Announcement The Calmer Co Secures Expanded Lease in Navua, Fiji Coles Retail Sales Up 81% in July The Calmer Co. International Limited (ASX: CCO) has capped off an eventful week with two significant developments that speak directly to the company’s dual focus on operational resilience and market expansion. On one front, it has secured long-term control of its manufacturing base in Fiji through an expanded lease arrangement, ensuring uninterrupted production capacity and creating a platform for future scalability. On the other hand, it has reported record-breaking sales growth within the Coles retail network in Australia, underscoring the strong consumer appetite for its kava-based products and the company’s ability to capitalise on growing demand for natural wellness and alcohol alternatives. Together, these announcements highlight a business strengthening its foundations while accelerating its retail momentum, both domestically and in preparation for international market entry. Expanded Lease in Navua, Fiji – Kava Growth Platform Secured ASX Release: August 8, 2025 The Calmer Co Secures Expanded Lease in Navua, Fiji for Future Growth The company has finalised a three-year lease extension for its Navua manufacturing facility in Fiji, with an option to extend until 2031. This move locks in long-term operational control, a critical step as CCO scales production and advances toward breakeven. Originally planning to acquire the property, unforeseen compliance issues prompted a strategic shift. The lease model not only ensures uninterrupted operations but also frees up capital for immediate growth initiatives, including new product launches into the US market. Key Terms: Lease Start: 1 September 2025 – Initial 3-year term, with a 3-year renewal option. Staged Expansion: Over 2,000 sqm operational space by mid-2026, including expanded packing, freezer, admin, and lab facilities. Initial Rent: FJD $14,800/month, rising to $17,850/month in July 2026. Right of First Refusal: Option to purchase if offered during term. Infrastructure Upgrade: Company to install 750KVA transformer for expanded capacity. The staged lease expansion will provide over 2,000 sqm of operational space, with new packing, storage, and office areas available by January 2026, followed by a laboratory by June 2026, enabling the relocation of the company’s core processing, packing, and administrative operations. Founder & CEO Zane Yoshida commented, "This agreement ensures the stability of our manufacturing operations through 2031. The staged lease expansion gives us the flexibility to expand as needed and supports our plans for growth, especially as we enter the US market." Coles Retail Sales Hit Record – July Up 81% ASX Release: 6 August, 2025 Coles Retail Sales Up 81% in July In a separate update, CCO reported an 81% jump in Coles retail sales for July 2025, reaching $344,000 – up from $190,000 in June. This represents the company’s best monthly result in Coles to date, well above its materiality threshold. Growth has been driven by an expanded footprint and strong sell-through: Taki Mai Kava Shot 50mL now stocked in 797 stores (+59% from launch) Fiji Kava Instant Kava 150g now ranged in 801 stores (+170% from launch) Targeted in-store promotions and consumer demand for natural alcohol alternatives have reinforced CCO’s positioning as a category leader. The Calmer Co. is prioritising faster sales growth in major national retailers and boosting consumer engagement for its FijiKava® and Taki Mai® brands, with the Australian retail market remaining central to its plan for sustainable growth and category leadership in the relaxation and wellness sector. Zane Yoshida, Founder & CEO of The Calmer Co, commented “July marks a new high point in our partnership with Coles and serves as a strong validation of the growing consumer appeal for our products in the mainstream Australian market. The rapid expansion of our retail footprint, coupled with accelerating sales, underscores the strength of our national distribution platform and the increasing relevance of kava as a natural alternative to alcohol. These results reaffirm our strategy to build a profitable and scalable business, and we are proud to be at the forefront of this emerging category as we continue to grow." Samso Concluding Comments The Calmer Co.’s strategic lease in Fiji secures the backbone of its manufacturing and supply chain, avoiding operational disruption while freeing capital for growth. Coupled with a record retail performance in Coles, the company is executing on both operational resilience and sales acceleration. For investors, the combination of long-term production certainty, expanding distribution, and category leadership in natural wellness products points to a business aligning its infrastructure with market demand. As the US rollout progresses, CCO’s capacity to leverage its farm-to-shelf model could well define the next phase of its growth story. The Samso Way – Seek the Research The Calmer Co.’s updates highlight the value of strategic execution — securing a long-term, flexible lease in Fiji to preserve capital while ensuring production stability, and delivering record sales growth in Coles as proof of strong consumer demand. For investors, the lesson is to look beyond the headlines and see how operational control and market penetration work together to create sustainable growth. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 11 August 2025 RareX Initiates Community Engagement for Mrima Hill Project 6 August 2025 Wide High-Grade Gallium Intercepts at Cummins Range RareX Limited (ASX: REE) has announced a major step forward in its gallium re-assaying program at the Cummins Range carbonatite pipe, delivering the widest high-grade gallium intercept recorded at the project to date (Figure 1). This milestone follows a systematic re-assay of historical drill pulps from the 2020 infill program, aimed at unlocking the full critical metals potential of the deposit alongside its established rare earths and scandium resources. The scale and consistency of the new results not only reinforce Cummins Range’s position as one of Australia’s most advanced and highest-grade gallium deposits but also underscore its potential strategic importance in a global market dominated by limited supply and rapidly rising demand. Figure 1: The Cummins Range Location. (source: REE) Highlights – Cummins Range Gallium Results ASX Release: Wide High-Grade Gallium Intercepts at Cummins Range A further 970 gallium re-assays from 16 drill holes received. Standout intercepts from pulp re-assaying include: 115m at 146 g/t Ga₂O₃, 3.4% TREO and 369 g/t Sc₂O₃ from 22m, including 53m at 200 g/t Ga₂O₃, 5.51% TREO and 588 g/t Sc₂O₃. 86m at 125 g/t Ga₂O₃, 3.93% TREO and 283 g/t Sc₂O₃ from 4m, including 9m at 158 g/t Ga₂O₃, 2.77% TREO and 428 g/t Sc₂O₃. 26 drill holes remain to be re-assayed from the 2020 infill program. Section 307160E with gallium grades across 100m of the Rare Carbonatite Dyke, with mineralisation contained in the weathered saprolite zone (Figure 2). Gallium market forecast to grow tenfold in the next decade, driven by demand from AI, semiconductors, and renewable energy sectors. Figure 2: Section 307160E. Showing gallium intercepts at Cummins Range deposit. (source: REE) CEO & Managing Director James Durrant commented: “The consistency of high-grade results across multiple holes and long intercepts removes any remaining doubt. Gallium is now a core value stream for Cummins Range. We are advancing both conventional and alternative processing pathways to unlock the full value of the contained metals—rare earths, gallium, scandium, and phosphate.” Gallium grades exceeding 100 g/t are considered high-grade, placing Cummins Range’s intercepts well within this range. With China producing 98% of the world’s gallium, RareX’s Australian supply source could be strategically significant amid growing supply chain pressures. RareX Commences Community Engagement for Mrima Hill Project ASX Release: RareX Initiates Community Engagement for Mrima Hill Project In Kenya, RareX has initiated early-stage community engagement as part of the Iluka–RareX consortium proposal for the Mrima Hill critical minerals project in Kwale County in Kenya. The engagement aims to align project planning with local priorities and build early trust. Highlights – Mrima Hill Community Engagement Engagement led by African Waste and Environment Management Centre (AWEMAC), a leading East African consultancy with over 500 projects in environmental, social, and stakeholder engagement. Program includes key person interviews and focus group discussions with local leaders and residents. Findings to directly inform project design, ensuring community perspectives shape development. Part of the consortium proposal currently under consideration by the Kenyan National Mining Corporation. CEO & Managing Director James Durrant commented: “We’re confident that the Iluka–RareX consortium offers the strongest delivery model for Mrima Hill. But a project like this must earn the trust of local communities from the outset. AWEMAC’s deep local experience ensures this process is handled respectfully, professionally, and in a way that builds mutual confidence.” This initiative complements RareX’s technical and commercial work on the project and aligns with Kenya Vision 2030, reinforcing the Company’s long-term commitment to collaborative development. RareX Share Price Consolidation After March–April Surge RareX (ASX: REE) experienced a strong upward move in March–April 2025, driven by heightened market interest and news flow, with the share price peaking above 0.04 during this period. Following the rally, the price retraced and has since stabilised within a narrower trading range between 0.018 and 0.025. At 0.021 today, the stock is in a consolidation phase, suggesting that the market is awaiting a fresh catalyst to prompt the next directional move. Figure 3 illustrates this transition from high volatility to range-bound trading, highlighting the pause in momentum as investors assess upcoming developments. Figure 3: REE Share Price Overview as on 12 August 2025 (source: ASX) Samso Concluding Comments RareX’s latest gallium intercepts at Cummins Range could reinforce the project’s position as an Australian source of Gallium. With grades above high-grade thresholds and consistent results over wide intervals, gallium now sits firmly alongside rare earths, scandium, and phosphate as a core value driver for the project. The narrative for the global gallium market remains highly supply-constrained, dominated by China, and forecasts point to rapid demand growth from AI, semiconductors, and renewable energy. This puts Cummins Range in a strategically significant position, offering potential diversification for global supply chains. In Kenya, RareX’s early community engagement at Mrima Hill demonstrates a considered approach to development. Partnering with AWEMAC ensures that local perspectives are heard from the outset, aligning project design with community priorities and building trust. Balancing technical progress with social responsibility is increasingly vital in critical minerals development. RareX’s dual focus on resource advancement and stakeholder engagement reflects a strategy that is both commercially astute and socially aware. The Samso Way – Seek the Research At Samso, we believe the best investment decisions come from understanding the full story — from geology and market trends to corporate strategy. By digging deeper into the facts and questioning assumptions, investors can identify real value and navigate risks with clarity, turning insight into a competitive 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 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 ACQUISITION OF PROJECTS NEAR BLACK SWAN INCLUDING GORDONS DAM PROJECT. Horizon Minerals Limited (ASX: HRZ) has strengthened its gold development strategy in the Western Australian Goldfields through the acquisition of the Gordons, Mt Jewell, Malone, and Mulgarrie projects from Yandal Resources Limited (ASX: YRL). The package totals 34 granted mining, prospecting, exploration, and miscellaneous licences over ~77 km², all in close proximity to Horizon’s 100%-owned Black Swan processing facility (Figure 1). Figure 1: Gordons Project location in context to Horizon Minerals tenement holdings, regional geology and surrounding infrastructure (source: HRZ). Key Highlights _ Building a Gold Mining Hub. Binding Tenement Sale Agreement (TSA) executed for 100% interest in the four gold projects. Gordons Dam Project lies just 10 km west-south-west of Black Swan, with an established Mineral Resource Estimate (MRE) of 365 kt at 1.7 g/t Au for 20 koz. Mineralisation remains open at depth and along strike on a granted Mining Lease (Figure 2). Advanced exploration upside with multiple drill-ready targets, including Star of Gordon and Malone prospects. Acquisition terms: $0.2m refundable cash deposit (paid) $1.0m cash on completion from existing reserves $1.610m in Horizon shares at a 10% discount to the 15-day VWAP (or cash at Horizon’s election) Settlement expected in Q3 2025, subject to regulatory approvals and Ministerial consent under the Mining Act. Figure 2: Gordons Project tenements, prospects and regional geology. Historical and Yandal Resources drilling represented as maximum downhole