Anax Metals Limited (ASX: ANX) outlined its updated definitive feasibility study (DFS), highlighting strong economic metrics for its Whim Creek Copper-Zinc Project in Western Australia. I came across the Anax Metals story a couple of years ago, and it has finally come to a very interesting stage. This latest ASX release is probably a welcome update for existing shareholders. There is still some way to go to raise the funds but the copper price is buoyant and hopefully, for existing shareholders, this could be the light at the end of the tunnel. The February 2026 ASX announcement outlines a development scenario with strong financial metrics, supported by updated commodity prices and revised capital assumptions. About Whim Creek Copper-Zinc Project The Whim Creek Copper-Zinc Project in the Pilbara region of Western Australia. The project hosts a polymetallic volcanogenic massive sulphide (VHMS) system containing copper, zinc, lead, silver and gold. The project is located approximately 120 km southwest of Port Hedland, close to established logistics infrastructure including ports, highways and power supply. Anax currently holds an 80% interest in the project, with the remaining 20% held by Develop Global Limited. Anax metals and their Copper Story is centred on redeveloping the historic Whim Creek mining district using modern processing methods, including ore sorting and polymetallic flotation circuits, to produce copper, zinc and lead concentrates with silver and gold credits. Anax Metals Updated Whim Creek DFS The company's updated DFS indicated: Pre-tax NPV7: A$501 million Internal Rate of Return: 98% Forecast free cash flow: A$723 million These values are based on forecast commodity prices. Under spot metal prices, the project’s NPV increases to A$649 million and free cash flow to A$928 million. The study assumes development capital of approximately A$91 million, including A$77 million pre-production capital and A$14 million working capital. Payback is estimated at approximately 14 months from commencement of mining. Production is expected from a 400,000 tonne per annum polymetallic concentrator, generating copper, zinc and lead concentrates with precious metal by-products. Figure 1: Whim Creek Project Location Map (source: Anax Metals Limited) Key Highlights of the 2026 DFS Update Key metrics from Anax Metals Whim Creek DFS included: Project Financial Metrics NPV7: A$501 million (pre-tax) IRR: 98% Free cash flow: A$723 million Development capital: A$91 million Payback period: 14 months Under spot commodity prices: NPV7: A$649 million IRR: 118% Free cash flow: A$928 million Whim-Creek-DFS-Update-Confirms-… Ore Reserves and Mine Life The project is based on 4.61 Mt of proven and probable ore reserves, grading: 1.36% Copper 2.31% Zinc 0.67% Lead 30 g/t Silver 0.27 g/t Gold The Life-of-Mine production schedule totals 4.91 Mt, including a small proportion of inferred material. Contained metals in the production target include: 66 kt Copper 120 kt Zinc 35 kt Lead 4.7 Moz Silver 43 koz Gold Figure 2: VHMS Deposit Geological Model (source; Anax Metals Limited) Project Overview - Mining Strategy and Production Profile Mining will commence with open pit operations at Mons Cupri, followed by the Whim Creek open pit. Underground mining will later be introduced at: Evelyn deposit Salt Creek deposit Underground mining at Evelyn is expected to begin in year three of operations and continue for approximately three years. The overall project plan supports a ten-year mine life, with an average annual production of 13 kt copper equivalent per year during the first eight years (Figure 3). Figure 3: Ore Reserve and Life-of-Mine Production Schedule (source: Anax Metals Limited) Processing Strategy- Polymetallic Concentrator and Ore Sorting Circuit Anax Metals Whim Creek processing plant will utilise a 400 ktpa polymetallic concentrator incorporating (Figure 4): X-ray transmission (XRT) ore sorting Inline pressure jig gravity separation flotation circuits for copper, zinc and lead concentrates Figure 4: Proposed Whim Creek Concentrator (source: Anax Metals Limited) The flowsheet (Figure 5) includes: crushing and screening ore sorting and gravity pre-concentration flotation recovery circuits concentrate filtration and storage Figure 5: Simplified Concentrator Flowsheet (source: Anax Metals Limited) The processing strategy is designed to reject waste material early in the processing stream and improve feed grade to the concentrator. Infrastructure and Logistics - Established Infrastructure and Pilbara Access Anax Metals Whim Creek site benefits from existing infrastructure (Figure 6), including: haul roads gas pipeline and power supply bore water supply offices and workshops bulk fuel storage historic heap leach infrastructure Figure 6: Existing Site Infrastructure (source: Anax Metals Limited) Concentrate transport is planned using containerised transport via Port Hedland using specialised concentrate containers operated by logistics provider Qube. Funding Update - Debt Funding Offers Received Anax Metals reports receiving multiple non-binding debt funding offers. Indicative term sheets include offers of up to A$57 million, which would fund approximately 75% of Anax’s development contribution. Funding options under consideration include: project debt equity funding royalties or streaming agreements joint venture participation Near-term Milestones to Watch Key upcoming activities outlined in the announcement include: updated ore reserve estimation in H1 2026 evaluation of 500 ktpa concentrator expansion drilling program at Salt Creek in Q3 2026 update of the heap leach study in H2 2026 potential addition of a pyrite flotation circuit to recover additional silver and gold Samso Concluding Comments Anax Metals updated DFS outlines the technical and financial parameters for the development of the Whim Creek polymetallic project in the Pilbara region of Western Australia. The study incorporates updated commodity price assumptions, revised capital costs and modifications to underground mine designs. These inputs produce updated financial metrics including a project NPV of A$501 million and free cash flow of A$723 million under forecast pricing assumptions. The project design integrates open pit and underground mining operations supported by a 400 ktpa processing facility capable of producing copper, zinc and lead concentrates with precious metal by-products. Sensitivity analysis within the study indicates that project economics are most sensitive to exchange rate movements, copper price and operating cost variations. The development strategy incorporates the use of existing site infrastructure and established logistics pathways to export concentrate through Port Hedland. The company is currently evaluating financing options and progressing discussions with potential debt and off-take partners to advance the project toward a final investment decision. Market Implications The anticipation of something happening in a very buoyant copper market is clearly seen in Figure 7. The slow rise in value for Anax Metals Limited is positive for shareholders but at this point, the hard part is to convince the g money to come and get in t game. Figure 8: The price chart for Anax Metals Limited (source: Anax metals Limited) The key for Anax Metals is to get its partner, Develop to chip in with the funds to get things going. However, as Develop is not really in a hurry to do things as they are themselves "doing well", getting them to get inon the game may be easier thought of than executed. Where Anax Metals will fail, is the inability to raise the appropriate funding to make the project happen. The new shareholder for Anax may have the capacity but getting Develop to be part of the party will be the key, or they sell their stake and then the game will probably happen as there will no longer be this giant elephant in the room. The key for any potential shareholders lurking on the fence deciding whether to enter the play is to keep your eyes wide and ears on the ground and do some serious DYOR. I do see some risk now with the uncertainty and having had a similar situation with Cyprium Metals Limited before they went into administration, I am cautious. I don't see Anax metals Limited having the same ending, as the wind of fortune does feel like its flowing with Anax. Hence, if things go well for Anax Metals Limited, the laughing will be the shareholders. The good news is that commodity pricing is going to go higher due to the the rise of the next generation of industrialists. As I always say, DYOR. Cover photo: Teghut Mine - open pit closeup, Serouj. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Teghut_Mine_-_open_pit_closeup.jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

Tusker Minerals Ltd (ASX: TSK) has discovered high-grade titanium mineralisation hosted predominantly as rutile within the company’s Mzimba Project in northern Malawi, Africa. Over the last 12 months, I have learnt a lot about the titanium scene in which rutile is the King of the Castle. The focus is on rutile and not all HM deposits are found in the same way. Residual ruitle is the key and the establishment of titanium sources being sourced from rutile and not ilmenite is a step in the right direction. Natural rutile is considered a premium titanium mineral because of its high TiO₂ (titanium dioxide ) content and relatively simple processing pathway compared to ilmenite. About Tusker Minerals Limited Tusker Minerals' exploration portfolio includes projects in Malawi and Cameroon, where geological environments resemble the Kasiya-style rutile systems currently attracting global attention. The company’s exploration approach relies on reconnaissance soil sampling, mineralogical analysis, and systematic follow-up drilling to identify zones of residual rutile enrichment. The company's ASX announcement released on 12 March 2026 outlines early-stage reconnaissance sampling covering only a small portion of the company’s licence area. Elevated titanium dioxide values. Tusker Minerals' discovery comes from the company’s initial reconnaissance soil and rock-chip sampling program, which utilised XRF geochemical analysis and XRD mineralogical testing to evaluate titanium mineralisation across the project area (Figure 1). Early results show significant near-surface titanium enrichment, with a large proportion of soil samples returning elevated titanium dioxide (TiO₂) values. Figure 1: Location map of the Mzimba Project licences in northern Malawi. (source: Tusker Resources Limited) Importantly, the mineralogical analysis indicates that the titanium occurs predominantly as rutile, which is generally considered the most valuable natural titanium mineral due to its high TiO₂ grade and direct suitability for titanium pigment and metal markets. The sampling program covered approximately 50 km², representing only around 7% of Tusker’s 710 km² licence package in the Mzimba region. The results provide an early validation of the project’s geological potential. Tusker Minerals Highlights: High-Grade Rutile Titanium in Malawi The key outcomes from the reconnaissance sampling program where Tusker Minerals discovered high-grade rutile titanium in Malawi include: 1. Strong Titanium Results from Surface Sampling Soil and rock-chip sampling has identified elevated titanium oxide values across the Mzimba licences (Figure 2). Key assay results include: • Peak assay of 1.88% TiO₂• 47% of soil samples returned greater than 1% TiO₂• Titanium mineralisation identified across multiple sampling locations These results demonstrate the presence of widespread near-surface titanium enrichment across the sampled areas. Figure 2: Map showing soil and rock-chip sample locations and TiO₂ assay distribution. (source: Tusker Minerals Limited) 2. Mineralogical Confirmation of Rutile Tusker Minerals' Mineralogical testing using XRD analysis confirms that titanium mineralisation (Table 1) at Mzimba occurs primarily as: • Rutile (dominant titanium mineral) • Minor anatase • No ilmenite detected This mineralogical composition is important because rutile is typically considered the highest-value titanium feedstock due to its higher TiO₂ concentration. Table 1: XRD analysis of select soil samples from the Mzimba project, highlighting that the titanium is in Rutile. (source: Tusker Minerals Limited) 3. Large Exploration Licence Package with Limited Initial Testing The reconnaissance sampling program covered: • Approximately 50 km² of ground; and • Only about 7% of the total 710 km² licence area. This means that a large portion of the project area remains untested, leaving scope for further exploration. 