Announcement Arcemy X Operational at the Largest Public Utility in USA AML3D Limited (ASX: AL3) has marked a significant milestone in its US expansion strategy with the successful commissioning of its large-scale ARCEMY® X system at the Tennessee Valley Authority (TVA), the largest public utility in the United States. This deployment not only finalises a substantial contract valued at approximately A$1.97 million but also sets the stage for AML3D’s broader push into the energy and utilities sector. Key Highlights – ARCEMY® X at TVA - US Public Utility. Major System Commissioned: ARCEMY® X system successfully commissioned at TVA’s Muscle Shoals facility in Alabama, completing the TVA contract’s final milestone and triggering payment of the final 10.5%. First from Stow, Ohio Facility: This system is the first ARCEMY® X unit to be delivered from AML3D’s newly operational US Technology Centre in Stow, Ohio. Strategic Entry into Energy Sector: This installation marks AML3D’s first contract in the US Energy & Utilities sector, building upon its strong foundation in US Defence. Validation through Competitive Tender: TVA selected AML3D’s technology through a competitive procurement process, underscoring the industrial capability and value of ARCEMY® solutions. Growth Beyond Defence: AML3D’s US Growth strategy now targets broader sectors, including Aerospace, Nuclear, Oil & Gas, and Marine industries. efence Expansion Continues: Following success in the US Navy Submarine Industrial Base, AML3D is now embedded in the broader Marine Industrial Base. A Letter of Intent from the US Navy highlights potential demand for up to 100 ARCEMY® systems and 400 parts in 2026, scaling up to 1,600 parts by 2030. Sean Ebert, Managing Director of AML3D, commented: “Delivery of the TVA ARCEMY® X order is a strong endorsement of AML3D’s decision to focus on the US and our US Growth strategy... The TVA contract marks our entry into the Energy and Utilities sectors and we are working hard to open opportunities across several other markets, including Aerospace and Oil and Gas.” Pete Goumas, President of AML3D US, commented: “It’s great to have successfully delivered the first ARCEMY® system built at our recently opened Technology Centre in Stow, Ohio... We are becoming ever more embedded in the US Navy’s SIB supply chain and now expanding into other sectors.” About AML3D Limited Founded in 2014 and listed on the ASX, AML3D Limited is a technology-driven disruptor in the global metal additive manufacturing space. It leverages its patented Wire Additive Manufacturing (WAM®) process to provide high-integrity, on-demand, certified industrial parts. Its flagship ARCEMY® systems are Industry 4.0-enabled solutions that offer significant efficiency and ESG advantages over traditional metal fabrication methods like casting and forging. AML3D supports industries such as Defence, Aerospace, Maritime, Oil & Gas, and Manufacturing with a mix of hardware, design engineering, software, and contract manufacturing services. Samso Concluding Comments AML3D continues to demonstrate that its growth story is more than just ambition—it's a structured entry into critical industrial supply chains. The successful commissioning of the ARCEMY® X system at the Tennessee Valley Authority is a good contract milestone; it is tangible proof that the company’s technology holds weight in highly regulated, technically demanding environments. The decision to establish a US Technology Centre in Stow, Ohio, is already paying dividends, with the TVA installation being the first major delivery from this hub. The significance of this cannot be overstated—it signals readiness to deliver at scale, locally, and aligns AML3D with the US domestic supply chain narrative. From a market perspective, the expansion from the US Defence Industry into US Public Utilities and the outlook for sectors like Aerospace and Oil & Gas show the company’s ability to grow horizontally while maintaining vertical depth in Defence. The referenced demand from the US Navy—100 systems and potentially 1,600 parts by 2030—is a clear indicator of long-term, recurring revenue potential. For investors, the story here is about validated technology, growing strategic relevance, and a company that is quietly embedding itself into the industrial fabric of the US. These are the types of foundations that underpin sustainable growth, not hype, but execution. The Samso Way – Seek the Research When a company begins to cross sectors with a proven technology platform, backed by contracts in defence and now public utilities, the market should take notice. AML3D’s evolution in the US provides a reference case for how industrial tech companies can build durable international footprints—one deployment at a time. 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 ACW presents key clinical data at AAIC dementia meeting Actinogen Medical Limited (ASX: ACW) has added another important milestone in its clinical development journey, showcasing new data that reinforces the mechanism and therapeutic promise of Xanamem® (emestedastat). The company’s Chief Medical Officer, Dr Dana Hilt, and Senior Clinical Scientist, Dr Jack Taylor, are presenting a scientific poster at the prestigious Alzheimer’s Association International Conference (AAIC 2025) in Toronto, the world’s largest platform for dementia research and discussion. Their poster—Validating the Cortisol Hypothesis: Xanamem Demonstrates Positive Clinical Effects by Lowering CNS Cortisol in MDD—presents data that supports the targeted inhibition of cortisol in the brain as a meaningful intervention for patients with moderately severe major depressive disorder (MDD). The poster summarises statistically and clinically significant benefits from the XanaCIDD Phase 2a trial and reinforces the enzyme target that underpins Xanamem’s development pathway. Key Highlights & Summary - The Path to A Solution for Dementia. 1. Clinical Data from the XanaCIDD Trial The trial involved 167 MDD patients with treatment-resistant depression and mild cognitive impairment. Patients received 10 mg of Xanamem or placebo once daily for 6 weeks in a double-blind design. The trial demonstrated (Figure 1): A 2.7-point improvement on the MADRS scale (Cohen’s d = 0.43, p = 0.02) post-treatment. A 4.16-point improvement in SSRI-concurrent patients (Cohen’s d = 0.64, p = 0.03). PGI-S improvements were also recorded, confirming patient-reported reductions in symptom severity. Figure 1: Xanamem displaying clinically significant improvements in depression. (source: Actinogen) A higher proportion of patients receiving Xanamem achieved ≥50% reductions in Montgomery-Asberg Depression Rating Scale (MADRS) scores and reached symptom remission compared to placebo (Figure 2). Figure 2: Patients treated with Xanamem showed higher rates of both clinically meaningful improvement (≥50% reduction in MADRS scores) and remission (MADRS scores <10) compared to placebo, indicating a stronger overall therapeutic response in depressive symptoms. Importantly, Xanamem was well tolerated with a safety profile comparable to placebo. No serious drug-related adverse events were reported. 2. Xanamem's Mechanism and Broader Implications Xanamem is a first-in-class, once-daily oral inhibitor of the 11β-HSD1 enzyme, designed to lower brain cortisol without affecting systemic production. Cortisol is strongly implicated in neurodegenerative and mood disorders, with chronic elevation known to damage neurons and impair cognition. The XanaCIDD trial validates that reducing cortisol via Xanamem improves depressive symptoms, affirming the role of this pathway in both MDD and Alzheimer’s disease. 3. Phase 2b/3 Alzheimer’s Disease Trial – XanaMIA A major late-stage program currently underway, testing Xanamem in 220 patients with mild to moderate Alzheimer’s disease. The primary endpoint is the CDR-SB score, with interim data expected in January 2026 and final results in Q4 2026. A 24-month open-label extension (XanaMIA-DUR) is also planned, set to commence in early 2026. Dr Dana Hilt, Chief Medical Officer at Actinogen, commented: “The positive results from the XanaCIDD depression trial of Xanamem validate Xanamem’s mechanism of action and 10 mg daily dose. We are confident that the current Phase 2b/3 XanaMIA trial can generate the confirmatory data needed to support future global regulatory approvals.” With the cortisol hypothesis increasingly gaining attention in neuropsychiatric research, Xanamem’s dual-pathway targeting of both mood and memory-related disorders presents a compelling development strategy. Samso Concluding Comments From a Samso perspective, this update is a promising continuation of what the company is trying to achieve as the ultimate prize for the business. Actinogen has long signalled its belief in cortisol’s pivotal role in brain health, and the data from the XanaCIDD trial brings critical clinical validation to that theory. The ability to show both mechanistic and symptomatic improvements, particularly in a condition as complex as major depressive disorder, speaks volumes about the potential crossover efficacy for Alzheimer’s disease. While drug development remains an inherently risky endeavour, especially in neurology, this kind of peer-reviewed, data-driven progress offers reassurance to long-term investors watching the Actinogen story unfold. As the company moves towards key readouts in 2026 for Alzheimer’s disease, this MDD data gives the market a valuable glimpse into Xanamem’s broader utility. For investors, it’s a signal that Actinogen is aligning solid clinical science with commercial ambition—and that’s a formula worth paying attention to. Figure 3: The actinogen share price chart as of 11th May 2025. (source: commsec). Actinogen is one of the many health related companies that seem to be close to the holy grail of discovery/ A discovery of success with what Actinogen is trying to do will be a game changer for the company as anything that alleviates patients with Dementia symptoms would be lucrative. With a current market capitalisation of AUD $79.42M. It does seem expensive for a punt, but if the path is near the end of the race, this may turn out to be a cheap punt. What I have learnt over the years in the mineral exploration industry and what I am quickly learning from the biotech sector is that the path to glory is a positive log scale with the biotech sector. The mineral exploration sector kind of goes the other way. As you get closer to realising the discovery is moving from a resource to a reserve, the interest in the stock diminishes. The excitement goes away, and the slow decline in share prices begins until production happens. Hence, the higher market capitalisation for the company may actually be a truer indication that confidence is in the stock, and the anticipation of a share price value rising may be closer. The Samso Way – Seek the Research At Samso, we’re always focused on the science behind the story. A company like Actinogen Medical may operate in a space where volatility and sentiment often obscure fundamentals, but here, the evidence speaks for itself. Clinical proof, peer-reviewed validation, and a well-defined regulatory strategy are the cornerstones of compelling biotech narratives. Xanamem is delivering those pillars, step by step. 