Canyon Resources Limited (ASX: CAY) and Metro Mining Limited (ASX: MMI). The Best Small-Cap Bauxite Companies on the ASX – Canyon Resources Limited (CAY) and Metro Mining Limited (ASX: MMI) is a continuation from my first bauxite article titled “ Bauxite – The next commodity rush? “.  I hope the first article will shed some light into the following piece of writing. Bauxite companies that swim in the small-cap sector are hard to find.  Bauxite is a commodity that seems to be reserved for bigger players around the world, what we call Tier 1 players.  Take the two bauxite province in Australia. The Darling Range is Alcoa and Worsley and the other in Weipa is all about Rio Tinto. Personally, bauxite is one of the most straightforward commodity to evaluate.  It’s just a bulk commodity and controlled by size and chemistry.  As usual, many will argue that it is not that simple. If I want to be honest, I agree, but for this purpose of a desktop evaluation, I will say that it is simple. Metro Mining Limited (ASX: MMI) According to the Metro Mining Limited website, the company was established in 2014 and is a company focused on the Bauxite Hills deposit.  The project is located 95km north of Weipa on Western Cape York with a total tenement holding of 1.900 square kilometres.  The Bauxite Hills Mine has a total Resource of 144.8 million tonnes. Mining began in April 2018 and produced approximately 2 million tonnes to China and was announced on 31 December 2018 . Metro Mining Limited Project Location. (Source:Metro Mining Limited) Mining ceased in December 2018 due to the wet season and will be commenced again in April 2019.  An update for the new activities issued on the 28 February 2019 . Capital Structure Market Capitalisation:  187M (03/2019) Outstanding Shares:  1,362M (06/2018) Top 20 Shareholding:  76.50% (2018) Metro Mining Limited (ASX: MMI) 5 Year Chart. (Source:Commsec) Flagship Project Metro Mining’s flagship project, The Bauxite Hills Mine, is located 95kms north of Weipa on Western Cape York where the company holds a total tenement package covering approximately 1,900 square kilometres. The Bauxite Hills Mine, alone, has an estimated ore Reserve of 92.2Mt and total Resources of 144.8Mt Bauxite Hills Deposits. (Source: Metro Mining Limited) The deposit type is lateritic bauxite derived from the weathering of aluminous sediments in a tropical to sub-tropical environment. The mineralisation within the Bauxite Hills Mine forms part of the Weipa Plateau, a widespread area of aluminous laterite on the west coast of Cape York Peninsula that includes Rio Tinto Alcan’s Weipa, Andoom and Amrun bauxite deposits as well as Metro Mining’s Bauxite Hills Mine. The bauxite deposits in the Project area generally consist of a single flat-lying pisolitic bauxite layer, generally 0.5m – 3m thick that is underlain by a kaolin horizon. Within the area of the resources the average bauxite thickness is 1.6m. The bauxite deposits are overlain by lateritic overburden and topsoil. Under the bauxite deposits there is often a ferruginous cemented layer and a kaolin clay layer. Kaolin, sandy clays and minor quartz sand deposits occur beneath the bauxite layer and extend beyond the bauxite areas. The geological model is grade-based using a cut-off of ≤15% total SiO2 and ≥45% Al2O3 for the BH1 resource area, a cut-off of ≤8% reactive SiO2 (at 1500C) and ≥45% Al2O3 for the BH2 area and a cut-off of ≤20% total SiO2 and ≥45% Al2O3 for the combined BH6 and Gulf (Skardon) resource area. (Source:  Metro Mining Limited) Mining operations commenced in April 2018. In its first year of operations, Metro achieved its 2018 production guidance shipping 2 million tonnes to five different Chinese companies. Metro Mining Bauxite Hills Mine site (Source: Metro Mining) The company has announced an expanded 2019 calendar year production from 3.0Mtpa to 3.5Mpa. Metro has also commenced a DFS for potential Stage 2 Expansion of Annual Production to 6.0Mtpa by 2021. Metro is also further exploring its tenement holdings on Cape York, initially focusing on near mine opportunities for Bauxite Hills. The Bauxite Hills Mine employs up to 220 people with an indigenous workforce of approximately 37%. Around 90 people on site at any one time. Simple Mining Operation: • Mining operations are undertaken only in the dry season, which is notionally 8 months from April to November. • Free-dig bauxite is mined by front-end loaders, trucked to a port infrastructure area, screened to a max product size of 100mm and fed onto the Barge Loading Facility and into barges. • Barges are towed down the Skardon River to an anchorage point at sea where the bauxite is transhipped to freight vessels. Canyon Resources (ASX: CAY) Canyon Resources is developing the Minim Martap Project which is located in the Adamawa region of Cameroon which is alongside the company’s other project, Birsok Bauxite Project. The Minim Martap Project includes two projects, the Ngouadal and Minim Martap deposits, which are within 25km of each other.  The total area of the permits is 1,349 square kilometre. Capital Structure Market Capitalisation:  90M Outstanding Shares: 315.4M  (06/2018) Top 20 Shareholding: 33.50% (2018) Minim Martap Project What I like about the project is the size.  The ones in Australia that are owned by small players do not have the size.  The grade is high but short of the 50% mark that is common in these tropical deposits.  These deposits are refractory and usually require high temperature to treat them. Chemically, bauxite deposits are complex and different deposits will have their issues.  The size present with Canyon is impressive, and I am sure they have an excellent chance to extend their resource.  What I am not sure about is the typical sovereign issues that seem to muddy all projects from Africa. Canyon Resources project location, rail and port facilities. (Source: Canyon Resources) However, in defence of the potential sovereign risk issues,  I have a few associates tell me that those issues are not as bad as reported.  In some degree, I have to agree as there are indeed many projects that are doing well in places such as Africa and Asia where you would think that these sovereign issues will be a deal breaker. Conclusion There is a lack of small-cap bauxite players and the reason, I believe, is the bulk nature of deposits and the lack of a market price.  The lack of a spot market price can be hazardous for small players, especially when they don’t have a large deposit.  The other issue is that the value-adding occurs when you turn it into alumina and if you are not blessed with a significant resource and an excellent grade, you are going to have a problem. The fact that bauxite is a product of chemical weathering and you are in a tropical climate,(rare to be in an arid environment),  you need a geological condition to retain and subsequently capture the end product.  If you do not have a “geological collection point”, you are not going to get a large deposit. With limited competition, if these two companies get their cash flow happening, they are going to be very interesting. There is no argument that the Chinese market will improve and demand will surge.  I think these two companies will take time to get their act together and like many small-cap companies, the liquidity of their cash position will determine how long they hang around. Canyon has decent looking chemistry with their resource.  Their silica content is very low as the industry is buying up to 8% silica.  I am not clear on the chemistry for Metro, but I would assume that Weipa will be reasonably consistent.  What I do know about the Weipa bauxite is the requirement of high-temperature refining. I am guessing the refractory nature causes the same problem as what you get in refractory gold issues.  The Weipa grade is good. However, I think they need to get the tonnages up. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso

Announcement INVESTOR PRESENTATION | MARCH 2025 CYM Regains Control of Paterson Exploration Project Nifty Copper Complex Approvals Update Cyprium Bolsters Senior Leadership Team $2.5M Progress Payment on Surplus Generator Sale A Story of Momentum: From Strategy to Execution at the Nifty Copper Complex. Unlocking Nifty’s Asymmetric Potential for Mining and Producing Copper? In March 2025, Cyprium Metals Ltd (ASX: CYM) presented a clear vision to the market—a strategy built on speed, simplicity, and a low-capex restart of the Nifty Copper Complex (Figure 1). The March investor presentation positioned Nifty as a rare brownfield asset with infrastructure already in place, permits largely secured, and over 720kt of copper historically produced. With 91kt of copper still contained in surface stockpiles and an 83Mt @ 0.90% Cu sulphide reserve adjacent to a 3.0Mtpa concentrator, the proposition was bold but grounded (Figure 2). Figure 1: Location of Nifty Copper Mine (source: CYM) The plan is straightforward: restart the SX-EW cathode plant to generate early cash flow, then progress to a full-scale sulphide open pit operation supported by the upgraded concentrator (Figure 3). A combined value of over A$1.1 billion in pre-tax NPV has been cited from the two-phase PFS work. Figure 2: Asset-Rich Brownfield Sets Stage For Rapid Restart (source: CYM) The scale, speed, and strategic optionality put Cyprium in a strong position—yet it’s not just the numbers that are compelling. It’s the disciplined execution of this roadmap that tells us Cyprium may finally be nearing a production restart. Figure 3: SXEW Plant (source: CYM) Strategic Control of the Paterson: A Key Milestone On 23 April 2025, Cyprium regained full ownership of the expansive 1,938km² Paterson Exploration Project following IGO Limited’s withdrawal from the JV. IGO had invested ~$24 million in exploration over five years, generating a large and high-quality dataset. This includes over 36,000m of drilling and significant geophysics across targets like Rainbow, MB01, and the NL05 EM plate—many of which lie near Nifty and Maroochydore (Figure 4). Figure 4: Nifty and Maroochydore location (source: CYM) Cyprium’s Executive Chair Matt Fifield commented: “The Paterson Exploration Project footprint sits adjacent to our Nifty Copper Complex which through its two brownfield processing plants has the ability to process both oxide and sulphide ores, and increases our potential to generate additional meaningful resources from the advanced targets already identified. With strategic control of the ground and exploration process, Cyprium can extend the upside potential of our copper platform in the Paterson. First up is to absorb the information coming at us. IGO has spent five years and $24 million collecting excellent data and building geological models. Their investment and technical excellence have significantly de-risked these tenements, and we will re-integrate this data with our strong understanding of the Nifty Copper Complex and growing confidence in Maroochydore.” This wasn’t just about regaining land. It was about consolidating control of one of Australia’s most prospective copper provinces under a single, production-focused operator (Figure 5). However, one looks at the metrics of the situation, what is certain is that the copper narrative may actually be coming to reality. Figure 5: Location of the Paterson Exploration Project (source: CYM) Investors in the copper space would know very well about the coming of the Almighty Copper Squeeze that will propel the copper price. The coming of the squeeze that has not happened since 2015, but I think the recent news seems to be indicating there is movement in the station. Time will tell, but I do sense a different vibe in the air. The increasing portfolio that CYM had announced may play well in time. Approvals Aligned, Final Hurdle in Sight By 24 June 2025, the Company announced that it had secured all major regulatory approvals required to commence Phase 1 at Nifty—the reactivation of the cathode plant. This includes amendments to the Works Approval (now valid until August 2027), extensions to the Nifty Mine Closure Plan submission (now due April 2026), and updates aligning with evolving state guidelines. Importantly, Cyprium now holds approvals for: 1. Refurbishment of the SX-EW plant and heap leach facility. 