Announcement Exceptional Gallium Mineralisation Continues into Area B at Caladão Project Significant REE Results Expand Caldas Project's Footprint March 2025 Quarterly Report From Prospectus to Progress: 🆕 IPO Review Since debuting on the ASX in May 2024, Axel REE Limited (ASX: AXL) has maintained its strategic exploration push across two key Brazilian projects—the Caldas Rare Earths Project and the Caladão Gallium-REE Project (Figure 1). The company has taken significant steps forward in its goal to define high-value clay-hosted rare earth and gallium mineralisation, both critical to the future of electrification and green technologies. Figure 1: Location Map of the Caldas project tenements inside and outside the Caldera (source: AXL) 🔷 ASX Snapshot – Axel REE Limited (ASX: AXL) ASX Code: AXL Listing Date: 23 July 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.078 Market Capitalisation: $12.21 million Industry Group: Materials 🔷 What Has Axel Done Since Listing - Rare Earths or Gallium story? In May 2025, Axel reported significant high-grade REE results from its Caldas Project in the Poços de Caldas Alkaline Complex, with highlights including: CAL-AUG-022: 8.8m @ 5,309ppm TREO (26% MREO) from surface CAL-AUG-024: 10.8m @ 3,683ppm TREO (32% MREO) CAL-AUG-025: 11.4m @ 3,608ppm TREO (21% MREO) All drill holes returned intercepts above 1,000ppm TREO, confirming thick, clay-hosted mineralisation across the Caldera. Notably, mineralisation remains open at depth, suggesting room for resource growth through deeper drilling (Figure 2). Figure 2: Cross-section of auger drill prospects inside the Caldera, showing REE mineralisation remains open at depth. The Axel Board commented: “The consistent flow of high-grade TREO results continue from our shallow augerdrilling program inside the Poços de Caldas Alkaline Complex. The grades reported are consistent with major discoveries made by neighbours including Meteoric Resources NL (MEI) and Viridis Mining and Minerals Limited (VMM). Importantly, the high grade TREO mineralisation is increasing at the end of auger holes, demonstrating the mineralisation is open at depth and amenable to deeperdrilling.” Following this, in June 2025, the Company expanded its footprint at the Caladão Project in Brazil’s Lithium Valley, reporting: Gallium grades up to 128g/t Ga₂O₃ from surface in Area B (Figure 3) Significant lateral continuity across Areas A and B, with intercepts like: ⚬ 16m @ 75g/t Ga₂O₃ (CLD-AUG-351) ⚬ 8m @ 88g/t Ga₂O₃ (CLD-AUG-393) Figure 3: Geological map of Caladão Area B, highlighting the distribution of Gallium intersections, using a 50 g/t Ga2O3 cutoff. (source: AXL) Continued strong REE intercepts (Figure 4): ⚬ 11m @ 2,718ppm TREO (CLD-AUD-310) ⚬ 9m @ 1,618ppm TREO (CLD-AUG-332) Non-Executive Chairman, Paul Dickson, commented: “The latest Gallium assay results from Caladão continue to demonstrate both high grades and remarkable lateral and vertical continuity across both Area A and now Area B. This consistently mineralised profile supports our strategy to rapidly define a significant maiden gallium and REE resource in area B in addition to the Mineral Resource Estimation for gallium and REE in area A, which is in the MRE calculation phase with SRK. These results highlight both the continuity and scalability of gallium mineralisation, supporting our strategy for rapid resource development for REE and gallium in the Caladão Project.” Figure 4: Distribution of TREO intercepts at Area B over Geological map. (source: AXL) Both projects are progressing toward maiden Mineral Resource Estimates (MRE), with SRK Consulting engaged. The initial MRE for Caladão Area A is due mid-2025 (Figure 5). Figure 5: Caladão Project with Area A and B over Geology. (source: AXL) 🔷 Use of IPO Funds – Summary (Actual vs Budget) As at 31 March 2025, Axel REE Limited reported a total expenditure of $3.97 million, compared to the $13.82 million projected in its Prospectus for the 24 months following listing. The most significant variance relates to exploration, where only $1.43 million has been spent out of the forecasted $9.85 million, largely due to the early stage of the Company’s post-listing timeline. Having listed on the ASX on 19 July 2024, Axel is still within the first 8 months of its 24-month planned expenditure period. The Company confirmed it remains on track to meet its overall budgeted use of funds, with a substantial portion of exploration activity—including drilling and the delivery of a maiden Mineral Resource Estimate at the Caladão REE-Gallium Project—scheduled for the months ahead. This measured rollout reflects a strategic pacing of capital deployment while prioritising technical milestones. 🔷 Share Price Performance Since Listing Since its ASX debut on 23 July 2024 at an IPO offer price of $0.25, Axel REE Limited (ASX: AXL) has experienced a measured evolution in its share price. Following an initial period of subdued trading, the share price began to build momentum in April 2025 on the back of consistent drilling success across its Brazilian rare earths and gallium assets. A pronounced rally in May saw the stock surge past $0.09, driven by strong exploration updates and growing recognition of the Company’s clay-hosted REE potential. While still trading below IPO levels, Axel’s share price trend suggests the market is starting to respond to the underlying technical progress—a pattern not uncommon in the early chapters of emerging exploration stories. Figure 6: AXL’s Share price as of 23 June 2025 (source: ASX) Samso Concluding Comments Axel REE Limited has results emerging from both the Caladão and Caldas projects, and it looks like the Company is positioning to play a serious role in telling the story in the rare earth and gallium supply chain—two commodities poised to benefit from the ongoing energy transition. As the maiden MREs near completion and deeper drilling programs commence, investors may find themselves at a turning point. While the current market capitalisation sits below its listing valuation, the fundamentals being built are arguably stronger than they were at IPO. Axel is a company that sits in that limbo market space where it has what would have been a decent REE project, but that market has fallen out of favour with ASX investors. The Gallium story is one that is yet to be played out, but I think the market has some serious flaws for participants in the Gallium space. I am no expert in that space, but I think this is a very small market, and with China being the man behind the screen playing the puppets, I think this will not end well for ASX small-cap players. As always, seek the research — because that’s where the real story unfolds. The Samso Way – Seek the Research (Summary) Axel REE’s story is a reminder that real value lies beneath the surface. While the market response may lag, the company’s consistent technical results across Caldas and Caladão highlight a strong foundation in critical minerals. With high-value MREO grades and Tier-1 geology, Axel is positioning itself as a serious long-term player in the REE and gallium space. 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 Rutile-Dominant Mineralogy Confirmed at Minta Rutile Project Heavy Mineral Zone Significantly Increases at Minta Peak Minerals Limited (ASX: PUA) has released a major exploration update from its Minta Rutile Project in Cameroon, confirming a dramatic expansion of the heavy mineralised zone across the project (Figure 1). With results from over 150 new holes now in hand, the Company is edging closer to delineating a globally significant rutile-titanium province. This follows on from previous Samso coverage and reinforces the growing scale, consistency, and quality of the mineral system developing across Minta, Minta Est, and Afanloum. Figure 1: Location map of the Minta Rutile Project, Cameroon. (source: PUA) 🔷 Key Highlights – July 2025 Update 1. Mineralised zone now approaching 1,500km², with rutile-bearing heavy mineral (HM) mineralisation confirmed in 100% of all holes drilled to date. 2. Three standout intercepts at: 💠Afanloum: 3.85m @ 18.4% HM 3.7m @ 18.2% HM 4.75m @ 14.2% HM 💠Minta area results include: 5m @ 10.7% HM 5.65m @ 5.2% HM 💠Minta Est adds: 5m @ 7.8% HM 4m @ 6.8% HM 3. A total of 452 drill holes completed, with 174 assays still pending, suggesting the scale could continue to grow. 4. Drilling has been carried out on broad spacings using cost-effective hand auger rigs, targeting surface and near-surface rutile in both alluvial and residual zones. Figure 2: Mineralised zone at Minta Rutile project nears 1,500km2 (source: PUA) Peak Minerals Chief Executive Officer, Casper Adson, commented: “To now approach a mineralised zone of 1,500 square kilometres, with a 100% logged rutile success rate on all holes drilled to date, highlights the sheer potential of this globally significant, rutile-dominant province.” 