parallel structures identified. In parallel with exploration drilling, a new Ausenco-led Scoping Study is progressing on the existing Mt Carrington deposits and is expected to be completed in early Q1 2026. Assay results from recent Battery drilling are expected by the end of January 2026. Leadership Commentary Legacy Minerals CEO & Managing Director, Christopher Byrne, commented: “The commencement of drilling at the Mascotte silver and gold Prospect represents an important step in unlocking the broader value potential of the Mt Carrington Project. Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry and extensive untested strike provide compelling evidence for a discovery opportunity. The current drilling program is targeting an area that has seen minimal modern exploration, with historical drilling both shallow and limited in extent. Importantly, drilling was never assayed for gold, with recent rock chip sampling confirming the presence of high-grade gold mineralisation along the broader trend. With mineralisation remaining open at depth and along strike, Mascotte offers clear upside potential to grow the existing Mt Carrington silver-equivalent resource base. This drilling program is being undertaken against a backdrop of both silver and gold trading at or near record prices. These market conditions further enhance the strategic importance of advancing highquality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent Mineral Resource estimate of 115Moz AgEqii . Legacy Minerals is adopting a dual-track approach to unlock the substantial value at Mt Carrington: discovery and development. We are progressing development studies through the Ausenco-led Scoping Study to demonstrate a clear pathway to realise value from the existing Mineral Resource, while in parallel pursuing discovery-driven upside through targeted drilling at Prospects such as Mascotte. This strategy provides multiple avenues to create value for shareholders, balancing near-term development optionality with the potential for new discoveries. Following our last drilling in December, the final diamond drill hole assays from the Battery drilling are expected to be received by the laboratory by the end of January. We also look forward to providing further updates as drilling progresses and as the Scoping Study continues to advance, with the expected delivery of that significant work expected early this quarter.” Near-term Milestones to Watch Completion of the nine-hole diamond drilling program at Mascotte Receipt of Battery drilling assay results by the end of January 2026 Delivery of the Ausenco-led Scoping Study in early Q1 2026 Ongoing drill updates and results from the Mascotte program Samso Concluding Comments As I mentioned, this is an introduction for the Samso Community, and I am eager to follow this story and see where things land. Silver and Gold tend to flow in the same direction, and in 2026, I do think that both will go higher. Whether silver ends up with greater value due to its industrial needs, too, is still to be debated. What I do know is that even at USD $90/oz, this may not be enough to get investors to see silver as a serious form of investment. Historically, silver has been very volatile, but looking at Figure 5, this push could be the one that takes silver to a value that the punters have been talking about for decades. Figure 5: Silver price as of 15th January 2026. (source:silverprice.org) Market Implication - The Investor Lens What does all this mean for Legacy Minerals? Well, not a lot at the moment, as you can see in Figure 6. They are still new in the journey, and as you can see, the real work seems to be only moving now. The silver play for me will bring some interesst and if they get lucky, they may actually make a difference. Figure 6: The share price chart for Legacy Minerals as of the 16th January 2026. (source: CommSec) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's 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 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Drilling Commences at Silver-Gold Targets, Mt Carrington – 12 January 2026 (view the announcement) A silver story to keep on your watch screen. The Legacy Minerals story is one that keep Samso thinking about the "What If" scenario. The WHAT IF silver does re-establish itself as a potential wealth creating metal that has been in hibernation for decades? Legacy does have an established, sizeable silver-equivalent resource base with genuine discovery-driven upside at depth and along strike. The commencement of drilling at Mascotte highlights a disciplined strategy focused on unlocking value from historical high-grade systems that have seen minimal modern exploration, particularly for gold. Legacy Minerals Holdings Limited (ASX: LGM) has commenced diamond drilling at the Mascotte Silver-Gold Prospect within its flagship Mt Carrington Project in New South Wales (Figure 1). The program targets high-grade silver and gold mineralisation beneath historical workings and newly defined structural and geochemical targets, to expand the existing Mt Carrington Mineral Resource of 115Moz silver-equivalent. Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) The Business of legacy Minerals: Focus – Silver and Gold Legacy Minerals is an ASX-listed explorer focused on gold, silver, copper, and base metals in New South Wales. The Company’s portfolio is anchored by the Mt Carrington Project, a large epithermal system hosting multiple deposits and prospects within a caldera-scale geological setting (Figure 2). Figure 2: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) Beyond Mt Carrington, Legacy Minerals is advancing a diversified suite of exploration assets, including nickel-cobalt exposure at Nico Young, copper-gold exploration via joint ventures, and multiple epithermal and porphyry-style targets across NSW. Highlights – Drilling Commences at Mascotte Silver-Gold Prospect A 2,000m diamond drilling program has commenced at the Mascotte Silver-Gold Prospect, targeting high-grade mineralisation beneath historical workings and new priority targets (Figure 3). Figure 3: Interpreted deep-set structure and lineaments on 3D MT conductivity (201 to 1700ohm.m) (source: LGM) The initial program comprises nine drill holes, with drilling expected to take approximately six weeks. Mascotte sits within the broader Mt Carrington Project, which hosts a 115Moz AgEq Mineral Resource at an average grade of 105g/t AgEq. Historical drilling at Mascotte was completed between 1969 and 1970, was shallow (generally less than 70m depth), and focused on a limited strike length. Best historical results include 18.3m at 237g/t Ag from 3m, including 9.1m at 394g/t Ag. Importantly, historical drill holes were not assayed for gold, leaving significant upside potential untested. Recent rock chip sampling by Legacy Minerals has confirmed elevated gold-silver mineralisation, with results of up to 11.2g/t Au and 222g/t Ag along a ~1.3km trend (Figure 4). Figure 4: Mascotte Prospect plan view showing rock chip assays, planned drilling, and historical workings (source: LGM) The Mascotte trend remains open along strike and at depth, with multiple parallel structures identified. In parallel with exploration drilling, a new Ausenco-led Scoping Study is progressing on the existing Mt Carrington deposits and is expected to be completed in early Q1 2026. Assay results from recent Battery drilling are expected by the end of January 2026. Leadership Commentary Legacy Minerals CEO & Managing Director, Christopher Byrne, commented: “The commencement of drilling at the Mascotte silver and gold Prospect represents an important step in unlocking the broader value potential of the Mt Carrington Project. Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry and extensive untested strike provide compelling evidence for a discovery opportunity. The current drilling program is targeting an area that has seen minimal modern exploration, with historical drilling both shallow and limited in extent. Importantly, drilling was never assayed for gold, with recent rock chip sampling confirming the presence of high-grade gold mineralisation along the broader trend. With mineralisation remaining open at depth and along strike, Mascotte offers clear upside potential to grow the existing Mt Carrington silver-equivalent resource base. This drilling program is being undertaken against a backdrop of both silver and gold trading at or near record prices. These market conditions further enhance the strategic importance of advancing highquality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent Mineral Resource estimate of 115Moz AgEqii . Legacy Minerals is adopting a dual-track approach to unlock the substantial value at Mt Carrington: discovery and development. We are progressing development studies through the Ausenco-led Scoping Study to demonstrate a clear pathway to realise value from the existing Mineral Resource, while in parallel pursuing discovery-driven upside through targeted drilling at Prospects such as Mascotte. This strategy provides multiple avenues to create value for shareholders, balancing near-term development optionality with the potential for new discoveries. Following our last drilling in December, the final diamond drill hole assays from the Battery drilling are expected to be received by the laboratory by the end of January. We also look forward to providing further updates as drilling progresses and as the Scoping Study continues to advance, with the expected delivery of that significant work expected early this quarter.” About the Project The Mascotte Prospect is defined by extensive historical workings across a mineralised trend approximately 1.3km in length, with evidence for multiple parallel structures. Mapping has identified widespread silica alteration, chalcedony, and jasperoidal silica associated with epithermal veining. Recent Airborne Mobile-MT surveys have delineated a northeast-trending conductivity lineament associated with known mineralisation and historical workings, suggesting scale and depth potential consistent with the broader Mt Carrington epithermal system. Near-term Milestones to Watch Completion of the nine-hole diamond drilling program at Mascotte Receipt of Battery drilling assay results by the end of January 2026 Delivery of the Ausenco-led Scoping Study in early Q1 2026 Ongoing drill updates and results from the Mascotte program Samso Concluding Comments From Samso’s perspective, the Mascotte drilling program reflects the current market sentiment for silver. The recent pullback from its high of over USD $120 per ounce is still a lot better than it was when silver price was in the low USD $20s. There is definitely more interest in the metal today as it is transforming from a docile precious metal to a dual purpose of precious metal and industrial metal narrative in 2026. The focus on historical high-grade areas that were shallowly tested aligns with a broader industry trend of revisiting legacy mining districts using modern techniques. I don't think this is an innovative thought process by any means but it is definitely a good value pathway if Legacy was to make this a workable project. The confirmation of gold mineralisation through surface sampling is notable, given that earlier drilling programs focused almost exclusively on silver. This expands the potential metal mix and enhances the strategic importance of Mascotte within the Mt Carrington portfolio. The discussion of integrating the use of geophysics, surface geochemistry, and structural interpretation will keep the methodology on the vanilla path and gives confidence that the current drill targets are well-conceived. The identification of district-scale conductivity features further supports the potential for depth extensions and will generate future value creation for shareholders and new investors. Ultimately, Legacy Minerals is positioning Mt Carrington as both a development-ready asset and a platform for discovery-led growth. The outcomes of the Mascotte drilling and Scoping Study will be important in shaping the next phase of the Company’s strategy. Market Implications Legacy is an interesting company with a current market capitalisation of AUD $37.50M with a decent silver story in the right location. The shrae price journey is steady (Figure 5) and that is also good at this stage, in my opinion. The current resource 34.4Mt at 105g/t silver-equivalent (AuEq) – 0.7Moz Au, 24.3Moz Ag, 147kt Zn, 33kt Pb, 20kt Cu, even though it is a silver equivalent resource is a good asset to have at a time when the silver price is finally making its move (Figure 6). The recent presentation (16th February 2026) does paint a pretty picture and as I said, Mt Carrington is a good address to have if you are chasing silver in Australia. The drilling and the potential upside looks credible and a bit exciting from a spectator point of view. Figure 5: The Legacy share price chart as of 16th February 2026. (source: commsec) Where the silver price go from here will be the headline act as one would think that the recent pullback would only be temporary, If it persist to lower pricing, this would not be a good scenario of would be producers. As figure 6 clearly show, it has been a long time between drinks for silver investors and the recent rise has been welcomed by long investors. If the recent chatter of a conspiracy by major players is true, in causing the sharp pullback, the the future will be uneasy for companies such as Legacy. Here is where some serious DYOR will be required. I am hoping that the pullback will allow profit taking and the market demand for the commodity and the lack of good silver supply will naturally create a sustainable price levels for all to enjoy. What this level will be the million dollar question. Figure 6: The Silver price as of 16th February 2026. (source: Trading Economics) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As we move into 2025, investors are most likely looking for a fresh start with some new stories and ideas of where they can invest or "Take a Punt". Let's be honest, for us, the retail investors in this sector of the ASX (Australian Stock Exchange), we are the so-called professional participants in a roller coaster ride that is commonly compared to the Casino. For those seasoned players in the small-cap sector on the ASX, and especially those that live predominantly in the resource sector, 2025 is looking to have some fresh legs (we hope, anyway). The last two years have been hard, and there are probably still many "investors" who are still stuck in the lithium run who have not taken the hard medicine of taking the loss and looking set in other alternative stories. Personally, I am fortunate enough to have missed that run and missed out on all the wins. In hindsight, my insistence on an inability to believe the might of the premium status of lithium in the EV revolution proved to be correct; however, I have to admit that I was doubting myself for a while in the early days. In saying that, over the many decades of taking that "Punt" within the confines of the ASX, I think the might of the EV revolution is yet to come. I have noticed that when a new story develops, whether it's lithium, nickel, iron ore, etc, there is always the initial hype, which is then followed by a correction, which is then followed by the boring part of real value creation, once the dust settles. I guess, this boring value creation period is what the "real money" feast on and always seems to be the correct strategy. So What Are The Stories in 2025 As usual, Samso has been looking out for new stories, and in 2025, I think that there are some that should be on investors watchlist, and hence some good old DYOR would need to be done. There are also some old products, such, as copper, that should be back on the radar that have been forced to take a backseat as investors grapple with short-term gains against long-term glory. I think the journey of nett zero emissions and the clean energy narrative will take on a new level of interest and may begin to create a Fear Of Missing Out (FOMO) in 2025. This increase in attention may create a third certainty in life, after death and taxes. Since 2020 the ASX market has been monopolised by the lithium narrative, and as a result, everything else has been pretty much ignored and hopefully, till now. The investing community understands that investments are typically shrouded in mystique and for as long as I have been involved in the ASX, the key in defining what makes the ASX ticks is all about researching to a level that measures your own risk and reward appetite. All I hope to do here is to share my thoughts and give those interested a trigger to begin that process. 