assays (ppm) (source: HRZ). Strategic Fit Horizon is progressing a Pre-Feasibility Study to refurbish and repurpose the Black Swan processing plant into a gold facility with a nominal throughput of 1.5 Mtpa. The newly acquired tenure is expected to provide feed sources for a five-year Life of Mine plan, complementing Horizon’s extensive landholding and existing resource base. Managing Director & CEO Grant Haywood commented: “We are pleased to acquire these projects in close proximity to our processing infrastructure. In addition to the resource at Gordons Dam, these assets complement our current large strategic land holdings in the WA Goldfields. We see great potential in this area for further resource growth along with enormous exploration upside.” Gordons Dam Resource and Geology. The Gordons Dam deposit sits within the Boorara Domain of the Kalgoorlie Terrane, part of the Norseman–Wiluna Greenstone Belt. Gold mineralisation is primarily hosted in quartz veins at the margins of pillow basalts intruded by microgranite/porphyry, extending from ~30 m to 120 m below surface over a strike length of ~320 m. The MRE (classified as Inferred) was prepared by BM Geological Services in November 2022 using 95 drillholes (4 diamond and 91 RC) and a 1.0 g/t Au lower cut-off grade. Horizon’s review has confirmed the integrity of the estimate (Figure 3). Figure 3: Plan view Gordons MRE drillhole location and type including surrounding previous drilling. (source: HRZ) Exploration Upside Historical and recent drilling indicate significant intercepts, with mineralisation remaining open both at depth and along strike. Horizon plans to integrate the Gordons Dam area into its broader exploration strategy, ranking and scheduling future drill programs post-completion. Samso Concluding Comments From a strategic standpoint, the acquisition of Gordons Dam and its neighbouring projects is clearly creating a gold mining hub. A good move to consolidate a development pipeline within immediate reach of the Black Swan plant, offering tangible synergies in mining, haulage, and processing. The established resource base, while modest, provides a solid foundation that can be scaled with systematic exploration. What makes this transaction compelling is the blend of near-term development potential and longer-term discovery upside. Horizon is effectively stitching together a portfolio that can deliver a steady feed to its refurbished processing facility while pursuing extensions and new deposits along well-endowed structural corridors. The geological framework of the Boorara Domain continues to demonstrate its ability to host meaningful gold mineralisation. With historical drilling validating mineralised structures and the potential for deeper and strike extensions, Gordons Dam presents as a project where incremental drilling can yield significant returns. As the regional consolidation strategy unfolds, Horizon’s approach reflects a clear vision: secure quality ground, leverage existing infrastructure, and drive organic resource growth. In the context of the WA Goldfields, this is a well-trodden path to building a sustainable gold business. The Samso Way – Seek the Research Gordons Dam is a reminder that value lies in the detail. Solid geology, proven data, and strategic location matter more than hype. Do the work, ask the right questions, and let research guide conviction over speculation. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Actinogen June 2025 Quarterly Activity Report Actinogen Medical (ASX: ACW) has released its June 2025 quarterly activities report, highlighting significant progress in its clinical programs and strategic initiatives surrounding Xanamem®, the company’s lead therapeutic compound targeting Alzheimer’s disease (AD) and major depressive disorder (MDD). The June quarter was marked by clinical milestones, manufacturing scale-up, and strengthened financial flexibility through a non-dilutive funding arrangement. Key Highlights - Targeting Alzheimer and Depression ✅ XanaMIA Phase 2b/3 AD Trial Surpasses 100-Patient Milestone The pivotal XanaMIA Phase 2b/3 clinical trial in biomarker-positive Alzheimer’s disease reached the key enrolment milestone of 100 participants by 30 June 2025. As of 29 July, 123 patients were enrolled, with 24 more in advanced screening. 35 sites are open across the US (20) and Australia (15). A safety and efficacy interim analysis by an independent Data Monitoring Committee is planned for January 2026, with final results expected in Q4 2026. ✅ $13.8 Million Non-Dilutive R&D Tax Funding Facility Secured Actinogen secured a $13.8 million facility through Endpoints Capital, backed by the FY25 and forecast FY26 R&D Tax Incentives. $3 million has already been received and is reflected in the June quarter cash balance. ✅ Manufacturing Progress and Commercial Readiness A 15kg batch of Xanamem drug substance was produced at Asymchem, supporting current and future clinical supply. This scale-up step is integral to regulatory pathway readiness and future commercialisation discussions. ✅ Clinical Science Engagement and Thought Leadership Actinogen hosted a Clinical Trials Science Forum (CTSF) on commercialisation readiness featuring its CMO and an external AD expert. Xanamem’s clinical data were presented at major global scientific meetings, including the American Psychiatric Association (APA), the Alzheimer’s Association International Conference (AAIC), and BIO 2025. Other Strategic Initiatives Commercial Planning: Expansion of US engagement with AD key opinion leaders (KOLs) and refinement of investor and partner communications. Partnering Discussions: Continued active dialogue with multiple potential regional and global pharmaceutical partners across both AD and MDD indications. Intellectual Property: Ongoing national phase prosecution of new patents to strengthen and extend protection against generics. Ancillary Trials: A clinical pharmacokinetic study on food effect and absorption is underway in Adelaide. An open-label extension trial (XanaMIA-DUR) is set to launch in Q1 2026 for continued Xanamem access post-XanaMIA trial participation. Financial Position Actinogen reported a solid financial position at the end of the June 2025 quarter, with $16.5 million in cash on hand. Operating cash outflows totalled $5.2 million for the period, largely directed towards research and development activities. The company maintains a funding runway through to mid-to-late 2026, supported by its recently secured $13.8 million non-dilutive R&D tax incentive facility, of which up to $10.8 million in additional tranches remain conditionally available. Actinogen CEO, Dr Steven Gourlay, commented: “The second quarter of 2025 saw accelerated enrolment in the XanaMIA trial as the result of additional clinical sites commencing screening activities. We now have a clear timeline for the planned interim analysis in January 2026 and final results later in the year. As these key clinical milestones approach the team are busy optimizing the many aspects of Xanamem’s development program designed to prepare the Company for partnering and eventual marketing approvals.” Samso Concluding Comments We have been following Actinogen Medical for a while, and the consistency of narratives has been shaping itself into a contender in the neuroscience space. The progress made in the June quarter signals a company preparing for commercial relevance. There is a clear clinical development plan, a de-risked funding model, and active partner discussions underway. Actinogen does appear to be executing well. The 100-patient milestone in the XanaMIA trial was critical—it activates the countdown to the interim readout in January 2026. For investors, that’s the next major value inflection point. As manufacturing capabilities are scaled, IP protections are strengthening, and strategic communication efforts are ramping up across global platforms, the groundwork is being laid for what could be a defining 12 months ahead. There’s always caution in biotech investing, particularly in neurology. But the Xanamem story has been consistent: a targeted mechanism, robust safety profile, and promising early efficacy signals in both AD and MDD. The company is not trying to do everything at once—it’s doing what matters, and doing it methodically. This is a business that is aligning itself with milestones that matter—data, partners, and product. That’s where real value gets built, and that’s what makes Actinogen worth watching closely. The Samso Way – Seek the Research What often looks like a quiet quarter is in fact one built on foundational steps—scale-up manufacturing, open-label trials in motion, and IP fortification. These are signs of a company not only aiming to deliver data but doing so with commercial foresight. For serious investors, this is the kind of progress that merits close attention, not just for what’s been achieved, but for what it enables next. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Diggers & Dealers Presentation Ballard Mining Limited (ASX: BM1) is not entering the gold space quietly. Born from the demerger of Delta Lithium’s gold assets, Ballard arrives on the ASX with a focused strategy, a $30M IPO war chest, and the high-grade Mt. Ida Gold Project (Figure 1) in hand. Its foundation? A 1.1Moz at 3.3g/t Au JORC Resource, led by the fully permitted Baldock deposit (930koz @ 4.1g/t Au). Figure 1: Location of Mt Ida Gold Project (source: BM1) This is not a typical early-stage explorer. Ballard’s focus is on drilling, converting resources, and building toward a Reserve while targeting high-grade discoveries across a 26km stretch of underexplored gold-bearing shear zones. Ballard is drilling aggressively — 130,000 metres across four rigs — and is well-funded to do so. 🔹 Key Highlights - The Gold Mining Journey. Ballard offers strong growth potential, with high-grade resources and a funded drill program targeting expansion and Reserve conversion across 26km of underexplored ground (Figure 2). Baldock Deposit: 930koz @ 4.1g/t Au, fully permitted, and core to near-term development. JORC MRE: Total 1.1Moz @ 3.3g/t across six gold deposits. Location Advantage: Within ~100km of four processing plants in WA’s prolific goldfields. Exploration Upside: 26km of untested strike (Baldock Thrust and Ballard Fault). Enterprise Value / Resource Ounce: Just $95/oz, well below +2g/t gold developer average of $328/oz. Major Shareholders: Delta Lithium – 46% (escrowed) Hancock Prospecting – 6.2% Mineral Resources – 5.6% Figure 2: Resource Growth and Development Opportunity of Mt Ida Gold Project (source: BM1) 🔹 Development Pipeline: From Resource to Reserve Ballard is running parallel growth and development programs: Stream Activity Infill Drilling At Baldock to underpin a Maiden Reserve by mid-CY2026 Extensional Drilling Targeting resource growth along strike and at depth Exploration Drilling 50,000m regional targeting new discoveries Studies Mining, metallurgy, geotech, and plant engineering underway Recent infill drilling results include (Figure 3): 3m @ 17.7g/t Au (DFS062) 4m @ 12g/t Au (DFS063) 4m @ 7.3g/t Au (DFS146) Figure 3: BALDOCK – First Infill Results (source: BM1) These support high confidence in the resource and reinforce the project’s potential for early cashflow through high-grade starter pits. 🔹 Exploration Catalysts: Untapped Terrain A 35,000m drill program is planned across the Baldock deposit, targeting extensions and increasing resource confidence as part of Ballard’s aggressive growth strategy (Figure 4). Beyond Baldock, the broader Mt Ida Project holds substantial upside, with 26km of largely underexplored greenstone shear zones. Key targets include: Baldock Thrust Zone: Over 7km of under-drilled terrain with average historic drill depth of just 43m. Ballard Fault: Structurally identical to Baldock, but with minimal historical drilling. High-Resolution Drone Magnetics: Completed in July 2025 — results to guide next wave of exploration. Figure 4: Baldock Thrust Exploration (source: BM1) This area has seen over 671 historic holes, mostly shallow RAB, leaving significant untested potential. Ballard is now deploying modern targeting techniques across this camp-scale system. 🔹 Mineral Rights Structure: Aligned for Success Ballard holds exclusive rights to gold across the tenure via a Mineral Rights Deed with Delta Lithium. As part of the agreement, Ballard will issue 220 million shares to Delta (or its nominee) in consideration for the gold asset (Figure 5). The deed establishes a clear and cooperative framework: Enables independent mining of gold and lithium. Allows shared infrastructure and cost efficiencies. Provides step-in rights, pre-emptive rights, and call options — a commercially robust arrangement. Figure 5: Conceptual Designs only to show interaction of gold and lithium (source: BM1) This structure ensures both parties can advance their respective commodities without conflict, while unlocking value from shared development. 🔹 Peer Comparison: Value and Grade Ballard’s ASX-listed gold peers average $198/oz EV per resource, while higher-grade (+2g/t) peers command around $328/oz — highlighting Ballard’s value at just $95/oz. Metric Ballard Peer Group Avg Grade 3.3g/t Au 1.8g/t Au EV/Resource $95/oz $198/oz EV/Resource (+2g/t peers) — $328/oz Ballard’s combination of high grade and low EV/oz is rare. The Company trades below sector averages despite superior resource quality, giving it strong re-rating potential as reserves build. 