4. Geological Environment Comparable to Major Rutile Deposits The geological setting at Mzimba is described as being comparable to other Malawian rutile systems, including the Kasiya deposit, which is currently recognised as one of the largest rutile discoveries globally. The comparison is based on (Figure 3): • Weathered saprolite profiles • Residual titanium enrichment • Geological source rocks capable of producing rutile through weathering These characteristics suggest the potential for residual rutile mineralisation formed through deep tropical weathering processes. Figure 3: Geological interpretation of the rutile-bearing weathering profile. (source: Tusker Minerals Limited) Management Commentary Chief Executive Officer Cliff Fitzhenry commented on the results from the reconnaissance sampling program. He noted that the early sampling program has returned strong TiO₂ values across a relatively small portion of the licence area, with nearly half of the soil samples exceeding 1% TiO₂ and peak values reaching 1.88% TiO₂. The mineralogical analysis confirming the presence of rutile is considered important because rutile represents the most valuable natural form of titanium dioxide mineralisation. The company indicated that these results represent an early validation of the geological potential of the Mzimba Project, and that further systematic exploration programs are planned across the broader licence package. Near-term Milestones to Watch Following the reconnaissance results, Tusker Minerals has outlined several exploration activities that may advance the project: • Expansion of soil sampling programs across the remaining licence areas • Follow-up geochemical surveys targeting zones of elevated TiO₂ values • Further mineralogical testing to confirm rutile distribution • Systematic exploration programs designed to evaluate the broader 710 km² licence package These programs are intended to determine whether the initial titanium enrichment identified during reconnaissance sampling extends across larger areas of the project. Samso Concluding Comments The reconnaissance sampling results reported by Tusker Minerals highlight the presence of widespread titanium enrichment across the Mzimba Project area. Nearly half of the soil samples returning greater than 1% TiO₂ indicates that elevated titanium concentrations occur across multiple sampling locations. The mineralogical confirmation that the titanium occurs predominantly as rutile rather than ilmenite provides an important technical observation. Rutile typically contains a higher titanium dioxide content and is often considered a premium titanium feedstock in the global market. Another aspect of the announcement is that the sampling program covered only a small portion of the overall licence area. The reconnaissance work was conducted across approximately 50 km² within a total licence package of around 710 km², leaving a large portion of the ground untested at this stage. The geological comparison with other Malawian rutile systems suggests that the mineralisation may be associated with residual weathering processes similar to other rutile deposits in the region. Additional exploration programs will be required to determine the continuity and scale of the titanium mineralisation identified in this early sampling work. Market Implication As I have mentioned previously in one fo the other Samso News coverage, the market is now pretty much gold concentric. Anything else is not happening. With a market capitalisation of just under AUD $9M makes Tusker Minerals in the game for uplift with any good results. Looking at the share price journey of Tusker Resources Limited, the high of over AUD $0.35 is the potential, even thought the share price is at AUD $0.07 as we publish. Figure 4: Share price chart for Tusker Minerals Limited as of 13th March 2026. (source: commsec) This is the name of the game and investors who have been in this sector for a while will attest to this form of thinking. The titanium narrative is quiet now but that does not make the business unattractive. It is all about timing. Management looks good with Dan Smith as he has been in the deep end of the corporate world for a long time. He knows how to manoeuvre the ship and I am sure good news form the project will deliver capital gains for shareholders. Cliff Fitzhenry as the CEO is based in South Africa and having a local is important to make things happen economically. At the moment, Tusker Minerals is looking at a project that has the potential for high-grade rutile, so DYOR and position for the market to return. Previous Samso News Coverage – An Investor Lens Samso has previously covered developments related to Tusker Minerals (previously DY6 Metals) and its rutile exploration strategy. Previous Samso News articles include: 19 December 2025 Rutile–Graphite System Strengthens at the Central Rutile Project, Cameroon https://www.samso.com.au/post/rutile-graphite-system-strengthens-at-the-central-rutile-project-cameroon This Samso News article summarised auger drilling results from the Central Rutile Project in Cameroon. The drilling program identified multiple rutile-bearing intervals from surface and confirmed the presence of flake graphite within saprolite horizons, indicating the potential for a dual commodity system within a large exploration licence area. 2 October 2025 DY6 Advances Malawian Critical Metals Portfolio – Tundulu & Machinga Projects https://www.samso.com.au/post/dy6-advances-malawian-tundulu-machinga-gallium-phosphate-ree-hree-niobium This Samso News article examined operational updates across DY6’s Malawian assets, including the Tundulu and Machinga projects, where exploration programs were targeting gallium, rare earth elements, niobium and phosphate mineralisation through systematic sampling campaigns. 19 September 2025 DY6 Expands Central Rutile Project – Secures Yaoundé West Historical Mining Site https://www.samso.com.au/post/dy6-expands-central-rutile-project-secures-yaound%C3%A9-west-historical-mining-site This Samso News article covered DY6’s acquisition of the Yaoundé West Project in Cameroon, an area historically mined for rutile between 1935 and 1955. The acquisition expanded DY6’s landholding in the emerging Central African rutile province and added a historically recognised rutile-producing district to the company’s exploration portfolio. 8 September 2025 DY6 Metals Ltd – High-Grade Saprolite Rutile Confirmed at Central Rutile Project https://www.samso.com.au/post/dy6-metals-ltd-asx-dy6-high-grade-saprolite-rutile-confirmed-at-central-rutile-project This Samso News article reported reconnaissance exploration confirming saprolite-hosted rutile mineralisation across a strike length of approximately 41 km within the Central Rutile Project in Cameroon. Early exploration identified rutile grades up to 2.1% from surface, supporting the geological model of residual rutile systems similar to other African deposits. 10 July 2025 DY6 Metals – Multi-Front Progress in Gallium, Rutile and Heavy Mineral Sands Exploration Across Malawi and Cameroon https://www.samso.com.au/post/an-emerging-critical-metals-narrative-gallium-from-tundulu-rutile-heavy-mineral-sands This Samso News article reviewed DY6’s exploration strategy across its African portfolio, highlighting the company’s work on gallium mineralisation at the Tundulu Project in Malawi and its rutile exploration programs in Cameroon. The article outlined the early-stage exploration approach being used to evaluate multiple critical mineral opportunities. Cover photo: Rutile - Rutile, Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rutile_(GeoDIL_number_-_1567).jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

Our curiosity about Scandium was piqued by the Samso Insight we released on April 6, 2026. As I delved deeper into the industry, my fascination with the metal and its obscure market grew. This is another essential critical metal that every ASX investor should be considering right now. For those who have read the Samso Insight, as shown below, the pressing question is: how can I gain exposure to this sector? I was curious about this question as well, so I began examining the three companies I mentioned in the Samso Insight. To my surprise, discovering the exposure was straightforward. Scandium is concentrated in the Fitfield area, New South Wales, Australia (Figure 1), and there are only three major players to consider. Figure 1: Australia’s Scandium hotspot (source: OzMin database, Geoscience Australia) Two of the three companies, Sunrise Energy Metals Limited (ASX: SRL) and Rio Tinto Limited (ASX: RIO) are valued at just under AUD $1.5B and AUD $63.63 respectively. Rimfire Pacific Mining Limited (ASX: RIM) is a modest AUD $38.75M and is currently at AUD $0.015, a penny stock in all its glory. Hence, this makes Rimfire Pacific Mining Limited (ASX: RIM) as the only one that will fit comfortably within the realms of the average investor on the ASX. I spent a bit of time talking to David Hutton, who is the CEO and Managing Director of the company. and this prompted this Green Samso News article. The Business of Rimfire Pacific Mining Limited Rimfire is building a scandium resource base in the Fifield district of New South Wales, with the Murga deposit which sits alongside established deposits such as Syerston, placing it within a known geological setting for this critical mineral. Interestingly, the three main deposits, Murga, Syerston (Sunrise Energy Metals Limited) and Burra (Rio Tinto) sit within kilometres from each other on the same geology with one very distinct difference, Murga does not have the same amount of Fe content which apparently is important in the processing stage. This announcement reflects a material update to the Mineral Resource Estimate (MRE), which is a core step in defining scale, grade, and potential development pathways. The increase in tonnage and contained scandium is relevant from an investor perspective as it changes the size and positioning of the project within the district. The broader context is the company’s stated strategy to build a globally significant scandium inventory across multiple deposits at Fifield. Murga Scandium Resource Expansion Defines Scale and Growth Potential The Murga Scandium Deposit is located within the Fifield district in central New South Wales, approximately 70 km northwest of Parkes (Figure 2). It sits adjacent to the Syerston scandium deposit and forms part of Rimfire’s broader scandium portfolio. The updated Mineral Resource Estimate replaces the previous Murga North resource and exploration target, consolidating the deposit into a single, larger inferred resource. The estimate is reported under the JORC Code (2012) using a 100ppm scandium cut-off grade. The mineralisation is hosted within a laterite and saprolite profile developed over ultramafic intrusive rocks. This style is consistent with other scandium deposits in the district and reflects a weathering-driven enrichment process. Figure 2: Location of Murga Scandium Deposit within the Fifield District. (source: Rimfire Pacific Mining Limited) Rimfire Pacific Mining Limited – Murga Scandium Resource Increase and Exploration Upside Updated Inferred Mineral Resource of 56.1Mt @ 138ppm Sc (212ppm Sc₂O₃) for 7,760 tonnes of scandium (11,900 tonnes Sc₂O₃) Resource remains open laterally and potentially at depth, indicating further growth potential (Figure 3). Mineralisation defined over a ~15km² area with multiple zones Figure 3: Scandium block grade distribution across Murga resource. (Rimfire Pacific Mining Limited) Recommended drilling (Figure 4) includes: 100m x 100m step-out drilling for expansion 50m x 50m infill drilling for grade improvement Metallurgical test work planned to determine scandium recoveries Potential for low iron scandium mineralisation (~16% Fe) to support lower-cost atmospheric leaching processing Rimfire’s total scandium inventory at Fifield now 10.6kt Sc (16.2kt Sc₂O₃) Figure 4: Areas of recommended exploration and infill drilling. (source: Rimfire Pacific Mining Limited) The Scandium Business of Rimfire Pacific Mining Limited Rimfire Pacific Mining Limited is focused on critical minerals exploration, with scandium as a primary target within the Fifield district of New South Wales. The company holds multiple scandium prospects including Murga, Melrose, and Currajong, along with additional exploration upside at the Malamute prospect. The Murga deposit forms part of a broader strategy to build a scalable scandium resource inventory. The company’s portfolio is centred on laterite-hosted scandium mineralisation associated with ultramafic intrusive complexes, which are known to host scandium, cobalt, and nickel. The Fifield region provides geological continuity across multiple deposits, allowing Rimfire to develop a district-scale position rather than a single isolated project. Management Commentary Management notes that the updated Mineral Resource Estimate reflects improved geological understanding and confirms the scale of the Murga deposit. The company highlights that defining a large, geologically variable system requires iterative drilling and modelling, and that recent work has improved understanding of grade distribution and orientation. The focus now shifts to additional drilling and metallurgical testing to expand and upgrade the resource, with the broader objective of increasing the total scandium inventory across the Fifield projects. Near-term Milestones to Watch Regulatory approvals for further drilling programs Commencement of step-out and infill drilling at Murga Metallurgical test work to confirm scandium recovery pathways Evaluation of atmospheric leaching processing potential Further drilling at Malamute prospect (Rabbit Trap Project) Ongoing expansion of the overall Fifield scandium resource inventory Samso Concluding Comments When i look at the current market, the heat has gone out of the gold sector, in terms of the speculation within the mineral exploration sector. The gold producers are in a level of their own and they are still laughing all the way to the bank. I cannot see this slowing down for a long time. So don't get me wrong when I say that the heat is cooling down. Without a major discovery, it is very hard to see where we can find a place to take a "punt". I like Tungsten but try find a decent deposit that will give you the exposure of a potential discovery. The metal price is now heading into the Solar System. working its way through the planets and enroute to the next galaxy. Can we take a ride, as for now, I have not found anything that is obvious (Critica Limited and Tungsten Mining are the only one worth looking at but they don't seem to be firing with all cylinders). I never saw Scandium coming into the conversation of "positioning" but since completing the Samso Insight on Scandium and having a conversation with Rimfire Pacific Mining Limited, I think I see the light coming out of Scandium and RimFire as the next potential play. I encourage readers to DYOR and speak to David Hutton as he has a very interesting and potentially compelling story for you. The facts for Rimfire may seem hard to understand for new investors to this sector, in terms of the metal pricing, the metal consumption and the market leading to the Why Scandium and Why RimFire. What is simple to visualise are things like this updated Mineral Resource Estimate for Murga showing a material increase in tonnage and contained scandium (Figure 5). The scale of 56.1Mt positions the deposit as a significant component within the Fifield scandium district. The resource remains classified as Inferred, which reflects the current drill spacing and level of geological confidence. Figure 5: Block grade distribution showing mineralised zones across the deposit. (source: Rimfire Pacific Mining Limited) In terms of metal volume, this only accounts for about 16,000T of Scandium Oxide which is not as high as Sunrise Energy Metals with about 33,000T and Rio Tinto with 22,000T. According to my rough research, Sunrise Energy Metals and Rio Tinto may be at its limit in terms of resource upside but Rimfire, if ducks line up appropriately, they have some more upside and could rival Rio in that 22,000T level. For those that have remembered that I mentioned the lower Fe content for Murga, apparently, this is something that will be very positive for processing and could bring the grade for Murga closer to its higher counterparts, meaning that the difference in grades could be negated in the processing stage. However, grade is King and this "theory" is still to be proven. It will be very interesting how the story progress with time. The deposit geometry is described as flat-lying laterite over ultramafic rocks, which is consistent with similar scandium systems in the region. The continuity appears to be laterally extensive, with multiple zones identified across a broad footprint. The open nature of the resource suggests that additional drilling may increase both tonnage and grade (Figure 6). Figure 6: Exploration targets highlighting areas open for expansion. (source: Rimfire Pacific Mining Limited) The processing pathway is noted as a key factor, with the potential for atmospheric leaching due to lower iron content. This is different from higher iron deposits that require high-pressure acid leaching. Metallurgical test work will be required to confirm recovery assumptions and processing costs. The next stage of work includes drilling to improve resource confidence and test extensions, along with metallurgical studies. These steps are required before advancing toward development studies. The timing of these activities is subject to approvals and operational planning for the June 2026 quarter. Market Implications For a company that is potentially in a very hot sector, the share price chart below (Figure 7) seem to be a bit confusing. One would think that there is a lot more interest in the stock, so this is probably a good place to develop questions that would stop you taking on this "punt" Figure 7: Share price chart for Rimfire Pacific Mining limited. (source: commsec) Rimfire is a early stage story and one of the obvious strategy is to develop the resource and wait for your neighbours to come knock on the door. Rio Tinto and Sunrise Energy are both looking at building a plant to extract Scandium so a third company doing that would probably be a bit too much to consider. Personally, I would definitely be playing the card of come and take my ore since the ore has less Fe which would most likely be a better feedstock? Comparing market capitalisation, there is a lot of gap between AUD $38M and AUD1B or AUD $63B, so a number somewhere in between will probably be a good place for shareholders of Rimfire. There are obvious reasons why there is a big gap in the valuation but it is something to ponder. Figure 8: The share price chart for Sunrise Energy Metals Limited. (source: commsec) The share price of Sunrise Energy was AUD $0.25 on the 7th April 2025 (Figure 8) and today it is AUD $10.58, so is this something that Rimfire could replicate? I realise that the two projects are in a different stage and my understanding of the story is probably needing for conversations with the company but I am liking the potential. I am guessing that the disparity in value may have something to do with the grade and that the Chair of the company is Robert Friedland but for those readers interested in the story of Rimfire, your discovery of the reason will be probably what you will need to know asap. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 initiative 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 to 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 sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In 2026, the uranium narrative is looking like it is no longer forming, like how most of these narratives develop in reality. This is the very reason why I am looking at Boss Energy Limited (ASX: BOE), a producing uranium story that may be giving potential investors an opportunity to get in with a discount, even when they have a market capitalisation of over AUD $600M. Today, research is showing that the discussion is now being expressed through observable market behaviour. Not so long ago, most observers will remember that this sector was about a forward-looking thematic built on energy transition and supply concerns has transitioned into a phase where pricing (Figure 1), contracting, and policy alignment are all moving in the same direction. In other words, it is all "talk" Figure 1: Spot uranium price has fallen about 10% year-to-date but much of this decline was probably due to Trump geopolitical antics, but GlobalX believes that the pricing will stabilise and reset as soon as things smooth over time as these political maneuverings do. (source; globalxetts.com.au) According to GlobalX, the decline in uranium prices is not expected to continue significantly (Figure 1). Long-term contracts, which are agreements between mining companies and utility firms, account for over 70% of the uranium market. Despite the drop in spot uranium prices since January 2024, long-term uranium prices have remained stable, staying above US$80 per pound with substantial contracting activity. This indicates that utility firms are confident in the sustained high price of uranium and continue to prioritize securing their supply. If you look into the insides of the story now, the demand conversation is now something that you can touch rather than conceptual. Global nuclear generation has reached record levels, and the build-out of reactors—particularly across Asia—continues to progress, even with the "Green" discussion of no nuclear. In the meantime, global supply of uranium is dwindling (Figure 2), primarily due to the lack of exploration over the decades. Figure 2: Commercial uranium fuel supplies reached their peak in 2021, due to underutilization during global lockdowns, at 65 million pounds (approximately 30% of global supply). However, they have since decreased to just 17.5 million pounds in 2024 (around 9% of global supply). Predictions indicate that 2024 will be the last year nuclear operators will have access to significant reserves. Commercial inventories are expected to drop below 7 million pounds, or 3% of global supply, and remain at this low level for the foreseeable future. With production projected to stay below global reactor needs from now until 2030 and beyond, the uranium market may soon face a new era of scarcity. (source: livewiremarkets.com) Why Is Samso Talking About Boss Energy Limited The recent share price (Figure 3) performance of Boss Energy Limited has drawn attention because it contrasts with the broader uranium narrative. Boss Energy Limited currently has a market capitalisation of AUD $664M. The uranium price has strengthened again, and several global producers have seen positive market responses. Figure 3: The share price chart for Boss Energy Limited. (source: commsec) From the lens of a retail investor, the share price path of Boss Energy Limitedis clearly not one that would be fitting for a company that is a uranium producer at a time when the sector momentum is rising. What this makes me think is that it is not whether uranium is working as a theme, but how the market is differentiating between companies within that theme. This Samso News looks at Boss Energy through a peer comparison lens, focusing on where it sits relative to global uranium producers and why the valuation gap persists. Introduction – Uranium Strength vs