1.0 What Can We Learn From Copper ? 2.0 The Exotics of 2025 3.0 Zeotech Limited (ASX: ZEO) 3.1 Zeotech - Products 4.0 Corporate Matters 5.0 What Does this All Mean? 5.1 New Management and Advancement of Business 6.0 Samso's Final Words 6.1 Zeotech Makes Sense The need to have a balanced view is sometimes very hard to do in an industry where investors know that the rising share price is the only determining factor that measures our success. We cannot measure our success with how much or how little we know about the subject matter. Sometimes, we win knowing a lot, and other times, we know very little. What we can measure is how we got ourselves into that position to allow us the opportunity to, as they say, take that "punt". In my opinion, the need for information is to allow us to take that position so that we are in the game. 1.0 What Can We Learn From Copper ? Dr. Copper as the market calls Copper has been around since the first day the human species started to make the planet Earth their domain. I like to use Dr. Copper as a barometer on how investors should react in 2025 on the ASX. As you can see in Figure 1, the price of copper is gaining a bit of strength over the last 5 years, but the sentiment for a demand surge has been called for at least a decade, but the reality on the equities front has been far from spectacular. Figure 1: Copper price chart since 1990. (Source: Trading Economics) It's true that the ASX small-cap sector currently lacks any genuine quality players, but this presents a great opportunity to begin exploring the list. I used to believe that Cyprium Metals Limited (ASX: CYM) had real potential before the management change. If the previous management had secured funding (debt) before the interest rates began rising weekly, CYM might have been quite intriguing today. Investors should realize that finding and developing a cost-effective copper mine takes decades, but its ability to generate revenue lasts for many decades more. Some of the top-producing copper mines have been in operation for over 50 years. Why do we need all this copper, you ask? Well, look around and see what you are using that does not need copper. The simple fact is that metals such as copper are the backbone of civilisation, and the demand will not decline. What is declining is the supply, and lets leave that discussion for another time. The challenge for "punters" is to find a sustainable product that has a prolonged value and cannot be easily manufactured or generated. As we move into a world where we are more innovative in thinking and in utilisation, these "Exotics" could become a more profound feature in the investing community. 2.0 The Exotics of 2025 I have coined the term "Exotics" to describe a few products that are being promoted as essential items to complement the no-emission narrative. While I am not a believer that the pricing of lithium will recover to being a premium product, I am definitely a believer in products that will be aimed at narrating the reduction of the emission story. This is not to say that lithium is not part of that narrative; I just feel that lithium is now just one of the components and is no longer the "superstar". I feel that the age of post-COVID is all about reduction in emissions. The journey is not about whether you are pro global warming or not; the reality is that the path to a reduction of emissions is the main game. The serious nature of this sentence is clearly identifiable with the Australian government having established a full-time department to facilitate this topic, the Department of Climate Change, Energy, the Environment and Water. The quote below is straight out from the department: Australia and the world are undergoing the biggest and fastest economic transformation since the industrial revolution. Action to reduce emissions will help prevent the worst impacts of climate change, but will also create a boom in new jobs and new industries. The government’s ambition for a future made in Australia will form a comprehensive, coordinated and practical strategy to seize these opportunities. As the path to net zero will require innovation and investment across all sectors, the Australian Government is continuing to take major steps to realise the opportunities of an efficient, productive, high-wage net zero economy and make Australia a renewable energy superpower. - Department of Climate Change, Energy, the Environment and Water. The government has set up a Net Zero emission plan and is 100% serious in making this a focus. This is why I say the age of the Exotics is just being made known to the investing world. I am not saying that the traditional metals are to be ignored, but if we, the retail investors, are to have a chance in getting closer to the front seats in this game, we need to think more exotic. Figure 2: Australia's energy-related emissions and net-zero carbon budget, BNEF's Economic Transition Scenario and New Zero Scenario. (Source: Mining.com.au) Whether we are talking about the transition to a cleaner energy or to a reduction in emissions, I see great opportunities as this timing is like moving from horse carriages to automobiles. We are still early in the conversation, and the new "Super Products" are coming on, and like all new products, the promotions are coming in quick and fast. The introduction of exotic commodities to tackle the reduction in sending "nasties" to our atmosphere is what we are talking about, so let's take this journey here on Samso and get informed. 3.0 Zeotech Limited (ASX: ZEO) Late last year I came across Zeotech Limited (ASX: ZEO), a mineral resource company that, according to the website, is developing advanced materials for a sustainable future. We are developing sustainable processes to produce advanced materials and investigating the application of their unique properties to deliver positive global impact. - Zeotech Limited I admit that when I first came across the company, I had a hard time understanding the business of the company. Apart from knowing the CEO, James Marsh, I was and am still learning the business. As I looked more into the business of Zeotech, I became aware that this is like a Resource Tech story. I have yet to approach James to get a closer understanding (Work in Progress), but looking at the business from afar, this is a bit of an industrial minerals play with a bit of technology that seems to be the theme of another company that we will have a chat about as well. Let's have a look at the announcement on the 10th December 2024 - Methane Control Field Trial Deliver Promising Results. Figure 3: Simulated landfill configurations located at Griffith University. (Source Zeotech Limited ASX release.) That release on the 10th of December highlights that the the company’s two zeoteCH₄® showed in tests with Griffith University a reduction in methane emissions with an average (mean) efficiency of 70-85%. The development is still too early to have conclusive proof of its efficiency, but one can see the potential of the product. From what I can understand, the implementation of the zeoteCH₄® is akin to putting a topsoil over areas such as landfills to filter out methane release (Figure 4). Figure 4: Diagrammatic representation of how the zeoteCH₄® product will be used. (source: www.zeotech.com.au) 3.10 Zeotech - Projects Zeotech lists the following projects on the website, which makes this company more about products than mineral resource projects. Methane Emissions Control Soil Carbon Sequestration and Nutrient Management Carbon Capture and Utilisation By-product Treatment and Utilisation Kaolin Projects Toondoon Kaolin Project Abercorn Kaolin Project The company website does give a good brief of each project. As far as I understand, Zeotech has a unique Kaolin product that has been tested to show they have properties that are allowing them to create their own proprietary products that are used in the business of capturing the emission of carbon. I will not go into the technical aspect of the project at this stage but when and if I get a chance to get James Marsh on a Coffee With Samso, I am sure, James will be able to articulate that with more accurately. James is no stranger to the Samso Platform so it will be great to have him back to communicate about Zeotech. 4.0 Corporate Matters At the writing of this blog, Zeotech is sitting at a market capitalisation of AUD81.56M with a share price of AUD $0.044. This would give the company about 1.8B shares on issue. Figure 5: The Zeotech Limited share price chart. (source: Commsec) On the 19th of August 2024, Zeotech announced the appointment of James Marsh as the Chief Executive Office (CEO), effective 9th September 2024. James Marsh gave a good presentation at the recent Noosa Mining Conference on the 15th of November 2024 which outlined the business of Zeotech. Here are some notable news releases from Zeotech: 10th December 2024 - Methane Control Field Trials Deliver Promising Results 19th November 2024 - QLD Govt Funding Secured for Metakaolin Feasibility Study 28th October 2024 - Zeotech Executes MOU with Holcim Australia 3rd July 2024 - Bulk Zeolite Sample Sent to Protekta North America 22nd April 2024 - High Reactivity Metakaolin to Advance Low Carbon Cement 30th January 2024 - Methane Control Trials Advance Infield to Cleanaway Landfill 13th November 2023 - Trials Deliver Promising Methane Oxidation Efficiency 1st September 2022 - Completion of Toondoon Project 31st August 2022 - Commencement of Legal Proceedings against Zeotech 12th April 2022 - Opportunities for Zeolite-Based Greenhouse Gas Mitigation 30th November 2021 - Pilot Program Update - First Continuous Closed-Loop Circuit 6th September 2021 - Griffith University Delivers Promising Agronomic Results 23rd August 2021 - ZEO Acquires High-Grade Kaolin Project within Approved ML 16th February 2021 - Zeolite Pilot Plant Program Commences 1st December 2020 - Change of Name and ASX Code 28th October 2020 - Commercial Grade Zeolite Produced from Li Process Residue 8th July 2020 - Board Restructure and Chair Appointment 9th June 2020 - Early market interest in Synthetic Zeolite Technology 21st May 2020 - Zeolite Technology Intellectual Property Protection Filing 7th April 2020 - Exclusive Licence Agreement to Produce Synthetic Zeolite 7th April 2020 - Board Restructure and Executive Appointment 17th October 2019 - Acquisition of Abercorn High Purity Alumina Project Complete 13th August 2019 - Metalsearch to Acquire High Purity Alumina Project The list of notable news releases broadly gives a summary of the journey of Zeotech as the company transitioned from 2019 to the current management. There are a lot more items which are listed in the Investor Information section of the website. 5.0 What Does this All Mean? The Zeotech story is not a new concept, as we remember there was EcoGraf Limited (ASX: EGR) and FYI Resources Limited, which is now called Cadoux Limited (ASX: FYI) back in 2021. The vertical integration pathway is popular with ASX companies, but I feel the investor patience still needs a process of hand-holding and a lot of patience. My experience in the ASX tells me that the inner circle, the "purple circle", is very much informed, and the companies that have the support are going to have a lot of traction, but to convince the general investor, the retail sector, and investors like myself, there is still a lot of work to be done. The retail market is generally impatient, and most investors are not used to the long gestation periods that are required with projects such as the one Zeotech is selling. The whole Zeotech story started in 2019, and the value created came in the heights of the 2020 bull run (Figure 5) and has since slowed and had a consistent decline with the general state of the bearish sentiment. In terms of market capitalisation (MC), I am guessing that most small-cap investors will not like the AUD81M number. I have to agree as there are many great "Punts" which have MC at sub-AUD5M which makes a great position to take on any appreciation. However, for a product like Zeotech, if they do get it right and the timing has arrived, AUD81M is very cheap. My thinking is that the new world order of clean energy and all the clean products that we are embracing, a product that can reduce carbon emission would be like the beginning of the computer age. The key for investors is to watch the space and talk to management. What I have learnt over the last 5 years of Coffee With Samso is that management do want to engage and they are doing everything they can to engage with all forms of investors. They all know that the core supporters, from founding shareholders to the significant shareholders can only take them so far and the holistic engagement with the investing community is still the holy grail. 5.1 New Management and Advancement of Business The new management and the recent release of the findings with the Methane, government funding, and the MOU with Holcim do give me a sense that there is more than a good speech for the Zeotech story. I am guessing that the combination may seem to have sparked a renewed interest with a recent jump in share price movement. What that translates to is anybody's guess, but if the latest Noosa presentation by James Marsh is an indicator of things to come, there may be a good reason to start the DYOR process on Zeotech. James did do wonders for the initial share price movement for Andromeda Metals Limited (ASX: ADN), however, history is clear that the Andromeda story has not ended well (Figure 6). Figure 6: The share price chart for Andromeda Metals Limited. (source: Commsec). How or who was responsible for the decline is not something we retail investors will ever have an answer to. Personally, I did not follow the entire story, but what I know is that it is never about what it seems. 6.0 Samso Concluding Thoughts As I am looking at Zeotech, I cannot help but be reminded of the likes of EcoGraf Limited (ASX: EGR) and Cadoux Limited (ASX: CCM), formerly FYI Resources Limited. One could go as far as comparing it to companies such as Blackstone Minerals Limited (ASX: BSX) with their vertical integration of their nickel sulphide project in Vietnam. The value creation journey for EcoGraf (Figure 7) and Cadoux (Figure 8) is not a great role model for investors looking at Zeotech, but sometimes, timing is critical. You could have a great idea or a great product but if you are too early or late, that is not a good thing. Figure 7: Share price chart for EcoGraf Limited. (source: Commsec) If you look at the share price chart for Andromeda, EcoGraf, and Cadoux, the three share price chart are almost in perfect symmetry, so it looks like the three companies caught the same bug. As investors, we must always remember that the market is always changing, and there is definitely less market understanding for this type of commodity/story. It is not like gold or copper or lithium, where the investing community can easily understand the fundamentals. Figure 8: Share price of Cadoux Limited (formerly FYI Resources Limited). (source: Commsec) Projects such as that Zeotech are promoting, are all going to take time and the triggers for success are normally subtle to start, especially for the retail side, and with time it will lead to larger news. Selling this type of story is not easy and may approach the level of very hard, but it is not impossible. This is not your typical mineral resource project that is widely promoted on the ASX. I am not saying that it is not a good project; in fact, I am taking the time to write because I like the concept. In fact, James Marsh with Andromeda was looking to do something like this as well, but as I said, how, what, and why the Andromeda story ended up in tears could be solely a case of timing. There will be much commentary on the reasons, but I have seen some significant disasters turn into a gem and vice versa. 