🔹 Board Composition: Built for Execution Ballard is led by a proven team with a track record of delivering major outcomes in the Australian gold sector. Simon Lill, Non-Executive Chair, previously guided De Grey Mining from a sub-$1M explorer to a $5 billion takeover by Northern Star (ASX: NST), overseeing the discovery of the Hemi gold deposit — one of Australia’s largest in recent history. Paul Brennan, Managing Director, is a mining engineer with over 20 years of underground operational experience, including senior leadership roles at Saracen Minerals and Calidus Resources, where he oversaw the construction of a 2.4Mtpa gold processing plant. With leadership shaped by real-world execution, Ballard is positioned to convert its gold potential into long-term value. Samso Concluding Comments Ballard Mining Limited ticks all the boxes for a Samso DYOR Priority: grade, scale, strategy, and execution. The Mt. Ida Gold Project offers high-grade production potential in a jurisdiction that understands mining. But more importantly, Ballard isn’t selling a dream— they’re drilling into reality. Their IPO funds are already hard at work, with four rigs pushing to expand the resource base and build toward a reserve. The depth of geological opportunity across the 26km greenstone belt hasn’t been fully priced in. The Baldock deposit, with ounces per vertical metre among the best in its class, serves as a platform, not a peak. This is a story about unlocking potential with discipline and funding, and Ballard appears to be one of the few junior gold developers doing both in parallel. When the project was part of the greater lithium story, the value proposition of the gold side of the project was lost. Spinning it out into Ballard was ultimately the only future, and with the demise of the lithium story, this is a good way of creating more value. I don't think that the project is a 100% no-brainer in terms of success because if it were, this would have been done sooner. Like all projects, there are issues, and similarly, there are solutions. It will take time to show all the bad parts, so take your time to DYOR. For the research-focused investor looking for high-grade gold, competent execution, and a project that’s moving, Ballard Mining deserves your attention. The Samso Way – Seek the Research At Samso, we follow the evidence, not the hype. Ballard’s data-rich, grade-driven approach gives investors real milestones to track and genuine upside to consider. If you’re building a watchlist for WA gold developers, start here. Let’s tell your story. Let’s make it matter. 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 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 Diggers & Dealers Presentation 2025 Boss Energy Ltd (ASX: BOE) has achieved a significant operational milestone with the successful restart and ramp-up of the Honeymoon Uranium Project in South Australia (Figure 1). As one of the few new uranium producers to emerge in a tightly held global market, Boss is positioning itself as a first mover in a sector benefiting from rising long-term uranium prices, policy momentum, and expanding nuclear power infrastructure. Figure 1: Honeymoon Uranium Project in South Australia (source: BOE) 🔹 Honeymoon Uranium Project Restart – From Restart to Cashflow Positive The April 2024 restart of the Honeymoon Uranium Project marked the return of commercial uranium production from this historic South Australian operation. Now, just over a year later, Boss Energy has exceeded its FY2025 production guidance with 872,607 lbs of U₃O₈ produced, beating its original target of 850,000 lbs. Key achievements for Boss Energy at the Honeymoon Project include the declaration of commercial production in January 2025, followed by the project becoming free cash flow positive by April 2025. In the June 2025 quarter, production performance saw a marked improvement, with drummed U₃O₈ output rising by 18% and IX production increasing by 60% compared to the previous quarter. Notably, the C1 cash cost for the second half of FY2025 was reported at US$23/lb, placing Boss well below industry average and highlighting the operational efficiency of the ramp-up phase. Figure 2: NIMCIX columns 1 to 3 at nameplate capacity (source: BOE) Boss attributes this success to consistent wellfield performance and the operation of NIMCIX columns 1 to 3 at nameplate capacity, with columns 4 to 6 now practically complete and set for commissioning (Figure 2). 🔹 Wellfield Expansion and FY2026 Guidance The Company’s ramp-up strategy is gaining momentum. With three wellfields already in operation, five more (B4–B8) are scheduled to come online progressively throughout FY2026. By the end of FY2026, Boss expects all nine wellfields to be operational, supporting its production guidance of 1.6 million lbs of U₃O₈ for the year. For FY2026, Boss Energy is targeting uranium production of 1.6 million pounds of U₃O₈ from the Honeymoon Project. The Company has guided for a competitive C1 cash cost of US$27–29/lb, with an all-in sustaining cost (AISC) forecast between US$41–45/lb. To support this continued ramp-up, total capital expenditure is expected to range between A$56–62 million, including investment in new wellfields, infrastructure upgrades, and final commissioning of additional NIMCIX columns. Figure 3: NIMCIX columns 1 to 3 at nameplate capacity (source: BOE) Boss is also investing in long-term value creation through the finalisation of NIMCIX commissioning, construction of new wellfields, and enhancements to drying and packing infrastructure. Importantly, ramp-up efforts are matched by measured cost control and capital allocation. 🔹 Exploration to Sustain and Grow Production Boss is simultaneously advancing its satellite deposit strategy to underpin mine life extension. During the quarter: Infill drilling at Gould’s Dam and Jasons satellite deposits returned strong intersections, such as 3.25m @ 3,873 pU₃O₈ (WRM176) (Figure 4). Mineral Resource Estimate (MRE) updates for both deposits are scheduled for this quarter. Permitting processes for satellite deposits have commenced. Exploration at greenfield targets, including Cummins Dam, continues with passive seismic surveys and aircore drilling. Figure 4: Exploration Activities for Uranium (source: BOE) These exploration efforts are designed to convert known mineralisation into future production and leverage Honeymoon’s existing infrastructure. 🔹 Strategic Platform: Tier 1 Focus and International Growth Beyond Honeymoon, Boss Energy is building a diversified uranium production platform across tier-one jurisdictions: Alta Mesa (Texas): 30% JV stake; ramping up, with 204,000 lbs U₃O₈ produced in the recent quarter. Laramide Resources (Canada-listed): Strategic stake increased to 19.9%; includes the Westmoreland Project in Queensland (65.8M lbs U₃O₈ MRE). Alligator Rivers (NT): Earn-in agreement with Eclipse Group. Kazakhstan: 6,000 km² land position in the Chu-Sarysu Basin. 🔹 Positioned for Long-Term Uranium Price Upside Boss Energy is well-positioned to benefit from the rising long-term uranium price, which is now at an all-time high in AUD terms. With approximately 85% of uranium traded under long-term contracts, the sustained strength of this pricing mechanism—currently around US$80/lb—supports Boss Energy’s commercial production strategy and underpins strong cash flow potential from its Honeymoon and Alta Mesa operations. Figure 5: U₃O₈ Prices Since 2004 – Spot vs Long-Term (AUD) (source: BOE) Samso Concluding Comments Boss Energy’s successful restart of the Honeymoon Uranium Project in South Australia is a rare story of persistence, planning, and precision in execution. What began with a 2015 acquisition has now materialised into a cash-generating, fully operational uranium mine—one of the very few globally to reach commercial production status in recent years. In the context of rising long-term uranium prices, global policy tailwinds, and energy security concerns, Boss is no longer a speculative uranium play. It’s a proven producer with a scalable foundation. The ramp-up strategy is clear, the wellfield development is sequenced, and cash costs are competitive—this is exactly what long-term investors look for in a resource story. What also stands out is the company’s broader platform: Alta Mesa, the Laramide stake, and ongoing exploration across Australia and Kazakhstan offer Boss the kind of multi-asset, multi-jurisdictional exposure that is often spoken about, but rarely delivered at this scale from the ASX. The takeaway is simple: Boss Energy has moved out of the explorer category. Honeymoon is not a case study—it’s a case closed. The production is real, the uranium is flowing, and the balance sheet is strong. From here, it’s about scaling, securing offtakes, and staying ahead of the demand curve. For those watching the uranium sector evolve from promise to production, Boss Energy has quietly become one of the sector’s new benchmarks. The Samso Way – Seek the Research The uranium narrative is often driven by headlines, but value lies in the details. Boss Energy’s approach—grounded in disciplined ramp-up, tangible production metrics, and long-term infrastructure investment—exemplifies how real value is created in the resource sector. Honeymoon is no longer a future story—it’s a producing asset with momentum, and it warrants a close look from investors seeking exposure to the global nuclear revival. 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 Emyria Commences National Expansion with Avive in Brisbane Emyria Limited (ASX: EMD), a pioneer in evidence-based mental health care, has announced a strategic move into Queensland via a new agreement with Avive Health. This initiative marks the Company’s first Queensland-based clinic and a critical step in Emyria’s nationwide expansion strategy. The new clinic, to be located within Avive’s licensed 63-bed mental health hospital in Brisbane, will house an Empax Centre focused on treatment-resistant depression and Post-traumatic stress disorder (PTSD). Figure 1: The Avive mental health hospital in Brisbane features a 63-bed facility that combines a restored heritage-listed exterior with a modern, welcoming interior reception area. (source: EMD) This announcement follows closely on the heels of Emyria’s landmark reimbursement agreement with Medibank Private Ltd (ASX: MPL), underscoring a growing demand for reimbursable, specialised mental health treatments. The Brisbane clinic is expected to begin operations in Q4 CY2025, subject to approvals and fit-out completion. 1. Key Highlights - The Care for Mental Health Solution. ✅ Landmark Agreement: Emyria has secured an exclusive deal with Avive Health to launch its first Empax clinic in Queensland, specifically within Avive’s licensed Brisbane hospital. ✅ First Right of Refusal: The agreement includes first rights to expand into Avive-operated hospitals in Victoria and South Australia, supporting further national rollout. ✅ Capital-Light Expansion Model: Avive provides infrastructure and licensure, while Emyria delivers the full clinical team and Empax programs, enabling cost-effective scaling. ✅ Strategic Fit: This initiative aligns with Emyria’s Medibank agreement to deliver reimbursed psychedelic-assisted therapy and addresses high unmet needs in PTSD and treatment-resistant depression. ✅ Strong Demand & Timeline: The Brisbane clinic is expected to significantly expand patient capacity, with treatments to commence in late 2025. 2. Strategic Rationale and National Expansion Vision Mental health remains one of Australia’s most pressing chronic conditions, with PTSD affecting approximately 1 in 11 Australians and disproportionately impacting women, veterans, and first responders. Emyria’s Empax program responds to this demand with a scalable, clinically validated model that delivers real-world care while capturing actionable data to inform future therapies. This expansion into Brisbane is a major step in Emyria’s broader strategy, which includes: Opening additional Empax centres in major Eastern states. Partnering with hospital networks and insurers to support access and affordability. Expanding indications beyond PTSD and TRD. Leveraging real-world data to support regulatory and payer engagement. The partnership with Avive allows Emyria to embed its Empax protocols directly into Avive’s hospital systems, supporting integrated, high-quality care delivery. Greg Hutchinson, Emyria’s Executive Chairman, commented: “This agreement with Avive is a key milestone in our east coast expansion strategy and allows us to bring our innovative Empax model of care to patients in Queensland. Our recent agreement with Medibank was the first of its kind and strong validation of our approach, and we are now building on that momentum to expand patient access to funded, innovative mental health care, nationally.” Mark Sweeney, Co-CEO of Avive, added: “Avive is committed to becoming Australia’s leading provider of innovative, high-quality mental health care. This partnership with Emyria and the establishment of an Empax Centre within our Brisbane facility reflects our ambition to integrate cutting-edge treatments into our service offering.” Samso Concluding Comments The agreement with Avive represents more than just geographic expansion—it affirms the robustness of Emyria’s scalable, capital-efficient model. With infrastructure costs largely offset through partnerships, the Company continues to extend its clinical footprint without compromising its balance sheet. This is particularly important in the current investment climate, where capital preservation is as important as growth. For investors, Emyria’s positioning within the reimbursed mental health space, particularly through novel psychedelic-assisted therapies, sets it apart from traditional healthcare players. The alignment with a trusted insurer (Medibank) and now a growing hospital operator (Avive) brings commercial credibility to its strategy. As the mental health crisis in Australia intensifies, Emyria’s ability to provide structured, data-backed, reimbursable care gives it a real-world advantage. The forward momentum—clinically, commercially, and geographically—is clear. The Company is building its growth through deliberate partnerships and evidence-based protocols. For investors tracking next-generation healthcare platforms, Emyria offers an intriguing combination of innovation, execution, and early-stage traction. The Samso Way – Seek the Research At Samso, we encourage readers to engage deeply with Emyria’s strategic evolution. The mental health space is not only a humanitarian priority but also a sector poised for sustained investment attention. The Company’s investor hub and consistent ASX updates offer ample transparency—do the research, ask questions, and stay informed. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Quarterly Activities Report – June 2025 Lion Rock Minerals Limited (ASX: LRM), formerly known as Peak Minerals Limited (ASX: PUA) has confirmed a major expansion of heavy mineral (HM) mineralisation at its flagship Minta Rutile Project in Cameroon, with a 100% success rate from all 452 holes drilled (Figure 1). The program identified mineralisation across a vast 1,500km² zone, demonstrating scale and consistency in both residual and alluvial targets. Figure 1: Mineralised zone at Minta Rutile Project nears 1,500km2. (source: LRM) What makes Minta particularly exciting is the quality of its mineralogy. X-Ray Diffraction (XRD) results confirm that over 93% of the TiO₂ content is from rutile, affirming Minta’s rutile-dominant profile. (Figure 2). Even more promising are the by-products: monazite and zircon are present in notable quantities, with assemblages showing up to 73% monazite, 35% rutile, and 28% zircon. Rare earth content in the monazite is rich in high-value magnet elements like NdPr and DyTb, offering a broader critical minerals narrative for Lion Rock (Figure 3). Figure 2: Locations of composites tested for mineralogical assemblage by XRD. (source: LRM) Minta Est Reveals Valuable Rare Earth Assemblage - Monazite, Rutile and Zircon. High-value monazite confirmed at Minta Est with in-situ grades of 0.5%–1.2% TREO from free-dig material. Separated using conventional mineral sands processing methods, confirming development simplicity. Exceptional mineral assemblages recorded: Up to 73% monazite Up to 35% rutile Up to 28% zircon Magnet rare earth distribution >25% MREO, including: Up to 22.5% NdPr (light rare earths) Up to 2.7% DyTb (heavy rare earths) Figure 3: Separated monazite from RE1028 alluvial sample at Minta Est. (source: PUA) Oversize Rutile Potential Yet to Be Accounted For Rutile nuggets ranging from 1mm to 30mm in diameter have been identified across the Minta area. These were not included in the <1mm HM assay results. Their eventual inclusion could substantially lift the HM content, giving the current exploration upside yet to be realised. Figure 4: Representation of mineral sand particles versus oversize particles images from sand and oversized particles are not from Minta area – only shown to demonstrate difference in particle size. (source: PUA) Fully Funded for 2025 With Strategic $3.5M Placement A European-based investor injected $3.5 million at $0.035/share—a 12-month high—under voluntary escrow. This funding ensures the company is fully financed for its 2025 work program, including targeted infill drilling, in-country test facility development, and general exploration expansion. Additional Exploration Upside While LRM is focused on Cameroon, it also maintains early-stage assets across uranium (Kitongo and Lolo Uranium Projects in Cameroon), kaolin (Yendon in Victoria), and Green Rocks (WA). The company is awaiting grant approvals for uranium exploration and has undertaken ongoing desktop work on its Australian assets. Notably, it relinquished the Earaheedy (WA) tenement during the quarter. Samso Concluding Comments As the Lion Rock Minerals story steadily moves ahead, I am learning that it is simply a mineral sands story that is focusing on rutile—the recent announcement is laying the foundation for understanding that the project is a mineral sands project that is now unfolding the potential mineral assemblages and hence the potential value-adding process. What this also means is that it is a multi-commodity critical minerals hub in Cameroon. The June quarter results demonstrate a rare combination of geological consistency, mineralogical purity, and commercial foresight. The confirmation that over 93% of TiO₂ in the Minta samples is rutile is a material validation for downstream relevance in high-spec titanium markets. What is becoming more apparent is what is the composition of the mineral assemblage—monazite, rutile, zircon—all recoverable through conventional mineral sands processing. These aren’t side notes; they form the basis of a diversified value proposition in both industrial and strategic supply chains. The rare earth content, with high NdPr and DyTb ratios, brings added weight in the energy transition narrative. Strategically, the $3.5 million investment by a European investor reflects more than just capital injection—it’s market alignment. In a time when critical minerals are drawing geopolitical attention, such a placement at a 12-month high (with escrow) is a significant vote of confidence. It gives the company not only funding security but time to test, optimise, and scale its strategy. From where Samso stands, this is potentially a company building a high-margin opportunity. The intersection of titanium, rare earths, and potentially ESG-friendly processing potential makes Minta more than a rutile project—it’s a multi-commodity critical mineral platform. The fundamentals are starting to stack up, and the next quarter will be one to watch. Behind strong results are thoughtful decisions: from choosing the right geology to structuring funding on smart terms. For investors looking to position ahead of the curve, this is a story worth watching. Seek the research, follow the data, and keep an eye on Minta. The Samso Way – Seek the Research Understanding early-stage exploration stories like Peak’s means going beyond headline intercepts. It’s about scale, targeting strategy, funding strength, and leadership. At Samso, we follow explorers who build data-rich, geologically sound roadmaps toward discovery, and Peak Minerals is doing just that. Keep watching as the next assay sets come in and the drill rigs return later in the year. 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 210 ppb Au soils results and IOCG / Carbonatite Hosted REE Taiton Resources Limited (ASX: T88) has released a strong exploration update covering its Highway and Challenger West projects in South Australia, marking important progress on both gold and critical minerals fronts (Figure 1). The latest results highlight standout gold-in-soil values from Challenger West — including the highest recorded to date — alongside further definition of rare earth element (REE) anomalism at the Yogi prospect within the Highway Project. Figure 1: Taiton Resources’ South Australian Assets (source: T88) Together, these outcomes underscore the company’s methodical approach to advancing two highly prospective targets with distinct commodity exposures. With heritage surveys about to commence, Taiton is positioning itself for a busy and potentially transformative second half of 2025, as it moves toward drilling programs aimed at converting these surface anomalies into significant mineral discoveries. Highlights - Shear-Hosted Gold, IOCG and Carbonatite. Challenger West Gold Project: Infill Ultrafine (UF) soil sampling at Area 1 returned the highest gold-in-soil result to date – 210 ppb Au – within a 1.5km gold anomalous zone coincident with interpreted NNE-trending structures (Figure 2). Figure 2: Challenger West Gold Project (source: T88) Highway Project – Yogi Prospect: Surface geochemical anomalism in REEs aligns with a >6 mGal gravity anomaly, supporting an IOCG/carbonatite-hosted REE exploration model (Figure 3). Figure 3: Highway Project – Yogi Prospect (source: T88) Heritage Surveys: Commencing mid-August to support Exploration Program for Environment Protection and Rehabilitation (EPEPR) applications for planned drilling. Challenger West – Infill Soil Sampling Delivers Peak Gold Values A 245-sample infill UF soil program on a 50m x 50m grid at Area 1, Challenger West, has defined a 1.5km gold-in-soil anomaly along interpreted NNE-trending structures (Figure 3). Figure 3: Challenger West Area 1 UF soil results underlain by RTP 1VD magnetic image. (source: T88) The program returned the project’s best gold-in-soil result to date – 210 ppb Au. Discrete higher tenor gold zones will be prioritised in upcoming drill programs. Challenger West sits 10km west of the 1.2Moz Challenger gold deposit, where mine infrastructure remains on care and maintenance and is under review for potential restart by Barton Gold Holdings (ASX: BGD). The target style is similar to Challenger’s narrow plunging lodes within the Christie Gneiss. Highway Project – Yogi Prospect Strengthens IOCG/Carbonatite-REE Case First-pass UF soil sampling (59 samples, 200m x 400m spacing) across the Yogi gravity anomaly confirmed (Figure 4): Low-level but broad REE anomalism coincident with the anomaly. Dominance of light rare earth elements (LREE) over heavy rare earth elements (HREE), consistent with typical carbonatite signatures. Figure 4: Highway project Yogi prospect UF soil sample locations underlain by residual Bouguer gravity anomaly image. (source: T88) The Yogi gravity anomaly measures over 6 mGal on a 1.5km strike within a broader 4 mGal zone across 5km of strike. Its dense source body may represent iron oxide minerals or carbonate-rich carbonatites, supporting the IOCG/REE potential. At the Yogi prospect within the Highway Project, first-pass Ultrafine soil sampling has outlined broad, low-level REE anomalism coincident with a >6 mGal gravity anomaly over a 1.5 km strike, with this alignment supporting its IOCG exploration potential (Figure 5). Figure 5: UF soil TREO gridded sample results overlain by gravity contours. (source: T88) As shown in Figure 6, the REE anomalism is LREE-dominant and aligns with the gravity contours, consistent with IOCG or carbonatite-hosted REE systems, reinforcing the target’s prospectivity ahead of drilling. Figure 6: UF soil LREO / HREO gridded sample results overlain by gravity contours. (source: T88) The Highway lies within the Gawler Craton, host to major IOCG deposits such as Olympic Dam and Carrapateena. Geochronology shows the area was tectonically active during the Olympic Metallogenic Event. Next Steps Heritage surveys at both Challenger West and Highway. Submission of remaining soil samples for analysis. Preparation for drill programs targeting the highest tenor anomalies. Executive Director David Low commented: “We are very pleased with soil results at Challenger West where strong tenor gold (up to 210 ppb Au) coincident with interpreted NNE trending structures gives us great confidence we are on the right path. The results at Yogi continue to build the IOCG / Carbonatite hosted REE target and we know the real proof will be in drilling the gravity anomaly. With heritage surveys commencing mid-month, Taiton is looking to have an exciting second half to the year with drilling planned to come.” Samso Concluding Comments Declaration: I am the co-founder, shareholder and current Non-Executive Director of Taiton Resources Limited. Taiton Resources’ work at Challenger West and Yogi is steadily building a dual-commodity exploration story with genuine scale potential. Taiton is potentially developing a Shear-Hosted Gold, IOCG and Carbonatite narrative as it starts work on testing the targets at Challenger West and the Highway project. The 210 ppb gold-in-soil result at Challenger West is the highest recorded to date and sits within a well-defined structural corridor, giving the planned drilling program clear focus. What is significant about the Challenger soils is that the line of purple soil results in Figure 3 will be a very interesting spot when drilling occurs. Most exploration geologists would be happy with those numbers, even in soils. It is noteworthy to remember that the broad-spaced calcrete sampling that started the discovery of the Challenger Gold Mine had a value of 180ppb. I know it is calcrete, and there is another discussion on how the numbers compare, but I think the anomalous nature of the number speaks for itself. Check out "Challenger Gold Prospect, Gawler Craton, South Australia - Lintern, M.J. (CRC LEME)" At