Announcement PROSPECTUS Quick Look – Offer Terms and Project Focus IPO Offer: $7.5 million at $0.20/share Listing Date (expected): 21 July 2025 Market Capitalisation (Undiluted): $23.5 million Project Focus: Copper, REE, Niobium, Gold Flagship Project: West Arunta Project, Western Australia ASX Code: TR2 The Tali Resources Story: Revisiting a Frontier for Copper, REE, Niobium and Gold. There’s a quiet but growing narrative forming around Western Australia’s West Arunta region—one that has evolved significantly since the Luni carbonatite discovery by WA1 Resources (ASX: WA1). Tali Resources Ltd (ASX: TR2) now enters the market, aiming to contribute to that story in a meaningful way. As a newly independent entity spun out from Niobium Holdings Pty Ltd and previously supported through a JV with Rio Tinto, Tali brings a well-sized tenement footprint of over 4,000km²—what they describe as Australia’s “last significant geological frontier under shallow cover.” According to the prospectus, Tali’s 100%-owned West Arunta Project consists of 15 granted tenements and, post-IPO, will also include mineral rights to parts of three exploration licences held by Agrimin Potash Pty Ltd (referred to as the Galilee Prospect) (Figure 1). The Company believes this consolidated holding allows them to target a diverse suite of mineralisation types—from IOCG and sediment-hosted copper to REE-niobium carbonatites and orogenic-style gold. Figure 1: Location of the West Arunta Project. (Source: Tali Resources Ltd Prospectus 2025) IPO Highlights: Numbers and Strategy in Brief IPO Size: $7.5M raised through 37.5M shares at $0.20 Cash Allocation: $4.25M (57%) toward West Arunta exploration $1.03M (14%) NHPL loan repayment $1.50M (20%) for corporate/admin $0.50M (6%) costs of the offer Priority Offer: $2M reserved for eligible Agrimin Limited (ASX: AMN) shareholders Capital Structure: Post-listing shares on the issue: 117.5M Options (unquoted): 5M @ $0.30 (exp. May 2028) Free Float: ~32% on listing It’s also worth noting that Agrimin remains a cornerstone shareholder post-offer, with its stake reducing from 40% to 27%. Exploring the West Arunta: Where the Focus Lies The West Arunta Project Tenements (Figure 2) are considered prospective for copper, critical, and precious metals, with geological indicators pointing toward multiple styles of mineralisation—namely, IOCG systems, REE-Nb carbonatites, sediment-hosted copper, and orogenic gold. Figure 2: Location of West Arunta Project Tenements (Source: Tali Resources Ltd Prospectus 2025) Tali has inherited valuable datasets and drill insight from its earlier JV with Rio Tinto, which includes 24 RC holes and extensive geophysics over five core tenements. With that groundwork in hand, their upcoming program will test what they describe as “a series of compelling drill targets” across key prospects, such as (Figure 3): Chilka and Lonar – Strong magnetic/gravity signatures possibly linked to IOCG/carbonatite systems. Maton A–C – EM anomalies that may point to sediment-hosted copper. Don Juan and Alakol – Gravity/magnetic features thought to reflect IOCG and/or alkaline intrusions. Kalybas and Selenca – Historic near-surface gold anomalism, suggestive of orogenic gold potential. Colorada – Previous drilling has yet to explain these gravity and EM anomalies. Figure 3: West Arunta Project, Priority Prospects and regional geophysical setting (Source: Tali Resources Ltd Prospectus 2025) Drill testing is planned to commence in the second half of 2025. Importantly, Tali states that much of the region remains underexplored, and their geophysical strategy will expand alongside early drilling outcomes. Management’s Strong Hand Mark Savich – Non-Executive Chairman Rhys Bradley – Managing Director Thomas Lyons – Non-Executive Director Paull Parker – Non-Executive Director Each member of the board brings experience that spans corporate leadership, geological interpretation, and project execution. Notably, the team has a history of working with Indigenous stakeholders, having negotiated a new access agreement in late 2024 that now covers all 15 tenements within the Kiwirrkurra native title determination area. Samso Concluding Comments Tali Resources Ltd (ASX: TR2) is entering the market at a time when West Arunta is no longer just a remote region—it’s becoming a serious exploration frontier. Tali anchoring themselves in the emerging critical minerals conversation, particularly around REE and niobium potential, while keeping one foot grounded in copper and gold exploration logic. There’s no overstatement in the prospectus because there is no need. Management is from the famous sister company, WA1 Resources Limited, which also means that the leadership team has a strong understanding of not just the geology, but also the local social landscape—something that’s crucial for long-term operational access in Aboriginal reserve lands. The leadership of Tali is a mirror of WA1 Resources, and hence, the narrative of Tali will be the unfolding of the critical minerals narrative, especially around carbonatite-hosted REE-Nb systems or the renewed hunt for Tier-1 IOCG deposits in Australia. For this reason, this is a company you might want to keep on your radar. The initial drill programs at Chilka, Lonar, and Maton prospects—planned for the second half of 2025—will be telling. These are the kinds of turning points where greenfield concepts either build momentum or quietly reset expectations. From what I’ve seen, Tali isn’t trying to promise the world but you can escape the thought that they must know something the rest of the market does not about the potential of success with their understanding of the discovery with WA1 Resources. They’re taking the right early steps, which could lay the foundation for something much bigger. This is not a near-term production story—it’s about positioning and patience. If that fits your lens as an investor, this is a name to follow closely. As always, have a look at the full prospectus, study the geophysics, and pay attention when the drill rigs start turning. Because it’s often at this stage—quietly, away from the crowd—that some of the most compelling mineral stories begin to take shape. A definite 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 questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life there is no such thing as a Free Lunch. Happy Investing and the only four letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Marimaca Drills Pampa Medina Sulphides Marimaca Copper Corp (ASX: MC2 | TSX: MARI) has reported a significant breakthrough in its exploration campaign in the Pampa Medina area, situated 28km east of the Marimaca Oxide Deposit (MOD) (Figure 1). The standout result is a spectacular 6m at 12.0% Cu within a broader intercept of 26m at 4.1% Cu in hole SMRD-13. These new high-grade copper sulphide hits redefine the scale and geological potential of this manto-style, sediment-hosted system—something that is rarely seen in Chile. Figure 1: The location of Marimaca Copper Project near Antofagasta in northern Chile. (source: MC2) This is a material development for the company. For those who have followed Marimaca's story—particularly with its strong oxide copper foundation—the emergence of deeper sulphide potential adds a substantial new dimension to the narrative. Could this be the beginnings of a copper mining story for the company. 🔷Pampa Medina Drilling Highlights - Creating a Copper Mining Story? Marimaca’s 2025 drilling campaign at Pampa Medina has materially extended mineralisation and uncovered a potentially Tier-1 copper sulphide system (Figure 2). Figure 2: The location of Marimaca Copper Project near Antofagasta in northern Chile. (source: MC2) These are the standout results (Figure 3): 💠SMRD-13: 6m @ 12.0% Cu from 594m Within 26m @ 4.1% Cu from 580m Within 100m @ 1.3% Cu from 580m 💠SMD-02: 40m @ 2.1% Cu from 282m Within 132m @ 1.0% Cu from 278m 💠SMRD-12: 56m @ 1.4% Cu from 566m 💠SMD-01 (~600m north-west of SMD-13): 68m @ 1.2% Cu from 298m, including 20m @ 2.3% Cu 22m @ 1.7% Cu from 602m 💠SMR-01 (previously reported): 56m @ 2.1% Cu, including 18m @ 5.0% Cu from 296m Within a broader 102m @ 1.2% Cu from 250m 💠SMD-03: 42m @ 0.72% Cu from 226m Figure 3: Pampa and Step-out Drilling Locations Medina Deposit (source: MC2) These intercepts define a zone of mineralisation now traced over a 600m (E-W) x 1,000m (N-S) footprint, with potential extensions to 1.4km x 1.2km. Importantly, the copper mineralisation is hosted in flat-lying, sedimentary units with characteristics similar to Kupferschiefer or African-style deposits. 🔷 Geological and Structural Context Pampa Medina’s geology is unconventional for Chile—stratiform, sediment-hosted, high-grade copper mantos within interbedded sandstones, shales, conglomerates, and tuffs. Bornite and chalcopyrite dominate the deeper zones, while upper horizons continue to show chalcocite and oxide potential. Stratigraphic continuity between holes SMR-01, SMD-01, SMD-12, SMD-02, and SMRD-13 suggests a coherent, laterally extensive copper horizon. The sedimentary units are relatively flat-lying with a gentle easterly dip, intersected by several north-south faults which appear to influence grade and continuity. Drill core from SMRD-13 revealed intense bornite mineralisation hosted within altered black shales, suggesting a high fluid flow regime and strong stratabound control. 