Announcement Ironbark scoping study highlights robust mining opportunity 12.5 Million Placement Positions GBR for Aggressive Resource Growth at Side Well. 8m @ 8.57g/t Au – Ironbark continues growing to the south. Drilling extends shallow strike over 200m at Side Well South Great Boulder Resources Ltd (ASX:GBR) has reached a major inflection point with the release of its Ironbark Scoping Study on 17 July 2025. The study outlines a high-grade, open-pit opportunity delivering strong economics with a pre-tax NPV of ~$137 million and an IRR of 152%, based on a conservative two-stage mining model. With a modest capital start-up cost of just $3.1 million and a production target of 79,000oz, Ironbark now stands as a viable near-term mining opportunity. Importantly, the study does not yet account for recent high-grade step-out results, highlighting the clear upside that remains. This announcement follows a series of high-impact updates, including shallow strike extensions at Side Well South, new high-grade hits at Ironbark, and a $12.5 million placement that has positioned GBR to aggressively expand resources and progress development work. With RC drilling underway at Mulga Bill and Ironbark’s footprint still growing, GBR is advancing its transition from explorer to future producer, firmly anchored by technical discipline and strategic execution. Figure 1: Great Boulder’s known deposits and other prospects at Side well (source: GBR) 1.0 12 June 2025 – Turning Shallow Hits into a Systematic Opportunity This announcement frames Side Well South as more than a one-off hit. The continuity of shallow, high-grade mineralisation over a growing strike length suggests a scalable gold system. The emerging linkage with the Golden Bracelet positions this zone as a potential early-stage feed source, reinforcing the broader development strategy at Side Well. Key Highlights RC drilling confirmed a 200m shallow strike extension of gold mineralisation at Side Well South, interpreted as a continuation of the historic Golden Bracelet lode. Key intercepts include (Figure 2): 9m @ 2.28g/t Au from 35m, including 1m @ 9.18g/t (25SWRC021) 4m @ 11.70g/t Au from 116m (25SWRC008) 4m @ 2.79g/t Au from 58m and 4m @ 1.32g/t Au from 67m (25SWRC011) Figure 2: Recent RC results at Side Well South (source: GBR) This is consistent with an Ironbark-style system—high-grade and close to surface. A 10-hole AC program at Saltbush was completed to support a maiden MRE. Additional 41 AC holes were drilled at Side Well South—results pending. Ironbark scoping study remains on track for delivery in early July. 2.0 13 June 2025 – Ironbark’s Southern Horizon Awakens Ironbark is evolving into a true cornerstone deposit. The southward step-outs, backed by solid intercepts like 8m @ 8.57g/t Au, push the known mineralisation envelope and strengthen the case for near-term development. The announcement reaffirms Ironbark’s role not just as a resource, but as a strategic cashflow engine in waiting. Key Highlights RC drilling has delivered another high-grade hit 65m south of the Ironbark MRE: ▸ 8m @ 8.57g/t Au from 92m, including 3m @ 19.57g/t and 1m @ 41.4g/t (25IBRC007) (Figure 3). This follows from May’s result of 8m @ 9.07g/t Au in 25IBRC004. The footprint of high-grade mineralisation now extends at least 85m beyond the current MRE boundary. The deposit remains open to the south and at depth, with step-out drilling continuing. Assays from additional holes are pending, with fieldwork and permitting progressing. A simple, tabular ore geometry and proximity to surface suggest Ironbark could be a key source of early-stage cash flow during future mine development. Figure 3: Recent RC results at Ironbark (source: GBR) 3.0 23 June 2025 – Funding the Transition: From Growth to Gold Mining Development. This raise marks a shift in tempo. The $12.5 million placement isn’t just about extending drill lines—it signals GBR’s readiness to pursue a resource growth campaign at scale. With new institutional support and runway to pursue studies, approvals, and aggressive drilling, Side Well is entering its acceleration phase with purpose. Key Highlights GBR secured $12.5 million in a strongly supported Placement at $0.061/share. The raise brings the Company’s cash balance to approximately $15 million. Funds will be used to: Fast-track RC and AC drilling at Ironbark, Side Well South, and Saltbush. Advance approvals and studies at Ironbark. Support geophysics, geochemistry, and target generation. The Placement attracted new North American institutional investors, increasing global visibility and confidence. GBR is targeting a 1Moz resource base, building on the current 668koz @ 2.8g/t Au MRE. Upcoming catalysts include the Ironbark scoping study and continued drill results. 4.0 17 July 2025 – Targeting High-Grade Core Growth + Ironbark Scoping Study Delivered. Great Boulder Resources has released the results of its highly anticipated Ironbark Scoping Study, confirming the strong development potential of the deposit as a short-mine-life, high-grade, open pit opportunity. The study adds significant weight to the Side Well Project’s emerging profile as a future standalone gold operation. Key Highlights Robust economics: Pre-tax NPV8 of ~$137 million and IRR of 152%. Modelled at a spot gold price of A$5,064/oz. Two-stage production target totalling 1.26Mt @ 2.0g/t Au for ~79,000oz gold: Stage 1: 648kt @ 1.4g/t for ~30,000oz. Stage 2: 615kt @ 2.5g/t for ~49,000oz. Simple, tabular, steep-dipping geometry, ideal for open pit extraction. Pit optimisation based on A$4,000/oz gold, using a two-stage design. Initial capital expenditure of just A$3.1 million for Stage 1 infrastructure. Study excludes recent step-out drilling, such as the 8m @ 8.57g/t Au hit 90m south of the MRE, underscoring further resource growth potential. Figure 4: IRONBARK STAGE 2 PIT DESIGN (ISOMETRIC VIEW) WITH OREBODY OVERLAY (ENTECH) (source: GBR) This scoping study, combined with ongoing RC programs at Ironbark and Mulga Bill, positions Great Boulder for a dual focus: near-term development and continued high-grade resource expansion (Figure 4). Great Boulder’s Managing Director, Andrew Paterson, commented: “This is a fantastic result. We selected Ironbark as the subject of the first economic study within our Side Well Project because we can mine the deposit without interfering with ongoing work at the other deposits and prospects. In the longer term we anticipate this is just the beginning at Side Well, and we will be outlining a much larger, long-life mining opportunity with the work planned in the next 12 to 18 months. This clearly demonstrates the underlying value represented by Great Boulder.” “We are now progressing the various field studies required for mining approvals and processing. The hydrogeology work is underway, and we aim to have everything completed by the end of this year in order to lodge a mining approval application as soon as the Mining Lease is granted.” Samso Concluding Comments The Great Boulder story hinges on how it makes Side Well a mining proposition. Initially, there were just not enough ounces to project a coherent picture of a project maturing beyond early-stage exploration. With the current drilling campaign, backed by institutional funding to target the transition from scale definition to development strategy, the landscape for the company is dramatically changing. Mulga Bill, with its dense, high-grade core, remains a standout within the Side Well system. With focused infill and extension drilling now underway, GBR is chasing both ounces and optionality. Ironbark, meanwhile, continues to show potential as a launch point for production—its near-surface, high-grade geometry is tailor-made for streamlined development. For me, the optionality is about how Great Boulder can position itself for an M&A scenario, with the second prize of building a standalone gold mining business. The alignment of funding, drilling, permitting, and scoping work is simply getting the ball rolling, and with a buoyant gold price and a very excitable gold market, this makes perfect sense. It is all about laying the groundwork for a standalone, scalable production story in WA’s gold belt and letting all suitors out there know that they can make this happen, so if you want a piece of the action, come and talk to us. Figure 5: Great Boulder share price chart os of 1st August 2025. (source: commsec). With a market capitalisation of AUD51M and cash in the bank, this is a good one to do some serious DYOR. In fact, I could almost go as far as saying that it's almost a no-brainer. There is a big gold mining monster next door, and when GBR has ticked enough boxes, I am sure they will be coming for them. Great Boulder has nothing to lose, and at this moment, it is holding all the jokers. What the company does not want to happen is a softening of the gold price. One thing I know for sure is that with over 30 years in this industry, when the market thinks it has it all figured out, the opposite will happen. The Samso Way – Seek the Research Great Boulder’s progress is a reminder that strong projects are built on data and discipline. The Ironbark Scoping Study confirms real development potential, while ongoing drilling continues to add value. For those who do the research, GBR stands out as a gold story grounded in substance, not speculation. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2025 Cyclone Metals Limited (ASX: CLE) has released its Quarterly Activities Report for the period ending 30 June 2025, and the Iron Bear Project is steadily ticking boxes. As readers will remember from our previous Samso News, the Iron Bear project is backed by a strategic partnership with Vale S.A. The quarter saw the completion of critical technical studies, advancement in metallurgical testing, progress across engineering and environmental baselines, and tangible steps toward the upcoming Scoping Study and PFS. For shareholders, Cyclone Metals is focusing on de-risking its flagship 16.6Bt Iron Bear Project in the Labrador Trough (Figure 1). Figure 1: Iron Bear Project (source: CLE) Cyclone’s CEO and Executive Director, Mr Paul Berend, highlighted the benefits of the collaboration with Vale in advancing the project: “It is encouraging to see the Project developing at a rapid pace with key de-risking milestones being achieved. He added, “We are confident that the Iron Bear Project will deliver substantial benefits for all the key stakeholders, including our shareholders and local communities, as we work closely with our partner Vale, to develop a sustainable mining operation powered by cutting edge technologies and renewable energy”. Cyclone has met all key Iron Bear milestones and is now preparing 2025 drilling to expand resources, while advancing dry tailings work to support in-pit rehabilitation and enhance project sustainability (Figure 2). Figure 2: Strategic Development Plan Iron Bear Project (source: CLE) Highlights – Iron Key Bear Project - The Green Iron Ore Story. 