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 Iron Bear Project Scoping Study Cyclone Metals Limited (ASX: CLE) has released the results of its Scoping Study for the flagship Iron Bear Project, located in the Labrador Trough, Canada — a region that has been a cornerstone of North America’s iron ore industry for over 70 years. The study outlines the potential for a world-class, long-life magnetite operation, producing premium iron ore products that are aligned with the growing demand for low-carbon “green steel”. Figure 1: Iron Bear Regional Location (source: CLE) The Scoping Study evaluates three production scenarios — Low Case (12.5Mt p.a.), Base Case (25Mt p.a.), and High Case (50Mt p.a.) — underpinned by a JORC 2012-compliant Mineral Resource of 16.66 billion tonnes at 29.3% Fe, including 2.15 billion tonnes in the Indicated category. With a conservative iron ore price assumption of USD 90/t (62% Fe benchmark, 2035 real terms) and staged development, the project demonstrates strong economics, robust margins, and sustainable development credentials. This is the beginning of what could be a world-class Green Iron Ore and Green Steel story that is setting the tone for the Green Energy, Low-Emission stage. Project Highlights – The Development of a Green Iron Ore and Green Steel Story - Base Case Scenario A1 The Base Case targets 25Mt p.a. of high-grade products over an 18-year Life of Mine (LOM): The operation is planned to produce 16 million tonnes per annum of Blast Furnace (BF) magnetite concentrate, with a grade of 69.8% Fe and a silica content of 3.4% SiO₂, aligning with premium specifications sought by global steelmakers. In addition, it is designed to deliver 9 million tonnes per annum of Direct Reduction (DR) pellets, grading 71.0% Fe with a low silica content of 1.1% SiO₂ and high metallisation properties, demonstrated by a Cold Compression Strength (CCS) of 346kg, making them highly suitable for low-carbon steel production routes. Key Metrics: Post-tax NPV8%: USD 9.79 billion IRR: 18.6% Pre-production CAPEX: USD 4.426 billion OPEX FOB Pointe Noire: USD 46.1/t (BF), USD 67.8/t (DR) Payback Period: 6 years 9 months Stripping Ratio: 0.34:1 (Figure 2) Mineral Resource Utilisation: 71% Indicated, 29% Inferred over LOM The production ramp-up is phased: Year 2 – 12.5Mt p.a. concentrate capacity Year 5 – 17.5Mt p.a. with pellet production added Year 6 – Full 25Mt p.a. capacity achieved Figure 2: Material Moved and Strip Ratio - 25Mt p.a. / Base Case - Scenario A1, B5, C9 (source: CLE) Premium Product Advantage Metallurgical testwork confirms that Iron Bear can produce tier-one magnetite concentrates suitable for both blast furnace and direct reduction steelmaking routes. These high-grade, low-silica products command pricing premiums due to their ability to: High-grade magnetite products from the Iron Bear Project are designed to enhance furnace productivity, reduce carbon emissions per tonne of steel produced, and provide flexibility for blending with lower-grade ores to optimise overall steelmaking efficiency. This positions Iron Bear to supply key markets in Canada, USA, Europe, and MENA, where low-carbon steel initiatives are driving demand for premium feedstocks. Sustainability and ESG Focus Cyclone Metals has embedded sustainability into the project design: 100% renewable energy for the concentrator and associated facilities — sourced from the proposed 60MW Menihek hydro plant and 280MW wind farm, with a 315kV transmission link to Churchill Falls in later phases. Dry tailings and progressive pit backfilling to minimise environmental footprint. Employment and ownership opportunities for local Indigenous groups. This ESG-driven approach supports not only social licence but also access to funding streams increasingly tied to environmental performance. Infrastructure and Logistics The study proposes transporting 25Mt p.a. of blast furnace concentrate by rail from the Iron Bear site near Schefferville to the Sept-Îles/Pointe-Noire ports in Quebec, using and upgrading existing networks operated by Tshiuetin Rail Transportation (TSH), Quebec North Shore and Labrador Railway (QNS&L), and Société ferroviaire et portuaire de Pointe-Noire (SFPPN). This plan leverages proven rail corridors, requiring targeted upgrades to deliver a technically feasible and economically viable transport solution. Figure 3: Iron Bear Renewable Assets Location (source: CLE) The logistics model allows for efficient movement of high-grade concentrate and DR pellets to market. Capital and Operating Costs CAPEX (Base Case): USD 4.426B pre-production, including: Mining – USD 252M (pre-production) Concentrator – USD 830M Pelletising – USD 1.05B Power – USD 1.137B Rail – USD 588M Port – USD 127M Contingency – USD 975M OPEX (FOB Pointe Noire, Year 6 steady-state): BF Concentrate – USD 46.19/t DR Pellets – USD 67.77/t The capital cost estimate follows AACE Class 5 guidelines, with an accuracy range of -25% to +50%. Costs are in USD (April 2025 base date) and include direct, indirect, contingency, and future escalation provisions for project planning and investment decisions. Development Pathway and Vale Partnership The Pre-Feasibility Study (PFS) will commence shortly, targeting completion by Q2 2026. The project’s de-risking and funding pathway is underpinned by a Development Agreement with Vale S.A., one of the world’s largest iron ore producers: Phase 1 – USD 18M (funded by Vale) for PFS, drilling, and environmental baseline work. Phase 2 – Up to USD 120M (funded by Vale) for bankable feasibility, environmental impact assessments, and Impact Benefit Agreements with First Nations. Upon completing Phase 2, Vale can earn 75% equity in the Iron Bear Project. The agreement is designed to leverage Vale’s technical, operational, and financial capacity to secure the estimated USD 4.426B pre-production funding at Decision to Mine. Figure 4: Iron Bear JV Strategic Plan (source: CLE) Risk Management The Scoping Study identifies environmental, operational, and financial risks, including: Water management, tailings stability, biodiversity, and greenhouse gas emissions – The project must address comprehensive environmental management requirements, including controlling and treating water used in processing, ensuring the long-term stability and safety of tailings storage facilities, protecting sensitive biodiversity in the project area, and implementing strategies to minimise and offset greenhouse gas emissions throughout operations. Infrastructure and geotechnical challenges in sub-Arctic conditions – Operating in the Labrador Trough’s sub-Arctic climate brings engineering and construction challenges such as permafrost, deep frost penetration, heavy snow loads, and extended winter conditions, which impact infrastructure design, mine development, and year-round logistics. These factors demand specialised geotechnical solutions and robust construction standards to ensure operational resilience. Market volatility in iron ore pricing – The project’s financial performance is sensitive to fluctuations in global iron ore prices, which are influenced by factors such as steel production trends, demand shifts in key markets, supply disruptions, and broader macroeconomic conditions. Managing this volatility will require prudent market strategies, flexible offtake arrangements, and potential hedging measures. The partnership with Vale mitigates several risks by providing technical expertise, funding for studies, and potential capital support at development decision points. Strategic Positioning in the Magnetite Market Iron Bear’s combination of scale, grade, infrastructure access, and ESG credentials places it in a favourable position relative to global magnetite peers. Comparable projects in the Labrador Trough and globally have been successfully funded at Decision to Mine stage, particularly where premium-grade magnetite products are produced. The timing is also notable, as the steel industry transitions towards direct reduction and low-carbon pathways, demand for high-grade magnetite concentrates and DR pellets is expected to strengthen, especially in Europe, North America, and MENA. Paul Berend, Cyclone’s CEO and Managing Director, commented, “The Iron Bear Scoping Study highlights an extraordinary opportunity to develop a sustainable and low-cost iron ore mining and processing operation, in a first world mining jurisdiction. With the support of our partner Vale, Iron Bear is poised to become strategic large-scale producer of highquality magnetite products, which are critical to unlock low carbon steel production. The Scoping Study supports our ambition to generate outstanding financial returns for our shareholders and create long term economic and social benefits for the indigenous and local communities adjacent to the project area. We are actively de-risking the project and developing sustainable mining scenarios, including systematic rehabilitation of mined areas, dry tailings and using 100% renewable energy for the concentrator complex. I would like to thank our project team which has developed such an exceptional study. The team continues to deliver outstanding results, and we are looking forward to advancing to the next engineering milestone, the Pre-Feasibility Study, which will be awarded in the coming weeks and completed by Q2 next year.” Samso Concluding Comments This latest ASX release is effectively showcasing the Iron Bear Project as a global green iron ore and green steel project. Almost 12 months