Tungsten, the metal. Prior to a few months ago, the word "tungsten" would have been foreign to most people, and I dare say that the majority of investors on the ASX would struggle to understand its significance or prospectivity, even now in September 2025. There is definitely no argument that it is one of those commodities that rarely makes headlines, yet it quietly underpins some of the most critical sectors of the global economy. As I read the tea leaves today in 2025, the strategic importance of tungsten is unparalleled, and the scarcity of the metal, along with its dominance by a single nation, China, which has been discussed for a decade, is now at potentially critical levels. The issue has finally reared its head, and the solution is not easily found nor easily implemented. There is going to be a lot of pain, and before any market volatility can be calmed. The tungsten space has had very little movement since the early 2010s, leading to a lack of opportunities for investors to get a position because there simply has not been any positive news. The intriguing part of the tungsten space is that not only has there been not much news on the positive pricing trends, but there is also a lack of understanding of what makes the industry tick, from the geological and the technical requirements to gain favour from the capital market. The good news is that I think there is now movement in both the pricing, which is now at all time high, and for ASX investors, there is a AUD $3.78M market cap company with what I think compares very well with giant deposits like The Sisson project in Canada. Terra Uranium Limited (ASX: T92) has acquired an interesting project in New South Wales, Australia, which I think could make shareholders of the company some good returns in the coming future. The historical data reminds me of the time that I was working in the Tungsten sector and it compares very well with the Watershed project in Queensland and the Sisson project in British Columbia, Canada. For this Samso Insight, I am going to make a direct comparison to the Sisson project as I feel that this is the market leader, it will be the nearest tungsten project to be in production that has all the hallmarks for being a long life economical tungsten mine. What Is Driving the Lack of Tungsten? A major problem with the Tungsten Supply issue, similar to the challenges faced in the REE conflict that the "West" is striving to overcome or at least gain progress in, is the severely limited tungsten mining and processing capabilities outside of China. Figure 1: Location of the Sangdong and Boguty Tungsten Mine (Almonty and www1.hkexnews.hk) Projects like the Sangdong Tungsten Mine and Kazakhstan’s Boguty mine (Figure 1) contribute minimally relative to global demand. Processing bottlenecks and underdeveloped beneficiation infrastructure further hinder diversification. Investors looking for a play in this space are continuously playing a losing game. My experience in this commodity space began in 2012, and I will say that I have not seen one winning project. The list I have of projects is all losers, which reflects the technical deficiencies and the lack of market support via price and capital funding for such projects. The Price Factor One of the biggest factors that has plagued the success of tungsten projects has been the price of Ammonium Paratungstate (APT). The APT price has always been used to measure the market, and that has not had a good run until now. For those interested, Samso published an in-depth look into the tungsten industry in May 2025, "Tungsten: The Quiet Giant – Market Trends and Investment Pathways," where we first discussed the rising tungsten pricing to levels in the USD400+ mtu. As you can see in Figure 2 below, that is now at $USD 520/mtu. Figure 2: Price of Tungsten products and the Tungsten price trend as of 18th August 2025 in RMB. (source: www.ctia.com.cn) Once you accept that the pricing is now at an all-time high, then let's consider factors such as the irreplaceable nature of tungsten from military applications and aerospace engineering to everyday tools and electronics. What obscures the sexiness of tungsten from the everyday investor is that, unlike gold or copper, the tungsten story is less about glamour and more about geopolitics, supply chains, and the reality of doing business in a market dominated by China. Figure 3: Uses of Tungsten (source: samaterials.com) Understanding the business of tungsten is not just about geology—it is about strategy, economics, and a resource that has become central to the conversation on critical minerals. Tungsten Is Not just Another Metal Tungsten is not just another industrial metal—it is a strategic asset, and its price is taking off like a rocket (Figure 2). Its unmatched hardness, density, and resistance to heat make it indispensable in sectors ranging from defense and aerospace to energy and high-tech manufacturing (Figure 3). Yet despite this demand, investment opportunities outside China remain extremely limited, placing a premium on any project with the scale and economics to enter production. The fact that the scarcity is amplified by the ongoing geopolitical tension between the West and China may bring some question as to the durability of the price rise, but when you start to understand the economical geology nature of tungsten in terms of the economic geology. With China controlling nearly 80% of global tungsten supply, Western governments are acutely aware of their vulnerability to supply shocks. The result is a growing push to diversify supply chains, secure critical minerals through domestic or allied sources, and back projects that can shift the balance of dependence. For investors, the tungsten sector is no longer just a resource play—it is becoming a frontline in the broader strategic competition between East and West. The Geological Reasons why Tungsten is going to have a Supply Crunch. The other factor that the capital market ignores is that to find and develop an economical tungsten deposit is very hard. Firstly, the nature of tungsten geology is that it does not occur as an economical scenario every time you have tungsten mineralisation. If you look at the global types of economical deposits, they are the low-grade and large tonnage style mines. To add complications, there are the byproducts, and some have items such as radioactive minerals (commonly in small quantities that are enough to spook investors and the potential metallurgical issues), and if you throw ESG issues, that will be the nail in the coffin scenario. The other geological influence is the presence of by-products that require extra processing, creating cost implications that negatively reflect the outcome of the economical equation. The Sisson project is Molybdenum-Tungsten, and 15 years ago, when Molybdenum was not worth a lot, that held back Sisson as a good project. Today, when Molybdenum is in a shortage and pricing is finally buoyant, there is now a boost in energy for the Sisson story. Figure 4: The Sisson partnership that is driving the fortune of the Sisson Tungsten and Molybdenum Mine. (source: The Sisson Partnership). This is pretty much all the drivers controlling the tungsten story. For all the critical minerals that are talked about in the media, it seems that Tungsten may be the first of the ranks that is in reality mode now. Path To Understanding the Tungsten Story. To understand the Tungsten Story and what makes a sustainable and economical Tungsten Story, one must first look at the metal and the global examples. Personally, my thoughts are that there are two examples that are in front of my mind in terms of a potential economical project, that I know well enough to say, and that are the Sisson and Watershed projects. To keep things simple, I have chosen the Sisson project to discuss here. True to the Samso platform, I will try an compare the Terra Uranium Limited (ASX: T92) recent acquisition of the Tungsten-Molybdenum project in New South Wales, Australia, to give ASX investors something to think about from a small capitalisation entry to the tungsten story. Looking at the ASX release (Terra Uranium to Acquire Largest Tungsten Project in NSW), I am reminded of my days looking at tungsten projects, and there are hallmarks of a potential to become a world-class concept. A recent ASX release with some rock chips is giving some good indications that mineralisation does exist (Deepwater Rock-Chips 3% Tin, 13.7% Tungsten & 6% Molybdenum). This region is renowned for IRGS (Intrusion Related Gold Systems) and tin, tungsten, molybdenum and potentially lithium. It's just the ideal geological environment to find the later-stage metal deposition from the incompatible suite of elements on the periodic table. So let's get into the main part of this Samso Insights with the following chapters to help navigate the details of this Samso Insight. Why is Tungsten Unique? The Sisson Project Project Background & Infrastructure History & Current Status History Current Stage Economic & Development Highlights Recent Developments & Funding Technical Details: Resources, Mining & Processing Mineral Reserves and Resource Estimates Mining & Processing Plan Processing The Terra Uranium Project The Acquisition at a Glance Exploration and Development Potential A Multi-Phase Hydrothermal System Evidence from Historical Drilling Metallurgical Evidence – Unlocking Value Why Geology Matters for Investors Geological Comparisons – Henderson-Style Potential Why is Tungsten Unique? One of the key properties of tungsten is that it is one of the densest metals, but contrary to popular thinking, it’s not the very densest. Here’s the breakdown: Tungsten (W): Density ~ 19.25 g/cm³ Osmium (Os): Density ~ 22.59 g/cm³ → the densest naturally occurring element. Iridium (Ir): Density ~ 22.56 g/cm³ → almost as dense as osmium. Platinum (Pt): ~21.45 g/cm³. Gold (Au): ~19.32 g/cm³ (slightly denser than tungsten). So tungsten is extremely dense (comparable to gold), but osmium and iridium are denser. What makes tungsten unique is that, while it isn’t the absolute densest, it combines very high density with the highest melting point of any metal (3,422 °C), which is why it’s so valuable for industrial and defense applications. 1. Highest Melting Point of Any Metal 3,422 °C (6,192 °F) — higher than any other pure metal. Enables use in applications exposed to extreme heat (rocket nozzles, turbine blades, plasma torches, light bulb filaments). 2. Very High Density 19.25 g/cm³ — comparable to gold and almost twice as dense as lead. This density makes it ideal for kinetic penetrators, armour-piercing ammunition, counterweights, and ballast in aerospace. 3. Exceptional Hardness & Strength In carbide form (tungsten carbide), it’s one of the hardest known substances (≈9 on Mohs scale). Critical for cutting tools, drilling bits, and wear-resistant machinery. 4. Resistance to Thermal Expansion Very low coefficient of thermal expansion. Maintains dimensional stability under rapid heating/cooling cycles → key for high-precision equipment. 5. High Tensile Strength at Elevated Temperatures Retains strength even when red-hot. Used in applications where other metals would soften (e.g., aerospace components, furnace elements). 6. Chemical Stability Highly resistant to corrosion and oxidation. Useful in harsh industrial and chemical environments. The Sisson Project (source: The Sisson partnership) Field technicians at Northcliff’s Sisson tungsten-molybdenum project in central New Brunswick. (source: Canadian Mining Journal - Credit: Northcliff Resources) The Sisson Partnership is dedicated to developing the Sisson Project, a modern, long-life open-pit mine for tungsten and molybdenum, situated on Crown land in central New Brunswick, about 100 km northwest of Fredericton (Figure 5). It emphasizes responsible and ethical mining, with a focus on sustainability and respect for local communities and the environment, aiming to become a North American leader in the production of these critical minerals. (Source: The Sisson Partnership) Figure 5: Location of the Sisson Project in Canada. (source: The Sisson Partnership). Project Background & Infrastructure. (source: The Sisson partnership) The project site is well-served by existing infrastructure—roads, highways, railways, power lines, deep-sea ports, and water supplies—helping to reduce development costs. Initial mineralization was discovered in 1978, with extensive drilling and resource evaluation completed by 2012. A positive Feasibility Study was finalized in January 2013, outlining a 27‑year mine life supported by open‑pit mining and onsite processing, including an ammonium paratungstate plant. History & Current Status. (source: The Sisson partnership) History Discovery: 1978 by Kidd Creek; drilling extended into 2009 under Geodex. Northcliff acquired 70 % in 2010, and the remaining 30 % by mid‑2012; Todd Minerals (a sub of Todd Corporation) invested around C$14 million to gain an 11.5 % stake, with Northcliff (88.5 %) as operator. Positive Feasibility Study completed in January 2013, affirming a long-life, open-pit development. Current Stage Northcliff is working to update feasibility, complete engineering, secure financing, and finalize offtake agreements before advancing to a construction decision. Economic & Development Highlights. According to the 2013 Feasibility Study: Construction phase: ~500 jobs. Permanent operations: ~300 jobs. Estimated capital expenditure: C$579 million. Estimated pre‑tax Net Present Value (NPV, at 8% discount): C$714 million. Internal Rate of Return (IRR): 20.4%. Payback period: ~4.1 years. Recent Developments & Funding (source: The Sisson partnership) US Funding: In May 2025, the U.S. Department of Defense awarded USD $15 million (approx. C$20.7 million) under the Defense Production Act to support the project’s pre-construction phase. Canadian Funding: In August 2025, Natural Resources Canada granted C$8.21 million for updating the feasibility study and basic engineering as part of its Global Partnerships Initiative, complementing the U.S. contribution. The combined C$29 million in bilateral funding underlines Canada and the U.S.'s commitment to securing the supply of these critical minerals, reinforcing North American competitiveness and supply chain resilience. As of mid‑2025, Northcliff has invested around C$70 million to date in studies, environmental approvals, and development activities. Timeline to Construction: The CEO of Northcliff, Andrew Ing, has suggested that with these investments, the project is nearing a construction decision, and that actual mining (i.e., digging) might begin in roughly five years, though past figures may no longer reflect updated capital cost estimates. Technical Details: Resources, Mining & Processing (source: The Sisson partnership) Mineral Reserves and Resource Estimates The project is estimated to host 334 million tonnes of proven and probable ore, grading approximately 0.066 % tungsten trioxide (WO₃) and 0.021 % molybdenum, containing roughly 22.2 million metric tonne units (mtu) of WO₃ and 154.8 million pounds of molybdenum (Figure 6 and Table 1). Figure 6: Sisson deposit geology and mineralisation. (source: Northcliff Resources) Geological setting: Hosted in structurally controlled zones (I, II, III, and Ellipse) adjacent to the Howard Peak Granodiorite. Mineralization is within narrow, northwest-trending quartz-sulphide veins (scheelite for tungsten, molybdenite for molybdenum). Table 1: Sisson deposit Mineral Resource. (source: NorthCliff Resources) Mining & Processing Plan Mining: Scheduled as a conventional open-pit operation using truck-and-shovel methods, targeting a daily mining rate of around 30,000 dry metric tonnes per day. Processing Crushing, grinding, and flotation to produce separate tungsten and molybdenum concentrates at an on-site plant. Unique to Canada, the project includes an Ammonium Paratungstate (APT) plant, using alkali pressure leach technology. Annual production projections include 557,000 mtu of APT and 4.1 million pounds of molybdenum concentrate. The Terra Uranium Project - A Tungsten and Molybdenum Gift. Terra Uranium Limited (ASX: T92) has taken a decisive step beyond its uranium focus, announcing the acquisition of Dundee Resources Pty Ltd, which holds an undeveloped tungsten–molybdenum project in New South Wales (Figure 7). The move comes as tungsten prices surge to 12-year highs—above USD $450/MTU—driven by rising demand across military, aerospace, and advanced technology sectors. Figure 7: Tenement location plan for the Terra Uranium Limited new project. (source: Terra Uranium). The project is located in the highlands of New South Wales and has a strong history of tin mining and strong mineralising history of molybdenum, and is a well-sought-after place for prospectors hunting for sapphires and semi-precious stones. The Acquisition at a Glance The agreement secures Terra Uranium's 100% ownership of Exploration Licence EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects. Among these, Glen Eden stands out as a significant mineral system hosting tungsten, molybdenum, tin, and bismuth. Previous drilling has shown consistent mineralisation with intervals such as: 282m @ 0.28% WO₃ equivalent from 7m (0.11% MoS2, 0.02% SnO2 and 0.08% WO3) 235m @ 0.25% WO₃ equivalent from 15m (0.10% MoS2, 09.03% SnO2 and 0.06% WO3) 392m @ 0.14% WO₃ equivalent from 3m (0.06% MoS2, 0.01% SnO2 and 0.025% WO3) Notably, metallurgical test work conducted by Amoco in 1981 demonstrated strong recoveries—66% tungsten, 58% tin, and 86% molybdenum—indicating the potential to generate saleable concentrates. Exploration and Development Potential Glen Eden is defined by a 500m-wide greisen breccia and stockwork complex hosted in rhyolitic volcanics. The mineralised system remains open at depth beyond 385m, and geological modelling suggests similarities to deep-seated molybdenum–tungsten deposits such as Henderson in the U.S. A JORC-endorsed Exploration Target estimates between 20–30Mt grading 0.18–0.29% WO₃ equivalent to depths of 100–150m. While conceptual at this stage, Terra Uranium has confirmed plans to launch a drilling campaign aimed at converting this target into a JORC-compliant resource within the next two years. Historical soil sampling has created a large footprint of potential mineralisation in the main area (Figure 8). Figure 8: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited). A