🔷 Growing Footprint Across Multiple Zones The combined mineralisation footprint spans three distinct zones: 1. Minta Central – Strong residual rutile intercepts across broad areas, ideal for shallow, low-strip mining. 2. Minta Est – Higher-grade alluvial results from surface, with accompanying zircon and monazite indicators. 3. Afanloum – Emerging high-grade zone, with exceptional results such as: 💠 3.85m @ 18.4% HM (MRAU0221) 💠 4.75m @ 14.2% HM (MRAU0203) 💠 5m @ 13% HM (MRAU0224) This consistent mineralisation across 30–55km corridors underscores a potentially tier-one mineral sands system. 🔷 Technical and Operational Progress - Discovering a Titanium-rich Rutile mineral assemblage. All samples to date were drilled vertically to refusal, with mineralisation starting from surface, reducing complexity in potential development scenarios. The use of hand auger and Dormer rigs across variable terrains is proving effective, especially in the residual soil profiles of central Cameroon. Ongoing HM analysis is supported by a strong QA/QC protocol and reputable lab partnerships in South Africa. Oversize rutile contribution and further assemblage analysis are expected in upcoming updates. 🔷 Next Steps Peak is now pivoting toward: 1. Completing the reconnaissance drill program over the remaining target areas. 2. Prioritising higher-grade zones for infill drilling and targeted exploration. 3. Integrating assay, mineralogy, and assemblage data to build out a robust geological model. 4. Targeting delivery of a maiden Mineral Resource Estimate (MRE) in 2026. All planned exploration and technical work for 2025 remains fully funded, allowing continuous momentum through to MRE-stage development. Samso Concluding Comments In my opinion, and as a shareholder, the continued expansion of the heavy mineralised zone at Minta is starting to shift the narrative from exploration success to strategic significance. With 100% of holes intersecting rutile-bearing mineralisation and high-grade intercepts like 18.4% HM over 3.85 metres, the data is painting a very clear picture: this is not an isolated occurrence, but a system with the scale, grade, and consistency to support long-term development. What’s particularly impressive is how early Peak is in this journey. This is still first-pass reconnaissance drilling—broad-spaced and low-cost. Yet the footprint is already closing in on 1,500km². In exploration terms, that’s vast. The fact that it’s all coming from surface and in weathered material makes the prospect even more compelling from a future mining perspective. We’ve seen projects like this before—large-scale, mineralogically simple, and often overlooked until the resource is declared. The difference here is that Peak is being pretty transparent and methodical, bringing forward real data that is hard to ignore. For investors following the titanium story, or looking for under-the-radar exposure to critical minerals, Minta is shaping up to be one of the most quietly significant plays on the ASX. As always, time and data will determine value. But with momentum building, assays pending, and a maiden resource on the horizon, Peak Minerals is doing everything right to turn potential into proof. The Samso Way – Seek the Research This latest batch of results marks a substantial escalation in the Minta story. In mineral sands exploration, it's rare to see this level of spatial consistency, with 100% of drill holes to date intersecting HM and logged rutile. The fact that multiple zones are showing standout grades from shallow depths adds further weight to Minta’s emerging profile as a serious contender in the global rutile space. Investors focused on critical mineral exposure—particularly titanium feedstock—should be watching this narrative closely. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Terra Uranium to Acquire Largest Tungsten Project in NSW Terra Uranium Limited (ASX: T92) is stepping beyond its uranium roots and into the high-stakes world of critical minerals. The latest move—acquiring the Glen Eden Tungsen and Molybdenum Project in New South Wales—signals more than just portfolio diversification. It’s a calculated entry into a sector underpinned by global strategic demand, rising prices, and tightening supply chains. With tungsten now flagged by NATO and major economies as a critical input for defence, aerospace, and electronics, this acquisition comes at a time when jurisdictional security and technical scale are driving investment narratives. For Terra Uranium, Glen Eden could well be the catalyst that elevates the story from explorer to emerging critical minerals player. Figure 1: Location of T92 tin, tungsten, molybdenum and precious metal projects in NE NSW (source: T92) 🔷 Key Highlights 1. Acquisition of Dundee Resources Pty Ltd: Terra Uranium Limited (ASX: T92) has entered into a Binding Term Sheet to acquire 100% of Dundee Resources Pty Ltd, owner of EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects in New South Wales (Figure 1). 2. Glen Eden is NSW’s largest undeveloped tungsten-molybdenum project, boasting historic intercepts such as: 282m @ 0.11% MoS₂, 0.08% WO₃, and 0.02% SnO₂ (0.28% WO₃ equivalent) from 7m (GENSW80-1) 392m @ 0.06% MoS₂, 0.025% WO₃, and 0.01% SnO₂ (0.14% WO₃ equivalent) from 3m (GENSW81-5) 3. Exploration Target: 20–30Mt @ 0.18–0.29% WO₃ equivalent to 150m depth, with potential for deeper high-grade “Henderson-style” Mo-W ore shells. 4. Market Conditions: Tungsten prices at 12-year highs (USD$450/MTU) amid global supply constraints and export controls, particularly from China. 5. Funding Support: $865K raised via placement to sophisticated investors at $0.03/share, including 1-for-1 options at $0.09 (expiry 31 Dec 2026). 6. Strategic Location: ~50km from the Taronga Tin (First Tin) and Hillgrove Antimony (Larvotto Resources) projects, with access via sealed road. 7. Metallurgical Recovery (Amoco 1981): Recovery of 86% Mo, 66% W, and 58% Sn into potentially saleable concentrates. Terra Uranium Chairman, Andrew Vigar, commented: “T92 is delighted to have taken the opportunity to acquire the largest undeveloped Tin Tungsten Molybdenum deposit in NSW. This is an exciting addition to the nearby Ottery Tin Deposit and we will be looking to develop these together. We thank new and existing shareholders for their continued support and look forward to keeping all shareholders informed of the development of our NSW Tin Tungsten Moly strategy to add to our Canadian Uranium portfolio” 🔷 Project Overview – Glen Eden, NSW Glen Eden presents a large, hydrothermally altered rhyolitic volcanic system, characterised by a 500m-diameter greisen and breccia complex. Mineralisation occurs in multiple phases, hosted in stockworks and breccias, with strong geochemical signatures across W, Mo, Sn, and Bi (Figures 2 and 3). Significant intercepts from historical drilling include : 💠GENSW80-1 Interval: 282m WO₃ Equivalent: 2,826 ppm MoS₂: 1,126 ppm SnO₂: 236 ppm WO₃: 774 ppm 💠GENSW80-2 Interval: 235m WO₃ Equivalent: 2,527 ppm MoS₂: 1,029 ppm SnO₂: 327 ppm WO₃: 580 ppm 💠GENSW81-5 Interval: 392m WO₃ Equivalent: 1,369 ppm MoS₂: 619 ppm SnO₂: 123 ppm WO₃: 245 ppm A conceptual Exploration Target of 20–30Mt @ 0.18–0.29% WO₃ equivalent is based on historic data and endorsed by a JORC Competent Person. Depth remains open below 385m, and modelling by Amoco (1981) suggests potential for deeper Henderson-style deposits. Figure 2: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) Figure 3: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) 🔷 Acquisition and Funding Details Under the agreed terms, Terra Uranium will acquire Dundee Resources via: 10M new T92 shares, each with 1:1 free attaching option (exercise $0.09, expiry 31 Dec 2026) 3M performance rights, converting upon achieving >2M MTU of WO₃ in JORC M&I resource $20,000 cash for expense reimbursement 1.25% NSR Royalty to vendors, with a buy-back right In parallel, T92 secured $865,000 in new funding through a placement to sophisticated investors, including participation from Non-Executive Director Niv Dagan ($100,000, subject to shareholder approval). The funds will support acquisition costs, exploration programs, and general working capital. 