ago, Cyclone Metals unveiled to the ASX the potential value proposition of such a project, and this scoping study, in my opinion, sets the stage for what is to come in the coming months. The scoping study is identifying that the process to production is achievable. The study highlights (Figure 5) that the scale, quality, and infrastructure are all present, and the economics remain strong even under conservative pricing assumptions. The premium product profile is its real differentiator, giving it a seat at the table in the emerging low-carbon steel supply chain. Don't forget that the price used is not the price for the premium products; there is a lot of room for error. Figure 5: Highlights from the Cyclone Metals Iron Bear Scoping Study. (source: Cyclone Metals Limited). From a development perspective, the Vale partnership is a major de-risking factor, both technically and financially. It creates a clear funding pathway through PFS, BFS, and into Decision to Mine — a stage where large-scale magnetite projects traditionally secure capital through a blend of equity, debt, and offtake agreements. The partnership is what makes the Cyclone story very different from your traditional mineral resource exploration (Cyclone is not an exploration story) to a production story. The fact that Vale is playing big brother with one hand on the prize cannot be underestimated. Cyclone Metals is currently at AUD $0.075 and has a market capitalisation of just under AUD $83M is still destined for growth. The next 12–18 months will be critical. Delivery of the PFS by mid-2026, continued technical validation of product quality, and Vale’s Phase 2 decision will be the milestones to watch. Should all align, Iron Bear could well become one of the next generation’s cornerstone magnetite projects — and a strategic supplier in the decarbonisation of steel. Figure 6: The share price chart for Champion Iron Limited (ASX: CIA) as of 12th August 2025. (source: commsec). The competitor or a similar narrative to the whole Iron Bear story is that of Champion Iron Limited, which is currently sitting on a valuation of AUD 2.27B with a share price of AUD $4.31 as of the 12th August 2025 (Figure 6). In terms of a guide to what Cyclone could become, this is a good barometer. Take a pick where you think the share price for Cyclone could be valued at in time, but I think it is safe to say that it will be north of where it is now. For those who have been following Samso, I have always made this comparison, and I think positioning at a market capitalisation in the sub-AUD $100M range is not a silly idea. As always, DYOR. I am a shareholder, and I am a happy one. The Samso Way – Seek the Research Strong projects are built on detailed studies, solid partnerships, and clear market alignment. The key is to look beyond headlines, understand the assumptions, and see how each milestone reduces risk, turning potential into a bankable opportunity. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Gallium Discovered at Ida Holmes Project in WA Western Yilgarn Limited (ASX: WYX) has confirmed a significant surface discovery of high-grade gallium mineralisation at its Ida Holmes Junction Project in the Yilgarn Craton, Western Australia (Figure 1). The initial reconnaissance program has returned standout rock chip assays, positioning the Company as a key player in the emerging critical minerals sector. With gallium identified by global authorities as a technology-critical element essential for semiconductors, LEDs, and solar panels, this development could place Western Yilgarn on the radar of strategic investors and downstream supply chain partners. Figure 1: Western Yilgarn Projects, Located in the Yilgarn Craton (Source: WYX) Pedro Kastellorizos, Non-Executive Director, commented: “These early-stage findings highlight the Project’s significant mineral potential, particularly given the minimal historical exploration conducted across the area. While gallium is the primary exploration focus at Ida Holmes Junction, Western Yilgarn also holds a gallium-focused exploration licence over the New Norcia Bauxite-Gallium Project in the highly prospective Darling Range just north of Perth.” Key Highlights – Gallium Discovery at Ida Holmes Junction 1. High-Grade Gallium Confirmed: Surface sampling at Ida Holmes Junction returned exceptionally high-grade gallium assays, with values up to 195.5 g/t Ga (or 262.79 g/t Ga₂O₃) in sample 30032 (Figure 2). Additional standout results include: 146.0 g/t Ga (196.25 g/t Ga₂O₃) – sample 30030 135.5 g/t Ga (182.14 g/t Ga₂O₃) – sample 30026 117.5 g/t Ga (157.94 g/t Ga₂O₃) – sample 30031 97.9 g/t Ga (131.60 g/t Ga₂O₃) – sample 30025 Figure 2: E36/1020 high-grade gallium rock chip results (source: WYX) 2. System Open in All Directions: Rock chip anomalies were found over two tenements — E36/1020 and E36/1080, located ~21 km apart, suggesting the mineralised system remains open along strike and in lateral extent. 3. Reconnaissance Sampling Success: 21 samples were collected during the June 2025 helicopter-borne reconnaissance. The average grade returned was 58.33 g/t Ga, with mineralisation hosted in pisolitic agglomerates. 4. Strategic Location: The Ida Holmes Junction Project lies ~50 km southwest of the Agnew Gold Mine, and in proximity to BHP’s Leinster and Mt Keith nickel operations, as well as Delta Lithium’s Mt Ida Project. 5. Follow-Up Program Planned: Western Yilgarn is currently planning follow-up soil and rock chip sampling to delineate the mineralised zones and assess strike extensions. Project Context – Ida Holmes Junction & Regional Positioning 1. The Project sits at the intersection of two major structures: Holmes Dyke and Mt Ida Fault, a setting favourable for diverse mineralisation styles. 2. The Company holds additional tenure over the New Norcia Bauxite-Gallium Project in the Darling Range, WA. 3. This further aligns with Western Yilgarn’s focus on critical metals and strategic commodity exploration. 2025 Gallium Sampling Summary (Selected Results) 1. Sample 30032 (Figure 3): ⮞ 195.5 g/t Gallium (Ga) ⮞ 262.79 g/t Gallium Oxide (Ga₂O₃) Figure 3: Gallium mineralisation within hard pisolitic agglomerate yielding 195.5 g/t Ga from sample 30032 (source: WYX) 2. Sample 30030 (Figure 4): ⮞ 146.0 g/t Ga ⮞ 196.25 g/t Ga₂O₃ Figure 4: Gallium mineralisation within hard pisolitic agglomerate yielding 146 g/t Ga from sample 30030 (source: WYX) 3. Sample 30026: 135.5 g/t Ga 182.14 g/t Ga₂O₃ 4. Sample 30031: 117.5 g/t Ga 157.94 g/t Ga₂O₃ 5. Sample 30025: 97.9 g/t Ga 131.60 g/t Ga₂O₃ 6. Average grade across 21 samples: 58.33 g/t Ga 7. All samples collected from tenements E36/1020 and E36/1080 Hosted within hard pisolitic agglomerates Mineralised zones remain open in all directions Bauxite Portfolio – A Growing Critical Minerals Inventory Western Yilgarn has also been advancing its JORC 2012-compliant bauxite resource base, positioning the Company as a future supplier to aluminium and gallium markets: Global Inferred Bauxite Resource (by Total Al₂O₃ & SiO₂): 205Mt @ 34.1% Total Al₂O₃ and 23.7% Total Silica Available Al₂O₃ & Reactive Silica (Inferred Resource): 43.05Mt @ 30.7% Available Al₂O₃, 6.43% Reactive SiO₂ Western Yilgarn’s bauxite portfolio is anchored by four key projects that collectively support its strategic focus on aluminium and gallium-linked critical minerals. The Julimar West Project leads with a substantial JORC 2012 Inferred Resource of 168 million tonnes, forming the foundation of the Company’s bauxite inventory. Complementing this are Cardea 2 and Cardea 3, with resources of 20 million tonnes and 16.57 million tonnes respectively, both located within the highly prospective corridor targeted for gallium and bauxite co-mineralisation. The New Norcia Project, hosting 39.27 million tonnes, adds further scale and diversification, particularly as it aligns with Western Yilgarn’s gallium exploration focus in the Darling Range. Samso Concluding Comments Gallium may still be under the radar for most retail investors, but the strategic importance of this metal is becoming harder to ignore, especially as global supply faces geopolitical constraints. Western Yilgarn ASX release on the existence of high-grade gallium mineralisation at surface is a meaningful step forward in what could become a major critical minerals story. I don't know what the grade number means. The number appears to be high, and I assume that may be high gallium, but I think the underlying context may be of more significance: minimal prior exploration, strong geological architecture, and proximity to infrastructure and established mining operations. When combined with the Company’s established bauxite portfolio, a compelling narrative emerges — one that aligns with clean energy tech supply chains and future-facing demand. Gallium is well known to be strongly associated with bauxite, so with a bauxite resource well located in the area, one would be holding higher hopes for a Gallium story coming out of Western Yilgarn than some of the hopefuls on the ASX lately. This is still an early-stage exploration, but the markers are promising. The strategic foresight to accumulate gallium-rich assets across two districts — Ida Holmes and New Norcia — positions Western Yilgarn as one of the few ASX juniors actively aligned with gallium-focused value chains. With follow-up work on the way, this story warrants close attention. The Samso Way – Seek the Research Gallium is not your typical commodity. It’s not traded on the LME, and pricing is opaque. That makes first-mover geological insight even more valuable. Western Yilgarn is beginning to build a technical and strategic foothold in this space. For investors who follow emerging tech metals, it’s a project — and a company — worth watching. 