Making it simpler to view Coffee with Samso To help out subscribers, I have separated the episode into headings: Individual Segments for Episode 001 Coffee With Samso Ep 001_ 01_Introduction Coffee With Samso Ep 001_02_Mark Strizek talks about his experience with Chinese Tungsten experts Coffee With Samso Ep 001_03_Solution to Low-Grade Tungsten Projects Coffee With Samso Ep 001_04_Dealing with impurities in Tungsten projects. Coffee With Samso Ep 001_05_Tungsten Projects Coffee With Samso Ep 001_06_Australian Tungsten Projects and the Tungsten market. Coffee With Samso Ep 001_07_Tungsten market and Conclusion 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. www.samso.com.au 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

Since coming across the Tungsten industry in the second half of 2011, I have been a firm advocate on its place as a member of the critical metal space. Tungsten is one of the hardest metals to understand, in terms of market direction and the demand and supply directions. It is also the metal with the highest density property. Tungsten’s other special property is that there is no viable substitute and the demand for the metal is traditionally very inelastic to price changes. Historically, when prices were rising, demand followed but from about 2014, prices dropped and we have not seen a recovery. Annually, the global market is between 80,000 to 100,000 tonnes of metals used so it’s a small market. China is (was ?) a major user of the metal, China holds the largest resource in the world but during that price rising period, China was also a net importer of tungsten concentrate. So we are told… to me that did not make any sense. In my past life as the Managing Director of Siburan Resources Limited (ASX: SBU), I watched the price of tungsten rise to an all-time high of nearly USD $460/mtu (metric tonne per unit) to a low of sub-USD $240/mtu. If I am not mistaken, it could have gone below USD $200/mtu. “ In the context of an approximately 80,000-ton annual market with 3% growth, you need 2,400 tons of additional tungsten metal per year in supply, and with 5% growth you need 4,000 tons. That’s one new big tungsten project per year. It is difficult to see where that supply could come from. In the current market, miners can’t get the financing needed to take projects from a bankable feasibility study to construction. It’s a big problem. .” In 2011, The British Geological Society published a list of what it considers the 52 most critical metals in the world. The list was compiled based on global abundance, location of production, reserves and supply risk associated with the political stability in the jurisdictions where the metal occurs. Tungsten was second on that list. The report highlighted that tungsten (as well as rare earth) has lower recycling and low substitutability. The supply risk for tungsten stems from China’s role in the industry. China accounts for approximately 83% of global tungsten concentrate production and about 62% of global tungsten reserves. China became a significant player in tungsten production in the mid-1980s. By the late 1990s, it had flooded the global market with tungsten causing concentrate prices to plunge below most western producer’s variable cost. As a result, the vast majority of western mines were closed. These were all the good thoughts at that time however, the market came crashing down which sort of made these comments questionable. What is a good Tungsten grade? The majority of tungsten deposits contain less than 1.5% tungsten trioxide (WO3), and most have grades of only a few tenths of a percentage point. A very high grade would be over 1%, like North American Tungsten’s Cantung mine. If I am not mistaken, the Cantung mine may be the only producing mine that had that kind of grade. What’s interesting in the Tungsten world? Have a look at the Northcliff project called Sisson in New Brunswick, Canada (http://www.northcliffresources.com/i/pdf/NCF_FactSheet.pdf). It’s a Tungsten-Molybdenum project that has a total resource of 334MT at 0.066% WO3 and 0.021% Mo The other is the Nui Phao project in Vietnam owned by the Masan Group (Apparently they make their money from 2-minute noodles). It has a total resource of 97.4MT @ 0.1% WO3. It has Tungsten, Flurospar, Bismuth and Copper. Outlook The issue with Tungsten is the market price. There is no spot market and it is very hard to measure or predict the direction of the price. What is apparent is that whatever you do, you need a large resource to sustain any mining activities. In my opinion, you need a Sission-type kind of deposit. Small deposits with high grades will find it extremely hard to make it work. Look at the old mines in China, they are all large scale and low grades. In conclusion, like all mineral resource projects… Make sure they are mining the mineral in the ground and not the one on the stock market ……. 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. www.samso.com.au 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

Coffee with Samso Episode 1 with Mark Strizek In this segment of Coffee with Samso, Mark Strizek and Samso discuss the issues and solutions of low grade and impurities that are common in many tungsten projects. There are few projects that appear to be clean and of sufficient grades. Beneficiation by ore sorting is a fairly simple solution that can make substandard grades become more than economical. However, some projects have impurities that will not allow ore sorting to be effective. Tungsten projects are very sensitive to the chemistry of all the minerals present. Unfortunately, the nature of the current tungsten deposits out in the market place tend to have one issue or another. Take King Island’s Dolphin project. Good grades, in fact, the grade is better than very good but why has it not happened for all this time. Their ore cannot be sorted but they have the highest grade that I know of in the tungsten space. Maybe their time is now just around the corner? In this segment, the discussion is centred around these thoughts. I hope this short excerpt will give viewers good feedback. The full episode can be seen in the links below. Full Version of Episode 001 of Coffee with Samso Individual Segments for Episode 001 Coffee With Samso Ep 001_ 01_Introduction Coffee With Samso Ep 001_02_Mark Strizek talks about his experience with Chinese Tungsten experts. Coffee With Samso Ep 001_03_Solution to Low-Grade Tungsten Projects Coffee With Samso Ep 001_04_Dealing with impurities in Tungsten projects. Coffee With Samso Ep 001_05_Tungsten Projects Coffee With Samso Ep 001_06_Australian Tungsten Projects and the Tungsten market. Coffee With Samso Ep 001_07_Tungsten market and Conclusion 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. www.samso.com.au 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

Coffee with Samso | Episode 214 | Hotel Indigo - Adelaide Markets | Adelaide | South Australia Guest: Michael Beven – CEO, Pioneer Minerals Limited (ASX: PMM) Introduction In this episode of Coffee with Samso, I sat down with Michael Beven, CEO of Pioneer Minerals Limited (ASX: PMM), in the heart of Adelaide, to unpack what is shaping up as one of the more technically compelling US critical minerals exploration stories currently flying under the radar. The discussion focused on tungsten, antimony, and gold, but more importantly, on mineral systems thinking—how deposits form, why certain geological settings matter, and why Pioneer’s ground selection in Idaho, USA, was anything but random. As someone who has followed tungsten closely, this was a conversation that went well beyond commodity hype and into the fundamentals of discovery. This Coffee with Samso episode is about process, geology, and long-term thinking, not short-term market noise. The Business of the Company: Focus – US Critical Minerals Projects Pioneer Minerals Limited is focused on advancing critical minerals exploration in the United States, aligned with US strategic supply-chain priorities. North Pine Project, Idaho – A multi-prospect project (Springfield, Silver Cliffs, Northman) targeting tungsten and antimony, with additional gold and silver mineralisation. Proven mineral systems – High-grade surface results confirm tungsten skarns and precious-metal vein and epithermal-style systems. Strategic location – Located near major regional projects and a nearby tungsten–antimony processing facility, providing potential development leverage. Pioneer’s strategy is to advance North Pine through systematic, data-driven exploration in a Tier-One jurisdiction. Highlights from the Conversation – The Race For Critical Mineral Supremacy North Pine Project, Idaho, is the flagship asset, located near the historic Yellow Pine Mine — the largest tungsten and antimony producer in US history and now a multi-million-ounce gold system, providing a strong discovery analogue. Pioneer is targeting a full mineral system, where tungsten, antimony, and gold are genetically linked, rather than a single-commodity exploration play. Springfield Prospect hosts high-grade historic tungsten, with reported grades of ~3–4% WO₃, yet remains largely untested at depth with minimal historical drilling and no modern geophysics. Early fieldwork validates the model, returning rock-chip results of up to ~2.98% tungsten and gold values up to ~7.75 g/t, supporting both skarn-hosted tungsten and a broader gold halo. Multiple prospects add layered upside, with Silver Cliffs targeting fault-controlled gold–silver–antimony mineralisation and Northman offering true greenfields potential at the granite–sediment contact. Tungsten is framed as the real critical mineral, defined by extreme geological rarity, strategic importance to defence and industry, and a clear disconnect between record prices and current market awareness. Samso Concluding Comments Pioneer Minerals today is not the company it was when it listed as a lithium explorer. This is now a business with: A flagship US-based critical minerals project anchored by a proven Yellow Pine geological analogue High-grade historic tungsten at Springfield with minimal modern exploration and strong depth potential Early field results confirm both tungsten and gold within a broader mineral system Multiple prospects delivering layered upside across skarn-hosted and fault-controlled settings Direct exposure to tungsten, one of the rarest and most strategically important critical minerals globally Why This Coffee with Samso Matters This conversation is a reminder of why geology still matters. In a market often shaped by momentum and headlines, Pioneer Minerals is working from the ground up — anchored in mineral systems, historical evidence, and geological reasoning. Whether Springfield ultimately delivers a Yellow Pine–scale outcome is something only drilling will answer, but the logic behind the project selection is disciplined and well-founded. For investors who prioritise methodology over marketing, this Coffee with Samso discussion provides a rare and useful insight into how genuine exploration decisions are formed — long before the noise arrives. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 00:10 Introduction 02:34 Michael Beven - Introduction 04:33 The Pioneer Projects - Introduction 05:00 The North Pine Project 05:38 The Yellow Pine Mine - Historical significance 07:32 The Springfield Prospect. 09:18 Geology of Springfield - The Skarn Effect 10:00 The Tungsten Mineralisation at Yellow Pine 10:26 Potential for Tungsten Yellow Pine-type Mineralisation at Springfield. 11:36 Historical Tungsten at Springfield 14:51 What is the Gold Potential for North Pine? 19:39 Silver Cliffs Prospect 22:43 Details of Pioneer Property Claims North Pine Project 25:18 Northman Project 25:59 Are the shareholders supporting the new PMM Story? 29:03 What is the Capital market saying? 30:54 How does PMM convince investors that the projects are the Real Deal? 33:40 Tungsten is the Real Critical Mineral. 36:30 Disequilibrium between Tungsten Price and Tungsten Market Interest. 40:18 Discussion on the market disparity in the Tungsten price 43:20 Is it difficult to raise money for Non-Gold projects? 47:06 Key Parameters for Investors who want to be in this sector? 50:53 Why PMM? 51:55 Conclusions The Samso Way – Seek the Research At Samso, we focus on grounded conversations and geological logic to help investors separate short-term noise from long-term opportunity — always encouraging readers to seek the research and understand the story beneath the surface. 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 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.

Coffee with Samso Episode 1 with Mark Strizek In this segment, Samso and Mark Strizek discuss why Australian projects may have CAPEX advantages over the other projects in the world. As I mentioned before, in the tungsten project world, the possibility of success is few and far between due to the complexity and geological nature of the deposits. There are only a handful of good deposits that will be able to carry substance over the life of Mine. The Cantung mine and Mactung Deposit. The Cantung and Mactung deposits are extremely high-grade, but they are no longer in operation due to the high OPEX for both mines. When Cantung was in service, it was by far the highest-grade producing mine. Mining reserves were grading in the 0.80% range as you can see in the table below. The Probable Mineral Reserves table from the website of the now-bankrupt company, North American Tungsten Corporation Limited is listed below. Final products include a premium gravity concentrate (G1), containing on average, 65% WO3; a flotation concentrate containing, on average, 35% WO3 and a copper concentrate averaging 28% Cu. The Mactung deposit was never mined, from what I can remember. I could be very wrong here. The project had a resource of 33Mt @ 0.88%WO3. The Mactung Project was forecast to run at 2,000 tonnes per day from an underground operation using conventional long hole plus cut and fill mining methods. The ore will be processed into both a premium gravity concentrate (67% WO3) and a flotation concentrate (55% WO3). According to the information on the North American Tungsten website, the Mactung deposit fact sheet indicated that the Feasibility study came up with the following points, Mine life is 11.2 years for the underground mine with the potential to expand by 17 years with an open pit, exploiting near the surface, lower grade indicated and inferred mineral resources. The capital expenditure estimate is comprised of a project capital cost of CDN$356.5 million plus a contingency of CDN$45.6 million. Based on an 11.2-year mine life and the base case parameters, the project’s pre-tax net present value is calculated as follows: Discount Rate Pre-Tax Net Present Value 8% CDN$276.8 million 6% CDN$346.4 million The development cost for the mine is high, and with the current tungsten price, one would argue that such high risk would not be helping owners of the project to find capital. Barruecopardo Tungsten Project The Barruecopardo Tungsten Project by Ormonde, which appears to be a low-cost tungsten mining project is now in the advanced stage of construction. When fully operational, Barruecopardo will account for around 13% of the non-Chinese global supply of tungsten concentrates. The new mine development is based on an initial open pit mining operation with a 9-year mine life, producing 260,000 metric tonne units (“mtu”) of tungsten trioxide (WO3) per year, or 2,060 tonnes of tungsten metal, contained in a high-quality concentrate, following a one year ramp-up period. Ormonde holds a 30% interest in the Project company, Saloro SLU, which is funded to develop the mine through a US$100 million financing package provided by funds managed by 70% joint venture partner Oaktree Capital Management. This project has taken a long time to get to this stage. Around 2013, this project was already ready to be mined, but for some reason, it never happened. In my time within the tungsten industry, I have always wondered why several of these “better grade” deposits/projects never happened. The Sangdong Mine (Source: Wikipedia) The Sangdong mine located in South Korea is one of the largest tungsten mines in the world. The Sangdong tungsten deposit was discovered in 1916. The mine is located 187 km southeast of Seoul, approximately three hours’ drive via expressways and local sealed high ways. Temperatures rise to a maximum of about 30℃ during the wet summer months of June to August. The winter period is relatively dry and extends from October to March, with freezing temperatures occurring during the period December to March. After a decade from mine closure, mining rights of Sangdong mine were acquired by Woulfe Mining Corporation via Sewoo Mining Corporation in 2006 and established its wholly owned subsidiary, Almonty Korea Tungsten Corporation (ex-Sangdong Mining Corporation). Almonty Industries, specialising in tungsten projects with operation mine in Spain, Australia and Portugal, completes the acquisition of Woulfe Mining Corporation in September 2015. All information and data along with many detail investigation and analysis about Sangdong mine which had been closed for over 15 years were well organised and summarised in the “Feasibility study” and “NI 43-101 Technical report” drawn up by Almonty Industries. The Sangdong project was the project that sparked a lot of interest due to the link of Warren Buffett. One of his companies was looking at the project and created a lot of attention. Structurally it has some complexity, but as Mark mentioned, it looked like Almonty has worked out what they need to do. While we are mentioning Almonty, it is also appropriate to say that they are the only company that has multiple mineable tungsten projects. They also own the Los Santos project in Spain and the Panasqueira Mine in Portugal. Conclusion I could go on for a long time talking about all these deposits, but I hope this will give readers a start if more research is your thing. Otherwise, I hope I have given some context to this segment of my conversation with Mark Strizek. I have included the links to the other parts below. The tungsten industry is a very small unique sector as there are only a handful of players and the opaque nature of the tungsten pricing and the market, in general, makes it hard for investors to find a good company to back. I am guessing that the Australian projects will soon become world players once this uncertainty starts to settle down. You can view the other segments of the conversation via the links below. Individual Segments for Episode 001 Coffee With Samso Ep 001_ 01_Introduction Coffee With Samso Ep 001_02_Mark Strizek talks about his experience with Chinese Tungsten experts. Coffee With Samso Ep 001_03_Solution to Low-Grade Tungsten Projects Coffee With Samso Ep 001_04_Dealing with impurities in Tungsten projects. Coffee With Samso Ep 001_05_Tungsten Projects Coffee With Samso Ep 001_06_Australian Tungsten Projects and the Tungsten market. Coffee With Samso Ep 001_07_Tungsten market and Conclusion PODCAST 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. www.samso.com.au 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