Yogi, the combination of REE anomalism and a significant gravity feature, as illustrated in Figure 4, is a classic signature for IOCG or carbonatite-style systems. The dominance of light rare earths further strengthens the geological model and positions Yogi as a compelling REE target. The Yogi target has to be one of the most interesting projects that I have come across. The gravity target that Taiton has been showcasing over the last few months is very convincing. We all know about geophysical targets, but the degree of density of the target makes you wonder a lot, and the more red wine one has, the more mesmerising it gets. Management is keen to test that target, so let's see what that brings up as a story. These two fronts provide exposure to both gold and critical minerals, offering a balanced exploration profile that can capture market interest across different commodity cycles. With heritage surveys now in motion, the next phase of drilling will be the real test of whether these surface anomalies can translate into substantial mineralisation at depth. The Samso Way – Seek the Research At Samso, we believe that real investment insight comes from understanding the data, the geology, and the bigger picture behind every announcement. Surface results and gravity anomalies are just the beginning — the real story is revealed when you connect them to the history, the regional context, and the technical details. Always dig deeper, question the narrative, and let the research guide your decisions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement HRE to acquire all Mineral Rights at Prospect Hill HAV: Havilah Deals Prospect Hill Project to HRE Heavy Rare Earths Limited (ASX: HRE) has entered into a binding Term Sheet with Havilah Resources Limited (ASX: HAV) to acquire an 80% interest in all mineral rights—excluding uranium—at the Prospect Hill project in South Australia. The project lies within the Mt Painter/Mt Babbage Inliers, a subregion of the Curnamona Craton that hosts significant polymetallic mineralisation dominated by tin (Sn), and is geologically comparable to the Gawler Craton in terms of mineralisation style and igneous history (Figure 1). This transaction grants HRE access to South Australia's most advanced tin target—South Ridge—offering a critical opportunity to fast-track development in a rising tin market. Figure 1: Location of HRE projects in the Curnamona Craton, South Australia. (source: HRE) Key Highlights 🔹 South Ridge Tin Prospect – A High-Grade, Undervalued Asset Historic drilling at South Ridge confirmed tin mineralisation across a 500 m strike length and to depths of up to 120 m. Key high-grade intercepts include: 3m @ 4.85% Sn from 44 m (PHRC03) 5m @ 3.32% Sn from 84 m (PHRC55) 6m @ 2.33% Sn from 14 m (PHP-15) Tin is hosted primarily as cassiterite, with petrology and metallurgy indicating ~80% recovery using gravity processing. 🔹 Regional Geology Context – Mt Painter/Mt Babbage Inliers The Prospect Hill project lies on the northwestern margin of the Palaeo-Mesoproterozoic Curnamona Craton, a well-endowed geological province rich in copper, REEs, and uranium (Figure 2). Figure 2: Regional geology of Palaeo-Mesoproterozoic Mt Painter and Mt Babbage Inliers. (source: HRE) Mineralisation is associated with Mesoproterozoic granitoid intrusions (~1560 Ma) into the Petermorra Volcanics (Figure 3). Tin-rich systems here are structurally complex, hosting multiple mineralisation styles—shear zones, tourmaline pipes, and skarn-like zones—often associated with fluorine, copper, uranium, and REEs. The geology shares strong parallels with the nearby Gawler Craton and international analogues like the Zaaiplaats tin field in South Africa. The region’s complex structure, including a major E–W fault cutting through the project area, enhances its mineral potential and diversity. Figure 3: Summary of outcropping geology in EL5891 and location of Sn prospects. (source: HRE). 🔹 Strategic Transaction Structure Under the terms of the agreement, HRE will invest a minimum of $1.5 million over a three-year period, which includes 2,500 metres of drilling within the first 18 months and a further 1,250 metres in the following 18 months. Upon meeting these expenditure and drilling milestones, HRE will earn an 80% interest in all minerals (excluding uranium) across the Prospect Hill project. Havilah will retain a 20% interest, which will be free-carried through to the completion of a Bankable Feasibility Study (BFS). In addition, HRE has committed to reimbursing Havilah $1.8 million in historical exploration costs, either from future project cash flows or earlier at HRE’s discretion. 🔹 District-Scale Exploration Upside Additional prospects—Fly Hill, Central Ridge, Black Rock—demonstrate near-surface high-grade mineralisation. Surface rock samples at Black Rock returned up to 58% Sn. Potential for “pipe-style” tin bodies associated with black tourmaline and silica remains underexplored. pXRF soil sampling and trenching programs support continued drill targeting beyond South Ridge. 🔹 Tin Market Catalysts and Critical Mineral Designation Tin has been officially designated a critical mineral by major global economies, including the United States, European Union, Japan, and Australia, reflecting its growing importance in strategic supply chains. Its applications are diverse—ranging from solder in electronics to chemical processes and renewable technologies—making it essential to the global technology and clean energy sectors. Prices remain strong at approximately US$34,000 per tonne, underpinned by persistent supply constraints and robust forward demand through to 2030. In this context, the Prospect Hill project aligns directly with international policy objectives to secure stable, sustainable sources of critical and technology-enabling metals. HRE’s non-executive Chairman, John Byrne, commented: “Prospect Hill is not just a historical asset—it’s a high-quality tin system with the potential to become a near-term producer. Our ability to move quickly reflects the maturity of the project and our technical confidence.” Dr Chris Giles, Technical Director of Havilah, commented: “We are pleased to partner with HRE again—this deal unlocks tin potential at Prospect Hill while retaining upside through our equity and project interest. Their proven exploration discipline and shareholder alignment give us confidence in their ability to deliver.” Samso Concluding Comments Heavy Rare Earths Limited is building a portfolio of projects that will drive its new strategy. Acquiring the Prospect Hill project that combines historical high-grade intercepts, metallurgical confidence, and multi-style exploration upside—all underpinned by a capital-efficient earn-in structure- is not a bad move. For ASX investors, the story here is scale plus simplicity. South Ridge isn’t a greenfields wild card—it’s a known tin system, drill-tested and ripe for a resource estimate. Combine that with tin’s re-emergence as a critical mineral of geopolitical and technological relevance, and Prospect Hill becomes more than just a regional play—it’s a strategic foothold in the coming clean-tech supply race. Figure 4: The price chart for tin as of 8th August 2025. (source: Trading Economics). If HRE delivers on its intent, South Ridge could rapidly emerge as Australia’s next critical tin development. The broader Prospect Hill system, with its pipe-style and pod-style mineralisation, may well be the real prize. Looking at the current tin price chart (Figure 4), the momentum for a tin narrative on the market could be perfect timing for HRE. Heavy Rare Earths have a market capitalisation of just under AUD $10M and if the tin price momentum fits well with the advancement of the Prospect Hill project, the perfect storm could be near. I think this is a must DYOR. The Samso Way – Seek the Research The Prospect Hill deal is built on a deep dataset—90 drill holes, 4,500+ soil samples, metallurgical studies, and petrology—not hype. It is a reminder that in mineral exploration, past work often lays the foundation for future success. Investors should take note of the quiet efficiency of this agreement and the technical substance behind the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and 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 Multiple Gold Zones in First 8 Mile Drill Hole Miramar Resources Limited (ASX: M2R) has reported a promising start to its RC drilling program at the 8 Mile prospect, part of the Gidji JV Project north of Kalgoorlie. The first hole, GJRC029, intersected multiple gold zones and ended in mineralisation, confirming the potential extension of Northern Star’s nearby 8-Mile Dam deposit onto Miramar’s ground and reinforcing the project's prospectivity for a significant gold discovery (Figure 1). Figure 1: The Gidji JV Project and 8-Mile Dam in relation to Kalgoorlie and surrounding deposits. (source: M2R) Executive Chairman Allan Kelly commented: “We are encouraged by the multiple gold intercepts in our first RC hole at 8 Mile,” said Executive Chairman Allan Kelly. “The results support our view that gold mineralisation from 8-Mile Dam extends onto our ground, and we now have several follow-up targets from aircore and IP data to pursue.” “We are planning additional geophysical surveys to refine our drilling strategy and believe 8 Mile could host significant gold potential given its location and geological setting.” 🔹 Key Highlights - A Mineral Exploration Business. Multiple Gold Zones Intersected: Miramar Resources’ (ASX: M2R) first reverse circulation (RC) drill hole at the 8 Mile prospect (hole GJRC029) intersected several zones of gold mineralisation and ended in gold mineralisation at 504m downhole (Figure 2). Strategic Location Near Major Deposits: The 8 Mile prospect lies within the Gidji JV Project, ~15km north of Kalgoorlie and adjacent to Northern Star’s 8-Mile Dam deposit (7Mt @ 1.4g/t Au for 313,977oz), confirming potential strike continuity of mineralisation. Strong Geological Indicators: Mineralisation is hosted within the 8 Mile mafic unit, with notable sulphide development (including arsenopyrite), elevated arsenic via portable XRF readings, and visible fuchsite, indicative of hydrothermal alteration typically associated with orogenic gold systems. Initial Drilling Programme: GJRC029 tested an IP anomaly thought to reflect sulphide-rich gold zones. Despite significant deviation from the planned azimuth, the hole intersected thick westerly-dipping altered mafic units and returned notable results such as: ⮞ 3m @ 2.67g/t Au from 243m (incl. 1m @ 6.51g/t) ⮞ 18m @ 0.94g/t Au from 480m (incl. 4m @ 2.83g/t and 1m @ 6.04g/t) Next Steps and Additional Surveys: Results are pending for four additional RC holes targeting offset IP anomalies. Infill gravity and sub-audio magnetic (SAM) surveys are being planned to refine future RC and/or diamond drilling programs. Figure 2: Cross section showing GJRC029 about the 8 Mile mafic unit and the IP anomaly. (source: M2R) 🔹 Gidji JV Project Context Miramar’s 80%-owned Gidji JV Project spans ~15km of the Boorara Shear Zone in WA’s Eastern Goldfields. Despite being surrounded by established gold operations (e.g., Kalgoorlie Super Pit, Kanowna Belle), Gidji has remained underexplored due to transported cover and the crosscutting Gidji Paleochannel. Systematic aircore drilling since late 2020 has led to multiple supergene gold discoveries and several compelling bedrock targets. Miramar views Gidji as having genuine potential to evolve into a new gold camp with multiple deposits. 🔹 Exploration Update – Broader Portfolio at Gascoyne Regions Projects (Figure 3) At the Bangemall Ni-Cu-PGE Project, Miramar is progressing with its EIS-co-funded airborne magnetic and VTEM surveys, with approximately 20% of the program completed. These surveys are designed to identify conductive anomalies associated with nickel, copper, and PGE mineralisation across the underexplored region. At the Chain Pool SEDEX Project, the Company is preparing for a follow-up field trip focused on further soil and rock chip sampling. This work aims to advance the understanding of the high-grade sedimentary exhalative (SEDEX) system's prospective for copper, lead, zinc, and silver. In line with its strategic focus, Miramar has also initiated the divestment of non-core assets, including the Glandore and Randalls Gold Projects in the Eastern Goldfields. These sales processes are part of the Company’s efforts to streamline its portfolio and allocate resources toward its highest priority targets. Figure 3: Gascoyne Regions Projects (source: M2R) 📍 Drill Details – GJRC029 Summary 243–246m: 3m @ 2.67g/t Au Including 1m @ 6.51g/t Au 252–254m: 2m @ 0.48g/t Au 374–375m: 1m @ 0.32g/t Au 378–379m: 1m @ 2.85g/t Au 480–497m: 18m @ 0.94g/t Au Including 4m @ 2.83g/t Au Including 1m @ 6.04g/t Au 501–504m: 3m @ 0.52g/t Au (end of hole mineralisation) *Note: All intercepts use a 0.25g/t Au lower cutoff, with up to one sample of internal dilution. Samso Concluding Comments Miramar continues to present a tightly managed exploration story with a sharp geological focus. The Gidji JV Project, particularly the 8 Mile prospect, has matured from early-stage data collection into serious drill targeting, culminating in the intersection of multiple gold zones in its very first RC hole. The 8 Mile target is compelling due to its proximity to known deposits, its geological signature, and early signs of system continuity. Ending a 504m RC hole in mineralisation is the kind of exploration result that commands follow-up. Importantly, the Company’s layered targeting approach—combining aircore, IP, SAM, and gravity—reflects a methodical and technically sound strategy. The presence of sulphides, arsenopyrite, fuchsite, and anomalous arsenic detected by handheld XRF provides tangible indicators that this is not a one-off intercept, but part of a broader mineralised system. This story is not about chasing hype—this is about doing the work. Some investors may say that management needs to create the hype, but as long as I have known the key management of the company, this is not in their DNA. They are all about getting into the business of mineral exploration in a cost-effective manner, and that is maximum funds into the ground and not about funding a lifestyle company. Gidji has always had the ingredients of a significant gold system, and with each program, Miramar gets closer to unearthing its true scale. The first RC hole is just the start. For investors seeking early-stage exposure to a potential emerging gold camp in Kalgoorlie’s backyard, Miramar is again demonstrating it has the geological smarts and the operational intent to deliver value. Miramar Resources is what I call a company that is a Mineral Exploration Business. Check out the latest Coffee with Samso with Allan Kelly: The Samso Way – Seek the Research What sets stories like this apart is their grounded execution. While speculation abounds in early-stage gold exploration, Miramar’s work is grounded in structure, method, and data. The story isn’t about hype—it’s about following the rocks, reading the systems, and drilling with purpose. 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.