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 AML3D ACCELERATES ENTRY INTO EUROPE WITH UK DISTRIBUTOR DEAL AML3D Limited (ASX: AL3), a pioneer in industrial-scale metal 3D printing, continues its global expansion with the announcement of a strategic UK distribution agreement. The company has appointed Arc Additive Limited, a Scotland-based specialist in wire arc additive manufacturing (WAAM), as its non-exclusive distribution partner across the UK and Europe. The agreement will run for two years and is designed to accelerate AML3D’s access to key manufacturing and defence sectors throughout the region. This move builds upon AML3D’s recent AU$5 million investment into establishing a European technology base, following its successful AU$30 million capital raise in late 2024. Key Highlights & Summary of 28 July 2025 Announcement - A Defence Manufacturing Business. AML3D Accelerates Entry into Europe with UK Distributor Deal AML3D has appointed Arc Additive Limited as its distribution partner for the UK and Europe. The non-exclusive agreement spans two years and targets strategic manufacturing sectors across the region. This development is a key step in AML3D’s global growth strategy, following its expansion into the US defence sector. AML3D is already working with BAE Systems UK under a feasibility alloy testing contract signed during the June 2025 quarter. The company plans to leverage its Australian manufacturing base and establish new European capacity to support AUKUS defence markets and broader industrial applications. AML3D CEO Sean Ebert commented: “We are seeing the same demand signals in Europe that are driving our phenomenal growth in the US across Defence but also Utilities and Energy. We are very much looking to roll out our US playbook in Europe.” “My expectation is the alloy testing contract we have already signed with BAE Systems in the UK is just the beginning.” Jamie Mincher, Managing Director of Arc Additive, commented: “AML3D’s ARCEMY® platform is a brilliant example of industrial-scale innovation… We’re proud to support their entry into the UK market and look forward to seeing this collaboration unlock new capabilities for industry across the region.” This distributor agreement positions AML3D to replicate its successful US strategy in Europe, leveraging local partnerships, establishing technology centres, and aligning closely with AUKUS-aligned defence initiatives. Samso Concluding Comments AML3D continues to demonstrate that its strategy is about quietly executing a well-defined playbook. This new partnership with Arc Additive in the UK is more than a distribution deal; it’s a clear step toward embedding the ARCEMY® platform into the European manufacturing and defence landscape. What’s important here is the repeatability of AML3D’s growth pattern. We’ve seen it work in the US: identify demand, partner locally, establish a regional base, and secure defence-related traction. Europe now appears to be following a similar trajectory. The alloy testing agreement with BAE Systems UK suggests early validation, and if the trend holds, we may see AML3D progressing from initial contracts to larger-scale deployments. For investors, the takeaway is that this is not a speculative growth story—it’s one rooted in real demand, clear commercial pathways, and long-term positioning. With defence, aerospace, and energy sectors leaning into sovereign capability and advanced manufacturing, AML3D is quietly embedding itself where long-term value is built. The Samso Way – Seek the Research At Samso, we always advocate for following the research and tracking the strategic execution of companies. AML3D’s disciplined expansion and alignment with geopolitical industrial trends signal more than hype—they reveal a maturing business with a long-term vision and tactical execution. 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 the

Announcement 16 June 2025 AR9 Achieves Breakthrough Sale of NC Protect to U.S. Department of Defense 18 June 2025 archTIS Successfully Enters UK Market with Defence Industry Award Following Recent U.S. DoD Win 8 July 2025 archTIS Completes $7.5M Capital Raising In the data security arena, momentum is everything, and archTIS Limited (ASX: AR9) is building a convincing narrative across multiple strategic fronts. From headline contract wins with the U.S. Department of Defense to entering the UK defence sector and securing fresh funding to fuel expansion, the Company has demonstrated alignment between strategic intent and market execution. Across three key announcements spanning June to July 2025, archTIS has shown growing traction for its NC Protect platform—a solution that addresses the increasingly complex data protection demands of government and defence entities across allied nations. In the Samso Way, we distill the facts and offer a grounded reflection on what this means for investors monitoring AR9’s journey. 16 June 2025 - Breakthrough Sale of NC Protect to the U.S. Department of Defense - Cybersecurity Business. archTIS secured a strategic contract with the U.S. Department of Defense (DoD) for the implementation of its flagship product, NC Protect. This milestone validates NC Protect’s core strength—data-centric security using attribute-based access controls (ABAC)—in one of the world’s most regulated IT environments (Figure 1). The contract serves as a benchmark use case, opening the door to wider adoption across the Coalition defence and industrial base. Daniel Lai, CEO and MD, commented: “This initial award marks a pivotal milestone in our strategy to penetrate and service the U.S. defence market – the largest in the world… We believe this market will contribute significantly to our overall growth objectives.” Figure 1: Zero Trust Data Centric Security (source: AR9) Kurt Mueffelmann, Global COO and US President, added: “The continued evaluation of NC Protect… is a testament to our innovative technology, as well as our dedication to safeguarding data in the most challenging defence environments.” This announcement effectively elevated archTIS from a domestic niche player to a recognised contributor to U.S. national cybersecurity efforts, placing its ABAC capabilities at the heart of future defence tech adoption strategies. 18 June 2025 UK Market Entry via Aerospace & Defence Contract. archTIS signed a 3-year contract valued at A$263,185 with the UK division of a global aerospace and defence corporation. The implementation of NC Protect aims to meet compliance with the UK Ministry of Defence’s Joint Service Publication 440 (JSP 440) for managing sensitive defence data in Microsoft 365. While the contract initially covers 400 users, it is expected to become a global reference model for over 100,000 employees across the enterprise. The win follows closely behind the U.S. DoD's success, highlighting the Company’s ability to leverage early traction across strategic alliances. Daniel Lai, CEO and MD, commented: “Importantly, this capital raise is aimed at driving sustained revenue growth by strengthening our go-to-market capabilities. It will allow us to expand our delivery capacity, enhance our onboarding and support infrastructure, and provide new distribution opportunities in international markets. By implementing scalable models with next-gen technology, we are positioning archTIS to capitalise on the growing demand for secure data-centric sharing platforms.” 8 July 2025 - $7.5M Placement Secured to Accelerate Global Growth archTIS completed a $7.5 million capital raising, issuing 50 million fully paid ordinary shares at $0.15 per share. The raise was well-supported by existing and new institutional, executive, and sophisticated investors. Funds will be directed towards three strategic priorities: 1. U.S. expansion and support 2. Strategic partnerships 3. Product development The placement strengthens the Company’s ability to execute on the operational and commercial fronts laid out in the June announcements. This capital raise marks an inflection point in the archTIS growth story, aligning investor backing with the Company’s international ambitions. Samso Concluding Comments It’s not every day that we see an Australian cybersecurity firm enter the global defence ecosystem. archTIS has spent years developing a solution—NC Protect—that is now being quietly embedded in the IT infrastructure of some of the world’s most security-conscious organisations. These aren’t hype-driven contracts; they’re deliberate, standards-based integrations in jurisdictions where compliance and verification are paramount. The U.S. Department of Defense and UK Ministry of Defence operate under vastly different yet equally rigorous data security frameworks. That NC Protect has now been selected by both suggests a rare alignment of product capability with international defence standards. This isn’t just about security software—it’s about solving modern problems of secure collaboration in Microsoft 365 environments where traditional approaches fall short. The recent capital raise is more than just a financial event. It provides archTIS with the resources to move from contract wins to operational scale. With deployments now spanning U.S. and UK defence verticals, the next chapters will be about demonstrating sticky revenue, reference deployments, and scalable growth, particularly as partners and procurement channels evolve. Figure 2: AR9 share price chart as of 5th August 2025. (source; commsec) For investors, this phase marks the transition from validation to acceleration. The key question now isn’t whether archTIS has the right solution—it’s whether they can convert this early traction into repeatable, enterprise-wide contracts that build long-term value. Looking at Figure 2, the market is loving the transformation and as I have mentioend above, the continued execution to commercialise the business is going to dictate the share of its share price chart. As always, Samso will continue to monitor the story, guided by facts, not headlines. The Samso Way – Seek the Research At Samso, we look at how execution meets aspiration. What matters isn’t just the headline but the trajectory, the context, and the credibility of a company’s progress. AR9’s recent string of updates reveals a firm that is methodically building credibility in some of the world’s most secure and scrutinised environments—starting with the U.S. and UK defence sectors. 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 AuMEGA Metals Provides Exploration Update In its 29 July 2025 announcement, AuMEGA Metals Ltd (ASX: AAM | TSXV: AUM | OTCQB: AUMMF) delivered a substantial mineral exploration update covering three major Canadian projects—Cape Ray, Bunker Hill, and Hermitage. With a fully funded program and a strong C$9.2 million treasury, AuMEGA is aggressively expanding its data-driven strategy across Newfoundland’s Cape Ray Shear Zone, Canada’s largest known gold-bearing structure (Figure 1). Figure 1: Historic surficial geochemical footprint and pit shell outlines. (source: AAM) This update underscores the company’s technical shift under new leadership, focusing on systematic geochemical mapping, targeted diamond and RC drilling, and efficient resource extension strategies to maximise discovery opportunities. 