Announcement: Alkali Flats Phase 2 Drilling Commenced Quarterly Activities Report From Prospectus to Progress: 🆕 IPO Review Fulcrum Lithium Ltd (ASX: FUL) has entered the ASX stage with ambitions as large as its Nevada lithium portfolio. Since its IPO in November 2024, Fulcrum has maintained a sharp operational pace, demonstrating early exploration success and strategic clarity across three key lithium projects—Alkali Flats, Fairway, and Summit (Figure 1). Figure 1: Fulcrum’s Project Locations (source: FUL) The company raised $10 million at listing with a clear focus: to test one of the largest lithium claystone claim holdings in the heart of Nevada’s lithium belt, a jurisdiction known for hosting the Silver Peak lithium mine and proximity to major development projects. ASX Code: FUL Listing Date: 22 November 2024 IPO Offer Price: $0.25 Current Share Price (as at June 2025): $0.036 Market Capitalisation: $4.82 million Industry Group: Materials Operational Update – Drilling Success and Target Refinement Alkali Flats – Phase One Delivers Clarity The Alkali Flats Phase One RC drilling campaign was completed in January 2025, comprising 14 holes for 2,393 metres. Notably, 8 of these holes intersected lithium grades exceeding 300 ppm Li, confirming the presence of a claystone-hosted lithium system within the Siebert Formation. High-grade intercepts included: 21.3m @ 507 ppm Li (AFRC-3) 9.1m @ 771 ppm Li (AFRC-4), with internal highs of 919 ppm This success, combined with geophysical interpretation and surface mapping, has guided the Phase Two program toward more prospective zones in the northern and western basin margins (Figure 2). Figure 2: Alkali Flats Phase 2 Approved Drill Program Phase Two Drilling – The Making of a Lithium Story In Motion By early June 2025, Fulcrum commenced its Phase Two campaign at Alkali Flats. This program includes up to 19 RC holes (~200m depth) focused on better-thickness claystone targets identified via basin analysis. Drilling is underway, with initial assay results expected in July 2025. Fairway Project – Drilling Next in Line Sampling at the Fairway Project returned surface grades up to 1,084 ppm Li—the highest lithium values recorded across Fulcrum’s landholding to date. Following BLM permitting approvals, the maiden drilling campaign at Fairway is scheduled to commence immediately after Alkali Flats drilling wraps up in June 2025. Figure 4: Fairway 2025 surface geology mapping and drill focus areas (source: FUL) 💠Summit Project – Early-Stage Assessment Sampling at Summit returned low lithium values (<175 ppm Li), suggesting limited near-surface mineralisation. Fulcrum’s future attention will likely remain on the higher-priority Alkali Flats and Fairway targets. Use of Funds – Actual vs Prospectus As of 31 March 2025, Fulcrum Lithium has deployed its IPO funds broadly in line with its stated objectives. Of the $10 million raised, approximately $1.035 million has been expended, with $513,000 directed toward exploration and evaluation activities, including drilling at Alkali Flats and geological mapping across all projects. The company has also allocated $188,000 to related party payments, which include director fees and corporate services. Notably, key exploration milestones—such as completion of Phase 1 drilling and commencement of Phase 2—align with the staged work program outlined in the IPO prospectus, demonstrating a disciplined and focused application of capital. Share Price Performance Since Listing Since listing on 22 November 2024 at an IPO price of $0.25, Fulcrum Lithium Ltd (ASX: FUL) has seen its share price soften to $0.036 as of June 2025 (Figure 4). This early pullback reflects broader market caution toward pre-resource exploration stocks rather than any specific operational misstep. The company’s valuation now sits at $4.82 million—well below its listing capitalisation—yet drilling momentum and on-ground progress continue across its Nevada lithium assets. For those willing to look beyond the current price action, Fulcrum presents the type of early-stage exploration story where value can emerge as geological data builds and the strategy is executed. Figure 4: FUL’s Share price as of 23 June 2025 (source: ASX) Scott Keenan, COO, commented: “Fulcrum continues its highly active exploration program across its portfolio of projects located in the heart of Nevada’s ‘lithium belt’. The Company is eager to put the knowledge gained from the Phase 1 drill campaign into practise and test the full potential of our highly prospective claims.” Samso Concluding Comments Fulcrum Lithium is one of the many companies that I am still figuring out why they are exploring for lithium. I get that the pricing may return but if I were to make a call, the global sentiment for the use of lithium is not growing. What I mean is that the blue sky, the extra need form more lithium which fuelled the lithium rush, is declining and if not, it is at the bottom and equilibrating itself to find a new base. Does this meant that Fulcrum is wasting tis time? I kind of think no. This is because there is still a need for lithium and the challenge for the lithium players, I feel is to find a new cost base to make their product competitive in the market. If there is a rebound in pricing, I don't think it will be anywhere near previous predictions. Drilling at the Fulcrum projects are underway and unless they discover an economical deposit, this is not going to help its share price issue, which in my opinion, is primarily due to being in the wrong commodity space. Like when Lithium was it, today, Gold is the undeniable King of the Castle. Investors must remember this is still an early-stage story, and we all know that a transformation in the storyline is the speciality of this sector. Getting in at these levels of pricing may be a great way in setting up for the future. Another way of looking at Fulcrum is that the demise of the lithium sector has come to a point now that most players have only upside in the future. Whether this is in the form of a rising price, it is uncertain. As I have mentioned previously, I was never a supporter of the lithium boom, as fundamentally, there is a lot of lithium to be discovered. However, now that the market is pretty much at its knees, the positive aspect of the commodity is now the focus. The question now is when the price will move forward, if it does. I am not overly confident that the good times are around the corner, nor am I confident that the good times will return in the same manner as previous years. But for companies like FUL, the upside is discovery and a discovery with current market economical potential or a shift in commodity focus. The Samso Way – Seek the Research Fulcrum Lithium’s journey is a textbook example of why investors need to look beyond short-term market moves. While the share price has declined, the company continues to build its geological case through structured exploration and clear project targeting. This is The Samso Way—seek the research behind the drill holes, not just the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

The timing may be now for investors to take notice and understand the ASX Healthcare sector, as some signs are showing that a counter-cyclical opportunity may be in play in 2025. Timing is the key, and this Samso Radar Weekly Review may be the beginning of the understanding process. This is our second Samso Radar - Weekly Review, and this week we are looking at the Health Care sector on the ASX. Over the years, Samso has been focusing on the mineral resource small-cap sector on the ASX, and with our new evolution in 2025, we are spreading our wings to create more balanced content over more sectors on the ASX. The health care sector on the ASX frequently resembles a battleground of hopefuls—innovative companies that are both advancing boundaries and contending with regulatory frameworks, clinical data challenges, and market scepticism. However, occasionally, you encounter those rare small-cap companies that are not only enduring the chaos but are also driving significant progress. As we slowly work through the blog, you will start to develop a picture of Samso and feel that investors should be taking some notice of the ASX Healthcare sector now. It's all about the counter-cyclical way of investing. On the Australian Securities Exchange (ASX), the Health Care sector is defined as comprising companies whose primary business activities are related to: Providing medical services, manufacturing medical equipment or drugs, and facilitating the provision of health care to patients. This sector includes a wide range of businesses, typically grouped into two main industry groups under the Global Industry Classification Standard (GICS) used by the ASX: 1. Health Care Equipment & Services This includes companies involved in: Medical equipment production (e.g., diagnostic devices, surgical instruments) Health care services such as hospitals, clinics, diagnostics labs, and aged care providers Distribution of medical products Examples: CSL Limited (ASX: CSL), Sonic Healthcare (ASX: SHL), Ramsay Health Care (ASX: RHC) 2. Pharmaceuticals, Biotechnology & Life Sciences This includes companies engaged in: Drug discovery and development Biotech research and diagnostics Nutraceuticals and health-related supplements Clinical trials and regulatory approval Summary Definition - ASX Healthcare Sector ASX Health Care Sector: Companies engaged in the development, manufacturing, distribution, or provision of medical or health-related products and services—including biotechnology, pharmaceuticals, medical devices, hospitals, and diagnostics. Samso's Picks for Discussion This Week. Over the past few months, I have been focusing on the next wave of globally disruptive business, and that is AI. I have been exposing myself to the realms of AI to better understand what developments have been in the business environment. One of the key categories for my search to gain new insights is to discover where AI is used to help the human species, other than making money. This search has led to a review of companies in the Health Care sector on the ASX, where their business focuses on AI. The goal is to identify companies currently in the market and perform a quick analysis of their business and potential as an investment opportunity for retail investors. What better method to discuss AI than by utilising ChatGPT to generate a list for our evaluation? According to ChatGPT, these companies signify a rising trend of incorporating AI into healthcare services to tackle the challenges linked to an ageing population. Their innovations are designed to enhance the quality of care, increase operational efficiency, and promote independent living for seniors. 1. InteliCare Holdings Ltd (ASX: ICR) InteliCare specializes in AI-powered home monitoring solutions for seniors. Their platform utilizes smart sensors and predictive analytics to detect changes in daily routines, enabling early intervention and supporting independent living. The company has formed partnerships with aged care providers like Hardi Aged Care and Bolton Clarke to implement its technology in residential settings. 2. PainChek Ltd (ASX: PCK) PainChek has developed a clinically validated smartphone application that uses AI to assess pain levels in individuals who cannot communicate effectively, such as those with dementia. The app analyses facial expressions to detect pain, facilitating better pain management in aged care facilities. 3. CARETEQ Ltd (ASX: CTQ) CARETEQ offers assistive living technologies, including AI-driven medication management systems. In partnership with StrongRoom AI, CARETEQ aims to digitize medication records in aged care facilities, enhancing compliance and reducing errors. 4. Alcidion Group Ltd (ASX: ALC) Alcidion provides healthcare analytics and informatics solutions that incorporate AI for clinical decision support. Their platforms are used across hospitals and aged care facilities to improve patient outcomes through real-time data analysis and predictive insights. 5. Beamtree Holdings Ltd (ASX: BMT) Beamtree focuses on health data analytics, offering AI-powered decision support tools like RippleDown. These tools assist clinicians in making informed decisions, which is particularly beneficial in managing the complex care needs of the elderly. 