Multi-Phase Hydrothermal System The project area is dominated by a hydrothermally altered rhyolitic volcanic sequence, mapped over an area of approximately 1,500 metres by 800 metres. Within this alteration halo sits a 500-metre-wide central greisen and breccia complex, which forms the core of the mineralised system. Geologists have identified three distinct phases of mineralisation: Phase 1 – Hydrothermal Alteration Early alteration halos consisting of sericitic, phyllic, and potassic assemblages. This broad zoning indicates the system was driven by a substantial intrusive body at depth, which remains unexposed at surface. Phase 2 – Greisen and Vein Development An irregular greisen breccia and stockwork zone developed within the rhyolitics. Mineralisation here includes molybdenite (MoS₂), wolframite (WO₃), cassiterite (SnO₂), and bismuth minerals, pointing to a polymetallic system with multiple saleable commodities. Phase 3 – Overprinting Brecciation Later structural events created more intense veining, brecciation, and stockwork zones. These overprint earlier mineralisation, effectively recharging and enriching the system. This multi-phase history is significant because it indicates the system has been reactivated and re-mineralised multiple times, increasing the probability of high-grade shoots at depth. Evidence from Historical Drilling Past explorers, including Carpentaria Exploration (1960s) and Amoco Minerals (1980s), drilled to depths of nearly 400 metres. Mineralisation remained open at depth in all directions, suggesting the system extends much further than tested (Figure 9). Some key intercepts include: 282m @ 0.28% WO₃ equivalent from 7m (GENSW80-1) 235m @ 0.25% WO₃ equivalent from 15m (GENSW80-2) 392m @ 0.14% WO₃ equivalent from 3m (GENSW81-5) Notably, these were not narrow, high-grade veins but broad, bulk-minable zones, consistent with the potential for a large tonnage system. Figure 9: Historical drilling for the Glen Eden Project (source: Terra Uranium Limited). Metallurgical Evidence – Unlocking Value Historical test work on Glen Eden ore has already demonstrated promising metallurgical recovery rates: 66% tungsten recovery 58% tin recovery 86% molybdenum recovery These results show that not only is the mineralisation significant in scale, but it also has the potential to produce marketable concentrates, strengthening the commercial case for development. Why Geology Matters for Investors From an investor’s perspective, Glen Eden represents more than just another exploration play. Its geology suggests: Large-scale system – with alteration halos, breccia pipes, and stockworks supporting a bulk-mining model. Polymetallic upside – tungsten, molybdenum, tin, silver, and bismuth offer multiple revenue streams. Exploration potential – mineralisation remains open at depth, with modelling pointing to deeper, high-grade zones. Critical mineral leverage – tungsten and molybdenum are both classified as critical minerals, giving the project strategic importance. In short, the geology of Glen Eden provides the foundations for a project that could evolve into one of Australia’s most important non-ferrous critical mineral deposits. Geological Comparisons – Henderson-Style Potential Geochemical signatures and alteration patterns suggest Glen Eden may share similarities with Henderson (USA), one of the world’s largest molybdenum–tungsten deposits. Like Henderson, Glen Eden exhibits: Multi-phase breccia and greisen development Persistent molybdenite and wolframite mineralisation Open mineralisation at depth, indicating potential high-grade shells This geological model underpins the JORC-endorsed Exploration Target of 20–30Mt grading 0.18–0.29% WO₃ equivalent to depths of 100–150 metres. The Other Notable Tungsten Projects Hemerdon Tungsten Project: Geology and Resource: (Figure 10) Ore Reserves: ~101.2 million tonnes grading 0.14% tungsten (WO₃) and 0.03% tin (Sn). Mineral Resources: ~351.5 million tonnes at 0.12% tungsten and 0.03% tin. Figure 10: Hemerdon Site layout. (source: Tungsten West). Sangdong Tungsten Project: Geology and Resource. Proven and probable reserves: around 7.9 million tonnes with grade ~0.45% WO₃. Measured & indicated resources: approximately 8 million tonnes at ~0.49% WO₃; inferred resources total ~52.8 million tonnes at ~0.44% WO₃. These figures place Sangdong (Figure 11) among the largest high-grade tungsten deposits in the world. Figure 11: Sangdong Tungsten Mine in South Korea. (source: Wikipedia). Nui Phao Tungsten Project: Geology and Resource. (Figure 12) Ore Reserves: Estimates range from ~55 million tonnes to 66 million tonnes of ore, with average WO₃ (tungsten trioxide) grades of 0.21%. It’s recognized as one of the largest tungsten deposits outside China, featuring a polymetallic composition including fluorspar, bismuth, and copper. Figure 12: Sangdong Tungsten Mine in South Korea. (source: Wikipedia). Samso Concluding Comments The tungsten narrative is typically flying under the radar, and I am really surprised at how low-key this is compared to the Antimony hype, which seems to be taking a journey of greater excitement since it started 12 months or so ago. Even the recent rush for the clay rare earths is making more waves than Tungsten, which is at its APT price at an all-time high (Figure 2). The APT price at USD520/mtu is a lot higher than in 2012, when it was hovering in the USD420/mtu range. When I had the conversation with Oliver Friesen a few months ago, we were talking about a potential price that was around the USD 460/mtu, so you can imagine my surprise when I saw that while researching for this Samso Insight. Tungsten has long since been what I call a dark metal, meaning that the demand vs. supply narrative is shrouded in mystery. It is very hard to visualise the real market. When you look at the global demand and then you look at what is outside of China, you will start to see why it is so hard to visualise where the supply can come from. If my thoughts are correct that there are few economical tungsten projects outside China, then the scarcity issue is in Defcon 1 critical status. The Market Leaders In The Last Tungsten Boom. In 2012, there was talk of the Hemerdon (Drakelands) tungsten‑tin project, Sangdong and Nui Phao Mine coming on stream. At that time, the Sangdong mine was the most talked about, as there were some comments that Warren Buffett was backing it. These three projects were the most advanced, and they were all going to feed into the supply of tungsten. What happened in reality was that Nui Phao was the only one that produced, but it never reached its potential. At that time, as I said, these projects were the market leaders, and they were going to be the superstars of the "Western" tungsten production world (Figure 13). The fact that in 2025, we are only seeing small production figures coming out from Nui Phao and an APT price in the USD 520/mtu levels should be giving investors and shareholders of tungsten projects hugs of excitement. Where is the new production going to come from, and could the tungsten price be setting its new base level? Figure 13: M&I resource tonnes and WO3 grade of major world projects. The Dolphin project is located on King Island in Australia. Nui Phao is in in Đại Từ District, Thái Nguyên Province, northern Vietnam—around 80 km from Hanoi. The Drakelands deposit is about 7 miles northeast of Plymouth, near Plympton in Devon, England. The Sisson project is in NorthEast Canada. (source: QuotedData) Could the new pricing levels be the catalyst for capital to start seeking projects such as Glen Eden? Could the market situation give the small-cap company with a market capitalisation of less than AUD $5M the edge it needs? All these questions should be asked, and the market will have to get itself familiar with the real, critical nature of tungsten. There just isn't enough tungsten to bring out from the ground now. So what does that mean for the end-users? Real Companies That Will Feel The Supply Crunch. What does it mean for companies that make bullets and ammunition, including global defence conglomerates like BAE Systems, General Dynamics Corporation, and Northrop Grumman Corporation, as well as specialized ammunition manufacturers such as Ammo Inc., Hornady, NIOA, Remington Arms, Sellier & Bellot, and Winchester Repeating Arms Company? What about the major airplane manufacturers, including Boeing and Airbus, for large commercial aircraft, while Lockheed Martin and Northrop Grumman focus on military aircraft? Other key players include Embraer and Bombardier for regional jets, Textron Aviation (which owns Cessna and Beechcraft) for general aviation, and emerging companies like COMAC from China and Mitsubishi from Japan. Where are they going to find their tungsten for their production? The issue is that there are just no other projects that you can go and dig some up now. Like all mineral projects, it is a long-term proposition and the capital markets may be just waking up to something that has a real supply issue, unlike lithium, REE, Copper...etc. To date, the Hemerdon and the Sangdong projects have not produced any tungsten, and as far as I am able to find out, Nui Phao is struggling with production targets. In summary, the so-called Western projects have been a complete failure. With the APT price at the USD520/mtu levels, could this be real evidence for the revitalisation of the tungsten industry? Will the market fall and repeat the last boom-bust cycle? According to Oliver Freisen, the supply crunch is real. He mentioned that even Boeing is worried. In support of his comments, the price in China is rising and coupled with reports that China is again a net importer of tungsten concentrate, one would be assured that Oliver's words could be ringing true. What does it mean if this is a real supply crunch? Well, if you look at the current projects, there are not many that I would say will make the all-important economical milestone. The Spanish and Portuguese projects may get up, but historically, they have had issues. The last time around, I was told that the "government" and "pseudo-government" bodies were moving goal posts. There were too many issues with deals and counter-deals for access and approvals. In my opinion, looking at the Chinese deposits, they were all low-grade and high tonnage mines. This is supported by my conversations with the Chinese geological consultants. So if this is the path, that puts out a lot of projects like Los Santos, Barruecopardo, Borralha and Vila Verde and Panasqueira. Figure 14: Tungsten Reserve comparison with what I call the Portuguese and Spanish Tungsten projects. (source: Group 6 Metals Limited) The high-grade Dolphin Tungsten Mine (Australia) has had its second failure recently, and that may be a sign of what can work and what cannot work. The diagram below, Figure 14. It is a great depiction of the smaller end of town that I don't think will be able to be a functional economical proposition. I may be wrong, but I am sure that in time, I should be proven correct. History does not lie; once uneconomical, mining projects never become instantly (without an upgrade or a material change to the geology or resource) economical with a rising metal price. The cost follows the same gradient of the curve. Bridging the Supply Deficient Gap. What does this mean for the industry to bridge the gap? Well, these were projects such as Glen Eden, in my humble opinion, that come into their own. What little information is available is mixed with the understanding that the geological environment is suited for this kind of mineralisation. There is a good chance that Glen Eden will become something like a Sisson. Sisson is characterised by its association with Tungsten and Molybdenum, and the early results at Glen Eden are showing just that from its historical work. One of the great wonders of geology is that although each deposit is different in its structure, the fundamentals of the geology that created the mineralisation are similar. If you have the same cooking mechanics and you are getting similar fruits, the likelihood of a similar style is in place. The big question is the magnitude. Comparing Sisson and Glen Eden I have specifically chosen to compare Sisson with Glen Eden because of the similar style, and Glen Eden is outcropping, which will make the mining proposition more economical from this point of view. I believe that the next Tungsten mine will be Sisson, and with time, this will be a significant player with the backing of the US government. Figure 15: Molybdenum price chart since 2016. (source: Daily Metal Price). What Sisson and potentially Glen Eden will have, which was a liability in the past but is now potentially an added value that the other project doesn't have, is the presence of Molybdenum. As you can see in Figure 15, the slow rise of Molybdenum to its 2009 high is now within reach. The critical nature of Molybdenum is high on the list as well, and this will be something that both Sisson and Glen Eden will have that could make the project more economical. As far as critical mineral projects go, I think the Tungsten space can be considered a polymetallic heaven. Glen Eden shows great potential for creating newsflow that could make it a global significance. The three drilling intercepts below are what sparked my interest in Glen Eden. 282m @ 0.11% MoS2, 0.02% SnO2 and 0.08% WO3. 235m @ 0.10% MoS2, 09.03% SnO2 and 0.06% WO3 from 15m. 392m @ 0.06% MoS2, 0.01% SnO2 and 0.025% WO3 from 3m. Whenever you have that level of drill intercepts, it indicates some serious cooking mechanism in place. What the company needs to do now is to get onto the ground and start making more sense of the geology and develop what could be a globally significant tungsten-molybdenum deposit. Don't get me wrong, Glen Eden is going to take a while before it becomes anywhere being considered a mining proposition, but for the shareholders, that value creation will bring them good rewards as they establish firstly a resource and then its viability as an economical mining deposit. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In today’s fast-paced world, keeping up with financial trends is essential for making smart investment decisions and managing personal finances effectively. The financial market is constantly evolving, influenced by global events, economic policies, and technological advancements. Staying informed helps you anticipate changes, reduce risks, and seize opportunities. This article explores practical ways to stay updated on financial trends and understand market movements. Understanding Financial Trends and Their Importance Financial trends refer to the general direction in which the market or specific sectors are moving over time. These trends can be short-term or long-term and are shaped by various factors such as economic indicators, corporate earnings, geopolitical events, and investor sentiment. Why are financial trends important? They help investors identify potential growth areas. They provide insights into market cycles, such as bull or bear markets. They assist in risk management by highlighting possible downturns. They guide financial planning and portfolio adjustments. For example, the rise of green energy stocks over the past decade reflects a long-term trend driven by environmental concerns and government policies. Recognising such trends early can lead to profitable investments. To stay ahead, it’s crucial to monitor reliable sources that provide timely and accurate financial market updates. These updates offer real-time data and expert analysis, helping you make informed decisions. Financial analyst tracking market trends How to Track Financial Trends Effectively Tracking financial trends requires a combination of tools, resources, and strategies. Here are some practical steps to help you stay informed: 1. Follow Reputable Financial News Sources Regularly reading financial news from trusted outlets ensures you get accurate and up-to-date information. Websites, newspapers, and TV channels dedicated to finance provide market summaries, expert opinions, and breaking news. 2. Use Financial Market Platforms and Apps Platforms like Bloomberg, Reuters, and market-specific apps offer real-time data, alerts, and customizable dashboards. These tools allow you to track indices, commodities, currencies, and individual stocks. 3. Subscribe to Newsletters and Reports Many financial analysts and institutions publish newsletters that summarise market trends and forecasts. Subscribing to these can save time and provide curated insights. 4. Analyse Economic Indicators Keep an eye on key economic indicators such as GDP growth, unemployment rates, inflation, and interest rates. These indicators often signal upcoming market movements. 