🔷 Implications for Development Strategy With these results, Marimaca has paused the previously announced Preliminary Economic Assessment (PEA) for Pampa Medina, as the new sulphide horizon may justify a broader-scale development concept. While the flagship MOD DFS is nearing completion—with release anticipated in the near term—management has confirmed a 14-hole follow-up program (10,000m) at Pampa Medina is already underway. Two diamond rigs are currently active on site. The proximity of Pampa Medina to MOD (28km) and to regional infrastructure (power, water, ports, workforce) makes it a natural candidate for potential integration into future production plans. Hayden Locke, President & CEO of Marimaca Copper, commented: With these thick, high-grade, sulphide intersections we now see the potential for a much larger scale copper system. Importantly, the location of Pampa Medina means it benefits from the same characteristics as our flagship MOD, such as access to first class infrastructure, proximity to workforces, lower permitting risk, and therefore any new discovery brought into development should be extremely competitive on a capital intensity basis.” “This is the first time in my 40-year career that I have seen stratiform, sediment-hosted, ultra high-grade copper in Chile of this potential scale.” — Sergio Rivera, VP Exploration Samso Concluding Comments These are the kinds of drilling results that materially alter a project’s risk/reward profile. Marimaca’s SMRD-13 intercept—6m at 12% copper—is not something you see often in Chilean copper stories. It's rare, it's stratabound, and it points to something much larger than originally anticipated. To be honest, for me, anything that is not a porphyry-related story from this part of the South American continent is new to me. I have never worked in the region nor have anything other than talking to those who have many years of experience in the region. Hence, as I cover this stock, I am learning. From a potentially stratabound-type copper deposit, the drilling results are indeed good. Some of the richest copper deposits are found in this type of copper mineralisation. Generally, this also marks a shift in how the Pampa Medina area should be viewed. What was once a complement to MOD’s oxide story could now become a significant sulphide pillar in its own right. That 600m by 1,000m footprint—with thick, high-grade zones—is more than just encouraging. Strategically, this strengthens the hub-and-spoke model Marimaca is positioning for. The flat terrain, proximity to MOD, and access to existing infrastructure reduce future capital intensity. That’s a major plus in today’s environment. If you’re looking for a story that has transitioned from a conventional oxide leach development into something with potentially district-scale sulphide upside, this is a case study. The results may still need validation through a resource update, but the directional change is clear. In the broader context of copper investment themes—grade scarcity, cost inflation, permitting hurdles—discoveries like this matter. They offer optionality, scale, and the kind of upside that can complement an already viable development story. Marimaca may still be several steps away from defining the full extent of Pampa Medina, but the direction of travel is clear. The opportunity is becoming more layered, and that’s usually a positive sign for long-term value creation. The Samso Way – Seek the Research Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Completion of reconnaissance program with further natural rutile observed at the Central Rutile Project Thick zones of HM mineralisation observed across Douala High Grade Gallium Potential discovered at Tundulu DY6 significantly expands size of the Central Rutile Project A Trio of Critical Minerals in Motion - Gallium, Rutile and Heavy Mineral Sands. DY6 Metals (ASX: DY6) is pushing forward on multiple fronts across its African exploration portfolio, with material updates out of Malawi and Cameroon. The company is advancing a three-pronged strategy that spans gallium and rare earths at the Tundulu Project in Malawi, and natural rutile and heavy mineral sands (HMS) across the Central Rutile and Douala Basin Projects in Cameroon. Currently, at the early stage of the projects, each program is delivering early signals that suggest technical merit. DY6’s approach appears credible—driven by existing datasets, reinterpreted mineral systems, and structured reconnaissance—and the latest announcements highlight progress and potential economical discovery, however, as I stressed, this is still very early stages of the work. 🔷 Gallium at Tundulu: Not Just a Rare Earths Project On 29 April 2025, DY6 announced it had uncovered high-grade gallium mineralisation at its Tundulu Project in Malawi (Figure 1). The review of 2014 drill data found that gallium occurs from surface and at depth, with some of the most notable intercepts being: 74m @ 93.26g/t Ga₂O₃, incl. 14m @ 202.79g/t (TU043) 53m @ 72.79g/t Ga₂O₃, incl. 12m @ 145.07g/t (TU011) 30m @ 94.63g/t Ga₂O₃, from surface (TU014) Figure 1: Gallium-TREO correlation plot at Tundulu – shows a potential positive geochemical link (source: DY6) These intercepts also coincide with significant rare earth mineralisation, which reinforces the polymetallic nature of the carbonatite system. According to the company, just 40% of the known target area has been drill-tested, and metallurgical testwork is now underway to assess the recovery potential for gallium alongside REE and phosphate. Given gallium’s importance in electronics, particularly semiconductors and photovoltaic cells, this discovery adds a technical and strategic dimension to the Tundulu story, especially considering China’s dominance in gallium supply. 🔷 Cameroon’s Central Rutile: Rutile Nuggets in the Regolith A week later, on 30 June 2025, DY6 confirmed the completion of its reconnaissance exploration program at the Central Rutile Project in Cameroon (Figure 2). The company reported visible coarse rutile nuggets—up to 4cm in size (Figure 3) within both alluvial and residual settings across all five tenements. The fieldwork involved: 9 auger drill holes 44 channel samples 13 surface grabs 3 stream sediment samples Figure 2: Reconnaissance sampling locations at the Central Rutile project (source: DY6) Technical Consultant, Cliff Fitzhenry, commented: “The reconnaissance programme has been a great success, having identified visual HM and rutile mineralisation across each licence. What we have uncovered at the Bounde licence is particularly exciting. I have never seen rutile nuggets of this size before. Figure 3: A coarse rutile nugget (~4cm) with partial thin secondary ferricrete coating was recovered from residual regolith comprising mainly fine-grained, iron-rich soil and clay near a road cutting at sample site GRMAU0012. (source: DY6) All samples are now being analysed at a laboratory in Cape Town, with assay results expected in the September quarter. If confirmed, the potential exists for saprolite-hosted rutile deposits analogous to Sovereign Metals’ Kasiya project in Malawi—a globally significant discovery in its own right. 🔷 Douala Basin: Heavy Mineral Sands Confirmed Just days prior, on 23 June 2025, DY6 also completed its initial reconnaissance across the Douala Basin HMS Project, located near Cameroon’s Atlantic coast (Figure 4). The Douala Basin consists of six tenements totalling 2,580km² and hosts known paleo-placer dune systems. Highlights from the program include: Thick zones of visually high-grade HMS in auger and channel samples Visible rutile grains recovered from multiple sites Visual HM concentrations of up to 6% in auger holes, notably from the Mbanga and Diwong licences Figure 4: Reconnaissance sampling (hand auger and channel) locations at the Douala Basin HMS project. (source: DY6) The team followed up on historical drilling by Eramet, and the early confirmation of HMS supports the broader thesis of Douala’s placer potential. Laboratory assays will be the next checkpoint, and if grades align with visual estimates, the project could emerge as a scalable HMS asset in a logistically favourable location near the port city of Douala. 🔷 Expansion to Weaver Licences: Central Rutile Project Doubles in Size On 8 July 2025, DY6 announced the acquisition of six new exploration licences, collectively known as the Weaver Project, located immediately south of its existing Central Rutile Project (Figure 5). This expansion more than doubles the project area from 2,124km² to 4,974km². Key highlights include: 100% acquisition of six new licences under valid application Landholding in Cameroon increases to 7,554km², including the Douala Basin project The new tenements are underlain by kyanite-bearing mica schist, the same host geology as the original project area Reconnaissance sampling confirmed fine-grained HM and rutile, with up to 10% HM and 5% rutile in some channel samples During a recent due diligence site visit, DY6 and its technical consultants observed both alluvial and eluvial (residual) sources of rutile and heavy mineral sands (HMS), confirming multiple styles of mineralisation across the project area. Figure 5: Map of Central Cameroon showing DY6’s newly acquired six Weaver licences to the southeast which will be incorporated into the Central Rutile Project together with the company’s original 5 licences. (source: DY6) Executive Chairman, Dan Smith, commented: “The acquisition of this new licence package more than doubles our landholding in this highly prospective area of Central Cameroon. Desktop work as well as a recent due diligence site visit, indicates that the Weaver Project area is underlain by the same favourable geology that we have seen at our existing Central Rutile Project. We are also highly encouraged by the results that Peak Minerals has reported to date from their Minta Project which borders us to the north and look forward to getting back in the field.” Samso Concluding Comments In the business of ASX small-capitalised mineral exploration, DY6 Metals is building a portfolio of critical minerals, which is somewhat unique as most ASX critical mineral stories have developed either as a one-commodity play or a necessary shift forced by the market. DY6 has chosen to be exposed to three globally strategic minerals—gallium, rutile (titanium), and rare earths—across two mineralised provinces in Africa. For the moment, importantly, this exposure is supported by drilling data, field observations, and near-term assay programs. Is it ideal for a small cap company on the ASX? Market narratives normally see that more than one is a distraction. Personally, I think that more than one reduces risks. The gallium discovery at Tundulu could shift investor focus from REEs alone to a broader technology metals story. Meanwhile, the Cameroon rutile portfolio positions DY6 next door to what may become a globally significant rutile province, especially if the Kasiya analogy plays out. Visual confirmation of rutile nuggets and heavy mineral sands across Central and Douala is a promising first step. While assay results will be key in confirming grade and scale, the groundwork is being laid now—methodically, systematically, and to unlock real value. The market likes the story and The market likes the story (Figure 5) and at a current market capitalisation of AUD $15.26M, this is not an expensive "punt". Exciting news on results could give multi-bags for shareholders, from this junction. As we write, the company is in trading halt awaiting news of a potential acquisition. Figure 5: DY6 share price chart as of 4th July 2025. (source: Commsec) From an investor's point of view, this is a good DYOR candidate. I know some of the management and they are seasoned participants in the industry. I do believe that the company will be able to attract some well-versed players into the register, if they are not already in the register. Check out the story and keep your eyes and ears pinned to what is happening here as I think there could be some more upside to come. The Samso Way – Seek the Research This is what early-stage multicommodity exploration often looks like: data reanalysis, ground-truthing, geological intuition, and steady technical milestones. DY6 isn’t just adding buzzwords to a portfolio—it’s pursuing a methodical and evidence-based strategy that unfolds one layer at a time. Gallium, rutile, and HMS each come with their own markets, processing paths, and exploration nuances, and DY6 seems aware of the need to treat each accordingly. 