2. Construction of new infrastructure; Heap Leach Facility South, acid storage and containment bunds. 3. Ancillary infrastructure to support heap leach operations. 4. Surface mining cutbacks and ROM pad operations. 5. Use of up to 3.875 million kL of groundwater. 6. Metal production up to 30,000 tonnes/year and beneficiation of 9.6Mtpa. 7. Some Native Vegetation Clearing Permits that enable future operational activities. Cyprium’s Executive Chair Matt Fifield commented: “In summary, Cyprium has and continues to maintain the vital approvals that allow us to quickly embark on a phased redevelopment plan, and a constructive working relationship with our regulators as we build Australia’s next great copper company.” The only outstanding item is the Ministerial Consent to proceed—a formality in the broader context. With regulatory risk all but neutralised, Cyprium’s focus now shifts to physical and financial readiness (Figure 6). Figure 6: CYM is executing a straightforward plan at pace (source: CYM) Strengthening the Team: People Matter in Production On 27 June 2025, Cyprium announced two key leadership additions. Jeff Sommers has been formally appointed Chief Financial Officer, bringing deep ASX and institutional finance experience (including roles at Qantas, Lion, AMP, and GenesisCare). He had already been leading enterprise reporting frameworks with execution partner Macmahon, making his transition seamless. Angus Miles, already VP of Corporate Development, now also leads Investor Relations. His background in capital markets and IR roles (notably with GreenTech Metals) makes him well-suited to shepherd Cyprium through the next stage of engagement with equity markets and strategic partners. Cyprium’s Executive Chair Matt Fifield commented: “These are two key appointments that further our mission to build Australia’s next great copper company.” Non-Core Monetisation: Cash from Idle Assets In a further sign of financial pragmatism, Cyprium confirmed on 1 July 2025 that it had received a $2.5 million (AUD) progress payment from the sale of surplus TM-2500 generators. Though completion has been delayed due to shifting U.S. tariffs and logistical constraints, total receipts now stand at $4.3 million, with another $5.0 million expected in Q3. While not transformative in itself, this transaction reflects disciplined capital recycling—unlocking value from underutilised assets to support development without equity dilution. Samso Concluding Comments Cyprium’s journey over the past few months has awakened my view on the path for Cyprium. The string of approvals and announcements has been very encouraging for me, as it’s all about restoring investor confidence through structured progress. In a market where many investors like myself (I was and still am a supporter of the Cyprium story) have been disillusioned and had their value stripped with the declining share price, Cyprium looks like it's finally rebuilding value from the ground up with this brownfield copper asset with a defined execution and a phased strategy. Cyprium is now building momentum to create a story that is about mining and producing copper in Australia. The reactivation of Nifty is now looking more like a speculative aspiration. It appears that it is now backed by real infrastructure, strong datasets, regulatory traction, and a growing operational team. The convergence of permitting success, technical readiness, and strategic asset control—especially through the Paterson consolidation—suggests that Cyprium is quietly repositioning itself as a near-term copper producer in a supply-constrained global market. There’s still work to do—financing, final consent, and operational commissioning all lie ahead—but the heavy lifting of repositioning has already been done. Investors would do well to look past disappointments and assess what’s on the table now: a funded, permitted, and strategically managed pathway to copper production with upside from both Nifty and beyond. Whether you are looking at the heap leach for its cash flow, or the 20-year sulphide reserve for long-term leverage to copper, Cyprium is one of the few ASX-listed plays offering both. Execution risk remains, as with all projects at this stage, but the pieces are undeniably falling into place. Figure 7: Cyprium share price chart as of 17th July 2025 over the last 5 years. (source: commsec) I feel confident now to say that for those seeking exposure to copper with both near-term production and long-term district scale, Cyprium is becoming harder to ignore. I have sold out of my position, but I am now looking at re-entering this investment proposition. With a current market capitalisation of just over AUD $66M, it's small compared to its contemporaries on the ASX. Looking at the 5-year journey of the company (Figure 7), one can see the shareholders' interest in the stock. The anticipation for Cyprium to become a copper producer is still in its copper veins. Figure 8: Cyprium share price chart as of 17th July 2025 over the last 2 years. (source: commsec) The market anticipation is obvious when you drill down over the last 18 months. Unfortunately for shareholders, building a copper-producing story is marred with complexities, and time is definitely a precious commodity. Waiting is not the most common trait for shareholders, but for those who have waited and done some averaging down on entry, pricing may be most rewarded. As I mentioned, the time for the coming of the copper squeeze may be soon, and if my recent enlightening of the Tungsten market is repeated with the copper sector, CYM is going to be a very interesting investment proposition. CYM is now all about turning what was a disastrous copper mining story into a new story that is all about mining and producing copper. Like all of the investments on the ASX, DYOR is critical and coupled with the market anticipation of rising copper prices and the reality of a real copper supply crunch, companies like CYM have to be at the top of the list. The Samso Way – Seek the Research What stands out here is how Cyprium has moved from survival to strategic execution. This is not just a story of restarting a mine—it’s a platform play built on undervalued brownfield assets, tier-1 infrastructure, and significant upside from greenfield exploration. The pace of progress since March—from investor presentations to project approvals, land consolidation, and leadership appointments—signals serious intent. For those watching the copper thematic, particularly with a long-term supply deficit in view, this is a story to watch closely. 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 Fraser Range Drilling Completed Fraser Range Drilling Campaign Completed West Cobar Metals Limited (ASX: WC1) has concluded a focused reverse circulation (RC) drilling program across its wholly owned Fraser Range Project in southern Western Australia. Situated 120 km north-east of Esperance, this region sits within the Biranup Zone—an important structural corridor adjacent to the Fraser Zone, host of the Nova-Bollinger nickel-copper deposit. Figure 1: Geology showing the five IOCG and BHT targets to be tested, and areas containing established resources (source: WC1). The program delivered nine RC holes across five compelling targets (Figure 1) for a total of 1,958 metres drilled. Highlights ✅ Nine RC holes drilled, totalling 1,958 metres ✅ Five greenfield prospects tested, targeting IOCG and BHT-style copper-gold systems ✅ Assays due early August 2025, with geochemical analysis to guide follow-up programs ✅ Program fully funded under the Minrex Resources Ltd farm-out agreement Targeting IOCG and BHT Systems - Copper and Gold Story. The exploration focus revolved around five well-defined geophysical targets—three of Iron Oxide Copper-Gold (IOCG) nature and two Broken Hill-type (BHT) systems. These targets were developed through a reprocessing of historical geophysics and reflect structurally complex zones within the Biranup Zone of the Albany Fraser Mobile Belt (AFMB). This belt, composed of high-grade metamorphic gneisses and granites, is a regionally significant mineral terrane that remains underexplored compared to other parts of WA. West Cobar’s approach is methodical—greenfields targeting based on geophysical interpretation, supported by heritage clearance and geochemical validation. Awaiting Assays – Next Steps Assay results are expected in early August 2025. Once received, West Cobar will evaluate the data for geochemical vectors and alteration indicators. This will determine the path forward for a follow-up drill campaign, which may include aircore (AC) and additional RC drilling. The drilling program was entirely funded by Minrex Resources Ltd (ASX: 26 March 2025) as part of the farm-out option agreement announced in March 2025, allowing West Cobar to progress significant ground without equity dilution or capital raise pressures. West Cobar’s Managing Director, Matt Szwedzicki, commented: “We have successfully carried out an RC drill program testing major greenfield targets from modelled geophysical data in outstanding structural settings, under a funding deal with Minrex Resources Limited. We look forward to receiving assay results over the next few weeks, which will enable us to fully evaluate the potential of the project and to plan the next stage of exploration.” Technical Observations All drill holes were geologically logged at 1-metre intervals. A Schramm T450 RC rig with 5.7” hammer bit was used. Sample quality and recovery were deemed acceptable for first-pass work. Drill collars were located via handheld GPS (±3m) with downhole surveys every 10m. All chip samples were photographed and stored in trays for future reference. Work was conducted under heritage agreements with the Ngadju Native Title Claim. Samso Concluding Comments The Fraser Range remains one of Western Australia’s most enigmatic mineral frontiers. While it is well-known for nickel-copper discoveries, West Cobar’s focus on copper-gold systems—specifically IOCG and BHT styles—is a strategic pivot. These deposit styles have the potential to deliver scale and grade, particularly when underpinned by large structural settings as seen here. The greenfield nature of this program should not be overlooked. This is the start of a systematic campaign on underexplored tenure in a proven belt. The farm-out agreement with Minrex has also de-risked the financial execution of this first pass, which is notable in today’s capital-constrained environment. What comes next is crucial. The assay results, due in August, will offer the first real geochemical dataset over these targets. If the results demonstrate alteration halos or sulphide associations, we may be looking at the early signals of something significant. For now, it’s a classic Samso moment—one of patience and perspective. It’s still early days, but the work so far ticks the boxes of disciplined, technically led exploration. The Samso Way – Seek the Research This is the research play in motion. West Cobar’s approach—leveraging geophysics, preserving capital, and drilling for major copper-gold systems—epitomises what Samso looks for in early-stage exploration. Low market cap. High geological intent. And now, a clear timeline with assays due in August. The Samso Way is to keep this one on your radar. 