6. Sonic Healthcare Ltd (ASX: SHL) Sonic Healthcare has invested in AI through its joint venture with Harrison.ai, forming Franklin.ai. This collaboration aims to develop AI solutions for pathology, enhancing diagnostic accuracy and efficiency, which can indirectly benefit aged care by improving disease detection and management. What Does It Mean for Shareholders, Investors, and the End User? The question for us is to discover how effective these innovations are or will be for practical uses in the real world. The challenge for the "truth" of the effectiveness or the practical use by the end user, the ultimate proof of concept, can be difficult, as we all know. The strength of the bank balance and the funding required to allow that process to happen will ultimately determine success. This truth is, in many ways, shrouded in mystery, as the lack of funding could limit the success of the innovation, and the acceptance from shareholders to increase their exposure could halt the progression of the innovation. Does that mean that the innovation is not successful? Does the halting of further work mean that the technology will not work? This leads to the next part of the equation: Is the market loving the concept? Is the market supporting its long-term potential viability? Market Acceptance Let's have a look at what the market thinks about each of these companies. These companies we are reviewing were not picked to highlight anything other than that they have their business in the AI realm and are in the Health Sector on the ASX. My intention is to show where they are in the market and whether their innovations are accepted by the market forces, which, ultimately, for a publicly listed company, is the ultimate litmus test. This will be a lengthy review, so please use the links below to navigate yourself through the review: 1. InteliCare Holdings Ltd (ASX: ICR) 1.1 Core Technology and Offerings 1.2 Industry Applications 1.3 Market Situation 2.0 PainChek Ltd (ASX: PCK) 2.1 Core Technology: AI-Driven Pain Assessment 2.2 Applications Across Healthcare Settings 2.3 Global Expansion and Regulatory Approvals 2.4 Financial Highlights 2.5 Market Situation 3.0 CARETEQ Ltd (ASX: CTQ) 3.1 Core Business Operations 3.2 Key Developments Impacting Share Price 3.3 Market Situation 4.0 Alcidion Group Ltd (ASX: ALC) 4.1 Core Offerings 4.2 Strategic Developments 4.3 Market Position 5.0 Beamtree Holdings Ltd (ASX: BMT) 5.1 Business Overview 5.2 Key Events Impacting Share Price 5.3 Financial Performance (FY2020–FY2024) 5.3.1 Net Income: 5.3.2 Operating Cash Flow: 5.4 Market Conditions 6.0 Sonic Healthcare Ltd (ASX: SHL) 6.1 Business Overview 6.2 Key Events and Milestones 6.3 Financial Performance (FY2020–FY2024) 6.3.1 Revenue: 6.3.2 Net Profit After Tax: 6.3.3 Cash Flow Analysis 6.3.4 Operating Cash Flow: 6.3.5 Free Cash Flow: 7.0 Samso Concluding Comments 1.0 InteliCare Holdings Ltd (ASX: ICR) InteliCare Holdings Ltd (ASX: ICR) is an Australian technology company specializing in AI-driven predictive analytics solutions for the aged care, disability, and healthcare sectors. Established in 2016 and headquartered in Leederville, Western Australia, the company offers a Software-as-a-Service (SaaS) platform designed to enhance independent living and support caregivers through real-time monitoring and data insights. 1.1 Core Technology and Offerings InteliCare's platform integrates smart home sensors, wearable devices, and AI algorithms to monitor various aspects of an individual's daily life, including: Activity Levels: Tracking movement patterns to identify deviations that may indicate health issues. Behavioral Patterns: Analysing routines to detect anomalies. Health Metrics: Monitoring vital signs and other health indicators. Sleep Patterns: Assessing sleep quality and duration. The system provides caregivers and healthcare providers with 24/7 access to live health and well-being data, enabling proactive interventions and personalised care plans. 1.2 Industry Applications InteliCare's solutions are utilized across various settings: Residential Aged Care: Enhancing resident safety and care quality. Home Care: Supporting independent living with remote monitoring. Disability Support Services: Providing tailored monitoring solutions. Notably, the company has partnered with organisations like Hardi Aged Care and Mecwacare to implement its technology in multiple facilities, aiming to improve care delivery and operational efficiency. 1.3 Market Situation When we look at the market participation of ICR, it is not a pretty picture. The declining share price (Figure 1 and Figure 2) would not make shareholders happy. However, for the mature small-cap investors, this also smells of opportunity. The company is struggling with cash flow, and the profit-loss balance is on the wrong side for now. Figure 1: ICR Life Time Share Price Chart as of the 13th June 2025. (source: commsec) The stock reached its 52-week high of A$0.027 in July 2024 and hit a low of A$0.005 in June 2025. ICR share performance is obviously, from the shareholders' point of view, underperforming compared to the Australian healthcare services sector, which saw a 102.9% return. To make the pain worse, when the share performance of ICR is compared to the broader Australian market, which returned 6.8% over the same period, shareholders and potential shareholders must want to ask some questions. Figure 2: ICR Share Price Chart for the last 12 months as of the 13th June 2025. (source: commsec) Over the past 12 months, InteliCare Holdings Ltd (ASX: ICR) has experienced a significant decline in its share price (Figure 2). As of June 2025, the stock is trading at approximately A$0.006, marking a decrease of about 33% from its price a year earlier. There have been some highlights over the last 2 months for InteliCare Holdings Ltd (ASX: ICR), and how they have affected the share price decline would make an interesting discussion for all the stakeholders involved in ICR. 1. Strategic Partnerships and Deployments: In January 2025, InteliCare announced the commencement of deployment planning for its platform with Hardi Aged Care, signalling a strategic move into aged care services. In April 2025, the company entered into an agreement with Mecwacare, a Victorian aged care provider, to trial its AI-powered care platform. 2. Financial Reports and Performance: The company's Quarterly Operations Report and Appendix 4C Cash Flow Report, released on April 30, 2025, highlighted ongoing operational activities and financial positions. Earlier, in February 2025, InteliCare released its Interim Financial Report, providing insights into its financial health and performance metrics. 3. Capital Raising and Shareholder Activities: In August 2024, director Greg Leach participated in a placement, acquiring additional shares, indicating confidence in the company's direction. Earlier in June 2024, InteliCare successfully raised $2 million to support its growth initiatives and convert its robust pipeline. 4. Financials: InteliCare's share price has been volatile, with a 52-week range between A$0.005 and A$0.027. The company reported a net loss of A$2.37 million with a revenue of A$662,000. What all this means is that with a market capitalisation of AUD $2.92M and a clear negative cash flow position, will the business of ICR be moving much further? 2.0 PainChek Ltd (ASX: PCK) PainChek Ltd (ASX: PCK) is an Australian health technology company that has developed the world's first regulatory-cleared medical device for automated pain assessment using artificial intelligence (AI) and facial recognition technology. The company's flagship product, PainChek®, is a mobile application designed to assess pain in individuals who are unable to communicate effectively, such as those with dementia, disabilities, or pre-verbal. 2.1 Core Technology: AI-Driven Pain Assessment PainChek® utilizes a smartphone or tablet camera to analyze facial expressions in real-time, detecting micro-expressions associated with pain. This AI-powered analysis provides an objective pain score, enabling caregivers to assess and manage pain more accurately. The application also integrates with the Numerical Rating Scale (NRS) for individuals who can self-report, offering a comprehensive solution for pain assessment across varying communication abilities. 2.2 Applications Across Healthcare Settings The PainChek® system is employed in various healthcare environments, including Aged Care Facilities: Assisting in the assessment of pain for residents with cognitive impairments. Home Care: Enabling remote monitoring and pain assessment for individuals receiving care at home. Hospitals: Integrating with electronic health records to provide consistent pain assessments. Infant Care: Assessing pain in pre-verbal infants through facial expression analysis. 2.3 Global Expansion and Regulatory Approvals PainChek® has received regulatory clearance in multiple countries, including Australia, the United Kingdom, and Canada. The company has been actively pursuing U.S. FDA De Novo clearance for its adult application, with a decision anticipated in mid-2025. Successful FDA approval would grant access to the extensive U.S. aged care market, encompassing over 1.7 million beds. 2.4 Financial Highlights Market Capitalization: Approximately AUD 73.7M Revenue (TTM): AUD 3.03M Net Loss (TTM): AUD 8.17M Annual Recurring Revenue (ARR): AUD 4.8 million, with over 100,000 contracted licenses. PainChek Ltd continues to innovate in the field of pain assessment, aiming to improve the quality of care for individuals with communication challenges. For more information, you can visit their official website:https://www.painchek.com/ 2.5 Market Situation The share price journey of Painchek Limited since 2019 is one that draws a lot of questions on the viability of the business. Looking at the list of announcements listed below, one would think this was a growing positive sentiment, but as you can see in Figure 3, at the end of October, there looks like a major selling event. 29th April 2024: Morrison Govt $5M Grant for PainChek Trial in Aged Care 27th May 2024: International Market Milestone Achieved with UK Distribution 19th June 2024: $4.15M Placement to Fast-Track International Expansion 2nd July 2024: PainChek Partners with MCRI for Infant App PainFaces Study 24th July 2024: PainChek Granted US Patent for Pain Assessment Invention 6th August 2024: Singapore Regulatory Clearance Received. Allium Agreement 5th September 2024: UK market presence building with recruitment of UK BD Head 17th October 2024: Partnership with Ward Medication for national roll out Figure 3: PainChek Limited share price chart since 2019 as of 13th June 2025. (source: commsec) That selling event kept going till September 2023, and a recent rise in share price fortune in January 2025 (Figure 4). There was a recent spate of announcements, which was probably initiated by the company releasing news in regards to its FDA submission and a reseller agreement with BESTMED followed by an entitlement offer to shareholders to raise AUD $5.1M, giving fresh energy to the share price. Figure 4: PainChek Limited share price chart for the last 12 months as of the 13th June 2025. (source: commsec) The latest interest in the company could indicate a resurgence in the investing community for the story, as there do not seem to be any company releases about any setback on the story, not that I saw anyway. The decline in stock price in 2019 most likely was a profit-taking process, and one would not blame shareholders who were in the stock prior to the run. Don't forget that the decline was on the eve of COVID, and that probably made things worse. In Figure 3, you can see the rise after COVID, which was the post-COVID recovery curve typical of most stocks globally. Like most of the health/biotech stories, the gestation period to commercialisation is very long, and in most cases, there are no updates in between, so no news means no honey for shareholders, and we all know that investor patience is very limited. 3.0 CARETEQ Ltd (ASX: CTQ) Careteq Limited (ASX: CTQ) is an Australian health-tech company specializing in medication management services for the health, aged, and home care sectors. The company focuses on enhancing healthcare safety and clinical outcomes through its key platforms: Embedded Health Solutions (EHS) and HMR Referrals. 3.1 Core Business Operations Embedded Health Solutions (EHS): EHS provides comprehensive medication management services in residential aged care settings. This includes conducting Residential Medication Management Reviews (RMMRs), which involve evaluating and managing patients' medication regimens to prevent medication-related harm. EHS also offers clinical governance services to ensure compliance with healthcare standards and regulations. HMR Referrals: This platform streamlines the process of Home Medicines Reviews (HMRs) by connecting general practitioners (GPs) with accredited pharmacists. The system facilitates electronic referrals directly from the GP's practice management software, ensuring secure and efficient communication. HMRs are critical for patients at risk of medication misadventure, as they involve a pharmacist reviewing the patient's medications to identify and resolve potential issues. By integrating EHS and HMR Referrals, Careteq aims to create a unified medication management ecosystem that spans both residential and home care settings. This integration is expected to enhance service delivery, improve patient outcomes, and drive operational efficiencies. 