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: icetana AI secures $1.7m purchase order for Middle East Safe City project icetana AI signs A$3.6m strategic partnership with SoftBank Robotics Group, including equity investment and exclusive distribution rights in Japan icetana AI March 2025 Quarterly Report The AI Surveillance Opportunity: How icetana is Scaling icetana Limited (ASX: ICE) is not a company looking to make headlines—it is one steadily building a global business in the high-growth AI surveillance sector. Headquartered in Perth and operating across six continents, icetana has developed a proprietary self-learning AI software that monitors large-scale surveillance networks in real-time. Its core value lies in recognising unusual behaviour across thousands of CCTV feeds without pre-set rules—an elegant solution for industries overwhelmed by visual data and limited human monitoring capacity. The company’s recent strategic progress includes two important developments that expand its commercial reach in Iraq and Japan. Purchase Order: Baghdad Safe City Deployment Announcement Date: 19 March 2025 Contract Value: A$1.7 million (US$1.1 million) Client: High Tech Enterprise, via Dubai subsidiary HTE Electronics Delivery Timing: Q4 FY25 In what is now icetana’s largest single contract to date, the company secured a $1.7 million software order for Iraq’s Baghdad Safe City Project. The agreement with HTE Electronics follows rigorous proof-of-concept trials where icetana’s AI solution demonstrated advanced surveillance capabilities, including: Arabic licence plate recognition Facial recognition Detection of smoke, fire, loitering, and left luggage Directional movement anomalies for people and vehicles The deal is structured around a perpetual licence (US$874,815) and a first-year maintenance agreement (US$218,660), with the latter contributing ~A$344,000 to ARR. If extended, the maintenance revenue would continue annually. CEO Kevin Brown commented: “This initial sale is the largest value contract in icetana AI’s listed history and represents a significant milestone for our company.” This contract also represents icetana’s first entry into the Iraqi market, positioning the Company to potentially support broader national Safe City rollouts in the future. Strategic Partnership: SoftBank Robotics Group Announcement Date: 7 June 2025 Total Value: A$3.6 million+ Key Components: A$1.87 million equity investment (17.6% stake at 2c/share) A$693,000 minimum ARR in Japan (12-month exclusive distributorship) A$1.08 million in R&D collaboration over 3 years In June, icetana announced a landmark strategic partnership with SoftBank Robotics Group, comprising four distinct agreements: Equity Subscription: SoftBank Robotics Singapore acquired 93.6 million shares at $0.02, representing a 33% premium to the 15-day VWAP. Exclusive Distribution in Japan: A 12-month exclusivity period with a guaranteed revenue floor of US$450,000, aimed at scaling adoption through SoftBank’s network. Joint Development Program: A$1.08 million in co-funded R&D to integrate icetana’s AI with SoftBank’s robotics and automation platforms. Board Rights: SoftBank reserves the right to nominate a non-executive director while holding a minimum 10% stake. This strategic foothold builds on icetana’s earlier work with Macnica, Inc., and strengthens its presence in Japan’s enterprise and public sector markets. Kevin Brown commented: “This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.” Key Company Metrics – March 2025 Quarter Annual Recurring Revenue (ARR): A$1.7 million Net ARR Retention: 99% (▲1% QoQ) Total Revenue (Q3 FY25): A$435,000 Gross Margin: 81% Cash Balance (31 March 2025): A$2.24 million Average Monthly Operating Cash Outflow: ~A$220,000 Customer Cash Receipts (Q3 FY25): A$178,000 New Customer Orders (Q3): Includes A$1.7m order from High-Tech (Iraq) and Singapore’s Henderson Technology Customer Sites: 70+ globally Active Cameras Under Licence: 16,000+ Countries Deployed: 15+ What Makes icetana Different? icetana stands out by offering a self-learning AI surveillance system that requires no manual configuration and begins detecting anomalies within 24 hours. Its real-time alerts, scalability across large networks, and ability to significantly reduce false alarms make it ideal for high-demand environments. Deployed in over 75 sites across 15 countries, icetana’s flexible hardware and cloud solutions cater to industries ranging from public safety to retail and education. Figure 1: icetana AI core product, Safety and Security, connects with your existing security cameras to detect unusual or interesting events across large surveillance networks. (source: ICE) Self-Learning AI: No need for manual rule setting—icetana’s AI learns what’s “normal” for each camera within 24 hours. Real-Time Anomaly Detection: Instantly detects and alerts to unusual behaviours as they happen. No Configuration Required: Deploys quickly without complex calibration or custom setup. Scalable Across Networks: Handles thousands of camera feeds across multiple locations with ease. Reduces False Alarms: Intelligent event filtering minimises noise, helping operators focus on real threats. Hardware & Cloud Options: Offers flexible deployment—on-premise, cloud-based, or hybrid. Industry-Agnostic: Used in retail, transportation, public safety, education, hospitality, and guarding services. Proven Global Footprint: Installed across 75+ sites, 16,700+ cameras, in 15+ countries. Kevin Brown, CEO of icetana AI, commented: “Adding to our existing partnership with Macnica, this agreement with SoftBank Robotics Group represents a major step forward for icetana AI in Japan. Their global leadership in AI and commercial scale in Japan create an ideal launchpad for our next phase of growth. This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.” Why the Market Is Watching The global video surveillance industry continues to expand at pace: 13.7% CAGR forecast between 2024 and 2028 1+ billion CCTV cameras deployed in 2024, projected to surpass 6 billion by 2030 Growing government investment in Safe City initiatives, critical infrastructure, and AI-enhanced public safety systems In this context, icetana is positioning itself as a high-value player in AI-enabled surveillance, offering a scalable, self-learning platform for real-time anomaly detection across complex environments. Whether it’s shopping malls, universities, transport networks, or nationwide security deployments, icetana’s enterprise-grade solution is built to operate at scale, with minimal configuration and long-term recurring value. Samso Concluding Comments icetana is not a company that I have a lot of exposure to in my investing space, but it is definitely a breath of fresh air. For me, the two deals we discussed, first with High Tech in Iraq and now with SoftBank in Japan, are impressive and should create what I call a base for expansion. Good sales deals help with potential future deals. The Baghdad Safe City contract confirms product-market fit for icetana in one of the world’s most complex environments. The SoftBank Robotics partnership, on the other hand, opens up opportunities to embed icetana’s tech into next-generation robotics platforms and create new commercial channels in Asia. With a relatively modest market cap and a strong strategic partner now sitting on the register, there’s an argument to be made that icetana may be underestimated. Samso’s not saying it’s a must-buy—but for those following the AI security space, this might be one to put on your watchlist. As always, the story is in the execution. As always, this is not a recommendation—Samso doesn’t make those. But for those watching the AI space—especially where it intersects with infrastructure, surveillance, and automation—icetana’s moves over the past few months might be worth noting. The company is still under the radar in valuation terms, yet has now found itself partnered with global names that tend to think long-term. Maybe it’s not about chasing the next big hype cycle. Maybe it’s about finding companies like this—ones that are doing the work. The Samso Way – Seek the Research Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso Episode 205 is all Miramar Resources Limited (ASX:M2R) and the potential of the Gidji and Bangemall projects. Miramar as a company, is now for better or worst, perfectly valued at less than AUD 3M market capitalisation. Its primmed now for discovery. The Miramar story has been featured on the Samso platform since February 2021 and I still consider this exploration company one that is best suited for discovery. The most notable companies that I can remember as I write which I felt strongly about a discovery, and was approached to be on a Coffee with Samso, prior to their respective discovery event, and was declined, was WA1 Resources Limited, De Grey Mining Limited, Staveley Minerals Limited. I have been a firm believer that the Miramar projects were great projects and with great management, in terms of the potential for discovery and a history of taking the economical discovery to production. Allan Kelly had the history and having numerous discussion with him, I felt that he had the mentality to do that with existing projects. What unsettled the journey was the lack of market sentiment and with the strong market affinity for lithium and the critical minerals; narrative, the gold journey was unsettled and in many cases, great project looked doomed. A great example is the journey of Meeka Metals Limited. Meeka has just poured its first gold bar and its future looks cemented, now with a market capitalisation of AUD $422M. Listed on the ASX with great projects but in the midst of the lithium run which was followed by the great Critical Mineral rush, the company lost an audience and now with gold price taking centre stage, the stage seems set for that journey of discovery something of economical proportions at Gidji. The Business of Miramar Resources Limited - The Path to being a Gold Mining Business. To me, the business of Miramar Resources is now aligned with the market sentiment. The new shareholders may have a different idea for the leadership but I think as a business, Allan Kelly is built for this role. One of the best asset for Miramar is that it is managed well with a strong technical management and keeps the cash burn to a minimal. You don't see many Executive Chair sitting on the drill rig or going out to do reconnaissance sampling and doing prospective type work in the field. Senior management doing the technical work in the field is an extremely rare sight in todays' ASX mineral exploration companies. The value proposition for shareholders has never been more aligned with the potential of a discovery of a gold asset in the backyard of the Kalgoorlie Goldfields. I feel that the strong gold market will easily give Miramar the uplift in valuation if and when a discovery of significance occur. The Coffee with Samso Discussion: In this episode of Coffee with Samso, it is a very clear discussion of the value proposition for the company. Allan gives us a good narrative of the mechanics behind the exploration and what the company faced over the last 4 years as the equity market heavily discounted the market capitalisation of Miramar Resources. Shareholders and potential shareholders will gain insights that will shape their thinking for investing in the company. Whatever you may think about the past, what is very clear is that you have now a company that has a market capitalisation below AUD $3M, in a gold market bull, prospective gold project with all the right factors and a proven management team to bring in a potential discovery. If you take away the emotions of why you should be looking at the company as an investment, you cannot deny the fact that Miramar is very fortunate to be gifted these attributes and with perfect market timing. My advice, sit back, listen to Allan and DYOR. Grab your favourite beverage and invest in the next 45 minutes. Chapters: 00:00 Introduction 01:43 Update on Miramar 02:51 What is SAM Survey ? 