1. Key Mineral Exploration Highlights & Summary – Cape Ray Project Phase One Diamond Drilling Completed: A total of 2,559.7 metres drilled across nine holes targeting extensions of Central Zone and Window Glass Hill. Initial assays are expected in mid-August 2025 (Figure 2). Figure 2: Cape Ray 2025 Drill Program – Phase One (source: AAM) Largest Till Geochemistry Program Ever at Cape Ray: Approximately 1,500 till samples being collected across 16 km² at Cape Ray West to integrate with recent airborne EM and magnetics data, refining future drill targets (Figure 3). Figure 3: Cape Ray West Till and Rock Sampling Program (source: AAM) Resource Base: Cape Ray currently hosts 420 koz of Indicated and 141 koz of Inferred gold resources at 2.25g/t and 1.44g/t Au, respectively. Modern Approach: EM survey completed in May 2025 with interpretation underway, designed to find geophysical signatures analogous to known deposits. 2. Key Mineral Exploration Highlights & Summary – Bunker Hill ⮞ Winter Drilling Program: 147 RC holes (1,397m) and 15 diamond drill holes (3,673.25m) completed. One intercept (CRD396) returned 1.84g/t Au over 1m, highlighting the Branch Fault as a key structural feature (Figure 4). Figure 4: 2025 Winter Drill Program at Bunker Hill (source: AAM) No Significant High-Grade Intersections Yet: While assays yielded strong geological insights, no material intersections were recorded in this phase. Follow-up drilling deferred to late Q3 or early Q4 2025. Geochemical Till Sampling to Direct Next Drill Phase (Figure 5): Bunker Hill West: Over 600 till samples across 19 km². Bunker Hill Central: 3,800 samples across 56 km², covering Branch Fault and Nitty Gritty targets. Figure 5: 2025 Bunker Hill Sampling Program (source: AAM) 3. Key Mineral Exploration Highlights & Summary – Hermitage Largest Program in Hermitage History: Over 1,700 geochemical till samples to be collected in Q3 2025, targeting known high-grade anomalies identified through historical airborne magnetic surveys and prior surface work (Figure 6). Figure 6: 2025 Hermitage till geochemical sampling and mapping program (source: AAM) Systematic Coverage: The program will prioritise the central region of Hermitage, where 2023–2024 sampling and magnetic results suggested strong gold prospectivity. Managing Director and CEO, Sam Pazuki, Commented: “We have further enhanced our exploration program—one that is now more focused, more data-driven, and designed to maximise return on investment and unlock shareholder value… We are now addressing resource growth potential beyond pit shells, which historically had limited step-out work. I’m genuinely excited about what lies ahead.” Samso Concluding Comments AuMEGA Metals’ latest exploration update is showing the focus of the company and maintaining its exploration standards. The transition from broad scout-style programs to methodical, data-led exploration is part of the mineral exploration process so there is nothing going waywards. The programs at Cape Ray, Bunker Hill, and Hermitage are coordinated, technically robust, and backed by a clear understanding of structural controls and glacial overburden challenges that have previously limited discovery in the region. This recalibration reflects a more disciplined and potentially more rewarding approach. The decision to aggressively pursue till geochemistry across three high-priority projects signals a company that is using what it has learnt from its exploration programs which is a good sign that they are progressing well as they refine the cost-efficiency of geochemical vectors ahead of drilling. With 1,500 samples at Cape Ray West, 4,400 across Bunker Hill West and Central, and another 1,700 at Hermitage, AuMEGA is laying down a data framework that should significantly de-risk its future drill targeting. This is how discoveries are normally and historically made—by narrowing the field with science before deploying the drill bit. While assay results from recent drilling were mixed—especially at Bunker Hill—the context is important. These were largely exploratory holes designed to build structural understanding, not necessarily to deliver headline grades. I like the fact that AuMEGA is playing the long game, leveraging its strong treasury and strategic landholding to build a case for potential resource expansion and new discovery. This is a smart use of capital and time in an environment where cost control and exploration efficiency matter more than ever. Figure 7: The AAM share price chart as of 5th August 2025. (source: commsec). For ASX investors looking at the gold space, AuMEGA stands out as a junior with serious intent, a well-funded budget, and a pipeline of quality targets. The company’s 110 km of tenure along the Cape Ray Shear Zone—including areas adjacent to Equinox Gold’s multi-million-ounce Valentine Project—offers clear leverage to discovery success. With strong institutional backing, technical credibility, and a proactive exploration model, AuMEGA is one to watch closely in the second half of 2025. The share price chart in Figure 7 looks like its on a holding pattern which is a good sign that the market is patient. This is a big company exploration play and for those investors who are patient and understand the time for a real exploration discovery will hang around. A market capitalisation of AUD $24.84M is a good number. I want to remind readers of the success of Gold Road Resources was all about exploration success with patience so take note. For those who are interested in the Gold Road Resources story and the discovery of the Gruyere Gold Deposit, check it out here: The Samso Way – Seek the Research Understanding early-stage exploration stories like AuMEGA’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 AuMEGA 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 Actinogen accesses up to $13.8m in non-dilutive R&D tax incentive funding Actinogen confirms 100th participant in XanaMIA phase 2b/3 Alzheimer’s disease Trial and interim analysis timeline Presentation Actinogen Medical Ltd (ASX: ACW) has announced a significant milestone in the development of its lead candidate, Xanamem® (emestedastat), with the 100th participant now enrolled in its pivotal XanaMIA Phase 2b/3 Alzheimer’s disease trial. This event formally triggers the timeline for an independent interim analysis of safety and efficacy, bringing the company one step closer to potentially introducing a novel oral therapy for Alzheimer’s disease (AD). Actinogen Chief Executive Officer, Dr Steven Gourlay, commented: “We are delighted to confirm the timeline for our independent Data Monitoring Committee review of safety and efficacy data based on the enrolment of the 100th patient in the XanaMIA phase 2b/3 Alzheimer’s trial. This confidential review of unblinded data will ensure the XanaMIA trial is on-track and that Xanamem continues to perform as a promising and well-tolerated, once-a-day oral therapy.” “Furthermore, with our 35 Australian and US clinical sites now enrolling at full pace, we are able to reconfirm our guidance for final results in late 2026. The availability of a follow-on, open-label trial where all will receive active Xanamem therapy should give participants and their families more incentive to participate in the current XanaMIA trial as well as provide valuable long-term safety and efficacy data.” Key Highlights – XanaMIA Alzheimer’s Disease Phase 2b/3Trial. 100th patient enrolled and cleared for treatment – now scheduled for dosing in July 2025. Interim data readout expected January 2026, based on the 24-week visit of this cohort. Final results anticipated for Q4 2026 for the full 220-patient cohort. 35 active clinical sites operating across Australia and the US, with enrolment progressing steadily. Independent Data Monitoring Committee (DMC) will assess unblinded data for both safety and efficacy futility. Open-label extension trial (XanaMIA-DUR) planned to commence Q1 2026, offering Xanamem to all prior participants. The XanaMIA trial is designed to rigorously assess the safety and efficacy of Xanamem 10 mg once daily in patients with mild to moderate Alzheimer’s disease and biomarker-confirmed progressive disease. The trial's primary efficacy measure is the CDR-SB (Clinical Dementia Rating Scale – Sum of Boxes), widely accepted as a robust clinical endpoint. Clinical & Regulatory Pathway: A Structured Build Toward Approval. The independent DMC, comprising experienced clinicians and statisticians, will conduct a confidential review of unblinded data, meaning the allocation of participants to active or placebo arms will only be known to the committee. Their task is to assess whether continuing the trial is futile based on efficacy trends or if any safety concerns warrant early termination. It is important to note that the committee cannot recommend early cessation due to success, only due to futility or safety. Actinogen plans to engage with the US FDA in H2 2025 to discuss potential regulatory pathways, including expedited options, should the interim results exceed expectations. As a base case, Actinogen is preparing for a conventional regulatory approval process for Xanamem as a daily oral therapy for Alzheimer’s. The company is also preparing for its second pivotal Phase 3 trial, expected to commence in Q1 2027, potentially in partnership with a commercial collaborator to support the next development stage and future launch. Xanamem: A Distinct Therapeutic Approach. Xanamem is a first-in-class, brain-penetrant inhibitor of the 11β-HSD1 enzyme, designed to regulate cortisol levels within the brain without impacting systemic cortisol production (Figure 1). Chronically elevated cortisol has been implicated in neurodegeneration and cognitive decline, making it a validated and increasingly targeted mechanism in both Alzheimer’s and depression research. Oral Xanamem® (emestedastat) Controlling brain cortisol to slow progression in Alzheimer’s disease and treat depression. Figure 1: Xanamem - a small molecule tissue cortisol synthesis inhibitor (11β-HSD1 enzyme) (source: ACW) The trial design capitalises on this biology. Xanamem has already shown statistically significant improvements in depressive symptoms (Figure 2) in its