Coffee with Samso Episode 1 The Australian Tungsten projects are a little bit of a mystery for me. When you do some research on the market, one could be forgiven to think why would anyone want to play in this space. The price is not favourable and the market is not very receptive to supply. The Chinese market views the tungsten sector in a much different way to the rest of the world. The way this work is that China appears to have the upper hand. They have the bulk of world resource and the absolute dominance on demand dynamics. In Australia, there is no doubt that the stand out project has been King Island Scheelite’s (ASX: KIS) Dolphin project. The information that is in the public domain appears to be very good. What everyone cannot understand is why is this not being developed. The current pricing may not be the best but with those grades, one would think that you could make some money. King Island is the most western large island in the Bass Strait, located between Victoria and Tasmania. The Dolphin Project is situated on the south-east coast of the island, near the mining town of Grassy. The Dolphin Tungsten Mine operated between 1917 and 1992 when it was closed due to extremely low tungsten prices, rather than a lack of reserves. Over the last few years, KIS has concentrated on optimising a redevelopment strategy for the Dolphin Tungsten Project, which contains a JORC 2012 compliant Mineral Reserves of 3.14Mt at a grade of 0.73% WO3 (at 0.2% cut-off). Mineral Resources, including the Mineral Reserves, total 9.6Mt at a grade of 0.90% WO3 (at 0.2% cut-off). The current development plan envisages an 8-year open cut mine producing a concentrate for supply into the Ammonium Paratungstate market. Tungsten Mining (ASX: TGN) which bought the Watershed Tungsten project in Queensland is another player that is worth keeping on the watchlist. They have raised some good money over the last 12-18 months so that should give them a good run at developing the projects that they hold in their portfolio. I am wondering why are that they still on a project acquisition trail with their recent announcement to enter Hatches Creek in the Nothern Territory. 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. www.samso.com.au 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

Coffee with Samso Episode 1 with Mark Strizek, ex-Managing Director of Vital Metals This is the first episode of Coffee with Samso. Samso will have a coffee with someone and have a conversation about what’s happening in the resource sector and general topics of interest. It is a simple coffee conversation with no formalisation of style. In this first Episode for Coffee with Samso, I chat with Mark Strizek who was the ex-Managing Director of Vital Metals who had the Watershed Tungsten market. We discussed the tungsten market in general and what is the future demand, supply and project viability. Mark has a lot of experience in the tungsten market as he dealt extensively with the Chinese looking at how to improve processing tungsten for the Watershed Tungsten project. He is a man with a wealth of insights into the sector that is not readily available in the market. It is worth the whole 18 minutes. I hope you enjoy the chat and the topics were useful. Individual Segments for Episode 001 Coffee With Samso Ep 001_ 01_Introduction Coffee With Samso Ep 001_02_Mark Strizek talks about his experience with Chinese Tungsten experts. Coffee With Samso Ep 001_03_Solution to Low-Grade Tungsten Projects Coffee With Samso Ep 001_04_Dealing with impurities in Tungsten projects. Coffee With Samso Ep 001_05_Tungsten Projects Coffee With Samso Ep 001_06_Australian Tungsten Projects and the Tungsten market. Coffee With Samso Ep 001_07_Tungsten market and Conclusion PODCAST 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. www.samso.com.au 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 EQ Resources Successful A$4.0 Million Placement US EXIM Issue Letter of Interest for Mt Carbine EQR Progresses Regional Tungsten Hub Strategy EQ Resources Ltd (ASX: EQR) has just completed an AUD 4M placement which is on top of the recent placement of AUD $18.8M on the 22nd of May 2025. The recent capital raise looks to be consistent with our latest Samso Insight (see below) outlining the potential supply crunch that is happening as we speak. Tungsten: The Quiet Giant – Market Trends and Investment Pathways. On top of the capital raise, the Export-Import Bank of the United States (EXIM) has sent the company a Letter of Interest stating that EXIM is able to consider a 10-year debt facility of up to USD $34 million for capital expenditure and further development of the Mt Carbine Tungsten Mine. This is a clear sign that the Tungsten sector may soon break out if it has not already. In June 2025, EQR released preliminary results from XRT ore sorting trials at its Wolfram Camp Project, revealing encouraging recovery and upgrade outcomes that reinforce its ambition to develop a regional tungsten hub in Far North Queensland. The trials, undertaken in partnership with TOMRA Sorting Solutions and researchers from the University of Queensland’s Sustainable Minerals Institute, focused on two types of surface material: legacy ore and waste stockpiles. Supported by a $250,000 Queensland METS Collaborative Projects Fund grant, the program is part of EQR’s broader strategy to unlock value from historical mine assets using modern sensor-based ore sorting. Samso has been following the EQ Resources story since the early Mt Carbine transformation, and this development continues to showcase how the company is leveraging proven technical capabilities to push the needle on low-impact resource recovery. Preliminary Sorting Trials Deliver 86% Recovery and Significant Grade Uplift at Wolfram Camp 🔸ASX: EQR 🔸Location: Far North Queensland, Australia 🔸Focus: Tungsten recovery through sensor-based sorting 🔸Partnership: TOMRA Sorting Solutions & University of Queensland SMI 🔸Funding: A$250,000 QLD METS Grant 🔸Recovery Highlight: 86% WO₃ from ore stockpile 🔸Upgrade Factor: Up to 16x in key size fractions Preliminary ore sorting trials conducted at Wolfram Camp (Figure 1) have delivered highly encouraging results, achieving 86% recovery of tungsten from bulk sample material. These trials were part of EQ Resources’ ongoing strategy to evaluate the viability of reprocessing historical surface stockpiles using advanced X-ray Transmission (XRT) sorting technology. Figure 1: Wolfram Camp (source: EQR) The standout result came from the WBS Parrot sample, sourced from an existing ore stockpile, which demonstrated not only strong recovery but also a significant upgrade in grade, up to 16x in key size fractions. These outcomes validate the potential to unlock value from legacy material through low-impact, sensor-based sorting methods. Importantly, the success builds on EQ Resources’ proven track record at Mt Carbine and supports their broader vision of developing a regional tungsten processing hub in Far North Queensland. Leveraging Proven Sorting Expertise EQR’s deployment of XRT sorting technology is not new. At its flagship Mt Carbine operation, the company has already demonstrated how advanced ore sorting can convert low-grade and previously uneconomic material into viable feedstock. With recoveries exceeding 95% WO₃ and mass yields of just 10–12%, Mt Carbine stands as a benchmark for sustainable and cost-effective tungsten recovery. The Wolfram Camp trial mirrors this approach, aiming to replicate Mt Carbine’s success by tapping into legacy surface material and minimising environmental impact through de-bulking and selective processing. Wolfram Camp Stockpile Sorting Trial: Highlights Sample 1 – WBS Parrot (Ore Stockpile) (Figure 2) Head Grade: 0.09% WO₃ (728 ppm W), 269 ppm Mo Tungsten Distribution: 58% of the sample mass in the -65mm to +26.5mm range (0.08% WO₃) 40.2% of mass in -26.5mm to +6.7mm (0.10% WO₃) <2% fines (<6.7mm) with 0.36% WO₃ Sorting Results: Recovery: 86% of total contained tungsten Grade Upgrades: 0.08% → 0.67% WO₃ in larger size fraction 0.10% → 1.59% WO₃ in finer sorter size (16x upgrade) Mass Yield: o 10% (coarse) and >5% (fine) Mo Recovery: 20–35% depending on size Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) This shows that only 5–10% of the feed mass is needed to recover the bulk of tungsten, streamlining downstream processing and significantly increasing resource efficiency. Sample 2 – WBS Combined (Waste Stockpile Composite) (Figure 3) Head Grade: 0.10% WO₃ (772 ppm W), 199 ppm Mo Tungsten Concentration: Fines (-6.7mm) made up 45% of the mass but hosted 75% of total tungsten Larger size fractions showed lesser concentration but meaningful grade improvement Sorting Outcomes: Recovery: 76% W recovery and 28% Mo in the coarse sorter fraction 40% W and 20% Mo recovery in finer sorter fraction Upgrades: WO₃: 0.07% → 0.45% WO₃: 0.03% → 0.46% Fines Pathway: High-value fines can be processed via gravity separation, bypassing the need for further crushing or sorting Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) These results suggest the waste pile contains considerable untapped value, particularly in the fines, and may offer an economical recovery path with minimal energy input. Strategic Outlook: Building a Regional Tungsten Hub Executive Chairman Oliver Kleinhempel commented: “These preliminary results highlight the technical potential to unlock value from historical stockpiles at Wolfram Camp using modern sorting techniques. The strong tungsten upgrade from the Parrot stockpile and meaningful recoveries from the waste composite reinforce the viability of this low-impact approach to resource recovery and offer exciting upside as we refine our processing strategy.” The Wolfram Camp work is a direct extension of the Mt Carbine model, where waste is no longer waste, but a resource. Importantly, EQR’s regional hub strategy could generate operating synergies and provide new employment pathways in Far North Queensland by reactivating legacy sites with modern tools. Next steps will involve more bulk sample testing using Mt Carbine’s XRT sorter to assess in-situ ore sortability. These results will be incorporated into future production plans and stockpile re-evaluations. Samso Concluding Comments There is now no doubt that the Tungsten market is going into a critical mode as I have not seen this much interest in this sector since 2012. In fact, I am not sure if there was this much sentiment in 2012 as what I think is in place or coming soon. In the Samso Insight that we published earlier, when we spoke to Oliver Friesen from Guardian Metal