6.1 Zeotech Makes Sense I don't think the Zeotech story is comparable to that of Andromeda, EcoGraf, or Cadoux, but it is the same pathway. It appears that Zeotech has more merits with the backing of government funding and the collaboration with the University. I am a big fan of thinking outside the norm, so I am very skewed in my thinking for taking that extra risk when it comes to predicting future pathways for all aspect of my life. As you read through the news release, you will start to see the runs on the board and the proof of concept being announced by the company. All these steps take time, and the great news is that it has been done. I did mention that this story has been on the move since 2019, and that is now nearly 6 years of work that has been completed, meaning that the boring hard work that takes time has been done. Commercialisation or monetisation of the Zeotech concept may be just around the corner, and the market cannot deny that the clean energy and no-carbon or less-carbon-emission train will only gain traction as we go beyond 2025. Planet Earth is building solar and wind farms as if they were the only energy source available. It is not a revelation that I feel the reduction of carbon emission space will be the next "Flavour"; however, I am not sure if the timing is 2025 or 2030. All projects require the balance of funding and storytelling, and the combination will be the telling factor for the survival of Zeotech and the other companies in this space. To conclude, Zeotech may or may not happen as an investment for investors, but as I mentioned in the start of this discussion, one needs to take an alternative look at investments, otherwise we will just be another sheep in the herd. History tells me that when I am in that situation, I do feel that I am completely at a lost of my investment entry and exit decisions. 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 on noel.ong@samso.com.au. About Samso

Announcement AusPozz Project Preliminary Feasibility Study Zeotech Limited (ASX: ZEO) Zeotech Limited (ASX: ZEO) has released a Preliminary Feasibility Study (PFS) for its AusPozz™ Project, underpinned by its Toondoon Kaolin Project in Queensland (Figure 1), confirming the strong technical and economic potential of Australia’s first metakaolin manufacturing facility for the production of low-carbon concrete additives. The study marks a major milestone for Zeotech’s ambition to support Australia’s decarbonisation efforts and transform the construction materials landscape. Figure 1: Toondoon Kaolin Project map (source: ZEO) Zeotech, Chief Executive Officer, James Marsh commented: “We are excited by the positive outcomes of the AusPozz™ Project PFS, which presents a compelling business case for establishing Australia’s first manufacturing facility dedicated to producing a world-class high-reactivity metakaolin. This advanced supplementary cementitious material (“SCM”) product offers both significant environmental and technical benefits, making it a key enabler in accelerating the transition to low-carbon concrete across a broad range of applications.” “AusPozz™ is well-positioned to become a game changer in Australia’s building and construction materials sector, with the potential to make a substantial contribution to the nation’s net-zero carbon emission targets. We eagerly look forward to advancing the DFS and continue driving sustainable innovation.” What is AusPozz™ Metakaolin? AusPozz™ is a high-reactivity metakaolin, a supplementary cementitious material (SCM) that enhances strength, reduces shrinkage, and improves durability in concrete (Figure 2). It is made by calcining ultra-high purity kaolin from Zeotech’s Toondoon Kaolin Deposit in Queensland. “AusPozz™ is well-positioned to become a game changer in Australia’s building and construction materials sector, with the potential to make a substantial contribution to the nation’s net-zero carbon emission targets. We eagerly look forward to advancing the DFS and continue driving sustainable innovation.” Figure 2: Zeotech's AusPozz™ high-reactivity metakaolin. (source: ZEO) Unlike traditional SCMs such as fly ash (Figure 3) or slag, AusPozz™ is designed to be low-carbon, high-performance, and domestically produced. The proposed facility at the Port of Bundaberg will process 6.23 Mt of kaolin feed over the mine life, supported by nearby infrastructure, utilities, and export routes. Figure 3: Traditional SCM from coal fly ash. (source: ZEO) Key Project Highlights for Zeotech Limited The AusPozz™ PFS outlines a project with robust economics and clear sustainability credentials: Project Cashflow: $1,014 million (after-tax) EBITDA: $1,604 million over the 20-year Life of Mine Net Present Value (NPV8): $406 million after-tax Internal Rate of Return (IRR): 42% Payback Period: 2.1 years Initial Capital Cost: $115 million, with early DSO sales reducing funding needs to ~$95 million Importantly, early revenue from Kaolin Direct Shipping Ore (DSO) reduces upfront capital needs and accelerates the project’s payback. The PFS also confirms AusPozz™ production capacity of 300,000 tonnes per annum, underpinned by a JORC-compliant Measured and Indicated Resource of 10.87 Mt of high-purity kaolinite and plastic clay. From a commercial standpoint, Zeotech has secured strong early interest: 65 active sales/specifier leads MOUs with major industry players: Holcim Australia (for AusPozz™ trials and potential offtake) MSI China (for 950,000 tonnes of Kaolin DSO over five years) Environmentally, AusPozz™ offers a 1-for-1 cement replacement, potentially reducing emissions by 229,800 tonnes CO₂-e per year at nameplate production, equivalent to removing 53,600 petrol-powered cars or powering over 30,860 homes annually. The Road Ahead: DFS and Beyond to a Low-Carbon Concrete Company. With the PFS now complete, Zeotech is preparing to launch a Definitive Feasibility Study (DFS) in Q3 2025, to reach Final Investment Decision in Q1 2026 and achieve full-scale production by Q1 2029. The DFS will advance: Resource definition and expansion drilling Binding offtake agreements Detailed engineering and vendor trials Environmental approvals and Port infrastructure agreements Zeotech also unveiled “Horizon 2” downstream opportunities, including: zeoteCH₄®, a proprietary zeolite targeting landfill methane emissions Animal feed supplements aimed at preventing milk fever in cows These initiatives highlight Zeotech’s long-term vision of becoming a diversified green materials technology company. Next Steps – Summary ✅ Strong Business Case: AusPozz™ offers low-cost, low-risk production with strong market demand and attractive project margins. ✅ High-Quality Resource: The Toondoon Kaolin Deposit contains ultra-high purity kaolinite (>90%), ideal for DSO and metakaolin production. ✅ Scalable Production: The proposed 300,000 tpa AusPozz™ Manufacturing Facility at the Port of Bundaberg is supported by robust infrastructure, with potential for future expansion (Train 2). ✅ Market Readiness: Zeotech has secured 65 active sales leads and MOUs with Holcim (for AusPozz™) and MSI (for Kaolin DSO), signalling strong commercial interest. ✅ Environmental & Social Alignment: The Project supports low-carbon cement alternatives while promoting regional job creation and economic development. ✅ Execution Pathway: DFS to commence in Q3 2025 Final Investment Decision (FID) targeted for Q1 2026 Full-scale AusPozz™ production expected by Q1 2029 Samso Concluding Comments Zeotech’s Preliminary Feasibility Study for AusPozz™ should command investor attention. Seasoned investors will always agree that numbers speak volumes—strong margins, a quick payback period, and scalable market applications. I like that there is an alignment with a global shift toward greener infrastructure. At a time when governments and industries are actively seeking alternatives to traditional cement, Zeotech is positioning itself at the forefront of that transition. The Company’s emphasis on commercial readiness—with active leads and MOUs—reinforces the Project’s viability, not just from a technical perspective but from a real-market demand lens. The backing of Holcim Australia is particularly notable, offering strong third-party validation. In addition, the Project’s location at Bundaberg and its connection to regional development goals enhance its long-term social and economic sustainability. From the market perspective, a market capitalisation of AUD $127M is not a bad place for investors to consider a position. If Zeotech can make this happen, I would see much bigger valuations and numbers in the 8 numbers will easily be achieved. I think the narrative is that Zeotech is not a kaolin play. It’s a transformative move into advanced materials with purpose—one that touches everything from housing to infrastructure, and even animal health in the longer term. That’s a rare blend in today’s resource sector. The Samso Way – Seek the Research At Samso, we always say the best stories are the ones that show the homework. Zeotech (ASX: ZEO) has done exactly that—through validated testwork, independent resource reviews, and detailed planning for both commercial and environmental success. With a strategic product like AusPozz™ and the groundwork in place, this is a story for those seeking growth with substance. 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 Zeotech Executes LOI with Bisley 18 November 2025 (click here to view the announcement) Zeotech Limited (ASX: ZEO) has taken another step forward in advancing the commercial pathway for its high-reactivity metakaolin product, AusPozz™ (Figure 1), through the execution of a non-binding Letter of Intent (LOI) with global industrial materials distributor Bisley & Company. The collaboration spans domestic and selected international markets, providing Zeotech with an expanded platform to develop market reach and distribution capability. Figure 1: AusPozz™- high-reactivity metakaolin (source: ZEO) The Business of Zeotech Limited: Focus – Projects - Creating Green Industrial Environmental Solutions Zeotech Limited (ASX: ZEO) is building a future-focused advanced materials business centred on its wholly owned high-grade kaolin resources. The Company is developing high-reactivity metakaolin for the low-carbon concrete sector, alongside advanced zeolite-based materials aimed at greenhouse gas mitigation, including technologies targeting fugitive methane control. These projects reflect Zeotech’s broader strategy to supply practical, science-driven solutions that support both industrial performance and environmental improvement. Highlights – LOI with Bisley Strengthens Commercialisation Pathway Non-binding LOI with Bisley, a multinational marketer and distributor of industrial raw materials with more than 70 years of operating history and a strong presence across APAC, the Middle East, and North America. Shared capability collaboration, combining Bisley’s distribution and technical marketing capability with Zeotech’s AusPozz™ product suite and associated performance data. Preliminary market assessment to be conducted by Bisley with customer engagement support from Zeotech, aimed at identifying commercial opportunities for AusPozz™. Complementary product alignment, with Bisley already holding deep experience in metakaolin technology and sales. Existing pipeline of demand, with numerous domestic and overseas customers already having tested and approved AusPozz™ for use, represents a near-term commercial opportunity. Joint development of a commercialisation and distribution framework, covering pricing, logistics, customer support, and market structure for potential distribution in Australia and selected international markets. Leadership Commentary Zeotech Chief Executive Officer, James Marsh, commented: “We are pleased to be partnering with one of Australia’s leading distributors of industrial raw materials, with a strong technical capability and global market reach. This LOI establishes a framework for Zeotech and Bisley to work together in progressing the significant commercial opportunity presented by AusPozz™ and in evaluating pathways to build a robust marketing and distribution platform to support future large-scale adoption.” Bisley Operations Director Australia and New Zealand, Matt Henry, commented: “Bisley is pleased to commence this collaboration with Zeotech to progress the development of a marketing and distribution framework for AusPozz™ across Australia and selected international markets. We see AusPozz™ as a highly promising industrial product, and Bisley will undertake a detailed market assessment and customer engagement program, leveraging our technical expertise and established supply-chain capabilities to identify and develop key distribution opportunities.” About The AusPozz Project The AusPozz™ Project is Zeotech’s core initiative to commercialise its high-reactivity metakaolin as a low-carbon, high-performance alternative for the concrete sector. Developed from the Company’s wholly owned high-grade kaolin resources, AusPozz™ is designed to cut embodied carbon, enhance strength with less cement, and improve long-term durability. Its technical advantages—including reduced shrinkage, elimination of concrete cancer, improved fire resistance, lower chemical use, and the replacement of imported minerals—position the project as a practical solution for industries seeking both economic and environmental benefits (Figure 2). Figure 2: AusPozz™: Technical Advantages Supporting Low-Carbon Concrete (source: ZEO) Near-term Milestones to Watch Completion of Bisley’s preliminary market assessment. Outcomes of customer engagement programs and feedback from potential users of AusPozz™. Development of a commercialisation and distribution framework, including pricing structures and logistics pathways. Progress toward a binding distribution agreement, subject to mutual evaluation over the six-month LOI period. How Samso Understands the Investment Memo for the Company This announcement strengthens Zeotech’s commercial pathway by introducing a technically aligned, globally capable distribution partner. With existing customer approvals already in hand, the collaboration with Bisley appears well-positioned to accelerate market penetration for AusPozz™ and broaden Zeotech’s exposure in key industrial sectors. Samso Concluding Comments From a Samso point of view, this announcement is another small but practical step in Zeotech’s move from technology development towards commercial reality. The focus remains on AusPozz™ and how it can find a place in the low-carbon concrete supply chain. Bringing Bisley into the picture adds a partner with real distribution and technical marketing experience in the industrial materials space. That combination of product and channel is often where projects either gain traction or stall. The fact that AusPozz™ has already been tested and approved by a number of prospective customers gives this LOI more substance than a purely conceptual agreement. There is at least some early market pull to work with. What happens over the next six months will be important. If the market assessment, customer engagement, and framework workstreams lead to a binding agreement, investors