🔷 What’s Next for T92? - A Tungsten Resource. A focused exploration program at Glen Eden is set to commence following site access, expected within 4–6 months: Re-assay of historic core for complete elemental suite Integration of legacy geophysics (Auzex 2008) with modern geochem Soil and rock sampling using ICP-MS to vector toward high-grade zones Targeted drilling to define extensions and test deeper mineralised zones Meanwhile, the Company continues to hold its Canadian uranium assets in the Athabasca Basin—retaining exposure to uranium upside through Joint Ventures and existing projects. Samso Concluding Comments This announcement from Terra Uranium (ASX: T92) is a step into a sector with strategic importance and tight global supply. The acquisition of Glen Eden puts T92 squarely in the tungsten conversation, a market now shaped by geopolitics, not just economics. From a Samso perspective, this project ticks several key boxes. It’s underpinned by historical drilling and metallurgical work, already pointing to bulk-minable widths and compelling grades. More importantly, the mineral system is still open, large, and structurally complex—exactly the type of project that can surprise on the upside with targeted modern drilling. Investors watching T92 for its uranium exposure may now find themselves with a dual-pronged story. On one side, high-grade uranium targets in Canada; on the other, a polymetallic tungsten-moly system in NSW with near-term exploration catalysts. The raise at $0.03 provides runway to move quickly, and the critical minerals thematic adds tailwinds. It’s still early days, but Glen Eden could be one of those projects that finds renewed relevance—technically and geopolitically—in 2025 and beyond. As I have mentioned, I like Tungsten and Molybdenum, and I think this is a great acquisition for T92. Uranium is a great commodity, and I am a uranium bull too, but to be honest, the projects for T92 in Canada are not going to be cheap. Working in Canada is not a cheap replacement for projects in Australia. I am not sure why there is s rush for Canada unless you have commodities like Champion Iron and Cyclone Metals. I think this is a great project, as today, Molybdenum and Tungsten are highly prized metals, and I am looking forward to writing on what is to come for T92. The Samso Way – Seek the Research This is a project grounded in deep technical pedigree and historical data. Terra Uranium’s acquisition of the Glen Eden Tungsten and Molybdenum Project is not just opportunistic—it’s strategic. The system has scale, grade, and geological continuity with 3,388m of historic drilling supporting a robust breccia and greisen-hosted model. The inclusion of molybdenum, tin, and tungsten—with bismuth credits—adds to the project’s polymetallic upside. With tungsten now recognised as a critical mineral by NATO, the EU, the US, and Australia, and with Chinese export restrictions tightening the market, Glen Eden stands as a highly prospective project in a geopolitically significant commodity class. The Glen Eden story aligns with the current global urgency to secure strategic resources outside of dominant supply chains. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement SOIL ASSAYS CONFIRM URANIUM TARGET FOR DRILLING AT PERENJORI Heavy Rare Earths Limited (ASX: HRE) continues to build momentum in Western Australia's Mid West, with the confirmation of a significant uranium target at its 100%-owned Perenjori Project. Following earlier geophysical and geochemical work, the latest soil assay results underscore the potential for a calcrete-hosted uranium deposit along the 8-kilometre Gingaba Well radiometric anomaly (Figure 1). Figure 1: Uranium in soil assays, Perenjori project. Location of Gingaba Well also shown. Background image: airborne radiometric uranium channel, Geoscience Australia Perenjori survey. (source: HRE) Samso has covered Heavy Rare Earths previously, particularly its Cowalinya rare earths project, but this latest update signals a deepening focus on uranium exploration, now targeting a geological setting with known regional analogues such as Yeelirrie and Lake Maitland. 🔷Key Highlights from the Soil Sampling Program 231 ultrafine soil samples collected, with field duplicates, targeting palaeochannel structures. Uranium assays peaked at 116 ppm, confirming the airborne radiometric anomaly detected earlier. The Gingaba Well anomaly, measuring approximately 8 km in length, exhibits strong spatial correlation with elevated soil uranium values, ranging between 11 to 138 ppm U. Airborne U-channel response at Gingaba Well is higher than that observed at Toro Energy's Centipede/Millipede and Lake Maitland deposits. A drill program is being planned, pending heritage and government approvals. (*TREE = Total Rare Earth Elements) 🔷The Bigger Picture at Gingaba Well Gingaba Well represents a calcrete-hosted uranium target within a palaeochannel system (Figure 2)—a setting that bears similarities to deposits such as Langer Heinrich in Namibia and Cameco’s Yeelirrie in WA. Figure 2: Uranium in soil assays from 2024 and 2025 surveys, Gingaba Well target. (source: HRE) The favourable comparison of the airborne radiometric signal with known projects is notable: Gingaba Well's 26 ppm U response is about half that of Yeelirrie but notably stronger than Lake Maitland (15 ppm) and Centipede/Millipede (16 ppm) (Figure 3). Figure 3: Airborne radiometric (U channel) responses over Gingaba Well target and significant calcrete-hosted uranium resources in Western Australia: Yeelirrie, Lake Maitland and Centipede/Millipede. Background images: GSWA Sandstone (Yeelirrie deposit) and Perenjori (Gingaba Well) surveys; Geoscience Australia Wiluna (Centipede/Millipede deposit) and Sir Samuel (Lake Maitland deposit) surveys. (source: HRE) Moreover, while total rare earth assays ranged from 29 to 343 ppm across the survey area, no coherent REE anomalies emerged in this campaign. For now, uranium remains the focus, though the broader palaeochannel system may still yield rare earth insights in future programs. 🔷What’s Next? Pending the necessary heritage and regulatory approvals, HRE is preparing to drill shallow fences of holes into the Gingaba Well uranium anomaly. These would be the first exploration drillholes on the Perenjori tenements. The Company remains cautious yet optimistic that the surface anomaly could reflect a larger mineralised system below the palaeochannel. It’s a classic early-stage uranium exploration story—strong radiometric signature, matching soil assays, and structural support from passive seismic data. Samso Concluding Comments This is an interesting juncture for Heavy Rare Earths Limited. The confirmation of the Gingaba Well anomaly by soil assays adds substance to what was initially a promising radiometric signal. From an exploration standpoint, this ticks the early boxes—geophysical detection, geochemical validation, and a defined geological model. It’s worth remembering that HRE is building this uranium narrative alongside its rare earths ambitions at Cowalinya. In that sense, the Perenjori Project broadens the company’s exposure across both energy-critical elements. I think the next chapter—drilling—is the most important. It will give us a clearer picture of what lies beneath the palaeochannel. As always, results will do the talking, but this is the kind of technical progression we look for in a well-structured junior exploration company. The demise of the REE market for small-cap mineral explorers has forced the hand of the company to seek other commodities. Uranium, in my opinion, is as good as it gets, but to be clear, this is still early-stage exploration. No drill holes have gone in yet, and until we see subsurface confirmation, the scale and grade remain speculative. For more updates and future coverage, stay tuned to Samso News, where real stories and real numbers shape resource sector understanding. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement Bhagwan Marine Secures Six-Year Contract Extension with Port of Melbourne Euroz Hartleys Rottnest Institutional Conference Presentation 1H25 Results Presentation From Prospectus to Progress: 🆕 IPO Review ASX Code: BWN Listing Date: 30 July 2024 IPO Offer Price: $0.63 Current Share Price (as at June 2025): $0.500 Market Capitalisation: $138.97 million Industry Group: Transportation Bhagwan’s Story Since Listing: Delivering the Strategy, Scaling the Growth in the Marine Services. Bhagwan Marine Limited (ASX: BWN) has emerged as Australia’s largest ASX-listed marine services provider, following its IPO in July 2024. Since debuting on the market, the Company has delivered on its strategy of operational excellence, sustainable growth, and diversification across multiple marine sectors (Figure 1). With a 23% increase in share price from the IPO price of $0.50 to $0.63 in June 2025, BWN’s strong market showing is underpinned by solid financial and operational performance. Figure 1: Bhagwan Marine Overview (source: BWN) The Company’s 1H FY25 results were a clear testament to this momentum. Bhagwan posted a record $154.1 million in revenue, up 41% on 1H24, and Pro Forma EBITDA of $27.3 million, a 32% lift year-on-year (Figure 2). These results were driven by expanded offshore and subsea operations, successful delivery of a landmark decommissioning project, and increased utilisation of their 100-strong fleet. Figure 2: RECORD REVENUE & EARNINGS-REVENUE UP 41% AND PRO FORMA EBITDA UP 32% ON 1H24 (source: BWN) What Has Bhagwan Done Since Listing? Here are some of the standout developments since listing: Six-Year Contract Extension with Port of Melbourne In April 2025, Bhagwan secured a major contract renewal with the Port of Melbourne, worth approximately $6 million per annum, extending through to 2030. This long-term relationship, dating back to 2019, reinforces Bhagwan’s market credibility and supports its expansion into emerging sectors, such as offshore wind and oil and gas decommissioning. Managing Director and Founder, Loui Kannikoski, commented: “We’re proud to continue supporting the Port of Melbourne in managing its critical marine infrastructure. This extension reflects the capability of our team and operational excellence and the trusted relationship we’ve built over many years.” Delivered Australia’s Largest Local Decommissioning Project In 1H25, Bhagwan completed a major offshore oil and gas decommissioning project, the largest of its kind by an Australian-owned company (Figure 3). The project involved nine platforms, over 850,000 LTI-free offshore hours, and a full-service fleet comprising barges, AHTS vessels, and dive teams. It contributed $26.4 million in revenue and $3.9 million in EBITDA to 1H25 results. Commercial Completion of Large Decommissioning Project in 2025 First offshore decommissioning project for Bhagwan as a Tier 1 provider Largest Australian decommissioning project completed by a local marine service provider Practical completion in Q125 with commercial close out in Q225 Figure 3: Largest Australian decommissioning project for Bhagwan (source: BWN) Strong Performance within Core Business (Figure 4) Figure 4: Full & Half Year Pro Forma EBITDA Breakdown Summary. Notes: 1. FY22 EBITDA excludes other income of $3.7m from the gain on the sale of vessels.* % of core revenue. Small variances may occur due to rounding (source: BWN) Acquisition of the Coral Knight Bhagwan purchased the 60.5m vessel Coral Knight in February 2025 for $13.75 million (Figure 5), enhancing its offshore service capability in WA and NT. The vessel is expected to generate a strong ROCE through multi-year contracts. Figure 5: THE CORAL KNIGHT (source: BWN) Innovation and Remote Operations The company also trialled its first remotely operated inspection vessel, aimed at halving crewing costs and enhancing safety. The vessel entered paid trials with a global energy player and began conversion to hybrid power (Figure 6). First vessel of this size capable of remote operation in Australia Vessel significantly enhances safety and reduces operational costs Commenced paid trial in 2Q25 with a large global energy company Started conversion of the first vessel – hybrid power Figure 6: First vessel of this size capable of remote operation with ROV system in Australia (source: BWN) Use of IPO Funds – Summary (Actual vs Budget) As outlined in the 1H25 results, Bhagwan Marine has deployed the proceeds from its July 2024 IPO in line with its Prospectus commitments. The capital raised—netting $76.8 million—was primarily allocated to repay external debt, strengthening the balance sheet and significantly reducing net debt from $81.4 million to $11.5 million. This deleveraging has positioned the company to pursue both organic and acquisitive growth. In addition, targeted capital expenditure was directed towards strategic fleet upgrades, including the $6.7 million dry docking and capability enhancement of its largest vessel, as well as investment in remote operations and hybrid vessel innovation. Overall, the disciplined capital allocation reflects strong alignment between forecasted and actual use of funds. Share Price Performance Since Listing Bhagwan Marine Limited (ASX: BWN) listed on the ASX on 30 July 2024 with an IPO offer price of $0.63. Since then, the share price has travelled a full cycle—from early post-listing gains above $0.60 to a measured retreat during the March quarter. As of June 2025, the stock is trading below its listing price at $0.500, with a market capitalisation of $138.97 million (Figure 7). While the share price may suggest a flat return on paper, what lies beneath is a business that has materially strengthened its core. Bhagwan has delivered record earnings, secured long-term contracts, and expanded into growth markets such as offshore wind, decommissioning, and defence support. With over 211,000 shares traded today and a tight bid/offer range, BWN remains firmly on investor radars—steadily building momentum for what may be a pivotal FY26. Figure 7: BWN’s Share price as of 18 June 2025 (source: ASX) Samso Concluding Comments Bhagwan Marine has laid a solid foundation since listing, demonstrating what operational strength and strategic foresight can achieve within a short window on the ASX. The business is delivering results, investing in innovation, and securing long-term contracts that support both earnings stability and future expansion. From remote vessel technology to major decommissioning projects and offshore wind support, the Company is positioned at the heart of Australia’s evolving marine infrastructure needs. For investors, Bhagwan represents a business that is not only growing its top line but also aligning itself with multi-decade trends in energy transition, defence, and marine logistics. The uptick in share price since its post-listing low is not just a recovery—it’s probably a reflection of value being recognised. As always, Samso encourages readers to follow these stories early, ask the deeper questions, and seek the research. The Samso Way – Seek the Research At Samso, we believe that every good investment story starts with doing the groundwork. Bhagwan Marine (ASX: BWN) is a strong example of why investors should look beyond the headlines and into the operational delivery, sector tailwinds, and management strategy. As always, we encourage readers to seek the research because the real value is often found in the details others overlook. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insight There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcements: Maiden 20Mt Bauxite 2012 JORC MRE over Cardea 2 Investor Presentation Massive 168Mt Bauxite 2012 JORC MRE – Clarification From Clarification to Confirmation: Building a Bauxite-Driven Foundation Western Yilgarn Limited (ASX: WYX) has recently reinforced its standing in the Western Australian bauxite landscape with a significant update to its Mineral Resource base. Following a clarification to the ASX on 5 March 2025, the Company has confirmed a massive 168.3Mt Inferred Mineral Resource Estimate (MRE) under the 2012 JORC Code for its Julimar West Bauxite Project. Just days later, on 17 June 2025, Western Yilgarn announced an additional 20Mt bauxite resource from the Cardea 2 Project, pushing its total JORC-compliant bauxite inventory to 188Mt. This sequence of updates positions Western Yilgarn as an emerging participant in the high-grade bauxite market, capitalising on its landholding within the Darling Range—a region globally recognised for its high-quality gibbsite-rich deposits (Figure 1). Figure 1: Location Map showing the Julimar West Project area with nearby major infrastructure (source: WYX) Key Highlights from the Julimar West Bauxite Project (E70/5111) (Figure 2) Inferred MRE (JORC 2012): o 168.3Mt @ 36.1% Al₂O₃ and 14.7% total SiO₂ using a ≥25% Al₂O₃ cut-off o 97.1Mt @ 40.5% Al₂O₃ and 11.3% total SiO₂ using a ≥35% Al₂O₃ cut-off Geometry & Location (Figure 1): o Covers a contiguous 348km² area along a 49km strike o Mineralisation from surface to 8m depth across seven defined zones Metallurgical Advantage: o Predominantly gibbsitic bauxite—ideal for low-temperature Bayer process o Low reactive silica (<5%), favourable for Direct Shipping Ore (DSO) export Figure 2: Julimar West MRE (source: WYX) With a robust dataset comprising 5,765 drillholes over 32,405m and previous metallurgical test work confirming DSO potential, the Company is moving toward drill approvals across four defined growth zones within the tenement. The Cardea 2 Project: Strategic Add-On Resource (E70/6702) (Figure 3) Maiden Inferred MRE (JORC 2012): o 20Mt @ 32.1% Total Al₂O₃ and 26.3% Total SiO₂ using a ≥25% Al₂O₃ cut-off o 2.15Mt @ 35.7% Available Al₂O₃ and 2.8% Reactive SiO₂ using a ≥25% Available Al₂O₃ cut-off Project Footprint: o 2.8km strike, averaging 1.3km width o Mineralisation extends from surface to 5.5m vertical depth Strategic Advantage: o Located just 16.5km southeast of Julimar West o Proximal to Perth and key port/logistics corridors Figure 3: Location Map showing the Cardea 2 Projects area with nearby major infrastructure (source: WYX) The Company plans to advance metallurgical bomb digest testing across Cardea 2 to enhance conversion rates of Total Al₂O₃ to Available Al₂O₃. This could further derisk the DSO pathway for this asset. Supporting Metrics and Capital Position ASX Code: WYX Share Price (29 April 2025): $0.034 Market Capitalisation (5 March 2025): $4.6 million Cash Position (as at 31 