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 Successful $55M Placement US$40M Prepayment Facility and Offtake Agreement Equity Raise Presentation AIC Mines Limited (ASX: A1M) has reached a major funding milestone with the successful completion of a $55 million Placement and the signing of a US$40 million Prepayment Facility and Offtake Agreement with Trafigura. These capital moves form a cornerstone of the company’s strategy to expand the Eloise Processing Plant and develop the Jericho Copper Mine, paving the way for a significant lift in copper output. Figure 1: The Eloise Copper Mine Location (source: A1M) Successful $55M Placement – Strong Institutional Support for a Copper Mining Story. Announced on 24 June 2025, AIC Mines received firm commitments for $55 million from a combination of existing shareholders and new international investors, including notable institutions from North America and the UK. The placement was structured in two tranches, comprising approximately 183.3 million new fully paid ordinary shares: Tranche 1: ~142.8 million shares issued under the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche 2: ~40.5 million shares, subject to shareholder approval at a General Meeting expected in mid-August 2025. The placement price of $0.30 per share represented a: 9.1% discount to the last close of $0.33 12.1% discount to the 5-day VWAP, and 10.8% discount to the 15-day VWAP. AIC Mines has entered into a Strategic Investor Agreement with Hawke’s Point, creating a clear framework for potential future financial support. The agreement is designed to reduce funding risk over the next two years, particularly if new opportunities arise that require accelerated or additional capital. AIC Mines’ Managing Director, Aaron Colleran, commented: “This capital raising allows AIC Mines to fully commit to the expansion of the Eloise processing plant and development of the new Jericho copper mine. New shares have been preferentially placed to large long-term oriented resource investors with a number of important North American and British investors joining the register.” “We have also entered into a strategic investor agreement with Hawke’s Point, crystallising over 18 months of due diligence and relationship building. Hawke’s Point has a unique approach to investing that has delivered them great success. It is therefore pleasing to see them join our register as part of the Placement and also enter into a strategic investor agreement, signalling their ongoing support.” US$40M Prepayment Facility and Offtake Agreement – Strengthening the Trafigura Partnership In a move that reinforces its longstanding relationship with Trafigura, AIC Mines has entered into a US$40 million prepayment facility to support the delivery of copper concentrate from the Jericho Mine. This arrangement, announced on 20 June 2025, provides flexible funding without the need for commodity hedging and includes an 18-month grace period before repayments begin. Key facility terms include: Interest rate: 3-month SOFR + 3% p.a. Term: 36 months from availability Security: Over Eloise and Jericho mining leases, AIC’s assets, and shareholdings Early repayment flexibility As part of the agreement, Trafigura has secured a minimum 400,000dmt offtake from the Jericho deposit under market-standard treatment and refining terms. Payment structure involves 90% provisional value upfront, with the balance settled post-assay. This builds upon the existing life-of-mine agreement for Eloise concentrate, established with Trafigura in 2021. Fully Funded to Expand and Execute These funding mechanisms—debt, equity, and internal cash flow—collectively underpin the $215.8 million capital program required to realise AIC Mines’ “step-change” production profile. The funds will be deployed as follows: $77.6M to expand the Eloise plant to 1.1Mtpa (Figure 2) $37.6M toward non-plant infrastructure and tailings expansion (Figure 3) $61.0M to develop Jericho and complete the 3km underground link drive (Figure 4) $12.0M allocated to exploration drilling across the company’s 2,000km² tenement base $27.6M for working capital, offer costs, and corporate overheads Figure 2: Eloise’s significant exploration upside (source: A1M) In parallel, the existing Eloise Mine is expected to generate $62 million in free cash flow over the next 18 months, which will directly support development activities. Importantly, the Eloise expansion has already been de-risked with the award of a fixed-cost EPC contract to GR Engineering, with construction scheduled to begin in August 2025 and commissioning targeted for the December 2026 Quarter. Figure 3: Eloise’s tailings dams (source: A1M). Oversized processing equipment will be installed during Stage 1, allowing for a potential low-cost, high-efficiency upgrade to 1.5Mtpa in the future, contingent on increased mining rates at Jericho. Figure 4: Jericho Deposit (source: A1M) Samso Concluding Comments For investors tracking the copper space, AIC Mines is now a growth-focused Australian mid-tier producer. This latest funding sequence demonstrates the alignment of capital markets, offtake partnerships, and operational readiness. This capital restructure signals a pivotal shift for AIC Mines. It’s not just about raising funds—it’s about structuring funding in a way that drives near-term execution while future-proofing the long game. With a committed offtake partner in Trafigura, major shareholder and director participation, and a globally engaged investor base, the company has effectively de-risked the expansion pathway while enhancing its operational resilience. AIC Mines is building momentum—securing flexible financing, locking in margins through scale, and planning with modular upgrades. Eloise and Jericho are now part of a larger vision—an emerging copper powerhouse, grounded in delivery. The Samso Way – Seek the Research The recent placement and strategic alignment suggest that AIC Mines (ASX: A1M) is gearing up to become the next mid-tier copper producer in Australia. With a market capitalisation of around AUD 172 million, the structure and scale of its funding—and the backing of strategic investor Hawke’s Point—position the company as a potentially “safer” copper play in an otherwise volatile sector. This isn’t just capital for capital’s sake; it’s targeted growth with future support mechanisms already in place. 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.

Announcement Additional Partial Response in Pancreatic Cancer Trial. Amplia Gains US Ethics Approval for Pancreatic Cancer Trial. Second Complete Response in ACCENT Pancreatic Cancer Trial. Pathological Complete Response in Pancreatic Cancer Trial. Capital Raising Presentation. Amplia Therapeutics Limited (ASX: ATX) is entering a compelling phase in its clinical journey, as recent announcements reinforce the growing potential of its lead compound, narmafotinib (AMP945), in the fight against advanced pancreatic cancer (Figure 1). With news of two rare and confirmed complete responses emerging from the ongoing ACCENT trial, investors have reason to take notice. These outcomes are not only clinically remarkable—they may signal a turning point in one of oncology’s most difficult indications. Narmafotinib blocks the activity of the FAK protein. Figure 1: Narmafotinib blocks critical pathways supporting tumour growth (source: ATX) Narmafotinib (AMP945) is the company’s best-in-class inhibitor of the protein FAK (Focal Adhesion Kinase). FAK, a protein—an enzyme that plays a critical role in cancer growth, disease spread, and the formation of fibrotic (scar) tissue. FAK is frequently over-expressed and hyperactive in solid tumours, and elevated levels are strongly associated with poorer patient outcomes. By targeting and blocking FAK activity, narmafotinib reduces cancer progression both within cancer cells and across the tumour microenvironment. ACCENT Trial Delivers Rare Complete Responses The ACCENT clinical trial is a Phase 1b/2a multicentre, open-label study evaluating narmafotinib in combination with gemcitabine and Abraxane® in first-line patients with advanced pancreatic cancer (Figure 2). Initially focused on dose safety and optimisation, the study has progressed into Phase 2a, where efficacy is the key focus. The trial is being conducted at seven sites in Australia and five sites in South Korea. Figure 2: Narmafotinib in combination with standard of care gemcitabine and Abraxane® (source: ATX) On 16 June 2025, Amplia announced that a patient in the trial had achieved a pathological complete response (pCR)—meaning no live tumour tissue was detected following surgical resection of both the primary pancreatic tumour and liver metastases. Just days later, on 19 June, a second patient recorded a confirmed complete response (CR), defined as the total disappearance of all tumour lesions sustained for more than two months. A pathological complete response (pCR) is very rarely reported in patients with advanced pancreatic cancer, where the disease has spread to other organs in the body. In patients with locally advanced (i.e. non-metastatic) pancreatic cancer, however, around 5% of patients do record a pCR in response to treatment with neoadjuvant chemotherapy (chemotherapy before surgery). In these earlier-stage patients, a pCR is associated with improvements in overall survival. These results are statistically rare in metastatic pancreatic cancer. For context, the pivotal MPACT study (NEJM 2013) reported only one CR among 431 patients treated with gemcitabine and Abraxane alone. Amplia’s achievement of two such responses among just 55 trial participants suggests a strong signal of efficacy that warrants continued clinical attention. Regulatory and Clinical Expansion into the US In a parallel development, Amplia has secured Institutional Review Board (IRB) approval in the US to initiate a new Phase 2 clinical trial exploring narmafotinib in combination with FOLFIRINOX. This alternative chemotherapy regimen is the preferred first-line therapy in the United States. This marks a strategic broadening of the company’s development footprint and a critical step in establishing narmafotinib as a globally viable oncology asset. FOLFIRINOX is a chemotherapy cocktail of four drugs used in the treatment of advanced pancreatic cancer, and in the US is the preferred treatment for newly diagnosed patients. The trial is structured