📍Attending this landmark event on the ground in Singapore SINGAPORE, 18 June 2025 – The Marina Bay Sands has transformed into the epicentre of artificial intelligence innovation as SuperAI 2025 goes live. With over 7,000 attendees, 1,000+ AI companies from 100+ countries, and a sold-out floor of 150+ exhibitors, this year’s edition is not just an event – it’s a signal. A signal that Asia’s role in shaping the AI future is not coming – it’s here. Where East Meets West – And Innovation Takes Centre Stage SuperAI 2025 has cemented its status as Asia’s largest and most influential AI conference. It draws together a cross-section of the global AI community – from frontier startups and policy-makers to investors and researchers – all converging to explore AI's technical, industrial, and cultural impact. This year, a unique blend of global thinkers takes the stage, including: Balaji Srinivasan – crypto and tech visionary Dwarkesh Patel – science podcaster and AI commentator Edward Snowden – speaking on digital sovereignty Tao Cheung (Manus AI) and Felix Shang (Unitree Robotics) – pioneers in applied robotics and agentic AI Nicolaus Radford (Persona AI) and Pippa Malmgren – pushing the boundaries of AI ethics and enterprise integration The NEXT Hackathon and Genesis Startup Competition, held during the conference, are giving rise to the next wave of AI builders with US$250,000 in builder capital up for grabs. AI Across the Stack – From Code to Culture SuperAI offers a full-spectrum view of the AI lifecycle. The immersive workshops, AI labs, and community hubs provide a rare interface between builders and users, funders and thinkers. Whether you're watching robotic art installations, learning to create with the AI Creator Lab by AMD, or exploring AI’s reach into music and media via Mixmag and Tatler, the message is clear – AI is not just technical, it’s cultural. Government stakeholders like IMDA, DISG, and Startup Island Taiwan are also deeply engaged, highlighting the public sector’s rising role in regional AI strategies. A Full House of Ideas – Powered by Global Giants and Startups Alike This year's 150+ exhibitors include names such as: Google Cloud, FuriosaAI, Groq, and AMQ Semiconductor – shaping AI infrastructure Unitree Robotics and Quikbot – pushing autonomous robotics Manus AI and other agentic AI startups – defining how machines act with intent Major sponsors backing this innovation push include: WOW.ai, Auki Labs, WEKA, io.net, Bright Data, and Amazon Web Services (AWS). Looking Ahead: SuperAI 2026 Confirmed With 2025 officially a sold-out success, the next chapter is already in motion. SuperAI 2026 will return to Marina Bay Sands on 10–11 June, promising an even larger footprint, new thematic tracks, and greater AI immersion. 📝 Join the early access waitlist: super-ai.co/singapore-2026 SuperAI is no longer the future. It’s the now. Samso Concluding Comments Events like SuperAI are more than headline makers – they’re inflection points. For those of us attending in person, the tangible energy of 7,000 minds focused on what’s next in AI is simply undeniable. What stands out is the convergence of purpose – from governments to startups, from creatives to coders – all aligned on the urgency and opportunity of this AI moment. At Samso, we see this as a call to action for investors, innovators, and institutions to pay close attention to the signals being sent from platforms like SuperAI. This isn’t about hype – it's about participating in a future that's already arriving. So, whether you’re backing a listed AI company, evaluating a deeptech fund, or curious about where the capital will flow, SuperAI is the kind of ecosystem signal you don’t want to miss. The Samso Way - Seek the Research SuperAI 2025 isn’t just an event – it’s a live pulse check on the global AI frontier. With over 7,000 attendees and 1,000+ companies converging in Singapore, SuperAI showcases where innovation is heading—from real-time robotics and generative tools to public-sector leadership in AI governance. At Samso, we attend events like these because they offer the kind of insight you won’t find in ASX reports or quarterly earnings. This is where the real signals emerge—where investors, builders, and policymakers shape the edge of the AI economy. 🟢 To those who seek clarity in chaos, this is your moment. Be early. Seek the Research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: · Coffee with Samso · Samso Insights · Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Age of Artificial Intelligence Uncovering Promising Australian Companies on the ASX with Rising Global Appeal and Harnessing AI If you're an investor in the Australian Stock Market, you may be curious about technology's growing impact on traditional industries. Artificial intelligence (AI) is revolutionizing how businesses operate and how investors assess potential returns. My learning curve in the space of AI is now my favourite topic of conversation. In the space of a month, my curiosity about this business has evolved from a casual conversation to one that is generating a passion for the business. This passion is the focus of focusing on a select group of companies on the Australian Stock Exchange (ASX) that are leveraging AI while maintaining a handsome market capitalisation. These firms have shown significant share price increases in the past six months and are gaining attention from investors worldwide. While still being in the space for retail investors. Why AI Matters in Investing AI technology is swiftly transforming various sectors by automating tasks, boosting analytics, and enhancing customer experiences. Investors who recognize companies leveraging AI can position themselves advantageously in an ever-evolving market. I did some research on the facts some five years ago to see the rate at which AI is now being structured into businesses, and it's interesting to see the modest and some less modest thinking back at that time. For instance, a company implementing AI-driven solutions can improve operational efficiency by up to 50%, a statistic that underscores the power of technology in driving growth. In 2021, a McKinsey report found that companies that fully implement AI across business functions can boost productivity by up to 40%–50% (The state of AI in 2021). The report detailed that AI applications in operations, supply chain, and customer service were among the most impactful, with automation and decision-making tools leading to substantial cost and time savings. Although the report is four years old, it is good to see the thoughts on the cost and revenue equation then and what they would be now in 2025. In 2019, there was the PwC Global Artificial Intelligence Study, which found that AI could contribute up to $15.7 trillion to the global economy by 2030, largely through productivity and efficiency improvements (Figure 1). The main aspect of the report proposed that labour productivity improvements alone are expected to account for 45% of total economic gains from AI (source: PwC Report – Sizing the Prize). Figure 1: Sizing the prize - Which Regions Gain The Most From AI? (PWC) Similarly, an Accenture Report in 2017 released a paper, "Artificial Intelligence Has Potential to Increase Corporate Profitability in 16 Industries by an Average of 38 Percent by 2035" in support of the reasons why AI should be high on investors' watch list. Finally, in 2022, IBM stated that 35% of companies were already using AI (Figure 2), and those that implemented AI solutions in business workflows reported an average process efficiency gain of 30%–50% (IBM Global AI Adoption Index 2022). Figure 2: AI adoption rates around the world (source: IBM Global AI Adoption Index 2022) Spotting undervalued companies poised for significant growth can be key, especially on the ASX. Often, smaller firms wield the potential to outperform larger competitors thanks to innovative AI strategies, making them an attractive investment option. Company Spotlight: Data#3 Limited (ASX: DTL) One standout company is Data#3 Limited (ASX: DTL). This IT services and solutions provider has successfully integrated AI into its offerings, enhancing software performance and data management. Over the past six months, Data#3's share price has increased by approximately 30%, a reflection of its AI focus and market demand (Figure 3). Figure 3: Data#3 Limited Share Price Chart. (source: commsec) Their use of AI analytics tools allows Data#3 to offer customized solutions to clients, further solidifying their competitive edge. For example, by implementing AI in their data analysis processes, Data#3 has improved project delivery times by 20%, showcasing their ability to adapt and thrive in a tech-driven marketplace. The market capitalisation of DTL at AUD $1.15B and a share price chart like Figure 3 instil confidence that the business is accepted. Like all successful businesses, it has been a long journey. Is this a stock for retail investors? Has it lost its appeal to those who are seeking capital appreciation? Data#3 Limited's Innovative Technology Workshop As Data#3 continues to capitalize on AI relevance, it remains an attractive choice for investors seeking companies with solid technological foundations. Company Highlight: BrainChip Holdings Ltd (ASX: BRN) Another notable player is BrainChip Holdings Ltd (ASX: BRN), a leader in AI hardware with its neuromorphic computing platform. This innovative technology simulates the human brain’s architecture, providing efficient AI solutions. BrainChip’s stock has surged by more than 40% in the past six months, indicating strong market interest both locally and internationally. Figure 4: Brainchip Holdings Limited Share Price Chart. (source: Commesc) The market appeal for BRN is marketedly different from DTL, as it is clearly shown in Figure 4, however, I still think that the business is worth having a look at. With a market capitalisation of AUD $455M, BRN is no slouch in terms of its place on the ASX. For the average investor, one must remember that not all business markets move at the same rate, and the potential of AI, in my opinion, has not really been understood as yet. The adoption rate is still just being tested, and in my discussion with people, industries are still "working it out". Looking at the events for BRN over the last 12 months, it does look like the company is winning in some respects, but as the market understanding continues, I will not be surprised that the "punters" will help maintain BRN's visibility. The ongoing advancements in their neuromorphic chips position BrainChip as a disruptive force in AI, appealing to various industries ranging from automotive to smart devices. For instance, their technology is being utilized in advanced driver-assistance systems, which have increased in demand as the automotive sector shifts towards autonomy. BrainChip Holdings' Neuromorphic Chip Design By prioritizing AI innovation, BrainChip is establishing a prominent niche in the competitive landscape. Their growth trajectory suggests a bright future as they continue to strengthen their market position. Emerging Star: Appen Limited (ASX: APX) Appen Limited (ASX: APX) deserves mention as a major player specializing in AI data. They enhance machine learning datasets using crowd-sourced data collection and high-quality annotation services. In the last six months, Appen’s share price has risen by about 25%, fueled by contracts with major tech firms seeking to refine their AI systems. Figure 5: Appen Limited Share Price Chart. (source: commsec) I am just learning about APX, and looking at Figure 5, I cannot speak for the past, and I am sure readers can easily ask ChatGPT to summarise the past. Appen Limited has a market capitalisation of AUD $303M and in the last 12 months has had a volatile time (Figure 7). The share price has gone from less than AUD $0.50 to a high of just over AUD $3.00 to a close of AUD $1.15 at the time of writing (7th June 2025). Figure 6: Appen Limited (ASX: APX) in the last 12 months. (source: commsec) The demand for accurate AI data has surged, and Appen's established partnerships with global enterprises position it well for future growth. Their data services have become essential for companies like Microsoft and Facebook, who rely on Appen for high-quality training data to improve their AI applications. Appen Limited's AI Innovations Conference As companies worldwide increasingly seek reliable data for AI development, Appen is likely to continue gaining traction, making it a worthwhile consideration for investors. Convincing Market Performance These companies showcase rising share prices along with the operational success of AI technologies. Their proactive approaches and strategic positions illustrate