December 2024): $670,000 Shares on Issue: 123,809,548 Options on Issue: 80.6 million Weighted Average Exercise Price: $0.13 Expiry Dates: Between April 2025 and November 2027 Top 20 Shareholders Hold: 57.71% of issued capital Major Shareholders: Oceanic Capital Pty Ltd, St Barnibas Investments Pty Ltd & Payzone Pty Ltd – 24.97% Mr Glen Goulds – 5.9% Alladrenalin Pty Ltd – 3.7% The company is guided by an experienced Board, including Peter Lewis (Chairman), Pedro Kastellorizos (Non-Executive Director), and others with deep domain expertise. WYX Share Price Trends: A Closer Look The current share chart for Western Yilgarn (ASX: WYX) shows the stock trading at $0.025, with fluctuations between $0.021 and $0.048 over the past six months (Figure 4). The price has softened slightly since early May, though volume spikes in April and June suggest renewed market interest. Figure 4: WYX Share Price Chart as on 17 June 2025 (source: ASX) Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos commented: “We are extremely pleased with the outcomes of our Bauxite Resource Estimations at the Cardea 2 Project. The result confirms strong scalability and significant potential to increase tonnage through further exploration. Importantly, the current resource is located within trucking distance of a multi-user railway - an advantage that comes at a time of record alumina and bauxite prices”. “The Cardea 2 Bauxite Project, together with our extensive Julimar West Bauxite Project, represents a compelling opportunity to deliver shareholder value, create jobs in local communities, and establish Western Yilgarn as a new, independent, and e supplier of high-quality bauxite. Our technical team is confident that the bauxite deposits offer substantial upside potential, with room for further resource growth towards the western portion of the Exploration Licence. Planning is already underway for the next phase of drilling across untested zones within the Cardea 2 and Julimar West areas, aimed at expanding the current mineralised footprint.” Samso’s Review: Prospectivity, Location, and Next Steps Western Yilgarn's prime strategy is now to establish a resource base before transitioning into feasibility and potentially development phases. The proximity of Julimar West and Cardea 2 to existing infrastructure and their metallurgical compatibility with low-energy refining processes add logistical and economic value. Exploration remains key to Western Yilgarn’s next steps. The untested areas—particularly Zones 1 to 4 at Julimar West and the western side of Cardea 2—highlight the potential for resource expansion. Moreover, the Company's engagement with metallurgical testing and planning for regulatory approvals reflects a realistic and incremental growth approach. Samso Concluding Comments From the perspective of a developing resource narrative, there’s no overstatement here—it’s early days for Western Yilgarn. However, their 188Mt bauxite resource puts them in the right place, both geologically and strategically. The updates confirm that work is being done, targets are growing, and the data is shaping a clear direction forward. At a market cap of under $5 million, the Company’s resource base may raise eyebrows in the context of current bauxite demand outlooks, especially with China's and the Middle East’s hunger for DSO-grade material. The cash position is modest, and there lies some of the challenges. For those looking for the negatives or not yet positives, I see the land access and the cash position. In my opinion, I don't see the ability to attract funding as an issue for the market. Bauxite is a good product, and it does look like Western Yilgarn has the goods. I suspect it will be down to whether the majority shareholders want to dilute themselves, as it's only a sub-AUD $5M market capitalisation. Land access will be the one that will take time. It can happen very fast or very slow, so this game is all about patience, and Who Dares Waits ultimately will be the winner. Samso will be watching closely for the metallurgical testing outcomes and exploration activity across the Julimar and Cardea corridors. Investors should take the time to understand the geology, the regional infrastructure, and the scale of the opportunity. It’s still a developing story, but Western Yilgarn’s groundwork is increasingly difficult to ignore. For a AUD $5M market capitalisation company, this is something one should seriously contemplate DYOR. It's a bauxite-bulk tonnage Julimar waiting to happen. As always, I encourage investors to do the work — read the technical, track the drilling updates, and watch how the next 6–12 months unfold. There’s no rush to conclusions here. But there’s a story worth following. The Samso Way - Seek the Research Western Yilgarn’s unfolding story is a good example of why investors should always dig deeper than the headline. At Samso, we focus on the why behind every update — not just what was said, but what it could mean. With decades of industry insight behind us, we aim to make sense of the details that often get overlooked. We ask the questions that others don’t, because in our experience, those are the questions that help investors make better decisions. It’s not about hype — it’s about perspective. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Robex Resources commences ASX trading following A$120M IPO Robex Resources Inc. (ASX: RXR) has joined the ASX boards through a successful A$120 million IPO, becoming one of the few dual-listed gold developers with production-stage assets in West Africa. With a cornerstone project in Guinea, production underway in Mali, and an experienced leadership team, Robex’s entry offers investors a well-timed exposure to the next wave of mid-tier African gold producers. About the Company – From Exploration to Production Robex Resources Inc. is a Canadian-incorporated, West African gold company with a dual listing on the TSX Venture Exchange (TSX-V: RBX) and now the ASX (ASX: RXR). The company is progressing two core assets: Kiniéro Gold Project – An advanced development project in Guinea (Figure 1). Nampala Mine – An operational gold mine in southern Mali. With gold output already being generated at Nampala and Kiniero on track for first gold in Q4 2025, Robex brings near-term production appeal coupled with long-term exploration upside across a 470km² package. Figure 1: Location of Kiniéro Project (source: RXR) IPO Snapshot – Well-Funded and Institutional-Backed Gold Mining Opportunity. IPO Raise: A$120 million @ $3.11 per CDI Market Cap on Listing: ~A$675 million ASX Code: RXR CDIs Issued: 38.6 million Trading Commenced: 11:00 am AEST, 5 June 2025 Closing Price (Debut Day): Above IPO Price, AUD $3.56 as of 12th June 2025 Kiniéro Gold Project – Flagship with Scale and Speed in Guinea At the heart of Robex’s strategy is the Kiniéro Gold Project, a 3.7 million-ounce resource (Indicated + Inferred) in the prolific Birimian Greenstone Belt. The project has a JORC-compliant Reserve of 1.41Moz, with a brand-new 5Mtpa CIL plant under construction and first gold expected in Q4 2025. Key Metrics at 30 Nov 2024: Indicated Resource: 71.23 Mt @ 0.96 g/t Au = 2.2 Moz Inferred Resource: 45.29 Mt @ 1.05 g/t Au = 1.53 Moz Probable Reserve: 45.5 Mt @ 0.97 g/t Au = 1.41 Moz An updated feasibility study estimates: Post-tax NPV: US$647 million (at US$2,320/oz) AISC: US$1,066/oz Mine Life: ~9 years Target Output: +150,000 oz Au/year (first 6 years) Nampala Mine – Revenue Generating and Operational Robex also operates the Nampala Mine in Mali, providing cash flow while Kiniéro ramps up: Resource: 8.6 Mt @ 0.94 g/t for 261,000 oz Reserve: 4.04 Mt @ 0.93 g/t for 121,000 oz This active mine gives Robex a production base and regional footprint across multiple West African jurisdictions. Leadership That Delivers - Done it Before Matthew Wilcox (Managing Director & CEO) is no stranger to West African success, having previously delivered the Sanbrado and Abujar gold projects. His team includes industry veterans from Nordgold, Tietto, and Evolution Mining. Chairman Jim Askew brings deep mining governance experience, including chairmanship of Syrah Resources (ASX: SYR) and founding directorship at Evolution Mining (ASX: EVN) This track record matters: Kiniero is targeting its first gold by December 2025, and the leadership's ability to deliver on complex African projects on time and budget significantly de-risks the investment case. How the Funds Will Be Used Construction Completion: civil works, process plant modules, commissioning (Figure 2) Exploration Campaigns: ~200 km of RC & diamond drilling across high-priority targets Working Capital: permitting, community engagement, and access road development Figure 2: Kiniero Construction Progress (source: RXR) Strategic Acquisitions & Industry Partnerships Concession Extensions: negotiations to add adjacent ground along the Kouroussa trend