Resources Plc, the takeaway was that the critical nature of Tungsten was in play. The US government funding of these projects is also real. So from a market perspective, I think EQR is in a very good place. In addition, the Mt Carbine asset has also been given new life through modern thinking and practical innovation. The application of XRT sorting at Wolfram Camp is not revolutionary on its own—EQR has already done this at Mt Carbine—but what makes this update significant is the validation of a repeatable process. This is about taking a tested technology, applying it to a new site, and achieving early-stage results that suggest meaningful upside. The 86% tungsten recovery and a 16x grade uplift from just a small portion of the original mass are not numbers that can be ignored. They speak to a potential low-impact pathway for generating value from stockpiles that, at a different time, would have simply been discarded. With growing pressure on responsible resource extraction and increasing demand for critical minerals like tungsten, this is the kind of initiative that aligns well with global sentiment. From a broader view, EQR is not just building a tungsten mine—it’s working towards a regional hub model. That means infrastructure leverage, skills development, and an opportunity to apply lessons learned at Mt Carbine to other projects. The support from the Queensland Government and partnerships with TOMRA and the University of Queensland only add credibility to the process. As investors or industry observers, the best approach may be to watch how this regional strategy is pieced together. Early signs are promising, and the technical execution so far has stayed grounded in what works. If this momentum carries forward, Wolfram Camp may become the next pillar in EQ Resources' broader critical minerals strategy. Cover photo: Wolframite with quartz - Wolframite with quartz from Cornwall, England, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wolframite_with_quartz_(GeoDIL_number_-_195).jpg) The Samso Way - Seek the Research EQ Resources stands out not for hype, but for its consistent, technical execution, turning legacy assets into real value through innovation. At Samso, we focus on stories like these, where asking the right questions reveals long-term potential. It’s about recognising substance behind the numbers and sharing insights with investors who value depth over noise. 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: Hillgrove Antimony-Gold Project Delivers Compelling Definitive Feasibility Study When it comes to development-ready assets, timing is everything. Larvotto Resources has just released a highly compelling Definitive Feasibility Study (DFS) for its Hillgrove Antimony-Gold Project in New South Wales—and it’s arrived at the right time. Gold prices are flying. Antimony prices are surging. Even tungsten is starting to catch a bid. Hillgrove is set to become a key player in a world hungry for critical minerals and strategic metals. What makes this story more exciting is the maturity of the project. Hillgrove isn’t a greenfield dream. It’s a brownfield reality with a strong foundation: existing infrastructure, an 8-year initial mine life, and an offtake agreement already in place. With production slated for 2026, this DFS doesn’t just tick boxes but opens the gate to mining. The Role of the DFS: A Statement of Readiness Larvotto’s DFS is more than a technical milestone—it’s a validation that Hillgrove is ready to move. The study confirms the economic and operational viability of expanding the current plant capacity from 250,000 tpa to 525,000 tpa. This study isn’t just about engineering—it’s about de-risking. The purpose of the DFS is to provide investors, financiers, and stakeholders with a credible roadmap. This includes everything from metallurgical recovery, mine planning, and tailings redesign to operating cost models and risk metrics. What’s clear is that the project economics are robust, and the upside is real. Project Location: Tapping into History Hillgrove sits approximately 25 km east of Armidale in northern New South Wales. It’s a region with a mining history that goes back to the 1850s. Over 750,000 ounces of gold and 40,000 tonnes of antimony have been produced here—testament to the region’s mineral endowment and operational continuity. This isn’t a remote site—it’s within reach of highways, rail, power, and skilled labour (Figure 1). Figure 1: Hillgrove Projection Location Map (source: Larvotto Resources) DFS Highlights: Strong Margins and Quick Payback Annual production (LOM average): 85,000 oz AuEq Gold production: 40,500 oz/year Antimony production: 4,878 tonnes/year Post-tax NPV (8%): A$280M (Base) → A$694M (Mid Case) IRR: 48% (Base) → 102% (Mid Case) Payback: Just 11 months (Mid Case) Capital cost: A$139M Start of production: Q2 2026 What’s particularly impressive is the upside at spot pricing: post-tax free cash flow of A$1.6 billion, IRR of 153%, and a payback in just 8 months. This project has genuine torque on commodity prices. Project Site and Infrastructure Larvotto is not starting from scratch. The site already hosts a sulphide concentrator, electrowinning facilities, pressure oxidation plant, and extensive underground development—all in care and maintenance. This dramatically reduces the execution risk compared to a greenfield build (Figure 2). Figure 2: Hillgrove Gold Antimony Project Site (source: Larvotto Resources) The DFS outlines both underground (3.5Mt) and open pit (350Kt) mining operations, supported by a hired fleet and contract development teams. Combined with existing grid power (66kV), water supply, and tailings infrastructure, this sets up Hillgrove for a low-capital-intensity restart. Plant Upgrade: Ready for the Future The flowsheet has been modernised to enhance recoveries and throughput. Testwork shows metallurgical recoveries of ~87% for antimony and ~84% for gold, exceeding historical levels. The inclusion of dry-stack tailings and updated filtration systems reflects Larvotto’s commitment to environmental responsibility (Figure 3). Figure 3: Plant View of Hillgrove Process Plant Layout (source: Larvotto Resources) Managing Director Ron Heeks commented on the DFS: “The completion of the DFS marks a major milestone. Hillgrove is a high-margin critical minerals project with a rapid path to production. With production set to commence in 2026, Hillgrove is poised to become Australia’s largest producer of antimony—supplying 7% global demand at a time of tightening supply and strategic urgency. This DFS is just the first stage. We still have significant resource potential to unlock at Bakers Creek and Garibaldi-Brackins Spur. Hillgrove is a unique asset with strong long-term upside.” Larvotto’s Share Price: A Market Reawakening Larvotto’s share price tells its own story (Figure 4). After a long period of consolidation through late 2022 and 2023, the stock began to stir in mid-2024. As confidence in the Hillgrove strategy grew and exploration progress gained attention, the market responded. The significant re-rating in late 2024 and early 2025, where the price surged past $1.00, coincided with key project milestones and rising antimony prices. While it has since pulled back to around $0.61 (as of 29th May 2025), the elevated price levels reflect renewed investor belief in the company’s trajectory and the strategic value of Hillgrove. The current market capitalisation of the company of AUD $251M is still not very high for a potential antimony and gold producer. Figure 4: Larvotto Share Price Chart as of closing 29 May 2025 (source: commsec). Samso’s Concluding Comments DFS announcements are often formulaic. Over the years, I have learnt that there is a point in the journey of a project where certain key deliverables, like a DFS, are required for the market to understand the lay of the land in terms of what it means for the maturity of the project. I think Larvotto is a point where clarity and conviction are explained. At this stage, the DFS is saying that the Hillgrove Project is more than just a feasibility case—it’s a project with legs. It has geology. It has infrastructure. It has offtake and commercial alignment. Most importantly, it’s entering the market when the pricing for gold and critical minerals is showing strength. Antimony is not a metal that gets daily headlines, but its strategic value cannot be overstated. I have been a firm believer in this metal for a long time. It looks like the timing for Antimony to take the stage may have arrived. If I sound uncertain, that is because metals like Antimony are very hard to gauge. It is a "China-controlled" metal, and one statement from China to say, We relax the ban, and the market falls over. In a world focused on battery security, defence supply chains, and energy resilience, a Western supply of antimony is a rare thing. If the market continues to have this narrative, then Hillgrove offers that and adds gold production to the equation. For investors who value timing, execution, and relevance, Larvotto’s DFS shows that the company is not waiting for the cycle. It’s stepping into it. This is not just a study. It’s a statement: Larvotto is ready to mine. As much as I have made the statement in the last paragraph, and as I have just mentioned, I am also eagerly concerned that the tightness of the market is easily undone. As a betting person, I do think that there may be more legs to the ban, but I don't trust politicians, especially entrepreneur-type Presidents. One other caution in my thinking is the valuation of AUD $251 at this stage. Feels a bit on the low side if you believe the antimony lack of supply story. Happy Investing and remember, definitely always 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. Cover photo: Stibnite, calcite, arsenopyrite 6, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Stibnite,_calcite,_arsenopyrite_6_.jpg) 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.