may start to see a clearer line between Zeotech’s project pipeline and potential revenue pathways. Market Expectations Since this ASX release, the share price has pretty much settled. If readers are wondering about the business of Zeotech, the share price chart tells a pretty good story of how ZEO has come to be a company that has a market capitalisation of just over AUD $164M and in the third quarter of 2023, ZEO was under 2c, and it is now around 8.3c as of 1st December 2025. Figure 3: The share price chart for Zeotech Limited as of 1st December 2025. (source: Commsec) The business of ZEO has been a long struggle to gain traction, and I think this is now happening in earnest. The proof of concept can now be considered as history, but what remains uncertain, only due to its infancy stage, is the commercialisation part of the business. Can ZEO make this a business that has scale? For me, this is almost a no-brainer. Although we all know that there is no certainty in investing, I will say that it is a candidate for some serious DYOR. The Samso Way – Seek the Research Always take the time to understand the facts 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 Independent Expert Peer Review Validates AusPozz Performance 25 November 2025 (click here to view the announcement) Zeotech Limited (ASX: ZEO) has released the findings of an independent expert peer review examining the performance of its high-reactivity supplementary cementitious material, AusPozz™ (Figure 1), across a comprehensive program of concrete mix trials conducted over 12 months. The review was undertaken by BG&E Pty Ltd, an engineering consultancy with a long-standing reputation across Australia’s infrastructure and structural engineering sectors. Figure 1: AusPozz™ - High Reactivity Metakaolin (source: ZEO) The Business of the Zeotech Limited: Focus – Low-Carbon Concrete Zeotech is advancing a portfolio of low-carbon concrete materials and advanced environmental applications (Figure 2) derived from its high-grade kaolin resources. The AusPozz™ program is a central pillar of the company’s broader strategy to: Develop high-reactivity metakaolin for sustainable concrete markets. Provide solutions for GHG mitigation, including zeolite-based technologies. Position AusPozz™ as a compliant and technically validated SCM aligned with Australian standards. Figure 2: AusPozz™ - Significantly lower carbon footprint and multiple performance benefits (source: ZEO) Highlights – Independent Review Validates High-Performance Concrete Outcomes The BG&E peer review confirms AusPozz™ as a high-performance SCM based on the following outcomes: Superior Strength Performance: Across all mix designs assessed over 12 months, AusPozz™ consistently delivered higher strength results. In some trials, strength increases exceeded 130% compared with control mixes. Reduced Drying Shrinkage: An average 30% shrinkage reduction after 56 days was recorded, supporting improved dimensional stability and reduced cracking risk. ASR Mitigation: At 25% cement replacement, all materials transitioned from reactive to non-reactive status, meaning AusPozz™ can effectively mitigate Alkali–Silica Reaction. Workability Maintained: Plastic properties (bleed, air content, consistency) behaved similarly to mixes incorporating other SCMs, reinforcing suitability for commercial-scale batching. Thermal Advantages: AusPozz™ reduced peak temperatures compared with cement, reducing thermal cracking risks and supporting lower-cost concrete designs. Silica Fume Replacement: In high-strength concretes, AusPozz™ delivered performance comparable to silica fume, providing additional cost and handling advantages. Leadership Commentary Zeotech Chief Executive Officer, James Marsh, commented: “Independent expert validation confirms AusPozz™ as a high-performance building material with the capability to materially decarbonise concrete across both infrastructure and commercial applications and deliver technical advantages. The demonstrated benefits in strength, shrinkage control, ASR mitigation, and the potential for cost savings position AusPozz™ as a highly compelling solution for the built environment. Importantly, BG&E’s independent review provides industry stakeholders with confidence that AusPozz™ meets rigorous technical standards and can consistently deliver both sustainability and performance outcomes. This milestone reinforces Zeotech’s commitment to advancing innovative, low-carbon materials that support the transition to sustainable construction while delivering tangible economic and operational value for our partners." About the Project – Independent Peer Review by BG&E Zeotech engaged BG&E to conduct a full technical peer review across a broad suite of concrete mix trials, including: Precast Bulk-fill Abrasion-resistant mixes High-performance concrete The methodology included standardised benchmarking against control mixes to evaluate the effect of AusPozz™ as a cement replacement SCM. The review was led by: Greg van Rooyen, Senior Associate & Team Leader – Materials (QLD), Chartered Professional Engineer and current National Vice-President of the Concrete Institute of Australia. BG&E is recognised for: National and international engineering leadership Material durability expertise Compliance with Australian standards (AS 3852.4:2022) Near-term Milestones to Watch According to the announcement, Zeotech is progressing multiple next-step activities: Expansion of the durability assessment program to support broader market adoption. Additional testing of high-performance concrete mixes to strengthen technical validation. Ongoing work with Queensland Transport and Main Roads to secure AusPozz™ inclusion in approved product lists. Continued advancement of commercial engagement across infrastructure and construction markets. How Samso Understands the Investment Memo for the Company From a Samso perspective, the independent peer review provides the kind of third-party technical validation that is essential in materials science commercialisation. AusPozz™ now sits in a stronger position with respect to compliance, technical performance, and market readiness. The investment lens highlights several key points: Validation reduces technical risk. Independent confirmation supports the credibility of AusPozz™ across multiple performance categories. Market adoption depends on evidence. Concrete producers and infrastructure clients typically require multi-year, consistent data before integrating new SCMs. This process is underway and strengthened by these findings. Regulatory alignment supports scalability. The confirmation of alignment with AS 3852.4:2022 is a critical enabler for future tenders and approvals. Expansion of testing is value-accretive. While in the early stages, the broadened testing program directly addresses industry requirements and de-risks future commercial rollouts. This is still an early part of the commercialisation curve, but the foundations continue to strengthen. Samso Concluding Comments The release of an independent peer review is always an important milestone for any emerging technology, and in this case, it provides Zeotech with a substantial layer of technical credibility. The concrete industry is built on standards, performance benchmarks, and evidence that can withstand scrutiny. BG&E’s review does exactly that — it delivers a detailed assessment of AusPozz™ across a range of real-world mix designs, confirming repeatable results rather than isolated laboratory outcomes. Strength improvements exceeding 130%, shrinkage reductions of 30%, and the ability to transition ASR-affected materials to non-reactive classification all point to a product that is genuinely additive to the performance of concrete. These are measurable improvements that matter to structural designers, precast manufacturers, and civil engineering teams managing long-term durability risks. The study also shows that AusPozz™ behaves predictably alongside existing SCMs. This is a key factor for commercial adoption, as concrete producers demand reliable workability, batching behaviour, and alignment with established mix protocols. The confirmation that AusPozz™ maintains plastic properties comparable to current SCMs lowers the practical risk for early adopters and sends a strong message that the material can slot into existing operational workflows without disruption. While this validation strengthens the foundation, it is equally clear that Zeotech still has a pathway of continued testing, approvals, and broader engagement ahead. The industry will expect long-term durability datasets and large-scale field applications, and Zeotech has acknowledged this by expanding its testing program. Nonetheless, this peer review marks a significant step forward — a moment where the narrative shifts from potential to demonstrated performance, giving the market a clearer sense of what AusPozz™ can deliver. The Market Perspective Figure 3: The share price chart for Zeotech as of 15th December 2025 (source: CommSec) The market acceptance is a clear indication that the company's story is heading in the right direction (Figure 3). ZEO currently has a market valuation around the AUD $160M mark, and for me, that is not a bad level for taking a position. There is now a clear indication that the product does work, and one has to remember that Alpha HPA Limited took a long time to get to a market capitalisation of AUD $800M (see link below for our Samso News on the company). Exploring the Potential of High Purity Alumina: A Review of Alpha HPA Limited (ASX: A4N) The HPA journey, or in this case, for Zeotech, the low-carbon concrete journey, is taking small but positive steps. One has to remember that this has been jouney measured in multiple years. The Samso Way – Seek the Research Every insight begins with evidence, and every conclusion is grounded in the data you can verify. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Murga's Low Iron Scandium Enters Metallurgical Testing as Simpler Leaching Route Could Reshape the Deposit's Economics Samso News | ASX: RIM | Critical Minerals | Scandium — Fifield District, NSW Rimfire Pacific Mining Ltd (ASX: RIM) occupies a specific and differentiated position within Australia's scandium landscape. Samso has taken a liking to Rimfire because of the potential possibilities of the Murga Scandium Deposits with its low iron content. Over the years, I have learnt that to look out for these small things that make a lot of difference in terms of understanding the potential of a mineral resource story. Lightning Storm (Source: Rimfire Pacific Mining Limited) Currently, the narrative is that it is approximately 16% Fe compared to 34% Fe at neighbouring deposits, which, according to the company, opens the possibility of Atmospheric Tank Leaching or Vat Leaching rather than the more capital-intensive and technically complex High Pressure Acid Leaching (HPAL) route that other Fifield District operators are contemplating. If that simpler leaching pathway proves economically viable, it materially changes the capital intensity equation for Murga relative to its peers. The metallurgical study now underway at Simulus Laboratories is the test that will determine whether that advantage is real. With a total global scandium resource inventory of 10.6Kt Sc across Melrose, Currajong, and Murga and the Malamute Prospect offering additional regional upside. From a Samso perspective, Rimfire has assembled a resource base that positions it among the most significant scandium players in Australia's most prospective scandium district. The metallurgical question at Murga is the next pivotal variable the market should track. Bottle Roll Testing Commences at Murga as Rimfire Investigates Whether Low Iron Scandium Can Be Extracted Without High-Pressure Acid Leaching Samso News | ASX: RIM | Source: Rimfire Pacific Mining Limited ASX Release, 12 May 2026 Introduction Rimfire Pacific Mining Limited has announced the commencement of a metallurgical study on low iron scandium mineralised material from its Murga Scandium Deposit in the Fifield District of central New South Wales. The study, being conducted by Simulus Laboratories in Perth under the guidance of the company's Metallurgical Process Consultant, Boyd Willis, is designed to determine whether Murga scandium can be economically recovered at atmospheric pressures — a question with significant implications for the deposit's capital intensity relative to other scandium projects in the district. The central distinction at Murga is its iron content. The deposit carries an average iron grade of approximately 16% Fe, materially lower than comparable scandium deposits in the Fifield District. Rio Tinto's Burra Scandium Deposit, for example, holds a combined Mineral Resource iron grade of 34% Fe. That difference in iron content is commercially significant because high-iron scandium deposits typically require High Pressure Acid Leaching (HPAL) which is a metallurgical process that is both capital-intensive and technically complex. If Murga's lower iron content allows the use of Atmospheric Tank Leaching or Vat Leaching, the capital requirements for bringing the deposit into production would be substantially lower. The metallurgical study now underway is the first systematic test of that hypothesis using Murga material. Figure 1: Aircore drilling operations at Rimfire's Fifield project in central NSW — the same drilling technique used across the Murga Scandium Deposit to generate the resource inventory now underpinning the metallurgical study. Source: (Rimfire Pacific Mining Limited). Stage 1 of the study involves bottle roll leach testing at atmospheric pressures on two representative samples of laterite/clay and saprolite-hosted low iron scandium mineralised material. Initial findings from Stage 1 are expected by late June 2026. The outcome of that stage will determine the pathway for Stage 2, which may involve agitated leach or vat leach testing depending on particle size results. Stage 2 completion is anticipated potentially as early as the September 2026 quarter. In parallel with the metallurgical study, the company's Inferred Mineral Resource at Murga now stands at 56.1Mt at 138ppm Sc for 7,760t Sc, contributing to a total Fifield scandium resource inventory of 10.6Kt Sc across the company's three deposits. Rimfire Pacific Mining Limited Murga Scandium Project - Highlights Management Commentary David Hutton, Managing Director and CEO of Rimfire Pacific Mining, framed the commencement of bottle roll testing as a step toward realising what the company regards as Murga's key point of difference within the Fifield District. Hutton pointed to the low iron character of the mineralisation as a potential technical breakthrough relative to competing scandium projects in the district, which are contemplating HPAL — a significantly more capital-intensive process. He confirmed the company's primary corporate objective remains building a globally significant scandium resource inventory at Fifield, and expressed confidence that further drilling success at both Murga and the Malamute Prospect could substantially grow the inventory beyond its current level. " Murga's low iron scandium represents a potential technical breakthrough and is a key point of difference to the other scandium deposits in the area." — David Hutton, Cheif Executive Officer, Rimfire Pacific Mining Limited Hutton also contextualised the study within the company's broader resource-building trajectory, noting that the total Sc Oxide resource base of more than 16Kt across the Fifield portfolio places Rimfire in a strong position within the district. The metallurgical study is presented as complementary to, rather than separate from, the resource growth strategy — the logic being that a confirmed lower-cost processing pathway at Murga would materially enhance the commercial case for the deposit's development alongside the inventory-building