Phase 2a depression trial (XanaCIDD), and encouraging signals of slowed cognitive decline in Alzheimer’s patients with elevated pTau181 biomarkers (Figure 3). Figure 2: Xanamem controls cortisol by inhibition of 11β-HSD1 (source: ACW) Figure 3: Large Xanamem benefit in high pTau181 patients (source: ACW) These results support the disease-modifying potential of Xanamem, a particularly attractive feature in an Alzheimer’s market still seeking oral, safe, and scalable treatment options (Figure 4). Figure 4: XanaMIA phase 2b/3 trial in Alzheimer’s disease (source: ACW) Well-Funded into 2026 The progress in the clinic is supported by a solid financial foundation. As disclosed on 30 June 2025, Actinogen secured a non-dilutive R&D tax funding package of up to $13.8 million, with $3.0 million already received and a further $10.8 million conditionally committed pending regulatory approvals. Combined with $13.4 million in existing cash, the company’s total funds sit at an estimated $16.4 million, providing a runway to at least mid-2026. Actinogen Chief Financial Officer, Mr Will Souter, commented: “The non-dilutive funding package from Endpoints, a firm with deep industry expertise, is an endorsement of the robustness of our program. Endpoints conducted rigorous due diligence to assess the veracity and likely eligibility of Actinogen’s anticipated FY25 RDTI before approving the loan. The funding further strengthens our balance sheet as we progress towards important milestones for the Company, including the upcoming interim analysis for our Alzheimer’s phase 2b/3 clinical trial, and reaffirms our cash runway out to mid-2026.” This funding is earmarked to support both the XanaMIA trial and general operations, reinforcing Actinogen’s capacity to deliver on multiple clinical and regulatory milestones in the coming 12–18 months. Samso Concluding Comments Actinogen Medical continues to quietly but confidently advance a unique, mechanism-driven candidate in one of the most challenging and high-value areas of medicine—Alzheimer’s disease. From someone who is not from the industry, I am thinking that the 100th patient milestone may mean more than just signify progress; a hundred participants should give some form of clarity, via an independent DMC review, on whether Xanamem has genuine potential to alter disease trajectory in a scalable, convenient format. I guess the broader context matters. With antibody drugs dominating headlines despite invasive delivery, cost, and modest benefit, an effective once-daily oral treatment—especially one with an add-on profile—could shift the therapeutic landscape. This trial design, paired with the validated pTau181 biomarker approach, gives Actinogen a clear differentiation angle. Xanamem’s mechanism—targeting brain cortisol through 11β-HSD1 inhibition—remains novel and backed by peer-reviewed data in both Alzheimer’s and depression. The drug’s oral, once-daily profile positions it as a practical alternative in a market where current treatments often come with complexity and cost. If efficacy trends continue in the right direction, Xanamem could fill a gap the market still hasn’t addressed. For those tracking value progression in biotech, this is the stage where the risk profile begins to shift. The 100-patient interim review won’t answer everything, but it will offer the first real test of Xanamem’s clinical potential. The pieces are in place—now it’s about what the data reveals. Investors looking for fundamentals, not froth, should be paying close attention. The Samso Way – Seek the Research Reaching the 100th participant in the XanaMIA trial is a pivotal milestone that shifts Actinogen’s Alzheimer’s program from potential to tangible progress. It marks the beginning of formal, independent scrutiny through the upcoming January 2026 interim analysis—a critical checkpoint that will assess whether Xanamem is on track or not. For investors, this is where real clinical validation begins. The decision by the Data Monitoring Committee will provide clarity on futility and shape confidence in the path ahead. Coupled with non-dilutive funding, FDA engagement, and a disciplined trial strategy, this moment signals that Actinogen is entering a decisive phase in its journey toward regulatory relevance and potential therapeutic impact. 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.

Investing in emerging markets offers exciting opportunities for growth and diversification. These markets, often characterized by rapid economic development and increasing integration into the global economy, can provide higher returns compared to developed markets. However, they also come with unique risks and challenges. This article explores some of the most promising emerging investment markets worldwide, highlighting key sectors, trends, and practical tips for investors looking to expand their portfolios. Understanding Emerging Markets and Their Potential Emerging markets are countries experiencing rapid industrialisation, improving infrastructure, and growing middle-class populations. These factors contribute to increased consumer spending and investment opportunities. Examples include countries in Asia, Latin America, Africa, and parts of Eastern Europe. Investors are drawn to emerging markets for several reasons: Higher growth rates: Many emerging economies grow faster than developed ones. Diversification: Adding emerging market assets can reduce portfolio risk. Untapped sectors: Opportunities in technology, renewable energy, and consumer goods are expanding. However, investing in these markets requires careful analysis of political stability, currency risks, and regulatory environments. City skyline representing emerging market growth Key Emerging Markets to Watch in 2024 Asia: The Powerhouse of Growth Asia remains a dominant force in emerging markets, with countries like India, Indonesia, and Vietnam leading the way. India’s technology sector continues to boom, driven by startups and digital innovation. Indonesia’s consumer market is expanding rapidly due to its large population and rising incomes. Vietnam is becoming a manufacturing hub, attracting foreign direct investment. Investors should focus on: Technology and fintech: Rapid digital adoption is creating new business models. Consumer goods: Growing middle classes demand better products and services. Infrastructure: Governments are investing heavily in transport and energy. Latin America: Resource-Rich and Resilient Latin America offers opportunities in natural resources, agriculture, and renewable energy. Brazil and Mexico are the largest economies, with sectors like mining, oil, and agribusiness playing key roles. Chile is a leader in lithium production, essential for electric vehicle batteries. Key considerations include: Commodity prices: These heavily influence market performance. Political changes: Stability varies across countries. Renewable energy: Solar and wind projects are expanding rapidly. Africa: The Next Frontier Africa’s young population and urbanisation trends make it a compelling emerging market. Countries like Nigeria, Kenya, and South Africa are hubs for technology, agriculture, and financial services. Mobile banking and fintech innovations are transforming access to financial products. Investors should explore: Mobile technology: High adoption rates create new opportunities. Agriculture: Modernisation can boost productivity. Infrastructure development: Roads, ports, and energy projects are critical. Solar farm representing renewable energy growth in Africa Navigating Risks and Challenges in Emerging Markets While the potential rewards are significant, emerging markets come with risks that investors must manage carefully: Political instability: Changes in government or policy can impact investments. Currency volatility: Fluctuations can affect returns. Regulatory uncertainty: Laws and enforcement may be inconsistent. Market liquidity: Some markets have lower trading volumes, making it harder to buy or sell assets. To mitigate these risks, investors should: Diversify across countries and sectors to reduce exposure. Use local expertise by partnering with regional fund managers or advisors. Stay informed about geopolitical developments and economic indicators. Consider currency hedging to protect against exchange rate swings. Practical Tips for Investing in Emerging Markets Investing in emerging markets requires a strategic approach. Here are some actionable recommendations: Start with ETFs or mutual funds: These provide diversified exposure and professional management. Focus on sectors with strong growth potential: Technology, renewable energy, and consumer goods are promising. Monitor macroeconomic trends: Inflation, interest rates, and trade policies can influence market performance. Be patient and long-term oriented: Emerging markets can be volatile but offer growth over time. Leverage technology platforms: Many online brokers now offer access to emerging market stocks and bonds. For those interested in sustainable and innovative investments, companies like samso australia offer insights into renewable energy solutions that align with emerging market trends. Stock market graph illustrating emerging market investment trends The Future Outlook for Emerging Markets Emerging markets are expected to continue their growth trajectory, driven by demographic shifts, urbanisation, and technological adoption. Key trends to watch include: Green energy transition: Investments in solar, wind, and battery technologies will accelerate. Digital transformation: E-commerce, fintech, and mobile services will expand access and efficiency. Infrastructure upgrades: Governments will prioritise transport, energy, and communication networks. Regional trade agreements: These will enhance market integration and investment flows. Investors who stay informed and adapt to changing conditions can benefit from the dynamic opportunities emerging markets offer. Exploring emerging investment markets requires a balance of optimism and caution. By understanding the unique characteristics of each region and applying sound investment principles, investors can unlock significant growth potential while managing risks effectively. Whether through diversified funds or targeted sector plays, emerging markets remain a vital component of a well-rounded investment strategy. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.