Equity Divergence A while ago, I had a lesson from Mike Young who was then the Managing Director of Vimy Resources Limited, a uranium developer that was later merged with Deep Yellow Limited (ASX: DYL). It was here that I first learned about the difference in spot and contract pricing and how they work in the business of uranium. Hence, to understand the uranium business, one must first know about how the spot price and the contract price intermingle with each other and they are required to work like a symbiotic cell (see Figure 1). The current strong conversations is that the uranium sector is moving through a strong pricing cycle, with spot prices rising materially over the past two years and returning to elevated levels in early 2026 (Figure 1). At the same time, what appears to be happening is that uranium equities are no longer moving in a uniform manner. The market has shifted from a theme-driven rally to a company-specific assessment phase. Boss Energy Limited, now transitioning into production at Honeymoon and holding exposure to Alta Mesa, is part of this transition. The share price performance suggests the market is no longer valuing the company on future potential alone, but on operational delivery and consistency. The Business of Boss Energy Limited – Focus: Uranium Production Boss Energy Limited is an Australian uranium company focused on restarting and operating its flagship Honeymoon Uranium Project in South Australia. The business is built around in-situ recovery (ISR) mining, which extracts uranium by circulating solutions through permeable ore bodies rather than conventional open pit or underground methods. This approach generally results in a lower physical footprint and reduced upfront capital intensity compared to traditional mining, which is central to the company’s operating model. Figure 4: The Honeymoon Well operations. (source: Boss Energy Limited) The Honeymoon project (Figure 5) is a previously producing uranium operation that has been refurbished and redeveloped to align with current market conditions and processing improvements. The company’s strategy has been to bring this asset back into production, leveraging existing infrastructure while optimising processing efficiencies, particularly through advancements in ion exchange and resin-based recovery systems. Boss Energy is trying to position itself as a near-term and scalable uranium producer, rather than an early-stage explorer. Figure 5: Australian Uranium deposits. (source: World Nuclear Association) From a commercial perspective, the business is aligned with the uranium contracting cycle. Like any uranium company, Boss Energy has been progressively establishing long-term sales agreements with utilities, which is consistent with how the uranium industry typically operates. The processing plant at Honeymoon, which has been refurbished as part of the restart, uses ion exchange (IX) to recover uranium from the pregnant solution. Operational updates through 2024–2026 indicate that the plant has moved through commissioning into steady-state optimisation, with resin performance, recovery efficiency, and throughput forming the key operational metrics. Ion Exchange (IX) - Uranium Mining Ion exchange (IX) in uranium mining is a process used to pull uranium out of a liquid solution after it has been dissolved underground. In an ISR operation like Honeymoon, a solution is pumped through the orebody and brings dissolved uranium back to the surface. This liquid is called the pregnant solution because it contains uranium. Figure 6: The In-situ Uranium Recovery Process. (source USNRC) The ion exchange step then passes this solution through tanks filled with special resin beads. These beads are designed to attract and hold uranium ions, effectively stripping the uranium out of the liquid. The remaining liquid is then recycled back underground, while the uranium is later removed from the resin and processed into a solid product (yellowcake). In simple terms, ion exchange is a filtering and capturing step, where uranium is selectively taken out of the solution so it can be recovered and sold. In terms of production, Boss Energy has mentioned a nameplate capacity of approximately 2.45 million pounds U₃O₈ per annum. The ramp-up phase through 2024 and into 2025 has been focused on progressively increasing output toward this level, rather than achieving full production immediately. Early production has been measured in hundreds of thousands of pounds per quarter, reflecting the staged wellfield development and the time required to reach optimal ISR flow conditions. On the resource side, the Honeymoon Project hosts a JORC Mineral Resource of approximately 71–72 million pounds U₃O₈, which underpins a long mine life. Within this, a portion has been converted into an Ore Reserve that supports the current production plan, typically in the order of 30+ million pounds U₃O₈, providing the basis for initial mine scheduling and economic extraction. Beyond Honeymoon, the company maintains exposure to additional uranium assets, including interests in exploration and development projects, which provide optionality for future growth. However, the core of the business remains centred on achieving steady-state production and operational reliability at Honeymoon, as this underpins both cash flow generation and market positioning. In the broader context of the uranium sector, Boss Energy represents a company transitioning from development into production, with its value proposition tied to execution—bringing an existing asset back online efficiently and participating in a market that is increasingly driven by long-term supply security and contracting behaviour. Table 1: A comparison of market capitalisation to show the range of valuation in the sector. Company Market Cap (Approximately April 2026) Cameco Corporation ~A$70B Paladin Energy Ltd ~A$5.6B Boss Energy Limited ~A$0.65–0.70B Lotus Resources Limited ~A$0.35–0.40B Peninsula Energy Limited ~A$0.25B Coming back to the earlier question we posed in the discparity in the share price and valuation and the potential of Boss Energy, Table 2 below may give some insights. These are my opinion and thoughts and I am the first to say these comments in the table is more about my lens as a retail investor. Table 2: Market Acceptance and the stage of proejcts. Category Companies Market View Premium Producers Cameco Fully accepted, lower perceived risk Accepted Restart Paladin Largely accepted but monitored Prove-It Producers Boss, Lotus Conditional acceptance High-Risk Turnarounds Peninsula Discounted until proven Samso Concluding Comments The coming of the uranium prophet has been on the cards for a long time. There has been a few false starts but I think the time for the uranium sector is near. I feel that the sector has moved into a phase where company-specific factors are more influential than thematic exposure. This has resulted in differing valuation outcomes across producers, and for me, this means opportunities are being presented. Boss Energy Limited sits within a group of companies that are transitioning into production and it is accepted that this stage typically carries a higher level of scrutiny from the market. The comparison with global peers shows that scale, operating history, and market familiarity play a role in valuation. Companies that demonstrate these attributes tend to attract stronger market support. For Boss, the pathway to a different valuation profile appears to be linked to continued operational delivery rather than external market conditions. Cover photo: URANIUM MILL JUST OUTSIDE OF MOAB. THE ORE COMES FROM A MINE ABOUT 25 MILES AWAY. THE REGION IS RICH IN URANIUM AND POTASH. THESE MINERALS ARE THE BASIS OF THE TWO MAJOR INDUSTRIES OF THE AREA, David Hiser. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:URANIUM_MILL_JUST_OUTSIDE_OF_MOAB._THE_ORE_COMES_FROM_A_MINE_ABOUT_25_MILES_AWAY._THE_REGION_IS_RICH_IN_URANIUM_AND..._-_NARA_-_545611.jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 initiative 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

Abstract EchoIQ Limited (ASX: EIQ) is a Sydney-based medical technology company whose software, EchoSolv, reads the measurements from an echocardiogram and tells a cardiologist how likely it is that the patient has a serious heart condition they might otherwise miss. This is the first Samso Research Workup on a company outside resources, and the reason for the exception is that EchoIQ presents the same problem a pre-production explorer presents. That problem is a valuation built on what happens next, revenue close to nothing and a binary event in the middle of the story. On 8 September 2026 the FDA issued a Not Substantially Equivalent determination on the 510(k) application for EchoSolv HF, the heart failure product. The shares fell from A$1.28 to A$0.64 the following day, a fall of 50 per cent, and on to A$0.485 by 14 September. On 17 September the company said the matters the FDA cited were limited to aspects of the statistical analysis supporting clinical validation, with no concerns identified on the underlying technology, and that clearance could be achieved over the coming quarters. The shares closed at A$0.710 on 21 September. That characterisation is the company's. The FDA has published nothing. The determination does not affect EchoSolv AS, the aortic stenosis product cleared in October 2024, which continues to be sold in the United States. What the clearance established is narrower than most commentary suggests. EchoSolv AS is cleared as an adjunct to echocardiography, not as a screening test or a diagnostic. Three performance figures circulate and they come from three different datasets. The 0.986 quoted almost everywhere appears in both the Australian derivation study and the Boston cohort. The figure the FDA reviewed was an AUROC of 0.948 on a third dataset, and in the reader study five cardiologists improved from 0.865 unassisted to 0.883 assisted, which did not reach statistical significance. There is a genuine body of peer-reviewed evidence behind the product, produced largely by the same company-linked investigator group, and all four published studies are retrospective. The more consequential problem sits in reimbursement rather than regulation. EchoIQ has no dedicated billing code in the United States, having been refused a Category III code twice in 2025, and bills under an unlisted cardiovascular code at US$100 to US$150 to the hospital, of which it receives 30 to 60 per cent. Its closest comparable business, Ultromics, holds a code, a payment classification and a published rate of about US$316 paid to the hospital. The consequence shows in the accounts. Over the six months to 30 June 2026 the company processed roughly twenty thousand echocardiograms and recorded A$737 of revenue in that half, against A$91,646 for the full year. Receipts from customers in the Appendix 4C were nil in each of four consecutive quarters. Samso found no disclosure of the number of live paying sites. Against that, the balance sheet is strong. The company reported cash at bank of over A$105 million as at July 2026 following a A$110 million placement, against an operating burn of roughly A$2.7 million a quarter. It has the time and the money to take another run at the FDA and to keep selling EchoSolv AS while it does. No director sold a share in FY2026, though directors are constrained by trading windows, so an absence of selling carries less weight than a purchase does. One director added shares on market for A$227,757 and one added shares on exercise. The Samso Call on EchoIQ is Time to Look at Taking a Position, and section 15 sets out the five things behind it and the one question it does not settle. The nearest dated item is the 30-day window to file a request for supervisory review of the determination. That window runs from the date of the FDA's decision, which the company has not disclosed, so the closing date is not on the public record. Contents 1 EchoIQ, the Determination and the Recovery 10 Revenue, Cash and Capital Structure 2 What EchoIQ Does, in Plain English 11 Pro Medicus, Mayo Clinic and What the Determination Does to Them 3 Aortic Stenosis and the Diagnosis Gap 12 The Data Strategy and the Product Pipeline 4 What the FDA Cleared in EchoSolv AS 13 Peer Comparison 5 The Clinical Evidence Behind EchoSolv AS 14 What Has to Go Right, and What Could Go Wrong 6 EchoSolv HF and the Determination of 8 September 2026 15 Samso Concluding Comments 7 What a Not Substantially Equivalent Determination Means, and What Follows It 16 References and Sources 8 Reimbursement and the Route to a Payment Code 17 Disclaimer 9 The Commercial Engine EchoIQ Limited - Snapshot