The new cold war that is gaining momentum globally is fast creating vast opportunities for jurisdictions hosting commodity projects that have an inelastic demand. Commodities that fall into a real critical supply shortage are all getting a rejuvenation that is now making headlines. Commodities such as bauxite are now starting to get investors' attention. Bauxite is the main source of Aluminium, and most investors did not even know that it is also the main source of the now very sought-after metal, Gallium. Western Australia has had a dominant and long history with bauxite, with Alcoa and Worsley Alumina (now South 32) being giants in this sector and dominating the bauxite story for decades. Bauxite was first discovered in 1821 by a French geologist by the name of Pierre Berthier near the village of Les Baux in southern France. Bauxite consists mostly of the aluminium minerals gibbsite (Al(OH)3), boehmite (γ-AlO(OH)), and diaspore (α-AlO(OH)), mixed with the two iron oxides goethite (FeO(OH)) and haematite (Fe2O3), the aluminium clay mineral kaolinite (Al2Si2O5(OH)4) and small amounts of anatase (TiO2) and ilmenite (FeTiO3 or FeO·TiO2). Bauxite appears dull in luster and is reddish-brown, white, or tan.[3] (source: Wikipedia). The recent nationalisation of projects in Guinea has thrown added pressure on the supply crunch in the business of bauxite, as end users are struggling already with the global "cold war" rhetoric that is creating headaches for all stakeholders in the industry. According to SMM (Shanghai Metals Market), shortages in 2024 have driven price increases that are now looking to overflow into 2025. Bauxite is not abundant in the biggest consumer, China, and although this may be great for players in the industry, the issue lies in the lack of an economical resource that can sustain a long-term source. My interest in the bauxite business started in 2020 when I published "The Best Small-Cap Bauxite Companies on the ASX," which really made me gain the understanding that, in some way, the bauxite mining business is a smaller-scale version of the mega iron ore industry that drives the Pilbara region Iron Ore business in Western Australia. This Samso Insight is all about compiling a story that gives investors a current view of the bauxite business on the ASX. Let's delve into the whole bauxite story and see if we can simplify all the smoke that is currently doing the rounds on mainstream media. This is an intense Samso Insight, and readers have to have patience as we try and build an extensive context around why I think there are reasons to start taking note of what could be an extensive value-creating sector for ASX investors. To help navigate the Samso Insight, the chapters below will try and help readers stay focused on the review. The Realisation of the Importance of Bauxite. Aluminium: A Metal for the Modern World. Global Supply and Geopolitical Landscape. Top 5 Bauxite Resource Holders Globally. Guinea (source: African News) Australia (source: Geoscience Australia and FTM Machinery) Vietnam (source: Yahoo Finance and SMM) Brazil (source: FTM Machinery) Indonesia Highlights of Major Australian Bauxite Resources. Key Bauxite Companies Investors should be looking for in the ASX. Metro Mining – Bauxite Hills Mine (Cape York, QLD) Australian Bauxite Limited (ASX: ABx) - Building a Multi-State Resource Footprint. Western Yilgarn Limited: A Rising Bauxite Developer. Julimar West: High-Grade, Shallow, and Strategically Located. Expanding Footprint: Cardea and New Norcia Projects. Strategic Timing and ESG Advantage. Canyon Resources Limited. The Minim Martap Resource Canyon Market Performance. Arrow Minerals Limited. Niagara Bauxite Project – Progress to Date Licence Renewal Uncertainty Arrow Minerals Market Situation. VBX Limited. Wuudagu Project Takapinga Project Samso Concluding Comments The Real Underlying Value Proposition Investors Need to Consider. A Potential Game Playing Out in The Western Australian Bauxite Sector. The Samso Way – Seek the Research The Realisation of the Importance of Bauxite. Investors in Australia will need to understand that when we talk about bauxite, there is only really one major group that dominates the bauxite industry. They are Rio Tinto, Alcoa or Alcoa Australia and South 32. These three companies and their projects make up what we know as the Australian Bauxite business. Bauxite mining typically involves a large footprint, and in jurisdictions where this creates a sensitive conversation, it will create unnecessary attention. In Australia, Alcoa is now talking about applying for more ground to expand its operations in the Darling Range. The application is now creating migraines for management as it is creating upheaval among the environmentalists and the Not in My Backyard Crew (NMB Crew). Alcoa Media Release: Huntly Mine Transition and Pinjarra Refinery Production Increase. Aluminium: A Metal for the Modern World. Bauxite is a mineral of immense strategic value, serving as the primary ore of aluminium. In the context of a world steadily shifting toward decarbonisation, electrification, and infrastructure growth, bauxite has become an indispensable commodity. Aluminium is foundational to countless industries, from aerospace and automotive manufacturing to packaging, consumer electronics, construction, and the renewable energy sector. What sets aluminium apart is its remarkable versatility. Lightweight yet strong, aluminium offers durability, corrosion resistance, and excellent conductivity. It's also infinitely recyclable without loss of quality, which positions it as a metal of choice in a circular economy. These properties, combined with the metal's role in building electric vehicles, solar panels, and high-voltage transmission infrastructure, have elevated demand for aluminium—and by extension, bauxite—to unprecedented levels. Global aluminium production now exceeds 70 million tonnes annually, requiring over 300 million tonnes of bauxite each year. This demand is projected to rise steadily, with a compound annual growth rate of approximately 3% to 5% through 2030. Global Supply and Geopolitical Landscape - Bauxite and Aluminium. The supply landscape, however, is becoming increasingly complex. While Australia remains the world's leading producer of bauxite, output from Guinea has surged in recent years due to Chinese investment and off-take agreements. China, as the world's largest aluminium producer, has grown heavily reliant on bauxite imports to feed its refining capacity. However, Guinea's political instability and periodic export disruptions have exposed the fragility of global supply chains. As such, countries and industrial players are seeking alternative, geopolitically stable sources of bauxite, and Australia—particularly Western Australia—is emerging as a preferred jurisdiction. Figure 1: Historical bauxite mining activity in the Darling Range region of Western Australia, showcasing typical red-oxide terrain and open-cut techniques. (source: WA Today). As fuel to the scarcity of bauxite and hence the refinement of Aluminium, Guinea’s military government officially announced the return of mining tenements on May 16, 2025. Information Minister Fana  Soumah confirmed in a televised address that President Mamady Doumbouya had issued a decree repossessing 51 mining licences covering bauxite, gold, diamond, graphite, and iron concessions, and that these had been “returned free of charge to the state”. Just over a week later, on May 27, 2025, the government additionally cancelled 129 exploration permits, citing the need to free up unused concessions and tighten resource control. Government measures implemented by Guinea will only fuel the demand and the rush for bauxite for future global needs. As of 2025, the top five largest bauxite resources globally are located in countries that dominate both production and reserves due to their high-quality deposits and large-scale mining operations. Top 5 Bauxite Resource Holders Globally. 1. Guinea (source: African News) Estimated Resources: ~40 billion tonnes Key Region: Boké, Boffa, Kindia Notes: Guinea holds the world’s largest bauxite reserves, mostly high-grade, gibbsite-type ore ideal for low-cost refining. The Sangaredi and Boffa mines are among the most significant in the world. 2. Australia (source: Geoscience Australia and FTM Machinery) Estimated Resources: ~20–24 billion tonnes Key Regions: Weipa (Queensland) – operated by Rio Tinto Gove (Northern Territory) South-West WA (e.g., Darling Range) – including projects by Alcoa, South32, and Western Yilgarn Limited (ASX: WYX) Notes: Australia is the world’s largest producer of bauxite. Its deposits are lateritic, shallow, and close to key refining hubs. Australia's operations are also among the most environmentally regulated. 3. Vietnam (source: Yahoo Finance and SMM) Estimated Resources: ~11 billion tonnes Key Region: Central Highlands (Dak Nong and Lam Dong provinces) Notes: Vast reserves, but underdeveloped due to infrastructure and environmental concerns. Long-term potential remains strong. 4. Brazil (source: FTM Machinery) Estimated Resources: ~10–11 billion tonnes Key Region: Pará (Porto Trombetas, Juruti, Paragominas) Notes: Brazil is a major exporter and refiner. Its high-grade bauxite is key for the global alumina market. 5. Indonesia Estimated Resources: ~3–5 billion tonnes Key Region: West Kalimantan and Riau Islands Notes: Resources have grown rapidly with exploration. Indonesia has recently restricted raw ore exports to promote domestic refining. Highlights of Major Australian Bauxite Resources. Australia’s major deposits include: Weipa (Qld): Among the world’s largest, with decades of high-grade production by Rio Tinto. Darling Range (WA): World-class deposits, host to Alcoa and South32 operations, and Western Yilgarn’s Bauxite Project. Gove (NT): Managed historically by Rio Tinto, now under rehabilitation. New players: Smaller companies like Australian Bauxite Ltd and Western Yilgarn Ltd (ASX: WYX) are exploring niche, high-grade, or value-added opportunities (e.g., rare earths in bauxite residue). Key Bauxite Companies Investors should be looking for on the ASX. As we look at the small end of the ASX market, there are only a few companies that stand out. In fact, there are only seven companies that cross my mind that are worth discussing. Table 1 below lists the companies and their respective projects and resources. The leader of the pack is Canyon Resources Limited and followed by Metro Mining Limited in terms of resource size and the low SiO2 levels. Table 1: A list of companies in the ASX small-cap sector that have a notable resource. This is adapted from a table from a presentation by the ABX Group dated 30th April 2025. Company ASX Code Project Stage Resource (MT) AL2O3 SiO2 1.0 - ABx Group Limited ABX Binjour Exploration 37 38.20% 14.60% 2.0 - ABx Group Limited ABX Taraiga Exploration 37.9 39.20% 5.20% 3.0 - Metro Mining Limited MMI Bauxite Hills Production 118.7 49.20% 14.10% 4.0 - Western Yilgarn Limited WYX Julimar West Exploration 168.3 36.10% 14.70% 5.0 - VBX Limited VBX Wuudagu Exploration (PFS) 95.9 39.40% 13.40% 6.0 - Arrow Minerals Limited AMD Niagara Exploration (MRE) 185 42.3% 2.7% 7.0 - Canyon Resources Limited CAY Mirim Martap Exploration (PFS) 1,027 45.30% 2.70% 1.0 ABX | ASX - 18th June 2018 - 2.0 ABX | ASX - 31st May 2012 - 3.0 MMI | ASX - 13th May 2024 - 4.0 WYX | ASX - 26th February 2025 - 5.0 VBX | ASX Prospectus - Independent Geological Report - 6.0 AMD | ASX - 7th August 2024 - 7.0 CAY | ASX - 25th May 2021 All