3.2 Key Developments Impacting Share Price Several significant events have influenced Careteq's share price movements: January 2022: Careteq listed on the ASX, attracting initial investor interest. August 2023: The company acquired the remaining 45% stake in Embedded Health Solutions Pty Ltd for AUD 2.4 million, gaining full control over its operations and solidifying its focus on medication management and clinical governance. October 2024: Careteq divested its Sofihub business for approximately AUD 0.58 million to streamline operations and improve cash flow. February 2025: Announced a strategic partnership with MedicAlert Foundation Australia to enhance medication safety for Australians with complex medical conditions. March 2025: Reported its first positive EBITDA in the first half of FY25, indicating a significant step towards profitability. 3.3 Market Situation Careteq Limited is a new player on this list, and its share price performance is not one to admire (Figure 5). It appears that the introduction to the ASX healthcare sector for CTQ has not been a good experience, but as you are noticing, there is a trend happening with this sector over the last 5 years. Figure 5: Careteq Limited share price chart since 2022 as of the 13th June 2025. (source: commsec) Reading the ASX releases, there do not seem to be any revelations on the business. The acquisition of Embedded Health Solutions appears to be the key product, and the recent announcement of a Strategic Partnership with Medi Alert could be the beginning of business to come. With a market capitalisation of AUD $2.6M as of the 13th June 2025, one would have to assume that things are still very early, and from a punter's point of view, this could be what we call " A Cheap Punt". The business of medication management will become a big market as healthcare moves to more self/home management. The homecare packages that are now ingrained in Australian aged care are a prime example of where the business of medication management, either by medical practitioners or home carers, will be a focal point of business in the coming years. Figure 6: Careteq Limited share price chart for the last 24 months as of the 13th June 2025. (source: commsec) From an investing point of view, the steady share price over the last 18 months (Figure 6) may indicate that the market is now happy where it is, and any sellers may have already left. There was some market activity in late 2023 with the acquisition of Home Medicines Review Platform, but that led to a sell-down again in early 2024, but since then, it's been pretty steady. 4.0 Alcidion Group Ltd (ASX: ALC) Alcidion Group Limited is an Australian health technology company dedicated to revolutionizing healthcare delivery through innovative software solutions. Founded in 2000 and headquartered in South Yarra, Victoria, Alcidion has established a significant presence in Australia, New Zealand, and the United Kingdom, serving over 400 hospitals across more than 95 healthcare organizations. Alcidion currently has a market capitalisation of AUD $127.5M (as of 13th June 2025) and currently has a share price of AUD $0.09. 4.1 Core Offerings At the heart of Alcidion's product suite is Miya Precision, a modular, cloud-native platform designed to enhance clinical decision-making and streamline healthcare operations. Built on the Fast Healthcare Interoperability Resources (FHIR) standard, Miya Precision facilitates seamless data integration across various healthcare systems, enabling real-time access to patient information. Key components of Miya Precision include Clinical Decision Support (CDS): Provides clinicians with evidence-based recommendations to improve patient outcomes. Electronic Patient Record (EPR): Offers a comprehensive, longitudinal view of patient health information. Patient Administration System (PAS): Manages administrative tasks such as admissions, discharges, and transfers. Patient Flow Management: Optimizes patient movement through healthcare facilities, enhancing efficiency. Virtual Care and Remote Patient Monitoring: Supports telehealth initiatives, allowing for continuous patient engagement outside traditional settings. Integrated Operations Centre: Provides a centralized dashboard for monitoring and managing hospital operations. In addition to Miya Precision, Alcidion offers other notable products: Smartpage: A secure, smartphone and web-based communication system for hospital staff, facilitating efficient task management. Patientrack: A bedside monitoring solution that assists in early detection of patient deterioration. Silverlink PCS: A patient administration system acquired to expand Alcidion's EPR capabilities. 4.2 Strategic Developments Alcidion has demonstrated a commitment to growth and innovation through strategic partnerships and product enhancements Generative AI Integration: Collaborated with Google Cloud to incorporate generative AI capabilities into Miya Precision, aiming to reduce administrative burdens and support clinicians in decision-making processes. UK Market Expansion: Secured a 10-year contract with North Cumbria Integrated Care NHS Foundation Trust for the deployment of Miya Precision as their Electronic Patient Record system, marking a significant milestone in Alcidion's UK expansion. Financial Performance: As of FY24, Alcidion reported revenues of AUD 37.1 million, with 74% being recurring revenue, and maintained gross margins exceeding 86%. 4.3 Market Position The Alcidion story started in 2000, and since that time, it has had a good following over that time (Figure 7). There was the hype of its share price high in mid-2021, but that has come back since that time and is now looking to be back on that rising journey again. Alcidion looks like a legitimate healthcare business, and like all businesses, there are the ups and downs and the constant battle with market perception and what is the reality of the business cycle. Figure 7: Alcidion Group Limited (ASX: ALC) share price chart since its IPO in 2000 as of the 13th June 2025. (source; commsec) Looking at the cash flow question, Alcidion has not achieved profitability over the past five fiscal years. Here's a summary of its financial performance during this period: Net Income (FY2020–FY2024) FY2020 (ending June 30, 2020): Net loss of approximately AUD 2.24 million. FY2021: Net loss of approximately AUD 4.41 million. FY2022: Net loss of approximately AUD 3.62 million. FY2023: Net loss of approximately AUD 8.42. FY2024: Net loss of approximately AUD 4.97 million. These figures indicate that while Alcidion has experienced revenue growth, it has consistently reported net losses during this period. In the world of accounting, the net loss may be due to the potential that the company has been focusing on expanding its product offerings and market presence, and the increased operational costs have negatively impacted the overall profitability. For a business that seems to be achieving a flow of product development and market penetration, as long as funding to add cash flow continues to come from the market, I see some good points to think about a potential investment in Alcidion. 5.0 Beamtree Holdings Ltd (ASX: BMT) Beamtree Holdings Ltd (ASX: BMT) is an Australian health technology company specializing in artificial intelligence (AI) and data analytics solutions for the healthcare sector. The company provides tools that enhance clinical decision-making, automate coding processes, and improve data quality, aiming to optimize patient care and operational efficiency. 5.1 Business Overview Beamtree's core offerings include RippleDown: An AI-driven decision support system that automates clinical interpretations, reducing manual workload and enhancing accuracy. PICQ (Performance Indicator Coding Quality): A tool that assesses and improves the quality of clinical coding, ensuring accurate health data for analysis and reporting. RISQ (Record Integrity and Statistical Quality): A solution that identifies and rectifies data quality issues within health records, ensuring reliable information for decision-making. These products are utilized by healthcare organizations in Australia and internationally, including partnerships with the UK's National Health Service (NHS) and healthcare providers in Saudi Arabia. 5.2 Key Events Impacting Share Price Several significant events have influenced Beamtree's share price trajectory: 2021: Acquisition of Potential(x) and Ainsoff Pty Ltd, expanding Beamtree's analytics capabilities and product offerings. 2022: Secured a five-year contract with Ampath for RippleDown, valued at approximately A$10.1 million. 2022: Established contracts with four NHS hospital trusts in England to implement RippleDown, marking a significant entry into the UK market. 2024: Won a €2.3 million (approximately A$3.95 million) contract to deliver PICQ in the Republic of Ireland, further expanding its international presence. 2025: Announced strategic contract wins for autonomous coding solutions, indicating growing adoption of its AI technologies. These developments have contributed to fluctuations in Beamtree's share price, reflecting investor response to the company's growth initiatives and market expansion. 5.3 Financial Performance (FY2020–FY2024) Over the past five fiscal years, Beamtree has demonstrated revenue growth but has not achieved consistent profitability. 5.3.1 Net Income: FY2020: Profit of A$0.38 million. FY2021: Loss of A$0.39 million. FY2022: Loss of A$4.45 million. FY2023: Loss of A$6.91 million. FY2024: Loss of A$5.11 million. 5.3.2 Operating Cash Flow: FY2020: Positive A$1.05 million. FY2021: Positive A$0.24 million. FY2022: Negative A$2.32 million. FY2023: Positive A$0.77 million. FY2024: Negative A$0.49 million. 5.4 Market Conditions Compared to the previous companies that we have reviewed, BMT has had a relatively steady journey since it was admitted to the ASX (Figure 8). Apart from the rise in interest prior to 2022, BMT would have a fairly flat curve, which is a good sign. As you read, the financial performance for BMT over the last six years has been steady, even though it is not a stellar performance in terms of numbers. Figure 8: BMT share price since 2019 as of the 13th of June 2025. (source: commsec) I find that reviewing companies that are based on a revenue-to-performance model, unlike those that are in the mineral resources sector, where discovery is the main feature and revenue comes later in the production stage. In many cases, companies in the small-cap "mining" sector nearly reach the "production" stage. From an observer who is looking at a company that currently has a market capitalisation of AUD $90M, the last 24 months of trading do look like a decent time to do some serious DYOR to see if this is a viable entry price, if there is interest in taking a position in the stock. The financials may not look flashy over the last four years from a net income point of view, but if you look at the cash flow, there are some positive years within that period. That shows to me that the business does exist, and potentially, traction is what it needs, and time in the market is required. Notwithstanding technical breakdowns, I do think that I am seeing some trends in this sector. 6.0 Sonic Healthcare Ltd (ASX: SHL) Sonic Healthcare Limited (ASX: SHL) is a leading global provider of medical diagnostic services, including pathology, radiology, and primary care medical services. Headquartered in Sydney, Australia, the company operates across Australia, New Zealand, the United States, Germany, the United Kingdom, Switzerland, Belgium, and Ireland. Sonic Healthcare is the largest medical laboratory provider in Australasia and Europe and ranks third in the United States. Sonic Healthcare Limited is the big brother of the previous five companies in terms of market penetration and sustenance. Sonic has a market capitalisation of AUD $1.9B currently, and its share price is a handsome AUD $26.89 as of the 13th June 2025. 6.1 Business Overview Sonic Healthcare's core operations encompass Pathology/Laboratory Medicine: Providing clinical laboratory services to clinicians, hospitals, and patients. Diagnostic Imaging/Radiology: Offering imaging services, including MRI, CT scans, and X-rays. Primary Care Medical Services: Operating Australia's largest network of primary care medical centres through its Independent Practitioner Network (IPN). The company's strategy focuses on combining local medical leadership with the infrastructure and resources of a global organization, ensuring high-quality and personalized healthcare services. 6.2 Key Events and Milestones 1987: Listed on the Australian Stock Exchange as Sonic Technology Australia Ltd. 1990s-2000s: Expanded through numerous acquisitions in Australia and internationally, including in New Zealand, the United States, and Europe. 2002: Acquired The Doctors Laboratory, the UK's largest private pathology practice. 2007: Entered the German market by acquiring Bioscientia Healthcare Group. 2019: Acquired Aurora Diagnostics in the United States, enhancing its presence in the American market. 