As investors, we are always looking for the next investment, and this search is one of the most common headaches for all investors, especially those like me, in the retail end of the spectrum. We are always the last to know about the things we need to know, and we are the ones that help the "Purple Circle" create their wealth, and to top it all off, we are also the ones that help them exit their positions. As we enter 2026, there is no doubt that all eyes are on Gold and Silver, and closely followed by Copper. I am confused if eyes are still on Antimony, but I suspect there are fewer looking at that now, as the whole Antimony chatter is getting long in the tooth for most investors. I think the heat may have cooled. Figure 1: The gold and silver price chart as of 7th January 2025 over the last 10 years. (source: macrotrends) The gold and silver price rise has long been seen as a marriage of the best friends (Figure 1). Although the quantum of the prices is significantly different, the way they "copy" each other is like a suckerfish to a whale. Every time you see a whale, you will see the suckerfish. Suckerfish (remoras) on a Whale Shark. (source: Divemagazine.com) The narrative for copper is stronger, and with all the talk of AI and the clean energy transition, copper was always going to appreciate, as it's like the backbone metal of civilisation, like iron ore and the hated oil and gas. There is no doubt in my mind that the value appreciation will continue (Figure 2). It is not a rare metal, but the abundance required makes it critical in the sense of future extraction. Figure 2: The copper price chart over the last 45 years as of 7th January 2025. (source: Macrotrends) I know there will be a lot of views on other metals that are going to play a big role, but I think the ones I have mentioned clearly overshadow the other metals. I have not put lithium up as a clear show stopper because I think the discussion of how lithium or EV is going to change the world is not just co mmon speak. It is not, in my opinion, a revelation anymore. Like Vanadium or High Purity Quartz, these are not old news, and frankly, it does not excite people. A great example is Molybdenum, which is looking like it's going to establish a strong case for all-time high pricing (Figure 3), but the market is not that excited. Anyone who is in the sector has been saying that the market is typically short on supply with an increasing demand for the metal. Figure 3: The molybdenum price chart since 2006. (source: Daily Metals) There has been a lack of investment into new mines and existing mines in the US, and most likely in China, are depleting with no new resources to replenish existing reserves. Does the market get excited? No, in fact, I used to say that the market does not even know how to spell the word. So what Does All This Mean In October 2025, I had a coffee with an associate, and we had a discussion in a cafe that got me thinking that the current gold price run may just be the start of something much larger in scale than I had ever thought would happen in my lifetime. He told me that a Bank in Europe is telling buyers of gold that delivery is a 6-month wait. If this is true, then are we looking at a shortage of major metals? “This isn’t a theme trade. This is a supply-chain reality trade.” Does this mean that the global shortage of these "critical" metals is going to cause the Clean Energy Revolution to take five and slow down, simply due to the fact that there are just not enough materials to build this new world we are being told is coming? As in all supply crunches, does this mean that we are just going to have to accept an increase in metal prices and hence an increase in the pricing of pretty much everything civilisation requires to make our world tick? What if the discussion of cryptocurrencies is all heading to stable coin representation? The last time I looked, the top 67 cryptocurrencies have a market capitalisation of billions, and the top 11 have multiple billions. Now, if all start to go towards stable coins, then the gold price may just be heading higher. The good news is that there is plenty of gold to extract, but the future demand for gold as a hedge for stable coins may change the availability. What happens If The Metal Is Important And Hard To Find, Like Tungsten? In 2012, when I was promoting a tungsten project, one of the exercises was to find and detail projects that I could compare and contrast for my presentations and discussions with shareholders and potential investors. Tungsten sample from the Kirwan Hill Tungsten Project in New Zealand. (source: Samso) AS my research grew deeper, it became apparent that there were not that many operational projects, either in the mining or exploration stage. Interestingly, there were not that many exploration projects. The list below is a summary of the main projects (Figure 4) at that time: Dolphin Tungsten Project — King Island Scheelite Ltd (ASX: KIS) now Group 6 Metals Limited (ASX: G6M) - King Island, Tasmania (Australia). Promoted on the back of a Definitive Feasibility Study (DFS) released in March 2012 and related development messaging. Mt Carbine Tungsten Project — Carbine Tungsten Ltd (ASX: CNQ) now EQ Resources Limited (ASX: EQR) - Far North Queensland (Australia). Promoted through 2012 investor/market materials positioning Mt Carbine as a restart/upgrade tungsten business. Nui Phao Tungsten Project - Masan High-Tech Materials (part of the Masan Group) - Polymetallic deposit with scheelite-hosted tungsten, alongside significant fluorspar, bismuth, and copper mineralisation. Reserves (approximate): ~55–83 million tonnes of ore defined, grading around 0.2–0.21 % tungsten (WO₃) — a very substantial resource base. Watershed Tungsten Project — Vital Metals Ltd (ASX: VML) - North West of Cairns, Queensland (Australia). Promoted in 2012 around feasibility and permitting, including financing to complete DFS work Barruecopardo Tungsten Project — Ormonde Mining plc (LSE: ORM) - Salamanca Province, Spain. Promoted during 2012 as it moved off a completed DFS (Q1 2012) into permitting, funding, and offtake discussions. Sangdong Tungsten Project — Woulfe Mining Corp. (TSX-V: WOF at the time) - South Korea. Promoted strongly in 2012 with a Sangdong Feasibility Study (effective June 2012) and ongoing market communications. There was also a connection to Warren Buffett through his company, IMC International Metalworking Companies (IMC), a subsidiary of Berkshire Hathaway. In 2012, IMC invested significantly in Woulfe Mining Corp. (which owned the mine) to secure a major supply of tungsten, a strategic metal for IMC's metal-cutting tool manufacturing in South Korea, positioning Sangdong to become a vital source for the global tungsten market. Hemerdon / Drakelands Tungsten-Tin Project — Wolf Minerals (ASX: WLF at the time) - Devon, United Kingdom. Widely promoted in the 2011–2012 window on the back of its DFS and development narrative as a major non-China tungsten supply option. Cantung Tungsten Mine — North American Tungsten Corp. (TSX-V: NTC at the time) - Northwest Territories (Canada). Promoted in 2012 as a restart/production resumption story (road reopening enabling production restart). Figure 4: Location of Tungsten projects being promoted in 2012. (source: Samso) As I am writing this blog, I have just realised that apart from the project I was promoting, there was only one other company that was promoting tungsten exploration, and that was Tungsten Mining Limited (ASX: TNG), which had just listed at the end of 2012. They were promoting a project called Kilba (Figure 5), which had a JORC-compliant Indicated and Inferred Resource of 5.0MT @ 0.27% WO3 that was announced on the 31st May 2013. Figure 5: Location of the Kilba Tungsten project. (source: TGN ASX Release 12th June 2013) Today, the majority of the projects are no longer in a near-production state. I am told that Nui Phao has reduced its production (though with the current pricing, they may be doing better). The Barruecopardo Tungsten Project appears to be in production, and Sangdong is "near" production. None of the projects is in a big production state; however, with the recent surge in pricing, things may start to look different soon. The Tungsten narrative is largely driven by the following: "China dominates it, and now the Trump factor has come to save it, but the market is somehow not interested, even when the metal price (ATP) is surging to an all-time high of USD $900 per mtu (metric ton unit). If you strip away the noise, tungsten’s 2026 story is simple: it sits at the intersection of defence, industrial capability, and supply-chain leverage. It’s not a “new economy” metal, but it has become a strategic economy metal—because so much of the upstream and processing chain still runs through China. Price reality check: what the market is actually saying (2025–early 2026) On the pricing front, APT (Ammonium Paratungstate) remains the benchmark reference point used across the industry, because it’s the key intermediate feeding most downstream tungsten products. Metal Recent market pricing snapshots show APT (CIF Rotterdam) sitting in a high band late 2025 into early 2026, alongside elevated China APT pricing. Metal A useful “market narrative” datapoint that’s been cited publicly is the view that APT moved materially higher across FY2025 and into 2026, reinforcing the idea that tungsten is trading above older baselines (regardless of the exact source you prefer). “When a minor metal holds high prices for long enough, it stops being a spike and starts looking structural.” The true driver: policy and permissions, not geology The tungsten market in 2026 is heavily shaped