Samso Search Results

Declaration: I am a shareholder of Peak Minerals Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. Astute investors will vouch that there is no such thing as a perfect investment opportunity, and this is Samso encourage followers to instead look for the ideal Risk-Reward proposition. However. Investors continue to look for that perfect investment opportunity that is, for some reason is extremely hard to find. For investors in the ASX (Australian Stock Exchange) mineral exploration sector, what does an ideal Risk-Reward proposition look like? Well, from my perspective, what we see commonly on the Samso platform is that the larger percentage of people we come across do one of two things: educate themselves and know the facts and ignore or filter out the noise, or just listen to the noise and hope for the best :-). Investors often talk about “genuine discoveries,” and they often point to big gold systems, new copper belts, or rare earth anomalies. But now and then, a story emerges that goes beyond the usual noise—a story that rewrites the map. That story, right now, is the Minta Rutile Project in Central Cameroon. This reminds me of the time we published the story of Champion Iron Limited (ASX:CIA) and Canyon Resources Limited (ASX:CAY) On the 26th February 2019, we published a Samso Insight on Champion Iron (Champion Iron Limited (ASX: CIA, TSX: CIA) - An emerging Iron Ore company) who were and are still mining magnetite ore in Canada. This was one of the best stories to come out during that period. In my opinion, this is remains a great story that has a version two in Cyclone Metals Limited (ASX:CLE). The Canyon Resources Limited story was published on the 11th March 2020 (The Best Small-Cap Bauxite Companies on the ASX) and that was a bauxite story in Cameroon. That was the first time I started to learn about a bulk commodity story that was not iron ore. The Champion Iron and Canyon Resources stories helped me understand that these kinds of projects lead to real value propositions for the small-cap ASX companies. This is the very reason, the Peak Minerals story resonated with me after understanding the immense value creation that came from Champion Iron, Canyon Resources and now Cyclone Metals. It is comforting to see that Canyon, whose project is in Cameroon, is progressing into the final mining process as we speak (Port Access Approval Received as Last Key Item for FID at Minim Martap Bauxite Project). What better way to give comfort to the potential questions on jurisdiction risk? Figure 1: Location of the Minta project in Cameroon. (source: Peak Minerals Limited) Spanning approximately 8,800km² (Figure 1) and backed by 18 granted exploration permits and 3 applications, Minta is not just about geology—it’s about timing, market demand, and vision. It’s the kind of project that redefines a company, a region, and potentially, an entire commodity space. A Discovery Rooted in Forgotten Archives As I have mentioned, I met up with the CEO of Peak Minerals, Casper Adson, and we had a good chat about the project and how this opportunity for the company came about with good fortune and some tenacity from the Directors. At the heart of this discovery is Phil Gallagher, Non-Executive Director of Peak Minerals Limited, a geologist with over a decade of in-country experience in Cameroon. Armed with nothing more than local knowledge, historical whispers, and a dusty French BRGM report from the 1950s—scanned, handwritten, and, of course, entirely in French—Phil and his local partners went back to basics. Non-Executive Director Phil Gallagher commented: “It’s a genuine discovery in an area that nobody realized held rutile—except maybe the French, briefly, seven decades ago.” Initial field samples were flown back to Perth. What came back from the lab wasn’t just positive—it was electric. The samples confirmed high-grade residual and alluvial rutile, along with angular rutile nuggets—a rarity in the mineral sands space. This was no coincidence. This was a new rutile province. A Rare Gem in the Titanium Supply Chain Rutile is a premium feedstock in the titanium industry, boasting up to 95% TiO₂ content, compared to the 45–65% typically seen in ilmenite. As Casper Adson, CEO of Peak Minerals, explains: “There hasn’t been a new rutile discovery globally since Sovereign Metals’ Kasiya Project five years ago. The scarcity is real. Rutile production has dropped from a million tonnes per year to just half that.” What makes rutile so compelling is not just its rarity—it’s the value uplift it brings to processors and end users. With titanium feedstocks in high demand and supply tightening, projects like Minta are being viewed with renewed urgency. Fresh Results Confirm the Scale – 28km of Mineralisation Unfolds In a follow-up announcement dated 21 May 2025, Peak Minerals reported another step change in the Minta discovery story. The second batch of drill results reveals a 28km mineralised strike, extending significantly northwest of the initial discovery holes (Figure 3). Importantly, every hole intersected Heavy Mineral (HM) content from surface to the end of hole, with some standout intercepts (Figure 2): 3.1m @ 8.4% HM 6.8m @ 2.8% HM 3.5m @ 5.0% HM 1.2m @ 8.5% HM 6.3m @ 2.4% HM Figure 2: Inset from Figure 3 showing detail of significant HM intercepts across 28km at Minta Rutile Project. (source: PUA ASX Announcement 21 May 2025) All this across wide spacing, in an area never previously tested by modern methods. The 63.2% rutile assemblage in discovery holes remains the benchmark, and the kicker is that these numbers do not yet include the +1mm rutile nuggets, which could significantly boost total HM grades when assays come in. Casper Adson, CEO, Peak Minerals, summed it up best: “These results reinforce the scale of the Minta Project, underscoring its potential as a new source of rutile and potentially a globally significant rutile province” Figure 3: Minta Rutile Project confirms a further 28km zone of mineralisation adjacent to discovery hole of 4m at 1.05% rutile. (source: PUA ASX Announcement 21 May 2025) What Does it Mean? This is a very important step in defining the potential for the Minta project. In my opinion, that is also a shareholder opinion; the results has kind of validated the potential size of the project ASX release on the 12th May 2025 - Discovery of Rutile Province in Cameroon. The size implication can now be backed up with some facts, and you can see that in Figures 2 and 3 above. The 28km strike length is very important, and the regional potential is highlighted in Figure 4 below. Time will tell whether my assumptions are vindicated but the signs are looking positive at the moment. One other major factor to consider is that the oversized samples have not been factored into the assays. This will be like isolating the supergene numbers from your drilling intercepts in a gold project. We all know that the grades are typically higher and more consistent in the supergene layer, so adding that into your "good" results will definitely impact positively, assuming that the oversize particles from Minta are carrying higher numbers. What’s Next for Minta? Phase 1 drilling is complete over a broad 1km x 10km grid. Phase 2 is now underway, extending reconnaissance across the 7,000km² tenement, with a further 134 drill holes planned (Figure 4). These are targeting both residual rutile zones and the structural basement rocks believed to be the source of high-grade shedding. Sample preparation and analysis will continue through the wet season, with selected samples also being tested for gold, particularly in the northeast, where artisanal activity and granitic intrusions coincide. The company aims to define higher-grade zones for focused infill drilling and to advance the project towards a maiden Mineral Resource Estimate by 2026. Figure 4: Minta Rutile Project Phase 2 planned residual drilling (source: PUA ASX Announcement 21 May 2025) Why Cameroon? Why Now? There’s a quiet but firm shift happening in Cameroon. According to Phil, three mining licenses have recently been granted, including one from his previous venture. Construction has already begun. “The Ministry of Mines is supportive. The country wants mining to happen—it’s not just policy, it’s action.” In a world where securing large-scale tenure in underexplored terrain is increasingly difficult, Cameroon stands out as one of the last great frontiers. Minta, until recently, wasn’t just underexplored—it was unexplored. Samso’s Concluding Comments The Minta Rutile Project is a rare and refreshing example of what genuine mineral discovery looks like. It’s not just about high-grade rutile—it’s about rediscovering forgotten geological potential and breathing new life into a region that was left untouched for over half a century. What Phil and the team have achieved, starting with historical BRGM data and turning it into a large-scale, drill-confirmed discovery, is the kind of story we don’t see often in today’s exploration landscape. In a world where rutile supply is dwindling and demand for titanium feedstocks is climbing, Minta couldn’t have come at a better time. The combination of residual, alluvial, and nugget-style mineralisation across thousands of square kilometres makes this more than a single deposit—it hints at an emerging province. With assays still pending and more drilling underway, it’s clear that we’re only scratching the surface of what’s possible here. Figure 5: A model showing the styles of HMS rutile mineralisation on major HMS projects globally and on the Minta Rutile Project deposit model. (source Peak Minerals Limited) One of the exciting aspects of the project is the potential mineralisation style, which the company is proposing for its Minta project. As you can see in Figure 5, the model shows the different styles in which a rutile deposit could be deposited. The different styles are created depending on their life cycle over the geological time of mineralisation (creation), weathering, and erosion. The potential of Minta, if proven to be correct, is that it may be similar to what Sovereign Metals Limited is proposing for its deposit in Malawi. A deposit that stems from the development of a regolith weathering profile, which ultimately is a process of enrichment in situ, is the best scenario for Sovereign Metals and maybe Peak Minerals. It is the best mineralisation environment to be in, as there has been no loss of bulk through the process of erosion. You are basically in the pot that is brewing the broth. In closing, I think the latest ASX release may have allowed some form of comparison with Sovereign Metals and that may give investors and potential investors some kind of understanding of the potential size for Minta. If you take the current known size of the mineral resource that Sovereign has released to the market, a comparison to potential of Minta, that conversation will be interesting. Now we all know that this is paper comparisons at this stage, and paper results are good for many things other than our wishes and expectations. Cameroon’s rise as a mining destination adds another layer of significance, as I have mentioned with the Canyon Resources Bauxite project. With government