2024: Announced the acquisition of German laboratory group LADR for €423 million (approximately A$698 million), aiming to strengthen its European operations. 6.3 Financial Performance (FY2020–FY2024) Sonic Healthcare has demonstrated consistent financial performance over the past five fiscal years: 6.3.1 Revenue: FY2020: A$6.83 billion FY2021: A$8.75 billion FY2022: A$9.34 billion FY2023: A$8.17 billion FY2024: A$8.97 billion 6.3.2 Net Profit After Tax: FY2020: A$527.7 million FY2021: A$1.32 billion FY2022: A$1.46 billion FY2023: A$684.98 million FY2024: A$511.1 million Looking at the numbers, it is no surprise that the spike in revenue and profit during FY2021 and FY2022 was primarily due to increased demand for COVID-19 testing services. The takeaway point here is that companies in this sector, if they gain market share, are looking at multiples of income and capital appreciation that would leave shareholders very happy. 6.3.3 Cash Flow Analysis One would not be guessing that the cash flow for Sonic Healthcare would be anything but strong and impressive, especially when compared to those previous companies we have discussed. The list below highlights the last five years of financials. 6.3.4 Operating Cash Flow: FY2020: A$1.36 billion FY2021: A$2.04 billion FY2022: A$2.23 billion FY2023: A$1.47 billion FY2024: A$1.07 billion 6.3.5 Free Cash Flow: FY2020: A$1.13 billion FY2021: A$1.77 billion FY2022: A$1.08 billion FY2023: A$600.9 million FY2024: A$823.6 million These figures indicate that Sonic Healthcare has been generating substantial cash flows, supporting its operations, acquisitions, and shareholder returns. 6.4 Market Conditions Sonic Healthcare is the more famous brother of the last five companies reviewed. In some ways, the share price journey of Sonic Healthcare (Figure 9) is something that the previous companies would like to have, and especially if they can maintain the steady rising curve of capital appreciation for shareholders. The growth of Sonic since its admission to the ASX in 1987 is spectacular to see; however, the decline in valuation since 2020 is interesting to see. Figure 9: Sonic Healthcare Limited (ASX: SHL) share price over 30 years as of 13th June 2025. (source: commsec) When you look at the sector in general, this is the obvious trend, and it is across the board and Sonic Healthcare (Figure 10) is leading the way. It would be interesting now to see if the giants of the sector will lead a recovery, and if this is a sector issue, does this mean that taking positions in the health sector during this period could be the ideal situation? Figure 10: Sonic Healthcare Limited (ASX: SHL) share price over the last 5 years as of 13th of June 2025. (source: commsec) Only time will tell, but understanding the business of Sonic Healthcare and why the sector trend of a downward slide in share price fortunes is happening across the sector will be high on the things-to-do list. 7.0 Samso Concluding Comments This has been a long blog to complete, and as I write, I feel the need to complete the factual review and a discussion on the sector-wide sentiment. As I complete the arduous task of researching and then commenting on each company, I get the feeling that the general market has been experiencing a decline in the last 5 years. There are pockets within the sector that are experiencing the opposite, but this is the same in every sector. While some are struggling to raise funds or are struggling to get their business some market traction, others are booming. As I looked at the charts of the bigger, more common names or the better-performing stocks in the sector, I saw the same proportion of winners and losers as the other sectors. What does strike me is that it feels like the companies that are out there doing business and are doing the two-step forward and one-step back scenario are worth getting a better understanding of, and then looking for that optimum entry price. I won't bother with more of my thoughts, but I think if you get to this stage of the blog, I want to thank you for your perseverance and your patience. Please take your time to further educate yoursel, as this review is more about bringing awareness of the sector to readers than a recommendation of the stocks discussed. As usual, please take note of the Samso Philosophy and enjoy the journey. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

A New Float Targeting Monthly Franked Dividends and Capital Growth Announcement ASIC Relief for the alignment of the first half-year reports WAM Income Maximiser Limited (ASX: WMX) is a newly launched LIC (Listed Investment Company) with a distinctive hybrid investment strategy that combines high-quality Australian equities with investment-grade corporate debt. Spearheaded by the trusted team at Wilson Asset Management, WMX offers a rare opportunity for investors seeking a consistent stream of franked monthly income, coupled with capital preservation and long-term growth. A Listed Investment Company (LIC) is a type of closed-ended managed fund that is traded on a stock exchange (like the ASX). It pools money from investors and uses it to invest in a diversified portfolio of assets—such as shares, bonds, or property. The key characteristics of an LIC include: It has a fixed number of shares on issue (like a regular public company). It is traded on the stock exchange, so investors buy and sell LIC shares just like any other listed stock. The share price can trade at a premium or discount to the Net Tangible Assets (NTA) of its underlying investments. The company targets a return of RBA Cash Rate + 2.5% per annum (including franking credits), translating to a projected yield of over 6% in the current rate environment. With monthly dividend payments scheduled to commence from August 2025 (subject to profitability and franking capacity), WMX aims to fill a growing demand among income-focused investors following the structural decline of bank hybrids. Portfolio Deployment Update Aside from the ASIC relief, WMX recently held its first investment update webinar (May 22) featuring Geoff Wilson, Matthew Haupt & Damien Boey. Key highlights include: Active deployment of IPO capital during market volatility, aiming to capitalize on pricing dislocations. Asset allocation balancing between equities and investment‑grade debt to optimize income and maintain resilience. Ongoing monitoring of RBA rate changes and tactical portfolio adjustments in response What Sets WMX Apart from other Listed Investment Companies? WMX is Australia’s first listed investment company that intentionally combines both equity and corporate debt exposure within a LIC structure. This multi-asset approach aims to enhance diversification, reduce volatility, and provide consistent income to shareholders. The initial portfolio allocation will be: · 60–70% in ASX 300-listed dividend-paying equities · 30–40% in investment-grade corporate notes, bonds, hybrids, and money market instruments WMX will invest in companies with strong cash flows and robust capital management, selected for their ability to sustain or grow distributions via franked dividends and buybacks. Wilson Asset Management’s Strong Hand WMX is Wilson Asset Management’s ninth LIC, adding to a portfolio of vehicles like WAM Capital (ASX: WAM), WAM Global (ASX: WGB), and WAM Leaders (ASX: WLE). Collectively, the WAM family manages over $5.9 billion for 130,000+ investors, having paid more than $3.6 billion in dividends over its history. This is not just another fund. Geoff Wilson AO, the founder and Chairman, plans to personally invest $5 million into WMX. Lead Portfolio Manager Matthew Haupt brings over two decades of experience in both fixed income and multi-asset management, previously helming WAM Leaders. He’s joined by macroeconomic specialist Damien Boey, formerly of the RBA and Barrenjoey Capital Partners. Their collective goal? To actively manage volatility and deliver stable income streams in an uncertain macro environment. Dividends and Yield Target WMX aims to deliver monthly franked dividends, with the Target Income Return being: RBA Cash Rate + 2.5% p.a., including franking credits While this target is not a forecast, it sets a benchmark aligned with income-focused LIC investors. Dividends are subject to available profits, franking credits, and prudent capital management. The dividend reinvestment plan (DRP) will also be available to eligible shareholders. WMX may be especially attractive for retirees, SMSFs, and portfolio builders seeking alternatives to term deposits or pure equity funds. Its listed nature also ensures liquidity and pricing transparency. Like all investments, WMX carries risks. Key among them: · Market risk: Fluctuations in equity markets and credit spreads · Income risk: Declines in ASX dividends or interest rates may reduce cash flow · Key person risk: Heavy reliance on Geoff Wilson, Matthew Haupt, and Damien Boey · Manager alignment: Investment Management Agreement allows limited early termination rights Investors should consider these carefully alongside the strategy. Samso Concluding Comments As I have matured in my investment risk-reward profile, I am beginning to adopt the "Warren Buffett" thinking in regards to "buying" into a business that works and has a lower risk profile than the small-cap mineral explorers. All investments carry some form of risk, but as I lower my own personal risk exposure, I start to be interested and want to become knowledgeable about other forms of "plays". I came across the WAM Income Maximiser (ASX: WMX) out of curiosity and decided to look into the company in greater detail. According to my research, it is not simply another listed investment company entering the fray — it is a purpose-built response to a structural gap in Australia’s income investment landscape. At a time when traditional sources of yield are drying up, and risk-adjusted returns matter more than ever, WMX offers a compelling blend of equity and corporate debt — delivered with the credibility and discipline of Wilson Asset Management. My experience in the corporate part of the ASX over the last 15 years has exposed me to the myriad of "Funds" out in the financial space. As I have been on the other side, looking for funds, I have come to understand why there are people who are in these kinds of income-generating funds. The greater certainty of a return is very attractive, which is probably due to my "maturity" in life. The Samso Take is this: in a market increasingly short on stable income and long on volatility, WMX brings a deliberate, thoughtfully engineered solution. This is not about chasing speculative returns — it’s about sustainable, franked income with the added ballast of credit quality and capital preservation. For investors who’ve been seeking a monthly income stream backed by a team with a deep track record and skin in the game, this float is one to study closely. Here at Samso, we always emphasise the importance of research and positioning. WMX fits the profile of a LIC designed for the modern era — diversified, hybrid, and accessible. If you're building an income-focused portfolio or looking for reliable dividend streams with defensive underpinnings, this is an offering worth considering. Don’t just take our word for it — dig into the WAM Income Maximiser Prospectus, evaluate the team, and consider what role this LIC might play in your own investment strategy. Stay curious. Stay sharp. And as always, seek the kind of clarity that turns uncertainty into opportunity. Remember DYOR and always steer on the side of caution, and seek advice. There is no such thing as a Free Lunch. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Amazon USA Sales Grow 104% In a world grappling with stress and sleeplessness, The Calmer Co. International Limited (ASX: CCO) is emerging as a standout in the wellness beverage market. This Brisbane-based company, known for its innovative kava-infused offerings, has just posted a headline-grabbing 104% year-on-year growth in Amazon USA sales, reaching AUD 203,000 in April 2025 alone. It’s not just growth—it’s momentum. With March already up 72% year-on-year, this latest surge highlights the rising global appetite for natural relaxation products. CCO’s focus on the Amazon platform has paid dividends, with the Taki Mai traditional kava brand now accounting for 24% of total U.S. sales. And it’s not a one-time splurge: 28% of all orders are now subscriptions—a strong indicator of sticky, recurring demand. Tale of Two Brands: Taki Mai and Fiji Kava Table 1: Amazon USA saw rapid growth in March 2024, with strong sales continuing through Coles and Woolworths, set to join as a retail partner in June 2025. Andy Burger, Head of e-Commerce and based in Seattle, commented: “Our analysis of Amazon analytics confirmed that we lead the instant kava category on the platform. However, our presence in the traditional kava market has not reached the same level. To address this, we've strategically focused on growing both our instant kava brand, Fiji Kava, and our heritage brand, Taki Mai, which resonates more strongly with the traditional market. This dual-brand approach has already delivered results—Taki Mai is experiencing rapid sales growth, while Fiji Kava continues to dominate its category. This marks a significant strategic shift for our team” That’s where Taki Mai comes in. With its authentic roots and cultural resonance, Taki Mai is carving out a loyal customer base in the traditional kava space, complementing the fast-moving Fiji Kava brand. As the market shifts from novelty to necessity, The Calmer Co.’s dual-brand strategy positions it at the forefront of both convenience and tradition. With the global kava market forecast to grow over 16% annually and Amazon alone projecting a 45% rise in kava sales, the timing couldn’t be better. Zane Yoshida, CEO, The Calmer Co., commented: “This marks the early stages of our expansion strategy into the U.S. market. We've already seen strong growth in Amazon sales, and we're set to launch several new products across multiple categories in May. At the same time, we're making significant investments in R&D to build a high-impact, scalable plan for longterm success in the U.S.” Samso’s Concluding Comments It's always interesting when I review companies like Calmer Co., as their business is more than what it appears. For example, Calmer Co. is delivering more than just beverages—it’s crafting a category. The strategic blend of tradition (Taki Mai) and innovation (Fiji Kava) appears to be resonating with consumers navigating a post-pandemic world in search of balance. The results could mean that there may be now strong tailwinds with a growing brand equity resulting in a recurring revenue base forming on Amazon. With a path like this, CCO appear to be finally rewarding investors. Looking at the current share price (Figure 1), this could be one of those sleepers or unloved stories that will be worth a DYOR. Figure 1: The share price chart for The Calmer Co. (source: commsec) CCO has a market capitalisation of just under AUD $10M, which would be ideal for u,s small retail investors. I always like these stories where there is an obvious smell, but in most of the cases that I have seen, time for growth is what gives companies like CCO value. Like most of the mineral exploration stories, funding and time for discovery are required, but in most cases, they are left standing as funding is lacking, and more time is required for discovery. As we continue to see wellness trends dominate consumer preferences, companies like The Calmer Co. that align culture with convenience are poised for exponential growth. I think Calmer Co. could be one of those rare stories where health, heritage, and e-commerce intersect—and investors would be wise to tune in. 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.

Macro Metals (ASX:M4M) is an interesting story, as it has had a good run on the share price but has since come back to a reasonable valuation level, which could be a good or a bad sign. Personally, for me, in a sector often dominated by bold claims and speculative positioning, Macro has what appears to be a vastly different approach, and in some way, it may be a more resilient approach—scaling into a dual-core strategy of iron ore exploration and fully integrated mining services. The March 2025 Quarterly Report illustrates this steady transformation. As I mentioned, what makes this story interesting from a Samso point of view is the company’s pragmatism: generate revenue from services, reinvest in exploration, and stay aligned with infrastructure and cultural engagement. It looks like one of the focuses is to work jointly with First Nation communities such as the Robe River Kuruma Aboriginal Corporation (RRKAC) in the Robe River Kuruma Country, strategically located in a Pilbara landscape (Figure 1) where access, logistics, and credibility matter just as much as grade. Figure 1: Location of Robe River Kuruma Country map relative to Pilbara region of WA. Source: RRJAC AR2022 (source: Macro Metals Limited) Simon Rushton, Managing Director, commented “We firmly believe our complete pit to customer solution is best fit for the Paulsen’s East project and we look forward to continuing to work with the Miracle team as the project heads towards recommencement of operations in the months ahead.” “During the quarter, Macro continued to make meaningful steps with our West Pilbara transhipping initiative by successfully engaging with key stakeholders and, having now determined the preferred location for the facility, we have moved into the design and planning phase. At this stage, we are striving towards having this much needed, multi-user export solution for the West Pilbara become a reality over the next 12 months. A Diversified Model Rooted in the Pilbara - Mining Services Macro’s current focus is twofold: Continuing exploration across its iron ore and manganese projects. Establishing Macro Mining Services as a standalone revenue-generating unit. This dual-pronged model is underpinned by a growing list of strategic partnerships—including with Paramount Earthmoving, RE:GROUP, and WA Limestone—which provide the scale and capability needed to bid for and execute mining services contracts across Western Australia. In Q1 2025, Macro reported: Completion of key exploration activities at Turner, Wandanya, Port Hedland and Goldsworthy East projects Formalisation of its second Indigenous joint venture (JV) with Robe River Services Pty Ltd, adding to the existing Nyapiri JV, highlights an ongoing commitment to Indigenous engagement. Award of a significant mining services contract at the Extension Iron Ore Project, in the East Pilbara Region of Western Australia (post end of quarter) with RE:GROUP, reinforcing confidence in Macro’s operational credentials. Exploration: Focused and Methodical Exploration efforts continue across several promising targets: Turner Project: Now in Phase 2 of mapping and sampling, targeting CID mineralisation directly adjacent to Rio Tinto’s Turner Syncline Mine (Figure 2). Drill programs are expected mid-2025. Wandanya Manganese Project: The Donkey Prospect returned highly encouraging intercepts, including 5m @ 40.8% Mn from surface. Budgeting and planning are underway for potential bulk sampling and lease conversion. Figure 2: Turner Location Plan (source: Macro Metals Limited) Goldsworthy East: Rehabilitation efforts were prioritised post-drilling. Port Hedland Tenements: Initial reconnaissance has begun to assess sand and aggregate potential, aligning with Macro’s civil construction materials strategy. The site's strategic location near Port Hedland and Utah Point offers a significant logistical advantage (Figure 3). Figure 3: Map of Tenure, Current Infrastructure and Offsite Infrastructure (source: Macro Metals Limited) Mining Services: Building Real Revenue Streams Through Macro Mining Services, the company is progressing from concept to cash flow. The signed life-of-mine contract at Extension Iron Ore is key—it includes exploration, permitting, mining, and processing services under a cost-plus model (Figure 4). Importantly, the services arm is being leveraged not just for internal development but for external contracting, making Macro one of the few juniors attempting to monetise early while building toward production scale. Figure 4: Location Plan of Extension Iron Ore Project (source: Macro Metals Limited) Their vertically integrated services—from permitting to port—are complemented by a strategic infrastructure plan. The planned West Pilbara transhipping hub, if executed within the next 12 months, could become a cornerstone for smaller players to access export markets efficiently. Indigenous Engagement: More than Just Compliance Macro’s joint ventures with Robe River Kuruma and Nyapiri are structured with shared value at the centre. These aren’t token partnerships—they are operational, engaged, and already tendering for over $170 million in active opportunities. The involvement of Traditional Owners in areas such as environmental rehabilitation demonstrates a maturity in how Macro approaches sustainability and regional participation. Samso’s Concluding Comments When I looked at the Macro Metals story, I was immediately fixed on the Mining Services model. The concept of having a separate mineral exploration story is interestingly complimentary but I suspect this part of the business will not be a priority. The intent of Macro Metals looks serious, as it appears that they are carving out a serious role as a mining services partner with solid WA roots and an increasingly integrated logistics strategy. The market often forgets that value creation isn’t always about the next drill hit—it’s sometimes about creating the conditions to generate revenue while de-risking the business. Macro’s ability to offer a “pit-to-port” solution—through partnerships, infrastructure, and Indigenous engagement—places it in a category of juniors that's thinking more like a mid-tier service provider. For investors and industry watchers, this is a company worth revisiting—not just for its exploration upside but for its evolving business model. If execution continues on this trajectory, we may soon be talking less about Macro the explorer and more about Macro the operator. Figure 5: The share price chart for Macro Metals Limited as of 26th May 2025. (source: commsec) As I mentioned, the share price did go for a good run (Figure 5) and has since retreated. The reasons for that retreat are up for discussion, but one has to look a the people involved and you would want to take this potential play seriously. 16 May 2024 - Mr Tolga Kumova appointed Chairperson and Macro to explore options for Agbaja Iron & Steel Project 6 March 2024 - Highly Regarded Board Appointed to Expedite Development of Macro’s Pilbara Iron Ore Portfolio If you look at the price heights, it is very consistent with the two ASX release dates :-) Irrespective of the previous price surge and fall, my interest stems from the mining service business part of the macro. This is something very different and with strong backing, with experience and good partnerships, I think this is definitely a good one to add to the watchlist. The current market cap may be on the higher side, so caution and a lot of research is a good idea. 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: Thermogenic Hydrogen Potential Confirmed at Edmund-Collier Figure 1: Organic-rich Blue Billy Formation core (17BBDD002: 337.7m–345.5m) (source: Constellation Resources) As the energy transition accelerates, could natural hydrogen offer a viable, scalable zero-carbon fuel alternative. In this context, Constellation Resources Limited (ASX: CR1) has delivered a pivotal update that confirms thermogenic hydrogen potential at its flagship Edmund-Collier Project in Western Australia. This marks not just a technical milestone, but possibly an inflection point in how hydrogen exploration is perceived on a global scale. A Major Technical Breakthrough - Potentially a Natural Hydrogen Source? Constellation’s latest analysis of Total Organic Carbon (TOC) and Thermal Maturity (TM) from historical drill core has validated what many in the emerging natural hydrogen space have speculated—the Blue Billy and Discovery Formations contain laterally extensive, overmature, organic-rich shale units ideal for thermogenic hydrogen generation. Initial TOC values—averaging up to 5.76%—across wide intervals in three of eleven drill holes point to strong hydrocarbon-style source rock potential (Figure 1). When coupled with thermal maturity readings (vitrinite reflectance equivalents) reaching up to 11.05 in some samples, it suggests that these rocks have exceeded the threshold temperatures (>250°C) required to liberate hydrogen (Figure 2). These results place Edmund-Collier on par with global analogues such as China’s Songliao Basin and Japan’s Niigata Basin. Figure 2: Hydrogen generation model (Hanson & Hanson, 2023) with Edmund-Collier maturation window plotted (source: Constellation Resources) What’s more, the scale here is hard to ignore. Spanning 300km east–west and 40km north–south, this basin-scale system has never been tested for hydrogen despite extensive historic drilling for zinc, copper, and uranium (Figure 3). Figure 3: Constellation SPA-AO application locations (source: Constellation Resources) Constellation suggests that the ideal hydrogen generation occurs at temperatures ranging from approximately 250°C to 500°C. This range is likely the minimum temperature that organic-rich shales in the deepest areas of the Wanna Syncline have experienced, which are currently situated at a depth of about 4–5 km (see Figure 4 and Figure 5). CSIRO-led analyses of fluid inclusions for hydrogen and associated gases are currently underway, and identification would further strengthen the thermogenic hydrogen model (Figure 4). Figure 4: Constellation SPA-AO application locations (source: Constellation Resources) Unlocking a New Natural Hydrogen Frontier The Wanna Syncline—a deep structural basin within