how smaller firms can outperform larger ones in stock performance. The big question for me is whether the growing global interest in AI and the equity aspect of AI companies in the US would translate to similar excitement on the ASX. The ongoing research for Samso is now to expand our coverage into areas that the changing the way we work. An intriguing thought that I have recently had is that with over three decades working in the same industry and seeing innovation within the industry, the outcome of the mineral resource industry is the same; we mine the metals that we explore for in the beginning. The other industries are creating products that are making or adapting to the changes in global innovation. I just feel that the innovation in technology is the top of the circle of importance in global businesses. Key Insights Investing in Australia’s AI landscape presents a unique chance to be part of a transformative technological era – one that could redefine industries and lead to potential substantial financial gains. With these trends unfolding, one may think that the future of investment looks intelligently promising, however, I would pose the question, is the current path of AI the one that will eventually be the real case scenario in 5 years or 10 years time. As I put forward the three ASX companies utilising AI, Data#3, BrainChip, and Appen, are not arbitrary names in a stock exchange; they are currently the forward-thinking companies that the market feels have a place in the future business of technology. For anyone assessing investment in the Australian market, particularly in AI, these companies provide a glimpse into a thrilling new frontier that aligns with global investing trends. As always, conducting thorough research and analyzing market dynamics is essential before making any commitments. Hence, with understanding comes research. Research, in my mind, takes time and a lot of pondering of Ifs and What Ifs. Here at Samso, we look at the companies on the ASX and we ask those questions. For those of us who have the wisdom of time, we have seen technology go from mainstream to extinction several times, such as VCR to Laser Disk, Cassette tape (large to small formats), DVD and then to Netflix. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. Happy investing—and as always, do your own research. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

On 16 May 2025, the Food and Drug Administration (FDA) cleared the first blood-based test for diagnosing Alzheimer’s disease—a major shift in how we detect the condition. Developed by Fujirebio Diagnostics, the Lumipulse test offers a simpler, faster, and less invasive alternative to PET scans and spinal taps, bringing early detection within easier reach for patients showing signs of cognitive decline. What the Test Does: From Complexity to Convenience The Lumipulse test measures two key proteins in the blood—pTau217 and β-amyloid1-42, which are linked to the formation of amyloid plaques, one of the hallmarks of Alzheimer’s pathology. The test calculates a ratio of these proteins to predict the presence or absence of amyloid plaques in the brain, offering a reliable alternative to PET imaging or cerebrospinal fluid (CSF) analysis obtained through lumbar puncture. Unlike previous tools, which required hospital-based imaging or spinal fluid extraction, this test only needs a simple blood draw, vastly improving patient accessibility and clinical efficiency. In clinical studies involving 499 cognitively impaired individuals, the test demonstrated a 91.7% positive predictive agreement and a 97.3% negative predictive agreement compared to PET or CSF results. A Game-Changer in Early Alzheimer’s Detection Alzheimer’s currently affects nearly 7 million Americans, and that number is expected to almost double by 2050. As emphasized by FDA Commissioner Dr. Martin A. Makary, this test could play a crucial role in earlier diagnosis, which is essential given the arrival of new Alzheimer’s therapies that are most effective in the early stages. Dr. Michelle Tarver, Director of the FDA’s Center for Devices and Radiological Health, noted that this test is a critical step in broadening diagnostic reach, especially for underserved populations who may lack access to expensive neuroimaging technology. Expert Insights: What Clinicians Are Saying In a CBS News interview featuring Dr. Celine Gounder, the test was hailed as a major medical advance. She explained that the Lumipulse G Plasma Ratio Test targets amyloid and tau proteins—two key biomarkers of Alzheimer’s—and could dramatically improve the timeline for diagnosis and entry into clinical care. Dr. Celine Gounder stressed the shift away from waiting until post-mortem autopsies for a definitive Alzheimer’s diagnosis: “This is a much easier test to perform than say the PET scans or the spinal tap..… It’s a massive step forward in detection.” Similarly, neurologist Dr. Leah Croll, speaking on Good Morning America, underscored that this test is not a standalone diagnosis tool but a vital addition to the diagnostic toolkit. She pointed out that the test’s breakthrough device designation allowed the FDA to fast-track its approval, and that early access to diagnostics is more critical than ever due to recent advances in Alzheimer’s treatment. “This is such a big deal... To finally have a simple blood test that's accurate, fast, easy, and relatively cheap is huge. What this is going to allow us to do is get people that diagnosis faster, at a time when we finally have effective treatments for Alzheimer’s.”— Dr. Leah Croll, Neurologist, on Good Morning America Risks, Limitations, and Responsible Use—Alzheimer's and Dementia While promising, the FDA emphasised the importance of interpreting test results within a clinical context. Risks include false positives, which might lead to unnecessary emotional distress or treatment, and false negatives, which could delay further investigation and appropriate care. Therefore, the test is intended for patients over 55 years who are already exhibiting symptoms of cognitive decline and is not approved as a screening tool for asymptomatic individuals. Additionally, further research will be needed to establish comprehensive guidelines for deployment in general practice and to prevent misuse or overtesting, particularly given the psychological and financial implications of a false Alzheimer’s diagnosis. What This Means for the Future The FDA's clearance of the Lumipulse G pTau217/ß-Amyloid 1-42 Plasma Ratio ushers in a paradigm shift in Alzheimer’s diagnostics. With just a vial of blood, clinicians can now gain critical insight into brain pathology, leading to earlier intervention, targeted treatment, and potential enrollment in clinical trials. For millions of patients and their families, this is more than just a new test—it’s a new hope. “Soon we will have this great test that will get people to the right specialists, the right treatment, the right clinical trials—even faster.”— Dr. Leah Croll on Good Morning America “This test may not be perfect, but it’s a vital step toward earlier detection without the need for spinal taps or expensive scans.”—Dr. Celine Gounder on CBS Mornings A Quick Look at Alzheimer’s Disease Alzheimer’s disease is a progressive neurodegenerative disorder and the most common cause of dementia, typically beginning with short-term memory loss before advancing to language difficulties, disorientation, and loss of independence. The disease unfolds in three stages: early (mild memory issues and planning difficulties), middle (loss of speech fluency, behavioural changes, and disorientation), and late stage (complete dependency, immobility, and eventual loss of basic functions), Figure 1. Figure 1: Stages of atrophy in Alzheimer's (source: Wikipedia) Although the exact cause is still unclear, Alzheimer’s is closely associated with the buildup of amyloid plaques and tau protein tangles in the brain. Risk factors include age, genetics (especially the APOE-e4 gene), head injury, and cardiovascular conditions. Early detection is key—not just for diagnosis, but for timely access to care and emerging treatments. That’s what makes this FDA-approved blood test such a compelling development. What This Approval Really Means With this groundbreaking approval, the FDA has paved the way for a more democratized approach to Alzheimer’s diagnosis—one rooted in scientific rigour but designed for real-world application. As the medical community now works towards safe and widespread adoption, the Lumipulse test stands as a beacon of progress in a field long in need of better answers. Recent Developments in Treatment in Australia In May 2025, the Therapeutic Goods Administration (TGA) approved Kisunla (donanemab), marking the first new treatment for early Alzheimer's disease in 25 years (news.com.au). This medication targets and removes amyloid plaques in the brain, potentially giving patients in the early stages of the disease an additional two years of improved cognitive function. Kisunla is administered intravenously every four weeks and is currently priced at $4,700 per dose. Efforts are being made to include it in the Pharmaceutical Benefits Scheme to lower costs for patients. Samso’s Concluding Comments This FDA approval is more than just a milestone for diagnostics—it’s a reflection of how far we’ve come in shifting Alzheimer’s care from reactive to proactive. What once required costly PET scans or invasive lumbar punctures can now begin with a simple blood draw. For patients, clinicians, and families navigating the uncertainty of cognitive decline, that simplicity is profound. We’re seeing science align with practicality, and it’s opening the door to earlier interventions, better planning, and perhaps most importantly, hope. In Australia, there is a report of over 42,000 people diagnosed with dementia in 2024. Unfortunately, the number is projected to increase to more than 812,500 by 2054, marking a 93% rise over 30 years (Dementia Australia). In addition, approximately 29,000 Australians under the age of 65 are living with younger-onset dementia in 2024. This figure is expected to rise to almost 41,000 by 2054, representing a 41% increase. Some statistics for each state are listed below (Dementia Australia): New South Wales (NSW): Over 138,200 people Victoria (VIC): More than 107,600 people Queensland (QLD): Around 82,270 people Western Australia (WA): Over 40,500 people South Australia (SA): Approximately 34,170 people Tasmania (TAS): More than 10,600 people Australian Capital Territory (ACT): Almost 5,900 people Northern Territory (NT): Around 1,700 people According to Dementia Australia, dementia, including Alzheimer's disease, is the second leading cause of death in Australia, accounting for 9.1% of all deaths in 2023. It is also the leading cause of death for Australian women. The mortality rate for dementia has increased by 842.8% over the past 50 years, while deaths from ischemic heart disease have decreased by 87.9%. Australian Dementia Statistics From an innovation lens, this is a reminder of the value in persistence. Fujirebio didn’t just bring a product to market—they validated years of research and clinical trials with data that stands up to scrutiny. It’s not perfect, and it’s not meant to replace full clinical assessments, but it enhances the diagnostic pathway in a meaningful way. That’s the kind of progress that often goes unnoticed until it becomes standard practice—quiet, methodical, and deeply transformative. The bar chart shows the projected increase in dementia cases from 2025 to 2054. The pie chart shows the distribution of dementia research funding among major sources, highlighting contributions from MRFF and the Dementia Australia Research Foundation. Since 2000, the Foundation has provided nearly $29 million in funding to support over 350 grants and fellowships aimed at advancing dementia research. In 2023, the MRFF allocated $18 million under the Dementia, Ageing and Aged Care grant opportunity to support research into dementia and high-quality care for older Australians. (source: dementia.org.au |health.gov.au) As with all medical breakthroughs, the real impact will unfold in time. What we can say now is that this is a step forward—one that makes detection more accessible and adds another layer to our understanding of Alzheimer’s. For those of us who follow the intersection of science, health, and long-term societal trends, this is a development worth watching. It tells us that while the road ahead remains complex, we are, without a doubt, heading in the right direction. References: 1. FDA News Release: FDA Clears First Blood Test Used in Diagnosing Alzheimer’s Disease, May 16, 