Announcement Lake Hope High Purity Alumina (HPA) Project Update – 9 January 2026 (view the announcement) Acquisition of the Huonville gold district at Broken Hill - 23 January 2026 (view the announcement) The narrative that is driving the Impact Minerals Limited HPA has been an interest to the Samso platform since we first covered the story in May 2023 (Impact Minerals Limited (ASX: IPT) - A Low Cost HPA story in Western Australia.) with a Coffee with Samso. This has been a long process, like most mineral resource projects, for Impact Minerals and this recent update has prompted Samso News to take a look. The second ASX update in regards to consolidating its position at the Broken Hill project is very logical for Impact minerals as the market sentiment is now clearly focussing back on the core metals group of gold, copper and base metals. The management of Impact Minerals do appear to have a stronger lean towards the traditional metals so the new focus could be a key component for shareholders and potential investors. I do like that fact that Impact Minerals appear to be focussing back onto its metals projects but it will be interesting if the HPA story continue to go through its paces over time. Impact Minerals Limited (ASX: IPT) has released an update on its Lake Hope High Purity Alumina (HPA) Project in Western Australia (Figure 1), reporting strong technical progress achieved during the first 12 months of its A$2.87 million Cooperative Research Centres Projects (CRC-P) programme. The update highlights advances in membrane technologies applied to Impact’s patented three-stage HPA process, with emerging implications for lower operating costs, improved water efficiency, and meaningful potash by-product opportunities. Figure 1: Lake Hope Project (source: Impact Minerals Limited) The Business of Impact Minerals Limited: The HPA Chapter Lake Hope HPA Project (80% owned) in Western Australia. Development of a patented, low-cost, low-carbon three-stage HPA process. CRC-P programme conducted in partnership with CPC Engineering and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University. Focus on integrating membrane technologies to enhance economics, sustainability, and by-product recovery. Benchmark production scale referenced in the PFS: 10,000 tonnes per annum of HPA. Highlights – Membrane Technology Unlocking Potash and Cost Reduction Pathways | 9 January 2026 Significant technical progress achieved in the first 12 months of the A$2.87M CRC-P programme, supporting the Lake Hope Pre-Feasibility Study outcomes. High-purity sulphate of potash (SOP >94%) successfully produced via direct membrane crystallisation as a Stage 1 by-product (Figure 2). High water recovery achieved from SOP brine, producing high-purity reusable water, reducing operating costs and environmental footprint. Identification of a magnesium-potash (Mg-potash) pathway, enabling potential premium fertiliser products. Emergence of a potential low-cost iron removal method from the hydrochloric acid circuit in Stage 2 (Direct Iron Extraction Method). Identification of a new standalone potash and acid production pathway, independent of the HPA flowsheet, with potential for an additional mining project at Lake Hope. Evaluation of Eutectic-Freeze Crystallisation technology to further enhance potash recovery and wastewater management options. Figure 2: Crystals of high-purity Sulphate of Potash (K2SO4) produced by direct membrane crystallisation, offering lower Capex and Opex compared to conventional SOP crystallisers. (source: Impact Minerals Limited) Leadership Commentary Impact’s Managing Director, Dr Mike Jones, commented: “The first year of CRC-P work has achieved notable technical progress, significantly boosting the value of the Lake Hope project. Our teams at ECU and CPC Engineering are demonstrating clear pathways to lowering operating costs, enhancing water efficiency, and producing high-value fertiliser byproducts—especially high-purity SOP and Mg-potash. As our understanding of potash crystallisation deepens, we have recognised a much larger potash opportunity that could develop alongside the Lake Hope Project. Additionally, we have identified a brine freezing technology that may further enhance the economics of potash production. These outcomes, based around elegant membrane technologies, strongly support the advantages of our patented HPA process for producing low-carbon, low-waste HPA and also highlight the potential to fully realise the commercial opportunities of the Lake Hope project. We are very excited to see what further discoveries we can make in 2026 as we receive results from our ongoing extensive testwork”. Mineral Recovery Research Centre’s Leader and CRC-P Lead Investigator, Associate Prof. Amir Razmjou, said: We are pleased with the strong progress to date in integrating membrane technologies into the HPA production flowsheet. The results are promising in reducing the water footprint and environmental impact, while enabling high-purity SOP production and recovering waste energy to minimise overall energy input. In 2026, we expect further advances in membrane integration across the flowsheet, alongside pilot-scale development and optimisation of the key process steps. About the Project Impact’s patented HPA process is structured as a three-stage metallurgical flowsheet (Figure 3): Stage 1: Alkaline leaching using potassium hydroxide (KOH), producing SOP-rich brine as a valuable by-product. Stage 2: Hydrochloric acid leach producing aluminium chloro-hexahydrate (ACH). Stage 3: Calcination of ACH to produce high-purity alumina. Membrane technologies are being assessed across multiple points in the flowsheet, including water reuse, mineral recovery, acid recovery, and waste management, with Stage 1 potash recovery being the primary focus of current work. Figure 3: Patented metallurgical flowsheet for Impact’s 3-stage HPA process. Stage 1 is shown in detail, with Stages 2 and 3 simplified for this report. (source: Impact Minerals Limited) Highlights – Huonville Consolidates Impact’s Control at Broken Hill | 23 Jan 2026 Impact Minerals has acquired a 100% interest in the 55 km² Huonville tenement (EL8024), covering most of the historic Huonville gold district, 25 km southeast of Broken Hill, NSW. The acquisition expands Impact’s Broken Hill landholding to ~1,800 km², almost fully surrounding the Broken Hill lead–zinc–silver deposit (Figure 4). Figure 4: Regional magnetic image showing the Broken Hill Line of Lode, EL8024 Huonville, and Impact’s surrounding licences. (source: Impact Minerals Limited) Huonville is considered prospective for copper and copper-gold mineralisation, based on a new exploration model developed during Impact’s participation in the BHP Xplor program. Historical shallow workings returned high-grade legacy rock chip gold results (Figure 5), with assays reported up to ~83 g/t gold, accompanied by silver, bismuth, and copper. Figure 5: Huonville goldfield showing legacy gold assays and interpreted gold trends. (source: Impact Minerals Limited) The metal association is consistent with iron-oxide copper-gold (IOCG) systems, and Huonville has been identified as a potential IOCG target in government-supported prospectivity modelling. Historical drilling was limited and shallow, with a full data review now underway, integrating results from a recent ground magnetotelluric survey. Impact Minerals Limited’s Managing Director, Dr Mike Jones, commented: “Huonville is the final piece of the jigsaw at Broken Hill, where we have spent the past decade assembling the largest ground-holding in the region, surrounding one of the world’s great mines. Although gold production was limited, the extent of the vein systems and the associated silver-bismuth and copper indicate they could form the upper sections of a much larger system at depth or nearby. The area was identified as a potential iron-oxide-copper-gold (IOCG) target in publicly available prospectivity mapping conducted by well-respected consultants Kenex, and we are eager to see the results of our recent magnetotelluric surveys completed nearby to explore what might lie at depth.” Near-term Milestones to Watch Lake Hope (WA): Progress membrane and crystallisation testwork, including scale-up preparation for Stage 1 alkaline leaching, SOP recovery, water reuse, and evaluation of iron removal and potash pathways. Huonville (NSW): Complete integration of legacy exploration data with recent ground magnetotelluric survey results to prioritise copper–gold and IOCG-style targets. Portfolio-wide: Advance target definition across both projects to support next-stage technical work and future drilling decisions, subject to data validation and approvals. Samso Concluding Comments I like it that Impact Mineral continues to look at the Lake Hope HPA Project with the recent test work with the outlook of making the concept work. The membrane work builds on the existing flowsheet and does not alter the published Pre-Feasibility Study assumptions. How this will eventually work is another thing but with my view that the mineral resource sector just starting to gain momentum, I think Impact Minerals should consider all value creating avenues. This update does indicate that the potash recovery at Lake Hope has moved from concept toward a more defined process pathways. While acknowledging the project is still at bench scale, the work does highlight how by-products may offset operating costs if future steps confirm scale and quality. For the other parts of the company portfolio of projects, the Huonville acquisition adds scale and continuity to Impact’s Broken Hill position. The ground covers historic gold workings and sits within an area already flagged as prospective for copper–gold and IOCG-style systems. Across both projects, for shareholders, it does look good that Impact is advancing work that improves understanding before committing additional capital. Market implications The recent news loo to be making creating a positive vibe for the share price chart of Impact Minerals (Figure 6). A sharp spike on the 9th of January, potentially on the back of the HPA update will be good news to all stakeholders as 2026 does start to look promising for metals, The recent major pull back of the Silver and Gold price on the 30th January may be dramatic but if it comes back, this could be a resetting of the run. Kind of the market taking a rest and resetting itself for continued growth. Figure 6: Share price chart for Impact Minerals Limited as of 2nf February 2026. (source: commsec) The copper price look like its making a sideways movement since the beginning of January which may mean a period of consolidation. Nickel did have some decline but in the scheme of its rise from the bottom, it was probably a good pull back. The more volatile Gold and Silver pricing was the highlight of that dramatic day. Figure 7: Price chart for Gold, Silver, Copper and Nickel. (source: Trading Economics) Disregarding the focus on the metal pricing, the general consensus in market chatter is that metal pricing will continue to move upward for at least the first half of 2026. The share price of Impact has shown that the market does like the updates and hence, a focused DYOR process will be highly encouraged. Cover photo: Sapphire - Sapphire (corundum), Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sapphire_(GeoDIL_number_-_1432).jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.