as a two-part study and will adhere to the FDA’s Project Optimus framework. Part A will determine the optimal dose of narmafotinib when used with FOLFIRINOX, and Part B will assess safety and efficacy at the recommended dose. Amplia expects to recruit 60–70 patients across up to six US sites and two Australian locations. Dr Chris Burns, Amplia’s CEO and Managing Director, commented: “Receiving the protocol approval from the IRB is a critical step in initiating the US trial of narmafotinib in combination with FOLFIRINOX. Importantly, results from this trial will complement the existing positive data emerging from our current ACCENT trial, aiming to establish narmafotinib as the optimal combination partner for chemotherapy in this challenging disease.” Capital Raising Supports Clinical Acceleration for a Solution to Pancreatic Cancer To fund this expanded pipeline, Amplia launched a capital raising in October 2024 of up to A$13 million. The offer included a pro-rata entitlement offer and institutional placement priced at A$0.115 per share, with attaching options exercisable at $0.1725. Funds raised are being directed toward: Completion of the ACCENT Phase 2a trial Launch and progression of the US-based FOLFIRINOX trial Preclinical R&D and drug manufacturing General working capital and operational support As of 30 September 2024, Amplia had $4.6 million in cash and anticipated an additional $4.0 million in R&D rebates, placing it in a relatively stable position to deliver key trial milestones in 2025. Samso Concluding Comments At Samso, we often talk about the importance of clinical signals that challenge the norms, and Amplia Therapeutics may have just delivered one. In the complex and unforgiving landscape of advanced pancreatic cancer, recording two confirmed complete responses in a small patient cohort is not business as usual. These results, drawn from a well-structured trial using narmafotinib in combination with standard chemotherapy, are giving early shape to what could become a pivotal story in oncology drug development. What makes this even more compelling is the scientific backbone supporting the results. Narmafotinib targets Focal Adhesion Kinase (FAK), a protein increasingly recognised for its role in cancer progression and treatment resistance. By inhibiting FAK, narmafotinib appears to disrupt both the cancer cell’s internal survival mechanisms and the broader tumour microenvironment—an approach that may be enabling chemotherapy to work better, faster, and more durably. This isn’t just another combination trial; it’s a strategic layering of mechanisms backed by translational logic. Amplia’s concurrent move into the US clinical landscape, with FOLFIRINOX as the backbone chemotherapy, is a smart step. It shows not just confidence in the science but also a clear understanding of clinical positioning and market expectations. Layer in their recent capital raise—timed to support both the completion of the ACCENT trial and the launch of the FOLFIRINOX study—and the strategy becomes one of focused execution, not speculative ambition. The additional response to the pancreatic cancer trials is another positive for the company's case for discovery. The additional response brings the objective response rate to 29%. The response data is made up of 6 out of 55 patients enrolled in the trial, with 20 patients still enrolled in the trial. The market is obviously loving the results (Figure 3), and with a market capitalisation of AUD $132M, I would think that there is still plenty of room for expansion. The steep rise in valuation since mid-June is a clear indication that shareholders are excited. Figure 3: Amplia Therapeutics Limited share price chart as of 9th July 2025. (source: commsec) As always, the data will speak for itself in time, but the early indicators are strong. Amplia appear to be staying in their lane and pursuing a high-value therapeutic niche with a well-differentiated molecule. It feels that in the case of looking for a really important topic, such as pancreatic cancer, diversification from this path, for me, would be a sign that they are not focused enough. For clinicians, these complete responses offer hope. And for Samso, this is precisely the kind of story we’re here to track: grounded in science, validated by data, and delivered with clarity. The Samso Way – Seek the Research At Samso, we believe that true insights emerge when you look beyond the headlines and into the data that drives conviction. Amplia Therapeutics (ASX: ATX) exemplifies this approach. Their focused pursuit of FAK inhibition in hard-to-treat cancers is backed by rigorous science, translational depth, and early clinical results that are breaking through expectations. The company’s recent clinical milestones in pancreatic cancer are not just updates—they are signals worth dissecting. This is why we say: Seek the Research. Because it’s in the fine print of well-run trials and the clarity of execution where the most compelling stories often begin. 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 BLUGLASS RAISES $5.3M; CLOSES SPP ANALYST REPORT: BLG REPORTS STRONG Q3 RESULTS BLG to supply Indian Department of Defence with GaN lasers INVESTOR PRESENTATION Quantum precision ATM Facility - Capital Raise Q3 FY25 Investor Presentation Technology and Funding Agreement with APG Pay Quarterly Activities Report I’ve been keeping an eye on how Artificial Intelligence (AI) continues to make its presence felt in the small-cap space on the ASX. While AI is often associated with big tech names, the more interesting stories—at least for those of us with a curious, investor-focused mindset—are often found in the places where commercial traction is building quietly. The ASX AI Technology sector is still relatively flying below most investors' radar screen, so lets see if we can get more light onto this globally important sector of business. This week, we’re revisiting three companies that have caught our attention: BluGlass (ASX: BLG), Locate Technologies (ASX: LOC), and Spenda (ASX: SPX). Each of these companies recently recorded share price movements that piqued our curiosity, not necessarily as the "top picks," but rather as examples worth reviewing for how AI is influencing their commercial models. BluGlass Limited (ASX: BLG) – AI’s Silent Partner in Photonics Precision When you look at BluGlass, you're not looking at a traditional AI company. But the company’s GaN (Gallium Nitride) laser technologies are foundational to many high-performance, AI-driven systems, particularly in quantum computing, defence, and biotech. In Q3 FY25, BluGlass achieved several commercial and technical milestones: $1.34M in revenue, with a strong pipeline valued between $90–100 million. Record-breaking laser performance, reaching 1250 mW output while maintaining single-mode operation—important for AI-integrated LiDAR and sensing platforms. Recently approved as a supplier to the Indian Ministry of Defence, securing a $230k order. A$7.6 million capital raise (A$2.3 m placement + A$5.3 m SPP) completed mid-2025 to fund manufacturing upgrades and accelerate commercialisation of its GaN laser portfolio BluGlass’s visibility at major conferences such as Photonics West and its deep engagement with global defence primes suggest this isn’t just an R&D play—it’s becoming a commercial hardware enabler for high-end AI systems. Figure 1: BLG Share Price Movement – 12-Month Overview (source: ASX) Performance in 2025 (Figure 1): 1. Secured Major Defence Contracts Approved as a supplier to the Indian Ministry of Defence (April 2025) and secured the first AUD 230,000 order for GaN laser development services. Ongoing CLAWS Hub collaboration with North Carolina State University continued to generate multi-million-dollar U.S. DoD subcontracts, ensuring healthy near-term cash flow. 2. Record-Setting Technical Breakthroughs Achieved world-record 1,250 mW output from a single-mode GaN laser chip in Q3 FY25, preserving single-spatial-mode operation. Secured repeat orders (e.g., AUD 120,000 from UCF’s CREOL) based on clear performance advantages over incumbent laser diodes. Filed three U.S. provisional patents (January 2025) for high-peak-power continuous-wave tunable GaN lasers targeting defence, quantum, and biomedical markets, strengthening IP moat. 3. Revenue Growth & Expanding Pipeline Q3 FY25 revenue rose to A$1.34 million, driven by development contracts, government program payments, and first-production foundry services for a European wafer developer. Active pipeline expanded to ~26 qualified opportunities across quantum, defence, aviation, and biomedical segments, representing A$90–100 million in potential project value. 4. Strategic Advisory Board & Commercial Focus Established an Industry Advisory Board (chaired by Prof. Steven DenBaars and Dr Richard Craig) in Q1 2025 to accelerate go-to-market strategy and shorten lead times from prototype to production. Pivoted from R&D to commercial deployment by hiring key business development executives and showcasing next-gen gain-chip architectures at Photonics West 2025. 5. Strengthened Balance Sheet to Fund Growth Raised A$7.6 million via a placement (A$2.3 m) and Share Purchase Plan (A$5.3 m) in mid-2025 to upgrade manufacturing capacity and support scaling of its GaN laser business .5. Jim Haden, CEO, commented: “This capital is instrumental to our continued growth, facilitating capabilities that underpin our world-class laser performance while providing a funding runway as we convert our growing project pipeline into large-scale, long-term revenues. These discussions and negotiations continue to progress as we work with key industry partners to design-in BluGlass lasers in next-generation quantum, aerospace, and defence applications. The strength of our pipeline reaffirms our project-to-product strategy is the surest path to delivering long-term shareholder value.” For me, BluGlass sits at the hardware layer of the AI revolution. It’s not AI software, but it’s what AI needs to see, sense, and communicate in high-fidelity environments. Locate Technologies (ASX: LOC) – AI in Last-Mile Logistics The company formerly known as Zoom2u is now operating under the name Locate Technologies, and AI has become central to its growth narrative. Here’s what stood out: Capital Reinforcement: Raised A$320k via its ATM facility in June 2025—lifting total proceeds to A$875.7k at A$0.144 per share—to bolster the balance sheet for further AI-driven growth. AI-as-a-Service: Locate2u isn’t just using AI—they’re offering AI tools to customers in logistics. Features like AI photo verification for deliveries, chatbots that answer data queries, and WhatsApp-based notifications show practical, bottom-line applications of AI. Locate2u revenue rose 10% YoY in Q3 FY25, with a growing SME customer base globally. Group-level EBITDA is nearly break-even, reporting–$9k excluding one-offs, indicating tighter control on operations. The real signal here is the integration of AI into operational workflows, not as a gimmick but as a method for cost reduction and customer value enhancement. Their "AI-first, then headcount" philosophy is a clear marker of a business committed to scalable efficiency. Figure 2: LOC Share Price Movement – 12-Month Overview (source: ASX) Performance in 2025 (Figure 2): 1. Balance Sheet Strengthening Raised A$320k via its ATM Facility in June 2025—bringing total ATM proceeds to A$875.7k at A$0.144 per share—providing capital for AI-driven product development and expansion. 