2025. https://www.fda.gov/news-events/press-announcements/fda-clears-first-blood-test-used-diagnosing-alzheimers-disease 2. Pharmacy Times: FDA Grants Market Clearance to Diagnostic Blood Test for Alzheimer Disease, May 19, 2025. https://www.pharmacytimes.com/view/fda-grants-market-clearance-to-diagnostic-blood-test-for-alzheimer-disease 3. CBS Mornings: FDA approves first blood test to help screen for Alzheimer’s disease. https://youtu.be/UAOHzhrI9K0 4. Good Morning America: FDA endorses 1st blood test to help diagnose Alzheimer’s disease. https://youtu.be/ar5JfgHt1No To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Multiple New IOCG Targets Identified at Whaleshark As someone who’s followed Miramar Resources (ASX: M2R) since its IPO, I’ve always been intrigued by the Whaleshark Project. Located about 40km east of Onslow in Western Australia’s Ashburton region, this project has been on my radar due to its promising geology. But the recent announcement has taken my interest to a whole new level. Miramar has identified multiple new Iron Oxide Copper-Gold (IOCG) targets at Whaleshark through advanced geophysical remodelling techniques (Figure 1). This development significantly enhances the IOCG potential of the project. The application of sophisticated Magnetisation Vector Inversion (MVI) modelling has revealed several new targets characterised by overlapping gravity and magnetic anomalies—a key signature found in many significant IOCG deposits worldwide. Figure 1:Oblique view (looking southwest) of Whaleshark magnetic inversion model and new targets in relation to granodiorite pluton (red polygon) and drilling (black dots). (source: M2R) Previous exploration at Whaleshark had already established promising indicators of IOCG mineralisation. Aircore drilling in 2022 intersected geochemical anomalism and alteration suggestive of IOCG potential, while EIS co-funded diamond drilling in 2023 confirmed the presence of chalcopyrite (copper sulphide) in two holes, including within an iron-rich northwest-trending structure cutting through granodiorite. Mr Allan Kelly, Executive Chair of Miramar, explained that the advanced modelling had outlined new targets defined by coincident gravity and magnetic highs (Figures 2 and 3), aligning with geophysical characteristics typical of major IOCG deposits (Figure 4): "At Whaleshark, we have strongly anomalous copper, gold and other IOCG pathfinders, IOCG-style alteration and copper sulphide mineralisation associated with iron-rich rocks." “A key advantage of exploration at Whaleshark is that the prospective basement rocks are much shallower than in other IOCG provinces, such as the Stuart Shelf in South Australia.” Figure 2: Cross Section of T8 and T9 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models. (source: M2R) Figure 3: Cross Section of T11 and T12 Targets (looking north) showing overlapping magnetic (pink) and gravity (blue) inversion models in proximity to 2023 diamond hole WSDD003. (source: M2R) Figure 4: Examples of IOCG deposits showing relationship between early and/or deeper magnetite and later and/or shallower hematite mineralisation (Skirrow, 2022) (source: M2R) Decoding the MVI Advantage - The chase for Copper and Gold The MVI technique represents a significant advancement over traditional magnetic modelling methods. While conventional 3D susceptibility modelling assumes subsurface magnetisation occurs solely by induction in the direction of Earth's inducing field, MVI can account for magnetic remanence and other anisotropic phenomena that often distort magnetic fields. This capability is crucial because magnetic remanence is now recognised as far more prevalent than previously thought, affecting both crustal rocks and mineralised zones. The MVI method has already proven its value globally, contributing to several significant copper-gold discoveries by providing more reliable representations of subsurface geology. At Whaleshark, MVI analysis has enabled: Detailed structural analysis Identification of collapse structures Mapping of hydrothermal migration patterns Recognition of pervasive alteration zones Delineation of deep fluid pathways that create favourable host environments for larger deposits The Landscape of Opportunity The Whaleshark Project is strategically located in the Ashburton region of Western Australia, approximately 40km east of the coastal town of Onslow. The project area is characterised by a banded iron formation and granite intrusion beneath approximately 100m of Cretaceous sediments of the Northern Carnarvon Basin. This geological setting provides an ideal environment for the formation of IOCG deposits. Figure 5: Location of Miramar’s Whaleshark Project (source: M2R) Samso Concluding Comments Miramar Resources' recent advancements at the Whaleshark Project exemplify the dynamic nature of mineral exploration and the pivotal role of innovative geophysical methods in uncovering hidden mineral wealth. The successful identification of new IOCG targets through MVI modelling not only enhances the project's value but also sets a precedent for future exploration endeavours. There is good merit in taking a close look at Miramar as they're sitting at under a market capitalisation of AUD $4M. A discovery of a decent target, as is hoped for by Miramar, will make some investors very happy. I have always felt that this region of Western Australia is a heaven for major discoveries. The issue for Miramar will be to chase the gold targets at Gidji JV or take a punt and drill some holes here. The fact that the targets are shallow is a double-edged sword, as you don't want preservation issues. This is said with some personal experience with the shallow target story. Sometimes, the targets are deep for a very good reason, and that is that the mineralisation is still preserved. At Samso, we believe that informed decisions create lasting value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Whether it’s through Coffee with Samso, Samso Insights, or Samso News, we’re here to help you think smarter, invest better, and stay ahead of the curve. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing in mineral exploration stocks on the ASX can offer exciting opportunities, but it also carries unique challenges. With over 30 years of experience as a geologist in the industry and being an investor since the late 1980s, I have witnessed both the highs and lows of the mineral resource market. I have seen projects go from a Uranium project to being a Phosphate project in 6 months (The Uranium Bubble of 2007 - Figure 1) and Nickel to Gold or vice versa, in a similar time frame. source: By Celuca - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=11896366 Figure 1: The monthly uranium spot price during the 2007 uranium bubble. Knowing the complexities in this sector is vital for making informed investment choices. In this article, I will try and discuss four key factors which I think are important to consider: management, market sentiment, project viability, and major shareholding. Management: The Backbone of Any Small-Cap Mineral Exploration Company. To start, closely examine the management team of any mining company. The expertise and backgrounds of board members can greatly influence a company's success. Consider the following aspects: Technical Expertise: Some board members may have scientific backgrounds related to the specific minerals being explored. For instance, if a company focuses on lithium mining, having a geologist with experience in lithium deposits can be beneficial. Market Knowledge: Others may have a strong grasp of market trends. A team member with a history of navigating funding challenges can also offer insights crucial for raising capital. Capital Market Capability: The ability to work with the capital market and have the network to source funding is a good asset to have. markets change all the time, and in this sector, the wind changes are measured in months; the nimbleness of the company to adapt to changes via funding is crucial. Networking Strengths: There is no small-cap sector without the "market-makers". The ASX does not like that term, but the reality of the sector is that without these guys/personalities, there will be no sector. The ability of the "Network" to promote the company, the projects and the business is paramount to the success of any small-cap company, irrespective of whether you are talking about mining, mineral exploration, biotech, IT or services. The Flag Bearer: The role of the Managing Director or CEO is particularly significant. This individual often steers the company and executes strategies on the ground. Their ability to manage daily operations can significantly shape the company's future. Most importantly, they are the person who communicates with the public and is the conduit for the significant shareholders and the retail investors. Assessing their past track records is essential. For example, if a CEO previously led a company to discover a lucrative gold deposit, this history can be a valuable indicator of future success. AS I mentioned, they need to indicate their ability to have the "network" to bring together strong major shareholding and engage with new investors. Market Sentiment: The Pulse of Small-Cap ASX Mineral Exploration Sector Next, we turn to market sentiment, which primarily shapes the Small-Cap ASX Mineral Exploration Sector. The mineral market is cyclical, where some commodities experience rising and falling popularity based on economic conditions. For instance, in 2021, the price of copper surged by over 50% due to demand from electric vehicle production and renewable energy projects. If there is an anticipated increase in demand from a supply shortage, share prices can see rapid growth. In 2021 and 2023, the market was only interested in lithium and rare earths and gold companies with legitimate stories were largely ignored. Funding to develop gold and other non-lithium stories was hard to achieve. Today, gold is strongly in favour, and lithium is not visible anymore. Unfortunately, this occurs all too frequently, so investors need to be either very quick to take positions or take a counter-cyclical position. In my opinion, whether you are looking at the short or long-term position, the ability to understand the market sentiment is important. Using platforms like Samso, Morning Star, Proactive, Stockhead, the Australian Financial Reveiw or MiningNews to be informed on matters such as the current trend of investment sentiments is one of the ways to stay ahead of the curve. It's also important to align the company's narrative with market trends. For example, companies focusing on critical minerals like nickel or cobalt should clearly outline how their projects align with the growing demand from battery manufacturers. Investors should critically assess whether a company has a plan to adapt to emerging market shifts. Companies that successfully navigate these trends can offer more stability and greater potential for returns. Project Viability: Assessing Exploration Potential At the core of any mineral exploration company is its project potential. Evaluating a project requires understanding its likelihood for resource discoveries and the pathway to market. Key aspects to consider include: Geological Assessment: Are the exploration targets well-defined? For example, a recent discovery of a gold vein 100 meters deep could indicate promising potential for further exploration. Infrastructure Availability: Access to transportation, power, and water sources is vital. Projects located near existing mining operations can reduce costs and risks. Investor Sentiment: For instance, in 2020, companies focused on lithium and rare earth elements secured funding more readily due to their rising importance in technology and renewable energy sectors. A project that captures the attention of capital markets is likely to have a brighter future. In 2025, investors want to be exposed to gold, so marketing a gold project is going to be the smart pathway. With the rising interest in uranium, this could be a longer-term proposition, even though one would think that it's been beaten to death. Some investors even go as far as to say that uranium could be the best counter-cyclical commodity to take a position. Market: Similarly, an understanding of what is no longer in the interest of investors must be understood. Today, the market sentiment for rare earth is missing in action. Even the darling of post-COVID, lithium, which had the lion's share of interest from investors, is no longer in vogue. Understanding all of these facets enhances investor confidence. Companies that can demonstrate effective exploration strategies and viable resource estimates will stand out in the competitive mineral exploration