06:15 How deep is the Gidji Paleochannel? 11:15 The significance of the potential paddington Dolerite. 13:00 The Value Proposition of Miramar and the Gidji Drilling Program 16:49 The Gold Price Dilemma and the Miramar Opportunity 18:12 Is the Gidji Paleochannel driving Why The market is Misunderstanding the story? 20:01 Is the market now highlighting the uneconomical gold projects? 21:50 Bangemall Update 29:35 Is the Bangemall Project A New Concept? 23:09 Norilsk Phenomenon 23:48 Similarities between Norilsk and Bangemall 25:23 First Evidence:Rock Chips 25:51 Second Evidence: Geophysics - EM Survey. - Drilling. 29:35 New Thinking at bangemall 32:29 The Cheap Entry Point For Miramar Resources. 34:53 A Discussion on Exploration. 36:36 Newsflow 40:01 An Opportunity for Discovery at Gidji. 40:51 Allan Last Words 41:43 Conclusion PODCAST The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso 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 Final Results Received for Hyperion Metallurgical Test work. Prodigy Gold Receives Exploration Grant for Diamond Drilling at Hyperion under the Resourcing the Territory Initiative. Presentation In the world of gold exploration, few districts in Australia have remained as persistently prospective yet underexplored as the Tanami region of the Northern Territory. Prodigy Gold NL (ASX:PRX) is one of the companies maintaining a steady presence in this gold-rich district, methodically building its inventory through focused exploration, key partnerships, and well-timed field programs (Figure 1). Figure 1: Map of Prodigy Gold NL (source: Prodigy Gold) The Tanami has a rich history of gold discoveries dating back to the late 1800s with the first major development in the early 1980s with the establishment of the Tanami Gold Mine by Normandy Mining (Now Newmont). The Callie Gold deposit was discovered in 1991 and that has been the core of the operations at the Tanami Gold Operations. At its core, Prodigy Gold continues to maintain a strategic grip on multiple gold systems across its Tanami North and Twin Bonanza project areas, with a total group Mineral Resource now approaching 1 million ounces (989koz Au). The recent AGM presentation (30 October 2024) and the June 2025 NT Government grant announcement offer shareholders an updated window into the company's current position and forward plans. The PRX Snapshot – Numbers That Matter For a Gold Mining Story. Total Mineral Resource Inventory: 21.7Mt @ 1.4g/t Au for 989,000 ounces of gold (as of 3 June 2025) Market Capitalisation (as at 29 Oct 2024): A$4.7 million Enterprise Value (EV): A$3.0 million EV per Ounce of Gold: A$3.18/oz — deeply undervalued on a per-ounce basis Cash Balance (30 Sep 2024): A$1.7 million Debt: Nil Capital Structure: 2.33 billion shares on issue & 404 million unlisted options Four deposits anchor Prodigy Gold’s current Mineral Resource base (Figure 2): Hyperion – 435Koz Au Tregony – 80Koz Au Buccaneer – 359Koz Au Old Pirate – 115Koz Au All projects are held 100% by Prodigy Gold. Figure 2: Map Showing Location of all Prodigy Gold Minerals Resources (source: Prodigy Gold) Hyperion Gold Deposit – Tanami North Project: Delivering Consistent Results Hyperion remains the company’s most active and advanced asset (Figure 3). Recent RC drilling results from the 2024 program continue to showcase mineralisation with both grade and scale. Intercepts such as: 10m @ 15.9g/t Au (Tethys Lode) 33m @ 2.6g/t Au (Hyperion Lode) 99m @ 2.7g/t Au 53m @ 2.9g/t Au These results provide growing support for the deeper potential of the system, especially within the Tethys lode. Notably, Prodigy Gold has secured co-funding from the NT Government under the Resourcing the Territory program for two diamond drill holes aimed at testing these deeper extensions. This marks a strategic validation of the project’s geological upside. Tregony Gold Deposit: Small, High-Grade, and Upgraded Tregony, located 25km north of Hyperion, was also subject to a Mineral Resource update in June 2025, now standing at 80Koz Au. Highlights include: 6m @ 12.0g/t Au 3m @ 10.7g/t Au (with visible gold in RC chips) 1m @ 69.1g/t Au confirmed by Chrysos PhotonAssay™ Figure 3: Location of the Tanami North Project area (source: Prodigy Gold) While smaller in scale than Hyperion, the quality of intercepts indicates strong potential for small-scale, high-grade development. Co-Funded Diamond Drilling at Tethys – Key Highlights Prodigy Gold received up to A$112K in co-funding under Round 18 of the NT Government’s Geophysics and Drilling Collaborations (GDC) program, part of the Resourcing the Territory initiative. Grant supports two deep diamond drill holes at the Tethys lode within the Hyperion Gold Deposit (Figure 4). The drill holes aim to: ৹ Test down-dip and down-plunge extensions of the mineralisation ৹ Follow up on standout intercept of 10m @ 15.9g/t Au from 177m (hole HYRC24004) ৹ Provide better geological understanding through high-quality core sampling ৹ Investigate the structural controls and continuity of brecciated, high-grade zones Historical diamond drilling (e.g., 13m @ 5.6g/t Au from 184m in TYRD10003) supports the deeper potential of the Tethys system. Drill hole plans: ৹ HYDD25001: To intersect Tethys at depth via westward drilling through Suess lodes ৹ HYDD25002: To define orientation of high-grade zone and locate the regional Suess Fault Diamond drilling to assist in refining: ৹ Structural modelling ৹ Resource expansion ৹ Potential future underground mining scenarios Figure 4: Cross-section view of Tethys lode showing proposed location of hole HYDD25002 (source: Prodigy Gold) Prodigy Gold Managing Director, Mark Edwards, commented: “Prodigy Gold is very pleased to have received the support of the NT Government for our exploration programs through Round 18 of the Geophysics and Drilling Collaborations (GDC) grants program funded by the Resourcing the Territory initiative,” said Managing Director Mark Edwards. “Without the co-funding support of the NT Government some of these programs would take a lot longer to be initiated, delaying our geological understanding of the regions we work in.” “These sorts of programs significantly increase our knowledge of the local and regional geology of our projects and could fast track the next major discovery.” Buccaneer and Old Pirate: The Twin Bonanza Platform Combined, these deposits total 474 Koz Au and reside on granted Mineral Leases with site infrastructure intact. Historic production from Old Pirate further validates its potential, with: 157kt @ 5.9g/t Au for 29.3koz sold (processed at Coyote) 8.1kt @ 15.4g/t Au for 3.5koz (trial gravity plant run) Figure 5: Location of the Twin Bonanza Project (source: Prodigy Gold) Buccaneer has been modelled with updated metallurgy and geotechnical inputs and remains the focus of ongoing mining studies. Strategic Partnerships: Backed by the Majors Prodigy Gold maintains active joint ventures with some of the world’s largest players: Newmont (NYSE:NEM) – Monza and Tobruk JVs surrounding the world-class Callie Mine and the 2.7Moz Oberon Deposit (Figure 6). IGO Limited (ASX:IGO) – JV partner on the Lake Mackay project covering gold and base metals. Australasian Metals and Castile Resources – Participating in additional JV programs across the territory. Figure 6: Newmont Exploration JVs (source: Prodigy Gold) These partnerships not only bring capital and technical support but offer proximity leverage to some of the most significant mineral systems in the region. Planned Work and Outlook: What to Expect in 2025 Looking ahead, Prodigy Gold has laid out a structured field season and milestone program: Q2–Q4 2025 – Follow-up drilling at Hyperion and Tregony Deep diamond drilling at Hyperion to test extensions of the Tethys lode Metallurgical testwork to refine processing pathways, including gravity and CIL Mining lease application process to continue for Hyperion Assessment of ore sorting to enhance development economics This ongoing pipeline shows Prodigy Gold’s commitment to de-risking its assets while maintaining optionality for mine development. Samso Concluding Comments In reviewing where Prodigy Gold stands today, I think the company has made it clear that it is not about rushing to production but rather getting the fundamentals right—geology, metallurgy, approvals, and partnerships. The value proposition here isn’t just about ounces in the ground; it’s about de-risked growth in a highly prospective and strategically positioned district. The recent drilling at Hyperion, in particular, is starting to paint a picture of scale, not just width and grade at surface, but emerging depth extensions that may one day support underground development. That kind of optionality is what separates a deposit from a project. Receiving the NT Government’s support through a co-funding grant is not just a financial win—it’s a recognition that what’s happening at Hyperion might be one of the next significant gold stories in the Tanami. For investors, especially those with a longer view, I think Prodigy Gold is one to keep on the radar. They are not chasing the headlines. They are building something that could, piece by piece, become a much more significant story. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso 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