2. AI-First Product Differentiation Rolled out AI-powered proof-of-delivery verification, in-app chatbots, automated billing, and WhatsApp notifications, delivering measurable cost savings and service enhancements that drove 10 % YoY growth in Locate2u revenue to A$681k in Q3 FY25. 3. Strategic Rebranding The April 2025 name change from Zoom2u to Locate Technologies clarified its transition to a SaaS logistics platform with embedded AI services, reinvigorating investor interest and resonating with enterprise customers. 4. Operational Efficiency & Profitability AI-enabled automation (route optimisation, driver onboarding) cut operating expenses by 4 % YoY (LTM Q3 FY25), helping the group achieve a near-breakeven underlying EBITDA of–A$9k (ex-one-offs). 5. Sales Engine Expansion Secured ~200 new paying SME accounts and completed multiple enterprise-grade implementations in Q3 FY25, laying the groundwork for consistent ARR growth through 2025 and beyond. It’s a subtle evolution, but one that aligns well with broader enterprise SaaS and logistics automation trends. Spenda Limited (ASX: SPX) – Enabling AI in SME Finance Networks Spenda is different from the first two—it’s a payments and software company building digital infrastructure for B2B transactions. It's AI angle? Automated financial workflows and invoice management that reduce friction in how businesses buy, sell, and get paid. Q3 FY25 showed some solid underlying business momentum: $2.37M in cash receipts, up 160% YoY, and forecast to exceed $4M in Q4. AI partnership with Fresh Supply Co to integrate smart invoice capture and automated payment processing into their SwiftStatement and AR/AP platforms. ISO 27001 Certification achieved in Q1 2025—complementing SOC 2 and PCI-DSS compliance—to enhance trust for data-sensitive AI-enabled SaaS offerings. Spenda may not be a pure AI play, but what they are building—digitised, intelligent payment infrastructure—creates the environment where AI can automate finance across SME networks. Figure 3: SPX Share Price Movement – 12-Month Overview (source: ASX) Performance in 2025 (Figure 3): Explosive Cash-Receipts Growth & Loan Book Monetisation: Q3 FY25 cash receipts surged to A$2.37 M (+160 % YoY) after selling its invoice finance loan book for A$2 M—de-risking the balance sheet and funding core SaaS expansion; management forecasts Q4 receipts > A$4 M. AI-Powered AR/AP Platforms: Partnered with Fresh Supply Co to develop and embed AI components within SwiftStatement (AR) and SpendaAP (AP), automating invoice capture, data extraction, and payment workflows—technology set to be jointly commercialised and complementary to Spenda’s core offerings. These enhancements underpin broader enterprise roll-outs, including customised implementations across the Carpet Court store network under the SOE program. Enterprise-Grade Security Credentials: Achieved ISO 27001 accreditation in Q1 2025—complementing existing SOC 2 and PCI-DSS compliance, which strengthened Spenda’s credibility with larger corporates and government clients and enabled expanded roll-outs such as the Carpet Court SOE implementations. Diversified Growth Channels & Embedded Credit: Virtual-card programme continues to generate high-margin revenues, supporting Spenda’s service diversification. Signed a 10-year Technology & Funding Agreement with APG Pay (A$50 million facility) to launch a closed-loop corporate credit platform, underpinning future high-margin financing services. Lean Operating Model: Normalised monthly cash burn decreased to A$420,000 in Q3 FY25 from A$624,000 in Q3 FY24, reflecting staff cost savings from the invoice finance loan book sale and other cost-control measures. Adrian Floate, Managing Director, commented: “The business is performing well with triple digit annual growth in cash receipts and strong, growing diversified income streams. I couldn’t ask for more from the team, who have performed well. This quarter should see us take a leap forward as we aim to post a record quarter for cash receipts from customers based on strong performance in the month of April.” With key partners like Capricorn and Carpet Court rolling out digitised solutions, Spenda’s AI enhancements could help lower customer acquisition friction and support broader SaaS growth. Samso Concluding Comments As a new player in the ASX AI Technology space, I am interested and want more understanding of how each of these companies—BluGlass, Locate Technologies, and Spenda—has turned targeted AI applications into real commercial traction. BluGlass’s mix of defence endorsements, world-record laser performance, and a growing project pipeline demonstrates that deep technical leadership when focused, can unlock substantial recurring revenue. Their success underscores the value of marrying precision hardware breakthroughs with clear market needs. Locate Technologies shows that AI need not be a headline-grabbing buzzword to drive results. By embedding automation into proof-of-delivery, billing, and customer support, they’ve not only streamlined operations but also nearly breakeven on EBITDA while delivering double-digit revenue growth. Their “AI-first, then headcount” discipline is a model for SaaS businesses aiming to scale efficiently without sacrificing margin. Spenda’s evolution from a loan-book origin to a diversified SaaS and payments platform highlights the power of embedding intelligent automation into finance workflows. The sale of its finance book de-risked the balance sheet, while AI-enhanced AR/AP tools and virtual-card services are setting the stage for sustained high-margin growth. Their ISO 27001 certification further positions them to win enterprise-grade clients who demand robust security alongside innovation. At Samso, we believe the most compelling investment stories emerge where practical AI solutions meet real-world demand. These three companies exemplify that approach—quietly solving concrete problems, winning reputable customers, and building pipelines that support durable, long-term growth. I’ll be keeping a close eye on how they convert these 2025 milestones into persistent revenue streams and expanding margins. The Samso Way – Seek the Research I believe lasting investment insights come from rigorous, on-the-ground analysis rather than headline hype: we dive into primary sources—ASX filings, technical papers, and management commentary—to discern which innovations are truly advancing commercial outcomes; by triangulating company announcements, financial metrics, and independent industry data, we aim to separate substantive AI applications from mere buzz, ensuring our recommendations rest on a foundation of verifiable research and tangible market demand. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High Purity Lupin Oil Extracted from Initial Trials High-Purity Lupin Oil: Early Success in Co-Product Trials Wide Open Agriculture Ltd (ASX: WOA) has announced the successful extraction of high-purity lupin oil from initial processing trials (Figure 1). The milestone represents a significant technical and commercial step forward, offering both a new revenue stream and a path toward maximising the full value of its lupin feedstock. Figure 1: High Purity Lupin oil extracted from the initial trials (source: WOA) WOA’s trial results confirmed that a novel low-cost extraction method, free from chemical and heat treatments, retains the bioactive integrity of the oil. This means a higher-quality oil with longer shelf life—features that align with consumer demands in the clean-label and natural skincare market. More importantly, this new technique is less capital-intensive and more energy-efficient than existing extraction flows. It lays the groundwork for future scalability without requiring significant increases in capex. The company confirmed that the commercialisation timeline remains aligned with guidance shared at the 2025 AGM and Investor Presentation. Natural Ingredients for a Global Skincare Market WOA’s lupin oil is not just a co-product—it’s a potential game-changer in the cosmetics and personal care industry, which is valued globally at over USD $677 billion. Key bioactive compounds found in the extracted oil include Lutein, β-carotene, Oleic acid, Linoleic acid, and β-sitosterol. These compounds deliver a suite of skincare benefits: Antioxidant protection against free radicals Moisturising and barrier support for dry or sensitive skin Skin brightening to reduce pigmentation and acne scarring Improved elasticity through collagen stimulation Anti-inflammatory properties for calming irritated skin These features position lupin oil as a premium, natural anti-aging and restorative ingredient suitable for a broad range of product formulations. Building the ‘Whole of Seed’ Model Lupin oil is envisioned as the first commercialised co-product alongside WOA’s flagship lupin protein isolate. This approach offers strategic benefits—higher revenue per unit of input, shared production costs, and reduced waste. WOA is concurrently working on extracting other co-products such as gamma conglutin and lupin fibre, advancing its long-term goal of full seed utilisation. These developments are expected to be incorporated into an upcoming feasibility study, assessing the economic case for full-scale commercial production. Yaxi Zhan, Non-Executive Chairperson, commented: “This novel extraction technique, which does not use chemical or heat treatment, preserves the key bioactive compounds in the oil and improves the quality and shelf life of WOA’s current lupin protein isolate product, ensuring delivery of a clean, neutral tasting protein that is increasingly in demand from food and beverage manufacturers.” Scaling Up: What’s Next? A larger trial is already in preparation. It will produce sample volumes of lupin oil for customer engagement and market testing across the skincare, personal care, and potentially functional health sectors. In parallel, the company will continue optimisation efforts to increase production efficiency and support the broader commercial rollout of its lupin-based product suite. WOA’s strategic expansion from a core protein business to a vertically integrated ingredient platform reflects a vision for clean, regenerative, and commercially sustainable agriculture. Samso Concluding Comments An interesting development from Wide Open Agriculture with the development of oils. As someone who was involved in the Sandalwood Oil phenomenon, I am very interested in where this is taking Wide Open Agriculture. In the age of direct marketing, innovation from companies is going to make the penetration of markets a lot straightforward. Will it mean that the journey will be easier, that is a good question. If WOA can extract value from every part of their production system, it will make me want more of the business. Lupin oil might sound niche today, but with the right formulation partnerships, WOA could have a compelling product on its hands for a cosmetics sector increasingly leaning toward natural and functional ingredients. I don't know if this will revolutionise the cosmetic industry, but I am happy if they will be part of or add to the existing market. What will Lupin oil mean in terms of uses...etc will be critical. This will definitely be a good topic for discussion when I next talk to Yazi. It is very obvious that there is still work ahead—larger trials, feasibility studies, and market validation—but this is the kind of groundwork that turns innovative R&D into an investable reality. I’ll be watching closely to see how this fits into WOA’s bigger goal of building a whole-of-seed, low-impact ingredient platform. For investors looking at sustainable agrifood companies or the clean beauty supply chain, WOA’s lupin oil initiative is a development worth following. It’s a quiet but meaningful reminder that value often lies in what others throw away—and that’s where WOA might be finding its edge. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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