landscape. Major Shareholding: The Influence of Key Investors A company's major shareholders can reveal a lot about its future. Experienced investors often provide stability and confidence, especially in volatile market conditions. Having a major shareholding that has a content of the "influencers" of the market is attractive. Having those big names in the share registry is a good place to be, especially for the small retail players. Consider the following: Investor Types: Some major shareholders are short-term players, while others focus on long-term growth. For example, if a resource-focused hedge fund invests heavily in a company, it often indicates its belief in the company's long-term potential and can lead to synergies that enhance outcomes. Board Representation: The composition of the board often reflects the interests of significant shareholders. An alignment between management and major investors can lead to smarter strategic decisions that boost shareholder value. Having influential shareholders can offer advantages, such as better access to funding and partnerships. For example, if a major investor has connections in the mining sector, this can lead to lucrative partnerships or joint ventures. Samso’s Concluding Comments With three decades in this industry, I've experienced both the exhilarating highs and challenging lows. The journey of investing in mineral exploration stocks is complex but can be incredibly rewarding with the right mindset. This industry is commonly compared to a casino, and in some ways, that is not far from the truth. Like all "masters" of the casino, they create a "scientific" path to decrease that risks and their implied rewards. In the equity game, to be ruthlessly truthful, this is pretty much the same. In this sector, the major shareholders and "inner-santum" are the major factors for the path of the companies. I call them the "Purple Circle" and they pretty much are the weather forecasters. Understanding the interactions between effective management, market sentiment, project viability, and major shareholding is essential. By conducting thorough research in these areas, you can make more informed investment decisions. In conclusion, investing in gold, metals, or critical minerals goes beyond just numbers; it involves grasping the narratives that drive them. As the landscape constantly evolves, staying attuned to these elements will help guide your journey through the ASX mineral exploration space. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In the crowded corridors of medtech innovation, like most industries, the excessive use of buzzwords is a normal day in the office—AI-powered, minimally invasive, precision diagnostics. In the case of Optiscan Imaging Limited (ASX: OIL) with transformative tech, a clear path to market, and the traction to back it up. Optiscan Imaging Limited (ASX: OIL) is a Victorian-based company developing an AI-induced microscope. It’s a reimagining of how we see medicine—literally. With its patented digital confocal laser endomicroscopy, Optiscan is taking the guesswork out of diagnostics and the delays out of surgery. Opitiscan is all about the process to enable real-time, sub-micron visualisation of cells and tissues during surgery, without ever having to send a sample to the lab. A super microscope that can process information? Like my recent understanding of the power and usefulness of AI globally, the realities that Optiscan is talking about are no longer science fiction; it is now looking like a reality. Not Just the Tech—It’s the Traction What’s turning heads now is not just the tech—it’s the traction, especially the collaboration with the prestigious US medical group, the Mayo Clinic. In mid-2024, Optiscan signed a Know-How Agreement with Mayo, kicking off a co-development project focused on robotic-assisted breast cancer surgery. Fast-forward to 2025, and the milestones are already stacking up. Together, Optiscan and Mayo have built and tested prototypes that integrate Optiscan’s imaging system directly into robotic surgery platforms. This includes real-time, high-resolution imaging within the surgical field, validated through compatibility tests and preclinical studies. As Optiscan CEO and Managing Director, Dr Camile Farah, commented: “This collaboration clearly highlights the versatility of our imaging platform. It will set the stage for the platform’s application across a range of clinical settings, improving both surgical precision and patient care. Optiscan and the Mayo Clinic are now busy developing a structured development process, which will have multiple milestones to guide the design, testing, and validation of this imaging system." “Mayo Clinic’s commitment to innovation aligns perfectly with Optiscan’s vision. The work we are doing together aims to enhance the standard of care in breast cancer surgery by integrating state-of-the-art imaging into the robotic surgical process, with potential to deliver better outcomes for patients while advancing the future of robotic-assisted surgical procedures." A Glimpse Through the Lens: - A Surgical Microscope with an Edge. Optiscan Imaging is not just developing next-gen medical imaging tools—it’s laying the groundwork for a globally scalable digital health platform (Figure 1). From world-first imaging precision to real-time surgical guidance, the company’s unique positioning spans multiple high-growth markets. For us, retail layman investors, a super-surgical microscope? Figure 1: OIL’s Growing Footprint & Sales Pipeline (source: OIL) Here's how Technology, Markets, and Momentum are coming together for Optiscan: A Technology with Clarity—Down to the Sub-Micron Optiscan’s platform represents a generational leap in imaging. At its core is a digital confocal laser endomicroscopy (CLE) system capable of delivering live images at 1000x magnification with a resolution of 0.55 microns. That’s sub-cellular precision—enough to differentiate between healthy tissue and cancerous margins as a procedure is underway. What makes this breakthrough particularly compelling is that it’s tissue-agnostic and doesn’t rely on time-consuming image stitching or mosaicking. With Z-stack capability, it can section tissues in 3D, layer by layer, giving a surgeon or pathologist an unprecedented live look into what’s happening at a microscopic level. Add to that its ability to integrate seamlessly with AI pipelines and robotics, and you're no longer talking about a tool—you’re looking at a platform. And that platform is now getting noticed. The Market Opportunity – Scaling Across Verticals Optiscan isn’t limiting itself to clinical use. The company has its sights set on five major verticals: Clinical, Veterinary, Life Sciences, AI, and Robotics. Its expanding product suite includes (Figure 2): InVue™ – Focused on surgical applications InForm™ – For digital pathology InVivage® – Specialised for oral diagnostics ViewnVivo® – A life sciences tool gaining traction in the US, EU, and China Together, these products are targeting segments worth: $10 trillion in global clinical care $144 billion in life sciences $20.9 billion in AI-powered diagnostics Figure 2: Expanding Product Range - Clinical & Life Sciences (source: OIL) With distribution agreements already in place across APAC, China, Europe, and the US, Optiscan is building a commercial presence to match its technological edge. This is not a company chasing niche opportunities. This is a platform approach with global scalability. Real Momentum, Not Just Hype While the vision is big, the delivery is what matters—and Optiscan is delivering. In just 12 months: • It has hit all key milestones in its Mayo Clinic collaboration • Built and tested robotic-integrated prototypes • Progressed multiple devices along the regulatory pathway for launches starting in 2026 • Initiated AI and telepathology development with partners like Prolucid and Monash University Financially, the company is on solid ground: • FY24 income was up ~33% to $3.53M • FY25 is projected to grow further by ~20% to $4.2M (Figure 3) • Cash reserves stood at $11.2M in FY24 and $7.1M as of February 2025 Figure 3: Projected increased revenue from sales and other income. (source: OIL) Support from CRC-P grants, R&D tax incentives, and growing product revenue gives Optiscan the fuel it needs to scale. It's not often you see an early-stage company showing this level of momentum, especially with multiple products on track for commercialisation over the next 36 months. A Platform Built for the Future This isn’t just a “better microscope.” It’s a horizontally and vertically integrated digital health solution—combining live imaging, AI diagnostics, robotic compatibility, and remote access via telepathology. Imagine a future where: Surgeons don’t just remove tumours—they verify margins in real time Pathologists can diagnose from anywhere in the world with live streaming Robotic systems aren’t just automated—they’re visual and intelligent And AI interprets microscopic images on the fly, providing decision support in surgery Optiscan is building that future. Concluding Comments from Samso From a Melbourne-based operation to a global health tech innovator, the company is ticking off milestones across sectors and geographies. The recent update on its collaboration with the Mayo Clinic signals more than just good progress—it signals proof of scalability. The agreement is what investors like to see. To my simple interpretation, Optiscan is an instrument enabler, and the technology may be its value proposition in what would be a very competitive industry. As the company edges closer to key product launches across oral, veterinary, and surgical applications, the investment thesis strengthens. We’re not looking at a single-device company. We’re witnessing the growth of a digital health ecosystem, underpinned by a unique imaging technology, global partnerships, and recurring revenue potential. The speed at which they deploy will be critical. When you break the business down to simple business 101, it is as simple as simply getting your products out to market as fast as possible and getting your customers to be dependent on your services and IP so that it is uneconomical to change. With $11.2 million in cash at FY24 and a FY25 income forecast pushing beyond $4 million, Optiscan looks like they have the resources to get things happening. As always, investors should do their own research, but this is one microscope that may just reveal more than meets the eye. Definitely a worthy candidate to keep an eye on. Has a decent market capitalisation at just over AUD $96M, but if they get the revenues in, this will be multiples more, one would hope. Happy investing. And remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As part of the Samso evolution, welcome to our weekly review of the different sectors on the ASX. Samso will give a short highlight of what has come across our radar each week and share our thoughts so that investors can start some DYOR. The ASX Biotech Review is all about performance and innovation, with a clear demonstration of commercialisation in the biotech sector on the ASX. What's on offer in this ASX Biotech Review? When it comes to spotting undervalued potential in ASX stories, I often look for companies that are not only developing novel technologies but also demonstrating clear paths to commercialisation. The other category is what the opportunities are. This month, three small-cap names on the ASX have really caught my attention: Memphasys Limited (ASX: MEM), Control Bionics (ASX: CBL), and dorsaVi Ltd (ASX: DVL). Each is on a very different mission, but all three are making measurable progress, and their recent share price performance looks like investors are starting to notice. Memphasys Limited (ASX: MEM): Transforming Fertility and Animal Health So why did I choose Memphasys Limited (ASX: MEM) for this review? It's an interesting business, a biotechnology company specialising in fertility solutions for both human and animal applications. It has a market capitalisation of AUD9.91M (7th June 2025)and a fairly stable share price range for the last 2 years, with a high of just over AUD $0.02 and a low of AUD $0.005. The biotech sector is like the mineral exploration business: High Risk-High Reward. At the centre of it all is the Felix™ System, a sperm separation device designed to improve outcomes in human assisted reproductive technology (ART). The company hit a major milestone in March 2025 with the successful completion of its pivotal Phase III clinical trial. The data showed Felix achieved embryo utilisation rates statistically superior to Density Gradient Centrifugation (DGC), and non-inferior to the Swim-Up method — the gold standard in ART. This