1.0 Power Supply Study: Green and Economically Robust Hatch Ltd completed a conceptual power study to AACE Class 5 standards, outlining staged renewable energy solutions for the Iron Bear mine and concentrator complex. Three-phase power supply scenarios (10 Mtpa to 50 Mtpa) were modelled using blended hydro (Menihek, Churchill Falls) and wind energy. Phase 1 power unit cost estimated at just CAD 0.023/kWh, confirming cost-effective energy underpinned by green infrastructure (Figure 3). Total power CAPEX estimates range from CAD 1.6B (Phase 1) to CAD 4.4B (Phase 3). Figure 3: Iron Bear could operate with 100% renewable power (source: CLE) 2.0 Phase 4 Metallurgical Test Work Completed 17.7 tonnes of core sediment processed at the Quebec-based pilot plant (Figure 4). Outputs included: 2.3t DR concentrate @ 71% Fe, 1.2% SiO₂ 3.5t BF concentrate @ 69.1% Fe, 3.5% SiO₂ 260kg DR pellets @ 68.4% Fe with excellent metallisation and physical attributes. Recovery improvement: flotation yields lifted to 87–89%, well above the prior 80%. Figure 4: Selected drillhole collars for sampling campaign. (source: CLE) 3.0 Rail and Slurry Pipeline Studies Advance Simulation modeling completed to identify potential bottlenecks on existing rail infrastructure. Preliminary design and hydraulic modeling completed for the slurry and return water pipelines. Both rail and slurry studies feed into a broader internal trade-off study ahead of the PFS. 4.0 PFS Contracts and Additional Engineering Work Tenders issued and near award for: Main PFS Pelletising Study Marketing Study (Phases 1 & 2) Dewatering, drying, and dry tailings stacking testwork underway. Conceptual mine planning initiated using latest resource model. 5.0 Environment & Community Engagement Environmental and social work packages awarded to Sikumiut Environmental Management Ltd. (physical environment & permitting) and Transfert Environnement et Société (social integration). In-field surveys completed in June 2025: Focused on species at risk and biodiversity Surface water quality and flow regime monitoring installed, with two more survey visits planned in Q3–Q4 2025. 6.0 Financial Overview Cyclone had $1.3M in cash at 30 June 2025. Reimbursement of $1.2M from Vale for Q1 operational costs. Iron Block 103 Corporation (CLE’s Canadian subsidiary) held $5.2M in cash, with an additional US$5M received 3 July 2025 from Vale per the development agreement. CLE also holds ASX-listed equity investments totalling ~$6.7M. 7.0 Update on Other Assets Before Cyclone took on Iron Bear, the company portfolio had a mix of Australian and projects in New Zealand projects. The projects are primarily exploration in nature, and in light of the value of Iron Bear, these projects have taken a back seat to exploration activities. 7.1 New Zealand – Grand Port Projects (Figure 5) Sampling completed at Drybread (797 samples) and Waikerikeri (662 samples). Passive seismic (Tromino) geophysical surveys completed to support structural interpretations. Progress continues at Muirs and Mareburn tenements; geological modelling commenced at Muirs. Figure 5: Location of Grand Port Projects, situated in premier gold production districts. (source: CLE) 7.2 Australia – Wee Macgregor and Lady Ethleen (QLD), Nickol River (WA) Cyclone retains 20% interest in Wee Macgregor (Cohiba earning 80%). The Lady Ethleen tenement continues to be evaluated following prior GlyLeach™ trials. CLE continues to assess options for Nickol River, including JV or divestment strategies (Figure 6). Figure 6: Nickol River Project tenements, located 10km east of Karratha in the West Pilbara of Western Australia (source: CLE) 8.0 Corporate Updates Shareholder Meeting held 5 June 2025: all resolutions passed. Multiple share and performance rights transactions completed, including: Issuance of ~14.1M shares and 2M performance rights (converted to shares). Options (CLEO) began trading on ASX in May 2025. Quarterly spend: $198K exploration (mainly NZ) $390K admin and corporate cost $1.2M reimbursed by Vale Samso Concluding Comments Cyclone Metals is quietly shaping the Iron Bear Project into a credible green-aligned iron ore story on the ASX. Cyclone is showing the market that it is ticking the boxes that the company said it would do, in the process giving the market confidence that this is more than just talk. As an early shareholder, whenever I explained this story, I was consistently being rebuffed on its significance and ability to have market acceptance. Figure 7: Cyclone Metals Limited share price chart as at 28th July 2025. (source: commsec) The cost metrics revealed in the power study are compelling. A CAD 0.023/kWh energy input for Phase 1 puts Iron Bear firmly into the lower quartile for energy costs, critical for high-margin DR pellet production. From a metallurgical standpoint, the test results validate Iron Bear’s feed quality and processing potential and further support its low-carbon credentials. In addition, the standout power study is not just the numbers, although sub-CAD 0.025/kWh is impressive—it’s the execution. Partnering with Hatch, designing around Menihek and Churchill Falls, and mapping out three scalable phases signals a strategic, long-game mindset. It’s clear Cyclone is building a project that aligns with where the global steel industry is heading. For investors, this report reinforces CLE’s transition into a technically and financially supported iron ore development company. The next major catalysts will be the release of the Scoping Study, finalisation of the rail and slurry studies, and the kickoff of the Pre-Feasibility Study. This level of momentum, especially when paired with ESG-aligned infrastructure and community engagement, is not common for a junior iron ore developer. Vale’s presence in the background should not be overlooked or forgotten. Their funding and technical support de-risk the path to production considerably. This level of validation, along with the progressive test work and near-term Scoping Study, means the pieces are coming together with a high degree of intentionality. For investors, this is a time to consider how early de-risking—in metallurgy, infrastructure, and ESG—can be a value unlocker in this cycle. Iron Bear may not be front-page news just yet, but if the current momentum holds, that won’t be the case for long. For me, the Cyclone story has always been about execution, and at this stage, Cyclone appears to be aligning the right pieces on that front. The Samso Way – Seek the Research At Samso, we believe this is the phase where real value begins to crystallise. The iron ore market is changing, and companies that position themselves early in the low-carbon supply chain, supported by strong partnerships and rigorous planning, could be tomorrow’s strategic winners. Keep your eye on the detail—and always seek the research. 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 AMA grants reimbursement code for Next-Gen PromarkerD test WA Proteomics Facility Receives $6m Boost to Supercharge Precision Diagnostics Proteomics International Laboratories Limited (ASX: PIQ), has taken two strategic steps forward in the span of days, cementing its position as a leader in precision diagnostics. First, the Company secured a $6 million funding package to expand the WA Proteomics Facility in Perth, and now, it has received a dedicated US reimbursement code (CPT PLA 0579U) for its next-generation PromarkerD test. These developments reflect a well-executed plan to build both the physical infrastructure and regulatory framework required to take PIQ’s proteomic technologies into global markets. Proteomics International Managing Director Dr Richard Lipscombe, commented: “This facility can become a national hub for precision diagnostic testing across clinical and agricultural proteomics. Extending our recent successful capital raise with state-of-the-art infrastructure to analyse thousands of samples at industrial scale, we can turn biological insight into real-world solutions—whether that’s improving outcomes for patients with chronic diseases or selecting better crop varieties to address food security.” “Ensuring kidney health is a priority for our company and obtaining this dedicated PLA code is a crucial milestone in our strategy to improve access to meaningful diagnostic tests. Expanding access to PromarkerD will help to improve kidney health for patients everywhere.” The Business of Proteomics International Laboratories Ltd (ASX: PIQ) - PromarkerD - The Business of Predictive and Diagnostic Blood Test. (source: Proteomics) PromarkerD is a predictive and diagnostic blood test designed for individuals with type 2 diabetes (and promisingly type 1) to assess the risk of developing diabetic kidney disease (DKD) up to four years before symptoms emerge. Developed by Proteomics International (Australia), it combines protein biomarkers with clinical data through a proprietary cloud-based algorithm that classifies patients into low, moderate, or high risk categories. Clinical studies demonstrate strong predictive performance—correctly identifying around 86% of at-risk patients—and published research highlights its superiority over traditional kidney-function assays. The test aims to support early intervention strategies, allowing personalized treatment plans that slow disease progression and improve long-term outcomes. Commercially, PromarkerD has rapidly expanded since its clinical validation. In March 2025, Proteomics International launched the test in Australia—starting in Western Australia and the Northern Territory—priced around AUD 245, with plans for a nationwide rollout via healthcare providers and a direct-to-consumer model. Simultaneously, a CLIA-certified reference laboratory in California was opened to enable U.S. commercialization, with promotional support through partners such as Sonic Healthcare USA and Growth Medics in Europe. PromarkerD sits within a broader precision-diagnostics strategy from Proteomics International, which includes future offerings like PromarkerEso and PromarkerEndo. Key Highlights – Double Milestone for PIQ 1. $6 Million Co-Investment in WA Facility: A collaborative three-year funding deal involving UWA, PIQ, the WA Government, and Bioplatforms Australia, backed by the NCRIS initiative. PIQ’s own contribution totals $1 million. 2. US AMA CPT Code 0579U Assigned: The American Medical Association has issued a unique PLA billing code for PIQ’s immunoassay-based PromarkerD test, enabling it to be ordered, billed, and tracked under US insurance systems from 1 October 2025. 3. Pricing Submission Made to CMS: PIQ has submitted its recommended pricing to the Centers for Medicare & Medicaid Services (CMS), with preliminary pricing due in September 2025. 4. Industrial-Scale Diagnostic Expansion: The upgraded WA Proteomics Facility will increase throughput and accuracy for biomarker analysis, supporting large-scale diagnostics across both health and agriculture sectors. 