support, available ground, and a growing appetite for investment, the country appears to be ready to host a new generation of mineral projects. The Minta project isn’t just leading that charge—it’s setting the tone and joining the many profitable mining projects in Africa. For those watching the titanium market, this is one discovery you don’t want to ignore. Happy investing and remember, always 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: Kaiser has completed the acquisition of the Henty Gold Mine and become a multi-asset Australian gold producer When a junior gold producer strategically adds a proven asset like the Henty Gold Mine to its portfolio, it doesn’t just reshape the company—it often redefines its position in the gold space. Kaiser Reef Limited (ASX: KAU) has completed the acquisition of the Henty Gold Mine from Catalyst Metals (ASX: CYL), instantly elevating itself into the multi-asset producer category with +30koz annual output and a growth path to +50kozpa. In the eyes of the market, this is more than just a transaction—it’s a signal. A Transformational Move in High-Grade Territory Kaiser’s acquisition of Henty comes at a time when gold prices are hovering around record levels, providing an ideal backdrop for the company to leverage operational gains. Henty, situated in northwest Tasmania (Figure 1), boasts a production pedigree of 1.4Moz at an average grade of 8.9g/t Au. Kaiser now inherits a fully permitted 300ktpa CIL plant, a skilled workforce of over 150 personnel, and a 5-year mine plan supported by JORC Ore Reserves of 1.2Mt @ 4.0g/t Au for 154koz. Importantly, the Mineral Resource base offers further upside at 4.1Mt @ 3.4g/t for 449koz. The underexplored tenement package—25km of strike along the Henty fault—adds yet another layer of long-term potential. Figure 1: Location of the Henty Gold Mine in northwest Tasmania (source: Kaiser Reef Limited) Jonathan Downes, Managing Director of Kaiser, commented: “The acquisition of the profitable Henty Gold Mine significantly strengthens our production base, provides compelling near-mine exploration opportunities, and establishes the Company as a leading high-grade gold producer in Australia.” "Catalyst has built a strong and profitable operation at Henty over the past four years, and we are committed to building on that success. Their continued involvement as a major shareholder and potential JV partner at Maldon supports a collaborative approach to value creation." Backed by Capital, Powered by Partnership To fund this strategic leap, Kaiser raised $30 million through a placement and secured a further $10 million funding facility from Auramet International Inc. With financial firepower and operational readiness, Kaiser is well-positioned to drive Henty’s performance while reducing debt and enhancing shareholder returns. Catalyst Metals, now a 19.99% shareholder in Kaiser, brings not just its past success at Henty but also the potential for collaborative development of the Maldon processing facility in Victoria (Figure 2)—a move that could create synergistic efficiencies across the board. Figure 2: Maldon Victoria – existing processing plant (source: Kaiser Reef Limited) A Compact Snapshot of Opportunity The Henty Gold Mine brings Kaiser Reef a high-grade production history of 1.4Moz at 8.9g/t Au, underpinned by current JORC Ore Reserves of 1.2Mt @ 4.0g/t for 154koz and a broader Mineral Resource of 4.1Mt @ 3.4g/t for 449koz. The site features a fully permitted 300ktpa CIL plant with recoveries above 90%, supported by a workforce of over 150 personnel (Figure 3). The acquisition, completed for A$31.6 million—or less than A$1,200 per production ounce—instantly positions Kaiser as a +30kozpa producer with clear growth upside. Figure 3: Henty CIL plant and infrastructure overview (source: Kaiser Reef Limited) Samso’s Concluding Comments The completion of the Henty acquisition marks a defining shift in Kaiser Reef’s growth story. This is not just about adding ounces to the balance sheet—it’s about transforming into a serious, high-grade gold producer with real momentum. With a strong operating team and a clear 5-year mine plan, Kaiser now has the foundation to scale its production and take advantage of the current bullish gold environment. The timing couldn’t be better. The gold price is hovering near record highs, and Henty offers immediate cash flow from an asset that has a long, proven history. More importantly, the exploration potential surrounding Henty remains largely underexplored, giving Kaiser the kind of upside that investors look for in emerging producers. From an investment perspective, this acquisition strengthens the fundamentals and positions the company for a possible market re-rating. With Catalyst now aligned as a strategic shareholder and JV partner, Kaiser is not only building scale but doing so with a view toward collaboration and long-term value creation. Happy Investing and remember, always 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.

In a world where major mineral discoveries are increasingly elusive and hidden beneath cover, Geoscience Australia has crafted a powerful lens into the Earth’s potential—mineral systems-based prospectivity mapping. This approach, backed by decades of data and a deep understanding of geology, is turning Australia into a frontier once again, particularly in the hunt for Iron Oxide Copper-Gold (IOCG) deposits. Since 2010, Geoscience Australia has carried out six major regional mineral potential mapping studies targeting IOCG and uranium systems (Figure 1). These studies span key terrains: eastern Yilgarn Craton, Western Australia (A, orogenic Au), northern Queensland (B, IOCG and uranium mineral systems), central-eastern South Australia (C, IOCG and uranium mineral systems), southern Northern Territory (D, IOCG and uranium mineral systems), southern Arunta region (E, IOCG), and Tennant Creek to Mt Isa region (F, IOCG). The base map used in these studies illustrates Australia's geological framework, with sedimentary basins in pale yellow and green, and older outcropping units in darker hues (Skirrow et al., 2019). Figure 1: Regional-scale mineral potential mapping studies undertaken by Geoscience Australia since 2010 (source: Ore Geology Reviews 113 (2019) 103011) The Science Behind the Discovery IOCG deposits are not just about copper and gold—they're about systems. They form through a series of interlocking geological events (Figure 2): Energy to drive these fluids through the crust. Architecture (structure pathways), like faults and shear zones, that act as superhighways for the fluids. Sources of metals and fluids, often magmatic or sedimentary. Ore deposition gradients where physical or chemical gradients cause the minerals to precipitate (Wyborn et al., 1994; McCuaig et al., 2010). This schematic outlines the critical processes required for an IOCG system to form. Figure 2: Presents a schematic of a mineral system showing that ore formation occurs when four critical components—source, energy, pathway, and trap—coincide in both time and space. These components may operate at different geological scales and times, with ore deposition occurring when mass and energy converge and physical or chemical changes trigger precipitation. Mineral potential mapping is a predictive tool that integrates geological knowledge and diverse datasets to highlight areas most likely to host mineral deposits. Rather than relying solely on known occurrences, it uses geophysical, geochemical, and geological indicators to assess where mineral systems could have formed, even in unexplored or covered regions (Figure 3). The mapping workflow developed by Geoscience Australia involves five key steps: (1) developing a mineral systems model; (2) identifying mappable geological proxies for ore-forming processes; (3) selecting and normalising spatial data layers; (4) assigning weightings based on importance, applicability, and confidence; and (5) integrating all components into a final prospectivity map. This structured approach enables consistent, data-rich, and knowledge-driven predictions across vast terrains. Figure 3: Summarises this workflow, showing how knowledge inputs and spatial data are combined through a scoring and rule-based inference framework to produce final prospectivity outputs. This method ensures a robust, transparent process for evaluating mineral potential. (source: Ore Geology Reviews 113 (2019) 103011) From Concept to Greenfields Discovery The method’s value is most apparent when it predicts success where none existed before. Exploration teams using this model have made new copper-gold discoveries in areas previously considered barren. In an age of declining discovery rates, this is no small feat. It underscores the power of data-rich, knowledge-driven exploration at a time when surface clues are no longer sufficient. Perhaps the greatest success lies in the tool’s ability to spotlight greenfields terrains—areas under cover, where the cost of drilling blind is high. With a decision-support framework like this, companies can reduce exploration risk, and governments can better target where to invest in new geoscientific data. To map mineral potential, Geoscience Australia developed an IOCG mineral system model based on the inclusion of all of the criteria listed in the definition (Figure 4). This model helps identify geological environments that are highly favourable for IOCG mineralisation, while also ensuring that important variants of IOCG systems are not overlooked. Figure 4: Presents a multi-scale model of IOCG systems based on the hematite-rich Olympic Dam type. At the lithospheric scale, it illustrates the deep mantle source of metals (S2), fluid and magma pathways (P), and energy sources such as mafic underplates (D). At the regional to deposit scale, it highlights possible host-rock sources (S1), structural pathways (P), heat sources (D), and zones where ore is deposited due to physico-chemical gradients (G). This comprehensive view captures the scale and complexity of IOCG systems. (source: Ore Geology Reviews 113 (2019) 103011) Samso’s Concluding Comments This work by Geoscience Australia is a masterclass in turning theory into action. What Skirrow and his team have developed is not just a predictive model—it's a strategic tool that reshapes how we think about resource discovery. As someone who has walked the terrain of countless mineral provinces, I can tell you that this methodology offers a real path forward for unlocking Australia’s vast covered terranes. The integration of science, data, and mineral systems thinking is exactly what our industry needs. With every overlay and every fuzzy logic equation, this model chips away at the guesswork and opens doors to deposits yet to be discovered. For those in the exploration game, this is a call to look again—and look deeper. References McCuaig, T. C., Beresford, S., & Hronsky, J. M. A. (2010). Translating the mineral systems approach into an effective exploration targeting system. Ore Geology Reviews, 38(3), 128–138. Schofield, A. (2012). A knowledge-driven approach to prospectivity mapping for IOCG deposits: Application to the Gawler Craton, South Australia. Geoscience Australia