Announcement P R E S E N T A T I O N Resouro's Tiros Project Selected for BNDES & FINEP Funding Metallurgical Innovation and Risk Mitigation Update - Tiros Titanium and Rare From Prospectus to Progress: 🆕 IPO Review ASX Code: RAU Listing Date: 14 June 2024 IPO Offer Price: $0.50 Current Share Price (as at 27th of June 2025): $0.155 Market Capitalisation (as of 27th of June 2025): ~$15.54 million Industry Group: Materials A New Entrant in Strategic Minerals, Already Making Waves - REE and Titanium Story. Resouro Strategic Metals Inc. (ASX: RAU) is a recently listed company, having debuted on the ASX on 14 June 2024. While many early-stage mineral exploration companies spend their first year positioning and reshaping project narratives, Resouro seem to be generating technical momentum and government-level recognition. At the centre of the Company’s trajectory is the Tiros Titanium and Rare Earth Elements Project, located in Minas Gerais, Brazil—a jurisdiction well regarded for its mining pedigree and infrastructure (Figure 1). What sets Tiros apart is not just the scale of its mineral resource but also the Company’s commitment to metallurgical innovation and environmental responsibility. Figure 1: Location of Tiros Project: Minas Gerais, Brazil. Resouro’s mineral rights holdings at Tiros North, Tiros Central, São Gotardo and Campos Altos. (source: RAU) 🔷 Strategic Milestones Since Listing Since coming to market, Resouro has built on its pre-listing foundations. A few key developments over the past year include: 1. Selection for Brazil’s BNDES & FINEP Joint Support Plan On 15 June 2025, Resouro was selected by BNDES (Brazil’s National Bank for Economic and Social Development) and Finep (Financiadora de Estudos e Projetos) as one of 56 projects in Brazil’s critical minerals advancement strategy. This program, backed by BRL 5 billion (~US$900 million), provides tailored support for strategic minerals initiatives. The endorsement not only validates Tiros' potential but also opens the door to funding mechanisms for demonstration plant development and pilot metallurgical testing. Commenting on Resouro’s selection to participate in the Joint Support Plan, Executive Chair (Chile), Mr. Chris Eager, commented: “With this support, we can advance our metallurgical testing, finalize an optimal flowsheet for the extraction of titanium and rare earth elements from Tiros and proceed with the development of a demonstration plant. This milestone allows us to maintain momentum in our technical work without unnecessary delays, paving the way for the successful development of Tiros as a leading project in the supply of critical minerals essential for the green energy transition, while also contributing to long-term economic development in Brazil.” 2. Pioneering Metallurgical Processing – FSAL Technology A core part of Resouro’s value proposition lies in the Fusion Sulphuric Acid Leach (FSAL) process, developed in collaboration with YM Serviços. This sustainable approach transforms over 90% of feed mass into saleable products (Figure 2)—including titanium, iron, alumina, and rare earths—while eliminating the need for tailings dams, a major risk mitigant especially in Brazil’s context post-Mariana disaster. The FSAL process involves: Applying controlled heat to the mineralized feed to enhance its physical and mineralogical properties; Comminution to an effective grind size for acid digestion; Filtering and removing silica; pH adjustments to precipitate products of titanium, iron and alumina; and Rare earth precipitation from the Rare Earths Oxide (“REO”) pregnant acid solution Figure 2: Tiros FSAL Met Proof-of-concept Test Work (source: RAU) Resouro’s Chief Executive Officer, Alistair Stephens, commented: "The technical results we are seeing from the Fusion Sulphuric Acid Leach process are exceptionally encouraging. This innovative approach maximises recoveries of titanium, iron, alumina, and rare earths while addressing one of the most critical challenges in mining today—the management of mineral processing waste. The FSAL process significantly enhances the metallurgical performance of the Tiros mineralisation, upgrades titanium to a higher-value product, and has the potential to eliminate conventional tailings generation. This development underscores Resouro’s technical leadership and our commitment to advancing the Tiros Project with efficiency, integrity, and environmental stewardship. " 3. MagBras and Environmental Impact Assessments The Company has aligned with Brazil’s MagBras Initiative to integrate the Tiros Project into a downstream rare earth permanent magnet production chain. Resouro’s involvement in a network of 26 strategic partners—spanning mining groups, offtakers, and end-users in the magnet and electric motor industries—is a smart and deliberate move. This isn’t just about aligning with market players; it’s about embedding themselves into the heart of the rare earth value chain. By doing so, Resouro is laying the groundwork to become more than just a supplier—they're positioning to be a serious contributor to the vertical integration of this critical supply chain. This is the kind of strategic engagement that often defines future leaders in emerging markets. Environmental Impact Assessments are underway, led by Sete Soluções e Tecnologia Ambiental, further demonstrating the Company’s early ESG commitments. 4. World-Class Resource Backing the Strategy (Figure 3) Total Measured & Indicated Resource: 1.4 billion tonnes @ 12% TiO₂ and 4,000 ppm TREO Includes 165 million tonnes of contained titanium dioxide (TiO₂) Includes 5.5 million tonnes of total rare earth oxides (TREO) Includes 1.5 million tonnes of magnet rare earth oxides (MREO) Figure 3: Tiros MRE upgrade – more than half of Brazil’s known titanium resources in one deposit (source: RAU) High-Grade Zone: 103Mt @ 23% TiO₂ and 9,100 ppm TREO (Figure 4) Among the highest-grade undeveloped REE-titanium deposits globally. Figure 4: Technical MRE* detail worth noting of one of the world’s largest undeveloped TiO2 and REE deposits. Note: *Refer ASX announcement 9 April 2025: Tiros Measured and Indicated Resource increased by 37% to 1.4 billion tonnes at 12% TiO 8 2 and 4,000 ppm TREO (source: RAU) Geographical Advantage: Located in Minas Gerais, Brazil — a globally respected mining jurisdiction (Figure 5) Over 28 tenements covering 497 km² with <10% explored to date. Figure 5: Tiros Project Location and Infrastructure Map (source: RAU) Scalability & Exploration Upside: Only 8% of total tenement explored, offering strong growth potential. Homogeneous, flat-lying mineralisation ideal for low-cost extraction. Critical Magnet Metals Present: Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy), Terbium (Tb) Key inputs for EVs, wind turbines, and defence technologies JORC & NI 43-101 Compliant: NI 43‑101 Compliance - Resouro’s Tiros Project has a full NI 43‑101 Technical Report (effective 18 July 2024), prepared by Qualified Persons and independently audited following Canadian standards. Maiden JORC Mineral Resource Estimate - On 18 July 2024, Resouro published its maiden JORC‑compliant Mineral Resource Estimate: 1.7 billion tonnes at 3,900 ppm TREO, 1,100 ppm MREO, and 12 % TiO₂. Resource estimate independently verified and compliant with global reporting standards. This places Tiros as one of the largest known undeveloped TiO₂ and REE deposits globally, containing 165Mt of titanium dioxide and 5.5Mt of total rare earth oxides, including 1.5Mt of critical magnet metals like Nd, Pr, Dy, and Tb. 🔷Use of IPO Funds – Summary (Actual vs Budget) According to the December 2024 Quarterly Activities Report, Resouro deployed its IPO funds in line with its outlined strategy, primarily directing capital towards advancing the Tiros Project. Key expenditures included drilling and metallurgical test work, resource definition, ESG assessments, and early-stage feasibility activities. While the report does not provide a detailed table comparing actual vs. budgeted figures, the narrative confirms that spending has been consistent with the use-of-funds outlined in the IPO prospectus. Importantly, the Company notes that remaining funds are sufficient to carry out the next phase of development, including pilot plant testing and further stakeholder engagement, indicating disciplined capital management in its early post-listing phase. 🔷Share Price Performance Since Listing Resouro Strategic Metals (ASX: RAU) made its ASX debut on 14 June 2024 at an IPO price of $0.50. Since then, the share price has gradually eased, recently trading at $0.17 as of June 2025 (Figure 6). While the trajectory reflects broader market caution toward early-stage resource stocks, it’s worth noting that the Company has been steadily delivering on its milestones—from a major JORC resource upgrade to securing backing under Brazil’s BNDES/FINEP Joint Support Plan. For those following the strategic minerals narrative, the current share price may represent less of a verdict and more of a disconnect—one that could narrow as Resouro continues to de-risk and unlock value at its globally significant Tiros Project. Figure 6: RAU’s Share price as of 19 June 2025 (source: ASX) Samso Concluding Comments Resouro Strategic Metals Inc. has, within its first 12 months on the ASX, established its flagship project as a globally relevant TiO₂-REE resource, introduced industry-defining metallurgical solutions, and aligned itself with Brazil’s critical minerals investment programs. It’s still early days, and investors must temper expectations with the usual risks associated with development-stage mining. However, what Resouro is building at Tiros—technically, environmentally, and geopolitically—suggests a company that understands not just where the market is heading but also how to engineer its way there. Resouro has a few hurdles to overcome, and one of the most important is the question of jurisdiction. The next hurdles will be to tackle the technical aspects, which hopefully will be more straightforward. Personally, I see Resouro as a REE story rather than a Titanium narrative. There is no secret that the REE market is not good currently, and that is reflected in the company's share price. I assume that is the case; otherwise, the sell-off is from issues that are not obvious to the retail market. From an investor's point of view, there is no rush to take positions in the company. For me, this is a wait-and-see, but with so many other opportunities in the ASX, I would not think that this will be noticed. The Samso Way – Seek the Research At Samso, we often talk about the need to focus beyond the headline resource numbers and look into the strategic vision of a company. In Resouro’s case, what’s compelling is how they’ve hit the ground running with meaningful government engagement, ESG-driven metallurgical strategy, and global leadership backing. These are not just updates—they reflect structural progress in both commercial viability and sustainability alignment. 