by export controls/licensing frameworks and policy signalling, especially out of China. Reuters has reported China expanding export restrictions to include tungsten-related products (among other critical minerals) using a licensing approach tied to national security framing. “Supply isn’t just ‘how much is mined’—it’s ‘how much can move’.” Will the “Fanya shadow” appear in 2026 The Fanya Metal Exchange was a China-based metals trading platform from 2011 to 2015 that accumulated huge rare-metal inventories (including tungsten in the form of ammonium paratungstate). When it collapsed in 2015, investors were left unable to withdraw funds, and courts seized the metal holdings. A lot of the stockpiles were later sold or absorbed by state-linked buyers. “Fanya taught the market what hidden inventory can do. 2026 is about controlled inventory and controlled flows.” How Big Were the Stockpiles? Analysts looked closely at the Fanya data in its final years: Reported holdings for tungsten (in the form of ammonium paratungstate, or APT) were allegedly around 29,000+ tonnes, or approximately as much as 30% of China’s annual production at one point. It stored significant quantities of other metals too — including large amounts of indium, bismuth, and rare earths — which in some cases were multiple times annual world output. These stockpiles were stored in warehouses across China under the exchange’s control. Why the Stockpiles Matter to Markets The existence — and then liquidation — of these stockpiles had major effects on metal prices and supply dynamics: Price Suppression from Overhang When the exchange collapsed, and authorities seized its inventory, there was concern that the sudden release of metal onto the market would depress prices — especially for tungsten and other hard-to-produce metals. At times, analysts suggested that if the Fanya APT stocks were released, prices could fall back to levels seen in earlier market lows, because a large overhang would flood available supply. Price Volatility Before Collapse During Fanya’s accumulation phase (2011–2014), speculative buying and accumulation pushed prices up because physical supply was being warehoused rather than hitting the open market. This distortion was widely blamed for significant price spikes during that period. What Happened to the Stockpiles After the Collapse? After Fanya froze operations in 2015: Chinese courts seized the exchange’s metal inventories. Some metals (like indium and antimony) were auctioned off or bought in bulk by large state outfits such as China Minmetals Auctions were conducted via online platforms like Taobao, often below market value, making it unclear how much of the backlog was fully absorbed or held strategically by state actors rather than released into open commerce. Not all stockpiled metals have been transparently returned to market: some were bought privately, some moved into strategic government inventories, and some may still be held in various forms under Chinese oversight. Is the Fanya Stockpiles Still Relevant? In 2025–2026, the Fanya Metal Exchange stockpile issue is generally not a major direct driver of tungsten markets anymore, though it still comes up in historical context. The relevance of the Fanya Shadow is no longer an issue for the following reasons: Less Direct Impact on Prices Now The bulk of the ex-Fanya APT stockpiles has been seized and at least partially absorbed into industry inventories or held by corporate/state buyers. Small Caps Market commentary and price behavior in late 2025/early 2026 focus much more on current supply tightness, geopolitical export controls, and Chinese production/export policy, rather than potential liquidation of Fanya stocks. Discovery Alert+1 In other words, the idea that a large stockpile could suddenly hit the market and pull prices down is less relevant now than it was a decade ago. Current Drivers That Matter More Recent supply/demand dynamics are shaped by: Chinese export controls and licensing strategies affecting tungsten supply globally. Geopolitical tensions and diversification of supply chains (e.g., Western buyers seeking non-China sources). Strong prices and tight inventory levels in the tungsten market through late 2025/early 2026, with prices at elevated levels and market participants in a wait-and-see mode. These factors are driving price trends and investment interest now far more than the remnants of Fanya stockpiles. Tungsten Price Trends (2025–2026): What the Market Is Really Responding To Now. 1. Prices: Structurally Higher, Not Speculative Through late 2025 into early 2026, tungsten prices (typically referenced via APT – Ammonium Paratungstate) have remained elevated and relatively firm compared to the long-term average. This is not being driven by financial speculation (as seen during the Fanya years), but by: Persistent supply tightness Limited new mine development Rising strategic demand, particularly from defence, aerospace, and advanced manufacturing The market tone is best described as tight but orderly. 2. China Policy Is the Dominant Lever China remains the key swing factor in tungsten pricing, but the influence today is policy-driven rather than inventory-driven. Key factors: Export licensing and quota controls on tungsten products Environmental and energy-cost pressures on domestic producers Strategic retention of critical metals, aligned with broader industrial policy Rather than flooding the market, China’s behaviour in 2025–26 has leaned toward controlled supply, which supports higher floor prices. 3. Inventory Levels Are Thin Unlike the 2012–2015 period: Western inventories are low There is no visible overhang equivalent to the Fanya stockpiles Buyers are increasingly working on just-in-time or short-term contracts This makes the market more sensitive to: Temporary supply disruptions Export approval delays Geopolitical or trade-policy shocks 4. Demand Is Shifting from “Industrial” to “Strategic.” Traditional demand drivers (hard metals, tooling, wear-resistant alloys) remain solid, but the growth is coming from: Defence and munitions Aerospace and space applications Energy transition technologies High-performance electronics This matters because strategic buyers are less price-elastic — they prioritise security of supply over marginal price movements. 5. What This Means for New Projects In 2026, tungsten is increasingly viewed as: A strategic metal, not just a cyclical commodity A sector where permitting, jurisdiction, and ESG profile matter as much as grade One where credible non-China supply attracts disproportionate interest Projects with: Simple metallurgy Clear permitting pathways Potential domestic or allied-nation offtake are being assessed through a longer-term strategic lens, not short-cycle commodity pricing. Samso Concluding Comments For those who have been following our coverage of tungsten, you will have seen our multiple posts on this space and realised that the next excitement among the ASX hopefuls is the rush into the tungsten space. The incredible fact is the surge in the price of tungsten in mtu. We have been raising awareness among investors on the potential rise to fame for a long time. In fact, the very first episode of Coffee with Samso was on tungsten, and that was in 2019 (A conversation about Tungsten). What is an MTU? - A Metric Ton Unit is defined as 1% of a metric ton (1,000 kg) and therefore equals 10 kilograms. Tungsten is primarily traded in the form of Ammonium Para Tungstate (APT) or tungsten concentrates, with prices quoted per MTU of tungsten trioxide ( WO3) content. Since that time, the price of tungsten has gone from sub USD $300 per mtu to a mind-boggling USD $1,000 per mtu as we write this blog today on 9th January 2026. The Samsop platform started covering tungsten again in earnest in May 2025, and the price then was in the USD $400 mark. Since that period, it has been an incredible rise to today's price in a very short time frame, and for those companies that are now rushing into this space, the big question is really about where they are going to find a tungsten deposit that can become economical, and this is the main issue that will keep driving the price. This Samso Insight is highlighting this very point, as what I see today is no different from when I was promoting a tungsten project in 2012. The main difference is the influx of exploration projects that seem to be banking on the Trump factor, and the focus is really on US projects. If one looks at what is available for mining, there are really not that many. If this continues to be the case, and we all know that developing a producing mine is something that takes years and in most cases decades. If that is the case, then you will have to think hard about what the sustainable price for tungsten will be if the lead time to relieve the supply crunch is the only way to reduce the surging price, and when that will happen. Figure 6: An article taken from SMM. (source: SMM) The article (Figure 6) from SMM (Shanghai Metals Market) is the perfect way to close this discussion. If you read the heading, it tells of a stable market that is very ordinary. The underlying truth is that the price have surge to a level now that is more than 300% times what it would have been 12 months ago. If there is no obvious relief in supply (assuming there is no Fanya Shadow lurking), what will be the ultimate multiple for the price before it is considered a stable market? Cover photo: Fluorine, scheelite, calcite (Chine), Parent Géry. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Fluorine,_scheelite,_calcite_(Chine).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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.