OD6 Metals Limited (ASX: OD6) is advancing the Gulf Creek Copper Project in northern New South Wales, a historically mined, high-grade copper system. The Company has completed a Downhole Electromagnetic (DHEM) survey to support its recent diamond drilling program and improve targeting beneath historic workings. This OD6 Metals update is one that should be closely monitored as they update what is happening at Gulf Creek. As explorers in this modern age go back to the historical projects, the use of new techniques that help economise the cost of mineral exploration may be the catalyst for potential discoveries. As metal prices continue to move upwards with momentum, this will be a good form of exposure for investors. Granted that there is never a sure bet on discovery, but what I have learnt as an investor with wisdom, is that you realise that unless you are on the ride, you will never feel the pain of despair nor the euphoria of success. Highlights – Off-Hole Conductors Support Fault-Offset Copper Model DHEM survey completed across six drill holes using four surface EM loops at Gulf Creek (Figure 1). Figure 1: Gulf Creek DHEM Survey Design (source: OD6 Metals Limited). A strong off-hole conductor identified approximately 75 metres beyond the end of hole GDD010, beneath historic workings (Figure 2). Figure 2: Cross-section SE–NW across Gulf Creek showing DHEM plate conductors (source: OD6 Metals Limited). Geological reinterpretation suggests a potential fault offset of historic high-grade copper lodes rather than termination of mineralisation. DHEM results at the Northwest Target indicate a possible additional conductor, subject to further geological review (Figure 3). Figure 3: Plan view of OD6 Drilling completed to date overlain on 1st vertical derivative of magnetics with the priority targets Big Bend, North West, West Limb and the historic Gulf Creek Mine (source: OD6 Metals Limited). Drill assay results from the recent diamond drilling program are pending. OD6 is fully permitted for an additional 25 drill holes at Gulf Creek to follow up identified targets. Leadership Commentary Managing Director of OD6 Metals Limited, Brett Hazelden commented: “The DHEM survey and subsequent modelling has provided confidence that there are significant undiscovered accumulations of mineralization proximal to the historic high-grade copper mine at Gulf Creek. Both our near-mine drilling and historic records indicate the presence of high grade copper, and this combined with the increased knowledge of mine-stratigraphy and the newly identified conductor located beyond end-of-hole, strongly suggests there is a structural fault off-set of the main lode. With drilling now logged and geological understanding significantly advanced, we believe this conductor represents a high-priority target at depth and reinforces the prospectivity of the project.” Near-term Milestones for OD6 Metals at Gulf Creek to Watch Receipt of assay results from the completed diamond drilling program. Integrated interpretation of DHEM data with geology, surface geochemistry, and geophysics. Design of follow-up drill holes to test identified off-hole conductors. Advancement of priority targets ahead of the next drilling phase. Samso Concluding Comments The OD6 Metals Limited's Gulf Creek Project is a historically high-grade copper system with limited modern exploration. The identification of a strong conductor beyond the end of hole GDD010 suggests mineralisation may continue outside the historic mine footprint. What that means is that it looks to support a fault-offset or stacked lode model rather than depletion. From a new exploration area, the DHEM results at the Northwest Target is looking to introduce an additional area of interest. This will create additional area to play along the current main focus of exploration activities. With assays pending and drilling approvals already in place, the waiting game is on for OD6 to potentially position itself from interpretation to testing. Market Implication - The Investor Lens The reappreciation journey for OD6 Metals (Figure 4) has been slowly moving since August 2025 and the recent fall is interesting for potential investors. Shareholders of the stock would have been happy over that time but the recent fall may simply be due to the precious metal price volatility action. Figure 4: OD6 Metals share price chart as of 2nd February 2026 (source: commsec). I think that the journey for OD6 Metals is only beginning and a good result from the survey and future drilling will be positive. With a current market capitalisation of just over AUD $12M, I think for potential investors, it is still a reasonable position to do a SamsoDYOR. Cover photo: Native copper, malachite, and azurite - Native copper, malachite, azurite from the Black Hills, South Dakota, USA, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper,_malachite,_and_azurite_(GeoDIL_number_-_895).jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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 Drill Results Extend Titanium, REE & Niobium Mineralisation - 27 January 2026 (view the announcement) Enova Mining Limited is a story that has not been featured on the Samso platform and this Samso News article is an attempt to look at what the company is doing in Brazil. The titanium story has really been done by Lion Rock Minerals Limited (ASX: LRM), previously Peak Minerals Limited (ASX: PUA) and Tusker Minerals Limited (ASX: TSK), also previously DY6 Metals Limited (ASX: DY6). I think the titanium story is no longer a marketable narrative on the ASX. The Heavy Mineral price has taken a direction southwards and the main issue for ASX investors, in my opinion, is that it is very hard to quantify what is a good titanium project. LRM tried to make a go of it but I think it was simpler to understand that they have a lot of monazite than to figure out the "in-situ" proportion of the HM sample that is Rutile which is X% titanium...etc. I wanted to take a look at what Enova Mining Limited has to offer in this release, so lets get started. Introduction Enova Mining Limited – CODA East Project, Minas Gerais, Brazil Enova Mining Ltd (ASX: ENV) has reported further results from its auger drilling program at the CODA East Project in Minas Gerais, Brazil (Figure 1). The program continues to define broad zones of near-surface titanium oxide, rare earth elements, and niobium mineralisation hosted within saprolitised kamafugite of the Patos Formation. Results from auger holes CDE-AD-006 to CDE-AD-009 confirm lateral continuity of mineralisation, with all holes ending in mineralisation due to auger depth limitations, leaving the system open at depth. Figure 1: CODA Project tenement map, Minas Gerais, Brazil (source: ENV) Highlights – Broad Near-Surface Multi-Element Mineralisation Confirmed at CODA East Additional auger drilling at CODA East has further confirmed widespread, near-surface titanium, rare earth element, and niobium mineralisation, extending the interpreted mineralised horizon across the CODA region (Figure 2). Figure 2: CODA East auger hole collars with significant TiO₂ and TREO results (source: ENV) Strong titanium oxide mineralisation has been intersected from surface in multiple auger holes, reinforcing the lateral extent of the saprolite-hosted system and demonstrating consistency across drill lines (Figure 3). Figure 3: Schematic cross-section (WSW–ENE) illustrating TiO₂ continuity and mineralisation open at depth (source: ENV) Consistently elevated rare earth and anomalous niobium results were recorded alongside titanium mineralisation, supporting interpretation of a broad, multi-element mineralised horizon rather than isolated zones (Figure 4). Figure 4: Auger drilling at CODA East CDE-AD-0006 (source: Enova Mining Limited) Anomalous to high niobium oxide values were intersected from surface, with multiple holes returning extended Nb₂O₅ intervals, adding another critical-metal component to the CODA East mineralisation profile. All auger holes were terminated in mineralisation due to depth limitations, indicating potential vertical continuity and supporting further drill testing beyond auger depth (Figure 5). Figures 5: Auger drill chip libraries and magnetic susceptibility images showing saprolite-hosted mineralisation (source: Enova Mining Limited) Leadership Commentary CEO / Executive Director Eric Vesel commented: “The auger drilling program continues to demonstrate the scale and consistency of near-surface mineralisation across CODA East, with titanium, rare earth and niobium grades intersected from surface in multiple holes. These results are providing a clearer understanding of the saprolite-hosted system and are helping to prioritise areas for follow-up drilling. Metallurgical test work is progressing to better define processing pathways as the project advances.” Near-term Milestones to Watch Ongoing auger drilling at CODA XN to further expand the mineralised footprint across the CODA tenement package Continued metallurgical characterisation and beneficiation test work for titanium and rare earth elements Integration of auger drilling results into planning for future infill and step-out drilling across CODA East, Central, and XN Progress on transfer of CODA tenements to Enova Mining Ltd Samso Concluding Comments The CODA East results show a broad, near-surface mineralised system with multiple critical metals present. The consistency of mineralisation across auger holes look like it supports geological continuity rather than isolated zones. All holes ending in mineralisation highlight the potential narrative of a system that may be endowed. The key will be future work which will allow the company to understand the depth potential. The presence of titanium, rare earths, and niobium in the same saprolite horizon adds technical interest. It may provide optionality as metallurgical work advances. From an early mineral exploration point of view, this update will add data density and improves confidence in the CODA East geological model. The good news is that it remains an early-stage system, but one that will be more enlightening as it gets defined. Market Implication - The Investor Lens The market capitalisation of Enova Mining Limited is just under AUD $16M and there does not appear to be much activity (Figure 6) which may be reflecting the losing focus on titanium as a story. There was a moment 6 months ago when the mention of a potential titanium discovery would bring some interest, however, I think that moment appear to be missing now. Figures 6: Enova share price chart as of 3rd February 2026 (source: commsec) For me, I think the market is currently doing what it does the best, and that is focussing on the immediate "hotness" of gold, silver (although this seems to be more directed at a limited range of project development), copper and the potential recovery of lithium. It will be hard for the "other" metals to gain traction for investors. Longer term investors will be most likely putting their risk in silver as it builds momentum and as I mentioned previously, it is hard to find a primary silver story as there are not many companies that at dealing with a pure silver deposit. If we are to find a place to put your position risk play, I don't think titanium is the place to be unless you have a compelling case for a mature project that is already developing an economical case. Cover photo: Rutile - Rutile, Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rutile_(GeoDIL_number_-_1577).jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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 Davyhurst Project is located approximately 120 km north west of Kalgoorlie within the North Eastern Goldfields of Western Australia. This large scale project comprises 112 mineral tenements totalling approximately 1,336 square kilometres. This coverage provides approximately 200 strike kilometres of greenstone sequences prospective for gold as well as sulphide nickel and base metal mineralisation. The Company is focused on unlocking significant value from the company’s strategic and prospective landholding. To achieve this, the Company will target resource development activities at five advanced projects, namely Riverina, Waihi, Siberia, Callion and Golden Eagle. This work aims to deliver a robust Definitive Feasibility Study to underpin the future development of Davyhurst. The project has a 1.2 Mtpa conventional CIP processing facility with associated infrastructure, including an extensive road network, 160 man camp, administration & workshops buildings and a large bore field. The tenement package is accessed from Kalgoorlie by a series of well-formed, unsealed shire roads and haulage roads. Airstrips are located at Davyhurst (Callion) and Mt Ida (Bottle Creek). ” — Eastern Goldfields Monarch Gold Mining Company Limited (No longer trading) consolidated the project around 2008. Since the consolidation, there has not been any work done in the area due to the corporate activities and the insolvency of entities involved. In 2008, I was working for a private company doing some iron ore work, and I learnt that Monarch was going to end up in tears as there were issues with the project. It was not a matter of not having the gold. It was more a fact that the extraction was not simple, and it may have something to do with the chemistry or the structure of the ore bodies. I cannot recall if it was specific to the gold being refractory or some issues with copper, or some structural complexity within the orebody, like Blackham Resources Limited (ASX: BLK) in Wiluna. Anyway, the conclusion was that the projects would struggle. Don’t get me wrong. I am not saying this is a lemon project. I am a firm believer that lemons if used appropriately, can be used to make lemonade. And we all love lemonade. You have to remember that around that time, gold was still around the sub $1000 mark and we were almost on parity with the USD. Mining services cost were at an all-time high. Iron ore was all the buzz, and nothing outside that sector was exciting. I remembered in 2008, Silverlake was putting out great news, and there was no traction. Gold was not a flavour of the month. The once vibrant town of Kalgoorlie was almost a ghost town. Diggers and Dealers were just acceptable. In fact, at that time, attendance numbers were not very attractive. So funding and market interest for gold projects were not high on the agenda. The Resource There is no doubt about the potential of the project. As you can see in the table below that was printed in the Eastern Goldfields website, there is ample gold in the ground. The grade is also decent compared to what is out there in the market. These days, anything above 2g/t