is a game-changer for IVF clinics globally. Why do I find this interesting? According to MEM, the global fertility market is substantial and growing. For instance, the equine artificial insemination market alone was valued at USD 681.1 million in 2023 and is projected to grow at a CAGR of 5.7% from 2024 to 2032. Memphasys's technologies, like the Felix™ System, have the potential to capture a share of this expanding market, especially as they continue to gain clinical validation and regulatory approvals. Let's face it, it's still touch and go, but let's say if this is successful, then an MC of under AUD $10M is going to be re-rated. Just as compelling is a growing network of partnerships: distribution agreements with Vitrolife (Japan, Canada, NZ), and ongoing discussions with Heranova in China and labs in Brazil. All of this feeds into their commercialisation pathway and regulatory submissions for CE Mark (Europe), TGA (Australia), and CDSCO (India). Strategic Partnerships and Collaborations (source: Memphasys Limited) Vitrolife Group: Memphasys has secured a five-year exclusive distribution agreement with Vitrolife Japan KK, a subsidiary of the global leader in IVF technologies. This partnership has successfully integrated the Felix™ system into several high-volume clinics in Japan's private health sector. Additionally, the agreement has been extended to include distribution rights in Canada and New Zealand, facilitating Memphasys's entry into these early access markets. Heranova Lifesciences: In December 2024, Memphasys signed a Letter of Intent with Heranova, a Hong Kong-based biotech company specializing in women's health. This collaboration aims to launch and distribute the Felix™ system in the Greater China region, leveraging Heranova's extensive experience in medical device distribution. Monash IVF Group: Memphasys has conducted pivotal clinical trials for the Felix™ system in collaboration with Monash IVF Group across nine active sites in Australia. The trials have confirmed the system's best-in-class performance in sperm selection for assisted reproductive technology (ART), paving the way for global commercial expansion. Then there’s RoXsta™ A complementary platform measuring oxidative stress. While initially tested in livestock fertility, it’s gaining serious traction for broader diagnostics. Their RoXsta Mega Cell High-Throughput Assay processes 96 samples in under an hour, which is a leap ahead of legacy systems that take up to 16 hours. This opens doors in both human and veterinary diagnostics. Dr David Ali - CEO & Managing Director: “We are thrilled that RoXsta™ can be so readily scaled, with the Mega Cell High-Throughput Assay device representing a further commercial opportunity for the Company. To date, much of the focus has been on smaller-scale assessments of RoXsta™, ensuring the results are accurate and the device is capable of being deployed in a commercial setting.” “The success of these pilot studies suggest Memphasys can move into the next development phase, identifying significant opportunities and optimising antioxidant testing for both commercial and research-led laboratories.” With a recent $1.275 million raise and an R&D rebate loan facility in hand, Memphasys is well-capitalised to keep the momentum going. Figure 1: Memphasys Limited (ASX: MEM) share price chart. 9source: commsec) Highlights in 2025 Clinically validated success of Felix™ as a best-in-class ART solution. Accelerated global commercial rollout in China, Brazil, and the UAE. RoXsta™ expansion into high-throughput diagnostics with veterinary and human applications. Strengthened funding base via $1.275M placement and R&D-backed loan. Growing strategic partnerships with Vitrolife and Heranova. Control Bionics (ASX: CBL): Assistive Tech Meets Global Expansion What makes Control Bionics stand out to me is their blend of real-world impact and commercial smarts. Their core IP is the NeuroNode® — a wearable EMG device that allows people with conditions like ALS or cerebral palsy to communicate and control devices using muscle signals. Already approved across the US, Australia, and Japan, NeuroNode is now entering a new growth phase. Recently, the company moved to a wholesale distribution model. In October 2024, a new US insurance code enabled standalone NeuroNode sales, opening up a whole new market of channel partners. They’ve already secured distribution agreements with SmartBox in the UK and are piloting new partnerships in the US and Europe. Even more interesting is how they are extending their tech into new verticals. Their DROVE module, for example, retrofits power wheelchairs for autonomous navigation. TGA approved and now heading for FDA submission, it adds a mobility dimension to their assistive communication dominance. And the NeuroStrip™? It’s their latest offering — a paper-thin, miniaturised EMG device already being trialled in sports science, rehabilitation, and health diagnostics. First revenue from NeuroStrip is expected in Q4 FY25, and their partner in Japan, StrokeLab, is leading a 100-patient study on Parkinson’s. CBL’s ability to translate IP into commercial applications is exactly what I like to see. Jeremy Steele – CEO: “We are delivering strong sales, cash collection and meaningful progress on our growth initiatives.” “We’ve found strong commercial appetite for our core IP, the NeuroNode, through our NeuroNode Only strategy. We’ve rolled out this technology now to multiple distributors (both in pilot and contract phases) in multiple geographies.” Figure 2: Control Bionics (ASX: CBL) share price chart since 2022. (source:commsec) Highlights in 2025 US reimbursement code enabled NeuroNode standalone sales. Strategic distribution wins in UK (SmartBox) and Japan. New revenue potential through NeuroStrip™ and autonomous wheelchair tech (DROVE). Highest US and Australian revenue in years alongside leaner operations. SaaS revenue emerging from NeuroStrip cloud software. dorsaVi Ltd (ASX: DVL): AI-Driven Injury Prevention in the Real World dorsaVi, for me, is the pick of the three companies. I like small-cap companies applying deep tech to real-life problems. dorsaVi is one of those. Their core tech — FDA-cleared wearable sensors and now an AI-powered video movement analysis platform — is finding strong uptake in elite sports, clinical rehab, and high-risk workplaces. Their latest product release, a first-in-class 3D motion analysis test, identifies ACL injury risk by capturing rotational torque forces that 1D force plates miss. For a physiotherapist or a sports team, that’s a leap forward in injury prevention. Over 80 clinics adopted their AI video platform within four months of launch. That’s impressive scalability. Dr Andrew Ronchi – CEO: “This technology represents a paradigm shift in sports injury prevention. Our AI-driven 3D motion analysis offers unprecedented accuracy in assessing knee mechanics in the clinic—something the industry has never had access to outside of biomechanics labs. We believe this innovation will become the new standard in ACL injury prevention and rehabilitation, delivering tangible benefits for athletes, teams, and clinicians worldwide.” And they’re making waves in the US: collaborating with top sports physician Dr. Chirag Patel (ESPN Resident Expert), working on injury mitigation with elite athletes across the NFL, NBA, and MLB. Plus, they’re securing security and tech clearances with a major US clinical franchise network — a move that could expand them across thousands of clinics. Most recently, they signed a three-year deal with SANO Health to deploy ViSafe+ Premium across remote mining sites. It’s a reminder that workplace safety remains a huge, and often overlooked, commercial opportunity. Figure 3: dorsaVi Ltd (ASX: DVL) share price chart since 2021.(source: commsec) Highlights in 2025 Launched 3D ACL injury test with AI-powered knee analysis. Rapid uptake of AI-powered video platform across >80 clinics. Strategic deal with ESPN’s injury expert, Dr. Chirag Patel. Expanded use of ViSafe+ through mining deal with SANO Health. Cleared path toward large-scale clinical rollout in the US. Samso Concluding Comments Each of these companies brings a different approach to biotech, but they all aim to deliver validated technology, targeting large addressable markets, and converting innovation into actionable business outcomes. Their progress across clinical, regulatory, and commercial fronts is why I am making the time to check them out. Do not forget that the biotech sector is a very volatile sector of the ASX, and it is as unforgiving as the mineral exploration stories. What appears to be a cat may not eventually turn out to be a cat. My point is as much as the facts tell the story, be aware that market sentiments are definitely in play, and the cash burn rate of these companies is just as bad as those in the mineral exploration game. Final Analysis Memphasys has bridged clinical validation with global partnerships. Control Bionics has transformed a life-changing assistive technology into a commercially viable growth engine. dorsaVi, meanwhile, is evolving from a niche wearable tech firm into a scalable AI-driven diagnostics and safety platform. That is what it boils down to, and I think each business has exponential growth; we just need to find the details and follow the ins and outs of the business they are promoting. Don't get me wrong, this is a sector I am now interested to learn and these three companies have their own unique value to me. dorsaVi is my pick of the 3 compnaies, especially with recent market excitement, and the business is in high-value markets that are always needing to fine-tune their products, and that is the athletes that make their business. Anything that is in the sports business is worth noting. At Samso, we focus on unearthing stories that matter — companies that are building quietly, solving real problems, and forging global pathways from local innovation. These three biotech stories are not about hype; they’re about traction. If you value diligence over noise and fundamentals over flash, these are the names to watch. Stay curious. Stay sharp. And remember — the smartest investments are often made before the headlines hit. Join us at www.samso.com.au to explore more ideas like these and be part of a community that believes in thinking deeper, investing better, and staying ahead of the curve. References Memphasys Limited. (2025). ASX Announcement – 14 April 2025 and 8 May 2025. Retrieved from https://www.memphasys.com Control Bionics Limited. (2025). Quarterly Activities and Cash Flow Report – 31 March 2025; Investor Presentation – May 2025. Retrieved from https://www.controlbionics.com dorsaVi Ltd. (2025). ASX Announcements – 3 Feb, 18 Mar, 30 Apr, 30 May 2025. Retrieved from https://www.dorsavi.com ASX. (2025). Share Price Charts for MEM, CBL, DVL. Retrieved from https://www2.asx.com.au To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Residual HM at Minta expands to over 540km2 A Samso Reflection When a project keeps delivering—consistently, scalably, and with geological integrity—you start paying closer attention. The latest update from Peak Minerals Ltd (ASX: PUA) is not just another batch of numbers. It’s a lesson in how overlooked jurisdictions, sound geoscience, and strategic persistence can converge to reveal something much bigger. The Minta Rutile Project in Cameroon is beginning to defy expectations. Not long ago, this was a speculative foray into underexplored terrain. Today, with every single drill hole intersecting mineralisation from surface, the project isn’t just growing—it’s building a geological case for being one of the most significant rutile-dominant mineral sands provinces discovered in recent decades. This is not just about rutile grades or metres drilled. It’s about a consistent story of mineralisation, scale, and scarcity—the three factors that define a strategic resource in today’s critical minerals landscape. The Latest: 540km² of Confirmed HM Mineralisation Peak Minerals’ announcement on 28 May 2025 unveils results from 32 additional hand-auger holes drilled over a new 30 km-wide zone. The outcome? A confirmed extension of heavy mineral (HM) mineralisation, taking the known mineralised area at Minta to approximately 540km², out of a potential 3,500km² target zone. Key Intercepts (Figures 1& 2): 6.0m @ 1.5% HM 5.5m @ 1.6% HM 4.4m @ 1.8% HM 1.3m @ 3.1% HM 2.0m @ 1.8% HM These are not isolated high points. All drill holes to date—over hundreds now—have intercepted mineralisation from surface to end-of-hole, a rare consistency in mineral sands exploration. Casper Adson, CEO, Peak Minerals, commented: “Every drill hole to date has intersected heavy mineralisation from surface to end-of-hole—highlighting the geological continuity of the deposit.”