Local JV Frameworks: early-stage commercial agreements with regional service providers Potential Risks & Investor Considerations Execution: delivering greenfield development on schedule and within budget Jurisdictional: Guinea’s permitting and fiscal regime Commodity: gold price volatility during project commissioning Why This IPO Could Be One to Watch First-Mover Edge: production-ready, 2 Moz+ asset before cash flow generation Dual Listing: access to both Canadian (TSX-V: RBX) and Australian capital pools Balanced Strategy: near-term production catalysts coupled with long-term exploration upside Samso Concluding Comments I think Robex’s successful ASX debut on 5 June 2025 marks another gold developer joining the list of African producers. The A$120 million IPO, now trading under RXR at a modest A$135 million market cap, provides funding to complete the 5 Mtpa CIL plant at Kiniero and kick off a 200 km drilling campaign. The rising gold price is going to make RXR a very good investment, as long as there is no more nationalism of assets from the African states. The Kiniero project lies in the under-explored Kiniero–Kouroussa thrust zone, adjacent to Predictive Discovery’s 5.38 Moz Bankan deposit. With 2.2 Moz of indicated resources and 1.41 Moz of probable reserves, Robex is targeting its first gold pour in December 2025 and aiming for roughly 150 koz per annum in steady state. Kiniero Construction Progress is on track—civil works are nearing completion, and key mill modules are arriving onsite, and near-mine exploration upside across a 5 km strike offers immediate growth potential. That said, regulatory permitting in Guinea and potential fluctuations in gold prices remain the biggest threats to success. Ultimately, the success of this new listing on the ASX is very simple, and as we have discussed, the rewards will be substantial. The whole journey will now depend on how Robex navigates construction, commissioning, and exploration over the coming months. Execution discipline, jurisdictional factors in Guinea, and gold price dynamics will all play a part. For those potential investors watching RXR, what is on the table will be a blend of near-term catalysts and longer-term resource optionality, making it one to keep on your radar as the project advances toward first pour. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcements Gold Mining and Processing Update 31 March 2025 Group Mineral Resources Statement 29 April 2025 Successful A$30M Two Tranche Placement to Fast Track Growth 26 May 2026 As the gold price continues to surge and with global events fueling the need to find some form of safe haven, the play now is to try and identify what could be deemed an "undervalued" proposition in a gold sector that is the hottest product on the Australian Stock Exchange. The task to find an undervalued gold miner story is an extremely difficult task but it's not an impossible task. I came across Horizon Minerals Limited (ASX: HRZ) and approached management for a chat to try and understand why this company may fit the undervalued tag for investors. Talking to Grant Haywood, he shared some of his thoughts with me, and I like the story. Grant does make a convincing message in noting that Horizon has taken definitive steps in 2025 to transition from a small-scale gold producer into a multi-commodity growth platform. With consistent production from Boorara and Phillips Find, a major expansion of its mineral resource base following the Poseidon Nickel merger, and a $30 million capital raise to support exploration and infrastructure upgrades, Horizon is setting itself up for both near-term cash flow and looking to lock in future potential resource upgrades with regional projects Gold Mining Operations Update: Boorara and Phillips Find In the March 2025 update, Horizon confirmed operational momentum at its Boorara and Phillips Find gold projects near Kalgoorlie-Boulder and Coolgardie. Phillips Find processed 37,624 dry tonnes at 1.46g/t gold, recovering 1,675 oz and generating $7.92 million in JV revenue (Figure 1). Additional 150,000 tonnes are scheduled for treatment at Greenfields Mill and Three Mile Hill through June and into September/October 2025. Boorara processed its first parcel of 50,604 tonnes at 0.791g/t for 1,163 oz, generating $4.95 million (Figure 2). Additional parcels are currently being processed, hauled, or stockpiled, with Boorara operating at steady-state ore production. Figure 1: Mining the Newhaven pit at Phillips Find (source: 31 March 2025 HRZ Announcement) This operational consistency has freed up capacity at the Greenfields Mill, allowing Boorara to bring previously uneconomic low-grade material into profitable treatment due to the elevated gold price. Figure 2: Boorara ore stockpiles on West ROM pad (source: 31 March 2025 HRZ Announcement) Resource Expansion: Merging with Poseidon Nickel April saw Horizon release an updated consolidated Mineral Resource Statement post-merger with Poseidon Nickel (Figure 3). Key highlights from the expanded Group MRE include: Total gold resources of 1.8Moz Addition of 20.2Moz of silver and 104kt of zinc Significant nickel uplift with 422kt of nickel and 7,800t of cobalt Incorporation of key nickel assets, including: o Black Swan o Silver Swan o Windarra o Golden Swan Inclusion of the Black Swan processing plant, which is now being assessed for refurbishment and conversion to a gold plant Infrastructure and resource additions offer immediate development and production optionality, broadening Horizon’s commodity exposure beyond gold Figure 3: Regional map of consolidated gold and nickel assets post-merger (source: 29 April 2025 HRZ Announcement) These additions significantly expand Horizon's footprint in Western Australia's gold and nickel belts and strengthen its platform for future organic and strategic growth. Capital Raise: $30 Million to Fast-Track Growth On 26 May 2025, Horizon announced a successful two-tranche placement raising $30 million at $0.043 per share. Placement Structure: Tranche 1: $11.8M using placement capacity Tranche 2: $18.2M subject to shareholder approval (July 2025) Use of Funds: Infill and extension drilling at Burbanks, Crake, and Coote Greenfields and brownfields exploration at Wilsons, Kestrel, Phillips Find, Greater Boorara, and Nimbus Engineering studies to convert Black Swan plant for gold processing Working capital support during upcoming Boorara stockpile processing Potential debt retirement Management noted the strategic importance of this raise in maintaining momentum across mining operations and exploration efforts. Strategic Summary: Is Horizon An Undervalued Gold Miner Story? Gold Production: Consistent output at Boorara and Phillips Find Resource Base: Expanded to include 422kt nickel, 1.8Moz gold Exploration: Active drilling at five project clusters Infrastructure: Black Swan plant refurbishment studies underway Capital Position: $30M raise provides working capital buffer. Market Capitalisation: AUD $135M (as of 17th June 2025) Samso Concluding Comments Reading through the recent ASX releases and speaking to Grant Haywood, I think I am being convinced that Horizon Minerals appears to be executing on a dual-pronged strategy—building cash flow through gold production while seeding longer-term growth, potentially with nickel, cobalt, and silver exposure through the Poseidon assets. With Ore stockpiles in place and processing agreements secured, Horizon is generating consistent revenue and using that leverage to reinvest in growth. Horizon Minerals is in a very good position where its market sentiment is now driving business. They are producing, at least mining and selling their ore and most importantly, making money. The recent capital raise is taking advantage of the market hype early, which is a smart move, as one never knows when the market could turn. Grant explains that they are just taking in the funding now and using that to progress work and knowing that they will replenish that in the coming months with the selling of what they have already mined. This is a great position to be in with a market that is known to turn quickly. Investors also need to watch what will happen with the Silver story with Horizon. Horizon does have a decent silver project, but whether this is going to be economical in future will largely depend on whether the "talk" of silver going for a run will eventuate. Let's all remember that a couple of years ago, companies like Horixon would not be able to raise funds, as all the focus was on lithium and aspiring gold miners were largely ignored by the capital markets. For investors watching the junior gold and polymetallic space, this is a case study in how operational progress and infrastructure leverage can support scalable development. As exploration ramps up at Burbanks, Coote, and other project areas, and as the Black Swan plant study advances, there is a real opportunity to see the company transition into a mid-tier gold-nickel story. This type of measured but flexible execution may appeal to those looking to balance current production exposure with longer-horizon optionality. From what I can see, Horizon has quietly executed a series of moves that now place it on the radar of both gold and nickel investors. The gold revenue from Boorara and Phillips Find is building, the newly consolidated resource base is meaningful, and the exploration programs are aligned with clear growth corridors. The $30M capital raise isn't just about sustaining operations—it’s about preparing the ground for long-term delivery. While risks remain—as they always do in exploration and production—Horizon appears to be putting its capital and projects to work in the right direction. The Samso Way - Seek the Research Stories like Horizon are the reason why investors should pay attention to what is in the media and how it is producing the content. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