projects are in Australia except for Arrow Minerals (Guinea) and Canyon Resources (Cameroon). Metro Mining – Bauxite Hills Mine (Cape York, QLD). Check out: The Best Small-Cap Bauxite Companies on the ASX. Metro Mining Limited (ASX: MMI) operates its flagship Bauxite Hills Mine across the Bauxite Hills and Skardon River tenements, located approximately 95 km north of Weipa on Queensland’s Cape York Peninsula. Figure 2: Metro’s flagship project is the Bauxite Hills Mine (Mine), which is a single operating mine located 95 kilometres (km) north of Weipa in Western Cape York in Far North Queensland, with a total tenement package covering approximately 825km2. (source: Metro Mining) As of 31 December 2024, the project boasts a JORC-compliant resource of 114.4 million tonnes, with proven and probable reserves totalling 77.7 million tonnes. The deposit is considered high-grade, averaging 49.8% available alumina (Al₂O₃) and 13.3% reactive silica (SiO₂)—well suited for low-temperature refining. The geological model adopts conservative cutoff grades of ≥45% Al₂O₃ and ≤15% SiO₂, supporting a robust classification of the mineable ore. Mining at Bauxite Hills is conducted via free-dig methods with no requirement for beneficiation, relying instead on simple screening. Production capacity was recently upgraded to 7 million tonnes per annum (Mtpa), with potential for expansion to 8 Mtpa through planned debottlenecking. A notable infrastructure upgrade includes the deployment of the Ikamba floating loading terminal, capable of handling vessel loads exceeding 9 Mtpa, which has enhanced logistics efficiency and reduced freight costs. As of Q3 2025, shipment pricing remains in line with seasonal benchmarks, and the company anticipates sustained strong Free-On-Board (FOB) revenue through the remainder of the year. Australian Bauxite Limited (ASX: ABx) - Building a Multi-State Resource Footprint. Australian Bauxite Limited (ASX: ABx) maintains a strategic portfolio of approximately 37 tenements spanning across Tasmania, Queensland, and New South Wales (Figure 3). The company’s exploration and development efforts are centred on several promising deposits, including Campbell Town and Bald Hill in Tasmania (Figure 5), Binjour in Queensland (Figure 4), and Inverell, Guyra, and Taralga in New South Wales. This diverse geographic exposure has enabled ABx to gradually define one of the most accessible and flexible bauxite resource bases in Eastern Australia. Figure 3: Location of ABx Group Bauxite projects. (source Abx Group). As of 2019, the company’s total JORC-compliant mineral resource stood at approximately 137.1 million tonnes, comprising 72.7 million tonnes of Indicated and 64.4 million tonnes of Inferred resources. Notably, Tasmania’s Campbell Town and Bald Hill deposits collectively account for around 3.5 million tonnes, while the remaining inventory is distributed across Queensland and New South Wales, with Binjour being a key development focus in the north. Figure 4: Location of Sunrise Bauxite Project at Binjour, QLD. (source: Abx Group) The company’s bauxite is predominantly composed of high-grade gibbsite trihydrate, characterised by low levels of contaminants and well-suited for low-temperature alumina refining. ABx’s deposits typically exhibit a thickness of 3.5 to 9 metres, with consistent mineralisation across the profile. The alumina-to-silica (A/S) ratio, a critical quality metric in bauxite processing, ranks favourably, placing ABx’s material in the “good to excellent” category based on industry benchmarks. The Bald Hill project in Tasmania marked ABx’s transition into production, with its first shipment completed in Q3 2015. Since then, the company has maintained a strong focus on infill drilling and regional exploration across the broader Eastern Australian Bauxite Province. Efforts are also underway to optimise product specification across multiple production hubs, including potential processing centres at Campbell Town and Portside, aiming to enhance grade consistency and meet a broader spectrum of end-user requirements. Figure 5: Location of ABx Group Tasmanian bauxite projects. (source: Abx Group) Western Yilgarn Limited: A Rising Bauxite Developer? (source: Western Yilgarn Limited) This backdrop provides fertile ground for junior explorers like Western Yilgarn Limited (ASX: WYX), which is positioning itself to become a significant bauxite supplier. Western Yilgarn holds a suite of promising tenements in the Darling Range of Western Australia, one of the most prolific and high-quality bauxite regions globally. The company's flagship Julimar West Bauxite Project hosts an inferred mineral resource estimate of 168.3 million tonnes at 36.1% total alumina, including a high-grade subset of 97.1 million tonnes at 40.5% available alumina. These grades are particularly significant given the low reactive silica content, which is critical for efficient Bayer processing. Figure 6: Map illustrating mining tenements and surrounding conservation zones in the Darling Range, indicating the spatial context of Western Yilgarn’s projects. (source: walkgps) Figure 6 is a detailed map showing existing Alcoa/Worsley leases in the Darling Range region, with clear indications of potential expansion zones, helping readers visualise the geographical layout where Western Yilgarn operates. Julimar West: High-Grade, Shallow, and Strategically Located. Julimar West's mineralisation is shallow (Figure 7), occurring from surface to approximately eight metres depth across seven distinct zones. The project benefits from its proximity to established transport infrastructure, including rail corridors and ports such as Fremantle, Kwinana, and Bunbury. This logistical advantage enhances its potential as a Direct Shipping Ore (DSO) operation, allowing quicker market access and reduced capital requirements. Metallurgical testing has confirmed that the ore is gibbsite-dominant, making it particularly amenable to low-temperature refining, which is less energy-intensive and more environmentally sustainable. Figure 7: Mining operations in Western Australia showing active excavation of bauxite using modern heavy machinery, as it typically mines the shallow nature of bauxite. (source: https://www.alcircle.com/). Expanding Footprint: Cardea and New Norcia Projects. Further strengthening Western Yilgarn's position is its Cardea project suite (Figure 8), which includes Cardea 1, 2, and 3. Cardea 2 recently delivered a maiden inferred resource of 20 million tonnes at 32.1% total alumina. Notably, within this figure lies a high-grade component of 2.15 million tonnes grading at 35.7% available alumina. Drilling results have been promising, with shallow intersections returning excellent alumina grades and low reactive silica, indicative of high metallurgical quality. Cardea 3, a more recent acquisition, adds another 16.57 million tonnes at 34.2% alumina to the company’s resource base, further consolidating its footprint in the region. Together, the Julimar West and Cardea projects now account for an estimated 205 million tonnes of inferred bauxite resources. This scale, when combined with favourable grade characteristics and a low-strip mining profile, positions Western Yilgarn as one of the most advanced and economically viable bauxite developers among Australia’s emerging explorers. The company’s strategic location in the Darling Range—close to world-class alumina refineries—provides a unique advantage in terms of cost competitiveness and ESG performance. Adding another layer of potential is the New Norcia Bauxite-Gallium Project, which reflects Western Yilgarn’s forward-looking approach. Gallium is a critical metal used in semiconductors, LEDs, and solar panels, and its inclusion as a strategic target aligns the company with broader critical mineral agendas in Australia and globally. While still in early exploration stages, this project hints at the company’s long-term vision to diversify its commodity base and enhance its strategic value. Figure 8: Location map showing the New Norcia Projects area with nearby major infrastructure. Strategic Timing and ESG Advantage. What makes Western Yilgarn’s portfolio particularly compelling is its timing. With global bauxite supply tightening due to Guinea’s export volatility and rising Chinese demand, secure and scalable Australian supply is now in high demand. Western Yilgarn's projects are not only of high quality but also backed by sound infrastructure and regulatory stability, making them prime candidates for development and future offtake agreements. Additionally, the company's transparent reporting, regular resource updates, and systematic exploration campaigns indicate a well-managed and credible operation. Environmental, Social, and Governance (ESG) performance is another important aspect. Western Australia has a strong track record in regulating sustainable mining practices, and Western Yilgarn’s shallow open-cut mining strategy, combined with its proximity to infrastructure, reduces its environmental footprint. This is particularly attractive to downstream buyers and aluminium producers who are increasingly being held to higher environmental standards. Check out some recent Samso News on Western Yilgarn Limited: Western Yilgarn NL (ASX: WYX) - Massive 188Mt Bauxite Resource Footprint Emerges in Western Australia. High-Grade Discovery of Gallium - Ida Holmes Junction Project. Canyon Resources Limited. (source: Edison Group | GlobeNewswire | Reuters | Wikipedia | Canyon Resources Limited) Check out: The Best Small-Cap Bauxite Companies on the ASX. Canyon Resources (ASX: CAY) is steadily advancing its 100%‑owned Minim Martap Bauxite Project, nestled in the Adamawa Region of central Cameroon, near the village of Minim and strategically located adjacent to both rail infrastructure and the Atlantic port of Douala. Figure 9: Canyon Resources Limited Minum Martap bauxite project in Cameroon. (source: Canyon Resources Limited). The Project is supported by a Bankable Feasibility Study (BFS), which was completed in 2022 and underpinned by a large and high-grade Mineral Resource Estimate. An initial 20-year Life of Mine (Ore Reserve) was defined in June 2022. In July 2024, Canyon’s subsidiary, Camalco Cameroun SA, signed a Mining Convention with the Government of Cameroon to mine and export alumina and bauxite at Minim Martap on the grant to the Company of a mining permit (Figure 10). Figure 10: A timeline for the progress of the Minim Martap bauxite project for Canyon Resources Limited. (source: Canyon Resources Limited). The signing of the Mining Convention marks the culmination of an extensive approval process, allowing Canyon to proceed with development plans for the Project and is a testament to the strong partnership and collaboration between Canyon and the Government of Cameroon. Development commenced following the company’s rebranding from Castlemaine Resources in 2010, with exploration permits secured over the Makan, Ngaoundal, and Minim-Martap licences. A pivotal milestone was achieved in August 2020, when the Government of Cameroon granted the project its mining licence, clearing the path for a feasibility study and project financing. The Minim Martap Resource The JORC-compliant resource stands at around 1,027 million tonnes, grading 45.3% Al₂O₃ and 2.7% SiO₂, with an Ore Reserve of 109 million tonnes at an upgraded grade of 51.1% Al₂O₃ and 2.0% SiO₂, declared in February 2025. The project has been designed as a 6.4 Mtpa direct-shipping ore operation over a 20-year mine life, underpinned by a robust rail-to-port integration strategy, targeting first shipments in 2026. Figure 11: The Minim Martap resource as of April 2025. Significant growth potential, as the current mine plan & production target presented in the 2022 Bankable Feasibility Study (BFS) are based on the proved reserves, representing only c. 10.6% of the total resources. (source: Canyon Resources Limited). Canyon Market Performance. Since mining licence approval and the updated Ore Reserve announcement, Canyon has attracted new capital, including a US$140 million credit facility secured in late May 2025. Figure 12: The share price chart for Canyon Resources as of 18th July 2025. (source: commsec). The share price has reflected this momentum: trading at just AU$0.07 in mid-2024, the stock surged to a 52-week high of AU$0.30 by May 21 2025, and now sits around AU$0.26, marking a ~249% gain year-over-year—outperforming the ASX All Ordinaries benchmark. Figure 13: The share price chart for Canyon Resources since October 2022. (source: commsec). Arrow Minerals Limited. (source: ABN Newswire) Arrow Minerals has two projects in Guinea, West Africa. The Niagara Bauxite Project (Niagara, Niagara Project), for which Arrow holds an option to acquire, and the Simandou North Iron Project (Simandou North, SNIP). Both Niagara and Simandou North are located within trucking distance to the Trans Guinean Railway (TGR) that is currently under construction by Winning Consortium Simandou. The location of the Niagara Project relative to the TGR offers substantial advantages for its development, including future access to multi-user rail and port infrastructure (Figure 14). Figure 14: Project location plan for Arrow Minerals Limited. (source: Arrow Minerals Limited). Arrow Minerals (ASX: AMD) has reported a maiden JORC Resource of 185 Mt at its Niagara