5. Engage with Financial Communities Online forums, social media groups, and investment clubs can be valuable for sharing knowledge and discussing trends with like-minded individuals. By combining these methods, you can build a comprehensive understanding of the market’s direction and make timely decisions. Smartphone showing real-time stock market data Why has the market suddenly fallen today? Sudden market drops can be alarming, but understanding the causes helps in managing reactions and strategies. Market declines often result from a combination of factors: Economic Data Surprises: Poor economic reports, such as lower-than-expected employment numbers or GDP contraction, can trigger sell-offs. Geopolitical Tensions: Conflicts, trade disputes, or political instability create uncertainty, leading investors to reduce exposure. Corporate Earnings Disappointments: When major companies report earnings below expectations, it can drag the market down. Interest Rate Changes: Central banks raising interest rates to combat inflation can reduce liquidity and increase borrowing costs, negatively impacting stocks. Market Sentiment and Technical Factors: Sometimes, automated trading and investor psychology cause rapid price movements. For example, a recent unexpected hike in interest rates by a central bank might cause investors to reassess risk, leading to a market fall. Understanding these triggers helps investors avoid panic and consider long-term perspectives. Stock exchange floor during a market downturn Practical Tips to Stay Ahead of Financial Market Changes Being proactive is key to navigating the financial market successfully. Here are actionable recommendations: Set Up Alerts: Use apps and platforms to receive notifications about significant market events or price changes. Diversify Investments: Spread your portfolio across different asset classes to reduce risk. Review Your Portfolio Regularly: Adjust your holdings based on changing market conditions and personal goals. Educate Yourself Continuously: Attend webinars, read books, and follow expert analyses to deepen your understanding. Avoid Emotional Decisions: Stick to your investment plan and avoid reacting impulsively to market volatility. By implementing these strategies, you can better manage your investments and capitalise on emerging financial trends. The Role of Technology in Monitoring Financial Trends Technology has revolutionised how we access and interpret financial data. Advanced algorithms, artificial intelligence, and big data analytics provide deeper insights and predictive capabilities. AI-Powered Analytics: These tools analyse vast amounts of data to identify patterns and forecast market movements. Automated Trading Systems: They execute trades based on predefined criteria, reducing human error. Mobile Access: Smartphones and tablets allow investors to monitor markets anytime, anywhere. Social Media Monitoring: Platforms like Twitter and LinkedIn offer real-time sentiment analysis and news updates. Embracing technology enhances your ability to stay informed and react swiftly to market changes. For ongoing insights, consider visiting financial market updates to access expert commentary and data. Staying informed about financial trends is not just for professionals. With the right approach and tools, anyone can keep pace with the market and make smarter financial decisions. Regularly updating your knowledge and adapting to new information will empower you to navigate the complexities of the financial world confidently. The Samso Way – Seek the Research In the Samso way, seeking the research means looking beyond the headlines to understand the data, the geology, the financial news, the scientific analysis, the medical results, the proving of artificial intelligence, and the strategy driving a project. It’s about analysing the details — from start to commercial realisation — to identify genuine potential and avoid the noise. In understanding the art of investing, knowledge is the real commodity, and informed analysis is the edge. 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 has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Surface Gold at Bear Hill and New Kojak Target Thunderbird Resources Limited (ASX: THB) has delivered another strong set of results from its Kookabookra Gold Project in north-eastern New South Wales (Figure 1). The latest announcement highlights continued success from surface sampling programs and the emergence of a new high-grade target, reinforcing the district-scale potential for an intrusive-related gold system. Figure 1: Kookabookra Project (source: THB) 🔹 Key Highlights - A Gold Exploration Story High-grade assays confirmed at Bear Hill and Butchers Reef, including up to 17.35g/t Au at Bear Hill and 2.79g/t Au at Butchers Reef. New Kojak target identified – assays from historical workings returned up to 23.0g/t Au, with mineralisation associated with a north-east trending fault over a 400m strike length. Ongoing soil sampling and geological mapping programs at Bear Hill, Butchers Reef and Kojak to define drill targets (Figure 2). Recently completed geophysical surveys at Mannix and Mt Secret outlined strong IP anomalies, providing further drill-ready opportunities. Collectively, results continue to demonstrate potential for a large-scale intrusive-related gold system within the project. Figure 2: Geology, mineral occurrences and historical exploration (source: THB) Exploration Results Assays from 79 rock chip and grab samples collected in July confirm significant mineralisation across multiple prospects (Figure 3). Figure 3: Examples of high-grade mineralisation from Bear Hill and Kojak samples (source: THB) Bear Hill: Samples up to 17.35g/t Au, with several exceeding 9g/t Au, from historical mine dumps (Figures 4 & 5). Figure 4: Bear Hill and Butchers Reef prospect area – surface sampling and simplified geology (new results highlighted in yellow) (source: THB) Butchers Reef: Assays up to 2.79g/t Au, approximately 1km north-west of Bear Hill (Figures 4 & 5). Figure 5: Bear Hill and Butchers Reef prospect area – surface sampling and simplified geology - New results highlighted in yellow (source: THB) Kojak Prospect: Newly identified from LiDAR data, assays included 23.0g/t Au, 5.64g/t Au, 3.11g/t Au, and 2.88g/t Au, hosted in a granite-associated fault zone extending at least 400m (Figure 6). Figure 6: Kojak prospect sampling and historical workings (source: THB) Geological Interpretation The mineralisation styles observed point towards a large Intrusion-Related Gold System (IRGS) model. Bear Hill & Butchers Reef: Fault-controlled vein style hosted within metasediments and monzogranite. Mannix & Mt Secret: Disseminated and sheeted vein style mineralisation associated with Bi-Te-Mo anomalies, comparable to the Timbarra gold deposit. Kojak: Granite-hosted mineralisation within a 3m wide quartz-veined fault zone. Figure 7: Schematic exploration model for intrusion-related gold systems (Lang et al., 2000) (source: THB) Thunderbird Executive Chairman, George Ventouras, commented: “We are very encouraged by these latest assay results, which continue to support the significant exploration and discovery potential we see at Kookabookra. Every field program has revealed new targets, and we are now advancing towards our maiden drilling program. The Kojak discovery is particularly exciting as it opens up a new part of the tenement with strong potential for large-scale intrusive-related gold deposits.” “What is most exciting is that every field program we’ve conducted has revealed more targets, and we have still only explored a very small percentage of the total area of the Kookabookra Project. “This is an important development as it opens up a new part of the tenement area as being prospective for large-scale intrusive-related gold deposits. Given that a major discovery requires only a small surface footprint (for example Kidston in Queensland, which had a surface expression of ~1,100m x 900m and delivered >5Moz of gold), the pathway for a discovery at Kookabookra is compelling, particularly with these latest results. Next Steps Drill permits to be lodged for Mannix and Mt Secret in August, testing strong IP chargeability anomalies. Soil sampling and mapping underway at Bear Hill/Butchers Reef, with further work planned at Kojak and Columbo (Figure 8). Maiden drill program at Bear Hill and Butchers Reef to be planned following completion of current soil and mapping programs. Figure 8: Central Goldfields area - Geology and surface geochemistry (Au) (new assay results highlighted in yellow) (source: THB) Samso Concluding Comments The current release is one part of the story building process and the Kookabookra story is being unfolded. Bear Hill and Butchers Reef continue to validate their historical significance with repeatable high-grade numbers, while the emergence of Kojak demonstrates underexplored part of the story. For investors, the ability to generate new targets from surface allow the generation of newsflow highlighting the concept of “low-hanging fruit” before the drill rig turns up. The Kojak discovery of a 23g/t gold rock chip within a coherent structural setting is a signpost to the potential scale and fertility of the system. Linking this to the regional intrusive-related gold system model adds geological weight. In many cases, discoveries of this type start with a single overlooked prospect can lead to a system that may be part of a much larger mineralised corridor. The company has steadily advanced Kookabookra alongside its other NSW and Canadian projects, each step supported by data. Every announcement over the past six months has layered more information onto the geological picture—moving from reconnaissance sampling, to geophysics, and now towards drilling. This approach is a good sign of authenticity and its what explorers do which creates the transparency that the market needs. For investors, the coming drill program will be the real test. Rock chips and soil anomalies are encouraging, but it is the drill bit that will define the economic potential. What we can say at this point is that Thunderbird has done the groundwork well, setting up multiple compelling drill targets across Bear Hill, Butchers Reef, Kojak, Mannix and Mt Secret. The market will be watching closely to see if the promise of a large-scale intrusive-related gold system becomes a tangible discovery. This is where patience and independent research matter most. The Samso Way – Seek the Research Exploration success is built on evidence, not speculation. Always dig deeper, question the data, and do your own research. That is The Samso Way. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Orphan Drug Designation Granted by U.S. FDA For Anal Cancer Invion Limited (ASX: IVX) has achieved a major regulatory milestone with the United States Food and Drug Administration (FDA) granting Orphan Drug Designation (ODD) to INV043 for the treatment of anal cancer. This recognition is more than just a regulatory tick—it represents a strategic shift in the company’s development pathway. By securing orphan status, Invion gains access to a range of benefits, including seven years of US market exclusivity, financial incentives such as tax credits and fee waivers, and the potential for accelerated approvals through smaller and shorter clinical trials. The FDA designation not only validates the scientific promise of INV043 but also positions Invion favourably as it advances towards clinical trials in partnership with the Peter MacCallum Cancer Centre. At a time when traditional treatments for anogenital cancers, such as surgery, often come with severe side effects, INV043 offers a novel therapeutic approach that combines safety, efficacy, and innovation. For investors, this milestone underscores the potential for INV043 to become a cornerstone in Invion’s pipeline while enhancing the company’s strategic value in the broader oncology landscape. Highlights - A Rapid Path for Anal Cancer Tests. FDA Orphan Drug Designation Granted: INV043, Invion’s lead cancer drug candidate, now holds orphan status for anal cancer. Commercial and Regulatory Incentives: Benefits include seven years of exclusive US marketing rights, potential tax credits, fee waivers, and a faster route to market. Strong Preclinical Efficacy: INV043 achieved ~80% tumour control in mouse models when combined with immune checkpoint inhibitors (ICI), compared to ~12% with ICI alone. Next Steps in Clinical Development: Invion and the Peter MacCallum Cancer Centre (Peter Mac) are preparing an anogenital cancer clinical trial, targeting anal, vulvar, and penile cancers—diseases where current surgical treatments carry severe side effects. Clinical Impact INV043 has shown efficacy across six squamous cell carcinoma (SCC) cell lines, covering the full spectrum of anal cancers. Importantly, no negative side effects were reported in preclinical models. This positions INV043 as a potentially safer and more effective option compared to mainstream interventions. Invion is also advancing trials in other cancer indications, further broadening the scope of its Photosoft™ technology. In non-melanoma skin cancer, early Phase I/II clinical data have shown that topical application of INV043 is well tolerated, with patients demonstrating encouraging signs of efficacy. This highlights the potential of INV043 as a safe and non-invasive treatment option. In addition, a Phase II prostate cancer trial has reported 40–44% positive response rates with no significant adverse events. These results reinforce the versatility of INV043 across multiple cancer types and underline the platform’s potential to deliver meaningful clinical outcomes beyond its primary anal cancer program. Invion’s Executive Chair and CEO, Prof Thian Chew, commented: “This regulatory milestone enhances our ability to bring INV043 forward more quickly and cost-efficiently, with meaningful benefits for patients suffering from this challenging disease.” “Over the next five years, the pharmaceutical industry is facing its biggest patent cliff since 2010 as several blockbuster drugs, including ICIs, are expected to lose their patent protection. The Orphan Drug Designation may increase our appeal to strategic partners because of the potentially accelerated pathway to leverage intellectual property that combines their ICIs with our complementary technology.” About Invion and Photosoft™ Technology Invion is a life sciences company leading the global research and development of Photosoft™ photodynamic therapy (PDT). PDT uses photosensitisers and light to selectively kill cancer cells and stimulate anti-cancer immune responses. The therapy is less invasive than surgery, carries minimal side effects, and has potential applications in oncology, atherosclerosis, and infectious diseases, including treatment-resistant “superbugs”. What is IN043? Potential for INV043 to assist surgeons in more accurately removing cancers Immunity – Selective Targeting (Figure 1) Figure 1: Selective Targeting INV043 is selectively retained in malignant tissue while sparing healthy organs, reducing toxicity and collateral damage. It combines fluorescence (405nm) for diagnostics with ablation (660nm) for therapy, offering dual theragnostic potential across multiple cancers, including pancreatic, triple-negative breast, and T-cell lymphoma. Samso Concluding Comments The FDA’s decision to grant Orphan Drug Designation to INV043 is a pivotal moment for Invion. It not only validates the science behind the company’s Photosoft™ platform but also creates a regulatory framework that accelerates clinical progress while reducing development costs. The strength of the preclinical data is demonstrating meaningful tumour control with no adverse effects, and this is paired with the strategic support of the Peter MacCallum Cancer Centre. These elements provide a foundation for moving swiftly into human trials where the medical need is clear, and existing treatments often carry severe burdens. Equally important is the timing within the pharmaceutical landscape. As several high-value drugs face patent expiry, INV043 offers potential as a complementary therapy, making Invion a more attractive partner for global pharma companies. This opens the door for strategic collaborations that could significantly alter the company’s trajectory. For investors, the story here is not limited to anal cancer. Invion’s broader pipeline—in skin, prostate, and other cancers—underscores the versatility of the Photosoft™ technology. With regulatory momentum now in hand, Invion has an opportunity to translate clinical promise into shareholder value, marking this announcement as more than just a milestone, but rather a step into a new phase of growth. Figure 2: Invion Limited share price chart as of 25th August 2025 (source: commsec). From the investor's point of view, IVX is very early in its growth stage with a market capitalisation of just over AUD $10M. One may say that the risk is very high, but the invitation to receive orphan designation is a good step in the right direction. Although it is not an endorsement of the success of the business, it is a leg up. Looking at the share price journey (Figure 2), there seems to be a rise in interest positively from the recent news. One could say that a floor for the share price is developing, which would be a good stage to get some good old research happening. This is exactly the type of development investors should be watching closely. Samso News is where investors can find grounded insights to guide their DYOR and put announcements like these into the bigger picture. The Samso Way – Seek the Research At Samso, we emphasise the importance of research-driven investing. Regulatory milestones like this FDA designation mark inflection points in a company’s journey, but understanding the clinical, strategic, and financial context is essential for investors. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $2.6m in non-dilutive capital funding secured 12 August 2025 Precision Psychedelic Therapy 30 July 2024 Bioshares Biotech Summit 7 August 2025 Tryptamine Therapeutics Limited (ASX: TYP) is sharpening its position in the psychedelic medicine sector with continued progress across its precision psilocin program. Focused on treating eating disorders and chronic pain, the company’s lead formulation, TRP-8803, is designed to overcome the shortcomings of oral psilocybin by delivering precision dosing, rapid onset, and a treatment model built for commercial scalability. Recent updates across clinical and corporate fronts highlight not only the scientific validation of Tryptamine’s approach but also the financial reinforcement needed to accelerate development. Highlights from Recent Updates - All About Precision Psychedelic Therapy. Clinical Pipeline Progress Binge Eating Disorder (BED): Phase 2a results at the University of Florida showed over 80% reduction in binge episodes using TRP-8802 (oral psilocybin) (Figure 1). Figure 1: TYP- Phase 2A Interim Analysis with University of Florida (TRP-8802) (source: TYP) Transition to TRP-8803 (IV psilocin) is now underway, with a world-first Swinburne University trial in preparation. Fibromyalgia: Patient dosing has been completed in collaboration with the University of Michigan. Data will be presented at the International Association for the Study of Pain Conference in the Netherlands. TYP – PHASE 2A FM STUDY WITH UNIVERSITY OF MICHIGAN (TRP-8802) FMS characterised by widespread musculoskeletal pain, profound fatigue, sleep disturbances, and numerous other symptoms Symptoms of fibromyalgia often begin after physical or emotional trauma, such as an illness, surgery, infection, life event or injury While fibromyalgia pain feels like it's coming from a specific area of your body, it's actually originating in your brain, specifically from the nervous system Many drugs have a limited effect on Fibromyalgia Pain Co-morbidities include depression and health-related anxiety, sleep disturbances and increased suicide risk. Figure 2: How Fibromyalgia Affects the Body (source: TYP) Irritable Bowel Syndrome (IBS): A Phase 2a trial with Massachusetts General Hospital (Harvard) has commenced, with the first patient dosed in July 2024. First-in-Human IV Psilocin Study Conducted in Adelaide, the initial cohort has been successfully dosed with TRP-8803. The 140-minute IV infusion demonstrated: Rapid onset of the psychedelic state (~15 minutes). Precision control of blood levels (Figure 2). Figure 3: TRP-8803 Delivers Consistent Therapeutic Blood Levels (source: TYP) Shortened treatment duration (1–2 hours) improves clinical and commercial feasibility. Intellectual Property Patent protections extend across formulation, dosing methods, and therapeutic indications, including BED, fibromyalgia, and IBS. This strengthens the company’s long-term competitive positioning as the program scales. Strengthened Financial Position On 12 August 2025, Tryptamine secured a $2.6m non-dilutive R&D loan facility with Rockford Equity Pty Ltd, secured against FY26 R&D expenditure. The facility complements existing cash reserves of $3.03m (as at 30 June 2025) and a pending $800,000 R&D tax rebate, providing flexibility to fast-track TRP-8803 trials. CEO Jason Carroll commented: “This agreement provides the Company with financial flexibility at a pivotal time in development of lead asset, TRP-8803. The capital, if required, will be used towards fast tracking a number of key development milestones, including our trial into BED with Swinburne, as well as other opportunities which are very well advanced.” Next Steps Tryptamine is preparing to advance TRP-8803 into Phase 2b/3 clinical trials, marking the next stage of development for its precision psilocin program. The company’s progress will be driven by its ongoing collaborations with leading academic institutions, which provide both scientific validation and global credibility. Upcoming clinical data readouts from the fibromyalgia and IBS studies will play a pivotal role in shaping the development pathway and reinforcing the therapeutic potential of IV-infused psilocin. At the same time, the Swinburne University trial for Binge Eating Disorder (BED) is moving toward dosing completion, positioning Tryptamine at the forefront of a world-first clinical initiative in this indication. To support these milestones, the Company now has access to a non-dilutive $2.6m loan facility, which, together with its cash reserves and R&D rebates, provides the financial flexibility to accelerate progress without immediate reliance on equity dilution. This dual focus on scientific advancement and financial discipline underpins Tryptamine’s strategy as it builds toward the next stage of development. Samso Concluding Comments Tryptamine Therapeutics is steadily building a case for its precision psilocin platform, with each clinical milestone reinforcing the potential of TRP-8803 to redefine psychedelic-assisted therapy. By targeting conditions such as binge eating disorder, fibromyalgia, and IBS, the company is deliberately focusing on patient populations with few effective treatment options and high unmet needs. The recent first-in-human IV psilocin study provides an important technical validation—showing controlled dosing, faster onset, and a shorter treatment window. These elements not only enhance the patient and clinician experience but also address the critical commercial challenge of scaling psychedelic medicine. The $2.6m non-dilutive facility, alongside existing reserves, gives Tryptamine room to accelerate its trials without the immediate pressure of equity dilution. For a small-cap ASX biotech, this balance between capital management and clinical ambition is significant. As the next phase unfolds, investors should focus on the upcoming clinical data readouts, the Swinburne BED trial, and the broader regulatory environment for psychedelic therapies. Tryptamine’s progress illustrates the convergence of science, strategy, and market timing— elements that can transform a research-driven platform into a commercially scalable solution. The Samso Way – Seek the Research At Samso, we believe that understanding a company goes beyond the headlines. True insight comes from diving into the details, connecting clinical milestones, financial strategies, and market context. By seeking the research, investors gain clarity and perspective, allowing them to recognise real value when it emerges. 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 or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 21 August 2025 Premium Grade Natural Rutile Nuggets Confirmed at Minta Lion Rock Minerals Ltd (ASX: LRM) has delivered another milestone from its Minta Rutile Project in Cameroon, with premium-grade natural rutile nuggets confirmed across multiple locations. Independent validation by TZ Minerals International (TZMI), a leading authority in the titanium sector, has reinforced the global significance of Minta, confirming that the high-purity rutile is suitable for all major end-use industries (Figure 1). Figure 1: Close-ups of nugget sets from multiple localities, MRGR0022 – MRGR0029, in order. Images have 6cm vertical height and 5cm horizontal width. Refer to Appendix 2 for further information. (source: LRM) Key Highlights - A Rutile-Monazite Rich Mineral Sands Story. 🔹High-Purity Rutile Confirmed Laboratory assays returned rutile grading up to 98.6% TiO₂ from coarse nugget samples (Figure 2). Crucially, impurities were negligible (Figure 3), making the material suitable for titanium metal (aerospace, robotics, advanced alloys), industrial welding, and TiO₂ pigment markets. Figure 2: Microscope image of MRGR0026 before and after crushing, showing detail of the rutile mineralisation in the crystal structure. Refer Appendix 2 for further information. (source: LRM) 🔹Independent Validation by TZMI Field teams collected coarse-grained rutile ‘nuggets’ along a 45km strike within the Minta Project (Figure 3). Independent chemical and mineralogical assessments confirmed that this rutile comfortably meets — and in some cases exceeds — specifications across all three critical titanium markets. This positions Minta not just as another rutile project, but as one that stands shoulder to shoulder with, and potentially above, global benchmark deposits Figure 3: Map of Minta Project area showing locations of rutile nugget rock chips, with inset photos. Refer Appendix 2 for further information. (source: LRM) 🔹Oversize Rutile to Boost Grades Inclusion of coarse nugget material into in-situ sands is expected to significantly increase overall rutile and Valuable Heavy Mineral (VHM) grades across the project. 🔹Expanding Mineralised Footprint Results from a further 60 drill holes confirm that heavy mineralisation now extends across 2,750 km² (Figure 4), with standout intercepts such as: 4.6m @ 4.4% HM 2.6m @ 5.7% HM 3.0m @ 4.3% HM 1.4m @ 8.3% HM Figure 4: Planned and completed drilling at the Minta Rutile Project. Recent results are outlined, with historical results also included. (Source: LRM). 🔹Rutile Dominance Confirmed QEMSCAN analysis results verify rutile as the dominant titanium mineral in both sand and nugget fractions, strengthening the case for a long-life, high-value project (Figure 5). Figure 5: Titanium Distribution and Particle Imaging Reinforce Rutile Dominance. (Source: LRM). 🔹Systematic Program Advancing Auger drilling, mineralogical studies, and preliminary mining assessments are well underway, with assemblage results due by September 2025. Lion Rock CEO, Casper Adson, emphasised three key milestones: “These results deliver a major step forward for the Minta Rutile Project, marking three important milestones. First, independent analysis by TZMI, the world’s leading titanium consultancy, has verified that the rutile nuggets are of premium quality, with exceptionally high TiO₂ grades and no impurities, making them suitable across all major titanium markets. “Second, ongoing exploration continues to extend the footprint of mineralisation, confirming that Minta is developing into a globally significant rutile province. “Third, QEMSCAN mineralogical studies have confirmed rutile as the dominant titanium mineral across both the sand and oversize fractions – strengthening the case for a high-value, long-life project. “The combination of outstanding purity, scale, and rutile dominance provides Lion Rock with a truly unique opportunity to advance a project of global significance. We are now building strong engagement with titanium end-users and industry stakeholders as we progress Minta towards development.” Next Steps Lion Rock remains fully funded for exploration through 2025 and into 2026, with work programs including: Expanded mineralogical analysis of both sand and nugget heavy mineral fractions. Imminent results from monazite, rutile, and zircon targets at Minta Est to guide infill drilling. Preliminary mining studies indicate dredge mining suitability in alluvial zones. Establishment of a dedicated Heavy Mineral Sands laboratory in Yaoundé to accelerate sample processing. Increased in-field drilling and sample preparation capacity. Samso Concluding Comments The confirmation of premium-grade rutile nuggets at Minta underscores the strategic importance of Lion Rock’s ground in Cameroon. Independent validation by TZMI strengthens confidence that this project is on track to become a globally significant rutile province. What stands out is the combination of purity, scale, and dominance of rutile across both sands and oversize material—an alignment that is rare in the global titanium industry. For investors, this represents a clear indicator of long-term project potential. As always, this is early-stage exploration, and the real story will unfold as infill drilling and mining studies advance. However, Lion Rock is clearly positioning Minta as a tier-one rutile project with strong commercial pathways. Eager readers here should keep an eye on the composition of the Minta project. Is this a mineral sands project that is now more about rutile and monazite? The value proposition could be a lot larger than just rutile? Some of the results may show that the endowment of monazite may create a dual product project. Time will set all these opportunities straight, but it is definitely becoming more than interesting. Those who have not taken a position in Lion Rock should be doing a #SamsoDYOR. Samso News is all about highlighting facts that matter to investors. This is where the detail is unpacked, where context is added, and where the story becomes clearer. For those looking closely at rutile and critical minerals, this is a reminder to DYOR – Do Your Own Research and weigh the opportunity carefully. Always seek the research and build your conviction with facts. The Samso Way – Seek the Research At Samso, we believe investment conviction is built on clarity, facts, and perspective. The Samso Way is simple: seek the research, follow the details, and allow the evidence to guide you. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement OpenLearning Signs A$340,000 Platform SaaS Agreement With Cebu Institute of Technology University. OpenLearning Limited (ASX: OLL) has taken a significant step in its Southeast Asian growth strategy with a five-year, usage-based SaaS agreement with Cebu Institute of Technology University (CIT) in the Philippines. Valued at a minimum of A$340,000 over the term, the deal will see OpenLearning’s AI-powered Learning Management System (LMS) implemented across all faculties and programs at one of the country’s most respected private universities. More than a new client, this partnership marks a strategic entry into a higher education market of over 3.4 million students, where digital transformation is gaining momentum. CIT’s choice, following a competitive review of multiple LMS providers, reinforces the demand for platforms that enhance engagement, graduate employability, and institutional efficiency. With outcome-based education tools, an ePortfolio system, and generative AI course design, OpenLearning is well-placed to support the shift toward modern, industry-relevant learning across the region. Highlights - Expanding the Education Grip in South East Asia. Five-Year Agreement — CIT will utilise OpenLearning’s LMS for a minimum of 20,000 students annually. Contract Value — Minimum SaaS fees of approximately A$340,000 (US$221,000) over five years, with potential upside from increased usage. Competitive Win — CIT selected OpenLearning after evaluating multiple LMS providers. Regional Growth — Strengthens OpenLearning’s position as a leading AI-powered LMS provider in Southeast Asia. Strategic Significance Founded in 1946 and recognised nationally for excellence in engineering, architecture, IT, health sciences, business, and education, CIT University is known for producing industry-preferred graduates and board exam topnotchers. Its decision to adopt OpenLearning’s platform reinforces the company’s market position in the Philippines, a higher education sector with more than 3.4 million students and a rapidly growing adoption of digital learning solutions. OpenLearning’s LMS integrates outcome-based education tools, an ePortfolio system, and generative AI course design capabilities, providing universities with solutions to improve student engagement, graduate employability, and institutional efficiency. OpenLearning CEO Adam Brimo commented: "Partnering with a leading private university in south-central Philippines which has been recognised as a Centre of Excellence in Information Technology Education is a strong endorsement of our platform’s capabilities and the shared vision between CIT University and OpenLearning to enable industry-relevant education. By combining CIT University’s expertise in engineering and innovation with our AI-powered LMS, we can help create a dynamic learning environment that prepares graduates for success in the modern workforce. This partnership reflects a shared commitment to quality, innovation, and scalable impact.” Agreement Terms The deal commences on 12 August 2025 and includes standard SaaS contract provisions such as termination clauses, service level agreements, and compliance requirements with Philippine regulations. While the minimum annual fees are not financially material, the agreement is strategically important as CIT will adopt the LMS university-wide. Samso Concluding Comments This agreement with Cebu Institute of Technology University is a reminder that in education technology, credibility is built through results and relationships. CIT’s choice to roll out OpenLearning’s platform university-wide is a strong endorsement of its capabilities, particularly in delivering outcome-based, industry-relevant education at scale. While the minimum contracted value may not appear material in dollar terms, the strategic weight lies in market positioning. The Philippines’ higher education sector is vast and increasingly digital, and winning a respected institution like CIT provides a launchpad for broader adoption. It also reflects a shift in how universities evaluate partners — beyond basic functionality, they now seek platforms that can improve graduate readiness, foster innovation, and integrate seamlessly with academic and administrative workflows. OpenLearning’s blend of AI capabilities, engagement tools, and proven track record fits well with these expectations. For investors, this is an incremental but telling move in OpenLearning’s regional growth story. The challenge now is to leverage this success into further institutional wins, building a network effect that cements its position in the competitive Southeast Asian edtech landscape. The Samso Way – Seek the Research In education technology, institutional trust is hard-earned and easily lost. This agreement is a reminder that competitive wins often hinge on the ability to deliver measurable outcomes — in this case, enhancing student engagement and graduate employability. As always, the key lies in understanding the market, validating the value proposition, and building partnerships that scale. 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 has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Race Investor Presentation Race Oncology Limited (ASX: RAC) has taken another important step forward in its mission of “protecting patients while optimising their cancer treatment.” The company has now dosed the first patient in its Phase 1 trial of RC220, the reformulated version of bisantrene designed to deliver both anti-cancer efficacy and cardioprotection. With a strong legacy of clinical data, modern reformulation, and global trial expansion underway, Race is entering a period of significant value inflection points across 2025. Original Bisantrene - Anti-Cancer and Cardio Protection. A highly effective, but commercially unviable anticancer drug. Approved in France in 1988. Excellent patient outcomes. Complete response rates above 40% as a salvage drug in leukaemia. In a large Phase 3 breast cancer trial, bisantrene equalled standard of care, but with less heart damage and hair loss. Lederle (Pfizer) ended commercial development after more than 50 trials due to the difficulty administering the drug to patients. Highlights 1.0 First Patient Dosed in Phase 1 Trial RC220 administered safely in Australia with no adverse events, including phlebitis. Stage 1 to recruit up to 33 patients, with international sites in Hong Kong and South Korea coming online in 3QCY25. Trial endpoints include safety, optimal Phase 2 dose, VO₂peak (cardiac fitness), m6A RNA levels, and anti-cancer efficacy. 2.0 RC220 – Next-Generation Bisantrene Reformulated for easier administration and supported by 20 years of IP protection (Figure 1). Figure 1: RC220 is a clinically & commercially attractive formulation with long IP life (source: RAC) RC220 builds on decades of data showing that doxorubicin alone can achieve objective response rates of 15% to 40% in advanced and metastatic cancers across many common tumour types. By pairing with RC220, Race seeks to preserve and enhance these outcomes while mitigating the cardiotoxicity that has limited doxorubicin’s long-term use. Backed by >1,500 patients’ records and strong preclinical validation. Demonstrated ability to improve doxorubicin’s cancer-killing activity in 85% of 143 tested cancer cell lines. Dual action: stronger tumour response and protection against cardiac damage. 