work that continues at Malamute. Near-Term Milestones to Watch What Investors Should Monitor Following This Metallurgical Study Announcement Near-Term Milestones to Watch Figure 2A: Fifield aircore drilling. (Source: Rimfire Pacific Mining Limited) Figure 2B: Rimfire geologists on the ground at Fifield. (Source: Rimfire Pacific Mining Limited) Samso Concluding Comments The Rimfire story is probably at a stage where interested investors may want to take some notice. This may not be the timing to jump in but the 12 May 2026 announcement from Rimfire Pacific Mining is pretty much the commencement of a study that will answer a binary question: can Murga's scandium be economically extracted without High Pressure Acid Leaching? This is effectively the key quesiton for the Rimfire Story. The keya spect of this discussion is that currently HPAL is the dominant proposed processing route for comparable scandium deposits in the Fifield District. The take away for those that are new to this story is that the HPAL process carries a substantially higher capital cost and technical complexity than atmospheric leaching alternatives. IF bottle roll testing and subsequent stages confirm that Murga's low iron mineralisation responds adequately to atmospheric conditions, the deposit's development economics would be fundamentally different from those of its neighbours. IF the results are inconclusive or negative, the company would need to reassess its processing approach. Figure 3: Core cutting at one of Rimfire's Fifield project drill programs. The HQ quarter core samples now being tested at Simulus Laboratories in Perth were collected from diamond drillhole FI2679 at the Murga Scandium Deposit. Source: Rimfire Pacific Mining.Schematic diagram of the multi-stage metallurgical study process — Stage 1 bottle roll testing through to Stage 2 agitated or vat leach testing — illustrating the study pathway from commencement to economic viability assessment Murga's average iron grade of approximately 16% Fe compares with 34% Fe at Rio Tinto's Burra deposit. According to the managmeent ethos, that gap is the difference between a deposit that may be amenable to surface-condition leaching and one that requires an autoclave-based high-pressure process. The capital cost of an HPAL facility, inclusive of the autoclave circuit, materials-handling infrastructure, and the operational complexity of managing high-temperature, high-pressure acid conditions, is one of the primary reasons that high-grade scandium deposits globally have been slow to reach commercial production despite strong pricing fundamentals for the metal. A viable atmospheric leaching route at Murga would remove that barrier, at least in principle. This study now underway is designed to test whether the mineralogy supports that outcome. Figure 4: A diamond drill rig at one of Rimfire's NSW project sites. Diamond drilling at Murga — including drillhole FI2679, the source of the metallurgical test samples — has provided the HQ core now being assessed for atmospheric leaching potential at Simulus Laboratories. (Source: Rimfire Pacific Mining Limited) The resource inventory context is also worth holding in mind. Rimfire's 10.6Kt Sc total inventory at Fifield, which is spread across three deposits is a material holding in a district that has attracted significant attention from major operators. The Murga deposit alone contributes 7,760t Sc, which accounts for the majority of that inventory. If the study results indicate that there is a win for Rimfire, then one can start factoring some potential upside with the Malamute Prospect, which located 40km to the north and not yet included in any resource estimate. While the company aim to participate in the Scandium story with a globally significant scandium resource base at Fifield is defintely more than intertesting. For the moment, the metallurgical work now underway at Murga will be what the industry is awaiting. Previous Samso News Coverage Samso has followed Rimfire Minerals across multiple ASX releases. The following represents our prior published coverage of the company: April 14, 2026 - April 6, 2026 - About Rimfire Pacific Mining Limited Rimfire Pacific Mining is an ASX-listed critical minerals explorer focused on building a globally significant scandium resource inventory in Australia's Fifield Scandium District, located approximately 70km northwest of Parkes in central New South Wales. The company's scandium portfolio comprises three deposits — Melrose, Currajong, and Murga — together delivering a combined global resource inventory of 10.6Kt Sc (16.2Kt Sc Oxide). The Murga Scandium Deposit, the most recently updated, holds an Inferred Mineral Resource of 56.1Mt at 138ppm Sc for 7,760t Sc. Murga is notable within the Fifield District for its relatively low average iron content of approximately 16% Fe, which creates the possibility that its scandium could be extracted using Atmospheric Tank Leaching or Vat Leaching — simpler and less capital-intensive techniques than the High Pressure Acid Leaching (HPAL) methods being considered by operators of higher-iron deposits in the same district. A metallurgical study to investigate this pathway is now underway. The company also holds the Malamute Scandium Prospect approximately 40km north of Murga on its 100%-owned Rabbit Trap Project, offering regional resource growth optionality. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's 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 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Argentina has long been one of those jurisdictions that sits in the investor’s peripheral vision, not being ignored, but was never fully committed to as a "safe or aprropriate jurisdiction. For close to three decades, the global mining industry has watched the country with a mix of interest and hesitation. The reason is not difficult to understand. Argentina hosts ground that would be considered first-order by most geologists, sitting within the Andean Copper Belt and the Lithium Triangle, yet the level of production has consistently lagged the geological potential (Figure 1). Figure 1: Summary of mineral deposits in Argentina. (source: Canning House) That gap has historically had little to do with what sits below surface. It has been shaped by what happens above it. Currency controls, shifting royalty structures, and an often fragmented alignment between federal and provincial governments have made long-term planning difficult. For mining companies — particularly those accountable to public markets — uncertainty in policy translates directly into uncertainty in capital allocation. When the rules are not stable, modelling long-term returns becomes an exercise in risk management rather than project development. The election of Javier Milei in December 2023 marks a shift in that narrative. The policy direction has moved decisively toward attracting investment, with early signs that structural reform is being implemented rather than simply discussed. For an industry that operates on multi-decade timelines, that change in direction is meaningful, but it does not remove the need for careful observation. Figure 2: President Javier Milei during his election win in 2023. (source: El Orden Mundial) This Samso Insight takes a step back from the noise and lays out the moving parts. The political environment is evolving, new regulatory incentives are being introduced, and the resource base remains as compelling as it has always been. At the same time, the structural risks that have defined Argentina over the past three decades have not disappeared. The intention here is not to form a view on whether Argentina deserves investor capital. It is to provide a clear, factual map of the jurisdiction as it stands today — particularly in the context of ASX-listed companies already operating in the country or considering entry. In markets like Argentina, understanding the balance between opportunity and execution risk is what ultimately shapes outcomes. Contents 1.1 Javier Milei and the Reform Agenda 1.2 Federal Structure and Provincial Dynamics 2.0 The RIGI - Argentina's investment Incentive Regime 2.1 What RIGI Is 2.2 Why the Forex Provision Matters 2.3 Early Uptake 2.4 Limitations and Criticisms 3.0 Australian Companies In Argentina 3.1 Copper 3.2 Gold THE OPERATING MINES IN CONSTRUCTION IN DEVELOPMENT — ADVANCED THE OPERATING PROJECTS 3.3 Lithium IN DEVELOPMENT — ADVANCED SAMSO THOGHTS 3.4 Silver THE OPERATING MINES THE BLOCKED DEPOSIT IN DEVELOPMENT — ADVANCED THE ASX-CONNECTED SILVER PIPELINE SAMSO THOUGHTS Samso Concluding Thoughts 1.1 Javier Milei and the Reform Agenda The election of Javier Milei was not a routine political transition. It marked a clear break from Argentina’s recent economic history. Milei came into office positioning himself as a libertarian economist, with a mandate built around fiscal contraction, deregulation, and a deliberate unwinding of what he described as an overextended state. Figure 3: Javier Milei elected as President of Argentina with an inflation rate of over 200% in 2023. (source: Google) He inherited an economy under significant strain. Inflation had moved beyond 200% annually — a level that removes any real visibility for long-term planning. For the mining sector, that type of macro environment makes it difficult to commit capital, regardless of geological quality. Milei’s initial response was direct. Public spending was cut, subsidies were reduced, and the reliance on monetary financing of the deficit was effectively stopped. The adjustment phase was not without consequence. Through 2024, the social impact was visible, with poverty levels rising as the economy reset. By late 2025, however, the macro indicators began to stabilise. Inflation moderated from peak levels of around 211% to closer to 30% by year-end, with further declines projected if fiscal discipline is maintained (Figure 4). At the same time, GDP, which had contracted through 2023 and 2024, showed signs of recovery, with growth forecasts approaching 5% for 2025. Figure 4: Javier Milei as President has lowered the inflation rate to 5% but underlying the dramatic inflation miracle, is the underlying tone of a rise in unemployment, poverty and growing discontent. Is this a real economic turn-around or will it just prove to be another false dawn for Argentina and also are there any lessons for the UK economy? (source: OECD) The October 2025 midterm elections became an important checkpoint. Milei’s party, La Libertad Avanza, performed better than expected, strengthening his legislative position. While he does not hold a full congressional majority, the outcome provides enough support to defend key policies and continue pushing reform. For investors, this matters. It suggests that, at least in the near term, the policy direction is not being reversed. 1.2 Federal Structure and Provincial Dynamics Argentina’s federal system is one of the more important factors in understanding how its mining sector actually functions. While national policy sets the broader direction, the practical side of mining, such as titles, permits, and environmental approvals, sits with the provinces (Figure 5). Figure 5: An important distinction of how regulations in the mining industry sector works in Argentina is that the Provincial authorities control the important component s of a mining project, the titles, permits, and environmental approvals (source: Google) Each province operates with a degree of independence. There is no single permitting framework across the country. Provinces such as San Juan and Salta (Figure 6)have built a reputation as pro-mining jurisdictions, with established pathways for project development. Others, including Mendoza and Chubut, have taken a more restrictive approach, particularly around open-pit mining and certain processing methods. Figure 6: View of a mine in San Juan and the Salta lithium Solars, Argentina. (source: Google) What this creates is variation. A supportive national policy environment does not guarantee smooth execution at the project level. The interaction between federal incentives — such as RIGI — and provincial control over approvals becomes a key part of the operating landscape. For companies on the ground, this is not theoretical. It directly influences timelines, capital requirements, and ultimately project viability. 1.3 Political Continuity — What to Watch From an investment perspective, the question is not whether policy has changed — it clearly has. The more relevant question is how long that change will hold. The 2025 midterm result provides some short-term confidence. Milei’s improved position in Congress (Figure 7) reduces the immediate risk of key legislation being unwound, particularly the RIGI framework that underpins much of the current investment narrative. It gives the government enough support to maintain direction, even without full control of the legislature. Figure 7: The seats in the Chamber of Deputies in the Argentine National Congress. The longer-term view is less certain. The 2027 presidential election will be a more definitive test of policy durability. Argentina has a history of policy resets when administrations change, and that remains part of the risk profile. What is worth noting is how global capital is responding. Major mining companies such as BHP, Rio Tinto, and Glencore have committed significant capital to Argentine projects under the current framework. These are long-cycle investments, typically measured in decades rather than years. Their participation suggests that, at a minimum, the current direction is being taken seriously. Figure 8: Rio Tinto's $2.5B Rincon Lithium Project is one of the long-cycle investments in Argentina. Do we follow the leader? For ASX investors, this becomes the balance to understand. The policy environment is improving, capital is moving in, and the geology has always been there. The variable that remains is continuity — and in jurisdictions like Argentina, that is often the factor that determines whether potential translates into outcome. 2.0 The RIGI - Argentina's investment Incentive Regime Like all jurisdiction, the opportunities in mining will be driven by what the investment arena perceives the risk - reward structure of the location. Argentina is not a new regime and it is definitely not thought of as a cowboy nation. Over my 30 years in the industry, Argentina has always been in the conversation, however, I have never looked into the details. The region has always been the playground of the North American mining fraternity and the bold Australians. When I came up with this topic for a Samso insight, I thought this will be a great reason to dig deeper into the ins and outs of doing a mining business in Argentina. 