Record. Skirrow, R. G., Murr, J., Schofield, A., Huston, D. L., van der Wielen, S., Czarnota, K., et al. (2019). Mapping iron oxide Cu-Au (IOCG) mineral potential in Australia using a knowledge-driven mineral systems-based approach. Ore Geology Reviews, 113, 103011. Wyborn, L. A. I., Heinrich, C. A., & Jaques, A. L. (1994). Australian Proterozoic mineral systems: essential ingredients and mappable criteria. In Proceedings of the Australian Institute of Mining and Metallurgy Annual Conference. Mapping iron oxide Cu-Au (IOCG) mineral potential in Australia using a knowledge-driven mineral systems-based approach by Geoscience Australia - Roger G. Skirrow, James Murr, Anthony Schofield, David L. Huston, Simon van der Wielen, Karol Czarnota, Rohan Coghlan, Lindsay M. Highet, Daniel Connolly, Michael Doublier, Jingming Duan 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: HRE URANIUM PROJECTS – EXPLORATION UPDATE Heavy Rare Earths Limited (ASX: HRE) has released a March 2025 exploration update that signals progress across its uranium portfolio. With projects in the uranium-rich Curnamona Province of South Australia and the Mid West region of Western Australia, the company is moving aggressively to define targets through passive seismic, airborne surveys, and historical data analysis. HRE Exploration Manager Joseph Ogierman alongside mine shaft at Bonython North uranium prospect, 5 kilometres north-east and along strike of historic Radium Hill mine, Radium Hill Project. This multi-faceted program is aimed at positioning HRE for drilling in late 2025 and early 2026. Location Overview: Multi-State Targeting The company’s uranium exploration program spans two states (Figure 1) : South Australia: Lake Namba–Billeroo, Prospect Hill, Radium Hill Western Australia: Perenjori project near the Mid West Figure 1: South Australian and Western Australian project locations for uranium exploration. (source: Heavy Rare Earths Limited) Lake Namba–Billeroo and Prospect Hill Projects: Revisiting Forgotten Channels HRE’s Lake Namba–Billeroo and Prospect Hill projects focus on palaeochannel-hosted uranium systems, a model well-known for its potential in sedimentary environments. At Billeroo, passive seismic and gravity surveys now cover 35 km of palaeochannel length (Figure 2). These surveys revisit a zone last tested by a single drillhole in 1970. Figure 2: Location of Billeroo Palaeochannel passive seismic/gravity surveys, Lake Namba-Billeroo Project. (source: Heavy Rare Earths Limited) Prospect Hill spans 9.5 km of exploration ground within a setting favourable for Tertiary and Cretaceous-age palaeochannels (Figure 3). Figure 3: Location of passive seismic/gravity survey, Prospect Hill Project. (source: Heavy Rare Earths Limited) Previous drilling in the Namba Palaeochannel highlighted redox fronts and low-grade uranium anomalies. HRE is now interpreting historical drilling patterns to refine drill targets for the upcoming campaign (Figure 4). Figure 3: Location of selected historic drillholes in the Namba Palaeochannel and the uranium-rich Birksgate polymetallic prospect in a basement high, Lake Namba-Billeroo Project. Groundwater flow indicated by red arrows. (source: Heavy Rare Earths Limited) Radium Hill Project: Breathing New Life into Australia’s First Uranium Mine The Radium Hill project is steeped in uranium history, and HRE is now revisiting this classic district with modern tools and new objectives. Key updates include: Reconnaissance sampling at historic shafts and costeans Assay testing of unsampled 1961 drill core from Bristowe’s Prospect, 1.1 km northeast of the main Radium Hill mine Planned low-altitude airborne magnetic-radiometric survey along the projected northeast extension of the Radium Hill Line of Lode Figure 5: Location of reconnaissance sampling, previously unsampled drill core and planned airborne geophysical survey along projected northeast extension of line of lode, Radium Hill Project. (source: Heavy Rare Earths Limited.) This data compilation will inform structural and mineralogical interpretations to guide future drilling programs. Perenjori Project (WA): Pre-Drilling Work Begins The Perenjori project in Western Australia is progressing towards drill readiness. HRE has scheduled passive seismic surveys for March and is preparing for Ultrafine™ soil sampling across all three tenements (Figure 7). Figure 7: Location of planned passive seismic and soil survey areas at Perenjori Project. (source: Heavy Rare Earths Limited) All pre-drilling work is expected to be completed by mid-May 2025. What Comes Next? HRE is moving from early geophysical surveys to drill planning. Several key milestones are expected: Processed geophysical data will be available in April 2025. Assay results from the Radium Hill core are due in March 2025. An airborne survey at Radium Hill is scheduled for late March 2025. Drill targeting and approvals are planned for the second half of 2025 through early 2026. Concluding Comments from Samso This recent ASX release from Heavy Rare Earths Limited (ASX: HRE) is a clear indication that the company is now moving into the Uranium space and leaving behind the REE narrative. One of the positives of the uranium pathway compared to other commodities is that the future is to be created in Australia, or rather re-created. There is no doubt in my mind that the future for Australia's solution to our energy crises is nuclear. The global path is towards nuclear and this will become clear in the near future. The path of renewable energy will move away form base load energy provider and nuclear will take its rightful place as the energy source that will feed cities. This is the economical path and only time will drag Australians towards this place. From a company perspective, I have been waiting to see some real direction since the announcement of the Radium Hill acquisition in October 2024 (Acquisition of Three Highly Prospective SA Uranium Projects). The recent release does give us a good view of the direction. Pros and Cons Mineral exploration has a very difficult path to success and I am sure I am not telling any ASX investor anything new. The chances of success is in the sub 1% range and if we are opportunistic, we could extend that to a sub 5% range. The hard part for companies like HRE is to establish the existence of a potential to have an economic deposit in their tenements. The Radium, Hill area has a history for something that may resemble an economic mineralisation and being in South Australia means if it exist, HRE can actually have a mining project. This is one battle won for HRE. Similarly for their Northern Territory project, in terms of the ability to make it a mining project. I like Richard Brescianini and I think he is a realistic corporate participant. As I have repeatedly said, this is a very important aspect for retail investors. Retail investors, like Samso, are never the first to know the good or the bad news. To have a director that is balanced in his narration is a very important part for anyone interested in following the HRE story. Looking at the projects I think HRE is a good inclusion in a watchlist but as we are all not going to live forever, we should keep our eyes wide open and our ears close to the ground for now. Happy Investing and remember, always 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: AI-116 for Dementia: Further Positive Pre-Clinical Results and PCT Patent Filing Melbourne-based biotech innovator Algorae Pharmaceuticals (ASX: 1AI) is setting the stage for a game-changing therapeutic breakthrough with its combination drug candidate, AI-116, aimed at treating dementia and neurodegenerative disorders. Rewiring the Future of Brain Health In a world where dementia continues to challenge modern medicine, Algorae Pharmaceuticals has announced promising pre-clinical results for AI-116 — a novel combination of the widely used Alzheimer’s drug Donepezil and cannabidiol (CBD). This dual-action formulation is designed to offer enhanced neuroprotection compared to current single-agent treatments. Key Findings Superior Cell Protection: In lab tests mimicking dementia-like conditions, AI-116 outperformed Donepezil by a wide margin. In the presence of neurotoxic glutamate levels, AI-116 restored 53% of cell viability, compared to 42% for CBD alone and just 17% for Donepezil alone. Figure 1. Average percentage increase in cell survival relative to glutamate-treated control cells. Relative to the glutamate-treated toxic control, Donepezil (represented as AChEI) alone restored a mean of 17% of total relative cell viability, CBD alone restored a mean of 42% of total relative cell viability, and AI-116 at the optimal dosages restored a mean of 53% of total relative cell viability. (source: 1AI ASX Announcement, 31 July 2024) Genetic Insights: RNA sequencing revealed that AI-116 uniquely influenced 21 genes tied to major neurological disorders such as Alzheimer’s, ALS, Parkinson’s disease, and traumatic brain injury. This suggests broad-spectrum potential in treating various forms of dementia. Combatting Amyloid β Toxicity: AI-116 also demonstrated synergy in protecting cells from amyloid β (Aβ) toxicity, a hallmark of Alzheimer’s disease. The combination drug improved cell viability to 85.6%, versus 77.1% for CBD and 67.6% for Donepezil. Next Steps: Clinical Trials & Patent Protection With compelling pre-clinical data in hand, Algorae is now initiating clinical trial planning for AI-116, engaging with top dementia researchers. Meanwhile, the company has filed an international Patent Cooperation Treaty (PCT) application to secure intellectual property rights across global markets. Why It Matters Dementia affects over 55 million people worldwide and is projected to cost over $2.8 trillion annually by 2030. Current medications offer limited relief. AI-116’s dual-action approach may represent the next evolution in neurotherapeutics. Behind the Science Donepezil, an acetylcholinesterase inhibitor registered since 1996, boosts brain function by increasing acetylcholine levels. CBD, meanwhile, offers anti-inflammatory and neuroprotective benefits. By merging these mechanisms, Algorae aims to deliver a more effective solution. Samso’s Concluding Comments AI-116 is one of those stories that sits quietly under the radar until it suddenly isn’t. For the longest time, the dementia treatment space has seen incremental gains, but nothing truly game-changing. The market, with its eyes often on tech or trending biotechs, tends to ignore the slow-burn potential of companies like Algorae Pharmaceuticals. Now, with this recent pre-clinical data, AI-116 seems to be stepping into the light it has long deserved. The combination of Donepezil and CBD isn’t just clever—it’s strategic. The numbers speak for themselves, and when you start seeing modulation of key neurodegenerative genes, you know you're not looking at fluff science. What makes this particularly interesting is that the drug doesn’t just show better efficacy—it shows synergistic efficacy. That word, often thrown around too loosely, actually has merit here. It’s the sort of outcome that turns a known treatment into a potential platform technology. Filing a PCT patent at this stage tells me Algorae is not just playing in the lab; they’re positioning for global reach. That’s a move made by companies who understand the commercial landscape, not just the clinical one. This is the kind of story that will slip past most investors—until it doesn’t. Clinical trials will be the next hurdle, but for now, this looks like one of those early moments we’ll look back on and say, “That’s when it all started.” 