Coffee with Samso Episode 206: Understanding and Interacting with AI In this episode of Coffee with Samso, we explore a pressing question: Do we truly understand Artificial Intelligence (AI)? Are we simply accepting the term "AI" without grasping its complexities? This episode challenges us to think critically about what AI means for our future. After a short break to launch Samso News—our new platform that blends ASX announcements with the signature Samso blog style—we dive into the rapidly evolving world of artificial intelligence. The Transformative Power of AI In this engaging episode of Coffee with Samso, we focus on one of the most transformative forces of our time: Artificial Intelligence (AI). Joining us is Eric Starling, Principal Innovation Advisor at Amazon Web Services (AWS). With over two decades of experience in software design, innovation strategy, AI integration, and digital transformation, Eric is not just a technologist. He’s a builder, a thinker, and a translator between code and real-world outcomes. We sat down at the UWA Club on the grounds of the University of Western Australia for an honest, wide-ranging conversation that demystifies what AI is, how it works, and where it's taking us. Key Topics Covered in the Coffee with Samso on Artificial Intelligence Eric explains that AI systems, such as ChatGPT and Claude, do not “think” like humans. Instead, they learn from massive datasets, building probabilistic models to predict likely responses based on prior inputs. The analogy of “autocorrect on steroids” illustrates how large language models (LLMs) operate. For non-technical users, the rise of LLMs represents a paradigm shift. You no longer need to speak in code—natural language itself has become the interface. This accessibility is redefining who can build, create, and automate. Eric underscores the fundamental role that the internet and cloud computing play in powering AI. From petabytes of storage to globally linked data centres, AI's performance relies on a vast, interconnected ecosystem. A powerful analogy compares image recognition AI to showing a model 10,000 pictures of a cat. The model “learns” through exposure, not understanding. This highlights the difference between learning and cognition, a distinction often blurred in public discourse. We delve into agentic AI, which moves beyond chat interfaces into tools that can take actions, manage files, automate workflows, and simulate decision-making processes. This development is fueling a wave of innovation across industries—from grant writing to robotic inspection. AI Implementation: A Global Perspective We explore how AI implementation differs starkly between China and Western nations. In the West, commercial viability and public acceptance are major hurdles. In contrast, China’s top-down model has allowed for faster implementation, raising important questions about innovation, ethics, and regulation. Eric raises critical concerns about data control and digital identity. What happens when small AI companies are acquired or go bust? Where does your data go—your voice, your image, your interactions? The episode serves as a cautionary tale about uploading personal content without considering long-term implications. One of the most thought-provoking segments explores how AI may not replace actors or creatives but could radically expand who gets to produce high-quality content. Eric envisions a world where indie creators and hobbyists wield studio-level capabilities, disrupting traditional media from the ground up. Future Predictions for AI Eric offers predictions on how AI will evolve: A world filled with interchangeable micro-agents. Lower barriers to business innovation. Tools that assist—not replace—human creativity. A higher value placed on intention and authenticity in content creation. Eric notes that cognition remains the most misunderstood concept of AI. The tools may sound smart, but they don’t “know” anything. He also warns of the underappreciated risk of data misuse when using third-party AI services without considering data ownership. Concluding Thoughts on AI and Investment Opportunities This episode with Eric Starling serves as a reminder that Artificial Intelligence is not just a buzzword—it’s a structural shift. This shift is already changing how businesses operate, how services are delivered, and how value is created. For ASX investors, the real takeaway is this: AI is no longer confined to Silicon Valley or tech unicorns. It’s becoming embedded in sectors across the board—from mining and energy to biotech, financial services, and logistics. Companies that can leverage AI meaningfully—not just sprinkle it into their marketing decks—are likely to unlock productivity gains, margin expansion, and operational efficiencies that markets may not yet fully price in. Over the last few months, I have learned, and as Eric clearly articulates, not all AI is created equal. The true edge comes from owning your data, understanding the limitations of generative tools, and building AI agents that solve specific problems with clear intent. This is where discerning investors should pay attention: Is the company investing in capability, or just riding the narrative? We're also entering a period where content creation, compliance, customer service, and internal processes are being quietly transformed, especially in capital-light industries. In our view, the most investable opportunities on the ASX may come not from “AI companies,” but from traditional businesses that are applying AI in transformative ways. This conversation reinforces the fact that investors need to go deeper than headlines. Understanding where a company sits in the AI landscape—builder, adopter, or observer—could offer meaningful insight into future performance and resilience. The chapters below will help you navigate the Coffee with Samso, and I hope you find value in Eric's insights. Chapters: 00:00 Start 00:09 Introduction 02:50 Who is Eric Starling? 03:36 What is AI and What is Not AI? 05:44 AI language is now called English 07:55 AI is all about What is the “Internet”. 09:26 AI is about Learning and not Thinking. 13:07 AI needs data to “Think”. 14:40 Where does AI get its source of data? 17:18 Where are we at in terms of the AI Revolution? 20:30 What is the most Misunderstood of AI? 23:55 The Reasoning learning process of AI still needs existing data. 26:18 The least obvious profession that AI will replace. 31:32 Could the use of AI decrease the quality of content we accept? 35:55 The China vs. The West approach to AI implementation. 40:15 What does Eric worry about AI? 43:08 What could we see with AI in 5, 10, 15 years' time? 46:53 What are people not considering about AI? 49:34 The reality and danger of deep fakes. 51:47 The changing face of AI means we have to be educated about AI. 54:13 Last words on AI from Eric. 56:15 Conclusion. PODCAST 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 questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunities. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In life, there is no such thing as a free lunch. Happy investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, and particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to Your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better—and potentially more lucrative—investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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.

Australia is a country rich in natural resources and investment opportunities. With its vast landscapes and diverse economy, it provides a compelling environment for both domestic and international investors. In this blog post, we will explore the various resources available in Australia and how they impact investment opportunities across the nation. Resources Investments in Australia Australia is known for its wealth of natural resources, from minerals and oil to agriculture and renewable energy. The mining sector, in particular, has been a significant contributor to the country's economy. According to Deloitte Access Economics, the estimated total (direct + indirect) value added from the mining & METS sector at approximately AUD 242 billion in 2019–20, equivalent to about 12.4% of GDP. This sector includes the extraction of valuable minerals such as iron ore, gold, coal, and natural gas. The value of exports from mining activities further demonstrates the significance of this sector. For example, in 2022, iron ore exports alone were valued at nearly AUD 133 billion, showcasing Australia's strong position in the global market. Investments in the mining sector provide substantial returns and contribute to job creation, economic growth, and infrastructure development. Mining site showcasing Australia's vast resources Key Resources Driving Investments Minerals Australia is the leading global exporter of several key minerals. As the world's largest producer of lithium, which is essential for battery technology, the demand for Australian lithium has skyrocketed with the rise of electric vehicles. This positions Australia as a critical player in the renewable energy revolution. Energy The country also possesses rich energy resources, including coal, natural gas, and renewables like solar and wind. Australia is the second-largest exporter of coal globally, which has historically contributed significantly to its GDP. However, there is a growing shift towards renewable energy investments as the world moves towards more sustainable sources. The government has made ambitious commitments to reduce carbon emissions, incentivizing renewable energy projects across the country. Agriculture Agriculture remains a fundamental part of the Australian economy. The country produces a wide range of products, including wheat, beef, and wool. Australian agriculture is characterized by high-quality products that enjoy strong demand in international markets. With advancements in agricultural technology, investments in this sector are becoming increasingly attractive. Wheat field showcasing Australia's agricultural potential Trends in Resource Investments A myriad of trends are influencing resource investments in Australia today. For investors, it's essential to stay abreast of these trends to make informed decisions. Sustainability and Green Investment Sustainability has become a major focus in the Australian investment landscape. Given global concerns about climate change, there is a shift towards investments that prioritize environmental responsibility. This shift is driving innovations in renewable energy technologies and leading to increased funding for sustainable practices across industries. Technological Advancements The introduction of new technologies, such as artificial intelligence and blockchain, is reshaping the investment landscape. In mining, for example, companies are exploring automation and data analytics to streamline operations and improve efficiency. Investors can benefit from opportunities that leverage these technologies for long-term growth. Government Policies and Incentives Government policies play a crucial role in shaping investment