3.0 Addressing Chemotherapy’s Major Weakness Anthracyclines like doxorubicin remain cornerstone therapies but carry high risk of permanent heart damage. Preclinical data show RC220 protects cardiac function, reducing fibrosis and improving outcomes compared to doxorubicin alone (Figure 2). Figure 2: RC220 = Protecting the Heart (source: RAC) VO₂peak incorporated as a trial measure, addressing limitations of current cardiac monitoring standards (Figure 3). Figure 3: VO₂peak - Gold Standard in Cardiac Function (source: RAC) 4.0 Compelling Clinical Evidence Two recent Sheba AML trials reported 40% response rates in heavily pre-treated patients (Figure 4). Figure 4: Recent Trials Confirm RC220’s Effectiveness (source: RAC) RC220 has potential across multiple tumour types, including breast, lung, ovarian, prostate, and pancreatic cancers. 5.0 Market Opportunity Global anthracycline use expected to grow at 6.6% CAGR to 2030, creating a market of >20m doses annually (Figure 5). Figure 5: Growing Reliance on Doxorubicin in Cancer Care (source: RAC) RC220 cardioprotection + anti-cancer therapy estimated at >US$5B/year sales potential. 6.0 Share Price Finds Support, Eyes Next Catalyst Race Oncology’s share price in 2025 has reflected both anticipation and caution around its clinical progress. After easing from January highs near A$1.35 to an April low of ~A$0.95, the stock rebounded strongly in May to retest A$1.38 before settling into a mid-year consolidation range between A$1.10–1.25. At its current level of ~A$1.19 (Figure 6), RAC appears to be holding firm above its lows, with upcoming trial updates likely to determine whether momentum resumes toward the upper end of the range. MST Access (a research division of MST Financial Services) values Race Oncology at A$6.37/share (current price A$1.19; market cap A$206.75M), highlighting the significant valuation gap relative to its long-term potential. Figure 6: RAC Share Price as of 18 August 2025 (source: ASX) Next Steps Race Oncology will continue dosing patients in Australia while activating sites in Hong Kong and South Korea later in 2025. Data readouts from the open-label Phase 1a/b trial are expected progressively, with particular focus on cardiac outcomes (VO₂peak) and early efficacy signals. Following completion, the company plans a placebo-controlled Phase 2 trial in breast, lung, and ovarian cancers. Upcoming catalysts include the expansion of trial sites internationally, the filing of an IND with the US FDA, and the initiation of Phase 2 trials in targeted cancers Samso Concluding Comments This is our first note on Race Oncology, and it does look like it's a decent story. RAC is currently sitting on an AUD $204M market capitalisation, which is a number that would give most micro-cap retail investors heartburn as they are usually seeking a much lower value proposition for the upside. However, as I cover more non-mineral resource companies, I am learning that a rising market is very different when you are building a revenue-driven model. For RAC, at this moment, the path is to unlock the potential of bisantrene, and RC220 represents the most advanced step yet. It will be interesting to see how the development of creating and maintaining the dual benefit plays out—enhancing cancer treatment efficacy while protecting the heart, a challenge that has long limited the use of anthracyclines. This is not simply about a reformulation; it is about reshaping how cancer care can balance survival and survivorship. Most of us have known someone who is in the predicament of being a patient of some form of cancer, so the path to finding a solution to help these patients will no doubt prove to be highly rewarding for shareholders. It goes without saying that the rewards for RAC shareholders will far exceed the current valuation. The commencement of patient dosing in the RC220 Phase 1 trial is a critical milestone. It provides investors with tangible evidence that the program is advancing from concept to clinic. With international trial expansion, FDA engagement, and a Phase 2 program on the horizon, the company is positioned for meaningful news flow that can drive sentiment and valuation. Race Oncology’s valuation gap, with MST Access setting a target of A$6.37/share against the current A$1.19, underscores how much is riding on trial execution and results. For long-term investors, this gap highlights the asymmetric opportunity—significant upside potential, but always within the context of the risks inherent in drug development. At Samso, we continue to emphasise that the real test lies in the data. Should RC220 deliver on its promise, Race will not only de-risk its asset base but also carve out a unique place in the oncology market. For now, the journey is about building confidence, step by step, through clinical validation. The Samso Way – Seek the Research Informed investing means looking past the headlines and focusing on the data. With RC220, the real story lies in trial outcomes and long-term value, not short-term 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 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 or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 11 Aug 25 Maiden Tungsten Resource at Western Queen Project 05 Aug 25 High-Grade Tungsten Assays at Western Queen Rumble Resources Limited (ASX: RTR) has taken significant steps forward in positioning its Western Queen Project as a dual-commodity operation (Figure 1). In early August, the company reported high-grade tungsten assay results from historical diamond core samples, followed by the announcement of a maiden Tungsten Mineral Resource Estimate (MRE) just days later. Together, these developments underline the scale and strategic importance of Western Queen’s tungsten potential alongside its growing high-grade gold inventory. Figure 1: The Western Queen Gold Project Location (source: RTR) 5 August 2025 – High-Grade Tungsten Assays and Expanded Potential Key Highlights: Multiple high-grade intersections from historical diamond core sampling, including: 3.45m @ 0.66% WO₃ from 299m (including 1.5m @ 0.96% WO₃) 0.57m @ 1.6% WO₃ & 17.3g/t Au from 371.86m 1m @ 2.24% WO₃ & 0.97g/t Au from 221m 3m @ 0.77% WO₃ & 61.4g/t Au from 96m Eighteen tungsten lodes mapped over a 1.5km strike between the Western Queen South and Central open pits (Figure 2). Tungsten mineralisation remains open along strike and at depth. Geological and geochemical reviews have identified multiple high-priority targets over a 5km x 2.5km area, prospective for tungsten skarn-type mineralisation. Preliminary metallurgical testwork indicates the potential for a meaningful tungsten revenue stream, pending further bulk sample analysis. Figure 2: Current extent of mineralised tungsten lodes interpreted at the Western Queen Project (source: RTR) Tungsten’s classification as a critical raw material — with applications in aerospace, defence, electronics, semiconductors, renewable energy, and military technology — provides strong strategic context for these results. The global market is facing constrained supply, with China controlling over 80% of production and experiencing a recent 12% output decline. Forecasts indicate ~7% CAGR growth to 2029, with prices for ammonium paratungstate up 43% since 2023. 11 August 2025 – Maiden Tungsten Mineral Resource Estimate Key Highlights: Maiden tungsten MRE: 4.31Mt @ 0.31% WO₃ for 13,200 tonnes WO₃ at a 0.1% cut-off (Figure 3). High-grade core: 1.44Mt @ 0.51% WO₃ for 7,400 tonnes WO₃ at a 0.3% cut-off. Mineralisation defined entirely from prior gold-focused drilling — no dedicated tungsten drilling yet completed. Lodes are sub-parallel to the updated gold resource of 3.72Mt @ 3.1g/t Au for 370,000oz. Most of the MRE sits at the Western Queen South Deposit, where gold open-pit mining approvals have been submitted. Reconnaissance work is underway to assess additional tungsten targets identified across the project. Figure 3: Maiden Western Queen Tungsten MRE Highlights High-Grade Trends (source: RTR) Metallurgical testwork will be critical in determining tungsten’s contribution to project economics. A bulk scheelite sample is being prepared for detailed analysis by Mineral Technologies to establish a grade-recovery curve. This will guide revenue modelling and potential inclusion of tungsten in mine scheduling. Peter Harold, Managing Director and CEO, commented: “To have reported a maiden tungsten resource of over 13,000 tonnes shows Western Queen is more than just a high-grade gold project — it has the potential to be a major tungsten project as well.” Next Steps Rumble will integrate the maiden tungsten MRE into its broader Western Queen development strategy, alongside advancing near-term high-grade gold production. Exploration programs are underway to test the newly identified tungsten targets, while metallurgical studies will define potential tungsten revenue contributions. Approvals have already been lodged for open-pit mining of the gold resource at Western Queen South, where much of the tungsten MRE is located. Samso Concluding Comments The recent results from Western Queen are good in terms of the grade, but when you start to hope for a larger interception that is measured in 100s or metres, of at least north of 50M to give scale, it is a bit disappointing not to see that happening. When I first started covering the Western Queen story, it had gone from a gold prospect to a tungsten hopeful, which was ok, but the numbers coming out look like it's not going to be in the scale of a standalone tungsten project. Rumble is now going to have to decide if this is a gold project or not because I don't think the Tungsten story is going to cut mustard. I have seen several tungsten projects in my time, and this is not smelling the best. I was thinking that, coupled with a gold story, this could make grade, but the longer the Western Queen story is moving, the less confident I am of making a good story. For the shareholders out there, a market capitalisation of AUD $28M is going to make it hard to change directions, as punters are always out for a bargain. I hope I am wrong in my comment, but this is one of those moments that I have had to reassess my optimism on a company. There is time still to make amends, as the share price has been rising for the last 3 months, so maybe the market has got it right and I have not. The market is very buoyant at the moment on the small end of the sector, and there are still many alternatives for investments. The Samso Way – Seek the Research Announcements give us the facts, but research reveals the scale of the opportunity. Understanding tungsten’s market dynamics and Western Queen’s geological upside is where the real insight lies. 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. 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Rutile has long stood in the shadows, overshadowed by better-known commodities like lithium, copper, and even its cousin, ilmenite. But beneath the surface, quite literally, lies a mineral that is becoming increasingly visible to investors as vital to the world’s industrial, technological, and geopolitical landscape. Is this appearance of importance something new or has the market developed the excitement because it needs a new story to sell? At first glance, rutile might appear like just another mineral sand, but its chemistry tells a different story (Figure 1). Composed of titanium dioxide (TiO₂), rutile is the cleanest, most efficient natural feedstock for producing titanium metal and white pigment. And in a world that demands lightweight alloys for aerospace, corrosion-resistant metals for defence, and UV-blocking pigments for cosmetics and coatings, rutile quietly powers it all. Figure 1: Rutile image. What makes rutile uniquely valuable is its purity. With a typical TiO₂ content of ~95%, it doesn’t require the energy-intensive processing needed for ilmenite. This gives it a lower environmental footprint and makes it the preferred input for chloride-route titanium pigment production and high-grade titanium metal. As supply tightens globally, the market is waking up. Demand is growing—not just from traditional pigment and welding industries, but also from new technologies and national security imperatives. And herein lies the opportunity: few new large-scale rutile deposits have been developed in recent decades. The sector is small, the barriers to entry are high, and the players are limited. But the upside is significant. Natural rutile also carries scientific intrigue (Figure 2). Its optical properties are exceptional, boasting one of the highest known refractive indices in the visible spectrum. It’s used in optical instruments, polarisation devices, and even in sunscreen, where its nanoscale form absorbs harmful UV radiation while remaining transparent to visible light. It is, quite literally, everywhere—but barely recognised. Figure 2: Natural Rutile: A Mineral of Scientific Fascination. For ASX investors, this is the type of story that often slips through the cracks. Rutile doesn’t dominate headlines, but it underpins sectors that do. And now, with the rise of strategic critical minerals policies and decarbonisation agendas, rutile is being recast as an essential part of the industrial equation. In this Samso Insight, we’ll explore the geology, global context, and ASX-listed players behind rutile’s quiet rise. From Iluka’s Sierra Rutile in Sierra Leone to Sovereign Metals’ giant Kasiya project in Malawi—and the emerging Minta story in Cameroon—we’ll unpack why rutile could be one of the smartest critical minerals plays that investors are still overlooking. The rutile story is not one of hype, but of substance. And in today’s market, that’s where the real value lies. The Strategic Importance of Rutile As we have mentioned, the recent news which have created a "rush" for the ruitle narrative has created a new focus for the ASX small-cap sector. The recent news from Lion Rock Minerals Limited, DY6 Metals from Africa, and Petrotherm, with its titanium discovery in South Australia, means that there is a new focus for the sector. Investors are eager, and like all ASX investors, they are eager to pile their hard-earned cash into these stories. One of the many questions I am getting from associates and followers is what the grades mean and what they mean in terms of the viability of the project. I am working on getting some "real" professionals onto a Coffee with Samso soon, but for now, let's see what we can gather as a Rutile 101 from this Samso Insight. Please follow the links below to help guide you through another long and winding research blog. 1. The Realisation of Rutile’s Strategic Importance 2. Titanium: A Metal for a High-Tech, Low-Carbon World 3. Global Supply and Geopolitical Landscape: Rutile Under Pressure a. Top 5 Global Rutile Resource and Production Regions: i. Sierra Leone (Sierra Rutile Limited). ii. Malawi (source: Sovereign Metals) iii. Australia (source: Geoscience Australia / Iluka) iv. Kenya (source: Base Resources) (Figure 9) v. Mozambique / Cameroon (Emerging Frontiers – source: LRM) 4. Highlights of Major Australian Rutile Resources. 5. Key Rutile Companies ASX Investors Should Be Watching 6.  Iluka Resources (ASX: ILU) – A Mineral Sands Producer with a Natural and Synthetic Rutile Narrative. Rutile in Iluka’s Business: The Sierra Rutile Connection - Historical Narrative. Historical Timeline for the Sierra Rutile Ownership: MP Materials at a Glance Iluka Resources – Rutile Production and Growth Pipeline 7. Sovereign Metals (ASX: SVM) – Kasiya Rutile-Graphite Project The World’s Largest Natural Rutile Deposit Tier 1 Scale, ESG Credentials and Global Validation 8. Lion Rock Minerals Limited (ASX: LRM) / Peak Minerals (ASX: PUA) – Minta Rutile Project A Frontier Discovery in Cameroon Premium Mineralogy and Critical Co-Products Quietly Emerging as a Critical Minerals Opportunity 9. DY6 Metals (ASX: DY6) – Targeting Tier-1 Rutile Potential in Cameroon Systematic Sampling Across a Vast 5,901 km² Tenure Well-Funded Exploration with Dual-Project Momentum 10. Samso Concluding Comments Rutile: The Underappreciated Critical Mineral with Strategic Weight Kasiya vs Sembehun: Complementary Giants in the Titanium Race Why the Business of Rutile Is Not Just About Grade—But Timing, Jurisdiction, and Delivery 11. The Samso Way – Seek the Research 1. The Realisation of Rutile’s Strategic Importance In the ever-evolving landscape of critical minerals, rutile is emerging as one of the most strategically significant yet often underappreciated commodities. Long associated with industrial paints and pigment production, rutile is now being repositioned as a core enabler of advanced manufacturing, national security, and clean energy infrastructure. Natural rutile stands apart from other titanium feedstocks due to its exceptionally high TiO₂ content, typically around 95%. Unlike ilmenite, which must undergo energy- and carbon-intensive upgrading to become usable as synthetic rutile or slag, natural rutile is production-ready. This makes it the cleanest, most efficient, and lowest-emission feedstock for titanium processing—an attribute that is becoming increasingly important in ESG-conscious global markets. As a feedstock, rutile is indispensable in two critical global supply chains (Figure 3): Titanium metal production – essential for industries requiring high strength-to-weight performance, corrosion resistance, and durability. Chloride-route titanium dioxide pigment production, which underpins everything from paints to plastics and sunscreens. Figure 3: Rutile’s Role in Two Vital Global Supply Chains (source: Samso) Titanium metal derived from rutile plays a vital role in: 1. Jet engine components and structural aerospace materials. 2. Medical implants and surgical instruments. 3. Naval armour and submarine casings. 4. High-durability pigments for paints, coatings, plastics, and packaging. 5. Plates and components for hydrogen electrolysers and solar technologies. These applications are not optional—they are foundational. And rutile has no easy substitute in these processes. Its high purity enables more efficient chemical conversion, generates less waste, and results in a lower carbon footprint across the lifecycle. This unique blend of purity, performance, and ESG alignment is what elevates rutile from an industrial mineral to a strategically critical resource. As such, rutile has been formally recognised as a critical mineral by the United States, the European Union, and Australia—a classification that reflects both its economic importance and the vulnerability of its supply chain. The growing focus on de-risking global titanium supply, especially away from Chinese and Russian dependencies, further enhances rutile’s appeal. With new geopolitical tensions surfacing, supply security is now driving corporate procurement decisions and national industrial strategies alike. For ASX investors, the message is clear: Rutile is no longer just a pigment input—it is a critical enabler of 21st-century technology and national resilience. And with global supply tightening and few new large-scale deposits in the pipeline, the value of rutile—both economically and strategically—is only beginning to be realised. 