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: Emyria Opens Second Empax Clinic to Meet Growing Demand and Payer Requirements Emyria Limited (ASX: EMD) embodies the fusion of compassionate care, groundbreaking science, and a market in dire need of change. Recently, the company has gained attention by uniquely creating a scalable, evidence-based model for psychedelic-assisted therapy within licensed medical settings in Australia. A Second Clinic—and a Strategic Footprint On April 14, 2025, Emyria officially opened its second Empax Centre at Perth Clinic, a premier private psychiatric hospital. This move increases treatment capacity by 50% and is a pivotal step in the company’s national expansion plan. Why is this significant? Because the Perth Clinic facility is licensed, it meets stringent criteria required by major health funders and insurers. In simple terms, this allows Emyria to deliver breakthrough care—such as MDMA and psilocybin-assisted therapy—to patients with treatment-resistant PTSD and depression, all under the watchful eye of a clinical governance structure that private payers demand. Emyria’s Executive Chairman, Mr. Greg Hutchinson, commented: “We are responding to growing patient demand and the expectations of major health funders,” “Our expansion into licensed hospital settings demonstrates Emyria’s capacity to deliver scalable, evidence-based mental health care treatments.” Why It Matters: The Mental Health Crisis Is Peaking Mental illness affects 1 in 2 people globally, and in Australia, the cost of mental health is soaring, now rivalling expenditure on cancer. PTSD alone affects over 1.1 million Australians, while treatment-resistant depression (TR-D) impacts over 2.3 million. The need for a new care model isn’t theoretical—it’s national. Emyria’s leadership recognised that not only is the mental health system under pressure, but also that new treatments, particularly psychedelic-assisted therapies (P-AT), could offer durable and transformative relief. Australia is currently the only country in the world to reschedule MDMA and psilocybin for authorised psychiatric use—an opportunity Emyria is uniquely positioned to harness. Durability and Data: The Proof is in the Outcomes One of the most compelling aspects of Emyria’s offering is its growing pool of real-world evidence. Patients in its PTSD program have shown consistent improvement on both symptom severity (PCL-5 scores) and quality of life (ReQoL scores) three months after active treatment ends. This isn’t just encouraging—it’s a paradigm shift. These results not only improve lives but help pave the way for policy change and payer support. Dr. Michael Winlo, Emyria’s Founder and Chief Scientific Officer, explains: “We’re building valuable real-world data assets in this emerging field—helping us improve our treatments, inform national care models, and support broader system adoption.” Hard to Copy, Easy to Scale Emyria’s delivery model is robust: Licensed hospital environments Specialist clinicians, including psychiatrists, psychologists, nurses, and occupational therapists Secure, pharmaceutical-grade medication supply Approved Authorised Prescribers by the TGA This framework isn't easy to replicate, which makes Emyria a rare breed on the ASX—a first mover with intellectual property, clinical traction, and market-ready infrastructure. Where Next? Following this Perth expansion, Emyria is actively negotiating with East Coast hospital groups to open more Empax Centres. While no agreements are final yet, the company’s ambition is clear: a national network of payer-supported clinics that can deliver precision mental healthcare at scale. With treatment costs averaging $20,000–$30,000 per patient and an estimated $36 billion addressable market, the potential is enormous. Samso’s Concluding Comments Emyria’s journey is not just about a new clinic—it’s about ushering in a new era of mental health care. They’re not following the trend—they’re building the infrastructure. The ability to pair treatment-resistant depression and PTSD patients with therapies that are scientifically backed, clinically supervised, and payer-supported is game-changing. We’re seeing the early blueprint of a national care model that could finally start closing the gaps in our fractured mental health system. With their focus on data, delivery, and durable results, Emyria has moved from being a bold idea to a real solution. It’s not often you see a small-cap ASX company building a moat this wide—and this meaningful. For investors looking at impact and scalability, this is a story to watch especially with a market capitalisation of just over AUD $17M. Looking at the share price chart below, that is current to the close of trade on the 16th May 2025, this could be good timing do to some serious DYOR. The use of psychedelic-assisted therapy is something very interesting as I was just in a conversation on the weekend with a friend who is presently undergoing the same treatment. Figure 1: The share price chart for Emyria Limited as of the close of trade on the 16th May 2025. (source: commsec). 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.

A discovery of a copper deposit usually comes with great excitement and is instinctively followed by narratives of great wealth generation. Over the recent decades, these discoveries are few, and the reality for investors is fueled with disappointments and rhetoric of false narratives from the explorers. The well-seasoned investors in this sector will know that copper has always been one of those commodities that teases investors with the promise of world-class returns. Yet, very few truly understand what a genuine copper discovery looks like. In my three decades of participating in "The Truman Show", I have seen so many headlines—"major intercepts", "new zones", "high-grade hits"—but as this Samso Insight will reveal, the devil is in the details. Escondida mine in Chile. (Source: BHP) The reality investors need to accept is that real discoveries that lead to an economic deposit are more of a rarity than the perception they create to comfort themselves. It is a fact of self-inflicted false narratives and misunderstanding rather than the misconception of messaging from exploring companies. The most important recognition investors need is to understand what a real discovery looks like, and not leave themselves open to disastrous investment positions. To add to the complexity of trying to figure out the whole "Economical Deposit" concept, one of the realities investors have to accept is that the depth at which new deposits are being discovered is getting deeper, and that adds to the financial disposition of whether the project will ever become a profit-making business. This thought is well documented in Figure 1, a graphical representation of the major discoveries since 1900 from the BHP website. Figure 1: As deposits are found deeper underground, accessing these resources becomes more costly and technically complex, ultimately impacting copper prices. To highlight this trend, Visual Capitalist partnered with BHP to show the depths and sizes of major copper discoveries found since 1900. (source: BHP) If you follow the link to Visual Capitalist, you will get a great write-up on these discoveries, and it is a good source of information to help understand the requirements of the modern-day exploration projects. Table 1: The 10 largest copper discoveries from 2014 to 2023. (source: S&P Global) Discovery Discovery Year Discovered By Country Copper in reserves, resources and past production (metric tonnes) Kamoa-Kakula (Kakula) 2014 Ivanhoe Mines DRC 19,840,147 Western Foreland 2017 Ivanhoe Mines DRC 4,959,000 Encierro 2016 Antofagasta PLC Chile 3,400,000 Cachorro 2015 Antofagasta PLC Chile 3,158,000 Winu 2017 Rio Tinto Australia 2,895,000 La Huifa 2014 Codelco Chile 2,430,000 Tatogga (Saddle) 2017 GT Gold Canada 2,173,159 Porvenir 2019 SolGold Ecuador 1,680,000 Llaguen 2019 Hudbay Minerals Inc. Peru 1,100,000 Jebel Ohier 2013 Qatar Mining Sudan 1,087,200 Marimaca 2016 Coro Mining 51%; Compa Minera Constanza 49% Chile 1,040,960 Elida 2020 Lundin Mining Peru 1,016,586 Chapada (Sauva) 2021 Lundin Mining Brazil 945,000 Julimar 2020 Chalice Mining Ltd. Australia 512,000 To add to the confusion and the complexities, the fact that you are featured as part of a list of a large deposit, as in Table 1, does not mean that you are an economical deposit. It is also prudent to remember that the time it takes to be an economical concept from discovery is normally measured in a decade, as a minimum, with some exceptions, and these are normally few and far between drinks (for the cricket fans). Figure 2: A diagrammatic representation of the copper regions and their share of copper deposits. (source: S&P Global). There is no doubt that South America is rich in copper deposits, as it is blessed with the perfect geology. The region is considered the King of Copper due to the abundance of naturally large-volume porphyry-style deposits. In terms of tonnage, 55.6%, or 730.9 million metric tons, of the copper in Figure 2 was discovered in Latin America. Exploration has primarily focused on Chile and Peru, which together account for 573.9 million metric tons, or 78.5%, of the copper found in Latin America. The top three largest discoveries in our list are from Chile (Collahuasi and Los Bronces Underground) and Peru (Cerro Verde), see Table 2. Table 2: The 20 largest copper discoveries from 1990 to 2023. (source: S&P Global) Coming back to our reality, let's have a look at some potential characteristics that are featured in known major copper discoveries. These examples are standout projects, and the idea is to understand what kind of numbers one should be looking for to visualise some form of economical discovery. The next part for your average investor is to look at the ASX announcements and then wonder if the results are any good. What makes a good result?. I ask that question many times, as nobody is an expert on every commodity or any project. What does a keen investor who has no geological background need to know? Let's see if we can dissect all those parts in this Samso Insight. Characteristics of Discovery Drillholes for Large Copper Deposits One of the most common mistakes that investors make is not understanding the facts that indicate a discovery and the type of information that indicates the possibility of an economic discovery. What is the difference between a drill intercept of 2m @100g/t Au or 100m @ 2g/t Au? Does a single drill, like with great results, a discovery? Or is multiple adjacent lines with good results a discovery? So let's try and make some sense of all the terminologies and the endless numbers. The following are chapters that will provide quick reference to the discussion. 