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Announcement Terra Uranium to Acquire Largest Tungsten Project in NSW Terra Uranium Limited (ASX: T92) is stepping beyond its uranium roots and into the high-stakes world of critical minerals. The latest move—acquiring the Glen Eden Tungsen and Molybdenum Project in New South Wales—signals more than just portfolio diversification. It’s a calculated entry into a sector underpinned by global strategic demand, rising prices, and tightening supply chains. With tungsten now flagged by NATO and major economies as a critical input for defence, aerospace, and electronics, this acquisition comes at a time when jurisdictional security and technical scale are driving investment narratives. For Terra Uranium, Glen Eden could well be the catalyst that elevates the story from explorer to emerging critical minerals player. Figure 1: Location of T92 tin, tungsten, molybdenum and precious metal projects in NE NSW (source: T92) 🔷 Key Highlights 1. Acquisition of Dundee Resources Pty Ltd: Terra Uranium Limited (ASX: T92) has entered into a Binding Term Sheet to acquire 100% of Dundee Resources Pty Ltd, owner of EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects in New South Wales (Figure 1). 2. Glen Eden is NSW’s largest undeveloped tungsten-molybdenum project, boasting historic intercepts such as: 282m @ 0.11% MoS₂, 0.08% WO₃, and 0.02% SnO₂ (0.28% WO₃ equivalent) from 7m (GENSW80-1) 392m @ 0.06% MoS₂, 0.025% WO₃, and 0.01% SnO₂ (0.14% WO₃ equivalent) from 3m (GENSW81-5) 3. Exploration Target: 20–30Mt @ 0.18–0.29% WO₃ equivalent to 150m depth, with potential for deeper high-grade “Henderson-style” Mo-W ore shells. 4. Market Conditions: Tungsten prices at 12-year highs (USD$450/MTU) amid global supply constraints and export controls, particularly from China. 5. Funding Support: $865K raised via placement to sophisticated investors at $0.03/share, including 1-for-1 options at $0.09 (expiry 31 Dec 2026). 6. Strategic Location: ~50km from the Taronga Tin (First Tin) and Hillgrove Antimony (Larvotto Resources) projects, with access via sealed road. 7. Metallurgical Recovery (Amoco 1981): Recovery of 86% Mo, 66% W, and 58% Sn into potentially saleable concentrates. Terra Uranium Chairman, Andrew Vigar, commented: “T92 is delighted to have taken the opportunity to acquire the largest undeveloped Tin Tungsten Molybdenum deposit in NSW. This is an exciting addition to the nearby Ottery Tin Deposit and we will be looking to develop these together. We thank new and existing shareholders for their continued support and look forward to keeping all shareholders informed of the development of our NSW Tin Tungsten Moly strategy to add to our Canadian Uranium portfolio” 🔷 Project Overview – Glen Eden, NSW Glen Eden presents a large, hydrothermally altered rhyolitic volcanic system, characterised by a 500m-diameter greisen and breccia complex. Mineralisation occurs in multiple phases, hosted in stockworks and breccias, with strong geochemical signatures across W, Mo, Sn, and Bi (Figures 2 and 3). Significant intercepts from historical drilling include : 💠GENSW80-1 Interval: 282m WO₃ Equivalent: 2,826 ppm MoS₂: 1,126 ppm SnO₂: 236 ppm WO₃: 774 ppm 💠GENSW80-2 Interval: 235m WO₃ Equivalent: 2,527 ppm MoS₂: 1,029 ppm SnO₂: 327 ppm WO₃: 580 ppm 💠GENSW81-5 Interval: 392m WO₃ Equivalent: 1,369 ppm MoS₂: 619 ppm SnO₂: 123 ppm WO₃: 245 ppm A conceptual Exploration Target of 20–30Mt @ 0.18–0.29% WO₃ equivalent is based on historic data and endorsed by a JORC Competent Person. Depth remains open below 385m, and modelling by Amoco (1981) suggests potential for deeper Henderson-style deposits. Figure 2: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) Figure 3: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) 🔷 Acquisition and Funding Details Under the agreed terms, Terra Uranium will acquire Dundee Resources via: 10M new T92 shares, each with 1:1 free attaching option (exercise $0.09, expiry 31 Dec 2026) 3M performance rights, converting upon achieving >2M MTU of WO₃ in JORC M&I resource $20,000 cash for expense reimbursement 1.25% NSR Royalty to vendors, with a buy-back right In parallel, T92 secured $865,000 in new funding through a placement to sophisticated investors, including participation from Non-Executive Director Niv Dagan ($100,000, subject to shareholder approval). The funds will support acquisition costs, exploration programs, and general working capital. 🔷 What’s Next for T92? - A Tungsten Resource. A focused exploration program at Glen Eden is set to commence following site access, expected within 4–6 months: Re-assay of historic core for complete elemental suite Integration of legacy geophysics (Auzex 2008) with modern geochem Soil and rock sampling using ICP-MS to vector toward high-grade zones Targeted drilling to define extensions and test deeper mineralised zones Meanwhile, the Company continues to hold its Canadian uranium assets in the Athabasca Basin—retaining exposure to uranium upside through Joint Ventures and existing projects. Samso Concluding Comments This announcement from Terra Uranium (ASX: T92) is a step into a sector with strategic importance and tight global supply. The acquisition of Glen Eden puts T92 squarely in the tungsten conversation, a market now shaped by geopolitics, not just economics. From a Samso perspective, this project ticks several key boxes. It’s underpinned by historical drilling and metallurgical work, already pointing to bulk-minable widths and compelling grades. More importantly, the mineral system is still open, large, and structurally complex—exactly the type of project that can surprise on the upside with targeted modern drilling. Investors watching T92 for its uranium exposure may now find themselves with a dual-pronged story. On one side, high-grade uranium targets in Canada; on the other, a polymetallic tungsten-moly system in NSW with near-term exploration catalysts. The raise at $0.03 provides runway to move quickly, and the critical minerals thematic adds tailwinds. It’s still early days, but Glen Eden could be one of those projects that finds renewed relevance—technically and geopolitically—in 2025 and beyond. As I have mentioned, I like Tungsten and Molybdenum, and I think this is a great acquisition for T92. Uranium is a great commodity, and I am a uranium bull too, but to be honest, the projects for T92 in Canada are not going to be cheap. Working in Canada is not a cheap replacement for projects in Australia. I am not sure why there is s rush for Canada unless you have commodities like Champion Iron and Cyclone Metals. I think this is a great project, as today, Molybdenum and Tungsten are highly prized metals, and I am looking forward to writing on what is to come for T92. The Samso Way – Seek the Research This is a project grounded in deep technical pedigree and historical data. Terra Uranium’s acquisition of the Glen Eden Tungsten and Molybdenum Project is not just opportunistic—it’s strategic. The system has scale, grade, and geological continuity with 3,388m of historic drilling supporting a robust breccia and greisen-hosted model. The inclusion of molybdenum, tin, and tungsten—with bismuth credits—adds to the project’s polymetallic upside. With tungsten now recognised as a critical mineral by NATO, the EU, the US, and Australia, and with Chinese export restrictions tightening the market, Glen Eden stands as a highly prospective project in a geopolitically significant commodity class. The Glen Eden story aligns with the current global urgency to secure strategic resources outside of dominant supply chains. 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.

Announcements: Placement for the Acquisition of Aldridge Traffic Systems ATS Acquisition Presentation Tariff Impact Likely Positive FOS Capital Limited (ASX: FOS) is a founder-led Australian manufacturer and distributor of commercial, industrial, and architectural lighting solutions. Since listing on the ASX in June 2021, the company has demonstrated consistent growth, underpinned by a clear acquisition strategy and operational execution. FOS Capital at a Glance ASX Code: FOS Placement Price: $0.30/share Funds Raised: A$3.7 million Sector: Industrial / Infrastructure Lighting Market Position: Founder-led manufacturer with acquisition-driven growth model Recent Expansion: Aldridge Traffic Systems acquisition Transaction Date: 11 June 2025 The FOS Growth Strategy -Lighting up the World. FOS operates in highly fragmented markets, with current Australian market share of 5% and a medium-term goal of 15%. Houses 17 owned brands across 2 manufacturing sites in Brisbane and Sydney. Since its 2021 ASX listing: Annual revenue growth: 35% Annual EBITDA growth: 29% Maintained consistent profitability The ATS acquisition builds on the momentum from recent transactions such as KLIK Systems, which led to operational consolidation and margin improvements. Transaction Overview: ATS Brings Strategic Depth FOS Lighting Pty Ltd (a subsidiary of FOS Capital) to acquire the street lighting business assets of Aldridge Traffic Systems Pty Ltd (ATS) from ASX-listed Traffic Technologies Ltd (ASX: TTI, in Administration). Total acquisition value: $3.1 million, comprising: $0.9M in plant and equipment $0.5M in inventory $1.7M in intellectual property Also, acquiring non-core brands (Deneefe, Sunny Signs, L&M, and QTC), which will be divested or shut down. Expected proceeds from divestment: $0.5M–$1.0M, to support working capital and ATS revitalisation. Completion date expected: On or before 20 June 2025. Strategic Rationale: Expanding Scale in a Fragmented Market FOS Capital has executed six acquisitions since 2019, and the addition of ATS fits squarely within its expansion model: Enhances presence in Australia’s road lighting and smart transport space Complements existing Eclatec product range (P-Category streetlights made in Brisbane) Expands FOS’s operating leverage, market access, and alignment with infrastructure spending. Figure 1: Eclatec Projects around the world (source: Eclatec) ATS’s Business at a Glance: Over 60 years in the road lighting industry FY24 revenue: $6 million Specialises in: o V-Category (streetlights for use on main roads), P-Category (streetlights for use on minor roads & pathways), energy-efficient LED luminaires o Solar-powered off-grid lighting o Intelligent Transport Systems (ITS) Owns the proprietary Traffic SmartCity Technology (TST) platform with recurring IoT-linked revenue streams Traffic’s SmartCity Technology (TST) brings together the functionality of todays modern cities, segmented into 4 fundamental categories across one platform, giving cities of today the necessary platform and sensors to use urban informatics and technology to improve the efficiency of services across all facilities, including; Saving Energy, Reducing Carbon Emissions, Protecting Environment and Reducing Costs. TST monitoring products and CAMS (Cloud Asset Management Software) enable authorities to control real-time management of city assets, monitor movement and deliver city security. Whilst giving citizens accurate information on anything from travel delays and parking, to air quality and weather. ATS provides V-Category and P-Category energy-efficient LED lighting solutions, along with a unique SmartCity platform that can create ongoing revenue via IoT-connected devices. With over 60 years of experience in the field, ATS is part of an industry characterized by high entry barriers due to regulatory product approvals, which restrict competition and provide long-term benefits for seasoned operators such as FOS. Financial Details: Raising and Deployment of Capital FOS Capital raised A$3.7 million via a single-tranche placement at $0.30 per share. The placement was well-supported by both institutional and sophisticated investors. Offer price pricing: 3.2% discount to last close (A$0.31 on 6 June 2025). 6.0% discount to 5-day VWAP (A$0.32). Approximately 12.3 million new shares to be issued. Shares issued under ASX Listing Rules 7.1 (6.95M shares) and 7.1A (5.38M shares). Use of funds: A$3.1 million for the acquisition of Aldridge Traffic Systems (plant, inventory, IP). A$0.6 million for working capital and placement costs. Lead Manager: Shaw and Partners acted as Sole Lead Manager and Bookrunner. Settlement and allotment are subject to conditions precedent and expected by 20–23 June 2025. Global Positioning and Tariff Insights FOS recently commented on the new 10% US tariff on Australian goods: FOS exported A$2M to the US in 2024—around 6% of total sales. Its premium-grade lighting products are not highly price-sensitive. FOS stands to benefit competitively as EU (20%), UK (10%), and Indian (26%) competitors face equal or greater tariffs. The absence of major US domestic producers in this niche adds to FOS’s advantage. Potential support from Australian government’s $1B export loan facility could also boost newer export markets (Italy, UK, UAE). Leadership That Delivers Con Scrinis, Managing Director of FOS, brings direct industry insight, having previously served as Managing Director of Traffic Technologies (ATS’s parent). His experience and strategic leadership underpin FOS’s acquisition strategy and post-acquisition optimisation focus. According to Mr Scrinis: “The acquisition of Aldridge Traffic Systems further expands our presence in the Australian lighting solutions market. This is an attractively priced asset to which we can add significant value, further building on our track record of recent acquisitions”. Samso Concluding Comments In the broader context of what FOS Capital is building, this acquisition of Aldridge Traffic Systems feels less like an isolated event and more like the next step in the roadmap. The company has previously demonstrated a consistent ability to identify, acquire, and integrate assets that seem to add scale and operational value. With ATS, the immediate benefit is domain depth in road lighting and smart transport systems—two areas that align neatly with infrastructure tailwinds and government investment cycles. With Con Scrinis at the helm, having formerly led Traffic Technologies, Scrinis is arguably well-placed to manage the turnaround and integration of ATS, a business that has seen better days but still holds strong fundamentals. The proposition isn’t just cost recovery or scale—it’s about tapping into a sector that is technologically evolving and increasingly central to how cities manage energy efficiency and mobility. Having someone at the helm who understands this business is crucial. As I did my research into the company's business, I must admit that I did not think of this business as an ASX-listed company. After all, if it makes money, why not? For investors, this is an opportunity to potentially get involved with a smaller-cap Australian company building critical mass. It’s not a loud story, but most good businesses are not, but FOS can be a persistent one. If FOS can deliver on its promise to revitalise ATS and continue building momentum through strategic M&A and organic growth, it may emerge as a notable consolidator in a sector that has historically lacked a unifying player. As always, this is not a suggestion to jump in—rather, it’s a nudge to keep FOS on your radar. Follow their integration progress, their ability to improve ATS’s earnings, and whether future deals follow the same disciplined, accretive approach. That’s where the longer-term value story might quietly take shape. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Bhagwan Marine Secures Six-Year Contract Extension with Port of Melbourne Euroz Hartleys Rottnest Institutional Conference Presentation 1H25 Results Presentation From Prospectus to Progress: 🆕 IPO Review ASX Code: BWN Listing Date: 30 July 2024 IPO Offer Price: $0.63 Current Share Price (as at June 2025): $0.500 Market Capitalisation: $138.97 million Industry Group: Transportation Bhagwan’s Story Since Listing: Delivering the Strategy, Scaling the Growth in the Marine Services. Bhagwan Marine Limited (ASX: BWN) has emerged as Australia’s largest ASX-listed marine services provider, following its IPO in July 2024. Since debuting on the market, the Company has delivered on its strategy of operational excellence, sustainable growth, and diversification across multiple marine sectors (Figure 1). With a 23% increase in share price from the IPO price of $0.50 to $0.63 in June 2025, BWN’s strong market showing is underpinned by solid financial and operational performance. Figure 1: Bhagwan Marine Overview (source: BWN) The Company’s 1H FY25 results were a clear testament to this momentum. Bhagwan posted a record $154.1 million in revenue, up 41% on 1H24, and Pro Forma EBITDA of $27.3 million, a 32% lift year-on-year (Figure 2). These results were driven by expanded offshore and subsea operations, successful delivery of a landmark decommissioning project, and increased utilisation of their 100-strong fleet. Figure 2: RECORD REVENUE & EARNINGS-REVENUE UP 41% AND PRO FORMA EBITDA UP 32% ON 1H24 (source: BWN) What Has Bhagwan Done Since Listing? Here are some of the standout developments since listing: Six-Year Contract Extension with Port of Melbourne In April 2025, Bhagwan secured a major contract renewal with the Port of Melbourne, worth approximately $6 million per annum, extending through to 2030. This long-term relationship, dating back to 2019, reinforces Bhagwan’s market credibility and supports its expansion into emerging sectors, such as offshore wind and oil and gas decommissioning. Managing Director and Founder, Loui Kannikoski, commented: “We’re proud to continue supporting the Port of Melbourne in managing its critical marine infrastructure. This extension reflects the capability of our team and operational excellence and the trusted relationship we’ve built over many years.” Delivered Australia’s Largest Local Decommissioning Project In 1H25, Bhagwan completed a major offshore oil and gas decommissioning project, the largest of its kind by an Australian-owned company (Figure 3). The project involved nine platforms, over 850,000 LTI-free offshore hours, and a full-service fleet comprising barges, AHTS vessels, and dive teams. It contributed $26.4 million in revenue and $3.9 million in EBITDA to 1H25 results. Commercial Completion of Large Decommissioning Project in 2025 First offshore decommissioning project for Bhagwan as a Tier 1 provider Largest Australian decommissioning project completed by a local marine service provider Practical completion in Q125 with commercial close out in Q225 Figure 3: Largest Australian decommissioning project for Bhagwan (source: BWN) Strong Performance within Core Business (Figure 4) Figure 4: Full & Half Year Pro Forma EBITDA Breakdown Summary. Notes: 1. FY22 EBITDA excludes other income of $3.7m from the gain on the sale of vessels.* % of core revenue. Small variances may occur due to rounding (source: BWN) Acquisition of the Coral Knight Bhagwan purchased the 60.5m vessel Coral Knight in February 2025 for $13.75 million (Figure 5), enhancing its offshore service capability in WA and NT. The vessel is expected to generate a strong ROCE through multi-year contracts. Figure 5: THE CORAL KNIGHT (source: BWN) Innovation and Remote Operations The company also trialled its first remotely operated inspection vessel, aimed at halving crewing costs and enhancing safety. The vessel entered paid trials with a global energy player and began conversion to hybrid power (Figure 6). First vessel of this size capable of remote operation in Australia Vessel significantly enhances safety and reduces operational costs Commenced paid trial in 2Q25 with a large global energy company Started conversion of the first vessel – hybrid power Figure 6: First vessel of this size capable of remote operation with ROV system in Australia (source: BWN) Use of IPO Funds – Summary (Actual vs Budget) As outlined in the 1H25 results, Bhagwan Marine has deployed the proceeds from its July 2024 IPO in line with its Prospectus commitments. The capital raised—netting $76.8 million—was primarily allocated to repay external debt, strengthening the balance sheet and significantly reducing net debt from $81.4 million to $11.5 million. This deleveraging has positioned the company to pursue both organic and acquisitive growth. In addition, targeted capital expenditure was directed towards strategic fleet upgrades, including the $6.7 million dry docking and capability enhancement of its largest vessel, as well as investment in remote operations and hybrid vessel innovation. Overall, the disciplined capital allocation reflects strong alignment between forecasted and actual use of funds. Share Price Performance Since Listing Bhagwan Marine Limited (ASX: BWN) listed on the ASX on 30 July 2024 with an IPO offer price of $0.63. Since then, the share price has travelled a full cycle—from early post-listing gains above $0.60 to a measured retreat during the March quarter. As of June 2025, the stock is trading below its listing price at $0.500, with a market capitalisation of $138.97 million (Figure 7). While the share price may suggest a flat return on paper, what lies beneath is a business that has materially strengthened its core. Bhagwan has delivered record earnings, secured long-term contracts, and expanded into growth markets such as offshore wind, decommissioning, and defence support. With over 211,000 shares traded today and a tight bid/offer range, BWN remains firmly on investor radars—steadily building momentum for what may be a pivotal FY26. Figure 7: BWN’s Share price as of 18 June 2025 (source: ASX) Samso Concluding Comments Bhagwan Marine has laid a solid foundation since listing, demonstrating what operational strength and strategic foresight can achieve within a short window on the ASX. The business is delivering results, investing in innovation, and securing long-term contracts that support both earnings stability and future expansion. From remote vessel technology to major decommissioning projects and offshore wind support, the Company is positioned at the heart of Australia’s evolving marine infrastructure needs. For investors, Bhagwan represents a business that is not only growing its top line but also aligning itself with multi-decade trends in energy transition, defence, and marine logistics. The uptick in share price since its post-listing low is not just a recovery—it’s probably a reflection of value being recognised. As always, Samso encourages readers to follow these stories early, ask the deeper questions, and seek the research. The Samso Way – Seek the Research At Samso, we believe that every good investment story starts with doing the groundwork. Bhagwan Marine (ASX: BWN) is a strong example of why investors should look beyond the headlines and into the operational delivery, sector tailwinds, and management strategy. As always, we encourage readers to seek the research because the real value is often found in the details others overlook. 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 Insight 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.

Announcements: Maiden 20Mt Bauxite 2012 JORC MRE over Cardea 2 Investor Presentation Massive 168Mt Bauxite 2012 JORC MRE – Clarification From Clarification to Confirmation: Building a Bauxite-Driven Foundation Western Yilgarn Limited (ASX: WYX) has recently reinforced its standing in the Western Australian bauxite landscape with a significant update to its Mineral Resource base. Following a clarification to the ASX on 5 March 2025, the Company has confirmed a massive 168.3Mt Inferred Mineral Resource Estimate (MRE) under the 2012 JORC Code for its Julimar West Bauxite Project. Just days later, on 17 June 2025, Western Yilgarn announced an additional 20Mt bauxite resource from the Cardea 2 Project, pushing its total JORC-compliant bauxite inventory to 188Mt. This sequence of updates positions Western Yilgarn as an emerging participant in the high-grade bauxite market, capitalising on its landholding within the Darling Range—a region globally recognised for its high-quality gibbsite-rich deposits (Figure 1). Figure 1: Location Map showing the Julimar West Project area with nearby major infrastructure (source: WYX) Key Highlights from the Julimar West Bauxite Project (E70/5111) (Figure 2) Inferred MRE (JORC 2012): o 168.3Mt @ 36.1% Al₂O₃ and 14.7% total SiO₂ using a ≥25% Al₂O₃ cut-off o 97.1Mt @ 40.5% Al₂O₃ and 11.3% total SiO₂ using a ≥35% Al₂O₃ cut-off Geometry & Location (Figure 1): o Covers a contiguous 348km² area along a 49km strike o Mineralisation from surface to 8m depth across seven defined zones Metallurgical Advantage: o Predominantly gibbsitic bauxite—ideal for low-temperature Bayer process o Low reactive silica (<5%), favourable for Direct Shipping Ore (DSO) export Figure 2: Julimar West MRE (source: WYX) With a robust dataset comprising 5,765 drillholes over 32,405m and previous metallurgical test work confirming DSO potential, the Company is moving toward drill approvals across four defined growth zones within the tenement. The Cardea 2 Project: Strategic Add-On Resource (E70/6702) (Figure 3) Maiden Inferred MRE (JORC 2012): o 20Mt @ 32.1% Total Al₂O₃ and 26.3% Total SiO₂ using a ≥25% Al₂O₃ cut-off o 2.15Mt @ 35.7% Available Al₂O₃ and 2.8% Reactive SiO₂ using a ≥25% Available Al₂O₃ cut-off Project Footprint: o 2.8km strike, averaging 1.3km width o Mineralisation extends from surface to 5.5m vertical depth Strategic Advantage: o Located just 16.5km southeast of Julimar West o Proximal to Perth and key port/logistics corridors Figure 3: Location Map showing the Cardea 2 Projects area with nearby major infrastructure (source: WYX) The Company plans to advance metallurgical bomb digest testing across Cardea 2 to enhance conversion rates of Total Al₂O₃ to Available Al₂O₃. This could further derisk the DSO pathway for this asset. Supporting Metrics and Capital Position ASX Code: WYX Share Price (29 April 2025): $0.034 Market Capitalisation (5 March 2025): $4.6 million Cash Position (as at 31 December 2024): $670,000 Shares on Issue: 123,809,548 Options on Issue: 80.6 million Weighted Average Exercise Price: $0.13 Expiry Dates: Between April 2025 and November 2027 Top 20 Shareholders Hold: 57.71% of issued capital Major Shareholders: Oceanic Capital Pty Ltd, St Barnibas Investments Pty Ltd & Payzone Pty Ltd – 24.97% Mr Glen Goulds – 5.9% Alladrenalin Pty Ltd – 3.7% The company is guided by an experienced Board, including Peter Lewis (Chairman), Pedro Kastellorizos (Non-Executive Director), and others with deep domain expertise. WYX Share Price Trends: A Closer Look The current share chart for Western Yilgarn (ASX: WYX) shows the stock trading at $0.025, with fluctuations between $0.021 and $0.048 over the past six months (Figure 4). The price has softened slightly since early May, though volume spikes in April and June suggest renewed market interest. Figure 4: WYX Share Price Chart as on 17 June 2025 (source: ASX) Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos commented: “We are extremely pleased with the outcomes of our Bauxite Resource Estimations at the Cardea 2 Project. The result confirms strong scalability and significant potential to increase tonnage through further exploration. Importantly, the current resource is located within trucking distance of a multi-user railway - an advantage that comes at a time of record alumina and bauxite prices”. “The Cardea 2 Bauxite Project, together with our extensive Julimar West Bauxite Project, represents a compelling opportunity to deliver shareholder value, create jobs in local communities, and establish Western Yilgarn as a new, independent, and e supplier of high-quality bauxite. Our technical team is confident that the bauxite deposits offer substantial upside potential, with room for further resource growth towards the western portion of the Exploration Licence. Planning is already underway for the next phase of drilling across untested zones within the Cardea 2 and Julimar West areas, aimed at expanding the current mineralised footprint.” Samso’s Review: Prospectivity, Location, and Next Steps Western Yilgarn's prime strategy is now to establish a resource base before transitioning into feasibility and potentially development phases. The proximity of Julimar West and Cardea 2 to existing infrastructure and their metallurgical compatibility with low-energy refining processes add logistical and economic value. Exploration remains key to Western Yilgarn’s next steps. The untested areas—particularly Zones 1 to 4 at Julimar West and the western side of Cardea 2—highlight the potential for resource expansion. Moreover, the Company's engagement with metallurgical testing and planning for regulatory approvals reflects a realistic and incremental growth approach. Samso Concluding Comments From the perspective of a developing resource narrative, there’s no overstatement here—it’s early days for Western Yilgarn. However, their 188Mt bauxite resource puts them in the right place, both geologically and strategically. The updates confirm that work is being done, targets are growing, and the data is shaping a clear direction forward. At a market cap of under $5 million, the Company’s resource base may raise eyebrows in the context of current bauxite demand outlooks, especially with China's and the Middle East’s hunger for DSO-grade material. The cash position is modest, and there lies some of the challenges. For those looking for the negatives or not yet positives, I see the land access and the cash position. In my opinion, I don't see the ability to attract funding as an issue for the market. Bauxite is a good product, and it does look like Western Yilgarn has the goods. I suspect it will be down to whether the majority shareholders want to dilute themselves, as it's only a sub-AUD $5M market capitalisation. Land access will be the one that will take time. It can happen very fast or very slow, so this game is all about patience, and Who Dares Waits ultimately will be the winner. Samso will be watching closely for the metallurgical testing outcomes and exploration activity across the Julimar and Cardea corridors. Investors should take the time to understand the geology, the regional infrastructure, and the scale of the opportunity. It’s still a developing story, but Western Yilgarn’s groundwork is increasingly difficult to ignore. For a AUD $5M market capitalisation company, this is something one should seriously contemplate DYOR. It's a bauxite-bulk tonnage Julimar waiting to happen. As always, I encourage investors to do the work — read the technical, track the drilling updates, and watch how the next 6–12 months unfold. There’s no rush to conclusions here. But there’s a story worth following. The Samso Way - Seek the Research Western Yilgarn’s unfolding story is a good example of why investors should always dig deeper than the headline. At Samso, we focus on the why behind every update — not just what was said, but what it could mean. With decades of industry insight behind us, we aim to make sense of the details that often get overlooked. We ask the questions that others don’t, because in our experience, those are the questions that help investors make better decisions. It’s not about hype — it’s about perspective. 