Edmund-Collier—may act as a “kitchen” where organic-rich shales have reached peak natural hydrogen generation windows. Current data suggests that these units, lying at 4–5km depth, were exposed to paleo-temperatures ideal for producing hydrogen via catagenesis, metagenesis and metamorphic processes (Figure 5). Figure 5: Cross-section with conceptual paleo-isotherms and drillhole locations (source: Constellation Resources) Constellation’s forward program includes gas inclusion tests and additional TOC assays from the remaining eight drill holes. These results could provide definitive evidence of a naturally occurring hydrogen system at scale. Equally important, the project is strategically located near major gas infrastructure, providing a potential pathway to market if commercial volumes are confirmed. Expanding the Land Position Following this technical validation, Constellation has been granted additional SPA-AO licenses over the Ashburton Basin, expanding its total landholding to an impressive 87,602km² across WA. These newly acquired areas are considered prospective for hydrogen, helium, and associated gases and are intersected by existing gas pipelines. The underlying model remains the same—radiogenic granites, deep fault zones, and organic-rich shales acting together in a sealed geological system to generate and trap hydrogen and helium. It’s a compelling setup for anyone paying attention to the zero-carbon fuels of the future. Project Background: Edmund-Collier at a Glance The Edmund-Collier Natural Hydrogen Project is located in Western Australia’s Gascoyne Province. Comprising four contiguous SPA-AOs (37,288km²), it is bounded by gas pipelines and contains a folded succession of 5km-thick Proterozoic rocks overlying radiogenic granites (Figure 5). This geologic setting provides the full hydrogen system: source rocks, heat, faulted migration pathways, potential reservoirs, and seals (Figure 6). Figure 6: Conceptual Edmund-Collier Basin H2 - He System. (source: Constellation Resources) Samso’s Concluding Comments I came across this natural hydrogen phenomena about 3 years ago, and I thought that this would be an interesting part of the mineral resource sector if it could be proven to be viable. Like most exploration concepts, we all start with a theory and then go about proving it. Natural hydrogen is a very new concept, to me at least, so there is still a fair way to convince me that this is a viable concept. When it does, this could be a big economic asset for the West Australian government. The confirmation of thermogenic hydrogen potential at Edmund-Collier looks like it may be marking a turning point in Western Australia’s energy narrative. Could this be seen as a moment when we could say that it is no longer about theory—it’s about evidence. I don't have enough experience in this area to have a valid opinion; other than that, anything is possible. Potentially, the proposed concept may mean we are seeing a convergence of deep basin geology, emerging science around overmature shales, and a regulatory framework now designed to support exploration. As I mentioned previously, Constellation isn’t just drilling into rocks—they’re drilling into a new energy economy. With first-mover advantage and basin-scale opportunity on their side, the Edmund-Collier Project offers investors something rare: a technically sound hydrogen story grounded in geology, not just speculation. And while natural hydrogen still feels new to many, it’s worth remembering that in Bourakebougou, Mali, a small community has been powered by a shallow hydrogen reserve since 2012. As highlighted by Yale Environment 360, this isn’t future tech—it’s already working. Projects like Edmund-Collier may simply be the next chapter in a story that’s been quietly unfolding for over a decade. Stay tuned— is this story only just unfolding? 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 PromarkerEndo advances toward clinical use with real-world validation data presented at World Congress on Endometriosis Let’s be honest: endometriosis has long been one of the most underdiagnosed and misunderstood medical conditions in women's health. A silent disruptor, it causes pain, fertility issues, and decades-long suffering, often without a name. Until now, the only path to a diagnosis was invasive laparoscopic surgery, usually after seven years of misdiagnosis. That’s not a system built for healing. But what if we could change that narrative with a simple blood test? Proteomics International Laboratories Ltd (ASX: PIQ) may have just done that. The announcement on 26 May 2025, unveiling PromarkerEndo at the World Congress on Endometriosis in Sydney, appears to be more than just data—it’s the kind of breakthrough that could shift the clinical standard. The company’s proprietary non-invasive blood test has not only proven itself in real-world clinical validation but is now poised for commercial rollout. If you've been watching the precision diagnostics space, now is the time to pay close attention to PIQ. PromarkerEndo – From Concept to Clinical Application Presented to leading experts at the World Congress, the latest results from a 704-participant study have validated PromarkerEndo’s capability across all stages of endometriosis, using a single, universal test. This isn't just a lab theory—it’s a working diagnostic tool. The test delivers a straightforward ‘traffic light’ risk score—low, moderate, or high—making it accessible and immediately useful for both general practitioners and specialists. Sensitivity and specificity metrics were consistently impressive across disease stages Table 1: The integrated PromarkerEndo test demonstrated excellent discrimination in diagnosing all stages of disease when compared against symptomatic controls and general population controls, and improved upon the performance of the previously published results (source: PIQ) These numbers are compelling when compared to existing diagnostics like the PSA test for prostate cancer, which only achieves an AUC of 0.68. PromarkerEndo is not just competitive—it’s superior. Targeting a $9.7 Billion Problem in Australia Alone Endometriosis affects 1 in 9 women and girls globally, with economic costs estimated at $9.7 billion annually in Australia. In the realm of fertility care, its undiagnosed presence skews outcomes and complicates treatments. With 70–80% of early cases going unnoticed due to the limitations of current tools, PromarkerEndo has the potential to fill a long-vacant diagnostic void. Commercial Rollout – What Comes Next? According to Proteomics’ timeline, PromarkerEndo is on track for commercial launch in Australia in Q3 CY25, with global markets to follow. The test will be delivered using the same Direct-to-Consumer (DTC) digital framework already in place for PromarkerD, which is now being used across Australia and in the US. Key steps ahead include: Finalising ISO 15189 accreditation Building clinician and primary care engagement Partnering with fertility clinics and women's health providers Preparing regulatory submissions and licensing discussions This isn’t just a lab breakthrough—it’s a market-ready innovation. A Word from the Scientist Behind It All Proteomics International Managing Director Dr Richard Lipscombe commented: “this is a major step forward in making non-invasive endometriosis diagnosis a reality. PromarkerEndo has the potential to dramatically reduce diagnostic delays with its simplicity, accuracy, and broad applicability - including in fertility care. The advances support our commercialisation strategy and reinforce the potential for PromarkerEndo to become a standard part of the clinical diagnostic pathway.” Industry Backing and Independent Validation Backing the science is a robust network of research institutions, including the Royal Women’s Hospital and the University of Melbourne, and strong validation from international experts like Professor Peter Rogers. Their message is clear: this isn’t just innovation—it’s transformation. Concluding Comments – Samso’s View In a market saturated with speculative diagnostics and unfulfilled promises, Proteomics International look to be charting a different path—grounded in hard science, clinical validation, and strategic delivery. To the scientists reading this, it is what precision medicine was always meant to be. According to the company, PromarkerEndo doesn’t just diagnose a disease; it dismantles a barrier. It brings immediacy, accuracy, and dignity to patients who’ve waited far too long. And for investors, this may be indicating that this is a company that not only understands unmet medical needs but has the tech and team to solve them. With PromarkerD already in market, PromarkerEso next in line, and now PromarkerEndo advancing with serious commercial intent, PIQ is shaping up as a quiet achiever in precision diagnostics. Looks like Q3 will be an interesting time. Reasons Why Samso Helps Your Research. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing and remember, always DYOR. References: ASX: PIQ, 26 May 2025 – PromarkerEndo advances toward clinical use World Health Organisation: Endometriosis Fact Sheet [Diagnostics Journal, March 2025 Cover – PromarkerD Results] [Quarterly Activities Report, 24 April 2025, ASX: PIQ] 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: Encouraging Safety Review Committee (SRC) Findings on Ph I/II Skin Cancer Trial When it comes to transforming cancer care, true innovation lies not just in killing the cancer, but in seeing it and feeling it less, and healing with more grace. In this quiet revolution, Invion Limited (ASX: IVX) is emerging as a serious contender. The current initiatives by Samso to move into the other sectors of the ASX are an intent to create a greater spread of content for our platform. The Samso philosophy is that the greater spread and volume of the content will allow more investment thoughts and opportunities for our subscribers and followers. The Invion review reflects one of these initiatives. The announcement on the 29th of May 2025 presents one of those early clinical signals that experienced biotech observers know to watch closely. This Phase I/II trial result in non-melanoma skin cancer (NMSC) may seem modest—only six patients—but the implications are anything but. No pain. No adverse events. Early lesion reduction. Visible fluorescence. In a sector where most early trials focus solely on safety, INV043 is already delivering layered value: as a treatment and as a diagnostic. For those who’ve followed Invion’s Photosoft™ journey, this feels like a critical inflection point. Safe, Painless, and Visually Striking The standout here is that INV043—delivered topically—was well tolerated across all six participants. Clinician feedback reported no pain during treatment, a remarkable departure from current Photodynamic Therapy (PDT) treatments, which often cause discomfort and inflammation. More than just being painless, INV043 appears to work. Lesions treated with a single cycle of the compound showed a visible reduction in size at 15 and 30 days post-treatment (Figure 1). This is while untreated, patient-matched lesions grew in size. The implications here are significant. These early signs support a hypothesis that INV043 doesn’t just offer a less invasive alternative—it may be more effective too. But INV043 is also illuminating in the most literal sense. Figure 1: Change in Lesion Size After 15 and 30 Days (source: Invion Limited) A Theragnostic Leap—Seeing Cancer in a New Light In what may become a paradigm-shifting approach, INV043 demonstrated its diagnostic potential. Under violet light (405 nm), the cancerous lesions fluoresced, effectively allowing clinicians to see the disease more clearly. This visual contrast could help surgeons better identify cancer margins, removing only what is necessary and preserving surrounding healthy tissue—a known challenge in skin cancer treatment today. Figure 2: Patient 101-002 at Day 1 of the treatment (INV043 ointment) (source: Invion Limited) As shown in Figures 2 & 3, the trial contrast between natural light and fluorescence after INV043 application is not just measurable—it’s compelling. This diagnostic capability may eventually become a standard component of surgical planning, improving outcomes and reducing recurrence. Figure 3: Photos from three different patients in the trial (source: Invion Limited) CEO Perspective: A Platform Emerging Prof. Thian Chew, Executive Chair and CEO of Invion, captured the essence of this milestone: “We are very pleased with the safety profile of INV043 and look forward to exploring other elements that may help optimise the dose regime. It is also exciting to see how clearly and easily INV043 can ‘illuminate’ the cancers.” And on what’s next: “The results set us up for the next stages of our clinical program, including the planned Phase I/II anogenital trial as well as the next part of the NMNC trial, where we are seeking to further demonstrate the safety of INV043 and to better optimise