1.0 Long Intercepts 2.0 High Grades (for Copper) 3.0 Shallow Depth - Maybe Not so now post 2025 4.0 Visual Cues in Core 5.0 Good Geological Context 6.0 What Does The Drill Core from a Major Copper Discovery Look Like? 7.0 An Example of a Good Copper Discovery. 7.1 The Kamoa-Kakula deposit in the Democratic Republic of Congo (DRC) 7.1.1 Interesting Notes 8.0 Other Notable Copper Deposits 9.0 Concluding comments from Samso. 10.0 Reference 1.0 Long Intercepts You often get very thick zones — 100 to 300+ meters — of mineralisation. The copper grades are relatively consistent over long intervals. For example, at Kamoa and Kakula (Katanga, DRC): Some early holes hit over 10% Cu over several meters, within broader zones of 2–3% Cu over hundreds of meters. The Olympic Dam intercepts are also measured in hundreds of meters. 2.0 High Grades (for Copper) Grades above 1% Cu over large thicknesses are already considered excellent. Some Examples: Kamoa and Kakula (Katanga, DRC) Kakula discovery hole: 11 meters @ 5.53% Cu within 36 meters @ 3.24% Cu (early drilling). The discovery Hole DD1450 at the Kamoa deposit intersected 13.05% copper over 22.3 meters (true thickness) at a 2% copper cut-off grade. This intersection included multiple one-meter intervals with copper grades exceeding 20%, with one interval reaching 40% copper. The mineralization begins at a depth of approximately 190 meters below the surface. [source: Mining Review Africa] The discovery Hole DD1124 at the Kakula deposit intersected 5.83% copper over 8.86 meters at a 2.5% copper cut-off grade, including a 6.14-meter interval at 6.84% copper. This discovery extended the known mineralized system at Kakula by approximately 800 meters, bringing the total strike length to about 11 kilometers. [source: Mining Review Africa] DKMC_RC159 intersected 12m @1.32% Cu associated with malachite and native copper. [3] (Figure 3) DKMC_RC177 intersected 6m @5.01% Cu. [3] (Figure 3) Later holes: 8% Cu over 20–30 meters! Figure 3: Diamond drill section 8811900N through the Kamoa deposit west of the Kamoa dome, looking north. Note the gently dipping strata, strattiform nature of mineralisation. (source: Broughton and Rogers 2010) Olympic Dam, South Australia, Australia At the Olympic Dam discovery, RD1, drilled in July 1975, intersected 38 m @ 1.05% Cu, 70 ppm U3O8, 0.27 g/t Au, 3.5 g/t Ag at a depth of 353 m beneath the surface (Roberts and Hudson, 1983) High-grade mineralisation was not intersected again until 15 months after RD1, in drill hole RD10, which intersected 170 m @ 2.09% Cu, 630 kg/t U3O8, 0.65 g/t Au, 3.1 g/t Ag. Degrussa Copper Mine, Western Australia, Australia. In 2009, the Degrussa copper project released the following results, 47m @ 5.3% Cu, 2.01 g/t Ag and 1.0% Zn from 93m (DGRC105) 22m @ 3.6% Cu, 3.8 g/t Au and 13.4 g/t Ag from 96m (DGRC101) 18m @ 2.9% Cu, 13.0 g/t Ag, 2.1% Zn, 1.0 g/t Pd from 126m (DGRC101). Escondida Porphyry Copper Deposit, Atacama Desert, Northern Chile First hole, RDH-6, on the northern slopes of the Cerro Colorado, intersected 241 m of strongly leached capping before passing through 51 m of supergene chalcocite averaging 1.51% Cu, underlain by an additional 0.68% Cu enrichment zone and into a high pyrite/chalcopyrite primary zone. The second hole, RDH-7, on the southern slopes of the hill passed through 137 m of leached cap, and then into 73 m of secondary chalcocite averaging 0.68% Cu, 55 m at 1.52% Cu and 37 m of 0.68% Cu. The third hole, RDH-8 was further south again and over the best of the surface leached capping indications. It detected a 22 m thick interval of copper oxides assaying 0.8% Cu and an underlying 25 m of 0.67% supergene copper sulphide. The final hole in this program, between RDH-6 and 7, and a little further east, penetrated 365 m of intensely leached capping, before intersecting 91 m of supergene sulphides averaging 1.30% Cu. 3.0 Shallow Depth - Maybe Not so now post 2025 Ideally, in the past, discovery holes should have found mineralization near surface or within 300m downhole, although this may be a characteristic of a few decades ago. The analogy in Figure 1 is now more the normality than not. The idea of having a shallow deposit was that it would be cheaper to mine; however, as I have mentioned, this is now more about the grade and the length of interception. 4.0 Visual Cues in Core Copper sulphides dominate, especially minerals like: Chalcocite (Cu₂S) — bright steel-grey colour, very high copper content (~80% Cu). Bornite (Cu₅FeS₄) — purple to iridescent colours ("peacock ore"). Chalcopyrite (CuFeS₂) — brassy yellow colour. Massive or semi-massive textures — meaning much of the rock is made up of copper minerals. Veinlets, replacements, disseminations are also common. 5.0 Good Geological Context The discovery holes usually intersect: Favourable stratigraphy (certain sedimentary layers). Structural traps (like folds or faults). Strong alteration (silica, carbonate, chlorite) surrounding mineralisation. 6.0 What Does The Drill Core from a Major Copper Discovery Look Like? In early discovery holes from Kamoa-Kakula (and similar deposits): You’d see thick sections of core looking dark and metallic from the chalcocite or bornite. Figure 4: A sample of core from Sandfire Resources Limited (source: Sandfire Resources Limited ) Veins and massive sulphide zones can be several centimeters to tens of centimeters thick (Figure 4). High copper content zones often look "heavy," reflective, and may even leave a metallic mark on your fingers when handling the core. 7.0 An Example of a Good Copper Discovery. 7.1 The Kamoa-Kakula deposit in the Democratic Republic of Congo (DRC) One of the most significant copper discoveries in the past 30 years is the Kamoa-Kakula deposit in the Democratic Republic of Congo (DRC). Discovered by Ivanhoe Mines in 2014, Kakula is recognized as the largest copper find of the past decade, containing approximately 19.8 million tonnes (Mt) of copper with an exceptionally high grade of 2.58%. Combined with the earlier Kamoa discovery in 2008, which holds about 25 Mt of copper, the Kamoa-Kakula project ranks among the world's largest undeveloped copper resources.​ The Kamoa-Kakula mine commenced production in 2021 and is projected to become the world's second-largest copper mine upon full expansion, with peak annual output exceeding 700,000 tonnes of copper. Its high-grade ore and shallow depth make it one of the most economically attractive copper mining projects globally. These discoveries have significantly contributed to global copper resources, addressing the increasing demand driven by technological advancements and the transition to renewable energy. 7.1.1 Interesting Notes Kamoa Deposit (2008): Discovered by Ivanhoe Mines' geologists, the Kamoa deposit is a near-surface, flat-lying, stratiform copper deposit. At the time of discovery, it was considered the largest high-grade copper discovery in Africa and the world's largest undeveloped high-grade copper deposit. ​ Kakula Deposit (2016): Approximately 5 km southwest of the Kamoa deposit, the Kakula deposit was discovered. It is characterized by its ultra-high-grade, shallow, and flat-lying stratiform copper mineralization, making it ideal for low-cost mechanized mining. 8.0 Other Notable Copper Deposits Resolution Copper (USA): Discovered in 2002 in Arizona, this deep underground deposit is expected to supply up to 25% of U.S. copper demand over a 40-year lifespan. It holds an estimated 27 MMt of copper but faces environmental and regulatory challenges. Oyu Tolgoi (Mongolia): Discovered in 2001, this mine is one of the largest copper and gold deposits globally, with an estimated 2.7 MMt of copper. It began production in 2013 and is a joint venture between Rio Tinto and the Mongolian government. Timok (Serbia): Discovered in 2012, the Timok deposit contains approximately 16 MMt of copper and is notable for its high-grade ore and potential for rapid development. 9.0 Concluding comments from Samso. The discovery of a copper deposit is without doubt a great prize for any company, and with a global narrative calling for more copper, this is as close you can come to finding the holy grail of mineral exploration. I have tried to keep my blog as simple as possible and used examples that are as definitive to being a world-class discovery. The Kamoa-Kakula example serves as the benchmark of what defines a copper discovery in the modern age. The discovery of Escondida serves to show that a "low-grade" copper deposit mixed with the right ingredients is just as appetising. It is never just about a single high-grade drillhole—it’s about continuity, scale, context, and the right rocks. Long intercepts with consistent grade, strong geological frameworks, and the ability to deliver economic extraction are what separates geological noise from genuine discovery. As investors, the message is clear: be wary of the hype and be smarter with due diligence. The path from drillhole to production is long, complex, and often paved with many false dawns. Learn to read between the lines and recognise the signs of a true discovery. After all, in a world where copper is the bloodline of electrification, the rewards for getting it right are significant—but only if you can tell signal from noise. One must always know and accept that copper is not a hidden treasure; it is one that teases investors with its geological charm and financial seduction (Check out Hot Chili Limited (ASX: HCH). Yet, what this Samso Insight reinforces is the clear distinction between a “drill hit” and a genuine discovery. Too often, market excitement is drawn from shallow headlines and not the substance of what makes a mineral system truly economic. The takeaway here is simple — discoveries like Kamoa-Kakula, Olympic Dam, or DeGrussa did not emerge overnight, nor were they proven by one drill hole. They were built on consistent data, long intercepts, grade continuity, and most importantly, strong geological context. That is the bar. If an investor wants to understand copper exploration, they must become comfortable with the language of geology, not just the excitement of assay results. Samso always reminds the market that exploration is a process, not a product. Discovery is the start of a journey, not the end. If you are investing based on a headline, step back and ask: Does it resemble what a real copper discovery has historically looked like? If not, you may be funding a drill program, not a mine. 10.0 Reference Kinkela, Jai & Ziramov, Sasha & Dzunic, Aleksandar & Urosevic, Milovan & Hilliard, Paul. (2014). Seismic Exploration for Volcanogenic Massive Sulphides - The DeGrussa Copper-gold Mine, Western Australia. ASEG Extended Abstracts. 2015. 10.3997/2214-4609.20140503. Hawke, Margaret & Davidson, Garry & Meffre, Sebastien & Hilliard, Paul & Large, Ross & Gemmell, Bruce. (2015). Geological Evolution of the DeGrussa Cu-Au-Ag volcanic-hosted massive sulfide deposit, Western Australia. D. W. Broughton, T. Rogers, 2010. "Discovery of the Kamoa Copper Deposit, Central African Copperbelt, D.R.C.", The Challenge of Finding New Mineral Resources: Global Metallogeny, Innovative Exploration, and New Discoveries, Richard J. Goldfarb, Erin E. Marsh, Thomas Monecke 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.