5. Strong Pipeline Support: This infrastructure directly supports PIQ’s broader diagnostic pipeline—PromarkerEndo (endometriosis), PromarkerEso (esophageal cancer), and OxiDx (oxidative stress)—in addition to PromarkerD (Figure 1). Figure 1: The Promarker® suite of diagnostic tests (source: PIQ) The CPT PLA code is a major milestone in PIQ’s US commercialisation strategy. It unlocks a reimbursement pathway, allowing healthcare providers to order the PromarkerD test, payers to process claims, and regulators to monitor usage. With diabetes-related kidney disease affecting millions globally, and 1 in 3 US adults with diabetes at risk of progression to kidney failure, the test’s potential clinical utility is significant. PromarkerD offers early identification—up to four years before symptoms—allowing for targeted prevention and potentially saving billions in downstream healthcare costs. On the infrastructure front, the WA Proteomics Facility expansion positions Perth as a national hub for accredited proteomic diagnostics. The facility—operated in partnership with The University of Western Australia—will be upgraded with automated sample handling systems, new diagnostic workflows, and advanced bioinformatics capability. This enables not just PromarkerD, but a suite of PIQ’s diagnostic innovations, to move toward scaled validation and delivery. What is proteomics? Proteomics is the large-scale mapping of the structure and function of proteins. 1. Unlike our genes, the protein make-up in our bodies differs from cell to cell and changes considerably over time. For example, a cancerous cell will have significantly different proteins to a healthy cell. 2. The caterpillar and butterfly have exactly the same genes, but differences in their proteins cause dramatic differences during the lifecycle. Why are proteins important? While the genome is static throughout life, the proteins expressed by our cells reflect dynamic biological processes, providing a window into the current state of health or disease. The caterpillar and the butterfly have exactly the same genome (Figure 2). The proteins that their cells make are why they are different. By studying protein composition, scientists can develop diagnostics that detect disease earlier, tailor treatments to individuals, and guide agricultural decisions that improve yield and sustainability. Figure 2: Same genes, different proteins—dramatic change from caterpillar to butterfly. (source: PIQ) Samso Concluding Comments With the assignment of a CPT PLA code for PromarkerD in the US and a multi-million-dollar expansion of its WA Proteomics Facility, Proteomics International has pulled off a double play—securing both market access and the infrastructure needed to deliver at scale. These are not speculative moves; they reflect years of focused development, strategic partnerships, and a disciplined approach to commercialisation. The significance of the AMA code is the gateway to reimbursement, clinical adoption, and commercial traction in the largest diagnostics market in the world. Combined with a test that identifies kidney disease risk years before symptoms emerge, this positions PIQ to deliver meaningful value to patients, payers, and providers. It’s also a strong validation of the Company’s platform and its future potential across multiple diagnostic indications. Meanwhile, the investment in the WA Proteomics Facility shows a company preparing for real-world application, not just proof-of-concept. It’s a rare moment when infrastructure and regulatory timing align, and PIQ is capitalising on that. For long-term investors, this is the kind of story where today’s groundwork sets the stage for tomorrow’s re-rate. We often talk about companies that are “ready to scale”—PIQ appear to have both the scientific tools and commercial pathways to do just that. The Business of Predictive and Diagnostic Blood Test is still unfolding, but the pieces are falling into place. The Samso Way – Seek the Research These back-to-back announcements reinforce why PIQ is not just a single-product story. The CPT PLA code puts PromarkerD on the reimbursement map in the US—one of the most commercially significant diagnostics markets globally. Meanwhile, the WA facility upgrade provides the technological backbone to support rollout and scale, not just for PromarkerD, but for the Company’s entire diagnostic pipeline. For investors, this is a rare combination: regulatory traction abroad, capacity growth at home, and strong alignment with public and private partners. This is the infrastructure that enables science to become market-ready medicine. 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 24 Jul 2025 Quarterly Activities/Appendix 4C Cash Flow Report 21 Jul 2025 AML3D Receives $1.2M Portable Arcemy System Order AML3D Limited (ASX: AL3) continues to solidify its reputation as a key enabler of defence manufacturing transformation. Over the June 2025 quarter, the company advanced its “US Scale Up” strategy with concrete progress in strategic partnerships, facility expansion, and order momentum. With a freshly announced order for a portable ARCEMY® system and a strong quarterly cash position of A$30.4 million, AML3D is not just building metal parts, but reshaping how defence manufacturing is delivered. Portable Manufacturing Redefined: US Navy ARCEMY® Order Advances Forward-Deployed Manufacturing - A 3D Printing Business Targeting Moneytisation of a Concept. Highlights from 21 July 2025 – ARCEMY® Small System Order ▸ New Order: A ~A$1.2 million ARCEMY® Small system was ordered by Austal USA for use at the US Navy’s Additive Manufacturing Center of Excellence in Danville, Virginia. ▸ Containerised Mobility: The system will be pre-mounted in a 20-foot shipping container, cutting installation time from 2–3 weeks to 2–3 days and allowing easy redeployment. ▸ Strategic Use Case: Designed to accelerate development and support small part production, the unit will serve as a precursor for potential point-of-need military deployments. ▸ Forward Outlook: This order demonstrates AML3D’s strategy to broaden ARCEMY® applications for defence and commercial use across not just the US, but into allied markets such as the UK and Australia. ARCEMY® Small Edition features the smallest footprint of the commercial ARCEMY®s. This entry-level WAM® solution is perfect for parts up to 750 kg in weight (Figure 1). Figure 1: ARCEMY® Small Edition (source: AL3) Pete Goumas, President & CEO, AML3D USA Inc. commented “Our ARCEMY® Small system… opens up another potentially significant market opportunity – fully forward, point-of-need, deployable systems that meet US military specifications.” Sean Ebert, CEO, AML3D Limited, commented “We have only just begun to unlock the huge opportunity for AML3D’s advanced manufacturing technology to support the US military and its wider supply chain.” Strategy and Execution: AUKUS-Backed Scale-Up Strategy Across the US, UK, and Europe; Highlights from 24 July 2025 – June Quarter Activities and Appendix 4C US Growth Engine: ▸ Q4FY25 customer receipts of A$2.9 million, up 77% YoY. ▸ Stow, Ohio Technology Centre officially opened—deepening US Navy relationships. ▸ Letter of Intent (LOI) from the US Navy identifies ARCEMY® as “pivotal” to supporting the Maritime Industrial Base (MIB), with a potential A$150–200M opportunity. Defence Collaboration & Recognition: ▸ US Navy tailpiece parts manufactured in 5 weeks (vs 17 months traditionally) now in testing for deployment on Virginia-class submarines. ▸ ARCEMY® integrated into Virginia’s IALR and the US Navy’s ATDM programs to support skilled workforce development. ▸ Austal and BAE Systems' partnerships expanded, indicating long-term growth in US and UK defence markets. Financial Resilience: ▸ Cash position of A$30.4 million as of 30 June 2025. ▸ FY25 cash receipts of A$8.7 million. ▸ $2 million invested in R&D, including the A$2.24 million ADIR project to improve deposition rates. Strategic Deployment: ▸ $12 million committed to doubling US manufacturing. ▸ $5 million earmarked for a European manufacturing and technology centre. ▸ Entry into US utilities market and expanding addressable US Navy defence programs. Sean Ebert, CEO, AML3D Limited, commented “Our US advocacy program is unlocking a surge of near-term opportunities, with the Navy LOI and manufacturing licence agreements putting AML3D at the heart of the MIB buildout.” Samso Concluding Comments The A$1.2 million order for the containerised ARCEMY® Small system is more than just revenue—it’s validation of AML3D’s manufacturing flexibility and the future of modular, forward-deployable additive manufacturing. Who would have thought that the simplistic theory of 3D printing would bring about big dreams? These systems are not just disrupting supply chains; they’re becoming essential to them. The broader message from the June quarter is equally clear: AML3D is embedding itself into the operational DNA of defence manufacturing in the US and now the UK. The Letter of Intent from the US Navy signals strategic-level engagement and future recurring opportunities. The market is beginning to see AML3D not as a tech play, but as infrastructure for 21st-century defence capability. From an investor perspective, AML3D appear to be on the verge of converting strategic advantage into sustained commercial success. With a fortified balance sheet, high-impact partnerships, and multi-jurisdictional growth pathways, AML3D now needs to execute as this will remain the key metric in the coming quarters. At Samso, we see AML3D quietly moving through a critical inflection point. The technology has been proven. Now, the partnerships, customer validation, and cash strength are starting to line up. ASX investors looking for exposure to the lucrative defence sector should be keeping an eye on AML3D. The Samso Way – Seek the Research AML3D’s story isn’t about speculation—it’s built on delivery, partnerships, and scalable innovation. If you’re following the defence industrial base transformation or additive manufacturing as a strategic sector, dig into the ASX announcements. The research is there. The signals are clear. 