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 Robex Resources commences ASX trading following A$120M IPO Robex Resources Inc. (ASX: RXR) has joined the ASX boards through a successful A$120 million IPO, becoming one of the few dual-listed gold developers with production-stage assets in West Africa. With a cornerstone project in Guinea, production underway in Mali, and an experienced leadership team, Robex’s entry offers investors a well-timed exposure to the next wave of mid-tier African gold producers. About the Company – From Exploration to Production Robex Resources Inc. is a Canadian-incorporated, West African gold company with a dual listing on the TSX Venture Exchange (TSX-V: RBX) and now the ASX (ASX: RXR). The company is progressing two core assets: Kiniéro Gold Project – An advanced development project in Guinea (Figure 1). Nampala Mine – An operational gold mine in southern Mali. With gold output already being generated at Nampala and Kiniero on track for first gold in Q4 2025, Robex brings near-term production appeal coupled with long-term exploration upside across a 470km² package. Figure 1: Location of Kiniéro Project (source: RXR) IPO Snapshot – Well-Funded and Institutional-Backed Gold Mining Opportunity. IPO Raise: A$120 million @ $3.11 per CDI Market Cap on Listing: ~A$675 million ASX Code: RXR CDIs Issued: 38.6 million Trading Commenced: 11:00 am AEST, 5 June 2025 Closing Price (Debut Day): Above IPO Price, AUD $3.56 as of 12th June 2025 Kiniéro Gold Project – Flagship with Scale and Speed in Guinea At the heart of Robex’s strategy is the Kiniéro Gold Project, a 3.7 million-ounce resource (Indicated + Inferred) in the prolific Birimian Greenstone Belt. The project has a JORC-compliant Reserve of 1.41Moz, with a brand-new 5Mtpa CIL plant under construction and first gold expected in Q4 2025. Key Metrics at 30 Nov 2024: Indicated Resource: 71.23 Mt @ 0.96 g/t Au = 2.2 Moz Inferred Resource: 45.29 Mt @ 1.05 g/t Au = 1.53 Moz Probable Reserve: 45.5 Mt @ 0.97 g/t Au = 1.41 Moz An updated feasibility study estimates: Post-tax NPV: US$647 million (at US$2,320/oz) AISC: US$1,066/oz Mine Life: ~9 years Target Output: +150,000 oz Au/year (first 6 years) Nampala Mine – Revenue Generating and Operational Robex also operates the Nampala Mine in Mali, providing cash flow while Kiniéro ramps up: Resource: 8.6 Mt @ 0.94 g/t for 261,000 oz Reserve: 4.04 Mt @ 0.93 g/t for 121,000 oz This active mine gives Robex a production base and regional footprint across multiple West African jurisdictions. Leadership That Delivers - Done it Before Matthew Wilcox (Managing Director & CEO) is no stranger to West African success, having previously delivered the Sanbrado and Abujar gold projects. His team includes industry veterans from Nordgold, Tietto, and Evolution Mining. Chairman Jim Askew brings deep mining governance experience, including chairmanship of Syrah Resources (ASX: SYR) and founding directorship at Evolution Mining (ASX: EVN) This track record matters: Kiniero is targeting its first gold by December 2025, and the leadership's ability to deliver on complex African projects on time and budget significantly de-risks the investment case. How the Funds Will Be Used Construction Completion: civil works, process plant modules, commissioning (Figure 2) Exploration Campaigns: ~200 km of RC & diamond drilling across high-priority targets Working Capital: permitting, community engagement, and access road development Figure 2: Kiniero Construction Progress (source: RXR) Strategic Acquisitions & Industry Partnerships Concession Extensions: negotiations to add adjacent ground along the Kouroussa trend Local JV Frameworks: early-stage commercial agreements with regional service providers Potential Risks & Investor Considerations Execution: delivering greenfield development on schedule and within budget Jurisdictional: Guinea’s permitting and fiscal regime Commodity: gold price volatility during project commissioning Why This IPO Could Be One to Watch First-Mover Edge: production-ready, 2 Moz+ asset before cash flow generation Dual Listing: access to both Canadian (TSX-V: RBX) and Australian capital pools Balanced Strategy: near-term production catalysts coupled with long-term exploration upside Samso Concluding Comments I think Robex’s successful ASX debut on 5 June 2025 marks another gold developer joining the list of African producers. The A$120 million IPO, now trading under RXR at a modest A$135 million market cap, provides funding to complete the 5 Mtpa CIL plant at Kiniero and kick off a 200 km drilling campaign. The rising gold price is going to make RXR a very good investment, as long as there is no more nationalism of assets from the African states. The Kiniero project lies in the under-explored Kiniero–Kouroussa thrust zone, adjacent to Predictive Discovery’s 5.38 Moz Bankan deposit. With 2.2 Moz of indicated resources and 1.41 Moz of probable reserves, Robex is targeting its first gold pour in December 2025 and aiming for roughly 150 koz per annum in steady state. Kiniero Construction Progress is on track—civil works are nearing completion, and key mill modules are arriving onsite, and near-mine exploration upside across a 5 km strike offers immediate growth potential. That said, regulatory permitting in Guinea and potential fluctuations in gold prices remain the biggest threats to success. Ultimately, the success of this new listing on the ASX is very simple, and as we have discussed, the rewards will be substantial. The whole journey will now depend on how Robex navigates construction, commissioning, and exploration over the coming months. Execution discipline, jurisdictional factors in Guinea, and gold price dynamics will all play a part. For those potential investors watching RXR, what is on the table will be a blend of near-term catalysts and longer-term resource optionality, making it one to keep on your radar as the project advances toward first pour. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcements Gold Mining and Processing Update 31 March 2025 Group Mineral Resources Statement 29 April 2025 Successful A$30M Two Tranche Placement to Fast Track Growth 26 May 2026 As the gold price continues to surge and with global events fueling the need to find some form of safe haven, the play now is to try and identify what could be deemed an "undervalued" proposition in a gold sector that is the hottest product on the Australian Stock Exchange. The task to find an undervalued gold miner story is an extremely difficult task but it's not an impossible task. I came across Horizon Minerals Limited (ASX: HRZ) and approached management for a chat to try and understand why this company may fit the undervalued tag for investors. Talking to Grant Haywood, he shared some of his thoughts with me, and I like the story. Grant does make a convincing message in noting that Horizon has taken definitive steps in 2025 to transition from a small-scale gold producer into a multi-commodity growth platform. With consistent production from Boorara and Phillips Find, a major expansion of its mineral resource base following the Poseidon Nickel merger, and a $30 million capital raise to support exploration and infrastructure upgrades, Horizon is setting itself up for both near-term cash flow and looking to lock in future potential resource upgrades with regional projects Gold Mining Operations Update: Boorara and Phillips Find In the March 2025 update, Horizon confirmed operational momentum at its Boorara and Phillips Find gold projects near Kalgoorlie-Boulder and Coolgardie. Phillips Find processed 37,624 dry tonnes at 1.46g/t gold, recovering 1,675 oz and generating $7.92 million in JV revenue (Figure 1). Additional 150,000 tonnes are scheduled for treatment at Greenfields Mill and Three Mile Hill through June and into September/October 2025. Boorara processed its first parcel of 50,604 tonnes at 0.791g/t for 1,163 oz, generating $4.95 million (Figure 2). Additional parcels are currently being processed, hauled, or stockpiled, with Boorara operating at steady-state ore production. Figure 1: Mining the Newhaven pit at Phillips Find (source: 31 March 2025 HRZ Announcement) This operational consistency has freed up capacity at the Greenfields Mill, allowing Boorara to bring previously uneconomic low-grade material into profitable treatment due to the elevated gold price. Figure 2: Boorara ore stockpiles on West ROM pad (source: 31 March 2025 HRZ Announcement) Resource Expansion: Merging with Poseidon Nickel April saw Horizon release an updated consolidated Mineral Resource Statement post-merger with Poseidon Nickel (Figure 3). Key highlights from the expanded Group MRE include: Total gold resources of 1.8Moz Addition of 20.2Moz of silver and 104kt of zinc Significant nickel uplift with 422kt of nickel and 7,800t of cobalt Incorporation of key nickel assets, including: o Black Swan o Silver Swan o Windarra o Golden Swan Inclusion of the Black Swan processing plant, which is now being assessed for refurbishment and conversion to a gold plant Infrastructure and resource additions offer immediate development and production optionality, broadening Horizon’s commodity exposure beyond gold Figure 3: Regional map of consolidated gold and nickel assets post-merger (source: 29 April 2025 HRZ Announcement) These additions significantly expand Horizon's footprint in Western Australia's gold and nickel belts and strengthen its platform for future organic and strategic growth. Capital Raise: $30 Million to Fast-Track Growth On 26 May 2025, Horizon announced a successful two-tranche placement raising $30 million at $0.043 per share. Placement Structure: Tranche 1: $11.8M using placement capacity Tranche 2: $18.2M subject to shareholder approval (July 2025) Use of Funds: Infill and extension drilling at Burbanks, Crake, and Coote Greenfields and brownfields exploration at Wilsons, Kestrel, Phillips Find, Greater Boorara, and Nimbus Engineering studies to convert Black Swan plant for gold processing Working capital support during upcoming Boorara stockpile processing Potential debt retirement Management noted the strategic importance of this raise in maintaining momentum across mining operations and exploration efforts. Strategic Summary: Is Horizon An Undervalued Gold Miner Story? Gold Production: Consistent output at Boorara and Phillips Find Resource Base: Expanded to include 422kt nickel, 1.8Moz gold Exploration: Active drilling at five project clusters Infrastructure: Black Swan plant refurbishment studies underway Capital Position: $30M raise provides working capital buffer. Market Capitalisation: AUD $135M (as of 17th June 2025) Samso Concluding Comments Reading through the recent ASX releases and speaking to Grant Haywood, I think I am being convinced that Horizon Minerals appears to be executing on a dual-pronged strategy—building cash flow through gold production while seeding longer-term growth, potentially with nickel, cobalt, and silver exposure through the Poseidon assets. With Ore stockpiles in place and processing agreements secured, Horizon is generating consistent revenue and using that leverage to reinvest in growth. Horizon Minerals is in a very good position where its market sentiment is now driving business. They are producing, at least mining and selling their ore and most importantly, making money. The recent capital raise is taking advantage of the market hype early, which is a smart move, as one never knows when the market could turn. Grant explains that they are just taking in the funding now and using that to progress work and knowing that they will replenish that in the coming months with the selling of what they have already mined. This is a great position to be in with a market that is known to turn quickly. Investors also need to watch what will happen with the Silver story with Horizon. Horizon does have a decent silver project, but whether this is going to be economical in future will largely depend on whether the "talk" of silver going for a run will eventuate. Let's all remember that a couple of years ago, companies like Horixon would not be able to raise funds, as all the focus was on lithium and aspiring gold miners were largely ignored by the capital markets. For investors watching the junior gold and polymetallic space, this is a case study in how operational progress and infrastructure leverage can support scalable development. As exploration ramps up at Burbanks, Coote, and other project areas, and as the Black Swan plant study advances, there is a real opportunity to see the company transition into a mid-tier gold-nickel story. This type of measured but flexible execution may appeal to those looking to balance current production exposure with longer-horizon optionality. From what I can see, Horizon has quietly executed a series of moves that now place it on the radar of both gold and nickel investors. The gold revenue from Boorara and Phillips Find is building, the newly consolidated resource base is meaningful, and the exploration programs are aligned with clear growth corridors. The $30M capital raise isn't just about sustaining operations—it’s about preparing the ground for long-term delivery. While risks remain—as they always do in exploration and production—Horizon appears to be putting its capital and projects to work in the right direction. The Samso Way - Seek the Research Stories like Horizon are the reason why investors should pay attention to what is in the media and how it is producing the content. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.