Alterity Therapeutics Limited (ASX: ATH, NASDAQ: ATHE) has unveiled compelling Phase 2 clinical trial data for its lead drug candidate, ATH434—a major advancement in treating Multiple System Atrophy (MSA). The findings were presented at the prestigious European MSA Symposium in London, drawing attention from global experts in neurodegenerative research. What is MSA? Alterity Therapeutics Limited is a rare, rapidly progressing neurological disorder affecting movement and involuntary functions. It involves: Slowed movement, rigidity Autonomic dysfunction (blood pressure, bladder control) Progressive loss of coordination Accumulation of α-synuclein in the brain There are currently no approved treatments that slow disease progression. ATH434 – A New Class of Treatment Targeting the Underlying Pathology ATH434 is an oral iron chaperone designed to correct abnormal iron metabolism in the brain, a driver of oxidative stress and protein aggregation in MSA (Figure 1). Figure 1: Excess labile iron and alpha-synuclein aggregation driving MSA pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) How It Works: ATH434 reduces the buildup of α-synuclein, a harmful protein linked to MSA. It cuts oxidative damage by up to 80%, helping protect brain cells. The drug has shown effectiveness in animal models of both MSA and Parkinson’s disease (Figure 2). Figure 2: Development Approach: Address Underlying Pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) The ATH434-201 trial enrolled 77 patients for 12-month treatment across three arms: placebo, 50 mg BID, and 75 mg BID. Assessments included motor function scales, patient-reported outcomes, MRI, and wearable sensor data. Here’s what the trial revealed: ✅ Clinical Efficacy 50 mg dose: Achieved a 48% reduction in disease severity (p=0.02) using the UMSARS I scale. 75 mg dose: Showed a 30% reduction, though not statistically significant. Clinical Global Impression of Severity scores also improved significantly at 50 mg (p=0.009). ✅ Patient-Reported Benefit ATH434 users improved on symptoms of orthostatic hypotension, while placebo patients worsened by ~6 points. Wearable sensor data showed increased daily activity, including walking and standing time, especially at 50 mg. ✅ Brain Imaging & Biomarkers MRI scans confirmed that ATH434 stabilized or reduced iron accumulation in MSA-affected brain regions (Figure 3). Trends in reduced brain atrophy were also observed, indicating potential neuroprotection (Figure 4). Figure 3: Change in Iron Content by MRI (QSM) (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) Figure 4: ATH434 Demonstrated Trends in Reduced Brain Atrophy Change from Baseline in Brain Volume – MSA Atrophy Index^ (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) ✅ Well-Tolerated/Safety Profile Side effect profiles were similar across placebo and treatment groups. No serious adverse events were linked to ATH434. Why It Matters These results position ATH434 as one of the most promising candidates in development for MSA. Not only does it demonstrate clinical benefits, but it also engages its target in the brain, a key benchmark for neurological drugs. Alterity CEO Dr. David Stamler emphasized the significance: “The strong clinical efficacy and novel mechanism of ATH434 was well received by leading experts. We’re motivated to continue advancing this therapy to improve the lives of individuals with MSA.” With Orphan Drug Designation secured in the U.S. and Europe, Alterity is moving forward with an open-label Phase 2 biomarker study in more advanced MSA cases. The path to a potential breakthrough treatment is becoming clearer. What’s Next for ATH434? Second Phase 2 trial ongoing in advanced MSA Orphan Drug Designation granted in U.S. & Europe Broader potential for Parkinson’s disease and related disorders Concluding Comments from Samso The biotech sector is a new place for Samso, but as an investment, the principles are similar to the thinking process in mineral explorers. The steps to success are pretty much the same, but the commercialisation part may be faster and simpler for the biotech sector. In terms of Alterity Therapeutics’ latest Phase 2 results, this stage marks a significant step forward in the treatment of Multiple System Atrophy. The success of the trials for ATH434, assuming that they continue to move in the right direction, will shape up to be a real game-changer in the fight against MSA. For all those readers out there who can connect with what a medical solution to something like MSA, it's a bonus for the patient and the carers. The frustrating part is the time taken for distribution to be approved, and ultimately, the cost of the drug. In terms of an investment option, I think that any successful drug trial that leads to being marketable will be a multi-bagger. The market capitalisation of the company is currently over AUD $100M. Could this be one biotech story that could turn science into a serious impact? I am not well-versed enough to make that call. At this stage of Samso's journey into the biotech sector, this review is a way to educate Samso on the sector and increase our participation in the sector to bring more informed thoughts and understanding of the sector to the investing community. Happy Investing 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.

Actinogen Medical Limited (ASX: ACW) is advancing one of the most promising neuroscience drug candidates in the global biotech pipeline. With its novel oral drug Xanamem® (emestedastat), the company is targeting two of the largest and most urgent unmet needs in modern medicine: Alzheimer’s disease (AD) and Major Depressive Disorder (MDD). The company’s unique approach of controlling brain cortisol levels offers a fresh mechanism of action that stands out in the crowded field of central nervous system (CNS) therapeutics. Why Cortisol? Why Now? Figure 1: Xanamem is a small molecule tissue cortisol synthesis inhibitor (11β-HSD1 enzyme) (Source: ACW Corporate Presentation February 2025) Excess cortisol in the brain is increasingly recognised as a key driver of neurodegeneration and depression. Oral Xanamem® selectively inhibits the enzyme 11β-HSD1, reducing tissue cortisol synthesis in the brain without impacting adrenal cortisol production. This makes it the first and only brain-penetrant cortisol controller in clinical development—a significant competitive edge. Over 400 patients treated with strong safety results Low drug interaction risk—ideal for combination therapy First-in-class oral drug designation with WHO-assigned INN: emestedastat Alzheimer’s Disease: Early Signals of Disease Modification Alzheimer’s remains one of the most difficult neurological diseases to treat, with current therapies offering only modest benefits. In contrast, Actinogen’s Phase 2a trial showed that Xanamem slowed disease progression in biomarker-positive AD patients, measured by changes in the gold-standard CDR-SB scale. pTau181-positive patients experienced clinically meaningful slowing of decline Interim data from the larger Phase 2b/3 XanaMIA trial is expected in Q4 2025, with final results in H2 2026 This trial includes 220 patients across Australia and the US and aims to build a regulatory pathway with the FDA and EMA already engaged. Depression: A Safe, Oral Option with New Potential The Phase 2a XanaCIDD trial in moderate MDD delivered clinically and statistically significant results on key endpoints: MADRS (depression severity) scores showed improvement from Week 6 Patients on Xanamem had better outcomes when combined with SSRIs Low side effect burden—no evidence of suicide risk or withdrawal syndrome With over 365 million antidepressant prescriptions written annually, the demand for well-tolerated alternatives with novel mechanisms is massive. Actinogen’s once-daily, brain-penetrant Xanamem could fill this gap. Backed by Science, Protected by Patents Core composition-of-matter patent protection through 2031 (extendable to 2036) 5–10 years of data exclusivity depending on the jurisdiction Patents covering manufacturing, use in depression and prevention in cognitively normal individuals Corporate Highlights Actinogen (ASX: ACW) is a well-funded biotech company with a market cap of approximately $100 million and $22.9 million in cash as of December 2024, providing runway into mid-2026. Key shareholders include Biotech Value Fund (~7%) and CEO Dr. Steven Gourlay (~5%), reflecting strong internal and institutional confidence. The company is led by a highly experienced board and executive team with deep expertise in biotech, pharma, and central nervous system disorders. including:  Dr. Steven Gourlay – CEO & MD, ex-Roche/Genentech  Dr. Dana Hilt – CMO, veteran neurologist & CNS trial expert  Andy Udell – CCO, commercial strategist with US/EU pharma experience  Dr. Geoff Brooke – Chairman, biotech investor & founder Upcoming Milestones to Watch ✅ FDA Type C meeting (MDD) – Q1 2025 ✅ First patient in US Alzheimer’s trial – Q4 2024 ✅ 100th patient enrolled (XanaMIA) – Q2 2025 ✅ Peer-reviewed publications – throughout 2025 🔜 Interim Alzheimer’s trial data – Q4 2025 🔜 Final Alzheimer’s and MDD Phase 2 trial results – H2 2026 The Takeaway for Investors Actinogen is entering a critical window of value creation. With positive Phase 2a data in both AD and MDD, strong patent protection, a unique mechanism, and no direct competitors, Xanamem may represent a transformative asset in CNS therapeutics. Upcoming data readouts and regulatory interactions could serve as major catalysts for the company (Figure 2). Figure 2: Strong cortisol control scientific rationale to address huge unmet medical need. (Source: ACW Corporate Presentation February 2025) As the global burden of Alzheimer’s and depression grows, Actinogen’s science-driven approach could deliver not just returns, but real change. Executive Perspective Dr. Steven Gourlay, CEO of Actinogen, commented: “The first quarter of 2025 was a busy period for the team as the XanaMIA trial accelerated and many essential initiatives commenced in parallel with the trial, designed to prepare the Company for partnering and eventual marketing approvals. I was particularly pleased with the positive and clear outcomes from our Type C meeting with the FDA on MDD that provided excellent guidance for the Xanamem program.” Concluding Comments From Samso Actinogen Medical is emerging as a key player in neuroscience with its novel drug Xanamem®, targeting Alzheimer’s and depression by safely reducing brain cortisol. Backed by promising clinical results, strong patent protection, and an experienced leadership team, the company is entering a critical phase with upcoming trial milestones. Samso sees Actinogen as a well-positioned biotech with real potential to deliver both investor value and transformative patient outcomes. The current market capitalisation of AUD $86M would make this more than a punt but one needs to fully understand the potential pathway ahead. It goes without saying that a potential medial solution to Alzheimer’s disease and Major Depressive Disorder would propel the company's valuation. This is the most obvious decision making process. The fundamental parts of funding, having significant shareholder credibility, proven patents and a clear pathway to FDA approval with final trials is something that is very promising. This is the kind of story we love to follow. One that merges solid science, smart strategy, and a path to real-world solutions. 