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 30 Jun 2025 Ausgold Definitive Feasibility Study Katanning Gold Project Ausgold Limited (ASX: AUC) has delivered a definitive milestone with the release of its Definitive Feasibility Study (DFS) for the 100%-owned Katanning Gold Project (KGP). The study validates KGP as one of Australia’s most advanced undeveloped open-pit gold projects, combining scale, near-term development potential, and robust economics within a Tier-1 jurisdiction (Figure 1). Figure 1: KGP Project - Long-life, low-risk operation in a Tier-1 jurisdiction (source: AUC) Ausgold Executive Chairman John Dorward commented: “We are delighted with the outcomes of the DFS which clearly demonstrate the robust financial returns that will be generated by the KGP. The onschedule completion of this high-quality study marks a critical milestone in Ausgold’s journey to becoming Australia’s next mid-tier gold producer. We are now turning our minds to the next phase of project development, including front-end engineering and design and debt financing, while we also progress activities to finalise land access and complete permitting for the Project.” Key DFS Highlights – A Glance at the Path of the Gold Mining Operation. (Figure 2). Life-of-Mine (10 years): ▸ 1.14Moz gold production ▸ AISC: A$2,265/oz ▸ Post-tax NPV5: A$954 million ▸ IRR: 53% ▸ Post-tax cashflow: A$1.37 billion ▸ Payback: 13 months First 4 Years (High-Grade Phase): ▸ Avg. production: 140koz/year ▸ AISC: A$2,180/oz ▸ Gold recovery: 91.1% Ore Reserve: 35.2Mt @ 1.11g/t for 1.25Moz (84% Proved) Updated Mineral Resource: 69Mt @ 1.11g/t for 2.44Moz (91% Measured & Indicated) (Figure 3) Pre-Production CapEx: A$355.1 million (incl. contingency) Figure 2: KGP Project – KGP DFS layout (source: AUC) Figure 3: Updated MRE of 69Mt @ 1.11g/t Au for 2.44Moz Constrained to A$4,500/oz optimised pit shell (source: AUC) Mining & Processing Overview The DFS outlines a conventional open pit operation (Figure 4): Mining Strategy: ▸ Load-and-haul with a strip ratio of 6.85 ▸ Ore mined: 3.5Mtpa ▸ High-grade feed front-loaded to optimise early cashflows Processing Facility: ▸ 3.6Mtpa CIL plant ▸ Recovery: 90.4% LOM average ▸ Tailings detoxification and TSF lined with geomembrane for environmental compliance Power: Hybrid LNG + solar with BESS (42% renewable contribution) Figure 4: KGP Process Plant Layout (source: AUC) Figure 5: Integrated Waste Rock and TSF Facility (source: AUC) Financial Metrics and Sensitivities Base Case @ A$4,300/oz gold price: ▸ NPV5 (post-tax): A$954M ▸ IRR: 53% ▸ Payback: 13 months Spot Case @ A$5,000/oz: ▸ NPV5: A$1.35B ▸ IRR: 68% ▸ Payback: 12 months Cashflow: ▸ Pre-tax: A$1.93B ▸ Post-tax: A$1.37B ▸ WA Royalties: A$122M ▸ Commonwealth Tax: A$565M Regional & Social Impact Job Creation: ▸ Construction phase: ~250 FTEs ▸ Operational phase: ~350 FTEs Community & Indigenous Engagement: ▸ Ongoing collaboration with Traditional Owners and local councils ▸ Regional benefits and procurement programs under discussion Development Timeline & Next Steps Permitting & Land Access: ▸ Ongoing; key hearings scheduled from August 2025 Project Milestones: ▸ FID targeted: mid-2026 ▸ Construction: ~18 months ▸ First gold pour: late 2027 Regional Exploration Ausgold holds a dominant +3,500km² land position across the Katanning Greenstone Belt, encompassing all known mineralised trends. The FY26 drilling program will target regional prospects to identify satellite deposits to support a broader production hub at Katanning. Key targets include Nanicup-Zinger (shallow, high-grade hits), Kulin (untested >3km soil anomaly with strong trenching results), and Stanley (28km of gold-in-soil anomalism within the same host rocks as KGP but underexplored at depth) (Figure 6). Figure 6: Ausgold - Regional Exploration (source: AUC) Samso Concluding Comments This DFS from Ausgold does, in my view, give an answer to the doubts of the project. Why has it taken this long to create management confidence to backup the mining game?, I think its just the time taken to collect the data and "maybe" the rising gold price help them push the concept further. The mining game is all about de-risking as much as possible before committing funds to operations. For those that are new to this side of the resource industry, this is where things get really boring for speculators and really interesting for those that INVEST in solid projects. The market capitalisation of Ausgold is now RUD $255M and this is where serious DYOR and serious risk management for incoming investors starts. Figure 7: Ausgold share price chart as of 23rd July 2025. (source: commsec) The Ausgold journey has been a long one, and could the DFS be the start of a mining story for the company, or is it setting itself up for a bigger player to come and take the company out? Shareholders who are in the money will be very happy. The rising fortune since 2024 for shareholders will keep future fundraising roadshows buoyant, as long as the gold price remains at this level or higher. There is still work to be done, no doubt—land access, permitting, and securing financing. But that’s part of the journey, and the DFS gives them the credibility to have those conversations at the right table. With the first gold targeted for late 2027, there is now a visible runway to development. For investors who follow Samso, this is where we usually say—it’s time to keep your eyes on the data. The Katanning Gold Project isn’t just a gold story anymore. It’s a project with structure, clarity, and a path forward and most importantly, clarity on potential value on paper This looks to be a good conservative investment play for gold mining cash flow or an M&A exit for existing shareholders. The Samso Way – Seek the Research This DFS reaffirms the discipline of staged de-risking. Ausgold has moved from resource growth to validated economics while preserving the upside of further reserve conversion and exploration-led extensions. With 91% of the MRE in Measured & Indicated, and a lean AISC profile in the lower half of the cost curve, the Katanning story now stands as a practical case study in project buildability and capital efficiency. 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 $8m FY25 Revenue Result Achieved up 86% vs FY24; Launches Flavoured Taki Mai Kava Shots on Amazon USA The Calmer Co. International Limited (ASX: CCO) has delivered a standout FY25 performance, underpinned by strong revenue growth and strategic product expansion. With a preliminary unaudited revenue result exceeding AU$8 million—an 86% increase on FY24—the company continues to gain traction as a leader in the natural relaxation and alcohol-alternative space. At the heart of this momentum is the company's latest move: the launch of flavoured Taki Mai® Kava Shots on Amazon USA. This product expansion is a clear signal of CCO’s intent to deepen its presence in the lucrative US market while growing its ready-to-drink (RTD) portfolio. Zane Yoshida, Founder & CEO of The Calmer Co, commented: “Crossing AU$8 million in revenue for FY25 is a landmark achievement and reflects the strength of our multichannel strategy and the dedication of our team. Our new flavoured kava shots deliver on consumer demand for taste, convenience, and functionality as we continue to scale globally.” 🔷 Key Highlights – FY25 and Strategic Milestones 💠 Revenue Growth: FY25 revenue exceeded AU$8 million, a significant increase from AU$4.3 million in FY24 and a 153% increase from AU$1.7 million in FY23. 💠 Channel Mix: Direct-to-Consumer: 39% Retail: 30% Amazon USA: 23% Wholesale: 8% 💠 National Retail Presence: Coles: Taki Mai® Kava Shots in 797 stores; 150g FijiKava® Instant Kava in 801 stores. Woolworths: National launch of 50g FijiKava® Instant Kava, now available in over 1,100 stores. This rollout has secured more than 35% of the national market share. 💠 Amazon USA Momentum: Subscriptions now account for 28% of Amazon's sales, indicative of strong brand loyalty. Taki Mai® brand share grew from 6% in January to 24% by April 2025. Amazon projects a 45% uplift in kava sales over the next year. 💠 Wholesale Expansion: Growth with IMCD and entry into the US kava bar market via a new partnership with Leilo. 💠 Product Mix Shift: RTD formats now contribute 7.3% of revenue, with further growth expected following the flavoured kava shots launch. 🔷 Flavoured Taki Mai® Kava Shots – A Strategic Digital Play for Kava Distribution. In a move tailored to US consumers, The Calmer Co. has launched five new flavoured kava shots: 1. Flavours: Coconut, Choc Banana, Guava, Pineapple, Mango 2. Formats: 6-pack (single flavour) and 10-pack (mixed flavour) 3. Channel: Initially exclusive to Amazon USA, with rollout to direct digital channels planned These 2.5oz (75ml) RTD shots are designed to meet rising US consumer demand for natural, alcohol-free functional beverages. The launch also aligns with global consumer trends favouring wellness and convenience. Andy Burger, Head of E-commerce at The Calmer Co, commented: “Flavoured kava shots are an exciting step forward for our US digital strategy. These new formats give consumers even more ways to enjoy kava. With Amazon subscriptions and customer retention growing, we’re confident this launch will build strong momentum through our online channels.” Samso Concluding Comments The FY25 revenue result is more than just a number—it’s a signal that The Calmer Co is successfully executing a vision in a high-growth category. From a modest AU$1.7 million in FY23 to over AU$8 million in FY25, the trajectory shows disciplined channel development and product innovation. The company’s Amazon performance is particularly telling. Subscription uptake and growing brand share indicate sticky demand. This is key for investors—loyal, repeat customers are often the backbone of e-commerce profitability. What’s also worth noting is the expansion of RTD formats, a segment that combines convenience, wellness, and flavour. As the flavoured kava shots gain traction, expect this category to become a larger slice of the revenue pie—and possibly a new brand differentiator. Calmer Co Limited Share Price Chart as of 7th July 2025. (source: Commsec) Calmer Co is still below an AUD $10M market capitalisation, which makes this still a very compelling stock for a position. The increasing revenue and the success of getting products into Coles and Woolworths is a significant step. The share price is still looking steady (see above). Finally, for those tracking small caps that are building real businesses with international potential, I feel that CCO stands out as one to watch. Its blend of branding, digital strategy, and product pipeline shows promise in a consumer landscape shifting towards natural, functional alternatives. In the world of Instagram and TikTok, the Kava branding is perfect for that form of advertising. The Samso Way – Seek the Research The Calmer Co. (ASX: CCO) is showing how niche health products when paired with smart digital strategy and retail reach, can scale into a global growth story. With strong revenue momentum and a clear push into the US market, this is a company quietly building long-term value through consistency and consumer insight. 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. 