— Casper Adson, CEO, Peak Minerals. Figure 1: Inset from Figure 2 showing detail of significant HM intercepts across 30km at Minta Rutile Project. Beyond the Sand: Rutile’s Strategic Edge Rutile isn’t just another mineral commodity. It’s the highest-grade natural form of titanium dioxide (TiO₂), prized for its efficiency in pigment production and titanium metal manufacture, especially in aerospace, medical, and defence sectors. What makes Minta special is its assemblage: a dominant rutile composition with an early discovery hole showing 63.2% rutile within the HM suite—a world-class figure. “Minta has the potential to become the world’s next major rutile-dominant mineral sands project.”— Casper Adson Globally, natural rutile resources are declining, and few major discoveries have emerged in over 70 years. That makes Minta, with its extensive footprint and high in-situ value, a rarity. Looking Forward: What’s Next? While these latest results only represent about 50% of the initial drill grid, a further 303 holes are pending assay, including coarse +1mm oversize 'nugget' rutile. Figure 2: Minta Rutile Project confirms a further 30km length of mineralisation There’s a methodical, layered approach at play here. Peak is moving from broad reconnaissance to targeted infill, with compositional analysis and geometallurgical characterisation already underway. This is a textbook example of how to turn first-pass exploration into a pathway toward a maiden resource. Samso’s Concluding Comments What Peak Minerals is uncovering at Minta is far more than just heavy mineral grades on a spreadsheet. This is about scale meeting strategy—the kind of project that doesn’t just add ounces or tonnes, but redefines what’s possible when frontier geology is given a modern lens. We’ve seen plenty of stories where early promise fades with tighter drill spacing or deeper cuts. From what I have read and understand, it does look like Minta is not one of them. The recent announcement is adding strength to the project, as every new hole is drilled and an assay is released, the footprint increases. That kind of consistency is what turns prospects into provinces. Rutile, often overshadowed by its bulkier cousin, ilmenite, is finally stepping into the spotlight. And rightly so. In a world grappling with the energy cost of materials and the demand for cleaner processing, natural rutile’s low-emission profile and premium market price put it in a unique strategic category. In projects like this, sovereign risks are always at the front of my concerns, and I am hoping that Cameroon appears to be showing signs that it will be safe. With the recent news of nationalism in some of the African states, I am, like all investors, concerned. The geology is compelling, the mineralisation is shallow and broad, and Peak is one of the few players doing the work with rigour and patience. One surprising point of fact with PUA—they do not appear to be chasing headlines. There has not been much fanfare in the media, which may be a good sign for the creation of a substance-based journey. This is a journey still in its early chapters, but it already has the hallmarks of something enduring. At Samso, we follow stories that are driven by geology and grounded execution, not hype. Minta fits that bill. For investors who understand the importance of scale, timing, and strategic commodities like rutile, this is a project worth keeping on your radar. We encourage readers to dig deeper, ask questions that matter, and watch this space as the narrative evolves. Whether you’re an investor, a geologist, or someone simply intrigued by frontier discoveries, now is the time to pay attention. Stay curious. Stay grounded. And as always, follow the geology. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: PTSD Gains Sustained at 6m Follow-Up, MOU Signed with ANU At Samso, we often talk about “first movers” and “market makers” in the mining and tech sectors. But when it comes to mental health care, particularly treatment-resistant conditions like Post-traumatic stress disorder (PTSD), the stakes aren’t just commercial. They’re deeply personal. What sets Emyria (ASX: EMD) apart is not only its focus on psychedelic-assisted therapy, but its uncompromising integration of clinical structure and real-world data. Their care model is delivering outcomes that are rarely seen in mainstream psychiatric care, particularly for cohorts long dismissed as “untreatable.” This 28 May 2025 update delivers something profound: six-month follow-up data from a PTSD treatment program that is not only effective, but also durable. These are patients who didn’t respond to standard care, yet nearly two-thirds no longer meet PTSD criteria after half a year. Let’s explore what’s driving these results, why the strategic MOU with Australian National University (ANU) adds validation, and how the real-world data strategy may be Emyria’s ace in the long run. Six-Month Outcomes: Real Relief That Persists - PTSD Treatment Emyria’s cohort-based follow-up tells a compelling story (Figure 1). Among the initial eight patients: 63% (5 of 8) no longer met PTSD diagnosis criteria. Average 55.5% reduction in symptom severity based on the PCL-5 scale. 121.5% improvement in ReQoL-10 quality-of-life scores. These are not marginal improvements—they are deeply meaningful shifts for individuals who have struggled through failed therapies. Dr. Michael Winlo, Emyria’s Chief Scientific Officer, commented: “These sustained outcomes provide compelling evidence that our approach can deliver durable symptom relief and genuine quality of life improvements for patients with complex trauma,” “They also underscore Emyria’s position as a global leader in the delivery and optimisation of new treatments for PTSD.” Figure 1: Sustained Reduction in PTSD Symptoms at 6 Months. Average PTSD symptom scores (PCL-5) for patients treated under Emyria’s program. Higher scores indicate more severe symptoms. (Source: Emyria ASX Announcement, 28 May 2025) Quality of Life: From Surviving to Thriving Equally important, the ReQoL-10 scores show that mental health isn’t just about alleviating symptoms—it’s about restoring lives. The cohort achieved a mean increase of over 20 points, with many individuals reaching levels consistent with those of the general population (Figure 2). This matters. For too long, success in psychiatry has meant "less distress." Emyria's data shows it's possible to aim for—and reach—full recovery metrics. Figure 2: Mean Percentage Improvement in ReQoL Scores. Self-reported improvements in mental health-related quality of life. Higher scores indicate better well-being. (Source: Emyria ASX Announcement, 28 May 2025) The Data Engine Behind the Therapy PTSD affects over 800,000 Australians, and traditional treatment success rates remain disappointingly low. Emyria’s strategy is refreshingly pragmatic: create a care model that works, generate ethically-sourced real-world data, and use that data to fuel policy engagement, funding discussions, and new drug development. Here’s what makes Emyria unique: It’s a care provider, a data aggregator, and a biotech pipeline—rolled into one. The program has already grown to 30+ patients across real-world clinical sites. Its clinical oversight is psychiatrist-led, meaning treatment is as safe as it is structured. The outcome? A scalable system that appeals not only to patients but also to insurers, regulators, and governments seeking evidence-based innovation. Partnership with ANU: Academic Weight and Clinical Rigor In another milestone, Emyria signed a non-binding MOU with the ANU, one of the country’s most esteemed academic institutions. This collaboration is aimed at co-developing protocols, clinician training, and health economics evaluations. This partnership unlocks a powerful combination: Emyria’s clinical infrastructure and ANU’s academic oversight, led by Professor Paul Fitzgerald, a global figure in neuroscience and psychiatry. ANU’s involvement in Medibank’s $50M psychotherapy initiative further underscores the significance. With both sides contributing independently, the MOU represents a serious commitment to ethically grounded, clinically sound mental health advancement. Samso’s Concluding Comments When I look at the stories that are making marks on the ASX, it is always about facts and figures. For me, that is the compelling nosie for investors. I feel that Emyria is at these moments when data speaks louder than any marketing pitch. The six-month outcomes from Emyria’s PTSD program are not just clinical wins—they’re societal signals. Signals that structured, empathetic, evidence-based care can reach those whom the system has historically failed. At Samso, we look for companies that aren’t just reacting to market trends but are setting the bar for what the future should look like. It feels like Emyria is doing that through what I observe as a combination of care, data, and scalable infrastructure. It is quietly redefining how mental health support can—and should—operate. What impresses us most is not the headline figures, although they are strong. It’s the depth of commitment behind those numbers. The fact that this program offers over 90 hours of care per patient, integrates real-time data feedback, and proactively collaborates with institutions like ANU speaks to a long-term vision, not just a short-term win. As a former carer for my mother who had dementia, where the disabilities are unseen, it is good to see the appreciation for PTSD, which is all about the mental and not the physical issues. In a market crowded with quick solutions and digital therapies, Emyria appear to be taking the hard road: measured, clinical, and sustainable. This is good for investors looking for something of substance. The issue for investors in this part of the ASX is that the risk-reward ratio can be skewed very quickly with one negative outcome. I understand that the upside, but I am also very acutely aware of how an investment here could turn south. For now, things are looking positive, and there appear to be no obvious potential pitfalls. And in our view, that's a journey worth following. At Samso, we believe that informed decisions create lasting value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Whether it’s through Coffee with Samso, Samso News, or Samso Insights, we’re here to help you think smarter, invest better, and stay ahead of the curve. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. 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. Happy investing—and as always, do your own research. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing on Equity Markets Investing in small-cap stories on the ASX (Australian Stock Exchagne) in 2025 can seem overwhelming, especially for beginners. With the abundance of information available, it is crucial to know how to sift through it effectively to make informed decisions. As I have been in this industry for over 30 years and as an investor prior to the 1987 stockmarket crash, this blog will just outline some of my own experience and insights as to what has wroked for me over those years. This is not a recommendation nor a blog that is a receipe for successful investing. At best, it will be a guide through various strategies to consider as you plan your investing path with your own financial choices. For those investors who swim in the small-cap sector, you may think that your requirements may be vastly different to those that "invest" in the higher-cap companies. In my opinion, I would say that it is not. The need to understand the stock and all the parts that make that stock a business is fundamentally the same. It is the scale of the information that is different. Investing in ASX Small-Cap Stories. Informed decisions stem from a thorough understanding of market dynamics and personal financial goals. Instead of reacting to trends or news headlines, successful investors base their choices on research and evidence. They analyse data, assess risks, and evaluate the potential of various assets. To illustrate the importance of informed decision-making, let's consider the example of two investors: Investor A buys stocks based on a hot tip from a friend, while Investor B conducts detailed research on the company's performance, market conditions, and future potential. A close-up view of stock market data offers insight for informed investing. Investor A may make short-term gains, but without a strategy, they risk significant losses when the market turns. In contrast, Investor B, who invests with a solid understanding, is more likely to achieve sustainable growth over time. Research and Analysis for Informed Decisions The first step in