From Prospectus to Progress: 🆕 IPO Review Announcements: Golden Horse Minerals Investor Presentation May 2025 DEEP DRILLING AT HOPES HILL DELIVERS OUTSTANDING RESULTS 10 June 2025 Successful A$15 Million Placement To Accelerate Growth Golden Horse Minerals Limited (ASX: GHM), a recently listed explorer on the ASX (IPO December 2024), is demonstrating its potential as a significant player in Western Australia's gold sector with a strong update from its Hopes Hill project (Figure 1). With more than 10,000m of reverse circulation (RC) drilling already completed across 44 holes since January 2025, the latest round of deep drilling results strengthens the view that the Central Zone is part of a larger, high-grade gold system. Figure 1: Location of Hope Hill Project (source: GHM) The company continues to leverage its consolidation of over 1,900km² in the underexplored Southern Cross Greenstone Belt, building momentum through systematic, high-impact drilling. ASX Code: GHM Listing Date: 16 December 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.420 Market Capitalisation: $70.78 million Industry Group: Materials What Has Golden Horse Minerals Limited Done Since Listing? Hopes Hill Delivers – High-Grade Continuity at Depth - A Gold Mining Story Four new RC holes (GHHHRC0041 to GHHHRC0044) were drilled beneath the central part of the historical Hopes Hill pit. These were designed to extend mineralisation at depth, and the assays looked promising (Figure 2). It's not something you would shout a round of beers, but it's in the right direction. Figure 2: Gold Gram-metre accumulation long section of Hope Hill C-C’ (source: GHM) Key Intercepts (Figure 3): GHHHRC0043: o 10m @ 4.7 g/t Au from 279m o 17m @ 1.5 g/t Au from 203m, including 9m @ 2.2 g/t Au from 210m GHHHRC0041: o 18m @ 2.8 g/t Au from 203m, including 8m @ 3.6 g/t Au GHHHRC0042: o 17m @ 2.4 g/t Au from 237m GHHHRC0044: o 19m @ 2.1 g/t Au from 206m Figure 3: Hope Hill Drill Hole Location Plan with Section Lines (source: GHM) The standout result—10m @ 4.7 g/t Au from 279m in hole GHHHRC0043—sits approximately 175 metres below the pit floor, potentially unveiling a new footwall mineralised zone. This is a significant development, as it not only shows depth continuity but also suggests the mineralisation system remains open and robust beyond the current drilling extent. Momentum Building – Capital, Rigs and the EIS Grant With strong support from both new and existing shareholders, GHM recently completed a capital raise that enables a 50% increase in drilling activity. The funds will also bring a diamond core rig to the site, which will support structural understanding and deeper targeting beneath the Central Zone. Adding further momentum, GHM has secured Exploration Incentive Scheme (EIS) funding from the WA Government, further affirming the project’s geological promise. As they say, you are not going to be mining for gold and have the opportunity to be considered a gold miner if you don't drill holes. Managing Director Nicholas Anderson remarked: “The fact that hole GHHHRC0043 has delivered such an outstanding intersection of 10m at 4.69 g/t gold clearly shows we are working with a large gold system.” Irene Betty – Parallel Reef System with High-Grade Hits The Irene Betty prospect, located adjacent to the main Hopes Hill trend, is also showing early promise (Figure 4). The quartz reef system here—interpreted as a narrow but high-grade structure—returned: GHIBRC0010: 2m @ 6.04 g/t Au from 46m GHIBRC0003: 1m @ 8.32 g/t Au from 11m These results follow earlier highlights, including a previously reported 10m @ 18.4 g/t Au. Golden Horse has flagged the presence of coarse gold and submitted intervals for screen-fire assay, which is better suited to accurately gauge such mineralisation. Figure 4: Regional Location Plan – Hope Hill Area (source: GHM) Hopes Hill’s structural geology The strategic deployment of funds has resulted in: ✅Earlier-than-expected testing at depth ✅Accelerated regional exploration (e.g., Irene Betty) ✅A ramp-up in drilling capacity (RC + diamond rigs) The outcome is a company rapidly moving toward resource definition with a broadened geological understanding and improved structural targeting capacity, on a timeline that aligns with investor expectations and the original listing intent. Use of IPO Funds – Summary (Actual vs Budget) Since its ASX debut in December 2024, Golden Horse Minerals has deployed IPO funds in line with the priorities outlined in its Prospectus. A significant portion was allocated to aggressive drilling programs at Hopes Hill, resulting in over 10,000m of RC drilling, exceeding the initial budgeted meterage. The Company also fast-tracked metallurgical test work, advanced regional exploration, including at Irene Betty, and secured a second rig to increase drilling throughput by 50%. With the support of a successful capital raise and WA Government EIS funding, GHM has not only stayed on budget but has strategically accelerated its exploration schedule beyond original forecasts, reinforcing its commitment to resource definition and discovery momentum. Share Price Performance Since Listing Since listing on 16 December 2024 at an IPO price of $0.25, Golden Horse Minerals (ASX: GHM) has delivered a strong market performance, reflecting investor confidence in its exploration success and project potential. The rising sentiment for the gold price is probably a big catalyst for support. As of June 2025, the share price has risen to $0.420, representing a 68% gain since IPO (Figure 5). The stock has shown resilience and upward momentum, supported by consistent high-grade drill results from Hopes Hill and growing interest in the Company’s expanding footprint across the Southern Cross Greenstone Belt. Daily trading activity and price support suggest growing institutional and retail engagement as Golden Horse transitions from exploration to potential resource definition. Figure 5: GHM Share Price as of 23 June 2025 (source: ASX) Samso’s Review Golden Horse Minerals' latest update is appearing to be consistent with earlier work at Hopes Hill—a definite potential for an evolving mineralised system. The scale of drilling (10,000 m+ since January 2025), the strength of the recent intercepts, and the emerging depth potential appear to highlight both grade and scale. Importantly, the new footwall intercept below the pit floor is a step forward—could this be a game-changer? Time will tell. The Irene Betty results illustrate that GHM's landholding is more than just a one-prospect story. As re-assays progress and new RC/diamond campaigns are launched, the company’s strategy of exploring along and adjacent to a known mineralised trend is beginning to bear fruit. Samso Concluding Comments The Golden Horse Minerals narrative is starting to gain pace to be more than exploring gold—they're uncovering a system that has been overlooked, yet quietly persistent beneath the Hopes Hill pit. These latest intercepts—especially the standout 10m @ 4.7 g/t Au from 279m—tell us that this is more than just a shallow oxide play. Time will tell if this develops into a mining proposition but as an early advanced exploration play that has a scent of mining, and in a market that is hot, Golden Horse is worth keeping an eye on it. Having a market capitalisation of over AUD $70M is not a cheap punt but you are looking at a company that is in a very hot market. The fact that there is an affinity to hug the "We Can Mine" narrative, it may well be cheap. Another good sign is that it feel that since listing in December 2024, Golden Horse has executed with purpose: over 10,000m of drilling completed, funding secured, a second rig mobilised, and a growing body of evidence suggesting that Hopes Hill and its surrounding prospects could support a large-scale gold development. The addition of a diamond rig, EIS funding, and ongoing high-grade returns from Irene Betty reflect a company prepared to push the envelope on multiple fronts. For investors, the alignment of capital, geological confidence, and rapid operational progress is noteworthy. Backed by Emerald Resources and with access to established infrastructure, Golden Horse is one of the few newly listed explorers demonstrating both near-term drilling success and longer-term development credentials. This is not a speculative punt—it’s becoming a technically grounded story with layers of growth potential. As the company progresses deeper into the Central Zone and widens its scope across the Southern Cross Belt, investors should be watching for what comes next. In a market that rewards news, ounces, and momentum, Golden Horse appears to be ticking all three boxes. The Samso Way - Seek the Research Since listing, GHM has methodically delivered results that reward those who dig deeper. This is not a story built on speculation—it’s one underpinned by structural geology, consistent drilling, and strategic land consolidation in one of WA’s most historically productive belts. The deeper you look, the clearer it becomes: high-grade intercepts, expanding mineralised zones, and a team that understands the value of data over hype. For those who follow the details—not just the headlines—GHM is quietly shaping into a discovery that could redefine the Hopes Hill corridor. 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.

Announcements: USAISR successful Phase 1 Blood Platelet study Vitrafy Life Sciences Quarterly Activities Report From Prospectus to Progress: 🆕 IPO Review Vitrafy Life Sciences Limited (ASX: VFY) is a Melbourne-based life sciences company offering a fully integrated cryopreservation solution via its proprietary hardware and cloud-based software platform, LifeChain™. Vitrafy was admitted to the ASX on 6 November 2024. Vitrafy has progressed in translating its IPO capital into tangible milestones in both technological development and early commercial traction. With its smart cryopreservation technologies targeting animal and human health applications, the company’s initial months as a listed entity have demonstrated active deployment of funds, progressing trials with reputable collaborators, and expansion into strategic international markets. ASX Code: VFY Listing Date: 26 November 2024 IPO Offer Price: $1.25 Market Capitalisation at IPO: AID $117.5M Current Share Price (as at 20th of June 2025): AUD $1.31 Market Capitalisation: AUD $86.19 M (as of June 2025) Industry Group: Pharmaceuticals, Biotechnology & Life Sciences What Has Vitrafy Done Since Listing - A Cryopreservation Journey The March 2025 quarter (Q3 FY25) marked significant progress across the company’s three main verticals: Animal Health, Human Health, and Product Development. 1.0 Animal Health – Aquaculture Vitrafy deepened its engagement with Huon Aquaculture, delivering strong outcomes in a commercial trial comparing cryopreserved and fresh salmon milt. Fertilisation rates from Vitrafy’s cryopreserved product were comparable to fresh (72% vs 75%) and significantly better than the competitor’s cryopreserved sample (45%). This successful trial has resulted in an increased cryopreservation cycle planned for May 2025 (750 packs vs 500 in 2024), and discussions are underway for a new pilot with another salmon producer. Figure 1: Vitrafy’s cryopreservation solution - Vitrafy Cryopreserved Salmon Milt (source: VFY) 2.0 Animal Health – Bovine: "Bovine" refers to animals that are part of the subfamily Bovinae, which includes cattle (cows, bulls, oxen), buffalo, and bison. It can also refer to anything related to or resembling these animals, sometimes used to describe a slow, dull, or stolid temperament. - Wikipedia Vitrafy finalised plans with U.S.-based Select Sires Inc. to commence an on-site trial at their Ohio facility (Figure 2). This follows a successful first-phase trial, which benchmarked favourably. Results and next steps under this collaboration are expected in Q4 FY25. Figure 2: Vitrafy’s cryopreservation solution - Collaboration with Select Sires, Inc (source: VFY) 3.0 Human Health Vitrafy’s progress in the human health space continues to gain momentum, with major advancements across both blood platelet preservation and cell and gene therapy applications (Figure 2). These developments are not just technical milestones—they reflect real-world validation of Vitrafy’s cryopreservation technology in settings where precision, reliability, and viability are critical. Figure 2: Vitrafy’s Human Health progress (source: VFY) 3.1 Blood Platelet Study - USAISR Partnership: A major milestone was reached with the completion of Phase 1 of the collaborative study with the US Army Institute of Surgical Research (USAISR). Vitrafy’s cryopreservation technology demonstrated: 88% post-thaw platelet recovery Functional activity exceeding regulatory and industry standards Validation in commercial unit sizes at a U.S. military base Vitrafy has completed a two-phase, third-party lab testing study with a leading national blood service provider with the aim of improving the quality and recovery rates of cryopreserved blood platelets. Kristin Cardenas, PhD, Research Scientist, Blood and Shock Resuscitation, USAISR, commented: “These results suggest that Vitrafy’s cryopreserved platelets may extend storage duration to years with minimal cellular damage, significantly improving blood supply and logistics to allow for greater patient access to lifesaving transfusion therapies.” The success of this trial unlocks the pathway for Phase 2 and commercialisation discussions. The collaboration has garnered attention from military and civilian trauma sectors and reflects potential for expanded use cases. 3.2 Cell & Gene Therapy (CGT): Vitrafy is actively engaging with partners in Australia and North America to validate its platform in CGT settings, an emerging frontier where precision and biological preservation are paramount (Figure 3). Figure 3: Vitrafy cryopreserved T-Cells are comparable to fresh(source: VFY) 4.0 Product Development – VCU2 and LifeChain™: 4.1 VCU2 Co-developed with HealthTech & Planet Innovation, the VCU2 (Cryopreservation Unit 2.0) remains on schedule for its commercial debut in H2 CY2025. VCU2 will retain all core functionality and principles of VCU1, whilst improving core areas that enable a more portable, flexible, automated and profitable device. Usability best practice through automation Increased reliability through refrigeration system optimisation Designed to manufacture at scale Multi-jurisdictional power compatibility Improved footprint, weight and landscape orientation Simple user interface sample scanning Lower cost of manufacturing Figure 4: VCU2 (source: VFY) 4.2 LifeChain™ LifeChain™ is an advanced software platform that uses AI, machine learning, and IoMT integration to deliver full traceability and control across the cryopreservation supply chain, ensuring safe, secure, and high-quality handling of valuable biomaterials. Figure 5: LifeChain™ (source: VFY) 5.0 Operational Expansion United States Market Buildout: The appointment of Dr. Brad Neal-Taylor as U.S. Vice President of Business Development marks the formal start of Vitrafy’s U.S. operations. His experience in cellular therapies positions Vitrafy well for traction in the North American health sector. 