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 Mesoblast and FDA Align on Key Items for Revascor BLA Mesoblast Limited (ASX: MSB | Nasdaq: MESO) has taken a critical step toward commercialising its lead cardiac product candidate, Revascor® (rexlemestrocel-L), with formal alignment reached with the United States Food and Drug Administration (FDA) on the key requirements for filing a Biologics License Application (BLA) in the treatment of ischemic heart failure with reduced ejection fraction (HFrEF) and inflammation. This follows a Type B meeting held on 3 June 2025, building on Mesoblast’s Regenerative Medicine Advanced Therapy (RMAT) designation granted for Revascor in the treatment of end-stage HFrEF patients with a left ventricular assist device (LVAD). That earlier meeting set the foundation for potential accelerated approval, with the FDA noting that the study results presented by Mesoblast could indeed support such a pathway. Key Highlights – Revascor® FDA Alignment Milestone - Chronic Heart Failure. FDA Alignment Achieved on key items required for the BLA submission for Revascor®. Items include: Chemistry, Manufacturing & Controls (CMC) Potency assays for commercial product release Proposed design and primary endpoint for a post-approval confirmatory trial. Mesoblast plans to file for accelerated approval before the end of 2025. Target Indication: End-stage ischemic HFrEF patients with an implanted LVAD. Follows successful Type B meeting in 2024 under RMAT designation. Revascor is a Phase 3 product candidate being developed as a treatment for both advanced and end-stage chronic heart failure (CHF). Revascor consists of 150 million mesenchymal precursor cells (MPCs) administered by direct injection into the heart muscle in patients suffering from CHF and progressive loss of heart function. Mechanism of Action MPCs release a range of factors when triggered by specific receptor-ligand interactions within damaged tissue. Based on preclinical data, it is believed that these factors induce functional cardiac recovery by simultaneous activation of multiple pathways, including induction of endogenous vascular network formation, reduction in harmful inflammation, reduction in cardiac scarring and fibrosis, and regeneration of heart muscle through activation of tissue precursors. Figure 1: Revascor Targets Full HFrEF Spectrum – From Early Intervention to End-Stage LVAD Patients (source: MSB) About Mesoblast Mesoblast is a global leader in off-the-shelf allogeneic cellular medicines focused on severe and life-threatening inflammatory conditions. The company’s proprietary platform is based on mesenchymal lineage cell therapy that counteracts inflammation by modulating multiple immune pathways. RYONCIL® (remestemcel-L) is already FDA-approved for steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients aged 2 months and older. Revascor is being developed for heart failure and chronic low back pain. Commercial partnerships established in Japan, Europe, and China. Pipeline targets include biologic-resistant inflammatory bowel disease and adult GvHD. Intellectual Property & Manufacturing Strength Over 1,000 patents globally—covering cell compositions, manufacturing, and therapeutic uses, with protection through to at least 2041 in major jurisdictions. Scalable, cryopreserved, off-the-shelf products with industrial manufacturing processes ready to support commercial demand. Samso Concluding Comments Mesoblast’s alignment with the FDA is a textbook regulatory milestone. For a sector where clinical and manufacturing hurdles often stall progress, clarity on BLA requirements is as close to greenlighting a commercial path as one can get pre-submission. This is the work that separates commercial contenders from development-stage hopefuls. The company’s use of the RMAT designation for Revascor (A solution for Chronic Heart Failure) is tapping into a framework designed for serious conditions with unmet medical needs. The LVAD patient subgroup is narrow but medically urgent, and approval here could create a platform for broader HFrEF indications. Mesoblast’s evolving portfolio—led by RYONCIL and supported by strong IP and partnerships—positions the company well within the regenerative medicine sector. The progression from paediatric GvHD into adult inflammation and cardiac disease expands their therapeutic relevance significantly. As the BLA filing approaches, attention should shift to timelines, confirmatory trial design, and the FDA’s final stance on accelerated approval. For long-term biotech investors, especially those focused on platform cell therapy plays, Mesoblast is entering the kind of regulatory phase where meaningful valuation shifts can occur swiftly. The Samso Way – Seek the Research Reaching regulatory alignment with the FDA is a pivotal moment in any biotech journey, especially for a product targeting one of the world’s most severe and costly chronic diseases. Revascor’s potential accelerated approval under the RMAT framework puts Mesoblast in a unique category of cell therapy innovators advancing into late-stage commercialisation. The alignment around clinical endpoints, manufacturing standards, and confirmatory pathways is not only a de-risking event but also a signal of readiness to transition from R&D into market-facing execution. For investors, this is where the deep research matters—understanding the regulatory nuance, the target patient segment (LVAD patients), and the timelines to value inflection. 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 Breakthrough Stem Cell Tech Acquired-StemSmart Presentation NeuroScientific Biopharmaceuticals Ltd (ASX: NSB) has taken a major strategic step by acquiring StemSmart™, a globally patented and clinically validated stem cell platform. This acquisition adds a powerful, next-generation therapeutic capability to the company’s focus on neuroimmune and inflammatory diseases. The news marks a turning point for NSB, expanding its pipeline into the high-need space of refractory Crohn’s disease while positioning the company for broader clinical and commercial relevance in cell-based regenerative medicine. The recent completion of the acquisition of Isopogen WA —secured through an ASX announcement dated 27 June 2025—brings the high-potential StemSmart™ Mesenchymal Stromal Cell (MSC) technology fully into NSB’s hands. What makes this so compelling is the technology’s early clinical success, regulatory foundation, and scalability, especially at a time when the FDA has only recently approved its first MSC therapy, reigniting global enthusiasm in this field. What are Mesenchymal Stem Cells (MSC)? MSC are adult stem cells traditionally harvested from bone marrow. MSC can also be isolated from other tissues. Figure 1: Mesenchymal Stem Cells (MSC) (source: NSB) Key Highlights – Breakthrough Stem Cell Tech Acquired StemSmart™ is a patented MSC manufacturing platform designed to enhance safety and efficacy via proprietary cell media and GMP protocols. The platform has shown clinical efficacy in Phase 2 trials for biologic-refractory Crohn’s disease and compassionate use programs for steroid-refractory GvHD. NSB’s Special Access Program (SAS Program) for fistulising Crohn’s disease has now commenced, with results expected to inform progression into formal trials. MSC therapy under the StemSmart™ platform works best in highly inflammatory environments, ideal for refractory immune diseases where standard treatments have failed. The addressable market across Crohn’s, transplant rejection, and lung disease is estimated to exceed US$60 billion over the next decade. NSB holds ~$7.5M in cash, with a market cap of $26.5M (as at 27 June 2025), providing a strong base for near-term execution. How does Stem Cell technology work? Stem cells are often called the “body's building blocks”, as they can potentially develop into any tissue or organ. Mesenchymal stem cells interact with the immune system, adjusting immune responses and reducing inflammation in target tissue, contributing to disease control and tissue repair. Crohn’s Disease – A Strategic First Focus NSB is prioritising the treatment of fistulising Crohn’s disease, an aggressive and painful form affecting up to 30% of Crohn’s patients. These individuals are often left with no options other than surgery after failing antibiotics, steroids, and biologics. What is Crohn’s Disease? ⚬ Life-long chronic inflammation of the gut ⚬ Incurable affecting more than 1 million in the USA alone ⚬ Has a chronic relapsing and remitting course, sometimes life-threatening ⚬ Considered an autoimmune disorder, affecting all age groups, with incidence peaking in early adulthood ⚬ Commonly results in perianal Fistulas Refractory Crohn’s (life-threatening) ⚬ Unresponsive to conventional therapies (Antibiotics/Steroids/Biologics) ⚬ Surgery only option ⚬ ~30% patients become refractory– don’t respond to therapies Fistulas ⚬ Sores/ulcers, creating abnormal passageway from intestine to another organ or to ⚬ outside surface of the body ⚬ About 30% of Crohn’s patients will develop fistulas ⚬ Unresolved chronic inflammation The StemSmart™ Special Access Program, launched in June 2025, is treating fewer than 12 patients with weekly MSC infusions for four weeks, with evaluation at 8–10 weeks. The primary benchmark: a >50% closure of fistula openings or discharge reduction in at least four patients. If achieved, these results will trigger performance milestones and likely fast-track formal trials, potentially under Australia’s Priority Review Pathway. Previous clinical work using this platform already shows promise—a 78% clinical response rate in a Phase 2 Crohn’s trial and consistent safety across both adult and paediatric patients in GvHD studies. StemSmart™ – The Technology Behind the Momentum What differentiates StemSmart™ is its manufacturing process. The platform uses patented proprietary media to prime MSCs for enhanced anti-inflammatory responses, allowing them to: Reduce inflammation Regenerate damaged tissue Moderate immune cell activation Fight apoptosis and fibrosis Secrete bioactive factors that promote healing The technology is GMP-compliant, with an existing TGA product license, providing a clear regulatory path for broader clinical deployment in Australia and beyond. The consistency of product manufacturing and the ability to reproduce outcomes across trials and patient groups is a critical asset rarely found at this stage in biotech development. Beyond Crohn’s – Addressing Global Immune and Inflammatory Diseases While NSB’s initial target is Crohn’s, the scope for StemSmart™ is far greater. Clinical work and preclinical studies already indicate efficacy across: Graft-versus-host disease (GvHD) – with survival rates in steroid-refractory patients more than doubling. Kidney transplant rejection – reducing dependency on long-term immunosuppressants. Lung disorders – including COPD (Chronic Obstructive Pulmonary Disease), interstitial lung disease, and transplant-related rejection. This strategy taps into Key Addressable Markets: Crohn’s Disease – US$13.8B by 2026 GvHD – US$5.31B by 2032 Lung Disorders – US$33B by 2034 Kidney Transplant– US$7.2B by 2030 By adopting a multi-indication, multi-market strategy, NSB is creating a diversified clinical and commercial pipeline that adds depth to the platform and de-risks the company’s future trajectory. Chairman, Robert McKenzie, commented: “I’m pleased that NSB’s acquisition of Isopogen will allow our StemSmartTM technology to be progressed for the benefit of vulnerable patients with limited treatment options. Our immediate focus will be on a special access clinical program in fistulising Crohn’s disease, which is challenging to treat and where sustained healing has proven limited with standard therapies. Longer term our desire is to further clinical activities to progress the technology to achieve regulatory approval. Samso Concluding Comments NeuroScientific Biopharmaceuticals (ASX: NSB) has made a decisive and potentially transformational move with the acquisition of the StemSmart™ platform. A clinically validated platform that is not just another licensing deal or an early-stage idea makes a world of difference for investors' thinking. The StemSmart™ platform is also GMP-licensed, and globally patented stem cell technology that’s already been tested in real-world settings with high-need patient groups. In the world of biotech, this is a significant step. For a company with a market capitalisation of just $53.2 million (as of 11th July 2025), this kind of therapeutic leverage is rare. Figure 2: The NSB share price chart as of 11th July 2025. (source: commsec). The market is obviously very happy with progress, as