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: Gidji Drilling Delivers More Gold Results Gold is back in the Eastern Goldfields—and so is Miramar Resources (ASX: M2R), which is now back in town. In my opinion, the return to Gidji is the right path for M2R. Gidji is one of those projects that requires completion. A complete exploration of all potential options to discover that economic deposit. The latest results from Gidji Joint Venture (JV) Project, located just 15km north of Kalgoorlie, reinforce the project's potential to host a major new gold camp and come as the Australian dollar gold price surges past A$5,000/oz. Project Location The Gidji JV is strategically located along the Boorara Shear Zone, a proven structural corridor with multiple gold operations nearby, including Northern Star Resources’ Kalgoorlie assets (Figure 1). Figure 1: Gidji JV Project (yellow outline) and Boorara Shear Zone (white), near Kalgoorlie (source: M2R ASX Announcement on 12 May 2025) Why This Matters The latest drilling expands the supergene gold footprint at the high-priority Blackfriars target, an area that shares key geological characteristics with the multi-million-ounce Paddington deposit. Miramar’s Executive Chairman, Mr. Allan Kelly, commented: “The new results increase the footprint of the high-priority Blackfriars target, which shares several similarities to the multi-million-ounce Paddington gold deposit along strike to the north, including its location at the contact between the Boorara Shear Zone and the Black Flag Beds,” “This is the first systematic drilling at Gidji after a break of almost 3 years whilst, at the same time, the Australian dollar gold price has risen from $2,500/oz to well over $5,000/oz.” Drill Intercepts Miramar released results from the first 34 aircore holes of a 180-hole campaign. While grades are modest, several intercepts hint at a growing, consistent mineralisation: GJAC955: 1m @ 4.45g/t Au (paleochannel gold) GJAC944: 1m @ 2.01g/t Au GJAC932: 2m @ 1.96g/t Au GJAC960: 2m @ 1.12g/t Au (end-of-hole, open to east) Additionally, strong silver values were encountered: GJAC945: 2m @ 0.75g/t Au with 8.68g/t Ag GJAC943: 1m @ 0.53g/t Au with 4.38g/t Ag These numbers may seem small in isolation, but within the context of widespread supergene mineralisation across multiple targets, they carry weight (Figure 2). Figure 2: New aircore drilling results (squares) and previous drilling (circles) (source: M2R ASX Announcement on 12 May 2025) The Bigger Picture This is the first major drill program at Gidji since 2022. The flat-lying supergene gold zones being intersected are hosted below the Gidji Paleochannel, suggesting the potential for more significant bedrock-hosted mineralisation beneath. Since 2020, Miramar has: Unlocked multiple new gold zones through systematic aircore drilling Identified bedrock targets for deeper drilling Demonstrated large-scale mineralisation potential in an underexplored terrain Strategic Advantages Infrastructure: Close proximity to operating mills and gold mines Underexplored: Gidji has remained hidden due to transported cover and paleochannel masking Aggressive strategy: Miramar is leveraging historic data with modern exploration techniques What’s Next? Completion of the current 180-hole aircore campaign Targeting high-grade bedrock zones with RC and diamond drilling Assessing scale and continuity of new mineralised zoneshttps://youtu.be/uF2RPWPEXJw?si=QELGfFZBjje6DR5h With the Australian gold price pushing new highs and interest growing in the Kalgoorlie region, Miramar is positioning itself for a potential breakthrough. Samso’s Concluding Comments Gidji is one of those projects that was left behind, mainly due to the total disinterest in a gold project when the whole market was only interested in lithium. As a practitioner in this market on the corporate level, I am pretty sure that Allan had no choice but to leave Gidji in preference for the "other" commodities. The "Force" to look for the "Critical Minerals" would have been overwhelming. It is now funny that the major asset in the company that was neglected because the market sentiment was lithium and REE is now back in focus. I am glad the focus is now back on Gidji JV. I have mentioned, and you would have heard Allan make this comment many times about the Gidji JV project, "this is the cheapest house on the best street". The Gidji JV ticks many boxes—location, structure, scale, and now with a rising gold market, it is back in fashion. It should never have been taken out of fashion, as the previous exploration results gave no doubt that there exists a prize that is yet to be recovered. The recent results are evidence that the consistency of the exploration success is remarkable. Time and funding are needed to make this either a discovery or a sterilising program. One could not walk away from this project, confirming all the options. Coffee with Samso: The Gidji Story - Miramar Resources Limited (ASX: M2R) - Coffee with Samso - Episode 146 The Miramar Story - Miramar Resources Limited (ASX: M2R) - Episode 146 Rooster Talk: Discovery of the Primary source at Gidji : Miramar Resources Ltd (ASX: M2R) - Rooster Talk 63 A New Gold Camp in the Kalgoorlie Goldfields - Gidji Gold Project - Miramar Resources Ltd (ASX: M2R) Miramar Resources Ltd (ASX: M2R) Exploration Update: Gidji - Glandore - Whaleshark - Rooster Talk To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: High-Grade Drilling Intercepts From Southern Zone At KGP Key Highlights 33 RC holes for 4,116m drilled across the Southern Zone (Dingo & Lukin) and Grasmere. Dingo delivers standout results, with intercepts like: 10m @ 10.55g/t Au from 42m (including 2m @ 50.57g/t Au) 22m @ 2.16g/t Au from 117m (14m @ 3.03g/t Au) 11m @ 2.80g/t Au from 49m (6m @ 4.82g/t Au) Lukin drilling confirmed low-grade shallow mineralisation but no new lodes. Grasmere Prospect returned broad, shallow anomalous mineralisation, confirming prospective geology. Datatine and Stanley Thrust drilling now underway, with results expected in the coming quarter. Figure 1: – KGP Resource1 areas with a selection of drilling results; see Figures 2 & 5 for smaller-scale maps of Dingo and Lukin. Ausgold Limited (ASX: AUC) has unveiled a set of exceptional drill results that underscore the growing promise of the Katanning Gold Project (KGP) in Western Australia (Figure 1). The latest Reverse Circulation (RC) drilling campaign—part of a broader 19,000m program—has returned standout high-grade gold intercepts from the Southern Zone and strong geological confirmations at the Grasmere prospect. Dingo: High-Grade Intercepts Could Reshape the Resource Figure 2 – Geological map of the Dingo Resource area displaying new drilling and an outline of the A$4000 Pit Shell Once considered a modest contributor, Dingo is quickly emerging as a potential game-changer (Figure 2). The recent drilling has intersected zones of high-grade mineralisation above historical averages, reinforcing Ausgold’s confidence in expanding and upgrading the existing 434koz @ 0.94g/t Au resource. “The grade and width of the results from Dingo is particularly encouraging,” noted Executive Chairman John Dorward. “These high-grade and shallow intercepts indicate the potential for a more meaningful contribution to the overall project.” Lukin: Steady but Modest Figure 3 – Geological map of the Lukin prospect (KGP) Southern Zone with new drilling and results highlighted Drilling at Lukin focused on both extending the existing resource and exploring for new lodes (Figure 3). Results remained consistent with previously defined shallow mineralisation, but no new significant lodes were intersected. Despite this, potential still exists in untested southern extensions, although Ausgold is now shifting its near-term focus to higher-grade targets elsewhere, including Datatine and Jinkas. Grasmere: Confirmation of Host Stratigraphy Figure 4 – Prospect-scale geological map of the Grasmere Prospect with drilling Located 7km southwest of Dingo, the Grasmere prospect (Figures 4 and 5) revealed a promising 8km gold-in-soil anomaly. The first phase of EIS co-funded drilling confirmed the presence of KGP-style host rocks and returned shallow intercepts of up to: 3m @ 0.31g/t Au (incl. 1m @ 0.52g/t) 9m @ 0.13g/t Au 6m @ 0.16g/t Au Figure 5 – Prospect-scale geological map of the Grasmere Prospect with drilling. Near-Term Catalysts (1H 2025): Results from high-grade drilling at Datatine (intercepts >4g/t Au) (Figure 5) Results from regional prospects along the Stanley Thrust Feasibility Study updates for the KGP Land tenure and access updates Concluding Comments from Samso The latest results from Ausgold demonstrate a significant uptick in the resource potential of the Katanning Gold Project. With high-grade, shallow intercepts at Dingo and ongoing drilling at Datatine and across regional targets, the company is strategically positioned to deliver meaningful resource growth and economic upside. As I mentioned in my article (AusGold Limited (ASX:AUC) - The Making of A New Boddington Gold Miner - The Katanning Gold Project), I am confused as to why this aspiring gold company is not closer to being a producer. Ausgold now has a market capitalisation of just under AUD $190m, which would make this company "cheap" with the potential upside. Figure 6: The Ausgold Limited share price chart. (source; commsec) Looking at the share price journey (Figure 6) of the company, it has been a real steady rise to AUD $0.53 (01/05/2025). I think the rising gold price (Figure 7) is making any companies like Ausgold a prime target, especially when the rest of the market is suffering. The key now is the upcoming Feasibility Study that is expected soon. What is a good point to remember is that these drilling results are confirming the consistency of results, and the preparation for a future resource is not a bad thing. Figure 7: Gold Price chart over the last 5 years. (source: Trading Economics) The big question is now that Trump is "back-peddling" or is now "making deals", will the rising gold price start to recede? If it does, how far will it head back? Remember that when lithium was running, many investors felt that it was a situation that would have no negatives and look at it now. The gold price now looks strong and undefeatable, but I have seen it go from USD 420 to USD 252 in 1999. Figure 8: Gold price in 1999. (source: www.sdbullion.com) What I have learnt in the investing game is that you are either a long-term investor or you better be the one who creates and manages the weather. If you are not both, you will get soaking wet when the storm comes and badly burnt when the heat rises. A long-term investor has a long average curve that protects them from the volatility. Happy Investing. 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.