6.0 Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Vitrafy Life Sciences has deployed approximately A$8.2 million of the A$41.4 million raised at IPO, maintaining a strong balance of A$33.2 million to support its commercialisation roadmap. Spending has been aligned with the intended allocation outlined in the prospectus. In market development, A$1.24 million has been spent against a budget of A$10.9 million, primarily supporting North American expansion and early business development efforts. Technology development, encompassing the VCU2 device and LifeChain™ software, has seen A$2.05 million of the A$14.3 million allocation utilised. Capital expenditure, including intellectual property protection and equipment, accounted for A$138,000 of the A$1.2 million budget. Working capital usage stood at A$1.53 million from the A$11.6 million provisioned, while costs related to the IPO offer itself totalled A$3.25 million of the A$3.4 million budget. Overall, the company’s capital deployment reflects a disciplined and focused approach, with funding strategically directed toward advancing development and preparing for market entry. 7.0 Where is the Share Price Now? Since debuting on the ASX in late November 2024, Vitrafy Life Sciences has traded in a dynamic range reflecting investor interest in its early-stage commercial milestones. The stock reached a high of ~$1.85 in early May 2025 following news of key validation outcomes, before consolidating to a current price of $1.39 (Figure 6). Figure 6: VFY Share price as of 17 June 2025 (source: ASX) As of the latest trade, VFY closed down slightly by 0.76% on modest volume (17,322 shares). This pricing trend continues to reflect the market’s early appraisal of Vitrafy’s technology execution and strategic positioning within the global biotech landscape. Brent Owens, Vitrafy’s Deputy CEO and Co-founder, commented: “We’re incredibly proud of the success of the independent Phase 1 study by USAISR. This marks a significant milestone for the company and a leap forward for the availability of Vitrafy's quality cryopreserved platelets. By deploying Vitrafy’s technology directly on a working US Army research base, it has independently validated its real-world performance in relevant environments—with strong direct indications of the disruptive nature of our technology and its ability to revolutionise platelet use across both military and civilian settings, preserving life.” Kate Munnings, Vitrafy’s CEO “These results are another important validation of the disruptive nature of Vitrafy’s cryopreservation technology. It has the potential to change industries and significantly improve healthcare treatments.” Samso Concluding Comments From its IPO in November 2024 to its Q3 FY25 reporting in April 2025, Vitrafy Life Sciences is a business that does not come into the common discussion on criticality of importance from an investor. The progress with USAISR in particular stands out as a milestone with commercial gravity. Success in the platelet study not only validates their hardware and protocols but also paves the way for a broader impact in emergency trauma care, a critical unmet need in both military and civilian settings. Importantly, the business appears to be well-funded with ~AUD $34 million in liquidity and a capital allocation strategy firmly aligned with its core growth drivers. The company has moved quickly to expand its U.S. presence and scale product readiness, keeping to its roadmap and timelines. Early commercial traction in aquaculture and forward motion in bovine and CGT verticals indicate that the Vitrafy story is actively developing in all the right areas. As investors consider exposure to emerging health-tech, Vitrafy may present a rare proposition: a science-backed platform with multi-sector application, clinical validation in hand, and a leadership team focused on translation, not just innovation. The Samso Way - Seek the Research With the backing of a $4.8 million Industry Growth Program Grant, Vitrafy’s development of the VCU2 cryopreservation unit—co-developed with Planet Innovation—is moving steadily toward a H2 CY2025 commercial launch. In parallel, the LifeChain™ platform is undergoing key regulatory and algorithmic upgrades. This kind of structured progress, underpinned by external validation, reflects a business that’s doing more than building tech—it’s building trust in the science. For those who follow innovation with impact, this is another reason to seek the research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

🆕 IPO Review: Early Performance and Strategy Announcements: Presentation Mt Solitary Gold Exploration Target Quarterly Activities About Mount Hope Mining Limited - The Copper and Gold Hopeful Mount Hope Mining Limited (ASX: MHM) is a newly listed exploration company focused on copper and gold in the Southern Cobar Basin of New South Wales. With a 175km² strategic landholding and a well-connected location in an established mining region, the company is positioning itself within a district known for its polymetallic endowment and historic production. Figure 1: Mount Hope Project Location Map (source: MHM) Mount Hope listed on the ASX in December 2024, raising capital to advance exploration across several historical and underexplored prospects, including Mt Solitary, Mount Hope, and Black Hill. Since listing, Mount Hope has followed through on early promises of active, technically driven exploration. ASX Code: MHM Listing Date: 20 December 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.160 Market Capitalisation: $6.60 million Industry Group: Materials What Has Mount Hope Done Since Listing? In their first full quarter of operation (March 2025), Mount Hope has delivered several foundational milestones: ✅ Exploration Programs Underway Ground Gravity Survey: Completed across 97 km² using 1,732 stations. Data is being processed for 3D geological modelling by Southern Geoscience Consultants (Figure 2). Soil Geochemistry: Orientation sampling across Mount Hope East and Black Hill confirmed anomalies of up to 710 ppm Pb, 680 ppm Cu, and 0.25 ppm Ag. A Stage 2 survey is in progress. Figure 2: Gravity station locations, including infill stations (source: MHM) Reprocessing of Magnetic Data: Enhanced structural understanding of mineralised corridors and highlighted prospective zones for drilling (Figure 3). Regional Data Integration: Historic data within a 20km radius has been acquired to enrich the centralised geological database and refine targeting Figure 3: Mount Hope aeromagnetic demonstrating structural interpretation & prospective areas (source: MHM) ✅ Mt Solitary Gold Exploration Target On 10 June 2025, MHM announced an Exploration Target at Mt Solitary: 1.32–1.87 Mt @ 1.0–1.35 g/t Au for 42.5–81.4 koz of gold. Based on historical drilling (83 holes), trenching, and production figures. A 3,000m drilling campaign is planned for mid-2025 to test mineralisation continuity (Figure 4) and define a JORC-compliant resource. Figure 4: Mt Solitary long section with mineralised envelope (source: MHM) Use of Funds vs Prospectus Since listing in December 2024, Mount Hope Mining Limited (ASX: MHM) has maintained a disciplined approach to capital deployment. According to the March 2025 quarterly report, the Company has spent approximately $960,450 out of the $5.48 million raised at IPO. The majority of expenditure to date has been directed toward exploration groundwork ($118,093), while significant portions remain allocated for ongoing programs across the Mount Hope Project. Notably, the Company has fully paid its joint lead manager fees and incurred slightly higher-than-expected offer expenses. With over $4.52 million in cash still on hand, MHM is well-positioned to fund its planned drilling campaign and advance resource development initiatives in the Cobar Basin. Share Price Performance Since Listing At the time of writing, MHM shares last traded at $0.160, with no volume recorded for the day and a market capitalisation of $6.60 million (Figure 5). The current bid/offer spread sits between $0.140 and $0.160, reflecting a relatively tight range. While liquidity remains light — as is often the case in the early chapters of exploration IPOs — investors will be watching closely as the Company progresses toward its maiden drill campaign and builds momentum from the groundwork already laid. Figure 5: MHM Share Price as at 17 June 2025 (source: ASX) Mount Hope Mining Managing Director & CEO Fergus Kiley commented: “MHM is pleased to announce the maiden exploration target for the Mt Solitary Project. This Exploration Target, which is predicated on substantial previous drilling and resource modelling, demonstrates the prospectivity of Mt Solitary. We have defined a route forward for resource conversion drilling and a clear pathway for value creation for the Company. The physical attributes of this project, including its raised topographic setting, previously disturbed site, proximity to a major bitumen road (Kidman Way) and to the township of Mount Hope (power, water, people, accommodation etc.) while being less than 200km from seven different mills - many with excess capacity - makes this project the perfect candidate for a rapid development scenario. In a rising gold price environment, we believe this strategy, in conjunction with our current exploration strategy, is the best way to crystallise value for all shareholders and we are excited to continue to grow the size of this project. Samso’s Review: Early Days with Management of Exploration Anxiety to come. Since its ASX debut on 20 December 2024, Mount Hope Mining is going through its paces and managing exploration activities in terms of timing and purpose. It's an early exploration play with appropriate expectations that are expected from raising money for discovery. Importantly, the team has been quick to act on pre-IPO strategies, such as validating historical geophysical data, acquiring regional exploration datasets, and accelerating geochemical fieldwork. The announcement of a JORC-aligned Exploration Target at Mt Solitary within six months of listing is a commendable milestone. In a region with a history of blind discoveries like Wagga Tank and Federation, MHM is working methodically to replicate that success. The board—led by Non-Executive Chair Ben Phillips and MD Fergus Kiley—has kept a tight rein on spending. As of March 2025, over 80% of IPO funds remain unspent, and exploration activities are ramping up towards a maiden drill program. Samso Concluding Comments At Samso, we’ve seen many exploration companies enter the ASX with bold ambitions, but due to a series of factors, execution has taken time. Mount Hope Mining, however, has come out of the gate with structured, data-backed work that aligns with investor expectations of progress in the early months. The Cobar Basin has delivered significant shareholder returns over the past decade, and while MHM’s journey is only just beginning, they’re ticking the right boxes—early-stage surveys, geological validation, and a pathway to drilling. The pending 3,000m campaign at Mt Solitary will be the real litmus test for how much of that potential can be crystallised. What stands out is the recent announcement of a maiden Exploration Target at Mt Solitary. While not yet JORC-compliant, it signals a clear path toward resource development. There is a need to have some caution in thinking that an Exploration Target is a ticket to discovery. Those that are not in this industry should take the Exploration Target as an indication of the faith of the person quoting that number/target. The market has responded with cautious optimism, and rightly so. Mount Hope still has much to prove, but with a tight capital structure, significant cash reserves, and proximity to known mineralised systems, it is positioned to deliver meaningful news flow over the next 6–12 months. The Mount Hope story is one that may have come on the market at the right time. With a market capitalisation of AUD $4.4M, this may be cheap enough to take a position. In my time working as a geologist and investing in this sector, the lesson learnt is that every story that has a legitimate case for discovery will take time, and with the market sentiment (as it is now), speculation will drive capital appreciation and that is simply the fascination of the game. The Samso Way - Seek the Research To give investors the appropriate tools to level up for their own research, one has to have a platform. a source for balanced and independent content. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Presentation H1 FY25 Results Cuscal Limited (ASX: CCL) is a name that has quietly underpinned the digital payments infrastructure of Australia for decades. After officially listing on the ASX on 25 November 2024, Cuscal is now navigating the next chapter of its 60-year journey — building on its foundation as one of the nation’s leading independent B2B payments and data service providers. This is not a retail-facing institution. Instead, Cuscal is one of the few players outside of the Big Four banks with the full capability and licensing to support the entire spectrum of payments and regulated data services in Australia. ASX Code: CCL Listing Date: 25 November 2024 IPO Offer Price: $2.50 Current Share Price (as at June 2025): $2.935 Market Capitalisation: $549.78 million Industry Group: Financial Services What Has Cuscal Done Since Listing? Since its debut on the ASX, Cuscal has stayed true to its Prospectus strategy — executing a growth-focused agenda while maintaining operational discipline. Some of the key developments include: Strong H1 FY25 Results: Cuscal reported growth across all key metrics in the first half of FY25, showing that momentum continues post-listing: ⚬ +7% growth in transaction volumes ⚬ Adjusted EBITDA up to $35.6 million, representing a margin of 24.3% ⚬ Net Profit After Tax (NPAT) reached $21.5 million ⚬ ROE lifted to 6.3% Diversified Revenue Base: Income continues to be well-balanced across issuing (~10% NOI), acquiring (~25%), and account-to-account payments (~60%). This revenue spread reinforces the resilience and predictability of the business model. Continued Investment in Technology: Over $100 million invested between FY22 and FY24 in technological upgrades and capability enhancement to enable operating leverage and improve client services. Strategic Acquisitions: The acquisition of SPS and the Basiq Group supports deeper integration into the regulated data services market, signalling the company’s readiness for long-term digital transformation in banking and finance. Cuscal’s Position in the Fintech Market Cuscal's unique market proposition is underpinned by three pillars (Figure 1): 1.0 End-to-End B2B Offering: Unlike the major banks that focus internally, Cuscal delivers complete payment infrastructure to ADIs, fintechs, and corporates without competing for their end-customers. 2.0 Regulated and Fully Licensed: As an Authorised Deposit-taking Institution (ADI), Cuscal possesses the necessary infrastructure and compliance credentials that take decades to build and are not easily replicated. 