shown in Figure 2. The market acceptance is critical in the company's movement forward, as they say no money, no honey. Focus on Crohn's Disease. The strategic focus on fistulising Crohn’s disease is both technically sound and commercially smart. This is an area where conventional therapies often fail, and the only option left for many patients is invasive surgery. By targeting an urgent unmet need, NSB is creating a near-term pathway to impact, not only for patients but also for investors watching the biotech sector for genuine catalysts. What stands out with StemSmart™ is the platform itself. Unlike many cell therapies that stall in translation, this one has already shown reproducibility, safety, and efficacy across multiple studies and disease types—from Crohn’s and GvHD to transplant rejection and COPD. It’s this multi-disease potential, backed by IP and regulatory foundation, that puts NSB in a different category. Samso's Take on Market Value - An Investor's Need for Positioning in NSB. I don't want to come across as someone who is pretending to understand all these big words, but as an investor, I can see that there is merit in doing some serious DYOR. A company that has a market cap of just below AUD $54M with a potential for greater confirmation of its business is still cheap. Companies that have discoveries, such as what NSB is trying to validate, are measured in market valuations at significantly higher numbers. In summary, the broader narrative here is about timing and credibility. With recent global momentum behind MSC therapy—particularly the FDA’s approval of Mesoblast’s product—there is renewed investor interest in cell-based platforms. NSB’s move couldn’t be more timely. What matters now is execution: delivering results from the Special Access Program, launching formal trials, and building a broader clinical strategy. These will define how the market responds. For those tracking the next wave of Australian biotech innovation, this is one story worth following closely. The Samso Way – Seek the Research The acquisition of StemSmart™ by NeuroScientific Biopharmaceuticals (ASX: NSB) exemplifies the kind of grounded innovation Samso looks for—technology backed by human data, regulatory readiness, and intellectual property protection. This is not blue-sky science but a platform with demonstrated clinical efficacy in Crohn’s disease and GvHD, now being deployed in a focused, milestone-driven strategy. With global regulatory momentum behind MSC therapies and NSB advancing a Special Access Program for fistulising Crohn’s, the fundamentals are aligned for both scientific impact and investor value. This is the type of story that rewards those who genuinely seek the research. 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 OpenLearning Signs $155K SaaS Agreement with ECA OpenLearning Signs circa A$495,000 Platform SaaS Agreement With Leading Publisher in the Philippines OpenLearning Limited (ASX: OLL) has announced two strategic SaaS milestones in quick succession, strengthening its presence across both Southeast Asia and Australia. On 1 July 2025, the Company revealed a circa A$495,000 software-as-a-service (SaaS) agreement with CE-Logic Inc., a leading educational publisher in the Philippines. This 3-year usage-based deal will see OpenLearning’s AI-powered Learning Management System (LMS) deployed to support a minimum of 3,000 students in the first year and scaling to at least 20,000 students annually in years two and three. OpenLearning CEO, Adam Brimo, commented “We are delighted to partner with CE-Logic, a respected leader in digital learning solutions in the Philippines. This agreement reinforces the value of OpenLearning’s platform in supporting large-scale education delivery and highlights the increasing demand for flexible, AI-powered learning solutions. With a strong pipeline of opportunities, we are well positioned to support the digital transformation of education throughout the region.” Building on that momentum, OpenLearning has now secured a 5-year SaaS agreement with the Education Centre of Australia (ECA), valued at a minimum of A$155,000 and covering at least 2,500 students per year across ECA’s language, vocational, and professional year programs. These consecutive wins highlight OpenLearning’s growing market traction and underline its ability to deliver scalable, AI-enabled education infrastructure to reputable institutions across key growth regions. Both ECA executives, Sharon Oh and Luciano D’Ambrosi, praised OpenLearning for its scalable assessment tools and capacity to bridge academic learning with real-world application. This customer validation reinforces the platform’s core value proposition: AI-powered, outcomes-driven learning designed for flexibility and scale. Key Highlights – Strategic SaaS Momentum Across Two Regions: An Education Story for a Global Market. OpenLearning continues its disciplined execution strategy, announcing yet another major SaaS partnership—this time with the Education Centre of Australia (ECA)—just two days after securing a significant deal in the Philippines with CE-Logic Inc. The latest agreement with ECA, valued at a minimum A$155,000 over five years, is usage-based and will support at least 2,500 students annually. ECA has selected OpenLearning to power its LMS delivery across three major divisions: 1. ELSIS – A multi-city English language college with a global student base. 2. ECA College – A registered training organisation offering vocational qualifications. 3. ECA Professional Year – A job-readiness program tailored for IT graduates in Australia. This adds to OpenLearning’s momentum in Southeast Asia, where recent SaaS agreements with CE-Logic, two major institutions in the Philippines, total a minimum contract value of A$1.26 million over 3–5 years. Two major institutions have recently signed SaaS agreements with OpenLearning: 1. National University: With 14 campuses and 85,000 students (projected to exceed 100,000), it is now leveraging OpenLearning’s platform. 2. St Paul University: Serving 10,000 students and part of the six-university Paulinian network, it too has adopted OpenLearning’s LMS. This positions OpenLearning as a key digital learning partner in one of Southeast Asia’s fastest-growing EdTech markets. Figure 1: The Philippines – Expansion (source: OLL) Together, these announcements underline OpenLearning’s dual-market growth strategy in both Australia and the high-growth Southeast Asian education technology landscape. Samso Concluding Comments OpenLearning’s recent agreements—with CE-Logic in the Philippines and now with ECA in Australia—paint a clear picture of a company that is executing well. While the top-line figures (A$495k and A$155k minimums, respectively) may not immediately catch the eye of headline-chasers, the significance lies in the architecture of these deals: scalable, usage-based SaaS contracts with reputable, high-volume education providers. The ECA agreement, in particular, deepens OpenLearning’s domestic footprint and signals confidence from a shareholder who understands the platform intimately. It reflects strategic alignment between commercial rollout and stakeholder buy-in—something rarely achieved so seamlessly in the SaaS space. Shareholders and potential investors should see this as an early stage of a flywheel effect. With every new institutional partnership, OpenLearning not only adds revenue but also strengthens its market credibility, which in turn attracts more inbound interest. This is how enterprise SaaS businesses scale sustainably—through trust, delivery, and embedded value. In a sector where many promise growth, OpenLearning is showing how to build it—patiently, transparently, and contract by contract. For investors tuned into the fundamentals, this is a story worth tracking. Is the Market Receptive? OLL is a business that is not a sugar hit with each ASX announcement, as you can see in Figure 2. With a market capitalisation that is below UAD $9M, the story is primed for growth in the next 12 to 18 months. A story like OLL will only attract the broader investor base when they pile up future Saas agreements. Figure 2: OLL share price chart as of the 17th July 2025 since January 2023. (source: commsec) What I like about OLL is, firstly, it's a global business, and in the majority of developing countries, education is still the best form of creating future generational wealth. Investors who do not understand that the majority of the globe does not have the "old money" to help them chase passion, nor governments that are subsidising their pursuit of a hybrid income-generating income. The second is the building of online education. What the majority of developing countries have is a good network of communication and a general sense of maintaining that line of communication to sustain and develop their economies. This will help online businesses as it helps reduce the infrastructure cost that comes with migration to the "Universities". OLL is going to be a slow business, but the speed will start to increase as they rack up more SaaS agreements, as that will give them credibility and economies of scale to fine-tune their business. As usual, DYOR; however, keep OLL on your watch screen. The Samso Way – Seek the Research OpenLearning’s execution over the past month exemplifies what we at Samso refer to as structured scale-up. These aren’t speculative “tech-for-the-sake-of-tech” announcements—each deal is backed by known institutions with established student pipelines. The ECA agreement is particularly strategic given its alignment with a substantial shareholder (>10% of OLL) and board representation, and it adds an Australian-based growth engine to complement the Philippines expansion. Importantly, these contracts are built on usage-based models with minimum thresholds, offering both downside protection and scalable upside as adoption increases. With three major institutions in the Philippines and now another key partner in Australia, OpenLearning is anchoring itself across both established and emerging markets. 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 Acquisition of Advanced Brownfields Gold and Copper Projects in QLD and NSW 30th of June 2025 – Lightning Minerals Ltd (ASX: L1M) has announced a transformational acquisition of two advanced brownfields projects targeting gold and copper in Queensland (Mt Turner Projects) and New South Wales (Lachlan Fold Copper Porphyry Project). The acquisition of Lotus Minerals Pty Ltd significantly strengthens the Company’s portfolio and introduces immediate drill targets in some of Australia’s most mineral-endowed regions. The addition of these projects complements Lightning’s existing lithium assets in Brazil, offering a diversified exposure to three high-demand commodities: gold, copper, and lithium. ASX Snapshot – Lightning Minerals Ltd (ASX: L1M) ASX Code: L1M Listing Date: 10 November 2022 Current Share Price (as at June 2025): $0.04 Market Capitalisation: ~$7.5 million (pre-acquisition) Industry Group: Materials – Gold, Copper, Lithium Key Highlights – Acquisition and Exploration Potential for Gold and Copper. Strategic Acquisition: L1M is acquiring 100% of Lotus Minerals Pty Ltd, which holds two advanced gold-copper assets—Mt Turner (QLD) and Lachlan Fold Belt (NSW)—through a scrip-based deal aligned with exploration milestones. 