the treatment regime in the next group of patients.” It’s worth noting that the upcoming trial at Peter MacCallum Cancer Centre will explore INV043 in combination with immune checkpoint inhibitors (PD-1)—a tantalising pairing given preclinical data suggesting synergy. The Road Ahead—Part 2, New Trials, New Frontiers With Part 1 of the trial completed, Invion is now moving into Part 2—an adaptive trial phase where dose-light intervals and other variables will be refined. The company is also preparing for an upcoming Phase I/II anogenital cancer trial in partnership with the Peter MacCallum Cancer Centre. Here, INV043 may be paired with immune checkpoint inhibitors (ICIs) like PD-1 inhibitors, with preclinical data suggesting this combination could significantly enhance immune responses. It’s also worth noting the market backdrop. With non-melanoma skin cancers making up 98% of skin cancer cases globally and the treatment market projected to reach US$21.1 billion by 2032, the commercial opportunity is substantial. Samso’s Concluding Comments One of the highlights for me as a new player in this sector is the way Invion is going about its work. I have never thought that a simple statement that six patients were tested and no side effects were recorded meant so much. I mean, when you look at it from an average person, does this mean that the process worked? For me, as an investor and a potential patient, it’s a story of how Invion is threading together safety, efficacy, and diagnostic clarity into a single, adaptable topical compound. What makes this compelling from a Samso lens is the multiplicity of applications unfolding here. INV043 isn’t just fighting cancer—it’s showing us where it is. That opens doors for surgeons, clinicians, and even AI-assisted surgical planning. Moreover, with the adaptive design of this Phase I/II trial and Invion’s broader strategy across NMSC and anogenital cancers, the pathway forward is smartly structured and well-aligned to investor interests. And with the Photosoft™ platform underpinning it all, INV043 feels less like a product and more like a foundational platform for next-generation PDT. The market potential—over US$21 billion globally by 2032—isn’t just a footnote. It’s a validation of why this work matters. And if INV043 continues on this path, Invion may just emerge as one of those rare biotechs that not only survives the clinic but reshapes how we think about treating cancer—safely, painlessly, and visibly. Invion Limited (ASX: IVX) 5 year Share Price Chart. From an investor, looking at IVX with an AUD $10.0M market capitalisation and the above share price, I would be interested in taking a closer look. There was a share price rise around the 26th May 2025, and that looks promising (See Below). Invion Limited (ASX:IVX) 12 Month Share Price Chart. Now, is that a response that may lead to more positive sentiment? Who knows, but I think we may have timed our review well. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our Mission is simple: Cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Happy Investing and 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 High-Grade Gold and Tungsten at Western Queen Project Is Rumble Resources Limited (ASX: RTR) a gold story that should be promoting itself more as a tungsten critical mineral conversation? As the tungsten narrative makes it move to be the king of the critical mineral list, one needs to consider this story like the Delta Lithium (previously Red Dirt Metals Limited (ASX: RDT) story when it was a gold project with an incredibly good lithium future. Samso first covered Rumble Resources on the 23rd of March 2025 which was entitled "Rumble Resources Limited (ASX: RTR) - Is this sleeper going to be a Hidden Gem?" because we felt that this could be a turn around story with the gold sentiment strengthening however, looking at the share price chart in Figure 1, it looks like something is still missing. Figure 1: Rumble Resources Limited Share Price Chart over the last 5 years.(source: commsec) The Western Queen Project in Western Australia is producing good news on the drilling, but with the tungsten market now over the USD $420 mtu price range, it appears that the tungsten market shortage and its place on the critical list may actually be coming of age. Check out our Samso Insight on Tungsten : Tungsten: The Quiet Giant – Market Trends and Investment Pathways. Tungsten is a market that is completely vague and a very illiquid market is shrouded in mystery. The recent conversation that I have had with Oliver Friesen, the CEO and Executive Director of Guardian Metals Resources PLC (LON: GMET, OTCQX: GMTLF) has informed me that the state of the tungsten market is ripe for maturing. Rumble's Headline Numbers Rumble Resources has intersected impressive high-grade gold and tungsten in their recent diamond drilling campaign at the Western Queen South and Princess deposits. The face value numbers from the drilling are strong and appear to be consistent with the gold story that is being narrated (see below); however, I am thinking that it still needs more consistency geologically. 🔶 Gold Intercepts (Figure 2) at Western Queen South : 6.93m @ 4.10g/t Au from 362m (WQDD025A) 0.3m @ 32.38g/t Au from 300.3m (WQDD026) 1m @ 6.20g/t Au from 313m (WQDD026) 27.4m @ 1.02g/t Au from 288m (WQDD019), including 2.7m @ 2.96g/t Au 🔷 Tungsten Intercepts at Western Queen South and Princess: 24.6m @ 0.62% WO₃ from 292.5m (WQDD019), including 0.4m @ 10.53% WO₃ 0.9m @ 7.15% WO₃ 1.7m @ 0.98% WO₃ 1.49m @ 0.83% WO₃ from 367.44m (WQDD025A) 6.7m @ 0.32% WO₃ from 190.3m (WQDD027 at Princess) The tungsten numbers are of high grade, but unfortunately, the intercepts are a bit thin. Figure 2: Western Queen South– gram x metre contours with selected drill hole intersections – Longitudinal Section. (source: RTR) Peter Harold, Managing Director and CEO, commented: “Great to see some more good results from the last drilling program at Western Queen, especially the tungsten numbers. The gold hits are positive too. We are delighted with the way the tungsten is shaping up. Early indications are that the tungsten could add significant revenue when mined in conjunction with the Western Queen South gold open pit resource. We are very much looking forward to releasing the maiden tungsten resource and the metallurgical test work results.” A Rare Twin: Gold + Tungsten The company is looking to set the project to be a gold-tungsten project, and I think that is not a bad strategy. Time will tell with more work if this is going to happen; however, at the moment, I favour the gold pathway. At the Princess prospect, all three diamond drill holes successfully intersected the mineralised zone, revealing encouraging gold intercepts (Figure 3) including: 10.5m @ 1.41g/t Au 13m @ 1.50g/t Au (with 3m @ 2.90g/t) 2m @ 2.28g/t Au According to the company, the mineralisation, hosted within silicified zones rich in pyrite and pyrrhotite, remains open down-plunge to the south, suggesting potential for further extensions. As an observer from afar and one that is not intimate with the facts as yet, the Runble story offering dual high-grade commodities like this, especially one as strategically critical as tungsten, is few and far between. Figure 3: Princess gram x metre contours with selected drill hole intersections – Longitudinal Section (source: RTR) Why This Matters From my vantage point, this announcement does indicate some momentum and strategic optionality. The gold resource at Western Queen is already respectable: 4.42Mt @ 2.02g/t for 286,600 oz Au. Historic production at Central and South totals 215,000 oz Au at a striking average grade of 7.6g/t. The proximity to three processing plants within 100 km—including Dalgaranga at just 48 km—means development pathways are realistic and potentially low CAPEX. But now, add tungsten to the mix—a critical mineral with growing demand in defence, energy, and high-strength alloys—and this project starts looking like a multi-metal revenue engine. What’s Next for Rumble? According to the announcement, the roadmap is well laid out: For Gold: Interpret and integrate results from recent RC and diamond programs Complete open pit and underground mining studies Prepare for regional exploration along the Queen Shear Zone For Tungsten: Final assays from historic core expected in June Maiden Mineral Resource Estimate due in the September quarter Metallurgical testing underway to assess revenue potential Rumble has also confirmed that mineralisation—both gold and tungsten—remains open in all directions. Close to the Action: Western Queen Within Reach of Three Processing Plants In terms of positioning for toll treatment of the gold ores, logistics is on the side of the Western Queen Gold Project (Figure 4). Nestled within 100 km of not one, but three operating mills—Dalgaranga, Mt Magnet, and Tuckabianna—this location is no accident. For a company like Rumble Resources, this kind of proximity to infrastructure isn’t just convenient—it’s strategic. With haul roads already in place and processing options within reach, the pathway from discovery to production becomes a whole lot more realistic. This is the kind of logistical edge that often separates promising projects from the ones that make it to cash flow. What Rumble needs now is to prove the numbers work for a gold business. Figure 4: Location Plan of the Western Queen Gold Project (source: RTR) Samso Concluding Comments Here at Samso, we don’t chase noise—we chase substance. And substance comes from digging deeper, asking better questions, and paying attention to stories that evolve with purpose. I am not sure at this stage if Western Queen is shaping up to be one of those stories. It does have the merit to be not being just another gold project. It’s a layered opportunity—part resource upgrade, part critical mineral revelation, and fully grounded in exploration logic. Our aim has always been to bring clarity to investors, whether through Coffee with Samso, Samso News, or Samso Insights. What we do is simple: we unpack the technicals, examine the strategy, and help you frame your own investment lens with the facts that matter. This way, you’re not relying on hype—you’re relying on informed decision-making. There are no shortcuts to value creation. Projects take time. Markets shift. Commodities cycle. But the one constant is diligence. Do your research. Know your risk appetite. Ask yourself if a company is solving problems, creating leverage, and unlocking real-world utility. If the answer is yes, you’ve already got a head start. Stay curious. Stay grounded. So here’s my advice: stay sharp, do the work, and don’t underestimate what early insight can do. As always, dig deeper. Because in this business, it’s those who look beyond the surface that uncover the true value 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 recent technical paper has shown that the Pilbara Iron Ore Region may be misunderstood, and there may be other sources of high-grade iron ore. The Pibara iron ore heaven may be the tip of the iceberg. Could there be a new region hosting billions of tonnes of high-grade iron ore waiting to be discovered? What If We’ve Been Wrong About the Hamersley Iron All Along? As an exploration geologist, the Hamersley iron story has always fascinated me. For decades, we’ve treated the timeline of iron ore formation in the Pilbara’s Hamersley Province as almost gospel. We referenced phosphate dating and clast-bearing conglomerates as reliable benchmarks. But what happens when new geochronological tools rip apart that foundation? The recent study by Courtney-Davies et al. (2024) has done just that. It shifts the age of the world’s largest hydrothermal ore systems forward by up to a billion years. As someone who has spent decades working on the presumption that the mechanics of mineralisation and structural deformation are the key to understanding mineral exploration, this revelation strikes like a geophysical anomaly demanding immediate follow-up, or does it? I was drawn to this article from a post that was more interested in clickbait than making a valid intellectual discussion. However, unbeknownst to the author, I am interested in the article, and it had relevance for me. Let’s unpack the so-called groundbreaking findings and why this isn’t just a win for academia, but a turning point for exploration investment strategies across Australia and beyond. Setting the Scene: Pilbara’s Geological Backbone The Hamersley Province is iron ore’s cathedral. Nestled within the Pilbara Craton, it boasts the Brockman and Marra Mamba Iron Formations, host to tier-one iron ore assets like Mt. Tom Price, Mt. Whaleback, and Paraburdoo (Figure 1). Figure 1: Geologic map of the Pilbara Craton and sample locations (source: PNAS) Traditionally, the mineralisation was linked to early Paleoproterozoic processes (~2.2 to 2.0 Ga), anchored by the appearance of hematite clasts in conglomerates and phosphate mineral dates. These methods were logical but