making informed decisions is conducting comprehensive research. This involves collecting relevant data about the investment landscape, specific industries, and individual assets. A good approach is to use various resources to broaden your perspective. Start with financial news outlets, corporate earnings reports, and investment analysis platforms. For example, consider sites that offer detailed company profiles, stock analysis, and investment insights. Eye-level view of an analyst reviewing market research for informed investment decisions. According to a survey by the Financial Industry Regulatory Authority (FINRA), nearly 80% of successful investors spend time analysing their investments. This research allows them to understand key metrics like price-to-earnings ratios, dividend yields, and company growth rates. For those investors who are looking at the small-caps, be aware of platforms that are promotive, look out for content that is balanced and create a discussion. There are many platforms out in the space that merely repeat the content from the companies. Look for content providers who create organic discussions and are not promoting the company's highlights. Actionable Tip: Create a checklist of crucial metrics to evaluate each potential investment, and track your findings systematically. Setting Clear Investment Goals Another vital factor in making informed decisions is having clear, realistic investment goals. It is important to identify what you want to achieve with your investments, whether it's saving for retirement, purchasing a home, or funding a child's education. Your goals will influence the types of investments you pursue and your risk tolerance. For instance, if your goal is long-term wealth accumulation, you might lean towards stocks or index funds, willing to withstand short-term fluctuations. Conversely, if you need access to your funds in the near term, you might prefer bonds or high-yield savings accounts. Consider this insightful statistic: A study conducted by the CFA Institute found that 70% of investors who set clear goals were more likely to achieve their desired financial outcomes. Diversification: The Key to Mitigating Risk Diversification is one of the most effective strategies for minimising risk in an investment portfolio. By spreading investments across various asset classes, sectors, and geographic regions, you reduce the impact that any single investment could have on your overall portfolio. For example, instead of investing solely in technology stocks, you could allocate funds to real estate, commodities, and international markets. This mixed approach helps to stabilize your returns and build a more resilient investment strategy over time. A wide-angle view of a portfolio pie chart illustrates diversification strategies. Moreover, research from Morningstar reveals that well-diversified portfolios tend to outperform less diversified ones in the long run. This reinforces the idea that a balanced approach can lead to more sustainable growth. As a serial investor in the small-cap sector, the diversification for us will still be focusing on a spread of sectors, but for those that play solely in one sector, such as the small-cap mineral resources, diversification will come in the form of different commodities and/or different stages of exploration and mining. ASX Resources' Sector Heat Map (source: commsec) Actionable Tip: Review your portfolio regularly to ensure it reflects your risk tolerance and investment goals, making adjustments as necessary. Learning from Mistakes and Successes Every investor will face ups and downs. The key to becoming a successful investor in the mineral resource sector is to learn about the company in regards to the management and the major shareholders. The small-cap mineral resource sector is notorious for share prices taking off and then leaving the buyers at the top of the run to hold on to the baby. To master the roller coaster ride, you will have to talk to industry participants, and one of the best ways is to get onto a couple of social media platforms like X and LinkedIn. Look for the people who post information, but beware of those who are just posting for promotions. I have to admit that there are not a lot that I know who I would recommend, except for Roland Gotthard, who is a serial poster on LinkedIn. Roland is a straight as you are going to get, and he is very capable in a technical aspect. A typical post from Roland Gothard. I am sure there are more that are in the same category, but none that I could name as I don't know them intimately. I have had several conversations with Roland, and I have met him in person. I feel his genuine intent, and that is the only reason I would recommend his content. In my experience, most of the time my investment failed, I made the wrong timing decision in an exit, so learning from your mistakes is a very important trait to develop. Research for entry and timing for exit. I was told once, and this theory has never failed me: Always have a reason for entry, and when that reason changes for whatever reason, that is your exit trigger. Statistic Alert: According to a report by TD Ameritrade, over 60% of investors believe that their past mistakes have ultimately made them better at investing. Utilising Technology for Information In today's fast-paced environment, using technology can vastly improve your decision-making process. There are numerous tools available designed to assist investors in analysing data, tracking trends, and managing portfolios efficiently. Online platforms and apps offer everything from market news alerts to real-time stock tracking. For example, services like Bloomberg or Yahoo Finance provide updates that can help you stay on top of the market changes. Additionally, several robo-advisors use algorithms to create personalized investment strategies based on your goals and risk tolerance. This technology can provide automated insights, letting you focus on strategy and long-term growth. Actionable Tip: Explore different investment apps and tools to find the ones that suit your style best. Make technology work for you. Building a Support Network Lastly, consider the power of a strong support network. Surrounding yourself with knowledgeable individuals can accelerate your learning and provide new perspectives. This network can include family, friends, financial advisors, or even online communities where you can discuss investment strategies. One significant advantage of such networks is the ability to share experiences and insights. Engaging with others allows you to ask questions and gain access to resources you might not have encountered alone. Important Note: Ensure that the individuals you turn to for advice are experienced and knowledgeable in investing practices. Using trusted resources can further enhance the quality of the support you receive. Concluding Comments from Samso Investing wisely is a skill that requires continuous learning, research, and strategic planning. By implementing the strategies discussed, you can significantly improve your decision-making process. Remember, informed decisions come from a combination of data analysis, setting clear goals, mitigating risks through diversification, learning from past experiences, leveraging technology, and building a supportive network. The underlying habit for investors, based on my experience, is to be patient. My best investments have come from long-term positions that are measured in years. There are short-term wins, but again, with my experience, the biggest losses have been from short-term positions. There have been big, long losses, but the magnitude of the loss compared to the wins was minimal. 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 the team see a merit in discussing the company story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall took is a great phenomenon because it took centuries to build. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

An Interesting ASX Biotech Story for your Watchlists Introduction Mesoblast Limited (ASX: MSB) is a leading Australian biotechnology company specialising in the development of allogeneic (off-the-shelf) cellular therapies for the treatment of severe and life-threatening inflammatory diseases. Founded in 2004 by CEO Dr. Silviu Itescu, the company has established itself as a global leader in regenerative medicine, with a focus on mesenchymal lineage cells. As of mid-2025, Mesoblast boasts a market capitalization of approximately A$1.86 billion, reflecting significant investor confidence in its innovative therapies and robust pipeline. The company's year-to-date share price growth of over 425% underscores its remarkable progress and the market's optimism about its future prospects. Mesoblast Limited - The Art of Allogeneic Cellular Therapies Mesoblast's core mission is to develop and commercialize allogeneic cellular medicines to treat serious inflammatory conditions with significant unmet medical needs. The company's proprietary technology platform is based on mesenchymal lineage cells, including Mesenchymal Precursor Cells (MPCs) and Mesenchymal Stem Cells (MSCs), which have immunomodulatory and anti-inflammatory properties. Key Therapeutic Areas Graft-versus-Host Disease (GVHD): Mesoblast's flagship product, Ryoncil® (remestemcel-L), is an MSC therapy approved by the U.S. Food and Drug Administration (FDA) for the treatment of steroid-refractory acute GVHD in children. This condition is a severe complication following allogeneic bone marrow transplantation, and Ryoncil® offers a novel treatment option for affected paediatric patients. Chronic Low Back Pain: The company's investigational product, rexlemestrocel-L, is being evaluated in Phase 3 clinical trials for chronic low back pain associated with degenerative disc disease. Early results have shown durable pain reduction lasting at least three years from a single injection, highlighting its potential as a long-term treatment option. Cardiovascular Diseases: Mesoblast is also developing Revascor®, an MPC therapy aimed at treating advanced chronic heart failure. The therapy has received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA, facilitating its expedited development and review. Reasons for Strong Performance in 2025 Figure 1: The share price movement with highlights that have contributed to its growth over the last 12 months. The impressive market appreciation for Mesoblast is one of the reason that sparked my interest to review this ASX story. We all know that the biotech ASX industry is very similar to the risk-reward ratio of the mineral exploration industry, so this may be something that retail punters may want to look at for several reasons. To me, the current position of Mesoblast is the reason why retail investors look for small-cap "High-Risk" ASX stories because for the one that turns out to be a multi-bagger, it makes up for those that don't make it. Mesoblast is also now a good one to play the dividend game and have a "safer" option. Pharmaceutical companies are big players in the US market and if Mesoblast end up in that scale, the market capitalisation of AUD1.8B, may be start of something even bigger. Mesoblast has had a volatile run since its listing in 2004, having come back from the heights of 2020 when the company had a market capitalisation of over AUD $2B. Mesoblast's impressive share price growth in 2025 can be attributed to several key developments: 1.0 FDA Approval of Ryoncil® In December 2024, the FDA approved Ryoncil® for the treatment of steroid-refractory acute GVHD in children, making it the first MSC therapy approved in the United States for any indication. This milestone significantly enhanced Mesoblast's credibility and opened up new revenue streams in the U.S. market. The approval was based on robust clinical data demonstrating the therapy's efficacy and safety in paediatric patients. 2.0 Commercial Launch and Market Access Following FDA approval, Mesoblast successfully launched Ryoncil® in the U.S. market in early 2025. The company secured inclusion in major drug pricing compendia and entered into a National Drug Rebate Agreement with Medicare, expanding access to approximately 40% of the insured paediatric population in the U.S. These strategic moves have facilitated the therapy's adoption and reimbursement, contributing to revenue growth. 3.0 Inclusion in S&P/ASX 200 Index In March 2025, Mesoblast was added to the S&P/ASX 200 Index, reflecting its growing market capitalization and significance in the Australian biotech sector. This inclusion has increased the company's visibility among institutional investors and index funds, further boosting its share price. 