🔷Mt Turner Gold Project (QLD): Near-term drilling set to commence within eight weeks, targeting high-grade gold mineralisation along the 14km Drummer Fault (Figure 1). Figure 1: Isometric view of the Mt Turner project demonstrating the 14km Drummer Fault (source: L1M) Historic results (Figure 2) include: 16m @ 3.56 g/t Au 16.0m @ 3.60g/t Au 12m @ 6.5 g/t Au 7m @ 6.45 g/t Au and 43g/t Ag 3m @ 5.1 g/t Au and 51 g/t Ag Figure 2: Previous gold intersections at the historic Drummer Toy pit (source: L1M) 🔷Mt Turner Copper Porphyry Project: Identified 6km+ porphyry system with strong IP chargeability anomalies—multiple drill targets confirmed by 2022 surveys by Meryllion Resources (Figure 3). Figure 3: Potential targets generated by geophysics at the Mt Turner Copper Project - completed in 2022 by Meryllion Resources Corp (CSE: MYR) (source: L1M) 🔷Lachlan Fold Copper-Gold Projects (NSW): Boree Creek/Dairy Hill Project sits between Cadia (Newmont) and Northparkes (Evolution Mining) in the Lachlan Fold Belt (Figure 4): 48m @ 0.35% Cu and 0.31 g/t Au 62m @ 0.23% Cu and 0.14 g/t Au 57m @ 0.12% Cu and 0.10 g/t Au 33m @ 0.23% Cu and 0.14g/t Au Figure 4: Lachlan Fold Belt Projects – Borre Creek/Dairy Hill, Burdett and Manildra (source: L1M) 🔷Warby-Scardon Gold and Copper Project (QLD): Large clay alteration system with gold and silver anomalies (Figure 5). Close to Mt Turner, enabling shared exploration logistics. Figure 5: Warby-Scardon Gold and Copper Project (source: L1M) 🔷Project Pipeline: Additional tenements acquired include Burdett, Manildra, Gundagai (NSW) and Corryong (VIC), expanding potential in multiple mineral systems. 🔷Capital Raise Completed: $2.0M raised at $0.04 per share to fund near-term drilling, led by GBA Capital and Canaccord Genuity. 🔷Balanced Commodity Exposure: This acquisition positions Lightning with near-term gold and copper upside while maintaining optionality in lithium through Brazilian assets in Lithium Valley. 🔷Proposed Acquisition Terms: 💠Upfront Consideration: 30 million fully paid ordinary shares issued to the sellers (valued at $1.2 million at $0.04/share). 💠Milestone-Based Shares: Up to 60 million additional shares, issued in three tranches: ⚬ 10 million shares upon completion of 1,000m of drilling. ⚬ 20 million shares upon delineating a JORC-compliant 250,000oz gold equivalent resource. ⚬ 30 million shares upon delineating a 500,000oz gold equivalent resource. 💠Escrow Terms: Upfront and first milestone shares: 12-month voluntary escrow. Second and third milestone shares: 6-month escrow. 💠Conditions Precedent: Completion of $2.0M capital raise. Completion of FNQ asset transfer into Lotus. Shareholder and ASX approvals. Receipt of any required third-party consents. Lightning Minerals Managing Director Alex Biggs commented: “The Company is excited to announce the acquisition of Lotus which will provide our shareholders with an exposure to the strong gold and copper markets. We have been reviewing multiple projects globally to gain exposure to gold and copper and the potential that exists across these assets is significant, particularly near-term drilling opportunities at the Mt Turner Gold Project. A focused drill program targeting beneath existing open pits and along strike allows us to begin testing the 14km Drummer Fault which we believe holds excellent gold potential. We are also excited about the copper potential that exists at both the Mt Turner Copper Project and the Lachlan Fold Copper Porphyry Project that already demonstrates multiple significant intersections, including 48m @ 0.35% Cu and 0.31g/t Au from 96m at the Boree Creek/Dairy Hill Project. The location, close to both Cadia and Northparkes mines is a strong indicator that the Lachlan Fold Copper Porphyry Project presents potential to host a significant porphyry-style mineralised system. Our works in Brazil continue at our lithium assets in the prolific Lithium Valley region. The focus now is to complete further target generation to position ourselves for a turn in the lithium market at which point we will have drill targets ready for execution. The Proposed Acquisition demonstrates a strong portfolio synergy providing investors with a near-term exposure to gold and copper and a medium-term exposure to lithium. We look forward to starting our works in Queensland and New South Wales and continuing our works in Brazil. We are pleased to welcome new shareholders to L1M and thank our existing shareholders for their support”. Samso Concluding Comments Lightning Minerals’ acquisition of Lotus Minerals represents a clear tactical pivot to secure near-term value in gold and copper. At the same time, the Company contemplates its position for a future lithium recovery. The Mt Turner and Boree Creek/Dairy Hill projects can be classed as a more advanced style project with meaningful drill history, geophysical support, and established mineralised trends. The use of scrip consideration linked to tangible exploration milestones—such as drilling completion and JORC-compliant resource definitions—is good capital management. In a market that is still hard to raise capital, this is a logical step. Lithium-focused companies have not had a good time lately, and the change in commodity focus for Lightning is typical and required. How good these results are for the company will come with time spent on the projects. For investors, this update confirms L1M is refocusing, and it will be a while before they can create real value. Investors should look at the cheap entry as a good time to position some money and then wait for the action to come. Unfortunately, not all of these kinds of investments come good, but if you give it a longer period, my experience shows me that a greater percentage pay off eventually. The Samso Way – Seek the Research The acquisition marks the beginning of a new project story for Lightning Minerals (ASX: L1M), and it’s worth a closer look. With immediate drill-ready targets in proven provinces—gold at Mt Turner and porphyry copper-gold in the Lachlan Fold Belt—this is more than just a portfolio addition. It’s an opportunity to step into a new gold story at an early stage. The Drummer Fault presents textbook structural gold potential, while proximity to Cadia and Northparkes gives real weight to the porphyry upside. The milestone-driven deal structure keeps progress aligned with value creation, and the ongoing lithium work in Brazil adds longer-term depth. For investors seeking early entry into a technically sound gold play, this is one to watch. 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 Lupin Modification Trial Validates Manufacturing Scale Up Wide Open Agriculture Ltd (ASX: WOA) has announced a major technical milestone with the successful completion of a commercial-scale manufacturing trial of its proprietary lupin protein isolate process (BP80F), conducted in the United States. Samso has previously covered WOA's journey in lupin-based innovation, and this latest update continues that narrative of disciplined progress and technical refinement. The results mark a critical advancement in WOA’s goal of becoming a global leader in clean-label, plant-based proteins, offering both operational efficiency and scalability for its lupin protein technology. Key Highlights – Lupin Modification Trial Results ✅ Energy Efficiency Breakthrough: The trial demonstrated up to 80% reduction in energy consumption during WOA’s licensed processing step, achieved while maintaining product quality (Figure 1). ✅ Significant Time Savings: Processing time was reduced by approximately 50%, accelerating the pathway toward more cost-effective large-scale production. ✅ Use of Commercial-Scale Equipment: This was the first time automated, commercial-scale systems—not previously applied to lupin protein—were successfully used, proving the scalability of the technology. ✅ IP Protection via Black Box Configuration: The core processing step was executed in an automated “black box” setup, shielding the proprietary methodology and enhancing IP defensibility. ✅ Enhanced Production Metrics: A comparison with WOA’s German facility showed that the U.S. trial units processed 40L of lupin mixture twice as fast as the four existing units in Germany, while still achieving the required viscosity levels with drastically lower energy input. The trial achieved the target viscosity using 80% less energy and in half the time compared to WOA’s German equipment (Figure 1). The new process is faster, more efficient, and maintains product quality, highlighting strong potential for scalable, commercial production. Figure 1: Comparing Viscosity at various energy input; German Facility vs Trials (source: WOA) Technical Outcomes: Energy & Viscosity A critical marker of success was achieving target viscosity across a broad range of energy inputs. In simple terms, this confirms the robustness and flexibility of WOA’s proprietary technology. These efficiency gains also signal a clear path to lowering both Operating Expenditure (OPEX) and Capital Expenditure (CAPEX), which is vital for future expansion and investor confidence. From Proof-of-Concept to Scale-Up Following this validation: Next Steps include a second trial phase at the WOA’s Grimmen facility in Germany to: Fine-tune process parameters Validate across varying lupin inputs Confirm consistency under real-world production conditions Commercial Integration Underway: Discussions are already taking place regarding financing and leasing of the U.S. trial system to embed into WOA’s infrastructure. This paves the way for efficient, IP-protected production in Europe as demand for lupin protein scales across sectors such as dairy alternatives, functional food, and nutraceuticals. Why This Matters In Delivering Lupin Protein Benefits to the Market? Wide Open Agriculture’s ability to deliver plant-based protein ingredients that are high-performing, clean-label, and sustainable positions the company at the intersection of three fast-growing market trends: sustainability, health-conscious consumption, and alternative protein innovation. The successful outcome of this U.S. trial sends a strong message to the market: WOA is not only innovating, but it is also executing on its scale-up vision, backed by engineering capability and a clear commercial strategy. Wide Open Agriculture Chair, Yaxi Zhan, commented: “Our team has worked tirelessly to optimise and scale our lupin protein technology, and this improvement in efficiency is a critical step forward.” “It demonstrates the strength of our R&D and engineering capabilities, and the information will inform our scale-up plans as our sales pipeline grows.” Wide Open Agriculture CEO, Matthew Skinner, commented: “This milestone sends a strong signal to our customers, investors, and partners that as lupin protein adoption grows, WOA will be able to scale production to meet demand,” Samso Concluding Comments Wide Open Agriculture (ASX: WOA) has taken a meaningful step forward with this manufacturing trial. The results speak clearly—an 80% reduction in energy use and 50% faster processing