2.1 What RIGI Is The Regime for the Incentivisation of Large Investments — commonly referred to as RIGI — is the central policy mechanism introduced under Javier Milei to reposition Argentina as a destination for large-scale capital. Approved by Congress in July 2024 and implemented in October of the same year, RIGI is designed with a clear objective. It is aimed at attracting long-term investment into capital-intensive sectors such as forestry, tourism, infrastructure, mining, technology, steel, energy, and the oil and gas sector. The framework applies to projects with a minimum capital commitment of US$200 million. What distinguishes RIGI is not a single incentive, but the combination of measures that attempt to remove the historical friction points that have defined Argentina’s investment narrative. At its core, the regime offers a reduction in corporate tax from 35% to 25%, alongside a phased reduction in dividend taxes after seven years of operation. More importantly, it introduces a 30-year stability framework covering tax and foreign exchange conditions. For investors used to policy volatility, this is the element that carries the most weight. Additional provisions include exemptions on import tariffs for capital equipment and key inputs, the ability to access export revenues in foreign currency, and access to international arbitration mechanisms rather than relying solely on domestic courts. Individually, these are not unique in a global context. In combination, they represent an attempt to align Argentina with jurisdictions that compete for the same pool of mining capital. Southern Pulse has a LinkedIn post that gives a good summary of what RIGI is all about. The biggest concern for observers is that the political lifespan since 2011 has been one term and there has been a history of false promises and a change in political agendas. According to El Pais, a prominent Spanish newspaper, all is not well with the Javier Milei government. According to El Pais, public sentiment in Argentina is showing that all is not well with the Javier Milei administration a combination of concerns for the economy and the political scene. The most commonly cited issues are corruption (43.3%), unemployment (42.2%), inflation (35.3%), the weakening of democracy (31.4%), and the broader economic situation (29.6%). Recent polling across the country shows a mixed but consistent trend in support for Javier Milei. Some surveys indicate approval levels around 40%, while others point to disapproval closer to 50%. According to the paper, local Isasi-Burdman polling firm reports that the President approval ratings has declined to 46%, however, the President current standing remains stronger than that of previous presidents at a similar stage in their terms. Other data suggests a more cautious outlook. Synopsis Consultores reports a disapproval rating of 56% and approval at 35%. El Pais reports that the decline in support since December 2025 is likely to be linked to ongoing economic pressures, including wages falling behind inflation, weak consumption recovery, and continued job losses. 2.2 Why the Forex Provision Matters For mining companies, the ability to generate revenue is only part of the equation. The ability to move that revenue is equally important. Under previous administrations, companies operating in Argentina could export commodities and generate foreign earnings, but often faced restrictions when attempting to repatriate those funds. The result was a structural imbalance. Capital was effectively trapped within a depreciating currency environment, reducing real returns to shareholders. RIGI directly addresses this issue. Projects that qualify under the regime are given progressively greater access to foreign currency, with restrictions easing over time and materially improving after the initial years of operation. From an investor perspective, this is one of the more practical changes within the framework. It shifts Argentina from being a jurisdiction where value could be created but not easily realised, to one where capital mobility is at least partially restored. 2.3 Early Uptake The early response to RIGI provides some indication of how the market is interpreting the policy shift. By late 2025, around 20 projects had applied for inclusion under the regime, representing an estimated US$30 billion in potential investment. The majority of these applications sit within the mining sector, with copper projects alone accounting for approximately US$16 billion of that pipeline. One of the more visible early approvals has been the expansion of Rio Tinto’s Rincón lithium project in Salta Province, a development valued at US$2.7 billion. This is not a small-scale commitment. It reflects a long-term view on both the resource and the policy environment. Government projections suggest that, if the current pipeline progresses, mining investment could reach approximately US$22 billion between 2026 and 2029. Whether that figure is realised will depend on execution, but the direction of capital flow is becoming clearer. 2.4 Limitations and Criticisms While RIGI has been positioned as a pro-investment framework, it has not been without opposition. One of the more consistent criticisms has come from Argentina’s domestic manufacturing sector. The exemption of import tariffs on capital equipment allows project developers to source machinery and inputs internationally without additional cost. Local producers argue that this creates an uneven playing field, where domestic suppliers are disadvantaged relative to imported alternatives. These concerns are not purely economic. They carry political weight. Industrial stakeholders have argued that the regime may undermine local production capacity by favouring external supply chains for major projects. For investors, this introduces a secondary consideration. Policy frameworks do not exist in isolation. Where there is domestic resistance, there is always the potential for political response over time. RIGI addresses many of the historical barriers to investment, but it also introduces new dynamics that will need to be monitored as the policy environment evolves. In practical terms, RIGI represents a structured attempt to reduce sovereign risk in Argentina’s mining sector. It does not remove that risk entirely. What it does is change the balance — and for capital-intensive industries, that shift is often enough to move projects from the sidelines into active consideration. 3.0 Australian Companies In Argentina To give some context to the activities of ASX companies in Argentina as of April 2026, I did a "comprehensive" search of ASX-listed companies with active operations, projects or joint venture interests in Argentina. To add some form of an attempt for structure, I have tried to sort the list by commodity followed by the stage the projects are at, as of April 2026. I will add that I have not entirely verified the details so please DYOR and don't take my list as gospel. I hope at best, it would help your search, assuming you wanted to do that :-) The list of companies qualify for the list where Argentina represents a material part of their current or planned operations. JV structures and partner relationships are noted where relevant. The statistics showing ASX companies in Argentina and the status of projects related to these companies. In a recent paper by the Ministerio de Economica Republica Argentina, I found some great information in regards to the status of projects (Figure 9). This isa good highlight of the existing mineral resource projects in country. Figure 9: Status of mineral resource projects in Argentina. (source: Ministerio de Economica Republica Argentina) The upcoming section is split up in commodities to help structure the Samso Insight, so the list of ASX compnaies will be within the sections. 3.1 Copper Copper is arguably the most well known commodity that aligns itself with investors in this region. Chile is the most well know of what I call the tiology of copper porphry deposits in South America. The other nations are Peru and Argentina. (Figure 10 ) Figure 10: Copper projects in Argentina. (source: Ministerio de Economica Republica Argentina) As far as I know, Chile is the world's leading copper producer, accounting for roughly 30% of annual global production. It also holds the largest copper reserves worldwide, estimated at over 200 million tonnes. In terms of giant deposits, I would say that Northern Chile is home to some of the world's largest, most prolific porphyry deposits, including Escondida (the world's largest), Chuquicamata, and El Teniente. Around 80% of Chilean copper production comes from porphyry copper-gold deposits. Geologically, Chile's northern regions are part of a massive Andean metallogenic belt that contains multiple parallel, porphyry-rich belts formed between the Cretaceous and Pliocene eras. The paper that I found while researching for this Samso Insight by Osvaldo Rabbia is a good run down on the endowment of the region and the need to discover more copper to fee the green energy transition. Table 1: Companies in Argentina that are working on copper projects. As for Argentina, it is regarded as an emerging, top-tier global destination for porphyry copper deposits, sharing the same highly fertile Andean geological belt as Chile and Peru (Figure 9). It boasts massive, world-class assets, notably the Vicuña district and Josemaría, with significant potential for further discoveries in less-explored areas. Table 1 above covers some of the companies that are in copper and its obvious that the main player will be BHP. Belararox are still in the exploration territory. The Vicuña district (filo del sol, Josemaría) is among the largest copper-gold-silver deposits globally (Figure 11). Other key projects include Agua Rica, Altar, and the mature Bajo de la Alumbrera. From an exploration perspective, compared to northern Chile, Argentina is less explored, providing higher potential for new discoveries within the same productive belt. Figure 11: Location of the Josemaría porphyry copper-gold deposit in the late Oligocene-Miocene volcanic belt of northern Chile and contiguous Argentina, showing the age assignment of the main porphyry and epithermal deposits. Insets show the location of the flat-slab portion of the subducted Nazca plate (contours from Cahill and Isacks, 1992) and position of Figure 1a in South America. b. More detailed geology of the Josemaría area and vicinity. Volcanic rocks compiled mainly from Maksaev et al. (1984), Mpodozis et al. (1995), Fauqué (2001), Panteleyev and Cravero (2001), Zappettini et al. (2001, 2008), SERNAGEOMIN (2003), Sanguinetti (2006), Martínez et al. (2015a), Mpodozis et al. (2018), and C. Mpodozis (writ. commun., 2018). The age of older volcanic rocks west of the Los Helados fault is uncertain, but between Paleocene and Oligocene. Deposit age assignments based on Sillitoe et al. (1991, 2013, 2016), Kay et al. (1994), Mpodozis et al. (1995), Bissig et al. (2001), Mpodozis and Kay (2003), Perelló et al. (2012), Maydagán et al. (2014), Cáceres (2015), Y. Kapusta inRode et al. (2015), Yoshie et al. (2015), Holley et al. (2016), Astorga et al. (2017), and NGEx Resources Inc. (unpub. data). Background shaded-relief image from Esri (2014 version). (source: Richard H. Sillitoe, Fionnuala A.M. Devine, Martin I. Sanguinetti, Richard M. Friedman; Geology of the Josemaría Porphyry Copper-Gold Deposit, Argentina: Formation, Exhumation, and Burial in Two Million Years. Economic Geology 2019;; 114 (3): 407–426. doi: https://doi.org/10.5382/econgeo.4645) The region, particularly the Frontal Cordillera in San Juan, hosts numerous porphyry centres with copper, gold, and molybdenum. While Chile currently leads significantly in production, the central Andes-Argentina arc segment is one of the most fertile porphyry belts globally. As we have discussed, the upside for Argentina is that it's mining sector has seen substantial growth, with mining exports in 2025 reaching record highs. What is interesting is that Argentina’s porphyries often feature significant gold and silver content alongside copper. Here are some samples where this gold-silver-copper associations are observed. 1. Filo del Sol (San Juan) Significance: Known as one of the largest copper-gold-silver deposits currently under development (Figure 11). Gold/Silver Content: The project hosts a massive high-grade "by-product" resource of over 4.6 million ounces of gold and nearly 160 million ounces of silver. Latest Resource: As of May 2025, it reported 32 million ounces of measured and indicated (M&I) gold and 659 million ounces of M&I silver, alongside 13 million tonnes of copper. (source: Australian Resources and Investments) 2. Josemaria (San Juan) Significance: A major porphyry copper-gold deposit that was 100% owned by Lundin Mining before a 50% acquisition by BHP in early 2025 (Figure 11). Gold/Silver Content: The project features a Feasibility Study highlighting a major porphyry Cu-Au system. Resource Data: Part of the Vicuña district along with Filo del Sol, which holds a total of 13 million tons of copper, 32 million ounces of M&I gold, and 659 million ounces of M&I silver. (source: Australian Resources and Investments) 3. Taca Taca (Salta) Figure 12: The location of the Taca Taca Deposit in Argentina. (source: First Quantum) Significance: First Quantum's flagship project in Argentina, a massive, high-quality porphyry copper-gold-molybdenum deposit (Figure 12). Gold/Silver Content: The 2025 technical report outlines a proven and probable mineral reserve containing 8,429 kt of copper and over 5.5 million ounces of gold. Production Focus: It is expected to produce significant quantities of gold and silver alongside copper over a 35-year mine life. (source: First Quantum) 4. Agua Rica (Catamarca) Significance: A major porphyry Cu-Mo-Au deposit located in the Farallon Negro region, close to the previous Alumbrera mine. Characteristics: Known for complex porphyry copper centres (Quebrada Seca-Trampeadero and Melcho) which are heavily enriched with gold. (source: PorterGeo) 5. Altar (San Juan) Significance: A significant porphyry copper-molybdenum-gold deposit (Figure 11). Gold/Silver Content: While sometimes lower in gold compared to Chilean counterparts, it still contains a notable porphyry Cu-Au system, with gold often associated with early stockwork veining and late-stage veins. (source: [26]) 6. Los Azules (San Juan) Significance: A large-scale porphyry copper deposit located in the San Juan province, known as one of the top undeveloped copper projects (Figure 11). Characteristics: Features significant gold and silver credits in addition to copper. (source: Wikipedia) 3.2 Gold Gold is Argentina's dominant mining export, accounting for approximately 68% of total mineral export earnings in 2024 at US$3.14 billion. In the gold sector, Argentina reports 138.4 million ounces in resources and 33.6 million ounces in reserves, with active operations including Cerro Vanguardia, Cerro Negro, Veladero, Lindero and Don Nicolás (Figure 13). Figure 13: Gold projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) THE OPERATING MINES Cerro Negro — Newmont Corporation | Santa Cruz Province Cerro Negro is Argentina's highest-profile gold operation and one of the world's highest-grade underground gold mines. Operated by Newmont (NYSE: NEM) in Santa Cruz Province within the Deseado Massif (Figure 13). The mine has three high-grade underground operating mines, Eureka, Mariana Central and Mariana Norte and two underground deposits, Emilia and San Marcos, which is currently being developed. The company expects higher production in 2026 driven by increased throughput from ongoing productivity initiatives, with five other deposits in late-stage evaluation for development to expand existing operations. Cerro Negro produced 278,000 ounces of gold in 2025. In February 2026, Newmont committed approximately US$800 million to extend the life of Cerro Negro beyond 2035 under the Cerro Negro Expansion 1 (CNE1) project, funded by a record US$7.3 billion in 2025 free cash flow. Both Newmont and the government of Santa Cruz Province described the initiative as "strategic," noting it will require US$800 million over six years, with the infrastructure programme key to maintaining production levels and extending operations beyond 2035. Veladero — Barrick Mining / Shandong Gold (50/50 JV) | San Juan Province Veladero has been in operation since 2005 and is Argentina's largest gold exporter by volume (Figure 13). In its 20th year of production, Veladero produced 503,000 ounces of gold in 2024 and has proposed an expansion initiative targeting an additional 1.6 million ounces of gold, with a capital expenditure of approximately US$400 million deployed between 2025 and 2028, submitted under the RIGI framework. The project is projected to add US$3.8 billion in export revenue through 2033. The Veladero mine currently employs 3,800 people, with 91% of the workforce from the local San Juan province. Located at elevations of 4,000 to 4,850 metres above sea level, approximately 374 kilometres northwest of San Juan