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 1H25 Result Quarterly Activities New facility secured to expand production From Prospectus to Progress: 🆕 IPO Review ASX Snapshot – Merino & Co. Limited (ASX: MNC) ASX Code: MNC Listing Date: 30 October 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.145 Market Capitalisation: AUD $7.70M Industry Group: Consumer Durables & Apparel From Listing to Market Execution - The Merino Wool Story Merino & Co. Limited (ASX: MNC) entered the ASX in late October 2024, raising $6.35 million in its IPO. The strategy was clear: expand manufacturing capabilities, modernise its supply chain, and position the brand for export-led growth in premium merino wool (Figure 1) products. Figure 1: Australian merino wool (source: MNC) The six months since listing have been anything but idle. Merino & Co. has focused on operational readiness, market expansion, and bold initiatives to reposition the business for long-term growth. Notably, a new long-term lease was secured in Wangara, WA, doubling facility size and positioning the company near major infrastructure for optimal logistics. This expansion, paired with the commissioning of over 20 state-of-the-art automated manufacturing machines, effectively tripled production capacity. What Has Merino & Co Done Since Listing? Operational Expansion: Relocation to a new manufacturing and warehouse facility in Wangara, WA. Strategic investment in four automated weaving looms, four sock knitting machines, and 15 additional knitting machines. Increased capacity to manufacture high-demand products like socks, scarves, and throws, with near-zero human input, driving unit costs down. Merino and Co. Managing Director Fiona Yue commented: “I am pleased to provide the very first update to shareholders since our highly successful IPO in late October 2024, raising $6.35 million. “As part of our strategy to offer a more fulsome product range of fine Merino wool products, we have now ordered our first batch of highly automated machines to manufacture socks, scarves, shawls and throws. “When this added manufacturing capability is in place, Merino & Co. will be able to develop its own branded range of high-quality merino socks to meet growing market demand.” Product Development & Market Entry: Cleared legacy inventory to align with a rebranded, premium market approach. Launched a new product line featuring merino-possum blends and eco-dyed garments. Enhanced digital presence: launched a new website with multichannel checkout and relaunched presence on Amazon (AU & US), Rakuten (Japan), and Tmall (China). Strategic Innovation: Integrated cryptocurrency (Bitcoin and Ethereum) as accepted payment methods and initiated a crypto treasury reserve. Started groundwork for token-based loyalty programs and a structured crypto treasury policy. Retail & Wholesale Moves: Prepared major inventory orders to meet demand in North America, Europe, Japan, and China for the northern winter cycle. Growing brand awareness through planned collaborations with lifestyle brands and influencers. Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Merino & Co. has deployed approximately $2.73 million of its IPO proceeds. The majority of this amount has been allocated towards preparing stock for wholesale orders, with $899,000 spent — well within the budgeted range of $1.54–$1.6 million. Spending on expanding production capacity reached $641,000, which is below the forecasted range of $1.18–$1.42 million, indicating a phased rollout of capital expenditure. Marketing and branding remain significantly under budget, with only $100,000 spent against a potential allocation of up to $875,000, suggesting that brand promotion efforts are being paced strategically. Corporate and administrative costs have totalled $319,000, which is roughly halfway through the $534,000 budget. Meanwhile, investment in research and development has been minimal, with just $20,000 spent from the allocated $350,000. Overall, the Company has maintained a conservative cash burn approach, prioritising stock readiness and infrastructure investment while preserving liquidity for future initiatives. The deliberate under-expenditure in branding and R&D signals a cautious but calculated ramp-up, prioritising manufacturing and inventory readiness ahead of anticipated demand surges. 🔹Share Price Performance Since Listing Since listing on the ASX at $0.20 per share on 30 October 2024, Merino & Co. (ASX: MNC) has experienced a gradual easing in its share price, reflecting early-stage consolidation typical of new listings. The stock reached lows around early April, dipping below $0.14, before stabilising and trending within a narrow range through May and June. As of mid-June 2025, MNC is trading at $0.155, a 22.5% decline from its IPO price (Figure 2) Despite the softer price action, the Company has remained focused on executing its growth strategy—tripling manufacturing capacity, entering global e-commerce channels, and expanding its market presence. The share price movement, in this context, appears more reflective of investor patience as the fundamentals of the business catch up with its strategic vision. Figure 2: MNC’s Share price as of 19 June 2025 (source: ASX) Samso Concluding Comments For investors eyeing the consumer durables space, Merino & Co. represents a fusion of heritage material and modern delivery. In just six months since listing, the Company has executed on major strategic fronts—tripling its production footprint, activating global e-commerce channels, and preparing inventory for winter-led demand spikes. Short-term margin contraction and share price softness reflect the necessary investment phase of a high-potential business. With strong liquidity, lean manufacturing, and a global reach expanding into Asia, the US, and Europe, MNC is worth keeping on the radar. In a world increasingly conscious of sustainability, heritage fibres like merino—and companies willing to evolve with them—are poised to redefine luxury retail with an eco-conscious lens. The Samso Way – Seek the Research Merino & Co. is more than a wool brand—it’s evolving with intent. By combining heritage textiles with modern platforms like e-commerce and crypto, and aligning operations with global demand cycles, MNC is quietly positioning itself for long-term relevance. At Samso, we believe it's this kind of execution—not just ambition—that investors should be watching. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and 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 New 5,000m Drilling Program Commences at Barimaia Gold Project, WA From Prospectus to Progress: 🆕 IPO Review ASX Snapshot – Ordell Minerals Limited (ASX: ORD) ASX Code: ORD Listing Date: 19 July 2024 IPO Offer Price: $0.20 Current Share Price (as at 27th of June 2025): $0.40 Market Capitalisation (as at 27th June 2025): $14.58M million Industry Group: Materials A New Chapter at Barimaia – 5,000m Drilling Campaign Underway Ordell Minerals Limited (ASX: ORD) has announced the commencement of a new 5,000m multi-rig drilling campaign at its flagship Barimaia Gold Project in the Murchison region of Western Australia. Since its ASX debut in July 2024, the Company has progressed Barimaia from concept to active and high-impact exploration, preparing for a gold discovery. The Barimaia Project, adjacent to Ramelius Resources’ Mt Magnet mill, is well positioned within one of Australia’s most productive gold belts. Drilling efforts to date have revealed both scale and grade, particularly across the McNabs and McNabs East Prospects, and momentum is building (Figure 1). Figure 1: Location of the Barimaia Project and other nearby deposits in the district. (source: ORD) What Has Ordell Done Since Listing? Since its ASX debut, Ordell has executed a pipeline of exploration activities that have progressively expanded the Barimaia Gold Project’s scale and potential: ✅ Aircore Drilling Success: Doubled the known extent of the Barimaia granodiorite host from 3km to over 7km of strike, identifying multiple new anomalous zones (Figure 2). Figure 2: Plan view showing prospects and recent aircore drilling highlighting significant strike extent of interpreted Barimaia Intrusion. The target footprint of the intrusion has more than doubled. (source: ORD) ✅ High-Grade Intercepts at McNabs East: 22.7m @ 4.09g/t Au from 71.3m (24BADD004) 29m @ 2.52g/t Au from 81m (24BARC083) 17m @ 2.25g/t Au from 86m (25BARC116) 10m @ 4.24g/t Au from 44m (25BARC114) ✅ Shallow High-Grade Gold – Towards The Furnace: 4m @ 9.62g/t Au from 59m (24BARC102) 4m @ 7.97g/t Au from 56m (25BARC132) 1m @ 23.61g/t Au from 67m (25BARC128) The current drilling phase, running through to July 2025, aims to extend known mineralisation, define new zones, and systematically follow up on the recent aircore discoveries – particularly across the +200m-wide granodiorite intrusion, both laterally and at depth, with a clear focus on extending known mineralisation and initiating first-pass drilling into newly identified zones (Figure 3). Figure 3: Section 585,590E showing proposed diamond drill hole traces. The felsic intrusion is over 200m wide however, the exact orientation of the contacts is unclear due to the lack of drilling into the contact zones. Note the large area untested by drilling on the southern side of the intrusion at shallow depths. (source: ORD) Managing Director Michael Fowler commented, “Our focus will be to build on our growing understanding of the mineralised system with the dual objective of testing extensions of the known mineralisation and making new discoveries.” Barimaia’s District Context – A Strategic Location for a Gold Discovery. The proximity of Barimaia to producing operations like the Eridanus Deposit (~6km away, 1.2Moz Au resource; Ramelius Resources) and several operating mills places Ordell in a prime development corridor. The scale and geometry of the Barimaia system are showing early signs of being analogous to Eridanus, offering potential for future open-pit and underground development options. Ordell’s interest in Barimaia (80.3%) was acquired from Genesis Minerals (ASX: GMD), who retain an 8% shareholding in ORD, adding weight to the strategic value of this asset. In addition, Ordell expanded its project pipeline by consolidating the Goodia Project, near Norseman, and planning reconnaissance at Fisher South, adding further depth to its exploration portfolio (Figure 4). Figure 4: Ordell Minerals Project locations in Western Australia. (source: ORD) Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Ordell Minerals (ASX: ORD) has provided a transparent breakdown of how it has deployed capital raised from its IPO. Of the $2.26 million allocated to exploration at the Barimaia Gold Project, $1.215 million has already been spent, reflecting the Company’s focus on advancing its flagship asset. Expenditure at the Goodia and Fisher South projects was modest, with $46,000 spent on each, preserving funds for future targeted campaigns. Administrative costs came in at $653,000, well within the $1.39 million budgeted, and IPO-related expenses totalled $668,000, close to the original estimate of $696,829. Notably, the $527,071 earmarked for working capital remains untouched. Overall, this measured and prioritised use of funds highlights Ordell’s disciplined approach to exploration and capital management, ensuring that every dollar is directed toward value-generating milestones. Share Price Performance Since Listing Ordell Minerals Limited (ASX: ORD) listed on the ASX on 19 July 2024 at an IPO offer price of $0.20. Since then, the Company has attracted growing market attention on the back of strong exploration progress at its Barimaia Gold Project. The share price rallied sharply in March and April 2025, driven by high-grade drill results and the expanding footprint of the Barimaia granodiorite system, peaking above $0.70 (Figure 5). While some