indirect. And therein lies the problem. Traditionally, the mineralisation was linked to early Paleoproterozoic processes (~2.2 to 2.0 Ga), anchored by the appearance of hematite clasts in conglomerates and phosphate mineral dates. These methods were logical but indirect. And therein lies the problem. The Technology Disruption: Iron Oxide U–Pb Dating Until recently, hematite geochronology wasn’t a viable method. But advances in U–Pb LA–ICP–MS techniques have allowed direct dating of iron oxides (Figure 2). This is a game-changer for the academics, but for the insiders and those exploring it, I am not sure of the relevance. Figure 2: Tera-Wasserburg diagrams showing hematite U–Pb dates from Pilbara deposits (source: PNAS) Courtney-Davies et al. analysed 235 hematite spot samples from seven different deposits. The verdict? All high-grade, microplaty hematite deposits formed not in the Paleoproterozoic but between 1.4 and 1.1 Ga, during the Mesoproterozoic, well after the so-called Great Oxidation Event. According to the implementation of the paper, this finding isn’t trivial. It fundamentally reorients our understanding of tectonic and hydrothermal events tied to ore formation. It also puts the Hamersley deposits squarely within the geological timeline of the Rodinia supercontinent assembly. Two Distinct Events, One Enormous Iron Province The study confirms two distinct ore-forming phases: ~2.2 to 2.0 Ga – Represented by eroded ore clasts and likely related to the breakup of Vaalbara and the Bushveld superplume. ~1.4 to 1.1 Ga – The main event, producing the lion’s share of microplaty hematite deposits, coinciding with the formation of Rodinia. What’s striking is the absence of tectonic fabric in these microplaty ores, suggesting their formation postdates all major orogenic events in the region. Implications for Exploration and Discovery Here’s where it gets exciting for explorers and investors. By associating iron mineralisation with supercontinent cycles (Figure 3), we gain a predictive exploration model. If tectonic amalgamation triggers fluid migration and ore deposition, we should focus our search around other cratonic suture zones that saw similar Mesoproterozoic activity. Figure 3: Global correlation of iron ore formation periods and supercontinent cycles (source: PNAS) This also means re-evaluating previously overlooked Mesoproterozoic basins and structures across the Yilgarn, Gawler, and even offshore terrains. Dissecting the Mt. Tom Price Data The most robust data comes from Mt. Tom Price: SE Prongs: 1377 ± 49 Ma S Ridge Deep: 1398 ± 55 Ma Combined: 1387 ± 30 Ma These samples all fall neatly into the Mesoproterozoic, with high uranium concentrations and consistent linearity on age plots. By contrast, phosphate minerals like xenotime tell a chaotic story, recording ages from 2.2 Ga to as young as 0.85 Ga. Why the discrepancy? It boils down to elemental mobility. Phosphate is easily reset by meteoric water and later hydrothermal events, whereas hematite retains its isotopic integrity unless subjected to very high temperatures (>550°C). Why This Matters: A New Iron Ore Formation Model The findings point to a multistage process: Initial Deposition of BIF (~2.6–2.45 Ga) Minor Early Hydrothermal Upgrading (~2.2–2.0 Ga) Major Hematite Formation (~1.4–1.1 Ga) This sequence aligns with a broader understanding of mineral systems as products of episodic fluid movement, fault reactivation, and tectonic stress, all modulated by plate dynamics (Figure 4). Figure 4: Conceptual model showing fault reactivation and fluid movement during Rodinia assembly (source: PNAS) For mineral explorers, this is a clear directive: stop chasing ghosts from the GOE (Great Oxidation Event) and start drilling where the plates came together. The Bigger Picture: From Pilbara to Planetary Context This isn’t just about Australia. The study also aligns iron ore formation in the Pilbara with similar-aged deposits in Brazil, South Africa, and North America. It suggests that Mesoproterozoic mineralisation was a global phenomenon tied to deep Earth processes. Samso Concluding Comments Reading through this paper as an exploration geologist who has not worked intimately in the iron ore industry is exciting. It is exciting from the angle that I am gaining great insights into the potential that there may be other areas that have the potential to host high-grade iron ore. In geological terms, the identification of an area for a commodity is primarily based on historical information, either from previous explorers or historical understanding of the geological conditions that are favourable to mineralisation. Typically, with time, the newer understanding of geology and the formation of metal deposits are shedding some new insights into mineral exploration. These new insights have come in the form of new methods highlighting potential mineralisation, such as new geophysical or chemical techniques or interpretation, but rarely due to a new understanding of the genesis of ore. I feel that if the conclusion of this paper can be put to the test, as in finding areas where you are looking at the formation. The genesis of high-grade haematite during the hydrothermal event, rather than the eventual deposition of the haematite, as in the BIF, a new source of haematite can be discovered. One has to remember that the deposition of hematite ends up in the Banded Iron Formation (BIF) and the Channel Iron Deposits (CID). The genesis of the haematite is another proposition. The flip side of this comment is that the BIF and the CID (the weathered and eroded BIF) may be where it concentrates and makes the "deposit" economically viable. The answer to that statement is best left to those who know a lot more about the whole iron ore business than me. I do like the concept, and I am sure those who know more and have greater wisdom will have the answer. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Happy Investing and Always DYOR. References Courtney-Davies, L. et al. (2024). A billion-year shift in the formation of Earth’s largest ore deposits. PNAS, 121(31), e2405741121. https://doi.org/10.1073/pnas.2405741121 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 Shipment of Lithium Samples as Feasibility Studies Advance When Pursuit Minerals (ASX: PUR) announced it had dispatched 99.5% pure lithium carbonate samples to potential offtake and strategic partners, it caught my attention for all the right reasons. In a climate where investors are becoming more selective and market conditions remain tight, real progress—not marketing noise—matters. I was told to take a position in PUR for a trade, and it has become a long-term trade. As an investor, I am sure there are many people who have had this happen to them. Fortunately for me, it was a small trade, but it was a valuable one, as I was never a believer of the lithium run, and I went against my own rules. This journey went from bad to worse as the stock got consolidated with a falling share price, so when I saw this latest news, I was very curious. Figure 1: Pursuit’s 99.5% Li₂CO₃ Sample Ready for Dispatch to Potential Offtake Partners (source: PUR) Proof of Concept, or Proof of Credibility? From where I stand, I am hoping that this would be a good thing and reading through the release, it just may be good. Here’s why: First, hitting 99.5% purity—especially at a pilot plant level—is a good tick in a checkbox. I agree that it's just a technical milestone with a verified third-party assay, which removes a big chunk of risk perception for prospective partners. This product came from a 250tpa pilot plant in Salta Province, Argentina, using synthetic brine formulated to match that of the Rio Grande Sur Project. This means the company has successfully mimicked real-world operating conditions in a test environment and delivered a technically sound result. Figure 2: SGS Laboratory Assay Confirms 99.55% Lithium Carbonate Purity (source: PUR) CEO Aaron Revelle summed it up perfectly: “Achieving 99.5% lithium carbonate purity is a major technical milestone for Pursuit and a clear demonstration of the capability embedded within our flowsheet, team, and pilot plant infrastructure… Dispatching these samples is a critical first step in our commercialisation pathway.” From a development perspective, this is what I call “de-risking by doing.” Instead of promising future capability, Pursuit is showing what it can deliver now. The step from “resource in the ground” to “qualified product in hand” is a big one, and not many juniors make it convincingly. So, is it a good thing? Absolutely. It’s a signal to the market that this isn’t just a lithium story—it’s a lithium business in the making, and this is what is making me more than curious. This may mean that it's more than announcing the discovery of a pegmatite or some high assay in a rock chip sample. The Path to Profit: Still Paved with Questions—But Promising This is the question every investor should ask: Can this become a profitable business? Let’s be clear—at the 250tpa pilot stage, Pursuit is not aiming to make money. The purpose is qualification, not revenue. But the long game is being built around a 5,000tpa operation, and that’s where profitability comes into play. Figure 3: 250tpa Lithium Carbonate Pilot Plant Ready for Production. (source: PUR) Feasibility studies are underway, with engineering, environmental, and process modelling all being lined up. If these efforts prove successful—and offtake agreements follow—then yes, this has the bones of a lean, margin-positive operation. Timing will be everything. Lithium prices remain subdued. But that won’t last forever. The companies with qualified products, operational discipline, and market-ready projects will be the first to benefit when sentiment turns. Let’s also not ignore Argentina’s rise as a Tier 1 mining jurisdiction, particularly with the RIGI tax and FX stability program for large-scale investments. It adds critical long-term clarity and de-risks future development. And while lithium is the core focus, Pursuit’s broader strategy to evaluate gold, silver, and copper acquisitions in Argentina is a smart hedge. That kind of optionality can help the company pivot if market conditions change and remain relevant across commodity cycles. So, is it going to be profitable? Not today and the potential for success is still based on the lithium price coming back to a level where new players like Pursuit can earn a decent income. The upside looks positive, and the story appears to have an intent to create the right execution and with alignment with buyers, and market rebound, it will happen. Samso Concluding Comments This is the kind of story I like. Real product. Real purity. Real commercial intent. I also like that Pursuit Minerals isn’t making noise—they’re making lithium carbonate at 99.5% purity and putting it in the hands of people who matter. I do realise that there is still a long journey and if my forecast for the lithium price is correct, which is a level where there is cost effectiveness for producers and end users, the PUR story may work. Irrespective of my very cautious approach to the upside, it is comforting for me that Pursuit appears not to be just talking—they appear to be building parts or at least building the paths to a business. In a market filled with announcements, this one stands out because it’s backed by something tangible. While existing producers are bleeding as the pricing has not recovered, Pursuit is proving it can deliver product and validate its flowsheet in real-world conditions. That gives them a significant head start when market conditions shift. What’s more impressive is their clear intent to scale methodically through a 5,000tpa operation, all while preserving capital and exploring smart diversification into gold, silver, and copper. For me, this is not a lithium story—it’s a strategy to become a production business. Argentina’s mining environment is maturing, and Pursuit is positioning itself right in the middle of that shift. If things fall into place for PUR, this will be the first step in the next phase, not just reacting to the present. Proposed Pond Location at Rio Grande Sur That’s why at Samso, we watch companies like this. Not because they shout the loudest, but because they move with purpose and the timing may just be perfect. The time for Pursuit to get to the end stage is still going to take time and for once, this may be a good thing. And as always, know your own tolerance for risk, do the work, and back the stories built on action, not just ambition. Our work at Samso is grounded in nearly three decades of industry experience. We bring independent, informed content through Coffee with Samso, Samso News, and Samso Insights—because informed investors make better decisions. Make sure you understand your own investment strategy, risk appetite, and horizon. Whether it’s lithium, copper, or gold, success always starts with knowing why you're backing a story. 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.