2. Titanium: A Metal for a High-Tech, Low-Carbon World Titanium has quietly become one of the most indispensable metals in modern industry. As the world transitions to low-carbon technologies and advanced manufacturing systems, titanium is stepping into a starring role—lightweight, corrosion-resistant, and engineered for environments where strength, durability, and precision matter most. Needle Structure of Rutile (source: CSIRO). Derived primarily from high-grade feedstocks like natural rutile, titanium metal combines a rare set of attributes that make it critical across sectors: 1. It has the highest strength-to-weight ratio of any commercial metal. 2. It is biocompatible, making it ideal for medical implants and surgical tools. 3. It is resistant to corrosion, even in seawater and extreme industrial settings. 4. It performs under extreme temperatures, critical for jet engines, spaceframes, and nuclear components. In aerospace, titanium is fundamental. Every modern aircraft relies on titanium in its airframe, engine components, and fasteners to balance weight reduction with structural integrity. The same applies to spacecraft, naval vessels, and defence platforms. In energy systems, titanium is now used in hydrogen electrolysers, solar panel supports, and heat exchangers in geothermal and nuclear power sectors with steep ESG requirements and performance thresholds. As global infrastructure evolves and the energy transition accelerates, titanium is transitioning from a specialist material to a baseline requirement. Whether it’s electric vertical takeoff aircraft (eVTOL), offshore wind structures, or next-generation EV components, titanium is becoming a foundational building block. And the best feedstock for producing that titanium? Natural rutile (Figure 4). Figure 4: Image of High Purity Rutile Product Compared to synthetic rutile or slag, natural rutile’s high purity enables more efficient production of titanium sponge, reducing chlorine usage, emissions, and downstream costs. This advantage aligns with the global push for cleaner supply chains and lower embedded carbon in materials. For investors and governments alike, titanium isn’t just an industrial input—it’s a strategic material underpinning sovereignty, sustainability, and technological leadership. Rutile, as its purest and most direct precursor, now plays a crucial role in this broader global transition. 3. Global Supply and Geopolitical Landscape: Rutile Under Pressure The global rutile market is under mounting pressure, and it’s not just about dwindling supply. As the world simultaneously decarbonises and re-arms, titanium feedstocks like rutile are shifting from simple commodities to elements of strategic planning. The titanium market, especially its natural rutile segment, is entering a phase where industrial demand meets national security. Natural rutile remains a small but critical segment, comprising less than 10% of the global titanium feedstock supply. Yet it is unmatched in quality. With ~95% TiO₂ purity, low impurities, and suitability for chloride processing, it is the feedstock of choice for high-performance uses like jet engines, defence hardware, and low-carbon pigment. The problem is: there simply isn’t enough of it (Figure 5). Figure 5: With ~95% TiO₂ purity, low impurities According to TZMI and Iluka’s Sierra Rutile estimates, demand is set to outpace supply for the rest of the decade. Production from legacy assets is declining, few new projects are coming online, and high-grade resources are increasingly difficult to find and finance. Compounding this is the geographic concentration of supply: most natural rutile comes from just a handful of regions—Sierra Leone, Australia, and potentially Malawi via the Kasiya Project. No other large-scale operation is expected before 2026. China, despite being a major consumer of titanium feedstocks, remains heavily reliant on imports for chloride-grade rutile, creating long-term vulnerability. This is shifting industrial attention toward safer jurisdictions. Australia stands out here, with active mineral sands developments in WA, Queensland, and the Murray Basin. Companies like Iluka Resources (ASX: ILU) and Sovereign Metals (ASX: SVM) are stepping into this role with new projects and value-adding processing strategies. Figure 5A: The closure of the Strandline Coburn project in Shark Bay, Western Australia. (source The West Australian) At the same time, Strandline Resources (ASX: STA) offers a cautionary note. Its Coburn Mine was placed in care and maintenance in mid-2025 amid trading losses and strategic restructuring. While suspended from trading, the Coburn operation holds long-term potential given its product mix and jurisdictional strength. It highlights a vital truth in the rutile space: execution risk, funding structure, and market timing must all align. The chart below, from TZMI (March 2024), illustrates a projected tightening global rutile market (Figure 6). Top chart: Rutile demand (yellow line) is expected to consistently outpace supply (SRL + other sources) from 2023 through 2027, highlighting a growing supply gap. Bottom chart: Rutile prices (US$/tonne FOB) are forecast to rise steadily to 2028, especially under base and high scenarios, surpassing the TZMI long-term inducement price, signalling the need for new supply to meet demand and incentivise production. Figure 6: Global Rutile Supply and Demand Projections (source: TZMI/SRL estimates) Behind every production report is a deeper story of geopolitics, logistics, and capital. The global rutile squeeze is very real. And for investors paying attention, this moment offers both risk and a rare opportunity. According to Straits Research, the global rutile market size was valued at USD 5.68 billion in 2024 and is projected to reach from USD 5.98 billion in 2025 to USD 8.97 billion by 2033, growing at a CAGR of 5.2% during the forecast period (2025-2033). See Figure 6A. Figure 6A: The rutile market Prediction. (source: Strats Research). The industry in 2024 continued to ride a wave of steady growth, with worldwide demand increasing incrementally in the face of subtle supply-side adjustments. Major trends were seen in industrial centers. In China, stricter environmental regulations have held back some mining activities, resulting in periodic supply bottlenecks that have driven spot prices for natural products higher. a. Top 5 Global Rutile Resource and Production Regions: Like all commodities, the global dominance sets the stage for who is going to be the main player in the supply chain. For many years, Iluka Resources has had the upper hand as they have all the expertise and the infrastructure to make the business work. Let's have a quick look at the major nations in this market. i. Sierra Leone (Sierra Rutile Limited). Figure 7: Sierra Rutile Operations (source: Iluka Resources). World’s Largest Natural Rutile Producer: Sierra Rutile, based in southern Sierra Leone, is the largest producer of natural rutile globally, with over 50 years of operational history. (Sierra Rutile Media Release) Significant Global Market Share: The company supplies approximately 20% of the world’s natural rutile, underscoring Sierra Leone’s hefty share in the global rutile market. (Mining Outlook) Tier‑1 Sembehun Deposit for Extended Supply: The upcoming Sembehun project is considered a Tier‑1 rutile deposit, capable of producing around 175,000 tonnes annually over a 14-year mine life at steady state. (Mining Weekly) Overall, Sierra Leone remains one of the top-five global rutile-producing countries. ii. Malawi (source: Sovereign Metals) Figure 8: Kasiya Project, Malawi (source: Sovereign Metals) Estimated Resources: >1.8 billion tonnes (Kasiya Project – total MRE) Key Region: Central Malawi – Kasiya, near Lilongwe Notes: Malawi hosts the world’s largest known natural rutile deposit—Kasiya—owned by Sovereign Metals (ASX: SVM). The project is designed to produce ~222,000 tonnes of rutile annually at full capacity, representing approximately 24% of global supply. Kasiya is also the second-largest flake graphite deposit globally, offering a dual critical minerals profile. The project is ESG-aligned and powered by hydro-based electricity from the Mpatamanga Hydropower Project. iii. Australia (source: Geoscience Australia / Iluka) (see Table 1 and Figure 8A) Queensland North Stradbroke Island (Sibelco – historical) Operated for decades producing rutile, zircon, and ilmenite. Mining ceased in 2019 as part of a government transition away from sand mining. New South Wales Balranald Project (Iluka Resources – under development) Contains rutile, zircon, and ilmenite. Commissioning targeted for second half of 2025. Northern NSW mineral sands fields (historical operations) Several deposits have been mined over the years, yielding rutile and zircon-rich concentrates. Victoria Wimmera Region (Iluka Resources – advanced exploration) Hosts fine-grained mineral sands with rutile, zircon, and rare earth-bearing minerals. The Wimmera deposits are considered strategically important for long-term rutile supply. South Australia Jacinth–Ambrosia Mine (Iluka Resources) Primarily a zircon mine, but produces rutile and ilmenite as by-products. Located in the Eucla Basin, west of Ceduna. Bondi, Sonoran, and other Eucla Basin deposits Associated with heavy mineral sands, including rutile, currently processed through Narngulu (WA). Western Australia Narngulu Mineral Separation Plant (Iluka Resources, Geraldton) While not a mine itself, this facility processes concentrates from across Australia, producing market-ready rutile for export. Capel Operations Produces synthetic rutile by upgrading ilmenite, contributing to Australia’s rutile supply chain. Rutile is mined in NSW (Balranald, historic fields), Victoria (Wimmera deposits), South Australia (Jacinth–Ambrosia and Eucla Basin), and historically in Queensland (Stradbroke Island). Today, Iluka Resources is the dominant producer, with production processed at Narngulu (WA) and supported by synthetic rutile from Capel. Figure 8A: Australian heavy mineral sands deposits and operating mines, 2019. Deposit size is based on total resources (EDR + Subeconomic Demonstrated Resources + Inferred). (source: “Commodity Summaries” section of Australia’s Identified Mineral Resources (AIMR) 2020 report, published by Geoscience Australia.) Table 1: Australian Rutile Operations. Region Rutile Activity Notes Western Australia Eucla Basin deposits, Jacinth–Ambrosia Active processing at Narngulu; significant supply South Australia Jacinth–Ambrosia mine Major rutile by-product operation New South Wales (NSW) Balranald Project (Murray Basin) Development underway; production from 2025 Victoria Wimmera region Exploration-stage deposits Queensland North Stradbroke Island (historical) Mining ended; legacy environmental management iv. Kenya (source: Base Resources) (Figure 9) Figure 9: Map of Kenya, Mrima Hill Project (source: Base Resources) Estimated Resources: ~250–300 million tonnes of heavy mineral sands (Kwale Project) Key Region: Coastal Kenya – Kwale County Notes: Operational Status of the Kwale Project The Kwale Mineral Sands operations, owned and run by Base Titanium Limited (a wholly owned subsidiary of Base Resources), began production in late 2013. The operation extracted valuable heavy minerals—rutile, ilmenite, and zircon—through hydraulic mining and processing via a wet concentrator and mineral separation plant. Following comprehensive exploration of nearby areas such as the North Dune and Kwale East, the company determined that these prospects lacked sufficient grade or scale to justify extending operations. Consequently, mining is scheduled to end in December 2024, with processing activities winding down soon after. As of May 2025, Kwale’s mining journey has officially concluded. Base Titanium completed over 11 years of operations, exporting more than 5.2 million tonnes of mineral sands—including approximately 804,000 tonnes of rutile, 3.89 million tonnes of ilmenite, and 295,000 tonnes of zircon. The final bulk shipment of rutile departed in February 2025, marking the end of export operations. Media: Base Titanium Ends 11-Year Mining Operations in Kwale, Exporting Over 5.2 Million Tonnes of Ore - May 22, 2025 Base Resources to close Kenya mineral sands mine in December 2024 v. Mozambique / Cameroon (Emerging Frontiers – source: LRM) (Figure 10) Figure 10: Cameroon (source: LRM) Estimated Potential: Early-stage – resource not yet fully defined Key Regions: Moma (Mozambique); Minta (Cameroon) These frontier regions are increasingly recognised for their rutile-rich mineral sands. In Cameroon, Lion Rock Minerals Limited (ASX: LRM), which was previously known as Peak Minerals Limited (ASX: PUA), is advancing the Minta Project (Figure 10), which has outlined a ~1,500 km² mineralised zone with rutile, monazite, and zircon. Early XRD results confirm high TiO₂ purity (>93% derived from rutile). These regions offer scale and potential, but also carry higher political and logistical risks. Figure 10A: The Moma Mine in Mozambique which is operated by Kenmare Resources PLC who are listed on the London Stock Exchange. (source: Kenmare Resources PLC). Kenmare operates the Moma Titanium Minerals Mine (Figure 10A and 10B), located on the north east coast of Mozambique. Moma is one of the largest titanium mineral deposits in the world and has Mineral Resources to support production for more than 100 years at the current production rate. Kenmare began production from Moma in 2007, and the Company has had a presence in Mozambique for almost 40 years. Figure 10B: An overview of the Moma Mine in Mozambique operated by Kenmare Resources PLC. (source: Kenmare Resources PLC). 4. Highlights of Major Australian Rutile Resources Australia plays a key role in the global rutile landscape through its high-grade, co-produced mineral sands deposits. These assets are characterised by stability, environmental oversight, and downstream integration. Cataby (WA) (Figure 11) Operator: Iluka Resources Status: Producing Notes: Key rutile-producing mine within Iluka’s mineral sands portfolio. Feedstock is processed at the North Capel plant. Known for reliable output and integrated logistics. Figure 11: Cataby Site Overview (source: Iluka Resources) Eneabba (WA) (Figure 12) Operator: Iluka Resources Status: Development / Processing Figure 12: Eneabba (WA) (source: Iluka Resources) Notes: Strategic processing and stockpile hub. Contains valuable rutile-rich sands and rare earths. Phase 3 development is underway to include titanium and rare earth refinement. Coburn (WA) (Figure 13) Figure 13: Coburn (WA) (source: Strandline Resources) Operator: Strandline Resources (ASX: STA) Status: Temporary period of care and maintenance Notes: Care and maintenance allow new owners to reset the mine for long-term sustainability and profitability. North Stradbroke Island (QLD) Former Operator: Sibelco Status: Historical (closed) Notes: Previously a major rutile-producing site. Mining has ceased due to environmental and cultural considerations, but it reflects Australia’s production legacy. WIM Resource Belt (Western Victoria) (Figure 14) Figure 14: WIM Resource Belt (Western Victoria) (source: WIM Resource) Operators: Astron Corporation, WIM Resource Status: Exploration / Feasibility Notes: Fine-grained heavy mineral sands containing rutile. Early-stage projects aiming to commercialise low-cost inland deposits. Emerging Projects Region: Eucla Basin, South Australia & Western Australia Operators: Various juniors (e.g., Sheffield Resources) Status: Exploration / Pre-development Notes: Several projects targeting rutile as part of larger zircon-ilmenite systems. Potential to add to Australia’s future rutile footprint. 5. Key Rutile Companies ASX Investors Should Be Watching The titanium feedstock market is evolving rapidly, and a select group of ASX-listed small cap companies are positioning themselves to capitalise on the rising strategic importance of natural rutile (Table 2). These companies span the full development curve—from established producers like Iluka Resources to early-stage explorers in high-potential jurisdictions such as Malawi, Cameroon, and Mozambique. For investors seeking exposure to this high-purity, ESG-friendly critical mineral, the following companies represent key positions to monitor. Table 2: A list of Rutile companies in the ASX small-cap sector that have a notable resource. 1.0 SVM | ASX - Feb 2025 - 2.0 PUA | ASX - July 2025 - 3.0 DY6 | ASX - 29th July 2025 📌 Notes on Table 2: a) The table includes both advanced and emerging ASX-listed rutile companies, focusing on those with either a defined JORC mineral resource or a strategically significant exploration footprint. b) Sovereign Metals (SVM) and Iluka Resources (ILU) are included for comparative context—SVM anchors the next tier of potential producers, while ILU remains the global incumbent with a mature portfolio. c) Lion Rock Minerals Limited (LRM) and DY6 Metals (DY6) are early-stage entrants. While both have identified significant rutile mineralisation—particularly at Minta (PUA)—they have not yet declared JORC-compliant resources. d) Rutile grade and TiO₂ concentration data are based on a combination of JORC reports, DFS studies, and third-party analyses (e.g., Toho Titanium, XRD confirmations), as disclosed in ASX announcements between 2018 and July 2025. 