is excellent. It will be interesting what the new guys will do with the project. What don’t I like? As an eternal optimist, there is nothing currently that I don’t like. I am assuming that the new management has seen what has not worked and had put contingencies in place so as to not make the same mistakes. The bad news around Eastern Goldfield’s demise is a sad state affair for the investors, but a repeat of the same ways of operation would be the single worst factor for the new entity. Geologically, there are apparent issues, but with technology and the market changing so fast in the last decade, I don’t think there are any deal breakers. There will be some projects that don’t stack up but the key for me here is adequate funding. I am assuming that the money raised had a fantastic plan — a new idea that has taken into account price movements and technical hurdles. As I mentioned previously, there is a big difference in the market sentiment now as compared to 2008. Like the diagram below, as in the movie, The Raiders of the Lost Ark, let’s make sure there are no surprises. What is of concern would be the significant tenement commitment to the Mines Department. I would think that cost would be running into the millions of dollars. Raising AUD23M does not seem to be a lot of money if you take all this cost of administration into consideration. OPEX may appear to be on the light side. The high wages that seem to be synonymous within this industry to the top management is one that I have always found hard to comprehend. Company management teams are customarily incentivised with lots of performance share and options, but yet they are paid high wages. What do I like? I like the fact that there is a significant strike length and you have mineralisation throughout the project. When there is smoke, there is fire. This phrase is my favourite when looking for a deposit in the mineral resource industry. For nearly 20 years, this substantial tenement holding that has not had any exploration or mining activities. You would view that as a good thing. It is as close to virgin exploration land as you can get today. In terms of exploration, one always look at what may be left undiscovered or unexplored. Look at Bellevue Gold Mines (ASX: BGL), Northern Star Resources Limited (ASX: NST) at Kundana, Acacia with Higginsville and the list goes on. They went and found significant deposits that were not looked at, or not given the funding to look at in the past. I have learned over time that miners don’t venture too far out of their operations as they need to concentrate on what they have. There is limited exploration, and in the 19980s and 1990s when many small producers were in the sector, there was just not enough capital to be distributed to ensure proper near mine exploration. This lead to future opportunities for new players in the market. I am not sure of the real factors that lead to the downfall of Eastern Goldfields, but many would suspect management. While this may be true, in many cases, a lack of funding can lead to poor management decisions not due to ignorance but due to a need for e=relocation of funds. Hence, now that the dust has settled and all the bloodletting has stopped with, one would hope that the future ahead could be positive for the new entity. 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. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Sulphate of Potash (SOP) is indeed an agricultural phenomenon within the mining industry and probably should not be treated as a commodity. I don’t think the retail investing community fully appreciate the sector or is probably too impatient. Like all things in life, we pigeon hole our thoughts. I feel that SOP should be treated as an agricultural product. A product that should not have any connection to the typical mineral commodity community. The whole SOP industry is now pretty mature with several companies already way down the road on feasibility and mining studies. Technology is now pretty off the shelf, and new players will need to be innovative in how they approach the market. My optimism for the Sector I think we are seeing signs that we may be fast approaching a period where we cannot seem to grow enough food to feed the increasing population on this planet. The only way we can sustain our needs is to increase yield without knocking down more acreage. It is this thinking that I got interested in this topic of the whole potash fertiliser thing and how it will improve the quality of food being grown and also increase yield. In terms of an investment opportunity, I have read many stories on how deserts are being transformed into an oasis. Now that is a great concept, but I know they must be putting something in that soil other than water to make that happen. Hence unless we get the big evil Thanos (for those that don’t know, Watch The Avengers: Endgame) to come and click his fingers and wipe out half of the human population, we better find a better way to feed ourselves without poisoning each other. On the way, it would be nice to be able to latch on a sector that has no limits, like aged care and childcare. Is there room for New Players? SOP is a premium potassium fertiliser required for healthy plant growth, plant metabolism, optimisation of crop yields and quality of produce. It is a necessary fertiliser for high value, chloride sensitive crops such as avocados, cocoa, coffee beans, grapes, berries and tree nuts, as well as arid and acidic soils. Potassium is also of vital importance for human health where it is required for normal cell function, maintenance of cardiovascular health and prevention of stroke and coronary heart disease. Companies that are new to the market have one great advantage, and that is the ability to pick a strategy that works and one that will give them a competitive edge. Assuming that they have got an acreage with SOP and the tenements can be granted. SOP projects will need 100s of square kilometres of salt lake playa and interpreted paleochannels (ancient underground rivers). It would be ideal to have early exploration that has established a JORC Compliant Exploration resource/target as a minimum. You would also want to be close to infrastructure. In the above Figure 1 and Figure 2, an example of a live SOP IPO project, (Trigg Mining Limited), it appears that their projects are well-connected to transport and energy infrastructure. Many roads and tracks access the projects and two gas pipelines passing directly through the area. Nearby airstrips are located at the nearby working mines, as well as the commercial airport at a nearby town. These kinds of infrastructure are almost mandatory for bulk commodity projects to reach the market. So What is Sulfate of Potash (SOP) and Muriate of Potash (MOP) (Source: Agrimin, Investingnews, Salt Lake Potash) According to my google search, Sulfate of Potash contains 50% potash and 17% sulfur to crops. This potassium sulfate fertiliser is chloride-free and has a low salt index, less than half that of muriate of potash. Crops that are sensitive to chloride require SOP. SOP demand is driven by high-value crops, where the cost of fertiliser has less of an impact on crop profitability. The negative part of SOP is the high cost of production. The Mannheim Process is costly, and it also produces an unwanted hydrochloric acid by-product. MOP is the primary input in the process and represents approximately 75% of the production cost. Some other SOP Facts SOP currently sells for approximately AUD$900+/t (2019) The global market for SOP is ~7Mtpa, and ~70,000tpa is consumed in Australia annually (100% is imported) Market grade specifications for SOP are deemed to be >50% potassium oxide (K2O), > 17.5% sulphur (S) and <1.5% chloride (Cl) 50% of the SOP used globally is manufactured via the Mannheim Process, and the balance is extracted from ancient salt lakes What is The Mannheim Process (source: Wikipedia) The Mannheim process is an industrial process for the production of hydrogen chloride and sodium sulfate from sulfuric acid and sodium chloride. The Mannheim furnace is also used to produce potassium sulfate from potassium chloride. The Mannheim process is a stage in the Leblanc process for the production of sodium carbonate. MOP or Muriate of Potash or Potassium Chloride is the most common of potash fertiliser. The form of fertiliser is only for crops that love chloride and for soils that are chloride deficient. The negatives are the chloride can be toxic to the crops and the soil. The needs have primarily driven the demand for MOP for food. The decreasing yield is ignored as the demand has exceeded that ratio. I think some of this demand is also coming from an Increase in wheat farming. I read in one research that there is a rise in carbohydrate form of food as the “third world” is getting self-sufficient in that form of food. It is a cost-effective way of allowing them to get into a self-sustaining cycle. As for what I call those in the “first-world” problems, they are acknowledging that there is a need to “clean-up”, I do feel that if companies can produce SOPs and make money, they will prevail. This is like what the iron-ore industry is witnessing with the high-grade ores being favoured as China comes to grips with cleaning up the pollution that is generated with lower grade ore being used in steel mills. What a typical SOP Project has to deal with? The SOP is dissolved in brine contained in sediments below and around the salt lakes, which is affected by: • The capacity of the sediments to retain brine. • Variability of the brine chemistry throughout the aquifer system. • The ability of the sediments to release brine during abstraction. • Viability of abstracting the brine at the required rates • Effect of brine abstraction on the regional hydrogeology and environment. The new thinking in SOP manufacturing is a non-Mannheim process such as that described in the diagram below. Several companies are now entertaining this process. Effectively you could say that this process is similar if not identical to that used in Dampier to process their salt. Are there any other players in the SOP sector. The whole potash industry has been around for many years. As I mentioned, it started with the phosphate flavour, and I remember this was off the back of the uranium rush back in 2006 or even earlier. It kind of went for a six month hard run on uranium and then it was phosphate. The Potash rush came later, and of late it has been quiet, for me anyway. Researching this article, I noticed that some of these companies have been established and are travelling pretty good. I did see some news in this sector about 12 months ago, but as I mentioned, I never ventured into any research. I have listed some of the better-known companies to me below from my research. However, there are probably more advanced or better-known companies not listed here. – Agrimin (ASX: AMN) – Danakali (ASX: DNK) – Reward Minerals (ASX: RWD) – Salt Lake Potash (ASX: SO4). What is the positive aspect of New Entrants? One advantage for a late player coming into this sector is that they will be able to get the best practice that is being developed without needing to go through the hard yards of trial and error. For example, to negate the high manufacturing cost, many current companies are talking about doing what I call the “Dampier Way”. Evaporating the brine and then shipping what is left as “concentrates”. I believe that it is a more straightforward process, and it has worked a charm for the salt sector. A couple of years ago, I stumbled onto a group wanting to mine salt in Somaliland. The concept was pretty easy. In Somaliland, the evaporation rates are apparently the best. The proposal was to evaporate the seawater and capture the moisture to be stored for agriculture. I showed this project some of my contacts in Asia, and there was some interest. The timing was not the best for the participants, and they stopped the negotiations due to internal issues back in China. However, the business proposition was perfect. Mine the salt, use the evaporated moisture for agriculture and create a sparse land of no agricultural use into an oasis of farms. What are the negatives for New Entrants? Here are some of the challenges that I see, and they are common issues such as, – Define a resource – Feasibility Studies – Funding for ongoing work. Funding is always an issue. However, if you can make the money want you, it is all smooth sailing from that moment. How do you do that? In the normal metal space, and I guess in oil and gas too, you need to show that your project is robust and have all the development ROI sorted. SOP has one other factor. As a product, SOP is described as having an inelastic demand. This means that the demand for the product is not subject to price movements, or instead not at the mercy of price movement. Hence, they have the market on their side. Require A Resource Of course, it is a given that resources will need to be established and then it needs to show the economics. But at least if they get to define a useful resource, funding will be easier to target with a good marketable product. Defining the resource will have its challenges in that the product is in solution, and they can move, literally. My experience with the salt lake hosted uranium projects have taught me that defining a resource could be tricky. As the commodity is in solution, an influx of groundwater and groundwater movement will affect the potential resource for the better or the worse. This will lead to issues in your feasibility studies. Probably not a big problem but I think that it will probably cost more? The upside to this is that new entrants to this market will get all the upside from work related to brine hosted lithium and potash deposits in the last five years. In discussion with associates, we spoke about how the “Americans and the Russians” love brine hosted lithium and think hard rock lithium is a waste of time. Hence, in my opinion, drawing on that expertise to understand brine hosted deposits will be important if not critical. The good news is that the skills are there and not in the development phase. You could almost measure it as an item that you could buy off the shelf. In Conclusion I like things that are simple. Sometimes when you are too early into the market, you don’t get any love and similarly when you are too late. How many people invest at the right time? Well, that is the million dollar question. There were many winners in the early part of the Potash run, but I think it is not too late to look at this market now. As for new players, again, this could be the second wave. Investment in the resource market, in general, is not short term. There have been very few companies that have started and was in production within five years. I see any new entrants, either as an RTO or an IPO, as a way of getting into a sector at a reasonably lower valuation compared to what is already out there. Companies will take advantage of best practice in developing the projects as all the hard work have already been done. In some way, the dust has settled and it is now clear to see what works and what does not. Sometimes a rebuild is cheaper and faster than a renovation. —Clean China Policy— As for the pricing, management needs to take care of market perception. I have this view because the demand for this commodity is going to surface and surface quickly soon. China is now in a clean-up phase, and the environment is the number one priority. You only have to look at the iron ore market where higher grade ores are getting premium as they are allowing the steel mill to meet environmental requirements. This thinking is consistent with my thoughts on uranium coming into the picture as it is by far without out any competitor the cleanest fuel in the market. It has less carbon footprint than any other so-called renewable energy source. It will be the cheapest clean energy alternative. This cleaner way of doing business is a factor that is mostly missed by out investing circles. Food source and the simple fact of high yield and low environmental damage will be in the front of China policy, not saying that it is not already. For an investor, I feel this sector is going to be like the base-metal sector, you cannot live without it, but you can live without lithium and cobalt. It is absolutely a risk, but what is not? 