Washington has set a hard deadline of 1 January 2027. Australian producers are on the right side of it, but only if they can prove where every gram came from. Australian critical minerals producers have been handed their clearest opening yet into the United States defence supply chain, after President Trump signed an executive order closing the loophole that let American contractors keep buying Chinese magnets, tungsten and tantalum. Executive Order 14415, signed on 20 July 2026 and published in the Federal Register three days later, does not create a new ban. It enforces an existing one. US law already bars the defence department from buying certain materials produced in a “covered nation”, a list containing only China, Russia, North Korea and Iran. Australia is not on it. The order is unusually candid about why it was needed. Its opening section states that despite the longstanding prohibition, defence contractors have historically under-prioritised domestic production and resilience. That is an admission that the existing law has not been working. How the escape hatch worked, and how it closes The statute has two release valves. The first lets the Secretary waive the prohibition for a specific end item when a specific covered material of satisfactory quality and quantity cannot be obtained when needed at a reasonable price. Each such waiver runs for a maximum of 36 months. The second is a national security waiver, allowing delivery of an item containing covered material from a covered nation where the Secretary determines in writing that accepting it is necessary to United States national security interests. Contractors have leaned on the first valve heavily, because for most of these materials no tested, approved, available Western alternative existed. Qualifying a new supplier into a defence programme is slow, expensive and thankless work, and when a compliant Chinese supplier sits there at a fraction of the price, nobody volunteers to do it. From 1 January 2027, the order shuts the first valve and narrows the second. Routine non-availability waivers stop. A contractor still wanting one must submit a formal mitigation plan, accepted by the Secretary, that identifies the non-compliant source, documents evidence of exhaustive efforts to find compliant material, describes the steps to remove the non-compliant material from the supply chain, and sets a strict projected timeline for doing so. National security waivers survive, but they now require a request from the Secretary or a service Secretary to the Assistant to the President for National Security Affairs. Routing that decision through the National Security Council is a meaningful change of altitude. A waiver that was previously an acquisition matter becomes a White House matter. The sharpest clause is Section 2(c). A contractor's failure to qualify a domestic source no longer constitutes non-availability, unless that contractor can demonstrate active, adequately funded and ongoing efforts to qualify one. In plain terms, “we couldn't find anyone else” stops being an acceptable answer if you never seriously looked. There is a penalty tail. Where the Secretary determines a contractor has engaged in fraud or deliberately misled the government in its mitigation plan, or has knowingly failed to implement it, the order directs him to exercise all appropriate contractual remedies and permits referral to the Attorney General for investigation and possible prosecution. Section 4(b) is blunter still: failure to qualify an alternative source becomes grounds to suspend or terminate task orders, decline to exercise contract options, and terminate the existing contract. That is the real weapon. Not a fine, but the threat of losing the work. Why 1 January 2027 The date is not arbitrary, and this is the detail most commentary has missed. Legislation passed in 2021 amends the same statute on exactly that day. From 1 January 2027 the department may not enter into a contract for any covered material mined, refined, or separated in a covered nation, rather than only material melted or produced there. The same amendment narrows a widely used carve-out. The exception for commercially available off-the-shelf items currently excludes items that are 50 per cent or more tungsten by weight. From January 2027, that exclusion widens from tungsten to every covered material. So the waiver door and the traceability net move together. A contractor relying on a Chinese input buried three tiers down will find, on the same morning, that the input is more clearly caught, the off-the-shelf shortcut is narrower, and the exemption is gone. Figure 1. The two changes that matter land on the same day. Everything else is process around them. The list is shorter than “critical minerals” suggests The covered materials are narrower than most investors assume. “Critical minerals,” as a phrase, now encompasses roughly 60 commodities. The statute this order enforces does not. As it currently stands, the list is samarium-cobalt magnets, neodymium-iron-boron magnets, tungsten metal powder, tungsten heavy alloy and components containing it, tantalum metals and alloys, and molybdenum. Molybdenum was added in December 2025. Germanium and gallium join on 18 December 2027 under the same legislation. Two of the six current entries are tungsten. One is tantalum. Only two relate to rare earths. That matters for a market that has spent three years treating “critical minerals exposure” as a synonym for rare earths. Figure 2. The statutory list is specific and short. Broad “critical minerals” exposure is not the same as exposure to this order. Australia's Tungsten Paradox Tungsten has the highest melting point of any metal, which is why it goes into armour-piercing rounds, cutting tools and anything that runs hot. China dominates production. Australia ranks second in the world for tungsten resources, according to Geoscience Australia and peer-reviewed assessments of the national inventory, yet supplies only around one per cent of global output. Figure 3. Resource endowment without production capacity. The order raises the value of closing that gap. Tantalum, tungsten or molybdenum produced from recycled material is exempt where the contractor can show the recycled material was produced outside a covered nation and the melting and further processing takes place in the United States or in the country of a qualifying foreign government. Australia appears on the qualifying country list used to implement that concept in United States defence acquisition regulation, alongside Canada, Japan, the United Kingdom and around two dozen others. From 18 December 2027 the same exception extends to gallium and germanium. The practical reading is that Australian downstream processing of recycled tungsten, tantalum and molybdenum sits inside a statutory exemption, not merely outside a prohibition. For a country with substantial tungsten resources and an existing hard-metal recycling industry, that is a specific and under-discussed opening. It would be worth confirming the current qualifying country schedule before building a business case on it, since these lists are amended. Two other exceptions matter less to Australian producers but tell you where the pressure is heading. Off-the-shelf items are exempt, on the narrowing basis described above. Electronic devices are exempt unless the Secretary determines domestic availability of a particular device is critical to national security, and Section 2(f) of the order directs the Secretary to review how that electronics exemption is currently being applied. That is the single largest remaining gap in the regime, and the order has put it under review. Figure 4. Compliant supply is not only a domestic question. Four of the routes that stay open run through allied and US-financed sources The catches Being Australian is not sufficient. Section 3 requires contractors to submit a complete indentured Bill of Materials, tracing every component back to the origin of the raw materials across all supplier tiers. It also requires screening every supplier for foreign ownership, control or influence from a covered nation, defined broadly enough to capture influence that exists but is never exercised. Two consequences follow. First, an Australian mine that ships concentrate to China for separation is not producing compliant material once the January 2027 language bites. The premium attaches to the chain, not the deposit. Second, an ASX-listed company with a substantial Chinese shareholder or offtake counterparty can be caught despite mining in Australia. Registers and offtake books are now due-diligence documents. The clause nobody is discussing Section 6 may be the most commercially significant provision for Australian