Bauxite Project in Guinea, featuring robust grades of 42.3 % Al₂O₃ and a notably low 2.7 % SiO₂. The resource includes over 75% classified as Indicated, placing it within a 14 km² high‑grade zone, alongside ongoing exploration and the imminent Scoping Study. Extensive drilling (184 holes to date) confirms shallow, premium‑grade bauxite, and third‑party off‑take and strategic partnership talks are underway. Niagara Bauxite Project – Progress to Date An exploration target estimate from August 2024 suggested a potential of 170–340 Mt with ~40–46% Al₂O₃ and 1–4% SiO₂, though still conceptual in nature. Drilling began in October 2024, focusing on three of nine priority targets. Approximately 2,000 m across ~150 holes and up to 10 bulk samples were planned to support resource estimation and metallurgical work for a scoping study in H1 2025. By March 2025, a maiden Mineral Resource was declared: 185 million tonnes at 42.3% Al₂O₃ and 2.7% SiO₂, confirming high quality and supporting viability for a starter operation near the soon-to-be‑operational Trans‑Guinean Railway (~100 km away). ASX Announcement 25th March 2025: Premium DSO Potential in Maiden Mineral Resource Licence Renewal Uncertainty On the 19th May 2025, Arrow Minerals went into a trading halt and subsequently a voluntary suspension (May 19) from the ASX as media reports emerged that the Guinean government was reviewing or potentially cancelling a range of exploration tenements, including Arrow’s Niagara Bauxite and Simandou North Iron projects. The exercise of Arrow’s acquisition option for Niagara remains conditional on a permit renewal of at least two years. They have not yet exercised the option, pending resolution of the permit status. Meanwhile, the company has continued scoping-level studies (mining, logistics, financial modelling) and engaged with stakeholders to affirm its development credentials and push for rapid resolution. As of July 2025, the company remains in ASX suspension while seeking confirmation on the status of its exploration permit. Should the government confirm at least a two-year tenure renewal, Arrow will be positioned to advance the acquisition and potentially move toward a starter‑scale bauxite operation. ASX Announcement 21st July 2025: Amendment to Agreement - Niagara Bauxite Project Arrow Minerals Market Situation. Arrow has had had subdue journey over the last 5 years as it progressed the bauxite story. The recent consolidation of the share price, followed by the licence issue, has not been favourable to shareholders. A 20 to 1 consolidation, followed by the recent bad news, is not the best news for shareholders. Figure 15: The share price chart for Arrow Minerals Limited as of 25th July 2025. (source: commsec). The recent ASX release on the amendment of the transaction agreement is not adding any joy to the story. VBX Limited. (source: VBX Limited) VBX Limited, incorporated in 2013 and headquartered in West Perth, Western Australia, is focused on the exploration and development of high-grade bauxite resources. The company’s flagship asset is the Wuudagu Bauxite Project, located approximately 15 km west of Kalumburu on Wunambal Gaambera country in northern Western Australia (Figure 16). Beyond Wuudagu, VBX also holds the Takapinga Project in the Northern Territory, offering further exploration upside. Figure 16: Project location plan for VBX Limited. (source: VBX Limited). This project positions VBX as a promising player in the global bauxite market, particularly due to its proximity to infrastructure and high-quality resource profile. Leading the company is Managing Director Ryan de Franck, supported by a team of directors and executives who collectively hold around 50% of the company’s shares, indicating a strong level of internal alignment and commitment to long-term project development. VBX listed on the ASX under ticker VBX on 17 June 2025, raising AUD $10 million via an IPO priced at $0.60/share. The IPO was heavily oversubscribed and backed by institutional investors such as Deutsche Balaton, Lowell Resources Fund, and Terra Capital. Upon listing, the stock surged ~15% intraday as the market welcomed its debut. The share price has since settled down to AUD $0.58 as it begins its ASX journey (Figure 17). Figure 17: The share price chart for VBX Limited as of 25th July 2025. (source: Market Index). Wuudagu Project VBX Limited (ASX: VBX) is progressing its Wuudagu Bauxite Project in Western Australia. The company's IPO prospectus and ASX listing materials outline a combined Indicated and Inferred JORC resource of approximately 96 Mt of high‑quality, low‑silica bauxite (Figure 18). Figure 18: The total resource that is currently in the VBX portfolio at the IPO stage (source: VBX Limited). VBX emphasises the ore’s Guinea‑style specifications, including premium grade and favourable logistics, and is targeting a 10+ year mine life underpinned by a 59 Mt Ore Reserve at Wuudagu C. The company aims to enter production by FY 2026, with over half the resource footprint yet to be drill-tested. VBX plans to surface-mine, beneficiate (removing silica), haul via road, and trans‑ship ore from a coastal jetty, aiming for 3.5 Mtpa production over an initial 10‑year mine life (~36 Mt). ASX Announcement 17th June 2025: Australian Bauxite Developer VBX Lists on ASX Figure 19: The total resource at Wuudagu C (source: VBX Limited). According to VBX, the Pre-Feasibility Study (PFS) at the Wuudagu highlights (Completed Early 2025) the following, Pre-tax NPV (8%): AUD $821 million IRR: 136% Payback Period: 16 months Initial Capex: AUD $125 million All-in Sustaining Cost (AISC): AUD $54/t CFR China Average Annual EBITDA: AUD $143 million Product Grade: ~45.4% Al₂O₃ and ~3.6% SiO₂ As of 30th June, VBX has started its drilling program to support the Wuudagu DFS, as the ASX release dated 30th June 2025 - Drilling program underway to support Wuudagu DFS. Takapinga Project The Takapinga bauxite project consists of two exploration licence applications covering approximately 1,118.5 km² on Melville Island in the Northern Territory Figure 20). This exploratory asset is much larger in scale than the company’s flagship Wuudagu site, with roughly 314 km² of mapped lateritic bauxite target areas at known deposits like Cache Point and Goolumbini, along with broader regions identified as pisolitic bauxite potential. Location: Melville Island, Northern Territory Size: ~1,118 km² total, with ~314 km² of bauxite targets Initial Targets: Cache Point, Goolumbini, widespread pisolitic bauxite Status: Exploration licence applications lodged; early-stage asset Infrastructure: Near existing airport, port, and accommodation Potential: High-scale exploration upside and strategic growth opportunity beyond Wuudagu. Figure 20: The Takapinga Project (source: VBX Limited). Still in early-stage exploration, Takapinga offers significant upside with its large-scale licence area—around nine times bigger than the Wuudagu Plateau—yet remains underexplored compared to VBX’s well-advanced primary project. VBX is leveraging progress at Wuudagu while building the early groundwork at Takapinga, making it a key longer-term development target if early drilling results prove encouraging. VBX has flagged the Takapinga Project as a major growth lever, capitalizing on Melville Island’s substantial target area size and its potential for future resource definition. As an early-stage asset, it represents an opportunity to significantly expand VBX’s bauxite footprint beyond its Western Australian operations. Samso Concluding Comments For ASX investors in the small end of town, the small capitalisation sector of the ASX, bauxite mining or the business of bauxite, is not well understood. There is little media coverage for this bulk commodity as it has largely been dominated by the major players. Aloca, the Darling Range and bauxite are largely accepted as the bauxite industry, and most investors in the ASX will not be able to mention any other player in the industry. When I wrote about Metro Mining and Canyon Resources back in 2020, there was no other significant company that was in the bauxite space. Till today, I challenge anyone to show that there is any other significant story other than that I have mentioned. In recent times, Arrow Minerals in Cameroon is probably the only other player that started to sing the bauxite song, but with the government nationalising the country's mineral business, that is now not looking good for the company. If you have had the patience and the sustenance to have gone through this review, the only new players that have some form of significance are VBX Limited and Western Yilgarn Limited. One can add ABx to that list, but there are some important perception that needs to be overcome before I feel a smoother journey is in the coming. The Real Underlying Value Proposition Investors Need to Consider. At the time of writing, VBX is sitting at a market capitalisation of AUD $22m, Western Yilgarn is at AUD $4M, and ABX Group Limited is at AUD $9M. These are the hopefuls in the sector, while Metro Mining is in a league of its own with a market capitalisation of AUD $426M. Unfortunately, Metro Mining, in my opinion, does not have the leverage in multiple bags of value, which is more apparent with the other three stories, VBX Limited, Western Yilgarn and ABx Group Limited. Looking at Table 1, I view that the true value proposition for investors will not be driven by the grades alone. Don't get me wrong, the technical aspect is important, but the business that is happening in Australia is now more than numbers. It's about the ability to deliver an economic solution in the midst of an environmentally sensitive mining jurisdiction. A Potential Game Playing Out in The Western Australian Bauxite Sector. The success of a mining business in Australia is now all about appeasing the ESG factor, having the infrastructure and how the mining process can be economised. It is one thing to have a mineral discovery with tonnes and grade, it is entirely different to see the commercialisation of that resource, as the barriers to overcome, the jurisdiction and social barriers are higher in Australia. There is no secret that Alcoa and South32 are looking for more feed, and looking at the players in Table 1, the only one that has the advantage of location is Western Yilgarn. It has the advantage of being in the dry wheatbelt of Western Australia, trucking distance to existing processing facilities and two major bauxite players wanting and needing feed. It's like a marriage made in heaven. It is a marriage proposition that is still in the early stages of a good idea. As we all know, the devil is in the details, so it is still very early to make any comment that carries weight. It is still just a good thought, and if I am correct, taking a position now after some serious DYOR would be a good idea. Alcoa and South32 have similar grades and silica content, so optimising the ore from Western Yilgarn will not be a major obstacle. In addition, a company with a market capitalisation of AUD $4M is going to be a lot easier to have a discussion about collaboration, consolidation, Joint Venture or M&A. The virtues of opportunities in the mining industry are something that is not earned but is bestowed upon by the God of Lady Luck. Western Yilgarn is in a very unique position as it appears to have stumbled onto the good fortune of Lady Luck. How this will proceed with time is never set in concrete, but for the ASX investors, as I have already mentioned, this is definitely one for some serious DYOR. VBX is steep in the Kimberley region, and working with the traditional owners will be a very important part of their success. The fact that they have an established PFS and appear to have a clear path to establishing a mining business is encouraging. I do like the fact that they have a low silica content, which is on par with Canyon Resources, Arrow Minerals and ABx Group. Bauxite in Australia is unique in that there are no other real players other than Metro Mining in Queensland. With global demand for both bauxite and aluminium indicating an upside trend (like everything else), the search for the next reliable and sustainable source of bauxite will be the next challenging focus for the likes of Alcoa and South 32. Like Tungsten, Bauxite is the sleeper at the moment for ASX investors. DYOR and Happy Investing. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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. References: "Guinea holds approximately 7.4 billion tonnes of bauxite—about 23–25 % of world reserves" Wikipedia+11Africanews+11PIIE+11Geoscience Australia+1Wikipedia+1DataM Intelligence+3Reuters+3Wikipedia+3. "Australia contains around 22 % of global bauxite deposits, with reserves between 5.8 and 6 billion tonnes" Wikipedia. "Vietnam's bauxite reserves are estimated at 5.4–5.8 billion tonnes, with some reports claiming up to 11 billion tonnes". "Brazil has around 2.63 billion tonnes (~9 %) and Indonesia about 1.17 billion tonnes (~4 %) of global bauxite reserves". Geological Survey (U.S.) (1986). Geological Survey Professional Paper. U.S. Government Printing Office. p. 2-PA20. "The Clay Minerals Society Glossary for Clay Science Project". Archived from the original on April 16, 2016. "Aluminium". Minerals Education Coalition. 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