From Prospectus to Progress: 🆕 IPO Review Announcements: Golden Horse Minerals Investor Presentation May 2025 DEEP DRILLING AT HOPES HILL DELIVERS OUTSTANDING RESULTS 10 June 2025 Successful A$15 Million Placement To Accelerate Growth Golden Horse Minerals Limited (ASX: GHM), a recently listed explorer on the ASX (IPO December 2024), is demonstrating its potential as a significant player in Western Australia's gold sector with a strong update from its Hopes Hill project (Figure 1). With more than 10,000m of reverse circulation (RC) drilling already completed across 44 holes since January 2025, the latest round of deep drilling results strengthens the view that the Central Zone is part of a larger, high-grade gold system. Figure 1: Location of Hope Hill Project (source: GHM) The company continues to leverage its consolidation of over 1,900km² in the underexplored Southern Cross Greenstone Belt, building momentum through systematic, high-impact drilling. ASX Code: GHM Listing Date: 16 December 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.420 Market Capitalisation: $70.78 million Industry Group: Materials What Has Golden Horse Minerals Limited Done Since Listing? Hopes Hill Delivers – High-Grade Continuity at Depth - A Gold Mining Story Four new RC holes (GHHHRC0041 to GHHHRC0044) were drilled beneath the central part of the historical Hopes Hill pit. These were designed to extend mineralisation at depth, and the assays looked promising (Figure 2). It's not something you would shout a round of beers, but it's in the right direction. Figure 2: Gold Gram-metre accumulation long section of Hope Hill C-C’ (source: GHM) Key Intercepts (Figure 3): GHHHRC0043: o 10m @ 4.7 g/t Au from 279m o 17m @ 1.5 g/t Au from 203m, including 9m @ 2.2 g/t Au from 210m GHHHRC0041: o 18m @ 2.8 g/t Au from 203m, including 8m @ 3.6 g/t Au GHHHRC0042: o 17m @ 2.4 g/t Au from 237m GHHHRC0044: o 19m @ 2.1 g/t Au from 206m Figure 3: Hope Hill Drill Hole Location Plan with Section Lines (source: GHM) The standout result—10m @ 4.7 g/t Au from 279m in hole GHHHRC0043—sits approximately 175 metres below the pit floor, potentially unveiling a new footwall mineralised zone. This is a significant development, as it not only shows depth continuity but also suggests the mineralisation system remains open and robust beyond the current drilling extent. Momentum Building – Capital, Rigs and the EIS Grant With strong support from both new and existing shareholders, GHM recently completed a capital raise that enables a 50% increase in drilling activity. The funds will also bring a diamond core rig to the site, which will support structural understanding and deeper targeting beneath the Central Zone. Adding further momentum, GHM has secured Exploration Incentive Scheme (EIS) funding from the WA Government, further affirming the project’s geological promise. As they say, you are not going to be mining for gold and have the opportunity to be considered a gold miner if you don't drill holes. Managing Director Nicholas Anderson remarked: “The fact that hole GHHHRC0043 has delivered such an outstanding intersection of 10m at 4.69 g/t gold clearly shows we are working with a large gold system.” Irene Betty – Parallel Reef System with High-Grade Hits The Irene Betty prospect, located adjacent to the main Hopes Hill trend, is also showing early promise (Figure 4). The quartz reef system here—interpreted as a narrow but high-grade structure—returned: GHIBRC0010: 2m @ 6.04 g/t Au from 46m GHIBRC0003: 1m @ 8.32 g/t Au from 11m These results follow earlier highlights, including a previously reported 10m @ 18.4 g/t Au. Golden Horse has flagged the presence of coarse gold and submitted intervals for screen-fire assay, which is better suited to accurately gauge such mineralisation. Figure 4: Regional Location Plan – Hope Hill Area (source: GHM) Hopes Hill’s structural geology The strategic deployment of funds has resulted in: ✅Earlier-than-expected testing at depth ✅Accelerated regional exploration (e.g., Irene Betty) ✅A ramp-up in drilling capacity (RC + diamond rigs) The outcome is a company rapidly moving toward resource definition with a broadened geological understanding and improved structural targeting capacity, on a timeline that aligns with investor expectations and the original listing intent. Use of IPO Funds – Summary (Actual vs Budget) Since its ASX debut in December 2024, Golden Horse Minerals has deployed IPO funds in line with the priorities outlined in its Prospectus. A significant portion was allocated to aggressive drilling programs at Hopes Hill, resulting in over 10,000m of RC drilling, exceeding the initial budgeted meterage. The Company also fast-tracked metallurgical test work, advanced regional exploration, including at Irene Betty, and secured a second rig to increase drilling throughput by 50%. With the support of a successful capital raise and WA Government EIS funding, GHM has not only stayed on budget but has strategically accelerated its exploration schedule beyond original forecasts, reinforcing its commitment to resource definition and discovery momentum. Share Price Performance Since Listing Since listing on 16 December 2024 at an IPO price of $0.25, Golden Horse Minerals (ASX: GHM) has delivered a strong market performance, reflecting investor confidence in its exploration success and project potential. The rising sentiment for the gold price is probably a big catalyst for support. As of June 2025, the share price has risen to $0.420, representing a 68% gain since IPO (Figure 5). The stock has shown resilience and upward momentum, supported by consistent high-grade drill results from Hopes Hill and growing interest in the Company’s expanding footprint across the Southern Cross Greenstone Belt. Daily trading activity and price support suggest growing institutional and retail engagement as Golden Horse transitions from exploration to potential resource definition. Figure 5: GHM Share Price as of 23 June 2025 (source: ASX) Samso’s Review Golden Horse Minerals' latest update is appearing to be consistent with earlier work at Hopes Hill—a definite potential for an evolving mineralised system. The scale of drilling (10,000 m+ since January 2025), the strength of the recent intercepts, and the emerging depth potential appear to highlight both grade and scale. Importantly, the new footwall intercept below the pit floor is a step forward—could this be a game-changer? Time will tell. The Irene Betty results illustrate that GHM's landholding is more than just a one-prospect story. As re-assays progress and new RC/diamond campaigns are launched, the company’s strategy of exploring along and adjacent to a known mineralised trend is beginning to bear fruit. Samso Concluding Comments The Golden Horse Minerals narrative is starting to gain pace to be more than exploring gold—they're uncovering a system that has been overlooked, yet quietly persistent beneath the Hopes Hill pit. These latest intercepts—especially the standout 10m @ 4.7 g/t Au from 279m—tell us that this is more than just a shallow oxide play. Time will tell if this develops into a mining proposition but as an early advanced exploration play that has a scent of mining, and in a market that is hot, Golden Horse is worth keeping an eye on it. Having a market capitalisation of over AUD $70M is not a cheap punt but you are looking at a company that is in a very hot market. The fact that there is an affinity to hug the "We Can Mine" narrative, it may well be cheap. Another good sign is that it feel that since listing in December 2024, Golden Horse has executed with purpose: over 10,000m of drilling completed, funding secured, a second rig mobilised, and a growing body of evidence suggesting that Hopes Hill and its surrounding prospects could support a large-scale gold development. The addition of a diamond rig, EIS funding, and