profit-taking followed in May, the stock has since stabilised, and as of 23 June 2025, ORD is trading at $0.47 — more than double its listing price. The chart reflects a classic discovery-driven re-rating: a steep upward trend supported by news flow and drilling milestones, with consolidation forming a new base for the next phase of exploration. For a junior in the Materials sector, ORD’s trajectory highlights the market’s appetite for well-executed, geology-led stories. Figure 5: ORD’s Share price as of 23 June 2025 (source: ASX) Samso Concluding Comments Ordell Minerals is not your ordinary IPO. Sometimes you want to read through the smoke and see what is inside the company. Genesis Minerals holds an 8% shareholding in the company, and the main project, the Barimaia Gold Project came from Genesis. Genesis is a 4.9B market capitalisation company that would have been a good buy when it was about 30 cents. What Ordell has shown in under two years post-listing is a textbook buildout of geological confidence. The current 5,000m drilling campaign is a meaningful step that could move the needle. Results from this round will determine just how close Ordell is to defining a significant resource, and with drilling underway on both flanks of McNabs East, we are watching closely. What does this mean for retail investors like Samso? I am sure that if this drilling program had success, the night of an AUD $4B MC company will be behind pushing for defining the gold discovery. This is a definite DYOR, and I would even be contemplating keeping this close to the trigger. The management in Genesis has built an AUD 4B MC company from scratch, so Ordell may just be the next one. The Samso Way – Seek the Research Ordell Minerals is an example of a well-structured explorer executing a clear, geology-led strategy. Investors watching the Barimaia narrative unfold have been rewarded with data-driven milestones—growing mineralisation zones, strategic drilling campaigns, and geological parallels to producing deposits like Eridanus. This is exactly the kind of story that rewards those who take the time 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.

Announcement Update April 2025 Half-year results and maiden dividen Presentation June 2024 From Prospectus to Progress: 🆕 IPO Review ASX Code: AAL Listing Date: 28 June 2024 IPO Offer Price: $0.25 Market Capitalisation: AUD $71.7M (Fully Diluted) Current Share Price (as at 27th June 2025): $0.37 Market Capitalisation: $106 million (Fully Diluted) Industry Group: Capital Goods Alfabs Australia Limited (ASX: AAL) entered the ASX in late June 2024 with the strong foundation of a family-owned business that has been operating since the 1950s. With its origins as Alfabs Engineers, the Torrance family has grown the company into a respected name in mining equipment hire and heavy engineering (Figure 1). The company remains founder-led, with the Torrance family still holding over 52% post-listing. Figure 1: Founding Chair Paul Torrance(seated) with sons (from left) Andrew, Jason and Matthew, who is the MD & CEO of AAL) In the months following its debut, Alfabs has delivered on key milestones, positioning itself as a diversified and resilient player servicing two critical Australian sectors — underground coal mining and infrastructure engineering. The Kurri Kurri facility in New South Wales serves as a critical operational hub for Alfabs Australia. Strategically located near the Hunter Valley coalfields, the facility supports both the mining and engineering divisions (Figure 2). It houses key production lines, including the manufacture of Alfabs’ signature Bat Bags, and plays a pivotal role in asset refurbishment and workshop activity. This site exemplifies Alfabs' integrated approach — combining logistics, manufacturing, and on-site service delivery within Australia’s coal heartland. Figure 2: The Kurri Kurri facility in New South Wales (source: AAL) 🔷 What Has Alfabs Done Since Listing? - Mining and Engineering Services 1. Malabar Contract Execution: A major highlight has been the delivery and commissioning of all hire assets for the Malabar project (Figure 3). This $42 million contract, executed in 2023, is now active with full hire revenue expected across FY26. Figure 3: Continuous Miner post overhaul & ready for delivery to Malabar, Kurri Kurri (NSW) facility. (source: AAL) 2. Mining – Other Operations Update Customer enquiry levels for underground hire equipment remain elevated across both NSW and QLD. AAL has reported an increase in market share for its signature Bat Bag product (Figure 4)—a regulatory-driven consumable essential to underground operations. Production at its Kurri Kurri facility has ramped up to accommodate this demand, although legislative uptake has been slower than initially expected. Figure 4: Alfabs Bat Bag (source: AAL) In parallel, the company has strategically acquired an inventory of mining assets in need of overhaul. This move not only supports future hire fleet expansion but also allows Alfabs to maintain workflow continuity across its workshops, achieving fleet growth in a capital-efficient manner. 3. Expanded Asset Refurbishment: The company continues to strategically acquire second-hand mining equipment for in-house refurbishment—a cost-effective and capital-light growth approach. The Kurri Diesel and new electrical workshops will further support this refurbishment activity. 4. Engineering Division Advancements: Site-based engineering projects are gaining traction. Projects such as the Sydney Harbour Bridge cycleway and Bankstown train station upgrade are key examples of Alfabs' growing footprint (Figure 5). The newly established on-site blasting and painting division has also attracted increased market interest. Figure 5: Sydney Harbour Bridge cycleway at fabrication stage, Kurri Kurri (NSW) facility (source: AAL) 5. Operational Expansion: Alfabs is investing in infrastructure—including a dedicated electrical workshop—to enable greater in-house control over overhaul projects, reduce downtime, and enhance internal capability. 6. Strong Cash Flow and Banking Position: With net debt of approximately $20 million and $10 million in available cash, Alfabs is positioned for disciplined capital deployment. The Malabar facility is now transitioning to term debt, with interest cost benefits from recent rate drops. 🔷 Use of IPO Funds – Summary (Actual vs Budget) According to the AAL QA document, Alfabs Australia Limited (ASX: AAL) has closely adhered to its original prospectus expectations in its use of IPO funds. Of the $12 million raised, $7.3 million was allocated to mining hire fleet expansion, slightly above the $7.0 million budgeted, driven by the execution of the Malabar project. Investment in Bat Bag consumables came in at $0.6 million versus a $0.7 million allocation, while workshop capacity upgrades (including new diesel and electrical facilities) utilised $0.7 million out of the $0.8 million planned. IPO costs were efficiently managed at $1.4 million (vs $1.5 million budgeted), and the $2.0 million reserved for working capital was used in full. This disciplined allocation underscores the company's focused approach to capital deployment and reinforces confidence in management's operational execution. 🔷 Share Price Performance Since Listing Since its ASX debut on 28 June 2024 at an IPO offer price of $0.25, Alfabs Australia Limited (ASX: AAL) has delivered a measured and constructive performance in the market. The share price saw a steady build-up through the second half of 2024, peaking above $0.50 in early March 2025, coinciding with operational updates tied to the Malabar contract delivery. Although the price has since eased from that high, the stock has stabilised around $0.37 as of late June 2025, marking a solid 20% gain over the IPO price (Figure 6). This is reflective of a market recognising tangible progress rather than speculative noise — a business delivering against its strategy with clear upside as execution continues. Figure 6: AAL’s Share price as of 23 June 2025 (source: ASX) Samso Concluding Comments I am glad that I have found a mining service company like Alfabs Australia (ASX: AAL), which, even at a market capitalisation of AUD $106M is cheap. Having worked in the mineral resources and mining industry for three decades, I will say that the business that is consistently making money is a mining service company. There are droughts in between, but if you are a decent mining service company, you are most likely to be in business even in the bad times. The commissioning of the Malabar contract, strategic internal expansions, and a consistently strong order book across both mining and engineering indicate that this is a business growing into its next chapter. With the founding family still firmly at the helm, operational credibility is matched with a long-term view. Mining and Engineering services are all about economic wealth, and this is the best place to be, and with an established company history, it is as good as printing money. For those seeking exposure to mining services with industrial engineering reach, AAL offers a grounded, asset-backed opportunity that’s already showing it can deliver. I am encouraging DYOR with this stock as my view is that the mining sector is going to see a lot of expansion. The Samso Way – Seek the Research At Samso, we’re always interested in companies that bridge strong foundations with progressive execution. Alfabs Australia is not just a newly listed entity — it is the continuation of a decades-long operation that understands its markets and operates with discipline and foresight. Stories like Alfabs remind us that investors benefit from looking beyond the prospectus to observe the operational momentum post-listing. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 MARCH 2025 ARGENTINA EXPLORATION UPDATE From Prospectus to Progress: 🆕 IPO Review ASX Code: PR2 Listing Date: 15 July 2024 IPO Offer Price: $0.20 Current Share Price (as at 27th of June 2025): $0.09 Market Capitalisation (as of 27th of June 2025): $7.10 million Industry Group: Materials Piche Resources Limited (ASX: PR2) listed on the ASX on 15 July 2024, entering the market with a portfolio focused on uranium and gold exploration. Since its IPO, Piche has advanced exploration in both Argentina and Western Australia, with primary efforts concentrated on the Cerro Chacon gold project and the Sierra Cuadrada uranium project, both located in Argentina’s Chubut Province (Figure 1). Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean Projects in the Chubut Province. (source: PR2) 🔷 What Have They Done To Find that Gold and Uranium Prize? 