3.0 Long-Tenured, Contracted Client Base: Clients are typically on multi-year contracts, which have created a strong base of recurring revenue and predictable financial returns. Figure 1: Cuscal is Australia’s leading independent B2B payments provider (source: CCL) A Proven Track Record Cuscal’s history is marked by pivotal moments that reflect its culture of innovation (Figure 2): Australia’s first ATM (1970s) Early Visa scheme participant First ADI in Australia to launch Apple Pay, Google Pay™, and Samsung Pay Founding role in the launch of the New Payments Platform (NPP) Certified PayTo Payer and Initiator Launch and sale of digital bank 86 400 Figure 2: CCL’s Timeline of Innovation—highlights Australia’s first ATM to ASX listing in 2024 (source: CCL) Elizabeth Proust AO, Chairman of Cuscal Limited: “Cuscal plays a crucial role in supporting connectivity to the Australian payments infrastructure for a diverse range of clients. Our unique position as an authorised deposit-taking institution, combined with our comprehensive ‘End-to-End’ capabilities in payments and regulated data services, sets us apart in the industry in Australia.” “Cuscal has been at the forefront of innovation in the payments sector, having been the first Australian company to launch connectivity solutions for Apple Pay, Google Pay and Samsung Pay. As one of 13 original shareholders of the New Payments Platform (NPP), Cuscal played a key role in the design and initial delivery of the NPP across Australia.” “Lodging our Prospectus ahead of an ASX listing represents a significant milestone in Cuscal’s journey, with the fundamental purpose of becoming a listed company being to give Cuscal deeper access to funding sources and provide the Management team greater flexibility to execute growth initiatives.” Use of IPO Funds – Summary (Actual vs Budget) Cuscal Limited has deployed its IPO proceeds in line with expectations outlined in the Prospectus, with approximately $40 million raised to support working capital, regulatory capital adequacy, and strategic growth initiatives. As at 1H FY25, the company had already achieved 51% of its forecast operating income and 59% of its full-year NPAT target, indicating strong alignment between fund utilisation and financial performance. IPO-related costs of $13.3 million were recorded as a one-off expense, while the remaining capital has been directed toward technology investments—reflected in a 38% increase in non-salary tech spend—and the Risk & Technology Uplift program. Overall, Cuscal has shown disciplined capital management, reinforcing its focus on infrastructure resilience and long-term digital capability. Share Price Performance Since Listing Since listing on the ASX at $2.50 in November 2024, Cuscal Limited (ASX: CCL) has delivered a steady upward trajectory. As of June 2025, the share price has risen to $2.935, reflecting a 17.4% increase from its IPO price (Figure 3). This growth in market value — now $549.78 million — signals growing investor confidence in Cuscal’s infrastructure-driven payments model and its position as a leading independent B2B provider in Australia’s financial services sector. Figure 3: CCL share price as of 18 June 2025 (source: ASX) Samso Concluding Comments Cuscal Limited (ASX: CCL) is not a household name, and that’s exactly why investors should take notice. Operating quietly in the background, Cuscal powers much of Australia’s payments infrastructure — and it does so with the discipline, scale, and regulatory compliance usually reserved for the major banks. Since its ASX debut in late 2024, the company has delivered on performance and positioned itself for long-term growth through digital transformation and data-driven services. What stands out is Cuscal’s ability to remain relevant through shifting technologies and regulatory landscapes. The business isn’t about hype — it’s about execution, relationships, and enabling others to thrive in a competitive financial ecosystem. In a world where payments are becoming more embedded, more instant, and more regulated, Cuscal’s role is set to deepen. Investors who are willing to look beneath the surface will find a company built for resilience, with infrastructure that’s difficult to replicate and a client base that stays for the long haul. At Samso, we believe these are the stories that often go unnoticed until they’ve already moved, and that’s why it pays to seek the research. The Samso Take – Seek the Research Cuscal is the kind of company that quietly powers the system, not flashy, but essential. Its strength lies in long-term relationships, deep infrastructure, and steady execution. For investors willing to dig deeper, the value is in understanding how foundational players like Cuscal shape the future of payments. 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. 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The timing may be now for investors to take notice and understand the ASX Healthcare sector, as some signs are showing that a counter-cyclical opportunity may be in play in 2025. Timing is the key, and this Samso Radar Weekly Review may be the beginning of the understanding process. This is our second Samso Radar - Weekly Review, and this week we are looking at the Health Care sector on the ASX. Over the years, Samso has been focusing on the mineral resource small-cap sector on the ASX, and with our new evolution in 2025, we are spreading our wings to create more balanced content over more sectors on the ASX. The health care sector on the ASX frequently resembles a battleground of hopefuls—innovative companies that are both advancing boundaries and contending with regulatory frameworks, clinical data challenges, and market scepticism. However, occasionally, you encounter those rare small-cap companies that are not only enduring the chaos but are also driving significant progress. As we slowly work through the blog, you will start to develop a picture of Samso and feel that investors should be taking some notice of the ASX Healthcare sector now. It's all about the counter-cyclical way of investing. On the Australian Securities Exchange (ASX), the Health Care sector is defined as comprising companies whose primary business activities are related to: Providing medical services, manufacturing medical equipment or drugs, and facilitating the provision of health care to patients. This sector includes a wide range of businesses, typically grouped into two main industry groups under the Global Industry Classification Standard (GICS) used by the ASX: 1. Health Care Equipment & Services This includes companies involved in: Medical equipment production (e.g., diagnostic devices, surgical instruments) Health care services such as hospitals, clinics, diagnostics labs, and aged care providers Distribution of medical products Examples: CSL Limited (ASX: CSL), Sonic Healthcare (ASX: SHL), Ramsay Health Care (ASX: RHC) 2. Pharmaceuticals, Biotechnology & Life Sciences This includes companies engaged in: Drug discovery and development Biotech research and diagnostics Nutraceuticals and health-related supplements Clinical trials and regulatory approval Summary Definition - ASX Healthcare Sector ASX Health Care Sector: Companies engaged in the development, manufacturing, distribution, or provision of medical or health-related products and services—including biotechnology, pharmaceuticals, medical devices, hospitals, and diagnostics. Samso's Picks for Discussion This Week. Over the past few months, I have been focusing on the next wave of globally disruptive business, and that is AI. I have been exposing myself to the realms of AI to better understand what developments have been in the business environment. One of the key categories for my search to gain new insights is to discover where AI is used to help the human species, other than making money. This search has led to a review of companies in the Health Care sector on the ASX, where their business focuses on AI. The goal is to identify companies currently in the market and perform a quick analysis of their business and potential as an investment opportunity for retail investors. What better method to discuss AI than by utilising ChatGPT to generate a list for our evaluation? According to ChatGPT, these companies signify a rising trend of incorporating AI into healthcare services to tackle the challenges linked to an ageing population. Their innovations are designed to enhance the quality of care, increase operational efficiency, and promote independent living for seniors. 1. InteliCare Holdings Ltd (ASX: ICR) InteliCare specializes in AI-powered home monitoring solutions for seniors. Their platform utilizes smart sensors and predictive analytics to detect changes in daily routines, enabling early intervention and supporting independent living. The company has formed partnerships with aged care providers like Hardi Aged Care and Bolton Clarke to implement its technology in residential settings. 2. PainChek Ltd (ASX: PCK) PainChek has developed a clinically validated smartphone application that uses AI to assess pain levels in individuals who cannot communicate effectively, such as those with dementia. The app analyses facial expressions to detect pain, facilitating better pain management in aged care facilities. 3. CARETEQ Ltd (ASX: CTQ) CARETEQ offers assistive living technologies, including AI-driven medication management systems. In partnership with StrongRoom AI, CARETEQ aims to digitize medication records in aged care facilities, enhancing compliance and reducing errors. 4. Alcidion Group Ltd (ASX: ALC) Alcidion provides healthcare analytics and informatics solutions that incorporate AI for clinical decision support. Their platforms are used across hospitals and aged care facilities to improve patient outcomes through real-time data analysis and predictive insights. 5. Beamtree Holdings Ltd (ASX: BMT) Beamtree focuses on health data analytics, offering AI-powered decision support tools like RippleDown. These tools assist clinicians in making informed decisions, which is particularly beneficial in managing the complex care needs of the elderly. 6. Sonic Healthcare Ltd (ASX: SHL) Sonic Healthcare has invested in AI through its joint venture with Harrison.ai, forming Franklin.ai. This collaboration aims to develop AI solutions for pathology, enhancing diagnostic accuracy and efficiency, which can indirectly benefit aged care by improving disease detection and management. What Does It Mean for Shareholders, Investors, and the End User? The question for us is to discover how effective these innovations are or will be for practical uses in the real world. The challenge for the "truth" of the effectiveness or the practical use by the end user, the ultimate proof of concept, can be difficult, as we all know. The strength of the bank balance and the funding required to allow that process to happen will ultimately determine success. This truth is, in many ways, shrouded in mystery, as the lack of funding could limit the success of the innovation, and the acceptance from shareholders to increase their exposure could halt the progression of the innovation. Does that mean that the innovation is not successful? Does the halting of further work mean that the technology will not work? This leads to the next part of the equation: Is the market loving the concept? Is the market supporting its long-term potential viability? Market Acceptance Let's have a look at what the market thinks about each of these companies. These companies we are reviewing were not picked to highlight anything other than that they have their business in the AI realm and are in the Health Sector on the ASX. My intention is to show where they are in the market and whether their innovations are accepted by the market forces, which, ultimately, for a publicly listed company, is the ultimate litmus test. This will be a lengthy review, so please use the links below to navigate yourself through the review: 1. InteliCare Holdings Ltd (ASX: ICR) 1.1 Core Technology and Offerings 1.2 Industry Applications 1.3 Market Situation 2.0 PainChek Ltd (ASX: PCK) 2.1 Core Technology: AI-Driven Pain Assessment 2.2 Applications Across Healthcare Settings 2.3 Global Expansion and Regulatory Approvals 2.4 Financial Highlights 2.5 Market Situation 3.0 CARETEQ Ltd (ASX: CTQ) 3.1 Core Business Operations 3.2 Key Developments Impacting Share Price 3.3 Market Situation 4.0 Alcidion Group Ltd (ASX: ALC) 4.1 Core Offerings 4.2 Strategic Developments 4.3 Market Position 5.0 Beamtree Holdings Ltd (ASX: BMT) 5.1 Business Overview 5.2 Key Events Impacting Share Price 5.3 Financial Performance (FY2020–FY2024) 5.3.1 Net Income: 5.3.2 Operating Cash Flow: 5.4 Market Conditions 6.0 Sonic Healthcare Ltd (ASX: SHL) 6.1 Business Overview 6.2 Key Events and Milestones 6.3 Financial Performance (FY2020–FY2024) 6.3.1 Revenue: 6.3.2 Net Profit After Tax: 6.3.3 Cash Flow Analysis 6.3.4 Operating Cash Flow: 6.3.5 Free Cash Flow: 7.0 Samso Concluding Comments 1.0 InteliCare Holdings Ltd (ASX: ICR) InteliCare Holdings Ltd (ASX: ICR) is an Australian technology company specializing in AI-driven predictive analytics solutions for the aged care, disability, and healthcare sectors. Established in 2016 and headquartered in Leederville, Western Australia, the company offers a Software-as-a-Service (SaaS) platform designed to enhance independent living and support caregivers through real-time monitoring and data insights. 1.1 Core Technology and Offerings InteliCare's platform integrates smart home sensors, wearable devices, and AI algorithms to monitor various aspects of an individual's daily life, including: Activity Levels: Tracking movement patterns to identify deviations that may indicate health issues. Behavioral Patterns: Analysing routines to detect anomalies. Health Metrics: Monitoring vital signs and other health indicators. Sleep Patterns: Assessing sleep quality and duration. The system provides caregivers and healthcare providers with 24/7 access to live health and well-being data, enabling proactive interventions and personalised care plans. 1.2 Industry Applications InteliCare's solutions are utilized across various settings: Residential Aged Care: Enhancing resident safety and care quality. Home Care: Supporting independent living with remote monitoring. Disability Support Services: Providing tailored monitoring solutions. Notably, the company has partnered with organisations like Hardi Aged Care and Mecwacare to implement its technology in multiple facilities, aiming to improve care delivery and operational efficiency. 1.3 Market Situation When we look at the market participation of ICR, it is not a pretty picture. The declining share price (Figure 1 and Figure 2) would not make shareholders happy. However, for the mature small-cap investors, this also smells of opportunity. The company is struggling with cash flow, and the profit-loss balance is on the wrong side for now. Figure 1: ICR Life Time Share Price Chart as of the 13th June 2025. (source: commsec) The stock reached its 52-week high of A$0.027 in July 2024 and hit a low of A$0.005 in June 2025. ICR share performance is obviously, from the shareholders' point of view, underperforming compared to the Australian healthcare services sector, which saw a 102.9% return. To make the pain worse, when the share performance of ICR is compared to the broader Australian market, which returned 6.8% over the same period, shareholders and potential shareholders must want to ask some questions. Figure 2: ICR Share Price Chart for the last 12 months as of the 13th June 2025. (source: commsec) Over the past 12 months, InteliCare Holdings Ltd (ASX: ICR) has experienced a significant decline in its share price (Figure 2). As of June 2025, the stock is trading at approximately A$0.006, marking a decrease of about 33% from its price a year earlier. There have been some highlights over the last 2 months for InteliCare Holdings Ltd (ASX: ICR), and how they have affected the share price decline would make an interesting discussion for all the stakeholders involved in ICR. 1. Strategic Partnerships and Deployments: In January 2025, InteliCare announced the commencement of deployment planning for its platform with Hardi Aged Care, signalling a strategic move into aged care services. In April 2025, the company entered into an agreement with Mecwacare, a Victorian aged care provider, to trial its AI-powered care platform. 2. Financial Reports and Performance: The company's Quarterly Operations Report and Appendix 4C Cash Flow Report, released on April 30, 2025, highlighted ongoing operational activities and financial positions. Earlier, in February 2025, InteliCare released its Interim Financial Report, providing insights into its financial health and performance metrics. 