time, all while maintaining product quality. It is important to note that these are not hypothetical improvements—they are measurable, validated gains in a commercial-scale environment using advanced, automated systems. That is the sort of data that strengthens investor confidence. What’s particularly notable is that these improvements apply specifically to the IP step that underpins WOA’s lupin protein isolate process. By isolating and improving this critical stage, WOA has demonstrated a deep understanding of where efficiency matters most. It’s a smart, focused advancement that aligns with a broader strategy to build a defendable, cost-effective, and scalable production model for plant-based proteins. The inclusion of a “black box” configuration to protect proprietary processes adds another layer of commercial sophistication. It shows that WOA is not only engineering for performance but also thinking about long-term defensibility and licensing potential. As lupin protein continues to gain attention for its clean-label, versatile applications, being able to meet demand at scale—without compromising IP—is a powerful position to be in. For those following food-tech and alternative protein themes, this is one to watch. WOA isn’t just talking about sustainability and innovation—it’s demonstrating it with verifiable progress. The next round of trials in Germany will be important, but if similar results are achieved, WOA may be well on its way to becoming a cornerstone player in the lupin-based protein segment. Seek the data, follow the engineering, and watch how this story unfolds. The Samso Way – Seek the Research Wide Open Agriculture (ASX: WOA) continues to demonstrate how targeted R&D and proprietary IP can drive real commercial outcomes. This trial result reinforces WOA’s position in the plant-protein sector, not just as an innovator, but as a company executing on scalable, energy-efficient production. For investors seeking substance behind sustainability and food-tech narratives, WOA is offering a clear data-driven case to research further. 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. 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 Re-assay Results at Cummins Range RareX Engages Ausenco to Advance Studies for Mrima Hill RareX appoints WSP for Mrima Hill social and environmental planning RareX Enters Strategic Collaboration with Gega Elements RareX Discovers High-Grade Gallium at Cummins Range RareX Limited (ASX: REE) has delivered another round of eye-catching assay results that significantly strengthen its position as the developer of one of Australia's most advanced and highest-grade gallium deposits at the Cummins Range Project (Figure 1). The latest update, announced on 24 June 2025, showcases high-grade gallium re-assays from Cummins Range and builds upon an already compelling narrative that began with RareX’s March 2025 discovery announcement. Figure 1: Cummins Range Project (source: REE) Key Highlights – Cummins Range Gallium Re-assay Results 💠Significant Intercepts Include (Figure 2): 60m @ 99 g/t Ga₂O₃, 3% TREO, 195 g/t Sc₂O₃ from 29m, including 33m @ 115 g/t Ga₂O₃ and 258 g/t Sc₂O₃. 50m @ 68 g/t Ga₂O₃, 2% TREO, 227 g/t Sc₂O₃ from 47m, including 5m @ 113 g/t Ga₂O₃, 10.2% TREO and 420 g/t Sc₂O₃. Results are derived from re-assaying of 2020 infill drilling pulps – the first 15 of a 58-hole re-assay program. These numbers confirm and expand upon the March 2025 discovery, where RareX reported values up to 6,826 g/t Ga₂O₃ in historical drilling data. Cummins Range is now shaping up as not just Australia’s most advanced gallium project, but potentially one of the world’s most strategic due to its co-location with rare earths, scandium and phosphate—a powerful multi-commodity suite. Figure 2: Section 307315E with gallium grades across 250m of the Rare Carbonatite Dyke. (source: REE ASX 24 June 2025) The gallium-rich mineralisation is hosted within the weathered saprolite horizon, with its geometry and distribution clearly illustrated in Figure 3. Figure 3: Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 1) location. (source: REE ASX 24 June 2025). CEO and Managing Director, James Durrant, commented: “This latest round of assays confirms what our early analysis suggested; the gallium at Cummins Range is not only real, but significant. With consistent grades now returned from infill drilling, we can probably say Cummins Range is one of Australia’s most advanced and highest- grade gallium projects. “What makes this particularly strategic is that the gallium sits within a broader rare earth-phosphate-scandium system, making Cummins Range one of the most geopolitically relevant critical mineral deposits in the country. With Chinese supply effectively off the table, and no meaningful Western production, we’re now prioritising pathways to unlock gallium as a core value stream alongside rare earths and phosphate, including working in our strategic partnership with Gega Elements to assess novel refining technology that could enable low-cost gallium extraction.” Historical High-Grade Gallium Intercepts The latest assays build upon the significant results first announced in March 2025, which brought Cummins Range into the spotlight as one of Australia’s most prospective gallium-hosting deposits. Key historical intercepts (Figure 4 & Figure 5) included: 99m @ 106 g/t Ga₂O₃, 0.77% TREO, 160 g/t Sc₂O₃ from 1m 60m @ 124 g/t Ga₂O₃, 3% TREO, 372 g/t Sc₂O₃ from 36m, including 12m @ 242 g/t Ga₂O₃, 6.7% TREO, 638 g/t Sc₂O₃ 74m @ 123 g/t Ga₂O₃, 2.4% TREO, 186 g/t Sc₂O₃ from surface, including 30m @ 206 g/t Ga₂O₃, 4.6% TREO, 310 g/t Sc₂O₃ Figure 4: Section 307340E with gallium intercepts at Cummins Range deposit. Section location is shown in Figure 5. (source: REE ASX 25 March 2025) These results, derived from historical drilling campaigns between 2007 and 2012, were only recently reassessed for gallium, revealing grades that place Cummins Range among the highest in Australia. The fact that only 25% of historical holes were originally assayed for gallium suggests considerable upside remains untapped across the broader resource footprint. Figure 5: Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 4) location. (source: REE ASX 25 March 2025) Why Gallium Matters – Market Relevance Gallium is a critical mineral with essential roles in: Semiconductors (gallium arsenide, gallium nitride). 5G networks, defence systems, AI chips. Optoelectronics and solar energy technologies. The global market for gallium is forecast to explode from US$2.45B in 2024 to US$21.53B by 2034, driven by structural supply risks (98% of production controlled by China) and surging demand across semiconductors, EVs, defence and renewables. Strategic Positioning – RareX’s Gallium Advantage These latest assays underscore that gallium is not an incidental by-product at Cummins Range. It is present in thick, high-grade zones, often overlapping with rare earth and scandium zones in the weathered saprolite profile of the carbonatite pipe. Importantly, RareX is: Already re-assaying past drilling with excellent success. Pursuing refining collaboration with Gega Elements Pty Ltd (Gega), as announced on 30 May 2025. Actively integrating gallium into broader project economics and planning. This places RareX ahead of the curve in Australia’s race to develop sovereign gallium production. Other Notable Developments from RareX This gallium news follows several important company milestones: Strategic Collaboration with Gega Elements: RareX is working with Gega to develop Australia’s first integrated gallium refining capability, aiming to transform laboratory success into an operational refining flow sheet. Environmental & Social Commitment at Mrima Hill: RareX has appointed WSP to lead early-stage ESG planning at its Kenyan critical minerals project, underlining its disciplined, long-term strategy. Ausenco Appointed for Early Infrastructure Studies: Ausenco’s local Kenyan experience (notably Kwale) strengthens RareX’s operational readiness at Mrima Hill. Together, these moves reinforce RareX’s “develop it right” approach, targeting not just geological potential but supply chain depth and ESG alignment. Samso Concluding Comments RareX’s evolving gallium story at Cummins Range is an interesting story that is aligning with the compelling critical mineral narratives on the ASX right now. The recent resampling does tell a good story, and it does seem to demonstrate that it occurs in broad zones. In a market where gallium is almost entirely controlled by China, RareX is positioning itself as a participant to meet a rapidly emerging supply chain gap. As I have mentioned in a previous Samso News, I am not overly versed in what the grades mean. As you can see from the release, the numbers seem to be significant—some of which exceed 200 g/t Ga₂O₃—but also in the scale and consistency of mineralisation. The grades do speak for themselves, with intercepts such as 60m @ 99 g/t Ga₂O₃ and 50m @ 68 g/t Ga₂O₃ placing Cummins Range firmly in the high-grade category. The company’s decision to re-assay historical pulps and integrate gallium into its development strategy shows a maturity that’s often lacking in early-stage critical mineral stories. The strategic collaboration with Gega Elements for refining technology and the appointment of WSP and Ausenco for ESG and infrastructure planning, respectively, show a clear path forward. These appear to be not token partnerships—the credible and long-term moves do reflect RareX’s intent to advance Cummins Range from resource to production. For investors, the key will be watching how gallium is integrated into the broader feasibility and economic models. If RareX can demonstrate that gallium can be economically recovered alongside its rare earth-phosphate base, the implications are significant. This could transform Cummins Range from a strong rare earths project into a globally strategic, multi-commodity development. Samso has followed many early-stage stories, but this one may offer a unique blend of technical merit, strategic timing, and execution capability. What concerns me, or rather, I am pondering why this is still an AUD 16M market capitalised company. I understand that this was a much lower valued comp[any prior to the ASX releases on this topic, but with all the hype of Gallium, I am not sure why it is still "cheap". Figure 6: RareX Limited share price chart as of 11th July 2025. (source: commsec) The Samso Way – Seek the Research Is this a real gallium story? The re-assay results from the Cummins Range show consistently high-grade gallium intersecting with rare earths and scandium, which is promising, but promising alone isn’t enough. The real shift comes with RareX’s appointment of heavyweight contractors like WSP and Ausenco to lay the groundwork for ESG compliance, infrastructure readiness, and eventual production. That move gives the story some real-world credibility. Still, the core investor question remains: are the grades sufficient, and is there enough resource to build an economic case? The early signs are strong, but as always, seek the Research. 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. 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.