Announcement EQ Resources Successful A$4.0 Million Placement US EXIM Issue Letter of Interest for Mt Carbine EQR Progresses Regional Tungsten Hub Strategy EQ Resources Ltd (ASX: EQR) has just completed an AUD 4M placement which is on top of the recent placement of AUD $18.8M on the 22nd of May 2025. The recent capital raise looks to be consistent with our latest Samso Insight (see below) outlining the potential supply crunch that is happening as we speak. Tungsten: The Quiet Giant – Market Trends and Investment Pathways. On top of the capital raise, the Export-Import Bank of the United States (EXIM) has sent the company a Letter of Interest stating that EXIM is able to consider a 10-year debt facility of up to USD $34 million for capital expenditure and further development of the Mt Carbine Tungsten Mine. This is a clear sign that the Tungsten sector may soon break out if it has not already. In June 2025, EQR released preliminary results from XRT ore sorting trials at its Wolfram Camp Project, revealing encouraging recovery and upgrade outcomes that reinforce its ambition to develop a regional tungsten hub in Far North Queensland. The trials, undertaken in partnership with TOMRA Sorting Solutions and researchers from the University of Queensland’s Sustainable Minerals Institute, focused on two types of surface material: legacy ore and waste stockpiles. Supported by a $250,000 Queensland METS Collaborative Projects Fund grant, the program is part of EQR’s broader strategy to unlock value from historical mine assets using modern sensor-based ore sorting. Samso has been following the EQ Resources story since the early Mt Carbine transformation, and this development continues to showcase how the company is leveraging proven technical capabilities to push the needle on low-impact resource recovery. Preliminary Sorting Trials Deliver 86% Recovery and Significant Grade Uplift at Wolfram Camp 🔸ASX: EQR 🔸Location: Far North Queensland, Australia 🔸Focus: Tungsten recovery through sensor-based sorting 🔸Partnership: TOMRA Sorting Solutions & University of Queensland SMI 🔸Funding: A$250,000 QLD METS Grant 🔸Recovery Highlight: 86% WO₃ from ore stockpile 🔸Upgrade Factor: Up to 16x in key size fractions Preliminary ore sorting trials conducted at Wolfram Camp (Figure 1) have delivered highly encouraging results, achieving 86% recovery of tungsten from bulk sample material. These trials were part of EQ Resources’ ongoing strategy to evaluate the viability of reprocessing historical surface stockpiles using advanced X-ray Transmission (XRT) sorting technology. Figure 1: Wolfram Camp (source: EQR) The standout result came from the WBS Parrot sample, sourced from an existing ore stockpile, which demonstrated not only strong recovery but also a significant upgrade in grade, up to 16x in key size fractions. These outcomes validate the potential to unlock value from legacy material through low-impact, sensor-based sorting methods. Importantly, the success builds on EQ Resources’ proven track record at Mt Carbine and supports their broader vision of developing a regional tungsten processing hub in Far North Queensland. Leveraging Proven Sorting Expertise EQR’s deployment of XRT sorting technology is not new. At its flagship Mt Carbine operation, the company has already demonstrated how advanced ore sorting can convert low-grade and previously uneconomic material into viable feedstock. With recoveries exceeding 95% WO₃ and mass yields of just 10–12%, Mt Carbine stands as a benchmark for sustainable and cost-effective tungsten recovery. The Wolfram Camp trial mirrors this approach, aiming to replicate Mt Carbine’s success by tapping into legacy surface material and minimising environmental impact through de-bulking and selective processing. Wolfram Camp Stockpile Sorting Trial: Highlights Sample 1 – WBS Parrot (Ore Stockpile) (Figure 2) Head Grade: 0.09% WO₃ (728 ppm W), 269 ppm Mo Tungsten Distribution: 58% of the sample mass in the -65mm to +26.5mm range (0.08% WO₃) 40.2% of mass in -26.5mm to +6.7mm (0.10% WO₃) <2% fines (<6.7mm) with 0.36% WO₃ Sorting Results: Recovery: 86% of total contained tungsten Grade Upgrades: 0.08% → 0.67% WO₃ in larger size fraction 0.10% → 1.59% WO₃ in finer sorter size (16x upgrade) Mass Yield: o 10% (coarse) and >5% (fine) Mo Recovery: 20–35% depending on size Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) This shows that only 5–10% of the feed mass is needed to recover the bulk of tungsten, streamlining downstream processing and significantly increasing resource efficiency. Sample 2 – WBS Combined (Waste Stockpile Composite) (Figure 3) Head Grade: 0.10% WO₃ (772 ppm W), 199 ppm Mo Tungsten Concentration: Fines (-6.7mm) made up 45% of the mass but hosted 75% of total tungsten Larger size fractions showed lesser concentration but meaningful grade improvement Sorting Outcomes: Recovery: 76% W recovery and 28% Mo in the coarse sorter fraction 40% W and 20% Mo recovery in finer sorter fraction Upgrades: WO₃: 0.07% → 0.45% WO₃: 0.03% → 0.46% Fines Pathway: High-value fines can be processed via gravity separation, bypassing the need for further crushing or sorting Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) These results suggest the waste pile contains considerable untapped value, particularly in the fines, and may offer an economical recovery path with minimal energy input. Strategic Outlook: Building a Regional Tungsten Hub Executive Chairman Oliver Kleinhempel commented: “These preliminary results highlight the technical potential to unlock value from historical stockpiles at Wolfram Camp using modern sorting techniques. The strong tungsten upgrade from the Parrot stockpile and meaningful recoveries from the waste composite reinforce the viability of this low-impact approach to resource recovery and offer exciting upside as we refine our processing strategy.” The Wolfram Camp work is a direct extension of the Mt Carbine model, where waste is no longer waste, but a resource. Importantly, EQR’s regional hub strategy could generate operating synergies and provide new employment pathways in Far North Queensland by reactivating legacy sites with modern tools. Next steps will involve more bulk sample testing using Mt Carbine’s XRT sorter to assess in-situ ore sortability. These results will be incorporated into future production plans and stockpile re-evaluations. Samso Concluding Comments There is now no doubt that the Tungsten market is going into a critical mode as I have not seen this much interest in this sector since 2012. In fact, I am not sure if there was this much sentiment in 2012 as what I think is in place or coming soon. In the Samso Insight that we published earlier, when we spoke to Oliver Friesen from Guardian Metal Resources Plc, the takeaway was that the critical nature of Tungsten was in play. The US government funding of these projects is also real. So from a market perspective, I think EQR is in a very good place. In addition, the Mt Carbine asset has also been given new life through modern thinking and practical innovation. The application of XRT sorting at Wolfram Camp is not revolutionary on its own—EQR has already done this at Mt Carbine—but what makes this update significant is the validation of a repeatable process. This is about taking a tested technology, applying it to a new site, and achieving early-stage results that suggest meaningful upside. The 86% tungsten recovery and a 16x grade uplift from just a small portion of the original mass are not numbers that can be ignored. They speak to a potential low-impact pathway for generating value from stockpiles that, at a different time, would have simply been discarded. With growing pressure on responsible resource extraction and increasing demand for critical minerals like tungsten, this is the kind of initiative that aligns well with global sentiment. From a broader view, EQR is not just building a tungsten mine—it’s working towards a regional hub model. That means infrastructure leverage, skills development, and an opportunity to apply lessons learned at Mt Carbine to other projects. The support from the Queensland Government and partnerships with TOMRA and the University of Queensland only add credibility to the process. As investors or industry observers, the best approach may be to watch how this regional strategy is pieced together. Early signs are promising, and the technical execution so far has stayed grounded in what works. If this momentum carries forward, Wolfram Camp may become the next pillar in EQ Resources' broader critical minerals strategy. The Samso Way - Seek the Research EQ Resources stands out not for hype, but for its consistent, technical execution, turning legacy assets into real value through innovation. At Samso, we focus on stories like these, where asking the right questions reveals long-term potential. It’s about recognising substance behind the numbers and sharing insights with investors who value depth over noise. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AML3D's Largest Custom Arcemy System Online at Austal USA AML3D Expands to UK Defence Market with Alloy Test Contract Investor Presentation - New US defence markets open to AML3D AML3D Expands its Defence Footprint AML3D Limited (ASX:AL3) is forging ahead on its expansion strategy with significant strides into both the United Kingdom and United States defence markets. A recent A$0.83 million contract with BAE Systems UK marks a strategic entry into the UK defence supply chain, with AML3D sourcing 8.5 tonnes of Nickel Aluminium Bronze (NAB) feedstock to support BAE’s feasibility program. This follows sustained relationship-building and signifies the company’s growing credibility in defence manufacturing circles. CEO Sean Ebert emphasized that the BAE Systems contract is just the beginning, forming part of a broader plan to leverage AML3D's advanced manufacturing capabilities from its new US Technology Centre and Adelaide headquarters to support allied defence markets in the UK, Australia, and the US. Sean Ebert, Chief Executive Officer, commented: “AML3D has been developing its relationship with the BAE Systems for over a year. It is very exciting to see that work translate into an initial contract from BAE Systems. It is even more exciting that this contract is planned to be just the first and I look forward to giving updates on additional contracts as the program progress.” “AML3D is moving into the next phase of our growth strategy, which includes leveraging the extraordinary growth and demand we are experiencing within the U.S. Navy’s Submarine Industrial Base to expand into the Australia and the U.K Defence sectors. Beyond this BAE Systems contract, AML3D is developing opportunities with other companies supporting the U.K. Defence sector. And while winning Defence contracts can take time, I am confident that we will be in a position to announce additional orders from the U.K. and Australian defence sectors to compliment the huge momentum we are seeing in the U.S.” Key Highlights AML3D secures its first UK Defence contract with BAE Systems for NAB alloy feedstock supply. Commissioning of the largest custom ARCEMY® system at Austal USA’s Navy AM Center of Excellence. US operations contribute 80% of revenue, now scaling up with A$19M+ in US defence orders to date. Strong cash position of $32.1M post a successful A$30M capital raise in Dec 2024. Clear pathway into broader US and UK defence markets amid escalating interest in additive manufacturing. ARCEMY® Commissioned at Austal USA In parallel, AML3D announced the delivery and commissioning of its largest-ever custom ARCEMY® system at Austal USA, located within the US Navy’s Additive Manufacturing Center of Excellence in Danville, Virginia. This new system—featuring an 11,000kg positioner and a 4m+ linear rail with up to 35m³ build volume—is a milestone in defence-grade additive manufacturing. The deployment reinforces AML3D’s positioning as a technology enabler for the Make Shipbuilding Great Again initiative led by the US Government. Austal USA is central to this movement, with AML3D providing the critical ARCEMY® infrastructure to embed additive manufacturing (AM) into the Navy’s submarine and surface vessel supply chains. Sean Ebert Chief Executive Officer, commented: “The successful delivery [of] the custom ARCEMY® system to Austal USA (refer to ASX announcement November 20, 2023) aligns with our ambitions to expand the range of U.S. defense work we do. AML3D already has a track record of deploying our WAM Additive Manufacturing technology in support of the U.S. Navy submarine industrial base. Those successes are translating to an adoption of additive manufacturing technology in the wider U.S. Marine Industrial Base, covering shipbuilding and munitions.” “I have recently returned from two weeks in the U.S. While there, I inspected our new U.S. facility in Ohio and met with key stakeholders, including U.S. senators, commercial and defense partners and additive manufacturing education and training bodies. The US Government’s ‘Make Shipbuilding Great Again’ initiatives are set to expand, by a factor of three, the potential U.S. Defense markets AML3D’s additive manufacturing technology can address. Additive is now endorsed for use to support US Navy shipbuilding and missile manufacturing. These are markets AML3D already had plans to access directly and through our relationships with key suppliers to the US Navy Marine Industrial base, such as Austal USA.” “There is increasing confidence within the U.S. defense and commercial sectors in additive manufacturing’s ability to address supply chain constraints and significantly improve supply chain efficiency and quality. This, in turn, gives me great confidence that AML3D will see an acceleration in U.S. Defence contract wins and further success in accessing additional sectors such as U.S. Utilities, Aerospace and Oil and Gas.” Strong Financial and Strategic Positioning AML3D reported a 206% revenue increase to $4.63 million for 1H FY2025, with a corresponding 372% rise in gross profit to $3.37 million, largely driven by its US defence contracts. The company’s normalised EBITDA loss narrowed significantly to just $0.17 million. Following an A$30M capital raise in late 2024, AML3D closed the year with $32.1 million in cash, placing it in a strong position to scale its US and UK operations. The US Technology Center in Stow, Ohio is already fulfilling US Navy Submarine Industrial Base orders. AML3D’s relationship with BlueForge Alliance, a strategic procurement partner of the US Navy, continues to deepen following a US$951 million DoD contract awarded to the alliance in 2024. Scaling into Global Defence Ecosystems AML3D's Wire Additive Manufacturing (WAM®) technology is gaining momentum as a disruptive solution to long lead time and high-cost legacy manufacturing. This is particularly vital in defence, where urgent, on-demand supply chains are essential. The company is now actively exploring entry points into guided weapons, hypersonics, naval aviation, and US Army platforms, as well as UK Ministry of Defence projects through its BAE collaboration. Figure 1: WAM® Technology (source: AL3) Through its US subsidiary, AML3D USA Inc., the company has also built high-level bipartisan engagement across Congress, the Department of Defense, and AUKUS-focused bodies. Their strategic relationships include Austal, Huntington Ingalls, and the Navy’s training bodies, such as the ATDM and IALR, which are evaluating ARCEMY® as the go-to solution for training next-gen AM operators. Samso Concluding Comments AML3D’s dual momentum in the UK and US defence sectors presents a significant evolution in its growth narrative. What stands out is not just the contract values, but the strategic positioning—becoming embedded in critical defence supply chains and aligned with national-level manufacturing policy. These are early but strong signals that AML3D’s WAM® platform is being viewed as both viable and scalable. From a Samso point of view, the recent BAE Systems contract may seem small in dollar terms, but its real value lies in the doors it opens. Meanwhile, the commissioning of the largest ARCEMY® unit in the US signals the kind of capacity that can meet substantial future demand. The defence sector isn’t known for overnight wins—it’s about credibility, patience, and delivering when it counts. AML3D appears to be ticking those boxes. The team’s boots-on-the-ground presence and bipartisan endorsements in the US show a maturing strategy that understands how to embed technology into policy-driven ecosystems. For investors, this is a story that is transitioning from early-stage validation into one of long-term execution. If AML3D continues on its current trajectory—leveraging its capital, manufacturing footprint, and strategic partnerships—we may be watching the emergence of a new industrial player that’s relevant across the AUKUS landscape and beyond. Figure 2: AML3D share price chart as of 7th July 2025. (source: commsec) The recent announcements have given the share price a boost (Figure 2) and with a current market capitalisation of just under AUD $135M as of the 7th of July 2025, this is still an early stage. If AML3D start getting substantial projects for the US defence agencies, this will be more than a 10-bagger. For shareholders, it will be fingers crossed and toes crossed. As always, this is not investment advice. But for those following the AML3D story, this appears to be a company that is turning interest into contracts and contracts into traction. With a strong balance sheet and a clear growth strategy, it will be one to watch closely as the story continues to gain strategic relevance globally. The Samso Way – Seek the Research At Samso, we encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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

Coffee with Samso Episode 90 with Keith Coughlan, Executive Chairman of European Metals Holdings Limited (ASX:EMH) European Metals Holdings Limited (ASX & AIM: EMH, NASDAQ: ERPNF) is positioning itself as the next lithium miner in Europe. And it is perfectly placed within a series of major cathode, battery and automotive manufacturers. I have been looking forward to getting EMH onto Coffee With Samso as it is in a lithium space that is not common to investors. European Metals is mining Zinnwaldite which is a micaceous mineral. A highly complicated mineral chemistry, KLiFeAl(AlSi3)O10(OH,F)2, it comes from the least known lithium mineral to the average investor. The other micaceous lithium mineral is lepidolite. When I first looked at EMH in 2018, the company shares were sub AUD$0.30 which is a far cry from the AUD$1.55 range the company is valued at now with a market capitalisation of AUD271 Million. For a company that is not far from production, the valuation seems reasonable. In this episode, Keith Coughlan shares with us why this project could be a giant killer in the lithium space in a couple of years. The project is strategically placed in Europe and will be the source for all things related to the EV Revolution to European manufacturers. PODCAST About Keith Coughlan Executive Chairman Keith has almost 30 years’ experience in stockbroking and funds management. He has been largely involved in the funding and promoting of resource companies listed on the ASX, AIM and TSX. He has advised various companies on the identification and acquisition of resource projects and was previously employed by one of Australia’s then largest funds. Keith was previously the Non–Executive Chairman of ASX listed Talga Resources Limited. He is currently the Non-Executive Chair of Doriemus PLC and a Non-Executive Director of Calidus Resources Limited. Keith is a member of the Audit & Risk Committee, Remuneration Committee and Nomination Committee. About European Metals Holdings Limited (ASX:EMH) European Metals Holdings Limited (ASX & AIM: EMH, NASDAQ: ERPNF) is the owner of the Cinovec Lithium/Tin Project (“Cinovec”) Cinovec, which is the largest hard rock lithium deposit in Europe. Cinovec is also the fourth largest non-brine deposit in the world and a globally significant tin resource and is fully funded through to Final Investment Decision, expected early 2022. Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet s.r.o. is owned 49% by European Metals and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Indicated Mineral Resource of 372.4Mt at 0.45% Li2O and 0.04% Sn and an Inferred Mineral Resource of 323.5Mt at 0.39% Li2O and 0.04% Sn containing a combined 7.22 million tonnes Lithium Carbonate Equivalent and 263kt of tin reported 28 November 2017 (Further Increase in Indicated Resource at Cinovec South). An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O and 0.09% Sn reported 4 July 2017 (Cinovec Maiden Ore Reserve – Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate reported 11 July 2018 (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate). This makes Cinovec the largest hard rock lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource. The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation. In June 2019 EMH completed an updated Preliminary Feasibility Study, conducted by specialist independent consultants, which indicated a return post tax NPV of USD1.108B and an IRR of 28.8% and confirmed that the Cinovec Project is a potential low operating cost, producer of battery grade lithium hydroxide or battery grade lithium carbonate as markets demand. It confirmed the deposit is amenable to bulk underground mining. Metallurgical test-work has produced both battery grade lithium hydroxide and battery grade lithium carbonate in addition to high-grade tin concentrate at excellent recoveries. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support. The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically. 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 to add value to your share portfolio If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