3. Capital Raising and Shareholder Activities: In August 2024, director Greg Leach participated in a placement, acquiring additional shares, indicating confidence in the company's direction. Earlier in June 2024, InteliCare successfully raised $2 million to support its growth initiatives and convert its robust pipeline. 4. Financials: InteliCare's share price has been volatile, with a 52-week range between A$0.005 and A$0.027. The company reported a net loss of A$2.37 million with a revenue of A$662,000. What all this means is that with a market capitalisation of AUD $2.92M and a clear negative cash flow position, will the business of ICR be moving much further? 2.0 PainChek Ltd (ASX: PCK) PainChek Ltd (ASX: PCK) is an Australian health technology company that has developed the world's first regulatory-cleared medical device for automated pain assessment using artificial intelligence (AI) and facial recognition technology. The company's flagship product, PainChek®, is a mobile application designed to assess pain in individuals who are unable to communicate effectively, such as those with dementia, disabilities, or pre-verbal. 2.1 Core Technology: AI-Driven Pain Assessment PainChek® utilizes a smartphone or tablet camera to analyze facial expressions in real-time, detecting micro-expressions associated with pain. This AI-powered analysis provides an objective pain score, enabling caregivers to assess and manage pain more accurately. The application also integrates with the Numerical Rating Scale (NRS) for individuals who can self-report, offering a comprehensive solution for pain assessment across varying communication abilities. 2.2 Applications Across Healthcare Settings The PainChek® system is employed in various healthcare environments, including Aged Care Facilities: Assisting in the assessment of pain for residents with cognitive impairments. Home Care: Enabling remote monitoring and pain assessment for individuals receiving care at home. Hospitals: Integrating with electronic health records to provide consistent pain assessments. Infant Care: Assessing pain in pre-verbal infants through facial expression analysis. 2.3 Global Expansion and Regulatory Approvals PainChek® has received regulatory clearance in multiple countries, including Australia, the United Kingdom, and Canada. The company has been actively pursuing U.S. FDA De Novo clearance for its adult application, with a decision anticipated in mid-2025. Successful FDA approval would grant access to the extensive U.S. aged care market, encompassing over 1.7 million beds. 2.4 Financial Highlights Market Capitalization: Approximately AUD 73.7M Revenue (TTM): AUD 3.03M Net Loss (TTM): AUD 8.17M Annual Recurring Revenue (ARR): AUD 4.8 million, with over 100,000 contracted licenses. PainChek Ltd continues to innovate in the field of pain assessment, aiming to improve the quality of care for individuals with communication challenges. For more information, you can visit their official website:https://www.painchek.com/ 2.5 Market Situation The share price journey of Painchek Limited since 2019 is one that draws a lot of questions on the viability of the business. Looking at the list of announcements listed below, one would think this was a growing positive sentiment, but as you can see in Figure 3, at the end of October, there looks like a major selling event. 29th April 2024: Morrison Govt $5M Grant for PainChek Trial in Aged Care 27th May 2024: International Market Milestone Achieved with UK Distribution 19th June 2024: $4.15M Placement to Fast-Track International Expansion 2nd July 2024: PainChek Partners with MCRI for Infant App PainFaces Study 24th July 2024: PainChek Granted US Patent for Pain Assessment Invention 6th August 2024: Singapore Regulatory Clearance Received. Allium Agreement 5th September 2024: UK market presence building with recruitment of UK BD Head 17th October 2024: Partnership with Ward Medication for national roll out Figure 3: PainChek Limited share price chart since 2019 as of 13th June 2025. (source: commsec) That selling event kept going till September 2023, and a recent rise in share price fortune in January 2025 (Figure 4). There was a recent spate of announcements, which was probably initiated by the company releasing news in regards to its FDA submission and a reseller agreement with BESTMED followed by an entitlement offer to shareholders to raise AUD $5.1M, giving fresh energy to the share price. Figure 4: PainChek Limited share price chart for the last 12 months as of the 13th June 2025. (source: commsec) The latest interest in the company could indicate a resurgence in the investing community for the story, as there do not seem to be any company releases about any setback on the story, not that I saw anyway. The decline in stock price in 2019 most likely was a profit-taking process, and one would not blame shareholders who were in the stock prior to the run. Don't forget that the decline was on the eve of COVID, and that probably made things worse. In Figure 3, you can see the rise after COVID, which was the post-COVID recovery curve typical of most stocks globally. Like most of the health/biotech stories, the gestation period to commercialisation is very long, and in most cases, there are no updates in between, so no news means no honey for shareholders, and we all know that investor patience is very limited. 3.0 CARETEQ Ltd (ASX: CTQ) Careteq Limited (ASX: CTQ) is an Australian health-tech company specializing in medication management services for the health, aged, and home care sectors. The company focuses on enhancing healthcare safety and clinical outcomes through its key platforms: Embedded Health Solutions (EHS) and HMR Referrals. 3.1 Core Business Operations Embedded Health Solutions (EHS): EHS provides comprehensive medication management services in residential aged care settings. This includes conducting Residential Medication Management Reviews (RMMRs), which involve evaluating and managing patients' medication regimens to prevent medication-related harm. EHS also offers clinical governance services to ensure compliance with healthcare standards and regulations. HMR Referrals: This platform streamlines the process of Home Medicines Reviews (HMRs) by connecting general practitioners (GPs) with accredited pharmacists. The system facilitates electronic referrals directly from the GP's practice management software, ensuring secure and efficient communication. HMRs are critical for patients at risk of medication misadventure, as they involve a pharmacist reviewing the patient's medications to identify and resolve potential issues. By integrating EHS and HMR Referrals, Careteq aims to create a unified medication management ecosystem that spans both residential and home care settings. This integration is expected to enhance service delivery, improve patient outcomes, and drive operational efficiencies. 3.2 Key Developments Impacting Share Price Several significant events have influenced Careteq's share price movements: January 2022: Careteq listed on the ASX, attracting initial investor interest. August 2023: The company acquired the remaining 45% stake in Embedded Health Solutions Pty Ltd for AUD 2.4 million, gaining full control over its operations and solidifying its focus on medication management and clinical governance. October 2024: Careteq divested its Sofihub business for approximately AUD 0.58 million to streamline operations and improve cash flow. February 2025: Announced a strategic partnership with MedicAlert Foundation Australia to enhance medication safety for Australians with complex medical conditions. March 2025: Reported its first positive EBITDA in the first half of FY25, indicating a significant step towards profitability. 3.3 Market Situation Careteq Limited is a new player on this list, and its share price performance is not one to admire (Figure 5). It appears that the introduction to the ASX healthcare sector for CTQ has not been a good experience, but as you are noticing, there is a trend happening with this sector over the last 5 years. Figure 5: Careteq Limited share price chart since 2022 as of the 13th June 2025. (source: commsec) Reading the ASX releases, there do not seem to be any revelations on the business. The acquisition of Embedded Health Solutions appears to be the key product, and the recent announcement of a Strategic Partnership with Medi Alert could be the beginning of business to come. With a market capitalisation of AUD $2.6M as of the 13th June 2025, one would have to assume that things are still very early, and from a punter's point of view, this could be what we call " A Cheap Punt". The business of medication management will become a big market as healthcare moves to more self/home management. The homecare packages that are now ingrained in Australian aged care are a prime example of where the business of medication management, either by medical practitioners or home carers, will be a focal point of business in the coming years. Figure 6: Careteq Limited share price chart for the last 24 months as of the 13th June 2025. (source: commsec) From an investing point of view, the steady share price over the last 18 months (Figure 6) may indicate that the market is now happy where it is, and any sellers may have already left. There was some market activity in late 2023 with the acquisition of Home Medicines Review Platform, but that led to a sell-down again in early 2024, but since then, it's been pretty steady. 4.0 Alcidion Group Ltd (ASX: ALC) Alcidion Group Limited is an Australian health technology company dedicated to revolutionizing healthcare delivery through innovative software solutions. Founded in 2000 and headquartered in South Yarra, Victoria, Alcidion has established a significant presence in Australia, New Zealand, and the United Kingdom, serving over 400 hospitals across more than 95 healthcare organizations. Alcidion currently has a market capitalisation of AUD $127.5M (as of 13th June 2025) and currently has a share price of AUD $0.09. 4.1 Core Offerings At the heart of Alcidion's product suite is Miya Precision, a modular, cloud-native platform designed to enhance clinical decision-making and streamline healthcare operations. Built on the Fast Healthcare Interoperability Resources (FHIR) standard, Miya Precision facilitates seamless data integration across various healthcare systems, enabling real-time access to patient information. Key components of Miya Precision include Clinical Decision Support (CDS): Provides clinicians with evidence-based recommendations to improve patient outcomes. Electronic Patient Record (EPR): Offers a comprehensive, longitudinal view of patient health information. Patient Administration System (PAS): Manages administrative tasks such as admissions, discharges, and transfers. Patient Flow Management: Optimizes patient movement through healthcare facilities, enhancing efficiency. Virtual Care and Remote Patient Monitoring: Supports telehealth initiatives, allowing for continuous patient engagement outside traditional settings. Integrated Operations Centre: Provides a centralized dashboard for monitoring and managing hospital operations. In addition to Miya Precision, Alcidion offers other notable products: Smartpage: A secure, smartphone and web-based communication system for hospital staff, facilitating efficient task management. Patientrack: A bedside monitoring solution that assists in early detection of patient deterioration. Silverlink PCS: A patient administration system acquired to expand Alcidion's EPR capabilities. 4.2 Strategic Developments Alcidion has demonstrated a commitment to growth and innovation through strategic partnerships and product enhancements Generative AI Integration: Collaborated with Google Cloud to incorporate generative AI capabilities into Miya Precision, aiming to reduce administrative burdens and support clinicians in decision-making processes. UK Market Expansion: Secured a 10-year contract with North Cumbria Integrated Care NHS Foundation Trust for the deployment of Miya Precision as their Electronic Patient Record system, marking a significant milestone in Alcidion's UK expansion. Financial Performance: As of FY24, Alcidion reported revenues of AUD 37.1 million, with 74% being recurring revenue, and maintained gross margins exceeding 86%. 4.3 Market Position The Alcidion story started in 2000, and since that time, it has had a good following over that time (Figure 7). There was the hype of its share price high in mid-2021, but that has come back since that time and is now looking to be back on that rising journey again. Alcidion looks like a legitimate healthcare business, and like all businesses, there are the ups and downs and the constant battle with market perception and what is the reality of the business cycle. Figure 7: Alcidion Group Limited (ASX: ALC) share price chart since its IPO in 2000 as of the 13th June 2025. (source; commsec) Looking at the cash flow question, Alcidion has not achieved profitability over the past five fiscal years. Here's a summary of its financial performance during this period: Net Income (FY2020–FY2024) FY2020 (ending June 30, 2020): Net loss of approximately AUD 2.24 million. FY2021: Net loss of approximately AUD 4.41 million. FY2022: Net loss of approximately AUD 3.62 million. FY2023: Net loss of approximately AUD 8.42. FY2024: Net loss of approximately AUD 4.97 million. These figures indicate that while Alcidion has experienced revenue growth, it has consistently reported net losses during this period. In the world of accounting, the net loss may be due to the potential that the company has been focusing on expanding its product offerings and market presence, and the increased operational costs have negatively impacted the overall profitability. For a business that seems to be achieving a flow of product development and market penetration, as long as funding to add cash flow continues to come from the market, I see some good points to think about a potential investment in Alcidion. 5.0 Beamtree Holdings Ltd (ASX: BMT) Beamtree Holdings Ltd (ASX: BMT) is an Australian health technology company specializing in artificial intelligence (AI) and data analytics solutions for the healthcare sector. The company provides tools that enhance clinical decision-making, automate coding processes, and improve data quality, aiming to optimize patient care and operational efficiency. 5.1 Business Overview Beamtree's core offerings include RippleDown: An AI-driven decision support system that automates clinical interpretations, reducing manual workload and enhancing accuracy. PICQ (Performance Indicator Coding Quality): A tool that assesses and improves the quality of clinical coding, ensuring accurate health data for analysis and reporting. RISQ (Record Integrity and Statistical Quality): A solution that identifies and rectifies data quality issues within health records, ensuring reliable information for decision-making. These products are utilized by healthcare organizations in Australia and internationally, including partnerships with the UK's National Health Service (NHS) and healthcare providers in Saudi Arabia. 5.2 Key Events Impacting Share Price Several significant events have influenced Beamtree's share price trajectory: 2021: Acquisition of Potential(x) and Ainsoff Pty Ltd, expanding Beamtree's analytics capabilities and product offerings. 2022: Secured a five-year contract with Ampath for RippleDown, valued at approximately A$10.1 million. 2022: Established contracts with four NHS hospital trusts in England to implement RippleDown, marking a significant entry into the UK market. 2024: Won a €2.3 million (approximately A$3.95 million) contract to deliver PICQ in the Republic of Ireland, further expanding its international presence. 