6. Iluka Resources (ASX: ILU) – A Mineral Sands Producer with a Natural and Synthetic Rutile Narrative. Iluka is a leading rutile producer — both natural and synthetic. It is best described as a global mineral sands company with a portfolio spanning rutile, zircon, ilmenite, and rare earths. So, Iluka is not just a rutile company, but rutile remains one of its core products. A complex company with a mineral sands business producing the following products: Zircon – historically its largest revenue contributor (Figure 15). Rutile (natural and synthetic) – Iluka is one of the world’s largest producers. Ilmenite – mined and processed, some upgraded into synthetic rutile. Rare earths – growing focus, with the Eneabba project in Western Australia positioning Iluka as a key critical minerals supplier. Figure 15: The Jacinth-Ambrosia project in South Australia. According to Iluka, it is the worlds largest zircon mine (source: Iluka Resources). Rutile in Iluka’s Business: Iluka produces natural rutile at its Australian mines and processes it through its Narngulu separation facility. It also upgrades ilmenite into synthetic rutile at its Capel kilns in Western Australia (SR2 active, SR1 on standby). Projects like Balranald (NSW) will produce rutile, zircon, and ilmenite. Historically, Iluka was the owner of Sierra Rutile in Sierra Leone (2016–2022), before demerging it into a separately listed company, later acquired by Leonoil in 2024. The Sierra Rutile Connection - Historical Narrative. Iluka Resources, through its subsidiary Sierra Rutile Holdings Ltd (ASX: SRX), historically operated the world’s largest natural rutile production base in Sierra Leone (Figure: 3). With over 50 years of supply history, Sierra Rutile remains a cornerstone of global high-grade rutile output, providing more than 20% of global demand and servicing industries ranging from pigments to titanium metal and welding. The Sembehun Project completed a Definitive Feasibility Study (DFS) in 2023. Backed by a resource of 173.8 million tonnes at 1.45% rutile, Sembehun is forecast to produce up to 175,000 tonnes of rutile per annum over a 14-year mine life. The project offers robust economics, with a post-tax NPV8 of US$408 million and an IRR of 27.8%, leveraging established infrastructure such as the Area 1 port and processing facilities. Sembehun is emerging at a time of tightening global rutile supply. Its premium rutile feedstock—high TiO₂ with low impurities—is ideally suited for chloride pigment processes and titanium metal, both of which are critical to aerospace, defence, and decarbonisation markets. Over 60% of Sierra Rutile’s sales in 2022–23 were to the U.S., underscoring its geopolitical relevance. Figure 16: Sembehun, one of the world’s largest and highest-grade natural rutile deposits in Sierra Leone (source: SRX) The Sembehun rutile project is owned by Sierra Rutile Holdings Limited, which holds 100% ownership of the project. However, there's an important ownership update to note: As of late 2024, Leonoil Company Limited—a Sierra Leonean-owned company—acquired over 90% of the shares in Sierra Rutile Holdings Limited, and proceeded to complete a compulsory acquisition of the remaining shares under Australian Corporations Law. Sierra Rutile was subsequently delisted from the Australian Securities Exchange on 3 October 2024. Historical Timeline for the Sierra Rutile Ownership: (Figure 16A) 1960s – 1990s: Early Development 1967 – Rutile mining began in Sierra Leone by Sierra Leone Selection Trust (SLST), later renamed Sierra Rutile Limited. For decades, Sierra Leone was one of the world’s largest rutile producers. Operations were disrupted during the country’s civil war (1991–2002), with the mine forced to close. 2005 – 2016: Sierra Rutile as an Independent AIM-Listed Company 2005 – Sierra Rutile Limited was listed on the AIM (London’s Alternative Investment Market). Operated independently, with rutile mining restarting and gradually expanding. December 2016 – August 2022: Iluka Resources (Australia) December 2016 – Iluka Resources Ltd (ASX: ILU), an Australian mineral sands giant, acquired Sierra Rutile for about A$375 million. Sierra Rutile became a wholly owned subsidiary of Iluka, integrated into its mineral sands portfolio. Iluka invested in studies on the Sembehun expansion project during this period. August 2022 – September 2024: Sierra Rutile Holdings (ASX: SRX) August 2022 – Iluka demerged Sierra Rutile, creating a separately listed company on the ASX under ticker SRX. Existing Iluka shareholders received Sierra Rutile shares, and the company operated independently but was still foreign-controlled (ASX-listed). September – October 2024: Leonoil Acquisition September 2024 – Leonoil Company Limited, a fully Sierra Leonean–owned company, launched an off-market takeover for Sierra Rutile Holdings at A$0.18 per share. The offer was successful, Leonoil passed the 90% threshold, and moved to compulsory acquisition of the remaining shares. 3 October 2024 – Sierra Rutile was delisted from the ASX. Since then, Sierra Rutile is 100% owned by Leonoil, making it Sierra Leone–owned for the first time in its history. Figure 16A: Sierra Rutile’s ownership journey spans nearly six decades — from its origins under SLST, through international ownership by Iluka Resources, to its ASX-listed chapter, and now a historic return to full Sierra Leonean control under Leonoil Company Limited. This ILU (Iluka Resources) share chart shows a strong rebound in 2025 (Figure 17). After dipping below $3.50 in mid-April, the stock began recovering through May and June, before sharply rising in early July, peaking above $6.00. As of 31 July 2025, the share price sits at $5.15, reflecting renewed investor confidence likely tied to rutile market momentum and positive project developments. Trading volumes also spiked in July, signalling strong institutional interest. Figure 17: Iluka Resources (ASX: ILU) Share Performance as on 31 July 2025 (source: ASX) An industry stakeholder has commented that the ILUKA share price rebound is probably due to the U.S. Department of Defense (DoD) investing in MP Materials at 110/kg NdPr floor price. Positive indication for Iluka’s rare earth refinery in Eneabba. MP Materials at a Glance Who they are: MP Materials operates the Mountain Pass mine in California—the only commercial rare earths mining and processing facility in the U.S.—and is vertically integrated across mining, refining, and magnet manufacturing. What they focus on: The company concentrates on neodymium-praseodymium (NdPr), essential for high-performance permanent magnets used in EVs, robotics, wind turbines, and advanced defense systems. Iluka Resources Operations – Rutile Production and Growth Pipeline Established Natural Rutile Producer Iluka Resources remains one of the leading producers of high-grade natural rutile (92–95% TiO₂), sourced from its Australian operations (Table 3). These concentrates are processed at the company’s Narngulu mineral separation facility in Western Australia before being exported to international markets. With a long track record of supply into the pigment, welding, and titanium metal sectors, Iluka’s rutile product suite is firmly positioned at the premium end of the market. Synthetic Rutile – A Scalable Advantage In parallel, Iluka has built significant capability in synthetic rutile production, upgrading ilmenite into high-purity feedstock (88–95% TiO₂) through its rotary kiln operations at Capel, WA. The SR2 kiln, currently in operation, produces around 225,000 tonnes per year, while the SR1 kiln, restarted in late 2022, adds a further 110,000 tonnes per year capacity when market demand supports additional supply. This flexibility provides the company with a strong competitive advantage in meeting customer needs across different cycles. Growth Pipeline – Balranald and Jacinth-Ambrosia Looking ahead, Iluka is advancing the Balranald Project in New South Wales, which is expected to deliver substantial zircon and rutile production together with feedstock for synthetic rutile and rare earth products. The project is slated to commence commissioning in the second half of 2025, marking a major step in sustaining long-term supply growth. Meanwhile, the Jacinth-Ambrosia mine in South Australia, recognised globally as a Tier-1 zircon operation, also yields rutile and ilmenite by-products that are processed through Narngulu. These operations further consolidate Iluka’s position as a diversified mineral sands producer with rutile as a central pillar of its product portfolio. Table 3: Summary of Iluka Rutile Operations. Project / Operation Type of Rutile Involvement Status / Location Narngulu (WA) Processing natural rutile Operational; Australia Capel (WA) Producing synthetic rutile via kilns SR2 active; SR1 available on restart Balranald (NSW) Rutile and zircon mining; future synthetic rutile feed Under development, commissioning in 2025 Jacinth-Ambrosia (SA) Co-producing rutile alongside zircon Active operation 7. Sovereign Metals (ASX: SVM) – Kasiya Rutile-Graphite Project Sovereign Metals is spearheading one of the most significant critical mineral developments globally with its Kasiya Project in Malawi. This flagship operation is defined by its geological simplicity, free-dig lateritic mineralisation, and substantial scale (Figure 18). It is the only known deposit combining a globally dominant rutile resource with a high-quality flake graphite co-product. Together, these attributes offer Sovereign exposure to two essential and supply-constrained critical minerals with diverse industrial applications. Figure 18: Kasiya Rutile-Graphite Project (source: SVM) Malawi’s supportive jurisdiction, favourable tariff positioning, and expanding power infrastructure further reinforce Kasiya’s commercial potential. With the Definitive Feasibility Study (DFS) expected by late 2025, and a robust pilot program already underway, Sovereign Metals is methodically progressing Kasiya toward development. The project's multi-commodity profile and strong ESG fundamentals position it to become a cornerstone for sustainable mineral supply chains in a changing geopolitical landscape. The World’s Largest Natural Rutile Deposit Kasiya contains a JORC-defined mineral resource exceeding 1.8 billion tonnes, making it the largest known natural rutile deposit globally. Hosting 17.9 million tonnes of contained rutile, the deposit is unmatched in scale and grade, offering a long-term supply alternative to declining traditional sources like Sierra Leone and Australia. The project’s mine plan outlines an initial 25-year operation delivering 222,000 tonnes of rutile per annum, equivalent to ~24% of the global natural rutile market at steady state. The geological profile of Kasiya lends itself to cost-effective operations, as mineralisation occurs in soft, shallow saprolite. This allows for low-strip, free-dig mining and straightforward processing. Notably, the mineral is naturally high in TiO₂ content and low in impurities, reducing the need for energy-intensive upgrading processes typically required for ilmenite-based feedstocks. This purity positions Kasiya’s rutile as a preferred feed for chloride-route pigment production and titanium metal manufacturing. Tier 1 Scale, ESG Credentials and Global Validation Kasiya’s development has been strategically aligned with ESG benchmarks from the outset. A landmark agreement with Malawi’s state utility ESCOM secures access to grid-connected power, primarily sourced from the upcoming Mpatamanga Hydropower Project—a 358 MW World Bank-backed renewable energy initiative. This allows Kasiya to significantly reduce its carbon footprint and operating costs, placing it among a select few mining operations with a defined path to sustainable, large-scale power. Figure 19: Kasiya: A Tier 1 Asset with Global Strategic Relevance (source: SVM) Validation from downstream users has also reinforced Kasiya’s market potential. Japan’s Toho Titanium has independently confirmed that the project’s rutile meets premium industrial specifications, including >95% TiO₂, low deleterious elements, and suitable particle size for high-end pigment and titanium metal applications. On the graphite front, the project has delivered strong CSPG battery performance, making it a potential domestic alternative to the Chinese anode supply. Together, these attributes place Kasiya on a short list of Tier 1, future-facing mineral projects with global relevance (Figure 19). The share chart for Sovereign Metals (ASX: SVM) from February to July 2025 shows a notable rise in early March, peaking just below $1.00, likely driven by positive investor sentiment or company announcements (Figure 20). However, the stock experienced a sharp correction in late March and early April, dropping to around $0.65. Since mid-April, the share price has shown a gradual recovery, fluctuating within the $0.65–$0.80 range. As of 31 July 2025, the stock is trading at $0.71, reflecting a stabilisation phase following earlier volatility. Trading volumes spiked significantly around March and again in July, indicating periods of heightened market activity and investor interest. Figure 20: Sovereign Metals (ASX: SVM) Share Performance as on 31 July 2025 (source: ASX) 8. Lion Rock Minerals Limited (ASX: LRM)/ Peak Minerals (ASX: PUA) – Minta Rutile Project Lion Rock’s Strategic Push into Minta Rutile Project in Cameroon Lion Rock (ASX: LRM) is quietly building a critical minerals play in Cameroon (Figure 21). The Minta Rutile Project has: 1. A mineralised footprint nearing 1,500 km². 2. XRD-confirmed TiO₂ from rutile at >93%. 3. Notable co-products: monazite (rich in NdPr and DyTb), zircon. 4. Surface mineralisation is ideal for low-cost, free-dig mining. Figure 21: Mineralised zone at Minta Rutile Project nears 1,500km2. (source: LRM) Minta is still at the exploration stage but shows significant promise. With $3.5 million in new funding and a 100% drill success rate in early campaigns, it has the potential to become a high-quality, multi-commodity rutile supply hub. While PUA is not currently producing in Australia, its Cameroon project is quietly emerging as a future-ready asset. • A Frontier Discovery in Cameroon The Minta Project now spans a consolidated landholding of over 1,500 km², with recent tenement additions bringing new exploration corridors into the fold. Located in central Cameroon and supported by access to Atlantic shipping ports, Minta is positioned in an emerging critical minerals zone. Systematic auger and trench sampling across multiple zones has confirmed pervasive near-surface rutile mineralisation, with field observations and assays pointing to bulk tonnage potential. • Premium Mineralogy and Critical Co-Products Laboratory testing confirms the mineralisation is dominated by high-purity natural rutile, with XRD showing over 93% of TiO₂ sourced from rutile. The presence of monazite—rich in neodymium, praseodymium, dysprosium and terbium—suggests valuable rare earth by-products may also be recoverable. The surface expression and low stripping ratio add to the project’s appeal, potentially enabling a low-capex, free-dig operation in the future. • Quietly Emerging as a Critical Minerals Opportunity A 2,000 kg bulk sample program is underway, with follow-up metallurgical testwork to assess separation efficiency and final product quality. Downstream interest continues to grow, as buyers seek to diversify away from increasingly constrained rutile supply chains. With global rutile grades in decline and few new entrants on the horizon, Minta offers a rare mix of scalability, mineralogy, and jurisdictional optionality in a reshaping global titanium market. The share chart for Lion Rock (ASX: LRM) from February to July 2025 shows a prolonged period of flat trading under $0.02 through to early June (Figure 22). A noticeable upward trend began mid-June, accelerating rapidly in July, with the stock peaking at $0.088 before settling at $0.063 by 31 July 2025. This strong rally suggests a surge in investor interest, likely fuelled by positive developments around the Minta Rutile Project or increased market awareness. Trading volumes significantly increased in July, indicating heightened buying activity and momentum-driven sentiment in the small-cap critical minerals space. Figure 22: Lion Rock (ASX: LRM) / Peak Minerals (ASX: PUA) Share Performance as on 31 July 2025 (source: ASX) 9. DY6 Metals (ASX: DY6) – Exploring Cameroon’s Next Rutile Frontier DY6 Metals is progressing rapidly in Cameroon with a dual-pronged exploration approach across its vast 5,901 km² Central Rutile Project (Figure 23). Located within a geologically rich corridor adjacent to Peak Minerals’ Afanloum discovery, DY6’s ground sits in what is shaping up to be a globally significant rutile province. The company is advancing its soil sampling and auger drilling programs to define rutile-rich zones, targeting in-situ, saprolite-hosted rutile mineralisation—akin to the Kasiya deposit model in Malawi. With systematic fieldwork already underway, DY6 is positioning itself for a maiden drilling campaign that could firmly establish the Central Rutile Project as a strategic asset in the global titanium feedstock pipeline. Backed by a fully funded program and technical execution already in motion, the company is looking to release initial assay results by August 2025. Investors watching this emerging rutile play will be keenly focused on how those early results shape the path forward. Figure 23: Map showing DY6’s full project portfolio in Cameroon. (source: DY6) Systematic Sampling Across a Vast 5,901 km² Tenure Regional soil sampling program underway over the full 5,901 km² holding, with auger drilling in progress on Nsimbo and Alamba licences adjacent to PUA’s Afanloum discovery. Well-Funded Exploration with Dual-Project Momentum Fully funded to accelerate exploration at both the Central Rutile Project and the Douala Basin HMS Project, with initial assay results expected in August 2025. The DY6 Metals (ASX: DY6) share chart from February to July 2025 shows a long period of stability under $0.05 until mid-April, when a sharp spike occurred—likely in response to exploration updates or market revaluation (Figure 24). After a brief correction, DY6 maintained a steady upward trajectory through May and June, before a strong breakout in early July, pushing the price above $0.30. The recent pullback to around $0.26 suggests a consolidation phase following strong interest and higher trading volumes, likely driven by investor excitement over its rutile and rare earths exploration in Cameroon. Figure 24: DY6 Metals (ASX: DY6) Share Performance as on 31 July 2025 (source: ASX) 10. Samso Concluding Comments Rutile: The Underappreciated Critical Mineral with Strategic Weight Prior to the recent discovery by Sovereign Metals Limited and that of Lion Rock Minerals Limited (ASX: LRM), previously known as Peak Minerals Limited (ASX: PUA), the word Rutile was pretty much under the radar of mainstream investors (In the Micro to Small Capitalisation sector), often and recently overshadowed by more headline-grabbing critical minerals like lithium or rare earths. The decarbonisation efforts and sovereign supply chain concerns have brought out the narrative of a supply squeeze and hence, intensified the strategic value of natural rutile is becoming increasingly clear. With the highest TiO₂ content of any titanium feedstock, minimal processing requirements, and essential roles in aerospace, defence, and clean energy technologies, rutile (Figure 25) is no longer just a pigment mineral—it’s now recognised as a linchpin of future industrial systems. That recognition is being codified globally, with rutile now classified as a critical mineral in Australia, the EU, and the US. Figure 25: A specimen of Rutile. (source: https://geologyscience.com/minerals/rutile/) The story becomes even more compelling when you consider the tightening global supply dynamics. Mature producers like Iluka’s Sierra Rutile are maintaining strong positions but face rising challenges with grade decline, geopolitical complexity, and limited expansion runway. At the same time, projects like Sovereign Metals’ Kasiya are emerging as new anchors in the global titanium value chain, with tier-1 scale and ESG-aligned design built into their foundations. As natural rutile becomes more scarce—and synthetic substitutes fail to meet ESG or performance benchmarks—markets will increasingly gravitate toward scalable, secure, and low-carbon sources. Kasiya vs Sembehun: Complementary Giants in the Titanium Race The Kasiya and Sembehun projects, while both massive in their own right, represent complementary pillars in the titanium race. Kasiya’s strength lies in its size, purity, renewable energy integration, and graphite by-product upside, positioning it as the next-generation rutile supply base. Sembehun, on the other hand, builds on decades of operational history, offering near-term production and the backing of a globally recognised player in Iluka. Together, they signal a dual-track future for rutile—one rooted in legacy infrastructure and one built for the net-zero world. Investors would be wise not to see them as competitors, but rather as critical co-drivers of titanium’s global future. ASX Small-Caps Quietly Building the Next Supply Base As we look across the ASX, what’s striking is the quiet momentum building around smaller rutile players—Lion Rock Minerals (Peak Minerals), DY6 Metals, Petrotherm (ilmenite), all of which are carving out potential new lanes in the supply landscape. If you take Petratherm (Predominantly ilmenite) and DY6 Metals (Early stage), you are simply left with a two horse race with Lion Rock Minerals and Sovereign Metals to be the next HM/Rutile mining proposition. This is the moment for investors to get ahead of the curve. Rutile may not dominate headlines yet, but as with lithium a decade ago, the early movers who grasp its strategic weight will be best positioned for what’s next. At Samso, we believe the rutile story is just beginning to unfold—and it’s one worth watching very closely. 11. The Samso Way – Seek the Research Behind every mineral, there’s a deeper story of timing, strategy, and market context. At Samso, we dig past the surface to understand what really moves the needle. Do the research. Ask the right questions. That’s how value is found. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. References: Base Resources owns and operates the Kwale mineral sands mine in Kenya Mpatamanga Hydro Power Plant (MHPP) Project Sierra Rutile Presentation June 2022 Sembehun DFS Reinforces Strategic Value of Significant Project Presentation - Optimised PFS Outcomes February 2025 Central Rutile Project exploration update Diatreme Resources August 2018 Presentation Leading Japanese Titanium Producer Validates Kasiya Rutile Power Supply MOU and Malawi Hydropower Project Approved Tariff Environment Underscores Kasiya's Significance Rutile Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Geophysics reveals multiple targets corresponding with favourable geology and known mineralisation. Geophysics Uncovers Multiple Priority Drill Targets at Mannix and Mt Secret Thunderbird Resources Limited (ASX: THB) has outlined multiple high-priority drill targets at its 100%-owned Kookabookra Gold Project in NSW, following strong results from a recent GAIP survey (Figure 1). Conducted over the Mannix and Mt Secret prospects, the survey defined compelling chargeability anomalies closely linked to favourable structures, geological contacts, and gold-in-soil geochemistry. With several of these anomalies in areas never previously drill tested, the Company is now preparing for its maiden drilling program in Q4 2025. Figure 1: Kookabookra Gold Project in north-eastern New South Wales (source: THB) Highlights - Gold Exploration At Its Best. Multiple Chargeability Anomalies: Significant anomalies (>10msec) identified at both prospects, considered highly promising drill targets. Mt Secret – Sulphide Potential: Two large anomalies in the south-west survey area, adjacent to the Glen Bluff Fault and coincident with geological contacts and gold-in-soil anomalies (>10ppb Au, up to 42ppb Au) (Figure 2). Historical drilling has not tested these areas. Figure 2: Mt Secret Prospect - IP Chargeability, historical drilling and surface geochemistry (source: THB) Mannix – Untested Gold-in-Soil Anomaly: Anomalies in the southern grid are adjacent to an untested gold-in-soil anomaly (>10ppb Au, up to 120ppb Au) (Figure 3). Historic drilling to the north intersected low-grade mineralisation in all 12 holes. Figure 3: Mannix Prospect – IP Chargeability, historical drilling and surface geochemistry (source: THB) Exploration Model: Positive correlation between chargeability anomalies and gold-antimony mineralisation supports potential for intrusion-related and orogenic gold systems, similar to the Hillgrove Sb-Au Project. Next Steps: Drill planning is underway, with permits to be lodged in August. Geological mapping and soil sampling will continue at Bear Hill–Butchers Reef, where historical production exceeded 3,000oz at 28g/t Au (Figure 4). Figure 4: Bear Hill–Butchers Reef Prospects in Kookabookra (source: THB) Survey Details and Geological Context The GAIP survey, completed in early July, covered ~1km² with 25m electrode spacing along 50m line intervals. The method detects subsurface chargeability—often indicative of sulphides such as pyrite and arsenopyrite—correlated with gold mineralisation in similar geological settings. At Mt Secret, three anomalies were defined: Northern anomaly lies along strike from historic workings and coincides with >10ppb Au in soils. Two southern anomalies, the largest ~170m in strike, are proximal to structural features and geological contacts between Black Knob Monzogranite and felsic intrusives/metasediments. At Mannix, chargeability anomalies remain untested by drilling, with the historic program focused on a downslope gold-in-soil anomaly. Several drillholes ended in mineralisation, including 1m @ 1.62g/t Au and 1m @ 3.42g/t Au, but none targeted the geophysical anomalies. Thunderbird Executive Chairman, George Ventouras, commented: “These are outstanding results which highlight the huge potential at Kookabookra. Significantly, the IP targets are close to historical exploration and drilling. With many of the previous holes having intersected mineralisation, we could consider these historic holes to be a ‘near-miss’ and the current planned drill program will aim to properly test the area for significant gold mineralisation. The combination of results, favourable geology, and known mineralisation points to immense upside at both prospects. And given these targets cover only a small portion of the tenement, the broader potential is significant.” Next Steps Thunderbird’s immediate focus is on finalising preparations for its maiden RC drilling program at the Mannix and Mt Secret prospects, with drill permit applications to be lodged in August and drilling scheduled to commence in Q4 2025. The GAIP survey results will be integrated with geological mapping, soil geochemistry, and rock chip sampling to refine targeting and prioritise drill holes. In parallel, follow-up exploration at Bear Hill–Butchers Reef will include geochemical soil sampling and detailed mapping, building on historical production of more than 3,000oz of gold at an average grade of 28g/t. Assay results from 79 rock chip and grab samples collected in June are expected later this month, which will further inform the next phase of work. Samso Concluding Comments The journey of the Kookabookra Gold Project has been set, and the targets identified look interesting. The GAIP survey has identified multiple chargeability anomalies in highly favourable geological settings and has placed them alongside known gold-in-soil anomalies and structural features that typically host significant mineralisation. This is a good start to create meaningful potential discoveries in orogenic and intrusion-related gold systems. Typically, the targeted areas that have never been drill tested, in their proximity to past “near-miss” holes. Thunderbird is effectively re-rating the exploration potential of zones overlooked by previous campaigns. With the maiden RC drilling program set for Q4 2025, the market will soon see whether these targets can deliver the kind of grades and widths that transform early-stage exploration into a serious development story. Investors should also note the parallel work at Bear Hill–Butchers Reef, where historical high-grade production provides a proven mineralised footprint. The combination of strong geophysical targets, supportive geochemistry, and a district-scale landholding gives Thunderbird multiple shots at discovery. This is an exploration with genuine upside, backed by systematic work and a clear strategy. Corporate Thoughts I have been following the company since 2018, when it was called Valor Resources Limited (ASX: VAL), and the reason I am reviewing THB is mainly due to two main factors. The first is that it is now at its all-time low of AUD $0.01 (Figure 5), and since the release of this announcement, the stock has risen to AUD $0.015 Figure 5: The share price chart of THB since 2016. I have known this Thunderbird Resources, then known as Valor Resources Limited, since 2018, and it has pretty much bottomed out in 2025 at AUD $0.01 (source: commsec). The second reason is that this is a CPS Capital stock, and the shareholders in the company have every interest to make this work as an investment. The market is all about gold, and gold exploration is now the next next thing. The reason is that all the good M&A deals are now completed. The corporate plays are now starting to heat up in the sector, and the story looks set for THB to make its move (Figure 6). Figure 6: The current share price of AUD$0.015 is a good indication that the scenario is set for the value creation to happen for shareholders. (source of chart: commsec). The current time for the ASX Micro-Cap sector is looking brighter. The exploration news is now getting investors excited and looking for the next trade. Thunderbird is still only an AUD $5.8M market capitalised company, so the potential upside has not really moved. Hence, for Samso, the #SamsoDYOR potential is still in its infancy. As always, the real test will come from the drill bit, but the groundwork here has been thorough and technically sound. Kookabookra is entering a critical stage, and for those who understand the value of well-prepared exploration, the months ahead could be particularly telling. The Samso Way – Seek the Research In the Samso way, seeking the research means looking beyond the headlines to understand the data, the geology, and the strategy driving a project. It’s about analysing the details — from geophysical results to historical production — to identify genuine potential and avoid the noise. In exploration, knowledge is the real commodity, and informed analysis is the edge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing wisely in today's economy can be challenging. With so many options and fluctuating markets, knowing where to put your money is crucial. This guide will help you identify promising investments that align with current economic trends and your financial goals. By understanding key factors and strategies, you can make informed decisions that maximize your returns and minimize risks. Understanding Promising Investments in the Current Market Promising investments are those that offer potential for growth, income, or capital preservation in the context of today's economic environment. To identify these, you need to consider several factors: Economic indicators: Look at GDP growth, unemployment rates, inflation, and interest rates. These give clues about the overall health of the economy. Industry trends: Some sectors perform better during certain economic cycles. For example, technology and healthcare often show resilience. Company fundamentals: Analyze financial statements, management quality, and competitive advantages. Market sentiment: Investor confidence and market momentum can influence short-term performance. For example, renewable energy companies have gained traction due to global shifts toward sustainability. Similarly, technology firms focusing on cloud computing and artificial intelligence are expanding rapidly. Corporate investment building To stay ahead, keep an eye on emerging sectors and innovations. Diversifying your portfolio across different asset classes and industries can also reduce risk. Key Strategies to Spot Promising Investments Identifying promising investments requires a mix of research, analysis, and practical steps. Here are some strategies to help you: Conduct thorough research Use reliable sources such as financial news, company reports, and expert analyses. Websites like investment opportunities provide valuable insights into current market trends. Evaluate risk versus reward Every investment carries risk. Assess your risk tolerance and compare it with the potential returns. High returns often come with higher risks. Look for consistent performance Companies or assets with steady growth and stable earnings are generally safer bets. Consider dividend-paying stocks These provide regular income and can be a sign of financial health. Monitor market cycles Timing can impact investment success. Buying during market dips can increase potential gains. Use technical and fundamental analysis Technical analysis looks at price trends and patterns, while fundamental analysis focuses on financial health and business prospects. For instance, investing in blue-chip stocks with a history of dividend payments can provide both growth and income. Alternatively, exploring real estate investment trusts (REITs) might offer exposure to property markets without direct ownership. Financial analysis on laptop How much money do I need to invest to make $3,000 a month? Generating a steady income of $3,000 per month from investments depends on the type of investment and its yield. Here’s a simple way to estimate the required capital: Determine the expected annual return: For example, if you expect a 6% annual return, that’s 0.06. Calculate the annual income needed: $3,000 per month equals $36,000 per year. Divide the annual income by the return rate: $36,000 ÷ 0.06 = $600,000. This means you would need to invest approximately $600,000 at a 6% return to generate $3,000 monthly. Keep in mind: Returns vary by investment type. Bonds might offer 3-4%, stocks 7-10%, and property yields differ by location. Consider taxes and fees, which reduce net income. Diversify to balance risk and income stability. For example, a mix of dividend stocks, bonds, and rental properties can help achieve this goal while managing risk. Australian currency representing investment capital Practical Tips for Evaluating Investment Opportunities When assessing any investment, apply these practical tips: Check liquidity: How easily can you sell the investment if needed? Understand the business model: Know how the company or asset generates income. Review historical performance: Past results are not guarantees but provide context. Assess management quality: Strong leadership often correlates with better outcomes. Consider macroeconomic factors: Interest rates, inflation, and geopolitical events can impact returns. Beware of scams: If it sounds too good to be true, it probably is. For example, before investing in a startup, research its market potential, competitive landscape, and leadership team. For property, evaluate location, rental demand, and maintenance costs. Staying Updated and Adapting Your Investment Approach The economy and markets are dynamic. Staying informed and flexible is key to long-term success. Here’s how to keep your investment strategy relevant: Regularly review your portfolio: Adjust based on performance and changing goals. Follow economic news and reports: This helps anticipate market shifts. Attend webinars and read expert analyses: Continuous learning sharpens your decision-making. Use technology tools: Investment apps and platforms offer real-time data and alerts. Network with other investors: Sharing insights can reveal new opportunities. By adapting to new information and trends, you can capitalize on emerging promising investments and protect your assets during downturns. Identifying promising investments requires a blend of knowledge, analysis, and vigilance. By understanding market conditions, applying sound strategies, and staying informed, you can navigate today’s economy with confidence and build a portfolio that supports your financial goals. The Samso Way – Seek the Research In the Samso way, seeking the research means looking beyond the headlines to understand the data, the geology, the financial news, the scientific analysis, the medical results, the proving of artificial intelligence, and the strategy driving a project. It’s about analysing the details — from start to commercial realisation — to identify genuine potential and avoid the noise. In understanding the art of investing, knowledge is the real commodity, and informed analysis is the edge. 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 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.