💠Cerro Chacon (Gold–Silver, Argentina): Piche’s fieldwork has led to the identification of a 14km-long mineralised corridor, extending from the Chacon Grid through La Javiela and Toro Hosco (Figure 2). Figure 2: extending from the Chacon Grid to the north to Toro Hosco in the south, creating a 14km zone of anomalous Au/Ag and pathfinder geochemistry. The Cerro Chacon mineralised corridor is the target for the 2025 drilling programme. (source: PR2) Key highlights include: Over 2,000 geochemical samples collected to date. Assay highlights: Toro Hosco: 11.65 g/t Au, 120.3 g/t Ag La Javiela South: 333.65 g/t Ag, 9.48% Pb, 8.52% Zn EIA approval received for Chacon South, with Chacon Middle pending. A maiden RC drill program of 8,000 metres is scheduled to commence in Q2 2025. 🔷 Sierra Cuadrada (Uranium, Argentina): The uranium potential at Sierra Cuadrada continues to strengthen with: Exceptional assays such as: 8,146 ppm U₃O₈ (Teo 3) 6,236 ppm U₃O₈ (Teo 2) 28,650 ppm (2.86%) U₃O₈ rock chip (Teo 8) Mapping of uranium-hosting stratigraphy across a 70km fluvial sequence. New zones defined in Mamuny I & II and other priority targets (Figure 3). Regulatory clearance via EIA approval for ground-disturbing activities, including RC drilling. Figure 3: Location of broad-spaced auger drill holes. The Holes with visible uranium are highlighted in yellow. Piche has recently finalised access agreements with Priority 1 & 2 targets (P1 & P2) and will target these areas in early 2025. (source: PR2) 🔷 Use of IPO Funds – Summary (Actual vs Budget) Based on the latest quarterly activities and cash flow disclosures, Piche Resources Limited (ASX: PR2) has not provided a detailed "Actual vs Budget" table for IPO funds, but the reports indicate steady and strategic expenditure aligned with the prospectus intentions. Since listing, the company has focused its capital on advancing both the Cerro Chacon and Sierra Cuadrada projects. Over the past nine months, approximately $2.64 million has been invested into exploration activities, alongside staff and administrative costs of $803,000 and $937,000, respectively. IPO-related expenses total $165,000 to date. With $5.84 million in cash reserves as at 31 March 2025, PR2 appears well-funded to support its planned drilling campaigns in the second half of 2025. The company’s use of funds reflects a disciplined approach to capital deployment consistent with exploration-stage milestones. 🔷 Share Price Performance Since Listing Since debuting on the ASX in July 2024 at an IPO price of $0.20, Piche Resources (ASX: PR2) has moved through a classic early-stage exploration cycle. After a softening post-listing—typical of pre-drill stories—the stock has shown signs of renewed momentum, now trading at $0.115 (Figure 4). With drilling on the horizon and robust sampling results behind it, the company is entering a phase where market sentiment often begins to shift in tandem with news flow. Figure 4: PR2’s Share price as of 19 June 2025 (source: ASX) Samso Concluding Comments Stories like Piche Resources often go unnoticed until a catalyst event—typically drilling—reveals the scale of what’s quietly been built. What we see now is a company that has taken the time to gather meaningful geological datasets across two compelling fronts: gold and uranium. The Cerro Chacon project in Argentina is showing all the hallmarks of a significant epithermal system. High-grade rock chips, a defined structural corridor, and robust geophysical correlations are the prelude to discovery. On the uranium side, Sierra Cuadrada continues to deliver substantial grades and a growing footprint, validating the geological theory and building confidence in its scale. The market tends to wait for the drill core, but the pre-drilling work here has been thorough. With EIA approvals in place and the rigs ready to turn, 2025 could become a transformative year. This is the kind of story that Samso likes with a low market capitalisation and a decent blue sky potential. I will continue to follow the PR2 journey, as this is the kind of story that rewards those who understand how the foundation of a discovery is really made. Those Who Dare To Wait are often Winners. The Samso Way – Seek the Research At Samso, we value companies like PR2 that invest in foundational work — mapping, geochemistry, and geophysics — before drilling. It’s this disciplined, data-led approach that often precedes meaningful discoveries. For investors, it’s a reminder that the real story starts well before the first assay hits 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 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 SYL Strategic Acquisition Expands Waste Capabilities 1HFY25 RESULTS - ON TRACK TO DELIVER IPO PROFORMA RESULTS Symal awarded $347 million project opens new window From Prospectus to Progress: 🆕 IPO Review Symal’s Latest Update—A Landmark Win and Strategic Progress In its first reporting season since listing on the ASX in late 2024, Symal Group Limited (ASX: SYL) has made clear strides in delivering its prospectus promises. Most notably, the company has been awarded a $347 million conditional contract for civil works on the Gawara Baya Wind Farm, located in North Queensland on Gugu Badhun Country. This project aligns directly with Australia’s energy transition agenda, aiming to displace 1.3 million tonnes of CO₂ emissions per year. Symal specialises in civil infrastructure and offers a comprehensive range of services, including contracting, plant and equipment hire, material sales, recycling, and remediation. Symal is your one-stop shop, an Engineering Infrastructure warehouse. Figure 1: Gawara Baya Wind Farm, located in North Queensland (source: SYL) The awarded Civil Balance of Plant (CBoP) scope includes a comprehensive suite of works—from quarry and concrete supply to internal road and bridge construction—contributing to Symal’s growing reputation in renewables-focused infrastructure. ASX Code: SYL Listing Date: 21 November 2024 IPO Offer Price: $1.85 IPO Market Capitalisation: AUD $436.9M Current Share Price (as at 27th of June 2025): AUD $1.76 Market Capitalisation (as at 27th June 2025): ~ AUD $419.19M Industry Group: Capital Goods 🔷 What Has Symal Done Since Listing - Engineering Infrastructure Business? ✅ Financial Highlights 1H FY25 Revenue, EBITDA, and NPAT are factually correct and match the normalised figures from the results: $416.7 million revenue (+12%) $48.7 million EBITDA (+30%) $19.6 million NPAT (+72%) Work in Hand (WIH): $1.37 billion, and 91% of FY25 revenue secured are both explicitly reported in the investor releases. ✅ Ascot Bin Hire Acquisition Symal’s first strategic acquisition post-IPO. Acquired Ascot Bin Hire, a Melbourne-based construction and demolition waste operator (Figure 2). ⚬ Deal value: $12 million (comprised of $8 million upfront and $4 million deferred). ⚬ Integrated into Sycle, Symal’s recycling and circular economy division. ⚬ Added 600+ skip bins, enhancing waste collection and operational scale. Expected to contribute an EBITDA uplift of ~$2.5 million in the first year. Strengthens Symal’s footprint in Victoria’s waste and resource recovery sector. Figure 2: Bringing Ascot Bin Hire into the Symal Group (source: SYL) ✅ Operational Momentum 50+ project wins in energy and renewables 12 data centre projects for FY25 YTD 30+ community infrastructure projects, including Whittlesea and Craigieburn Hospitals, Port Melbourne Social Housing, and The Home of the Matildas ✅ Business Model Commentary The breakdown of four core brands (Symal, Sycle, Unyte, and Wamarra) and revenue mix (80% contracting / 20% plant hire) reflects their operating model and segment reporting The business also benefits from low net leverage and maintains a net cash position of $32.6 million, offering room for further strategic investments and dividend potential. 🔷 Use of IPO Funds – Summary (Actual vs Budget) Following its successful IPO in November 2024, Symal Group raised $136 million and has deployed the funds in line with its prospectus commitments. A key component of this deployment includes the strategic acquisition of Ascot Bin Hire for $12 million, supporting the expansion of its recycling arm, Sycle. Additionally, Symal invested $19.2 million in plant and equipment to enhance delivery capabilities across its infrastructure and energy projects. Despite pre-IPO dividend payments of $39.2 million, the company ended 1H FY25 with a strong net cash position of $32.6 million. These outcomes reflect a disciplined approach to capital allocation, with actual spending closely aligned to the intended use of funds outlined at listing. 🔷 Share Price Performance Since Listing Symal Group (ASX: SYL) made its ASX debut in November 2024 with a strong foundation and a clear growth mandate. Since then, the company has maintained a steady presence in the market, with the share price holding at $1.75 as of June 2025, unchanged on the day amid robust trading volumes exceeding 2.1 million shares (Figure 3). With a bid-offer range between $1.61 and $1.75, the market appears to be finding equilibrium as investors digest Symal’s execution of major projects and strategic acquisitions. The post-IPO period has been marked by operational delivery and capital discipline—exactly the kind of early progress that long-term investors seek when the noise fades and fundamentals take centre stage. Figure 3: SYL’s Share price as of 18 June 2025 (source: ASX) Symal Group Managing Director, Joe Bartolo, commented: "The acquisition of Ascot Bin Hire is a major milestone in building a stronger, more integrated waste management and resource recovery business. By joining forces, we’re enhancing our capabilities and furthering our mission to drive sustainability and innovation in the waste sector. We look forward to working together to build better – not just for our clients, but for the communities we serve." Samso Concluding Comments As a small-cap investor coming from a predominantly mineral resource portfolio, I am beginning to like the other sectors. Symal Group is particularly interesting. As we build the nation with increasing government spending, companies like Symal are primed to take advantage of the fiscal policy of spending to generate income. There is no simple of say this, working for the government is the best way to generate stable, ongoing income. Anyone who has had an experience working for a government agency will know what I am saying. Throw in a giant like Symal, and you have a predator in the midst of a den of opportunities. To say that this narrative is one for DYOR would be an understatement. It also goes without saying that caution and a greater understanding of the business and the future potential revenue streams are important for all concerned here reading this blog review. Like I have always said, DYOR and happy investing. The Samso Way – Seek the Research At Samso, we believe companies like Symal Group Limited (ASX: SYL) demonstrate why research matters. SYL’s post-IPO performance, strategic contract wins like the Gawara Baya Wind Farm, and its disciplined acquisition of Ascot Bin Hire are not just headlines—they reflect a business executing on a clearly defined strategy. “Seek the Research” is about uncovering these signals early, understanding the business beyond the share price, and making informed decisions grounded in substance, not sentiment. 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.