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. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Announcement: Cyprium Metals' A$41M Capital Raise and Nifty Copper Project Update Capital Raise Presentation - 23 Jan 2026 *(view the announcement) A$41M Capital Raise via Placement & Entitlement Offer - 23 Jan 2026 *(view the announcement) The Cyprium Metals copper story is familiar to us at Samso. We invested in this project before management changes occurred. Unfortunately, we faced significant losses when we decided to exit. However, our fascination with the project has never waned. We have been closely following its developments. This recent update about the A$41M capital raise suggests that the project may be gaining momentum once again. Cyprium Metals – Restarting Nifty Copper Project While Funding the Next Phase of Growth (Western Australia) Cyprium Metals Limited (ASX: CYM) has announced a A$41 million equity capital raising. This funding aims to accelerate regional exploration and production growth initiatives across its Paterson and Murchison copper portfolio. The funds will support the phased restart of the Nifty Copper Complex in Western Australia (Figure 1). The goal is to achieve first cathode production by mid-2026 while also advancing studies for future expansion and satellite feed opportunities. Figure 1: Nifty Copper Complex in Western Australia (source: CYM) Highlights – Funding the Nifty Restart and Expanding the Copper Pipeline A$41 million equity raising completed through a A$36 million institutional placement and a A$5 million fully underwritten entitlement offer, priced at A$0.52 per share. Strong investor support from existing and new institutions, including cornerstone participation from Flat Footed and Tribeca, with Board participation subject to shareholder approval. Use of proceeds focused on growth and execution (Figure 2), including regional exploration at the Paterson Exploration Project, Maroochydore, and Cue Copper-Gold Project, alongside studies and early works for future production growth at Nifty. Figure 2: Regional Asset Map showing Nifty, Maroochydore, and Paterson Exploration* *(source: CYM) Phase 1 restart of copper cathode production remains on track, with first cathode anticipated in mid-2026 from the refurbished SX-EW heap leach operations at Nifty (Fi3). Figure 3: Nifty SX-EW Plant and Heap Leach Infrastructure (source: CYM) Capital structure strengthened post-raising, with pro-forma cash of approximately A$116 million and net cash of A$39.3 million, supporting continued project delivery and optionality. Leadership Commentary Executive Chairman Matt Fifield commented: “As we progress towards first cathode production at Nifty, Cyprium is increasing its focus on growing our business rapidly. This equity capital raising allows us to accelerate workstreams progressing the next phase of the Nifty Copper Complex which involves expansion of SXEW capacity, designing and building a surface mine to access the shallow open-pit oxide ores and the sulphide ores beneath it. We are also developing resources outside of the Nifty Copper Complex that could quickly come into a production plan. In particular, we have recently re-acquired control of the exploration grounds adjacent to Nifty that host multiple advanced targets on significant legacy exploration data. We expect to leverage this data and create meaningful developments for Cyprium as we continue to build Australia’s next great copper company. “Cyprium thanks the continued support of its valued shareholders and is pleased to welcome a number of new Australian and international investors. We are also pleased to be able to offer eligible shareholders the opportunity to participate in the capital raising via the entitlement offer.” Near-term Milestones to Watch Completion of the placement and entitlement offer according to the announced timetable. Continued refurbishment and commissioning activities for the Nifty SX-EW plant. First copper cathode production targeted for mid-2026. Advancement of regional exploration programs at Paterson, Maroochydore, and Cue. Samso Concluding Comments This update reinforces Cyprium’s position as a company transitioning from planning to execution. The equity raising is one of many steps toward advancing production in a controlled manner. However, A$41M may not be sufficient to finalize a realistic operation, as the Nifty project has been a financial burden. The rising copper price is a positive factor that could facilitate future fundraising. From a market perspective, Nifty stands out as a key asset, supported by existing infrastructure, approvals, and a long operational history. The restart strategy focuses on utilizing established facilities, which helps manage capital intensity and development risk. Allocating funds toward regional exploration is crucial for maintaining future optionality. Projects like Maroochydore and the Paterson Exploration Project are within trucking distance of Nifty and align with a hub-and-spoke development model. These assets could provide additional feed options if technical and economic thresholds are met. From an investor's viewpoint, the improved balance sheet following the capital raise is a positive signal. The increased cash position supports ongoing work while alleviating short-term funding pressures. Samso will continue to monitor delivery milestones, with progress toward first cathode production being the key indicator as Cyprium advances toward becoming a copper producer. Market Implication - The Investor Lens CyM now has a market cap of AUD $280M. When I first invested in the company, its market cap was around AUD $70M. It is intriguing to see that we are at a similar stage of project development, yet the company's value has quadrupled. This represents a 300% growth in value, despite the project being at the same or a lower stage. Figure 4: CYM share price chart as of 23rd January 2026. (source: CommSec) My entry into CYM occurred before its downward trajectory into administration. At that time, the copper price (Figure 5) was around USD $3/Ib, rising to USD $5/Ib before dropping to approximately USD $3.10/Ib. Currently, the copper price stands at USD $5.87/Ib, with forecasts suggesting it may rise further. I believe commodities will trend upward in 2026. Figure 5: Copper price chart as of 23rd January 2026. (source: KITCO) CYM presents an interesting proposition. However, if the valuation reflects the current copper price and the project has not solidified its technical processes, there may be challenges ahead. I must clarify that I have not conducted thorough research on its processes, but this has been a concern with the Nifty project, so this line of thinking is not new. Cover photo: Native copper 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper_1.jpg) The Samso Way – Seek the Research At Samso, we pride ourselves on delivering independent, well-researched content for investors. Our insights are informed by over three decades of industry experience. We focus on cutting through the noise to spotlight what truly matters—genuine stories, grounded insights, and real opportunities. Our mission is straightforward: equip investors with the right knowledge and tools to achieve their financial goals. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There are many paths to success in investing, but successful individuals share a commitment to making informed decisions. Most importantly, investors must understand their own risk-reward tolerance. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support the independent nature of our work, please visit our* **Support Page **and lend a hand in any of the ways listed. This initiative is part of Samso's journey since we began in 2018.* Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, and particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: *How to Add Value to your Share Portfolio* A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I strive to 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 organization sees the benefit of what Samso is trying to achieve and has 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 OD6 Metals Limited story is a frequent feature on Samso, and I feel that if the Company can show clearly that it can produce a REE product, this will be an incredible investment for existing shareholders. The recent takeover of Australian Strategic Materials Limited (ASX: ASM) is a clear sign that the REE sector is alive and well. This update by OD6 regarding further testwork with ANSTO is a long list of boxes that are required to be ticked, but it is good to see that management is being persistent and enduring the long journey. Announcement Advanced ANSTO Metallurgical Testwork Underway – 20 January 2026 (view the announcement) OD6 Metals Metals Limited – Advancing Processing Confidence at the Splinter Rock Rare Earth Project Samso continues to follow OD6 Metals Limited (ASX: OD6) as it advances Splinter Rock from resource definition into processing optimisation and commercial readiness. This update is relevant as it focuses on metallurgical de-risking, product qualification, and offtake preparation rather than exploration upside alone, which is a key transition phase for clay-hosted rare earth projects. Highlights – Metallurgy, Product Samples, and Commercial De-Risking Advanced ANSTO metallurgical testwork is now underway, building on previously reported processing successes at Splinter Rock. More than A$1 million has been committed to ANSTO-led metallurgical programs and large-scale metallurgical diamond core drilling. Bulk Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH) samples will be produced for use in offtake discussions and assessment of commercial payability options. Testwork is focused on heap leach optimisation, impurity removal refinement, and bulk product production, supporting downstream development decisions. The program will also monitor other elements of interest to determine whether technically viable recovery pathways exist. The work is designed to further de-risk the processing flowsheet and improve confidence in operating parameters. Activities are anticipated to be eligible for future R&D tax offsets. Strategic partnerships with ANSTO and CPC Engineering continue to support the optimal development pathway (Figure 1). OD6 Metals Limited notes its active engagement with the framework supporting Australia’s A$1.2 billion Critical Minerals Strategic Reserve. Figure 1: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study (source: OD6 Metals Limited). Leadership Commentary Managing Director Brett Hazelden commented: “This advanced ANSTO program marks another important step in de-risking the Splinter Rock processing flowsheet. Our commitment of more than A$1 million reflects the Company’s confidence in the project and the importance of generating robust, commercially relevant metallurgical and product data. The testwork now underway is specifically aimed at optimising recoveries, refining impurity control, and producing high-quality rare earth products that can be utilised in offtake discussions and future development studies.“ Near-term Milestones to Watch Completion of current ANSTO optimisation campaigns. Production of bulk MREC and MREH samples for customer qualification. Distribution of product samples to potential offtake partners. Integration of metallurgical results into ongoing engineering and development studies. Continued engagement with government and financing stakeholders. Samso Concluding Comments Splinter Rock already hosts a large clay-hosted rare earth resource, and this program is about turning that scale into something more tangible. Metallurgical performance and product quality are critical factors for rare earth projects seeking market acceptance. By producing MREC and MREH samples at scale, OD6 Metals Limited is moving beyond laboratory results toward real-world commercial testing. This helps clarify how the project may fit into global rare earth supply chains. The continued partnership with ANSTO and CPC Engineering suggests a structured and technically driven development process. Each stage builds on previous work rather than resetting assumptions. For investors following OD6 Metals Limited, this announcement is a reminder that value creation in rare earths often comes from steady technical progress. De-risking the flowsheet and engaging early with offtake markets are steps that can shape future outcomes. Market Implication - The Investor Lens Simplistically, from a share price chart perspective (Figure 2), the market seems to be liking things. The volume being traded is healthy, and hopefully, that is showing market acceptance, and on this occasion, the introduction of traders is a good thing. Figure 2: OD6 Metals share price chart as of 23rd January 2026. (source: CommSec). Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to 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 sees the benefit of what Samso is trying to achieve and has 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.