developers. Nothing in the order impairs acquisition of critical minerals produced by a foreign project financed, guaranteed or insured by the US Export-Import Bank or the Development Finance Corporation, or supported by the US departments of State, War, Commerce or Energy. That is a protected lane, written into the order, for foreign projects carrying United States government money. American financing has stopped being merely cheap capital and become a compliance position. It sits alongside Project Vault, the US Strategic Critical Minerals Reserve announced in February 2026 and backed by an EXIM loan of up to US$10 billion plus roughly US$2 billion in private capital, which the order also carves out. Two reality checks Defence volumes are small. Global magnet demand is dominated by electric vehicles, wind turbines and industrial motors, and defence consumption is a modest share of it. This order creates high-value, low-volume, certification-heavy demand. It does not move the bulk price deck. Any company whose investment case rests primarily on defence demand is selling a story the tonnages will not support. Qualification takes years. Getting a material tested and approved into a specific weapons platform is a multi-year exercise. The order concedes as much: Section 4(c) gives the Secretary 90 days simply to produce a strategy for accelerating testing and qualification, including identifying regulations to rescind. When a policy document has to commission a plan to speed up its own approvals process, that tells you how slow the process is. Revenue from this shift lands well after the announcements. What happens next Implementing guidance is due within 180 days, with a further 90 days for the regulations themselves. Those will matter more than the order, because they settle whether “allied” means “preferred” or merely “permitted”. The preamble commits to sourcing “domestically or from allied nations”, but the operative sections build only a mechanism for removing Chinese material, not a preference for Australian material over American. Two cautions. Defence is a small share of global magnet demand, so this creates high-value, low-volume, certification-heavy business rather than a shift in the bulk price deck. And qualifying a material into a weapons platform takes years, which is why Section 4(c) gives officials 90 days simply to devise a strategy for speeding that up. The opening is real. The revenue is not imminent. FOUR QUESTIONS FOR ANY COMPANY CLAIMING EXPOSURE • Is its output on the covered materials list, directly or through a product it feeds? • Can it document chain of custody from pit to delivered product, and where does the trail go cold? • Does its share register or offtake book create a foreign ownership, control or influence problem? • Is it inside the Section 6 financing perimeter, or should it be? Cover photo: Scheelite; mica, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite;_mica.jpg) 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. 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

Coffee with Samso | Episode 213 | London - UK, Perth - Western Australia. Guest: Oliver Friesen – CEo & Executive Director, Guardian Metals Resources Plc (LON: GMET - OTCAX: GMTLF) Introduction In this episode of Coffee with Samso, I speak with Oliver Frieson, the CEO and Executive Director of Guardian Metals Resources PLC, about one of the most compelling but under-discussed metals in the global supply chain — tungsten. With prices at all-time highs, export bans in place from China, and increasing geopolitical interest, tungsten is now firmly at the centre of the strategic resources conversation. Guardian Metals, listed on the LSE and OTC, is a rare story that began long before the market caught on — positioning itself as a serious player in the US critical minerals space. This Coffee with Samso explores the macro forces driving the tungsten narrative, the market imbalance between China and the West, and Guardian’s role as a key part of the solution. This is a conversation that is highlighted only because the underlying business is not in the headlines. The Business of the Company: Focus – US Tungsten Projects Guardian Metals Resources has two strategic assets: Pilot Mountain, Nevada – One of the largest historical tungsten projects in the US, previously mined during World War II and advanced with a robust ongoing PFS process. Tempuite, Nevada – Formerly the largest producing tungsten mine in the US during the 1980s, now being revitalised with a current drill program and site refurbishment underway. With processing infrastructure already existing in Nevada and strong institutional support, Guardian is aiming to bring both mines into production before the end of the current US administration. Global Tungsten Market – Highlights from the Conversation China Has Weaponised Supply Since Feb 2025, Chinese exports of tungsten have virtually ceased. China continues to import and stockpile tungsten despite being the largest producer — creating a supply/demand distortion. Domestic Chinese prices have exceeded international prices — a counterintuitive signal suggesting internal demand pressures. Western Supply Gap is Real Global tungsten demand: ~100,000–120,000 tonnes/year. Western world mine production: ~10,000 tonnes/year. Net gap outside of China/Russia/North Korea: ~40,000–50,000 tonnes/year. New Equilibrium Price Forming Historically, tungsten projects needed USD $500+/MTU to be viable. Current prices: USD $620–630/MTU with upside momentum. Guardian’s projects were viable even at pre-2020 pricing norms — giving them a competitive advantage in a rising-price environment. Leadership Commentary – Oliver Frieson’s Perspective Oliver brings a unique lens — a geologist by trade, Canadian by background, and now building a US-focused tungsten strategy from London. He shared: Guardian’s five-year journey into tungsten (well before the current hype). Why he believes domestic mine supply is now a national imperative. How Guardian has already received US Department of Defense funding for its Pilot Mountain project. The critical difference between companies "mining the market" and those genuinely positioned to deliver a sellable product. "We’ve spent five years building this position. Now everyone is paying attention, but we were early — and we have the right assets in the right place." About the Projects Pilot Mountain: Located in mining-friendly Nevada. Historical producer during WWII. Ongoing PFS+ study with engineering, metallurgy, geotech, and mine design in progress. Pilot North staked as potential hub-spoke satellite to main project. Tempuite: Previously produced 0.45% WO3 grades – high for tungsten. All infrastructure still on site: mill foundation, substation, office. Currently undergoing resource upgrade drilling. Goal is to bypass scoping and move into DFS-level work. How Samso Understands the Investment Memo for the Company Guardian Metals is a real-time case study in: Early contrarian entry into a critical metal market Operating in one of the only jurisdictions with full processing infrastructure Holding assets with historic production, existing infrastructure, and proven metallurgy Aligning with national strategy: awarded US DoD funding, exploring within strategic minerals legislation In a field crowded with hype, Guardian is already executing. Samso Concluding Comments Guardian’s story is a reminder that real value often comes from being early. From my early experience with the Tungsten story, the current macro picture for tungsten is unprecedented — geopolitical shifts, price surges, and the weaponisation of exports all highlight how exposed the West has become. Guardian’s Nevada projects are ticking the right boxes — grade, infrastructure, timing, jurisdiction. There’s real substance here, and it’s worth keeping a close eye on as both projects move forward. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 02:41 Introduction 03:13 Summary of Oliver Friesen 04:38 Update on the Tungsten Market 08:34 The Rarity Conversation of Tungsten. 15:01 The Conversation about the Economics of the Tungsten market. 22:16 How High Could the Tungsten Price go and What is the Sustainable Price? 28:00 About the Guardian Metals Projects? 31:41 What is the Upside of Guardian? 36:48 What stage are the projects at for Guardian? 41:12 The Guardian share price journey. 42:06 How can Investors be encouraged to take position in Guardian Metals. 46:06 Is the Critical Minerals hype translating to actual work on the ground? 49:05 What other Tungsten projects can work out there? 55:53 What should investors look for to help them guide an Tungsten investment. 59:47 Closing Comments 01:01:23 Conclusion 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.