opportunities. Australia's government has been proactive in promoting foreign investment, particularly in the resources sector. The establishment of infrastructure projects designed to enhance transportation and accessibility boosts investor confidence. Various tax incentives and grants are also available, encouraging further investment in critical sectors. Solar panels showcase the transition to renewable energy sources Navigating Investment Opportunities For both seasoned and novice investors, understanding the landscape of resources and investments in Australia is critical. Here are some actionable steps to navigate these opportunities effectively: Conduct Thorough Research Before investing, it is essential to research market trends, potential risks, and sector performance. Use resources like the Australian Bureau of Statistics and industry reports to get a comprehensive understanding of the current market. Diversification of Investments Diversification is key to managing risk. Consider investments across various sectors such as mining, agriculture, and renewable energy to balance your portfolio. This strategy ensures that you are not overly reliant on a single sector's performance. Networking and Partnerships Building a network within the Australian investment community can open doors to new opportunities and insights. Consider joining local investment groups, attending seminars, or connecting with industry experts in your area of interest. Utilize Technology and Data Leverage technology to enhance your investment strategy. Tools that provide data analytics, market comparisons, and trend forecasts can help you make informed decisions and adapt your strategies accordingly. Be Mindful of Regulatory Changes Keep an eye on changes in legislation or regulations that may affect your investments. Governments can introduce new policies that could impact various sectors, so staying informed will allow you to adjust your investments in response. Investing in Australia’s rich resources can lead to substantial financial rewards. However, it is essential to approach the investment landscape with careful consideration, utilizing available resources to navigate this dynamic environment effectively. The opportunities are vast, and with the right strategies, investors can achieve remarkable success. Future of Resources Investments in Australia The prospects for Resources Investments in Australia look promising. As global demand for minerals and energy resources continues to grow, Australia remains a pivotal player in the international market. With the push for sustainability, there will be an increasing number of projects that focus on environmentally friendly practices. Adapting to market trends, such as the rise of green technologies and the increasing appeal of agricultural investments, will ensure that investors remain competitive. Additionally, incorporating innovative solutions—such as automation in the mining industry and advanced farming technologies—will further enhance the growth potential. The June 2025 Resources & Energy Quarterly projects total resource and energy export earnings to fall from A$385 billion in FY2024–25 to A$369 billion in FY2025–26, and further to A$352 billion in FY2026–27. But beneath that decline lurks strong growth in export volumes for high-demand minerals, helping sustain regional economies. Gold is set to become Australia’s third-largest resource export behind iron ore and LNG, with forecast earnings of A$56 billion in FY2025–26—up from ~A$52 billion a year earlier. Production is expected to rise to 289 tonnes in 2025–26 and 313 tonnes in 2026–27. Copper exports are projected to grow over 25%, reaching A$16.7 billion in FY2026, and continue expanding to over A$18 billion by FY2027, powered by demand from the EV and renewable energy sectors. In conclusion, the Australian resource sector is ripe with opportunities for ambitious investors. By understanding the intricacies of the market, being mindful of emerging trends, and navigating the investment landscape strategically, individuals and organisations can capitalize on Australia's abundant resources. Whether it's mining, energy, or agriculture, the possibilities for investment in Australia are extensive and promising. For more information on investing and resources in Australia, visit samso australia. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.

Coffee with Samso Episode 207 is all about a misunderstood gold mining story in the midst of an unprecedented gold price rush. Gold producing companies are all buoyant and experiencing an emotional high on valuation. Shareholders fortunate to be on companies that are literally printing money are all in a state of euphoria, but in the middle of the rush, there is always some hidden value. The hidden value is typically brushed aside by the juggernaut of cash-producing gold miners speeding past the sights of investors. The big question that this episode of Coffee With Samso is addressing is whether Horizon Minerals Limited is that hidden value that astute investors should be looking at as a potential investment. Coffee with Samso: Building a Gold Company from the Ground Up. Guest: Grant Haywood, Managing Director & CEO – Horizon Minerals Ltd (ASX: HRZ) Location: UWA Club, Crawley, WA Introduction In this episode of Coffee with Samso, we sit down with Grant Haywood, an experienced mining engineer and the driving force behind Horizon Minerals Ltd (ASX: HRZ). With over 30 years of experience in the gold mining sector, Grant walks us through the evolution of Horizon Minerals from a small-scale developer into an emerging mid-tier gold producer in Western Australia’s Eastern Goldfields. Horizon’s Journey: From Merger to Momentum - A Gold Mining Story. Horizon was born from the 2019 merger of Intermin Resources and MacPhersons Resources. This strategic consolidation, followed by subsequent acquisitions—most notably Greenstone Resources and Poseidon Nickel’s Black Swan plant—has expanded the company’s resource base to over 1.8 million ounces of gold. Today, Horizon is producing gold from two key cornerstone projects—Booraara and Burbanks—through third-party processing facilities while preparing its own Black Swan plant for refurbishment and restart in 2026. Key Highlights from the Conversation Producing Now, Building for Tomorrow - Horizon is already generating revenue from Booraara (processed at Paddington) and Phillips Find (processed at FMR’s Greenfields plant). This cash flow helps reduce the capital needed for restarting their own plant. Undervalued in the Market? - At a market cap of ~$125M and a resource base of 1.8Moz, Horizon appears undervalued compared to peers, especially as it is already producing and generating cash flow. The Path to 100,000oz per Annum - With aspirations of reaching 100koz/year by late 2026, Horizon plans to use its own refurbished plant at Black Swan (acquired from Poseidon) to process ore from Booraara, Burbanks, and other satellite projects. Drilling to Grow: Burbanks in Focus - A major 30,000m drill campaign is underway at Burbanks, split evenly between infill and extensional targets. Only 25% of the current resource is in the Indicated category, so the objective is to upgrade classification and build reserves for future feed. The Silver Option – Nimbus - The Nimbus silver-zinc project (20Moz Ag, 104kt Zn) is a long-term optionality play. Environmental cleanup has been completed, and reclassification of the site is expected soon. Once permitted, a flotation circuit at Black Swan could enable cost-effective processing if silver prices justify it. Strategic Land Position - Horizon holds over 1,300km² of tenements around Kalgoorlie and Coolgardie. With ~$5M in annual expenditure commitments, the company continues to evaluate M&A opportunities and potential divestments. Near-Term News Flow Infill & extensional drill results from Burbanks September quarter cash flow from current production Black Swan plant refurbishment PFS (due Q4 CY2025) Mining studies to map feed sources for Black Swan Samso Concluding Comments I’ve been following Horizon Minerals for a while now, and sitting down with Grant Haywood really brought the story into focus. What I saw was a company that has quietly transitioned from being just another gold explorer to one that is genuinely producing—and doing so in a way that makes sense in the current gold environment. What stands out to me is the clarity of their strategy. Rather than rushing into big capex spends, Horizon is using third-party infrastructure to generate cash while carefully planning the refurbishment of the Black Swan plant. It’s a smart move. This kind of thinking—measured, practical, and value-driven—is what sets them apart from a lot of other emerging gold plays. They’ve set their sights on becoming a 100,000oz/year producer by late 2026, and from where I sit, that is achievable. The resource base is there. They’re mining. Cash is already flowing. And with drilling continuing at Burbanks and Booraara, the potential to expand and firm up long-term feed is only growing. There’s also a glaring disconnect between the market valuation and what the company has quietly built. I wouldn’t be surprised to see a rerate once the PFS for Black Swan is released and the market catches up to the fact that Horizon is well past the explorer stage. From an investment lens, what I see is a company with production, real optionality (think silver at Nimbus and even future nickel), and a near-term path to self-sustaining operations. The pieces are on the table. The next few quarters are all about execution—and in my view, that’s where Grant’s background in operations will be important. Remember, the devil is always in the details and having an operational thinking flag bearer like Grant will be very important. Click below to watch the Coffee with Samso and use the Chapters if you want to skip certain parts of the conversation. If you are just interested in listening to the Podcast, look below the chapters for just the listening experience. The chapters below will help you navigate the Coffee with Samso, and l hope you will all get some value from Grant. Chapters: 00:00 Start 00:10 Introducing Samso News and Episode 207 of Coffee with Samso 02:06 Grant Haywood and the Horizon Minerals Story. 05:07 The Burbank Asset Acquisition. 05:50 Horizon Business Case. 07:12 The undervaluation of Horizon Minerals. 09:07 Explaining Booraara as one of the two Key Assets for Horizon Minerals. 10:14 The Numbers and Upside for the Booraara Project. 11:38 The Strategy for the Recent Fund Raising. 15:34 Upside of the Poseidon Acquisition. 18:06 The Horizon Minerals Mining Strategy. 20:41 The Silver Story for Horizon Minerals. 24:15 Are there any issues with Haulage for the Black Swan Strategy? 26:58 Minimum Expenditure 27:25 News Flow 31:09 Key Highlights Investors should look out for? 33:27 Could Nimbus be a Positive or a Negative for the Horizon Story? 36:47 What should Investors Take away from this discussion? 37:21 Conclusion PODCAST 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. 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