As the world hunts for sustainable solutions to climate-smart agriculture and plant-based protein, a little-known legume is stepping into the global spotlight: the lupin. Long treasured in Australia and just beginning to take root in China, this high-protein, soil-healing seed may be the agricultural game-changer we didn't know we needed. Why Lupins Matter Lupins (genus Lupinus) are a hardy, nitrogen-fixing crop with an impressive resume. They thrive in poor soils, reduce reliance on synthetic fertilisers, and offer nutritional benefits for both humans and animals. With their low glycemic index and high fibre and protein content, lupins are increasingly considered a "super pulse" in sustainable farming circles. Western Australia alone cultivates roughly 85% of the world's narrow-leafed lupins (Lupinus angustifolius) (Figure 1), exporting much of it to Asia, particularly China. Now, thanks to growing demand and increasing research, both regions are poised to benefit from the bean’s full potential. Figure 1: (a) Lupin plant; (b) Seeds of white lupins. (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) The Nutritional Power of the Australian Lupin Australia’s sweet lupin is unique. Unlike typical legumes, it's virtually starch-free and boasts a protein content of around 40%, higher than most other commonly consumed legumes. Rich in dietary fibre, antioxidants, and healthy oils, lupins can improve gut health, regulate blood sugar, and support cardiovascular wellbeing (Table 1). Table 1: Nutritional and bioactive properties of white lupin (L. albus) (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) Australian Lupin Bean kernels contain around 40% protein—making them the highest among commonly consumed legumes. Their cotyledon cells feature protein bodies 5 to 25 µm in size, composed of about 73% protein dry solids, distributed throughout the cytosol (Figure 2). Their protein bodies are composed mainly of α and β conglutin, while a special variant, γ conglutin, shows promise as an insulin-mimetic—suggesting a role in diabetes management. This biochemical makeup not only makes lupins nutritionally superior but also opens doors to functional food applications. Figure 2: Periodic acid schiff (a) and toluidine blue (b) stained sections of Australian Lupin Bean cotyledon showing thickened cell walls of the mesophyll cells [pink in (a), blue in (b)] and protein bodies within these cells [blue in (a), faint translucent in (b)]. (source: ©2023 Sweet Lupin Western Australia Inc.) China’s Soil and the Lupin Opportunity Faced with increasing soil degradation and an urgent need for sustainable protein, China is eyeing lupins as a dual-purpose crop—for both soil regeneration and food production. Trials of L. angustifolius in various Chinese provinces show potential, though challenges Among the hurdles: alkaline soils, sensitivity to temperature extremes, and diseases like anthracnose (Figure 3a) and phomopsis blight (Figure 3b) damage stems and lower seed quality, and root rot can kill the plants (Figure 4c). Figure 3: (a) Anthracnose, (b) Phomopsis stem blight (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) Figure 4: (a) White rot of lupins, (b) Rust, (c) Root rot. (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) However, Chinese researchers are rising to the occasion—sequencing genomes, mapping genetic diversity, and studying phosphorus adaptation to improve local varieties. Despite these challenges, China already accounts for 34% of global lupin imports and is positioning itself to scale domestic production through policy, biotech, and education. Going Global: Australia’s Lupin Leadership To promote its agricultural crown jewel, Australia has launched aussielupins.org.au, a one-stop hub supported by the Sweet Lupin Association of Western Australia, the DPIRD (Department of Primary Industries and Regional Development), and the Future Drought Fund. The website is brimming with recipes, nutritional data, and scientific research aimed at farmers, chefs, and health-conscious consumers alike. With its sandy soils, ideal climate, and research-backed approach, Australia is uniquely positioned to lead the world in lupin innovation—whether as food, livestock feed, or soil-enhancing green manure. Lupins are grouped into Old World species (like L. albus, L. angustifolius, and L. luteus) and New World varieties (L. mutabilis, L. polyphyllus), with their genetic diversity centered around the Mediterranean and Andean regions (Figure 5). Figure 5: Groupings of Lupins based on the origin and centre of diversity (Wolko et al., 2010). (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) According to the Food and Agricultural Organization, global lupin cultivation covered almost 1 million hectares in 2022, producing approximately 1.645 million metric tons (Figure 6). Figure 6: Production of Lupins by countries in 2022 (FAOSTAT, 2023). (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) Although lupins accounted for only 0.3 % of global legume output from 2012 to 2022, production has climbed steadily—up 38 % between 2018 and 2022—suggesting rising demand. Australia leads this growth, with Poland, Russia, and Spain trailing, capitalising on lupins’ ability to flourish in sandy, acidic soils where the crop also serves as green manure, fodder, and an erosion-controlling soil improver (Figure 7). Figure 7: Proportion of Lupin production of all the legumes produced worldwide in the A-Last decade, B- Last 5 years e, C- Top 10 producers of lupins in last 5 years. (source: Legume Research- An International Journal, Volume 48, Issue 3: 367-375 - March 2025) A Small Bean with Big Impact In just a few years, lupins have transformed from an obscure rotation crop into a symbol of regenerative agriculture and plant-powered nutrition. Their rise is a testament to international collaboration, scientific curiosity, and a growing global appetite for sustainable solutions. Whether you’re in Beijing or Perth, lupins represent a smarter way to feed the future—one bean at a time. Concluding Comments from Samso At Samso, we see the lupin story as a powerful example of how smart science, sustainable agriculture, and international collaboration can converge to create real-world impact. Australia's leadership in lupin cultivation—backed by robust research, supportive policy, and global partnerships—offers a blueprint for how underutilised crops can unlock value far beyond their local roots. China’s exploration into lupin farming underscores a broader trend: the search for climate-resilient, protein-rich crops that regenerate soil and support food security. While the momentum for growing lupin in China is undeniable, it is another thing to deny the natural flow of biology. Re-creating the environment to add nutrients or to create a lack of nutrients required for lupin growth is not an easy task. As much as the growth in understanding of lupin in China is undeniable, it is equally unrealistic to think that the creation of a soil chemistry that will allow the perfect growing environment will be created. Nature does not work that way. The unique nature of the lupin chemistry as a plant is challenging enough. Like the mineral commodity, one cannot simply recreate the mineral deposits. You can create chemicals to eliminate pests, but changing the soil chemistry for growing a commercial acreage is another phenomenon to overcome. One could argue that you could glasshouse the planting process, but the business of lupin is a large acreage-scale business. The cost to achieve this process would seem to be a high barrier to creating an economical produce. Here are some key points to consider if one is to consider using greenhouses to grow lupins: Initial Investment: Setting up a glasshouse facility can be a significant initial investment. Energy Costs: Heating and cooling glasshouses can be energy-intensive, potentially increasing operating costs. Lupin Species: Different lupin species have varying growth requirements, so understanding the specific needs of the chosen variety is crucial. In today's technological ability to conceive almost "anything", I agree that anything is possible, but in business, the first mover advantage is generally the key to positioning yourself in the market. The ability for the Australian market to consolidate itself to be a lupin market leader will be critical. The Business of Lupin According to Global Market Insights (GMI), the Lupin Market was valued at USD 89.9 million in 2023 and is expected to achieve a CAGR of over 5.2% from 2024 to 2032. Currently, the global search for a sustainable source of food is at the forefront of developing nations. Figure 8: The Lupin market Analysis. (source www.gminsights.com) The current thinking is that the search for a plant-based protein is the key as consumers become more health-conscious and seek nutritious and sustainable food options, interest in plant-based proteins like lupin is increasing. As we have described, lupin is rich in protein, fiber, and various nutrients while being low in fat and carbohydrates, making it appealing to health-conscious consumers. It is naturally gluten-free and not a common allergen, making it suitable for those with gluten sensitivities or allergies to other common allergens like soy or nuts. With the rising awareness of food allergies and intolerances, there is a growing demand for allergen-friendly food ingredients like lupin. The current understanding of the lupin market and the concept of lupin as a powerhouse business may be lost to investors on the ASX. In our opinion, lupins are not only a strategic export crop but also a symbol of agricultural innovation at its best. At Samso, we believe this legume’s journey is just beginning—and we’re excited to watch it unfold across farms, food systems, and future markets. According to Wide Open Agriculture, the opportunities are just beginning to be realised. As usual, do your own research and happy investing. References: Lim, S.J. (2025). Exploring Lupins in China. Legume Research. Department of Agriculture WA: www.agric.wa.gov.au Sweet Lupin Association: www.aussielupins.org.au Global Market Insights. www.gminsights.com/ 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.