city, Veladero is operated by a 50/50 joint venture between Barrick and Shandong Gold. Cerro Vanguardia — AngloGold Ashanti (92.5%) | Santa Cruz Province Cerro Vanguardia, in which AngloGold Ashanti holds a 92.5% stake with Argentine state company Fomicruz holding the remaining 7.5%, is a gold-silver operation with multiple small open pits and multiple narrow-vein underground mines that has been operated since 1998 (Figure 13). In the third quarter of 2025, Cerro Vanguardia produced 43,000 ounces of gold at a total cash cost of US$1,139 per ounce, with year-to-date production to September 2025 of 137,000 ounces at US$1,253 per ounce — a 6% increase year-on-year driven by higher recovered grades and an increase in ore tonnes treated. The mine is a long-life Deseado Massif epithermal operation with multiple pit and underground sources contributing to production. Lindero — Fortuna Mining Corp (100%) | Salta Province Fortuna acquired the fully permitted, shovel-ready Lindero development project in July 2016 and made a positive construction decision in September 2017 (Figure 13). Mass earthmoving began in 2018, with first gold pour in October 2020. The Lindero deposit is a gold-rich porphyry system hosted within diorite to monzonite porphyritic stocks. Fortuna's 2026 guidance for Lindero is 92,000 to 102,000 ounces of gold at an AISC of US$1,520 to US$1,655 per ounce. In Q1 2026 Fortuna commenced a 7,000-metre exploration programme at the Cerro Lindo gold prospect, 70 kilometres from the Lindero mine in Salta Province, as part of the company's brownfield exploration programme. Lindero was the first operating metallic mine in Salta Province. Don Nicolás — Cerrado Gold | Santa Cruz Province Cerrado Gold owns the Minera Don Nicolás mine (MDN), located in Santa Cruz Province, Argentina (Figure 13). The Minera Don Nicolás mine is a producing high-grade gold mine with significant expansion and exploration potential. Cerrado Gold reported Q1 2026 production results from MDN in April 2026. Don Nicolás is a smaller-scale Deseado Massif epithermal operation contributing to Argentina's gold production profile alongside the larger mines. IN CONSTRUCTION Calcatreu — Patagonia Gold (TSXV: PGDC) | Río Negro Province Calcatreu represents the newest addition to Argentina's gold production roster. Upon receipt of all provincial permits in Q4 2024, construction commenced in Q1 2025, with mining activities beginning in August 2025 and the first blast in September 2025. Leaching operations commenced at Calcatreu on March 31, 2026, with over 91,300 tonnes of ore amassed, 73,300 tonnes crushed and 18,800 tonnes stacked on the leach pad. The Calcatreu deposit is a low-sulphidation epithermal gold and silver system with indicated mineral resources of 690,000 ounces of gold and inferred resources of 343,000 ounces. Patagonia Gold secured a US$40 million investment in 2025, with the investor receiving a 40% interest in the project, allowing the company to accelerate development while maintaining operational control. IN DEVELOPMENT — ADVANCED Gualcamayo — Minas Argentinas / Aisa Group | San Juan Province Gualcamayo's ambitious development plan includes the construction of a new mine (Carbonatos Profundos), a pressure oxidation plant and a 50MW solar park. The company predicts annual output of 120,000 ounces of gold from 2029, with an estimated 17-year lifespan and potential exports worth US$400 million per year. The mine possesses 3 million ounces of economically viable gold reserves, a fraction of the 5 million ounces of certified resources discovered on just 3% of a 40,000-hectare property. In August 2025, Gualcamayo was pursuing a US$665 million redevelopment under RIGI, and in December 2025 the RIGI committee approved the project — the tenth approval under the scheme. Table 2: ASX compnaies with Gold projects in Argentina. As you can see, Argentina's gold sector in 2026 is is attracting new capital commitments indicating a genuine confidence in the jurisdiction's long-term direction. Here are three signs that gives me the confidence to say that things in the gold sector may be leading the pact in new capital. First, Newmont's US$800 million Cerro Negro expansion commitment — announced in February 2026 and backed by Argentina's Economy Minister, so that will represent that the world's largest gold company choosing to extend a flagship Argentine operation through to at least 2035. Second, the Barrick/Shandong Gold RIGI application for US$400 million at Veladero demonstrates that a 20-year-old mine with maturing reserves can still attract major life extension capital under the right regulatory framework. Third, Calcatreu's progression from construction permit to first leaching in under 18 months illustrates that permitting and execution timelines in Argentina can, under the right provincial and federal conditions, be internationally competitive. For ASX companies operating in Argentina's gold space such as Challenger Gold Limited (ASX: CEL), Austral Gold Limited (ASX: AGD), NewPeak Metals Limited (ASX: NPM) and Pursuit Minerals Limited (ASX: PUR), are not pioneers but this is not saying that working in Argentina will be a walk in the park. The sector's credibility may be underwritten by the operating track record of the mines above, but discovering and having a handle of expenditure will be challenging. The presence of the global majors do provide a jurisdiction backdrop that reduces the perceived risk premium for smaller operators in the same country, but raising money is a problem for small companies and Argentina is a long way from Australia. It should not be forgotten that the global majors operating in Argentina did not just occur. There has been decades of passage and the global names have changed over time as well. 3.3 Lithium For anyone that was invested in the Lithium bull run a couple of years ago, you would be very familiar with Argentina being the land of Solars. Hence it is not surprising that one would find that Lithium is Argentina's fastest-growing mining export and its most structurally significant commodity for the decade ahead. In the first eight months of 2025, lithium exports totalled US$494 million, representing year-on-year growth of 32% in value and 56% in volume, making lithium the country's second most-exported mineral at 14% of total mining exports. Argentina, the world's fifth-largest lithium producer, expected to produce 130,800 tonnes of lithium carbonate equivalent in 2025 and that is a 75% increase from 2024 which is primarily driven by new operations in Salta and expansions in Catamarca and Jujuy (Figure 14). Figure 14: Lithium projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) Over the past decade, mining companies have invested over US$7.6 billion to bring production capacity to 183,700 tonnes of LCE (Lithium Carbonate Equivalent). Private-sector estimates suggest launching 17 of the 30 registered new projects would require an additional US$12.8 billion in investment, enough to raise Argentina's productive capacity to 580,000 tonnes of LCE and if eight additional planned processing plants come online alongside the seven already in operation, Argentina could become the world's single largest lithium producer. That is the macro framing. What follows is a factual account of where the sector's major projects stand as at April 2026. An important terminology that some readers need to understand in the lithium industry is DLE Technology: Direct Lithium Extraction (DLE) is a set of technologies designed to extract lithium directly from brine sources—such as underground solar brines, geothermal brines, or oilfield wastewater—without relying on the traditional, slow method of solar evaporation ponds. DLE acts like a "smarter filter," using chemical or physical processes to capture lithium ions while leaving behind other components, which allows for significantly faster, more efficient, and more sustainable production. Hence, I thought I post this here so that it is easier to get through the details below. The DLE technology is something that was talked about in the past but is now pretty much mainstream conversation among the lithium "Want To Be Producers". THE OPERATING PROJECTS (as of April 2026) Cauchari-Olaroz — Lithium Argentina / Ganfeng Lithium | Jujuy Province Cauchari-Olaroz is Argentina's largest single lithium operation, located in the Olaroz-Cauchari salar system in Jujuy Province at altitude. Lithium Argentina holds a 44.8% interest in the operation through its equity stake in Minera Exar, with Ganfeng Lithium holding the majority of the balance and the Jujuy provincial government holding 8.5% through JEMSE. Full-year 2025 production totalled approximately 34,100 tonnes of lithium carbonate, achieving the high end of annual guidance of 30,000 to 35,000 tonnes. Record quarterly production of approximately 9,700 tonnes was achieved in Q4 2025, with an average operating rate of 97% of nameplate capacity. Cash operating costs are expected to be below US$6,000 per tonne for Q4 2025, reflecting continued operational optimisation. 2026 production guidance has been set at 35,000 to 40,000 tonnes. In December 2025, Cauchari-Olaroz submitted environmental permit and RIGI applications for a Stage 2 expansion of 45,000 tpa of additional lithium carbonate production capacity. A 5,000 tpa DLE demonstration plant continues engineering in China, with installation in Argentina targeted for 2026. The PPG regional project — consolidating Ganfeng's Pozuelos-Pastos Grandes with Lithium Argentina's Pastos Grandes and Sal de la Puna interests — targets up to 150,000 tpa of LCE across three phases, with a scoping study reporting an after-tax NPV of US$8.1 billion and an IRR of 33% at US$18,000 per tonne of lithium carbonate. Fénix (Salar del Hombre Muerto) — Rio Tinto (via Arcadium) | Catamarca Province The Fénix project, owned by Livent before being acquired through Arcadium, currently has a production capacity of 20,000 metric tonnes of lithium carbonate in situ and another 9,000 metric tonnes of lithium chloride from an external plant in the town of Güemes in Salta. Fénix is one of Argentina's two longest-operating lithium plants and has provided the technical foundation for further development at Hombre Muerto. Rio Tinto's overall lithium business reported 57,000 tonnes of LCE production in 2025, of which 46,000 tonnes were directly attributable to the company, reflecting the completion of the Arcadium Lithium acquisition in March 2025. The Fénix 1B expansion, with capacity for 10,000 tonnes per year of LCE, has completed construction and is advancing through commissioning, currently 60% complete, with delivery scheduled for the second half of 2026 backed by US$700 million in committed investment. Olaroz — Rio Tinto / Toyota Tsusho / JEMSE | Jujuy Province The Olaroz brine operation produces 43,000 mt per year of LCE. In Jujuy, the Olaroz lithium operation runs as a joint venture between Rio Tinto (66.5%), Toyota Tsusho (25%) and the Jujuy provincial government through JEMSE (8.5%). Olaroz has been in operation since 2015 and represents the model by which Argentina's brine extraction industry has been validated at scale over a decade of continuous operation. The project produces battery-grade lithium carbonate through conventional solar evaporation and remains one of the lower-cost operations in the global lithium supply chain. Centenario-Ratones — Eramet / Tsingshan | Salta Province The Centenario-Ratones deposit is one of the most attractive salars in Argentina, with drainable mineral resources of more than 15 million tonnes of LCE at an average concentration of 407 mg/L of lithium, supporting further capacity expansion. At full capacity, the Centenario Phase 1 plant will produce 24,000 tpa of battery-grade lithium carbonate equivalent. The project is owned by Eramet (50.1%) and Zhejiang Tsingshan (49.9%). The inauguration of Centenario-Ratones as the fourth lithium production plant in Argentina and the first in Salta Province marked a significant milestone, with the Argentine Chamber of Mining Companies noting that production potential had tripled from 37,500 tonnes of LCE in 2022 to 136,500 tonnes. Centenario-Ratones also holds the distinction of being Argentina's first DLE-based commercial lithium operation. Mariana — Ganfeng Lithium (100%) | Salta Province Mariana is a lithium-potassium salt lake project located in the Salar de Llullaillaco in Salta Province, operated by Ganfeng's 100% owned subsidiary Litio Minera Argentina. Total lithium resources reach approximately 8.12 million tonnes of LCE. The project carries an investment of around US$600 million to produce 20,000 tonnes of lithium chloride — or approximately 17,300 tonnes of LCE — per year. Ganfeng inaugurated the Mariana lithium project during Q1 2025, with initial cash flow from the project anticipated thereafter. Mariana is a wholly Chinese-owned lithium operation, representing the first independently operated Chinese lithium project in Argentina's Lithium Triangle. Tres Quebradas (3Q) — Zijin Mining | Catamarca Province Zijin Mining's Tres Quebradas lithium project in Catamarca holds 8.54 million tonnes of LCE resources. Phase 1 construction enabling 20,000 tonnes of LCE production capacity was completed, with the project targeting progression towards Phase 2. Once fully developed, the project has the capacity to produce 40,000 to 60,000 tonnes of LCE per year. Zijin Mining began operations at Tres Quebradas in Catamarca Province, targeting production of 20,000 tonnes of LCE. The Tres Quebradas deposit is characterised by an average lithium concentration of 786 mg/L — one of the highest grades of any brine project in Argentina — and sits within a single contiguous resource that Zijin acquired from Neo Lithium Corp in 2022 for US$770 million. IN DEVELOPMENT — ADVANCED Rincón — Rio Tinto (100%) | Salta Province Rio Tinto's Rincón project is the most discussed lithium development in Argentina in 2026, and for good reason. Rincón has completed its first commercial export — 200 tonnes of battery-grade lithium carbonate shipped from the Port of Buenos Aires to Shanghai in March 2026 — and is backed by US$2.5 billion in committed capital to expand to 60,000 tpa, supported by a US$1.175 billion project loan from IFC, IDB Invest, Export Finance Australia and JBIC. First production from the expanded facility is expected in 2028 over a 40-year mine life. Rincón and Galan Lithium's Hombre Muerto West are the only two lithium projects in Argentina to have received formal RIGI approval. Sal de Vida — Rio Tinto (100%) | Catamarca Province Sal de Vida is a lithium brines project located in the Eastern Subbasin of Salar del Hombre Muerto, Catamarca. Nominal annual LCE capacity is designed to reach 45,000 tonnes in two stages, with Stage 1 providing 15,000 tonnes of LCE from brine extracted from the East Wellfield. Construction of the first three pond complexes is complete and brine pumping for concentration has begun. Pre-commissioning and commissioning activities are expected by H1 2026, with first production expected in H2 2026. Sal de Vida has completed construction and is 40% through commissioning, with US$700 million in committed investment. Hombre Muerto West (HMW) — Galan Lithium (ASX: GLN) | Catamarca Province Galan Lithium's Hombre Muerto West project is discussed in detail in the ASX Company Profiles section of this Insight, but it merits inclusion here for context. Phase 1 construction is complete as at April 2026, with a 10,000 tonne LCE brine inventory accumulated in evaporation ponds and wet commissioning of the nanofiltration plant underway. First lithium chloride concentrate is targeted in H1 2026 with first shipment in H2 2026. HMW Phase 1 is among the near-term milestones in Catamarca that will advance the province's installed lithium capacity alongside Fénix 1B. Pozuelos-Pastos Grandes (PPG) — Ganfeng (67%) / Lithium Argentina (33%) | Salta Province PPG consolidates