2025: Announced strategic contract wins for autonomous coding solutions, indicating growing adoption of its AI technologies. These developments have contributed to fluctuations in Beamtree's share price, reflecting investor response to the company's growth initiatives and market expansion. 5.3 Financial Performance (FY2020–FY2024) Over the past five fiscal years, Beamtree has demonstrated revenue growth but has not achieved consistent profitability. 5.3.1 Net Income: FY2020: Profit of A$0.38 million. FY2021: Loss of A$0.39 million. FY2022: Loss of A$4.45 million. FY2023: Loss of A$6.91 million. FY2024: Loss of A$5.11 million. 5.3.2 Operating Cash Flow: FY2020: Positive A$1.05 million. FY2021: Positive A$0.24 million. FY2022: Negative A$2.32 million. FY2023: Positive A$0.77 million. FY2024: Negative A$0.49 million. 5.4 Market Conditions Compared to the previous companies that we have reviewed, BMT has had a relatively steady journey since it was admitted to the ASX (Figure 8). Apart from the rise in interest prior to 2022, BMT would have a fairly flat curve, which is a good sign. As you read, the financial performance for BMT over the last six years has been steady, even though it is not a stellar performance in terms of numbers. Figure 8: BMT share price since 2019 as of the 13th of June 2025. (source: commsec) I find that reviewing companies that are based on a revenue-to-performance model, unlike those that are in the mineral resources sector, where discovery is the main feature and revenue comes later in the production stage. In many cases, companies in the small-cap "mining" sector nearly reach the "production" stage. From an observer who is looking at a company that currently has a market capitalisation of AUD $90M, the last 24 months of trading do look like a decent time to do some serious DYOR to see if this is a viable entry price, if there is interest in taking a position in the stock. The financials may not look flashy over the last four years from a net income point of view, but if you look at the cash flow, there are some positive years within that period. That shows to me that the business does exist, and potentially, traction is what it needs, and time in the market is required. Notwithstanding technical breakdowns, I do think that I am seeing some trends in this sector. 6.0 Sonic Healthcare Ltd (ASX: SHL) Sonic Healthcare Limited (ASX: SHL) is a leading global provider of medical diagnostic services, including pathology, radiology, and primary care medical services. Headquartered in Sydney, Australia, the company operates across Australia, New Zealand, the United States, Germany, the United Kingdom, Switzerland, Belgium, and Ireland. Sonic Healthcare is the largest medical laboratory provider in Australasia and Europe and ranks third in the United States. Sonic Healthcare Limited is the big brother of the previous five companies in terms of market penetration and sustenance. Sonic has a market capitalisation of AUD $1.9B currently, and its share price is a handsome AUD $26.89 as of the 13th June 2025. 6.1 Business Overview Sonic Healthcare's core operations encompass Pathology/Laboratory Medicine: Providing clinical laboratory services to clinicians, hospitals, and patients. Diagnostic Imaging/Radiology: Offering imaging services, including MRI, CT scans, and X-rays. Primary Care Medical Services: Operating Australia's largest network of primary care medical centres through its Independent Practitioner Network (IPN). The company's strategy focuses on combining local medical leadership with the infrastructure and resources of a global organization, ensuring high-quality and personalized healthcare services. 6.2 Key Events and Milestones 1987: Listed on the Australian Stock Exchange as Sonic Technology Australia Ltd. 1990s-2000s: Expanded through numerous acquisitions in Australia and internationally, including in New Zealand, the United States, and Europe. 2002: Acquired The Doctors Laboratory, the UK's largest private pathology practice. 2007: Entered the German market by acquiring Bioscientia Healthcare Group. 2019: Acquired Aurora Diagnostics in the United States, enhancing its presence in the American market. 2024: Announced the acquisition of German laboratory group LADR for €423 million (approximately A$698 million), aiming to strengthen its European operations. 6.3 Financial Performance (FY2020–FY2024) Sonic Healthcare has demonstrated consistent financial performance over the past five fiscal years: 6.3.1 Revenue: FY2020: A$6.83 billion FY2021: A$8.75 billion FY2022: A$9.34 billion FY2023: A$8.17 billion FY2024: A$8.97 billion 6.3.2 Net Profit After Tax: FY2020: A$527.7 million FY2021: A$1.32 billion FY2022: A$1.46 billion FY2023: A$684.98 million FY2024: A$511.1 million Looking at the numbers, it is no surprise that the spike in revenue and profit during FY2021 and FY2022 was primarily due to increased demand for COVID-19 testing services. The takeaway point here is that companies in this sector, if they gain market share, are looking at multiples of income and capital appreciation that would leave shareholders very happy. 6.3.3 Cash Flow Analysis One would not be guessing that the cash flow for Sonic Healthcare would be anything but strong and impressive, especially when compared to those previous companies we have discussed. The list below highlights the last five years of financials. 6.3.4 Operating Cash Flow: FY2020: A$1.36 billion FY2021: A$2.04 billion FY2022: A$2.23 billion FY2023: A$1.47 billion FY2024: A$1.07 billion 6.3.5 Free Cash Flow: FY2020: A$1.13 billion FY2021: A$1.77 billion FY2022: A$1.08 billion FY2023: A$600.9 million FY2024: A$823.6 million These figures indicate that Sonic Healthcare has been generating substantial cash flows, supporting its operations, acquisitions, and shareholder returns. 6.4 Market Conditions Sonic Healthcare is the more famous brother of the last five companies reviewed. In some ways, the share price journey of Sonic Healthcare (Figure 9) is something that the previous companies would like to have, and especially if they can maintain the steady rising curve of capital appreciation for shareholders. The growth of Sonic since its admission to the ASX in 1987 is spectacular to see; however, the decline in valuation since 2020 is interesting to see. Figure 9: Sonic Healthcare Limited (ASX: SHL) share price over 30 years as of 13th June 2025. (source: commsec) When you look at the sector in general, this is the obvious trend, and it is across the board and Sonic Healthcare (Figure 10) is leading the way. It would be interesting now to see if the giants of the sector will lead a recovery, and if this is a sector issue, does this mean that taking positions in the health sector during this period could be the ideal situation? Figure 10: Sonic Healthcare Limited (ASX: SHL) share price over the last 5 years as of 13th of June 2025. (source: commsec) Only time will tell, but understanding the business of Sonic Healthcare and why the sector trend of a downward slide in share price fortunes is happening across the sector will be high on the things-to-do list. 7.0 Samso Concluding Comments This has been a long blog to complete, and as I write, I feel the need to complete the factual review and a discussion on the sector-wide sentiment. As I complete the arduous task of researching and then commenting on each company, I get the feeling that the general market has been experiencing a decline in the last 5 years. There are pockets within the sector that are experiencing the opposite, but this is the same in every sector. While some are struggling to raise funds or are struggling to get their business some market traction, others are booming. As I looked at the charts of the bigger, more common names or the better-performing stocks in the sector, I saw the same proportion of winners and losers as the other sectors. What does strike me is that it feels like the companies that are out there doing business and are doing the two-step forward and one-step back scenario are worth getting a better understanding of, and then looking for that optimum entry price. I won't bother with more of my thoughts, but I think if you get to this stage of the blog, I want to thank you for your perseverance and your patience. Please take your time to further educate yoursel, as this review is more about bringing awareness of the sector to readers than a recommendation of the stocks discussed. As usual, please take note of the Samso Philosophy and enjoy the journey. 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. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. 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: Alkali Flats Phase 2 Drilling Commenced Quarterly Activities Report From Prospectus to Progress: 🆕 IPO Review Fulcrum Lithium Ltd (ASX: FUL) has entered the ASX stage with ambitions as large as its Nevada lithium portfolio. Since its IPO in November 2024, Fulcrum has maintained a sharp operational pace, demonstrating early exploration success and strategic clarity across three key lithium projects—Alkali Flats, Fairway, and Summit (Figure 1). Figure 1: Fulcrum’s Project Locations (source: FUL) The company raised $10 million at listing with a clear focus: to test one of the largest lithium claystone claim holdings in the heart of Nevada’s lithium belt, a jurisdiction known for hosting the Silver Peak lithium mine and proximity to major development projects. ASX Code: FUL Listing Date: 22 November 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.036 Market Capitalisation: $4.82 million Industry Group: Materials Operational Update – Drilling Success and Target Refinement Alkali Flats – Phase One Delivers Clarity The Alkali Flats Phase One RC drilling campaign was completed in January 2025, comprising 14 holes for 2,393 metres. Notably, 8 of these holes intersected lithium grades exceeding 300 ppm Li, confirming the presence of a claystone-hosted lithium system within the Siebert Formation. High-grade intercepts included: 21.3m @ 507 ppm Li (AFRC-3) 9.1m @ 771 ppm Li (AFRC-4), with internal highs of 919 ppm This success, combined with geophysical interpretation and surface mapping, has guided the Phase Two program toward more prospective zones in the northern and western basin margins (Figure 2). Figure 2: Alkali Flats Phase 2 Approved Drill Program Phase Two Drilling – The Making of a Lithium Story In Motion By early June 2025, Fulcrum commenced its Phase Two campaign at Alkali Flats. This program includes up to 19 RC holes (~200m depth) focused on better-thickness claystone targets identified via basin analysis. Drilling is underway, with initial assay results expected in July 2025. Fairway Project – Drilling Next in Line Sampling at the Fairway Project returned surface grades up to 1,084 ppm Li—the highest lithium values recorded across Fulcrum’s landholding to date. Following BLM permitting approvals, the maiden drilling campaign at Fairway is scheduled to commence immediately after Alkali Flats drilling wraps up in June 2025. Figure 4: Fairway 2025 surface geology mapping and drill focus areas (source: FUL) 💠Summit Project – Early-Stage Assessment Sampling at Summit returned low lithium values (<175 ppm Li), suggesting limited near-surface mineralisation. Fulcrum’s future attention will likely remain on the higher-priority Alkali Flats and Fairway targets. Use of Funds – Actual vs Prospectus As of 31 March 2025, Fulcrum Lithium has deployed its IPO funds broadly in line with its stated objectives. Of the $10 million raised, approximately $1.035 million has been expended, with $513,000 directed toward exploration and evaluation activities, including drilling at Alkali Flats and geological mapping across all projects. The company has also allocated $188,000 to related party payments, which include director fees and corporate services. Notably, key exploration milestones—such as completion of Phase 1 drilling and commencement of Phase 2—align with the staged work program outlined in the IPO prospectus, demonstrating a disciplined and focused application of capital. Share Price Performance Since Listing Since listing on 22 November 2024 at an IPO price of $0.25, Fulcrum Lithium Ltd (ASX: FUL) has seen its share price soften to $0.036 as of June 2025 (Figure 4). This early pullback reflects broader market caution toward pre-resource exploration stocks rather than any specific operational misstep. The company’s valuation now sits at $4.82 million—well below its listing capitalisation—yet drilling momentum and on-ground progress continue across its Nevada lithium assets. For those willing to look beyond the current price action, Fulcrum presents the type of early-stage exploration story where value can emerge as geological data builds and the strategy is executed. Figure 4: FUL’s Share price as of 23 June 2025 (source: ASX) Scott Keenan, COO, commented: “Fulcrum continues its highly active exploration program across its portfolio of projects located in the heart of Nevada’s ‘lithium belt’. The Company is eager to put the knowledge gained from the Phase 1 drill campaign into practise and test the full potential of our highly prospective claims.” Samso Concluding Comments Fulcrum Lithium is one of the many companies that I am still figuring out why they are exploring for lithium. I get that the pricing may return but if I were to make a call, the global sentiment for the use of lithium is not growing. What I mean is that the blue sky, the extra need form more lithium which fuelled the lithium rush, is declining and if not, it is at the bottom and equilibrating itself to find a new base. Does this meant that Fulcrum is wasting tis time? I kind of think no. This is because there is still a need for lithium and the challenge for the lithium players, I feel is to find a new cost base to make their product competitive in the market. If there is a rebound in pricing, I don't think it will be anywhere near previous predictions. Drilling at the Fulcrum projects are underway and unless they discover an economical deposit, this is not going to help its share price issue, which in my opinion, is primarily due to being in the wrong commodity space. Like when Lithium was it, today, Gold is the undeniable King of the Castle. Investors must remember this is still an early-stage story, and we all know that a transformation in the storyline is the speciality of this sector. Getting in at these levels of pricing may be a great way in setting up for the future. Another way of looking at Fulcrum is that the demise of the lithium sector has come to a point now that most players have only upside in the future. Whether this is in the form of a rising price, it is uncertain. As I have mentioned previously, I was never a supporter of the lithium boom, as fundamentally, there is a lot of lithium to be discovered. However, now that the market is pretty much at its knees, the positive aspect of the commodity is now the focus. The question now is when the price will move forward, if it does. I am not overly confident that the good times are around the corner, nor am I confident that the good times will return in the same manner as previous years. But for companies like FUL, the upside is discovery and a discovery with current market economical potential or a shift in commodity focus. The Samso Way – Seek the Research Fulcrum Lithium’s journey is a textbook example of why investors need to look beyond short-term market moves. While the share price has declined, the company continues to build its geological case through structured exploration and clear project targeting. This is The Samso Way—seek the research behind the drill holes, not just the headlines. 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.