ongoing high-grade returns from Irene Betty reflect a company prepared to push the envelope on multiple fronts. For investors, the alignment of capital, geological confidence, and rapid operational progress is noteworthy. Backed by Emerald Resources and with access to established infrastructure, Golden Horse is one of the few newly listed explorers demonstrating both near-term drilling success and longer-term development credentials. This is not a speculative punt—it’s becoming a technically grounded story with layers of growth potential. As the company progresses deeper into the Central Zone and widens its scope across the Southern Cross Belt, investors should be watching for what comes next. In a market that rewards news, ounces, and momentum, Golden Horse appears to be ticking all three boxes. The Samso Way - Seek the Research Since listing, GHM has methodically delivered results that reward those who dig deeper. This is not a story built on speculation—it’s one underpinned by structural geology, consistent drilling, and strategic land consolidation in one of WA’s most historically productive belts. The deeper you look, the clearer it becomes: high-grade intercepts, expanding mineralised zones, and a team that understands the value of data over hype. For those who follow the details—not just the headlines—GHM is quietly shaping into a discovery that could redefine the Hopes Hill corridor. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement Presentation H1 FY25 Results Cuscal Limited (ASX: CCL) is a name that has quietly underpinned the digital payments infrastructure of Australia for decades. After officially listing on the ASX on 25 November 2024, Cuscal is now navigating the next chapter of its 60-year journey — building on its foundation as one of the nation’s leading independent B2B payments and data service providers. This is not a retail-facing institution. Instead, Cuscal is one of the few players outside of the Big Four banks with the full capability and licensing to support the entire spectrum of payments and regulated data services in Australia. ASX Code: CCL Listing Date: 25 November 2024 IPO Offer Price: $2.50 Current Share Price (as at June 2025): $2.935 Market Capitalisation: $549.78 million Industry Group: Financial Services What Has Cuscal Done Since Listing? Since its debut on the ASX, Cuscal has stayed true to its Prospectus strategy — executing a growth-focused agenda while maintaining operational discipline. Some of the key developments include: Strong H1 FY25 Results: Cuscal reported growth across all key metrics in the first half of FY25, showing that momentum continues post-listing: ⚬ +7% growth in transaction volumes ⚬ Adjusted EBITDA up to $35.6 million, representing a margin of 24.3% ⚬ Net Profit After Tax (NPAT) reached $21.5 million ⚬ ROE lifted to 6.3% Diversified Revenue Base: Income continues to be well-balanced across issuing (~10% NOI), acquiring (~25%), and account-to-account payments (~60%). This revenue spread reinforces the resilience and predictability of the business model. Continued Investment in Technology: Over $100 million invested between FY22 and FY24 in technological upgrades and capability enhancement to enable operating leverage and improve client services. Strategic Acquisitions: The acquisition of SPS and the Basiq Group supports deeper integration into the regulated data services market, signalling the company’s readiness for long-term digital transformation in banking and finance. Cuscal’s Position in the Fintech Market Cuscal's unique market proposition is underpinned by three pillars (Figure 1): 1.0 End-to-End B2B Offering: Unlike the major banks that focus internally, Cuscal delivers complete payment infrastructure to ADIs, fintechs, and corporates without competing for their end-customers. 2.0 Regulated and Fully Licensed: As an Authorised Deposit-taking Institution (ADI), Cuscal possesses the necessary infrastructure and compliance credentials that take decades to build and are not easily replicated. 3.0 Long-Tenured, Contracted Client Base: Clients are typically on multi-year contracts, which have created a strong base of recurring revenue and predictable financial returns. Figure 1: Cuscal is Australia’s leading independent B2B payments provider (source: CCL) A Proven Track Record Cuscal’s history is marked by pivotal moments that reflect its culture of innovation (Figure 2): Australia’s first ATM (1970s) Early Visa scheme participant First ADI in Australia to launch Apple Pay, Google Pay™, and Samsung Pay Founding role in the launch of the New Payments Platform (NPP) Certified PayTo Payer and Initiator Launch and sale of digital bank 86 400 Figure 2: CCL’s Timeline of Innovation—highlights Australia’s first ATM to ASX listing in 2024 (source: CCL) Elizabeth Proust AO, Chairman of Cuscal Limited: “Cuscal plays a crucial role in supporting connectivity to the Australian payments infrastructure for a diverse range of clients. Our unique position as an authorised deposit-taking institution, combined with our comprehensive ‘End-to-End’ capabilities in payments and regulated data services, sets us apart in the industry in Australia.” “Cuscal has been at the forefront of innovation in the payments sector, having been the first Australian company to launch connectivity solutions for Apple Pay, Google Pay and Samsung Pay. As one of 13 original shareholders of the New Payments Platform (NPP), Cuscal played a key role in the design and initial delivery of the NPP across Australia.” “Lodging our Prospectus ahead of an ASX listing represents a significant milestone in Cuscal’s journey, with the fundamental purpose of becoming a listed company being to give Cuscal deeper access to funding sources and provide the Management team greater flexibility to execute growth initiatives.” Use of IPO Funds – Summary (Actual vs Budget) Cuscal Limited has deployed its IPO proceeds in line with expectations outlined in the Prospectus, with approximately $40 million raised to support working capital, regulatory capital adequacy, and strategic growth initiatives. As at 1H FY25, the company had already achieved 51% of its forecast operating income and 59% of its full-year NPAT target, indicating strong alignment between fund utilisation and financial performance. IPO-related costs of $13.3 million were recorded as a one-off expense, while the remaining capital has been directed toward technology investments—reflected in a 38% increase in non-salary tech spend—and the Risk & Technology Uplift program. Overall, Cuscal has shown disciplined capital management, reinforcing its focus on infrastructure resilience and long-term digital capability. Share Price Performance Since Listing Since listing on the ASX at $2.50 in November 2024, Cuscal Limited (ASX: CCL) has delivered a steady upward trajectory. As of June 2025, the share price has risen to $2.935, reflecting a 17.4% increase from its IPO price (Figure 3). This growth in market value — now $549.78 million — signals growing investor confidence in Cuscal’s infrastructure-driven payments model and its position as a leading independent B2B provider in Australia’s financial services sector. Figure 3: CCL share price as of 18 June 2025 (source: ASX) Samso Concluding Comments Cuscal Limited (ASX: CCL) is not a household name, and that’s exactly why investors should take notice. Operating quietly in the background, Cuscal powers much of Australia’s payments infrastructure — and it does so with the discipline, scale, and regulatory compliance usually reserved for the major banks. Since its ASX debut in late 2024, the company has delivered on performance and positioned itself for long-term growth through digital transformation and data-driven services. What stands out is Cuscal’s ability to remain relevant through shifting technologies and regulatory landscapes. The business isn’t about hype — it’s about execution, relationships, and enabling others to thrive in a competitive financial ecosystem. In a world where payments are becoming more embedded, more instant, and more regulated, Cuscal’s role is set to deepen. Investors who are willing to look beneath the surface will find a company built for resilience, with infrastructure that’s difficult to replicate and a client base that stays for the long haul. At Samso, we believe these are the stories that often go unnoticed until they’ve already moved, and that’s why it pays to seek the research. The Samso Take – Seek the Research Cuscal is the kind of company that quietly powers the system, not flashy, but essential. Its strength lies in long-term relationships, deep infrastructure, and steady execution. For investors willing to dig deeper, the value is in understanding how foundational players like Cuscal shape the future of payments. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. 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.