three adjacent projects — Ganfeng's Pozuelos-Pastos Grandes, Lithium Argentina's Pastos Grandes, and the jointly-held Sal de la Puna — into a single regional development programme. The consolidated PPG project hosts a 15.1 million tonne LCE measured and indicated resource. A comprehensive scoping study reports an after-tax NPV of US$8.1 billion and an IRR of 33% at US$18,000 per tonne. Initial capital cost for Stage 1 is estimated at US$1.1 billion. The development approach targets 150,000 tpa of LCE across three phases, utilising a hybrid DLE flowsheet. Environmental permit for Stage 1 has been secured from the Government of Salta following a 14-month review. RIGI applications for Cauchari Stage 2 and PPG are being prepared. SAMSO THOGHTS It appears that the lithium scene in Argentina has changed materially since the lithium bull run three years ago. The country has moved from two operating plants and a large pipeline to seven operating facilities spanning three provinces, with multiple projects at various stages of commissioning, development and feasibility. The operator base has grown to a global deck of comapnies such as Rio Tinto, Ganfeng, Zijin, Eramet, Toyota Tsusho and Lithium Argentina represent capital from Australia, China, France, Japan, Canada and the United States. For investors looking at the Argentinian space, it seems that even with the global downturn for lithium projects, Argentina's Lithium Triangle is doing well and is now no longer just a regional story but a globally competed supply position. Another change that my research is indicating is that DLE technology is becoming a commercial reality in Argentina rather than a theoretical alternative. Centenario-Ratones was the first commercial DLE operation in the country, Rio Tinto uses DLE at Rincón, and both Galan and Cauchari-Olaroz are advancing DLE demonstration or expansion pathways. Argentina is also entering a new expansion phase in its lithium industry, with over 30 registered projects and a development timeline stretching to 2033. Industry leaders have drawn the analogy that "lithium is the next Vaca Muerta" — Argentina's prolific shale oil and gas province — suggesting patience and sustained capital are the ingredients required to unlock the full endowment. (Lithium Argentina) Table 3: ASX companies in the Argentinian Lithium sector. For the ASX companies that are listed in Table 3, it seems that the competition has indeed heated up. The real players are all taking sights and are locked on to take as many slices as they can from the Lithium space here in Argentina. The small caps that were enjoying value creation during the lithium bull run will have to start getting their act together. 3.4 Silver When I think of silver mining, I normally think of Mexico and the Andes. Hence, this Samso Insight is a good learning experience for me to start getting a better handle of the silver mining story since my recent Coffee with Samso with John Anderson and Investigator Silver Limited. Check out the Samso content below. With the rising price of silver, it has pushed the thinking about silver further into the mainstream "punters" on the ASX. The recent pullback of precious metal pricing is a good thing, in my opinion. This should be the time for investors to take stock and start to think about what is actually a good project to back. Did you know that Argentina is named after the Latin word for silver — argentum — and while the country's silver industry no longer carries the symbolic weight of colonial-era discovery, the Deseado Massif of Patagonia and the Puna Plateau of the northwest remain genuinely significant addresses in the global silver landscape (Figure 14). Silver is produced both as a primary metal — from operations including San José (Hochschild Mining) in Santa Cruz and Puna Operations (SSR Mining) in Jujuy — and as a by-product from gold mining centres such as Cerro Vanguardia, Cerro Moro and Cerro Negro in Santa Cruz and Veladero in San Juan. Figure 14: Silver projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) Argentina reports 3,839 million ounces of silver in total resources. The sector's near-term trajectory is upward — high silver prices in 2025, an active pipeline of near-production development projects, and a regulatory environment that has improved markedly under RIGI all point in the same direction. THE OPERATING MINES Cerro Moro — Pan American Silver (100%) | Santa Cruz Province Cerro Moro is Argentina's most significant primary silver-gold underground operation in production as at 2026. Located in the Deseado Massif within Santa Cruz Province, the Cerro Moro operation consists of several open pit and underground mines, producing doré through a conventional leaching and Merrill-Crowe process. In Q4 2025, Cerro Moro produced 27,600 ounces of gold and 0.92 million ounces of silver, representing year-on-year growth of 22.7% and 10.6% respectively. For 2026, Pan American Silver expects silver production from Cerro Moro to be 2.80 to 3.00 million ounces, indicating a 16% year-on-year increase at the mid-point, driven by mine sequencing into higher silver grade ores at the underground zones. Importantly, the project's mine life is being actively extended. A 2025 drilling campaign at Cerro Moro executed 34,764 metres focused on converting inferred resources to higher confidence categories, delineating new zones and assuring operational continuity — including at the Bahía Laura sector, the Nini zone and Vein 4, all of which returned high-grade intercepts that will be incorporated in future resource updates. Santa Cruz Province's Ministry of Mining confirmed the results of that campaign as highly positive and cited the likely significant extension of the mine's operating life. San José — Hochschild Mining (51% operator) / McEwen Mining (49%) | Santa Cruz Province San José is one of Argentina's longest-operating silver-gold underground mines, having commenced production in 2007. The San José silver-gold mine is located in Santa Cruz Province, 1,750 kilometres south-southwest of Buenos Aires, operated by Hochschild Mining as the controlling 51% partner, with McEwen Mining holding the remaining 49%. In 2025, McEwen Mining's attributable production from San José was 58,120 gold equivalent ounces, from 37,700 gold ounces and 1,776,000 silver ounces, using a gold-to-silver price ratio of 86:1 for the year. The mine operates multiple underground epithermal vein systems — Huevos Verdes, Frea and Kospi among them — within a 2,781 square kilometre property package, providing ongoing exploration optionality beyond the current active mining areas. During H1 2025, San José delivered 4.4 million silver equivalent ounces. The operation recorded higher throughput tonnage compared to H1 2024, though this was partially offset by the mining of lower-grade border areas of the veins, reflecting the type of grade variability common in narrow-vein epithermal systems. San José has been one of the defining operations of the Deseado Massif and the technical template from which many subsequent Argentine silver-gold discoveries have been evaluated. Puna Operations — SSR Mining (100%) | Jujuy Province Puna Operations is Argentina's primary silver-lead-zinc operation, located at high altitude in Jujuy Province in the northwest of the country. The Puna Operations comprise the Chinchillas mine, which is a silver-lead-zinc open pit deposit that achieved commercial production in December 2018 and the Pirquitas processing facilities, which process ore transported 40 kilometres from Chinchillas and produce a silver-lead concentrate and a zinc concentrate shipped to international smelters. The Pirquitas facilities have been in commercial production since 2009. SSR Mining's 2025 guidance for Puna was 8.00 to 8.75 million ounces of silver, with throughput targeted at approximately 5,000 tonnes per day. Exploration at the Cortaderas target was advancing ahead of an initial economic evaluation, alongside work to evaluate potential mineral reserve conversion at Chinchillas to extend the mine life. Puna is the only major silver operation in the Jujuy-Salta-Catamarca Puna plateau that is currently in production, and its continued operations provide important context for the feasibility of high-altitude Argentine silver production. THE BLOCKED DEPOSIT Navidad — Pan American Silver (100%) | Chubut Province Navidad deserves inclusion in any factual account of Argentina's silver sector, even though it is not in production and no production timeline can currently be defined. Pan American Silver owns 100% of the Navidad project, one of the world's largest undeveloped silver deposits. The Navidad properties are located in north central Chubut Province and comprise eight individual mineral deposits in three separate mineralised trends. The Province of Chubut passed Law 5001 in 2003, which prohibits open pit mining and the use of cyanide in mineral processing across the entire province, effectively preventing the development of Navidad. As of mid-2025, that law remains in place. Pan American Silver's activities at Navidad are currently guided by a maintenance investment plan focused on satisfying the legal requirements necessary to maintain property interests under current mining law. The Navidad story is instructive for Samso Insight readers in two ways. First, it illustrates what the provincial variation risk discussed in the earlier part this Samso Insight looks like in practice. A world-class deposit blocked not by geology, economics or permitting failure but by a provincial law that the national government cannot override. This also provides a measure of how much latent silver value Argentina holds that is not being extracted. Navidad is estimated to contain approximately 1 billion ounces of silver equivalent across its combined resource — a figure that contextualises the gap between geological endowment and actual production output. IN DEVELOPMENT — ADVANCED Diablillos — AbraSilver Resource Corp (TSX: ABRA) | Salta / Catamarca Border Diablillos is the most significant undeveloped primary silver-gold project in Argentina currently moving toward a construction decision. Diablillos stands out among Argentina's silver projects, ranking among the top 10 undeveloped silver projects in Latin America. An updated mineral resource estimate released on May 6, 2026 reported measured and indicated resources of 232 million tonnes containing approximately 248 million ounces of silver and 2.54 million ounces of gold — totalling 454 million ounces of silver equivalent. This represents a 25% increase in M&I silver, a 48% increase in gold and a 30% increase in silver equivalent versus the July 2025 estimate, incorporating 170,368 metres of drilling from 790 drill holes. RIGI approval for Diablillos was confirmed by Argentina's Minister of Economy Luis Caputo in February 2026. The approval is among the first silver projects to receive this designation. Both Salta and Catamarca Provinces, where the project is located, have opted into the regime. The Definitive Feasibility Study is expected in Q2 2026, with design and engineering substantially complete for a 9,000 tonne per day tank leach processing plant. The environmental approval from the Government of Salta Province — the DIA (Declaración de Impacto Ambiental) was received in early 2026, representing the principal environmental permit required for mining projects to advance to construction in the province. AbraSilver is targeting a construction decision in the second half of 2026, with the project anticipated to produce approximately 7.6 million ounces of silver and 72,000 ounces of gold annually at full production, from a total capital investment of approximately US$544 million. THE ASX-CONNECTED SILVER PIPELINE Beyond the projects profiled above, the Deseado Massif of Patagonia hosts a growing cluster of ASX-connected silver exploration and development positions that are directly relevant to the Samso Insight. Unico Silver (ASX: USL) holds the 232 million ounce silver equivalent Cerro Leon and Joaquin district position in Santa Cruz Province — profiled in full in the ASX Company Profiles section of this Insight. Pursuit Minerals (ASX: PUR) holds the Sascha Marcelina gold-silver project in the Deseado Massif, currently in its maiden drill programme targeting depth extensions below historical shallow drilling. Both companies are exploring in the same geological province that hosts the operating mines described above, using the established ore deposit models of San José, Cerro Moro and Cerro Vanguardia as geological templates for target selection. SAMSO THOUGHTS Argentina rants in the bottom end of the top 10 silver producers with Mexico being the clear leader but reading my research, this looks prospective with a lack of expenditure. I am assuming the porphyry nature of the silver mineralisation will mean that not too many companies will be spending "Porphyry Money" What is interesting is that the level of activity for current operators are showing signs of vibrancies as projects like Cerro Moro's 2025 drilling campaign with 34,764 metres executed to extend mine life. The reported production guidance for 2026 confirm that the existing Deseado Massif operations has potential to extend mine life. The government looks like it is indeed promoting the mining sector with the Diablillos project's receiving RIGI approval and Salta DIA environmental approval. The project May 2026 resource update to 454 million ounces of silver equivalent helps the construction decision and will likely represent the largest new primary silver mine to enter production in Argentina in over a decade. ON the other side of the promising rise in mining activities, the Navidad deposit, while it is a reminder that Argentina's silver endowment significantly exceeds what is currently being developed, it is also an indication that provincial policy settings can be as consequential as national regulatory frameworks in determining which deposits move from resource to operation. For ASX investors, the silver sector in Argentina represents an opportunity but, the geological style of the silver mineralisation is probably a reason that the silver opportunity is not going to drive exploration to focus on the metal. Table 4: ASX companies that have a silver project in Argentina. Samso Concluding Thoughts This has been a very interesting Samso Insight. I have never thought of Argentina as a sole mining jurisdiction. It has always been a South American assets. It was the northern region, being Columbia area, Brazil and then the Peru/Chile/Argentina region. I don't think it has ever been a thought about Argentina as a jurisdiction. The research that has gone into this blog has really made me feel that Argentina is new. I know its not new but it does give me the thinking that this is a place that still has a lot to give. As I have not worked in this region before, it is hard to anticipate what is required to make a project work in Argentina. Having spoken to Aaron Revelle from Pursuit Mining Limited, I do get a sense that things happen. The logistics and the infrastructure are manageable and there are enough skilled labour to allow a flow of work. The range of companies and the range of commodities that are of a global scale makes good the thinking of finding a economical mining project in Argentina. I hope readers get some good value from the Samso Insight. For more detailed reading, check out our Samso Insight page: References Cahill, T., and Isacks, B.L., 1992, Seismicity and shape of the subducted Nazca Plate: Journal of Geophysical Research: Solid Earth, v. 97, p. 17,503–17,529. 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Economic Geology 2014;; 109 (5): 1341–1358. doi: The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's 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 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. 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