The global molybdenum market is poised to hit US$466.2 Billion with a CAGR of 4.5% in the next decade (Figure 1). Essential for enhancing the strength and resistance of steel, this transition metal is invaluable for construction and manufacturing. Additionally, molybdenum serves as a crucial catalyst in various chemical processes, further strengthening its role in the current world.  This increased demand from these industries is driving the global market, highlighting molybdenum's pivotal role in modern industrial applications. However, the current market sentiment suggests a scarcity of material, with the index hovering around US$22 per pound of molybdenum. Pundits are concerned about looming supply deficits as mining operations struggle to ramp up production.  Figure 1: Global Molybdenum Market ( Source: Acumen Research)  Structural Shifts In Emerging Economies   Affecting Molybdenum. Emerging economies such as China and India are undergoing structural shifts that are set to boost steel demand.   Rapid urbanisation in China and extensive infrastructure development in India are primary drivers.   These shifts create a robust need for steel-reinforced construction materials, directly impacting the molybdenum market.   As these economies continue to grow, the demand for steel and, consequently, molybdenum, is expected to rise significantly over the forecast period.  Deceleration Of Demand In China's Oil And Gas Sector   Despite the positive outlook, the molybdenum market faces challenges from the Chinese oil and gas sector.   There has been a noticeable deceleration in demand due to a decline in exploration and production activities.   Molybdenum steel bearings, heavily used in these sectors, are seeing reduced demand.   This slowdown in one of the largest consumers of molybdenum creates a mixed outlook for the metal's future, tempering market enthusiasm.  Price Fluctuations And Supply Constraints   In late 2022 and early 2023, molybdenum prices surged to levels reminiscent of the 2005-2008 period, clocking above $US 35/pound (Figure 2).  This price hike was driven by robust demand and tight supply conditions.   However, mid-2023 saw prices ease due to decreasing demand and increased production from Chinese mines.   The market remains vulnerable to supply shocks due to persistently low inventory levels.   Despite weak demand outside China in 2023, strong Chinese demand provided a significant offset, maintaining market stability.  Figure 2: Molybdenum prices since 2022 (Source: Red Door Research)  Rising Production Costs   Production costs for molybdenum have been rising, affecting the overall market dynamics.   Freeport-McMoRan, a major player, reported that primary mine costs have doubled since 2021 (Figure 3).  In China, rising costs are notable due to falling ore grades and increased environmental expenses.   From 2020 to 2023, global demand grew by 18%, driven primarily by China and Indonesia.   This demand surge, coupled with underperformance in by-product supply from copper mines in Chile,Peru and the USA, has led to low stocks, making the market susceptible to supply disruptions.  Figure 3: Molybdenum mine operating profit (Source: Freeport-McMoRan)  Chinese Market Influence   China has been a net importer of molybdenum since 2020, with import levels balancing out in 2021/22 but surging again in 2023.   The country's steady domestic demand growth and fluctuating primary supply are key market factors.  Despite declines in non-Chinese production, Chinese production continues to grow, accounting for over 45% of global output in the second half of 2023.   By-product supply showed growth in 2023 after two years of decline, and this trend is expected to accelerate this year.  Future Outlook   World molybdenum consumption is projected to grow by 4.8% in 2024, with significant recovery in Europe, North America, and Japan.   Since 2020, China and Indonesia have dominated growth, now accounting for nearly 75% of total usage.   Strong demand recovery, combined with declining supply, pushed the market into a deficit from 2021 to 2023.   While the deficit is shrinking as supply grows, the market is expected to balance in 2024/25. However, project delays remain a significant risk.  Industry Challenges And Concerns   The future output of molybdenum faces challenges, particularly from regions like Chile and Peru, due to declining ore grades and geopolitical instability.   North American producers such as Climax, Rio Tinto, and Thompson Creek/Centerra are facing several challenges as well, says analysts.   While summer activity typically remains stagnant, there is a prevailing belief that price increases are more likely than decreases.  The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life there is no such thing as a Free Lunch. Happy Investing and the only four letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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.

Silica, primarily in the form of silicon dioxide (SiO₂), is emerging as a critical mineral, underscored by its pivotal role in various high-tech applications. Silica’s role is heralded by solar photovoltaics (PV), electronics, and renewable energy technologies. Australia has a robust history of research, development and demonstration (RD&D) in downstream solar PV activities. The country has pioneered developments such as the passivation emitter rear contact (PERC) solar cell and advanced solar PV recycling technologies. However, RD&D in midstream activities, such as the production of metallurgical silicon and polysilicon, have been historically lower, says CSIRO. Despite this, Western Australia boasts industrial production of metallurgical silicon, providing a solid foundation for further advancements. Global Demand and Supply Chain Vulnerabilities - The Silica and Solar Energy Story. The global energy transition necessitates a substantial increase in polysilicon production, with estimates suggesting a 10 to 12-fold rise in current capacity by 2030, according to the International Energy Agency (IEA). This surge is crucial for supporting the burgeoning demand for solar PV and electronic products. However, the supply chains are highly susceptible to disruptions due to their concentration in specific regions. For instance, China currently dominates the global polysilicon market, producing over 80% of the world’s supply (Figure 1). Figure 1: Production of silicon metal and polysilicon by country. This concentration poses risks, particularly in light of geopolitical tensions and trade restrictions. Australia, with its rich silica resources, can play a crucial role in diversifying the global silicon supply chain. Nevertheless, achieving this will require enhanced R&D efforts and international collaboration to deliver near-term commercial outcomes and long-term innovations. Midstream Activities Australia's key silicon supply chain gaps focus on the initial stages of midstream value addition and the recovery of high-value metals from solar PV waste (Figure 2). Figure 2: Midstream processing of silica (Source: CSIRO). Metallurgical Grade Silicon Silicon metal, a key feedstock for producing solar and semiconductor-grade silicon, is produced by reducing silica quartz in a furnace using carbon as a reductant. Despite being a mature technology, innovative carbothermal reduction techniques are being developed globally to enhance sustainability, reduce costs, and achieve higher purity levels. For instance, HPQ Silicon in Canada has developed a process to convert quartz into silicon in a vacuum furnace using a plasma arc, achieving higher purities suitable for battery applications. Polysilicon For solar PV supply chains, metallurgical grade silicon is further refined to achieve solar and semiconductor grade purities. Polysilicon is high-purity silicon (6N or above) produced from metallurgical grade silicon, suitable as feedstock for solar panel or semiconductor production. This is possible through chemical vapour deposition (CVD) techniques or alternative metallurgical refining techniques. The industry standard for solar photovoltaic cells is currently 9-11N purity monocrystalline silicon to support the push towards increasingly efficient solar cells. Solar PV Recycling Recycling of crystalline silicon photovoltaic (PV) panels, the dominant panel type in Australia, is another critical area. Current commercial PV recycling primarily involves mechanical processes to recover bulk materials, but significant progress is needed to enhance high-quality material recovery. RD&D efforts focusing on state-of-the-art recycling technologies for high-purity silicon and metal extraction from solar cells can drive cost reductions and improve sustainability, making the PV recycling industry viable. According to a report by the International Renewable Energy Agency (IRENA), global PV waste could reach 78 million tonnes by 2050, underscoring the importance of effective recycling solutions. RD&D Challenges and Opportunities Solar PV supply chains are well established globally, supported by mature extraction and refining technologies. ‘ However, emerging technologies aim to enhance sustainability and cost outcomes driven by extensive decarbonisation efforts. Australia’s current commercial activity in the carbothermal reduction of silicon and research capabilities in the reduction of other metals present opportunities for expanded RD&D in this area (Figure 3). Moreover, the availability of high-grade quartz deposits and potential biomass resources positions Australia advantageously for producing silicon metal with renewable resources. The Australian government’s Critical Minerals Strategy plans to invest A$2 billion in critical minerals projects, highlighting the strategic importance of these resources. Figure 3: Opportunities for Australian RD&D (Source: CSIRO). International Collaboration To overcome the challenges in producing metallurgical and battery-grade silicon, international collaboration and investment in domestic RD&D are crucial. Collaborating with overseas original equipment manufacturers (OEMs) and research organisations can help develop onshore capabilities and ensure sustainable processing practices. For instance, initiatives like BioCarbUp in Norway, which optimises bio-resources for metallurgical processes, could serve as a model for Australia. Samso Concluding Comments Silica, as a critical mineral, holds immense potential for Australia in the context of the global energy transition. Enhancing RD&D activities, fostering international collaborations, and leveraging Australia’s rich silica resources can position the country as a significant player in the global silicon supply chain. Addressing the challenges and seizing the opportunities in midstream processing and recycling will be crucial for achieving this goal and supporting the broader adoption of clean energy technologies. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life there is no such thing as a Free Lunch. Happy Investing and the only four letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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.