4.0 Positive Analyst Outlook Analysts have expressed optimism about Mesoblast's future, with some projecting substantial upside potential. For instance, Bell Potter Securities has set a price target of A$4.30, indicating significant growth prospects from current levels. The company's strong pipeline and recent regulatory successes underpin this positive sentiment. Future Outlook Mesoblast's future appears promising, driven by its innovative therapies and strategic initiatives: 1.0 Expansion of Ryoncil® Indications Mesoblast plans to expand Ryoncil®'s indications beyond pediatric GVHD to include adult patients and other inflammatory conditions. The company is preparing for Phase 3 trials in adults with GVHD, a market approximately five times larger than the pediatric segment. Successful expansion into this market could significantly increase the therapy's revenue potential. 2.0 Advancement of Rexlemestrocel-L and Revascor® The ongoing development of rexlemestrocel-L for chronic low back pain and Revascor® for heart failure represents significant growth opportunities. Both therapies have shown promising clinical results and have the potential to address large patient populations with unmet medical needs. Regulatory approvals and successful commercialization of these therapies could further enhance Mesoblast's market position. (Simply Wall St) 3.0 Strategic Partnerships and Global Expansion Mesoblast is actively seeking strategic partnerships to support the global commercialization of its therapies. Collaborations with established pharmaceutical companies could facilitate market access, distribution, and regulatory approvals in various regions, accelerating the company's growth trajectory. Financial Performance and Sustainability While Mesoblast has historically operated at a loss, the commercial launch of Ryoncil® and potential approvals of other therapies are potential revenue drives for the company toward profitability. Analysts forecast significant revenue growth in the coming years, with estimates suggesting a 233% increase in 2025 and a 336% increase in 2026 (Yahoo Finance). Samso readers must also know that Mesoblast Ltd (ASX: MSB) experienced a significant share price decline from its 2020 highs (Figure 2) due to several key factors: FDA Rejection of Remestemcel-L in 2020In October 2020, the U.S. Food and Drug Administration (FDA) declined to approve Mesoblast's lead therapy, remestemcel-L (Ryoncil), for treating pediatric steroid-refractory acute graft-versus-host disease (SR-aGVHD). Despite a prior advisory committee vote favoring approval, the FDA requested an additional randomized controlled trial, leading to a nearly 40% drop in Mesoblast's share price that month. COVID-19 ARDS Trial SetbackIn December 2020, Mesoblast's Phase 3 trial of remestemcel-L for COVID-19-induced acute respiratory distress syndrome (ARDS) was halted early. The Data Safety Monitoring Board recommended cessation after interim analysis indicated the trial was unlikely to meet its primary endpoint of reducing 30-day mortality. This news led to a further 45% decline in the company's share price. Mixed Results from Heart Failure Trial: Mesoblast's DREAM-HF Phase 3 trial for its heart failure therapy, rexlemestrocel-L (Revascor), failed to meet its primary endpoint of reducing recurrent non-fatal heart failure events. Although some secondary endpoints showed promise, the overall results were insufficient to bolster investor confidence, contributing to continued share price weakness. Financial Challenges and Capital Raisings: The company faced financial pressures due to ongoing clinical trials and lack of product approvals, leading to significant cash burn. In January 2025, Mesoblast completed a global private placement, raising A$260 million at a discounted share price. The dilution and exclusion of retail investors from this capital raising contributed to a 9% drop in share price upon the announcement. As they say and I am reminding the Samso faithful's, there is only two things that are considered a sure thing, paying taxes and death. Concluding Comments from Samso A company like Mesoblast Ltd is positioned at the forefront of regenerative medicine, offering innovative allogeneic cellular therapies for challenging inflammatory conditions. In business, the first mover advantage coupled with success in your product development is always going to make you the king of the castle. The market capitalisation of AUD $1.86B for Mesoblast is prove that management and "luck" has been good for shareholders. A YTD growth of over 425% has got to be worthy of some prize to shareholders and all stakeholders in this company (Figure 1). The company's recent FDA approval and commercial launch of Ryoncil® mark significant milestones, validating its technology platform and opening new revenue streams. Mesoblast Ltd (ASX: MSB) is a prime example of biotech stories getting it right. The roller coaster ride that is synonymous with ASX biotech companies is well known. The story for Mesoblast can be more clear if we look at its journey since listing on the ASX. Figure 2: The share price chart for Mesoblast Limited since listing on the ASX in 2004. (source: commsec) The company is no minor having lived in high market valuation for a good part of the last 5 years but taking a big plunge due to several factors. Time have passed and a new phase is upon the fortunes of Mesoblast. What that means for the retail investors is the question. Is this going to be a "blue chip" investment for the retail end now or is there more capital gains to be had? The share price journey seen in Figure 2 is one that would give investors something to think about on whether there is another 10 bags left in the stock. With a robust pipeline, strategic initiatives, and positive market sentiment, Mesoblast may be well-positioned for continued growth and success in the evolving biotech landscape. If the analysts are to be taken seriously, there appear to be more blue sky to reach. Happy Investing and remember, always DYOR. References: DA Approval of Ryoncil® (Remestemcel-L) FDA Approval: On December 18, 2024, the U.S. Food and Drug Administration (FDA) approved Ryoncil® (remestemcel-L) for the treatment of steroid-refractory acute graft-versus-host disease (SR-aGVHD) in pediatric patients aged two months and older. This marked the first approval of a mesenchymal stromal cell (MSC) therapy in the United States. TradingView Orphan Drug Exclusivity: The FDA granted Ryoncil® seven years of orphan drug exclusivity for the treatment of SR-aGVHD in children. 📈 Share Price Growth and Market Performance Share Price Surge: Following the FDA approval of Ryoncil®, Mesoblast's stock experienced a significant surge, reflecting strong investor confidence. Year-to-Date Growth: Mesoblast's share price experienced significant growth in 2025, driven by advancements in its cellular therapy programs targeting severe inflammatory conditions. Proactiveinvestors UK 🧬 Rexlemestrocel-L for Chronic Low Back Pain Phase 3 Trial Results: A Phase 3 trial demonstrated that a single injection of rexlemestrocel-L resulted in at least two years of pain reduction in patients with chronic low back pain due to degenerative disc disease. Wikipedia Durable Pain Reduction: Further follow-up showed that the pain reduction lasted for at least three years, indicating the therapy's potential for long-term relief. Wikipedia ❤️ Revascor® for Heart Failure RMAT Designation: The FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to Revascor® (rexlemestrocel-L) for the treatment of children with hypoplastic left heart syndrome (HLHS), a severe congenital heart condition. Clinical Trial Outcomes: In a Phase 2b trial involving patients with end-stage heart failure, Revascor® treatment resulted in a 76% reduction in major gastrointestinal bleeding events and a 65% reduction in hospitalizations. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement National University Philippines Signs Platform SaaS Agreement with OpenLearning. In a world where the AI narrative is being woven into every corner of enterprise, education is often spoken about but seldom transformed at scale. That’s why OpenLearning Limited (ASX: OLL) stands out. It’s not just deploying AI—it’s integrating it meaningfully into a software-as-a-service (SaaS) platform that’s already showing traction in major education markets. From my point of view, the company’s Q1 2025 update and the landmark deal with the Philippines’ National University reflect more than operational progress—they’re signals of strategic positioning in an overlooked sector. Lifelong learning is no longer a catchphrase; it’s an economic imperative, and OpenLearning is quietly but surely building the rails for this global trend. Figure 1: National University President Renato Carlos H Ermita with OpenLearning CEO, Adam Brimo and other senior executives from National University at the signature ceremony in Manila on 26th May 2025. (source: OLL) The Quarter That Mattered: Q1 2025 Highlights OpenLearning’s performance this quarter shows consistency, clarity, and expansion: SaaS Revenue up 12% YoY: Platform annualised recurring revenue (ARR) rose to A$2.36 million, delivering 13 consecutive quarters of growth. Average revenue per B2B customer reached A$9,466. New Customer Wins: The company added 10 institutional clients (246 in total) and 28 new Course Magic users (now 154), despite limited advertising. Net Cash Outflow Improvement: Down 12% YoY to A$520,000, reflecting leaner operations. Funding Strength: A$1.43 million in available funding, including a A$1 million undrawn loan facility. Regional Expansion: Strategic business meetings and new clients in Malaysia, Philippines, and progress in India with Gujarat University. About National University—Promoting AI Education National University (NU) is one of the largest private universities in the Philippines, operating across 14 campuses with over 85,000 students and plans to exceed 100,000 by 2026–27. As part of its ambitious 10-year expansion strategy, NU is growing its footprint through new campuses in East Ortigas, Bacolod, and Las Piñas. The university group also includes Asia Pacific College, founded in partnership with IBM Philippines to produce IT-ready graduates, and Inspire Sports Academy, a state-of-the-art facility for developing elite athletes (Figure 1). Figure 2: National University has 10 campus location in Manila and across the Philippines and it has strong expansion plans. The group includes Asia Pacific College and Inspire Sports Academy. (source: OLL) Notable Institutional Partners Added In Q1 2025, the company secured new and extended partnerships with leading institutions in Malaysia, the Philippines, and Australia. These additions strengthen OpenLearning’s position in Southeast Asia’s growing digital education sector, with notable names such as Sunway University and IMU in Malaysia, National University in the Philippines, and Abbey College in Australia showcasing the platform’s growing appeal across both private and public education providers. Table 1: OpenLearning’s expanding footprint across key education markets. Strategic Deal: National University, Philippines The 27 May announcement brings to light a pivotal agreement: Five-Year Platform Agreement: A usage-based SaaS agreement covering a minimum of 40,000 students/year at US$80,000 annually. Scalable Upside: Total contract value starts at US$400,000 with the potential to reach A$250,000/year as the platform expands to NU’s 85,000+ students. Validation Through Competition: NU ran a competitive LMS review before selecting OpenLearning, citing its AI tools, scalability, and outcome-based structure. As National University President Renato Carlos H Ermita Jr. put it: “At National University, we are deeply committed to delivering education that works. After evaluating several learning management systems, we were particularly impressed with OpenLearning. The platform's intuitive AI course builder, its outcome-based approach, and its scalability—which is essential for a large, multi-campus university like NU—were key factors in our decision.” This is no minor win. NU’s multi-campus system and rapid enrolment growth (projected 100,000 students by 2026–27) could cement OLL as a top-tier learning management systems (LMS) in Southeast Asia. Growth Vectors That Matter What stands out this quarter is not just operational maturity but strategic foresight: Course Magic: AI-powered instructional design for B2C users—educators globally are signing on, paving the way for institutional upsell. The Uni Guide: A newly integrated agency model taps into nearly 1M yearly student visitors, offering marketing revenue potential via partner commissions. Employability Advantage Acquisition: Post-quarter, this deal gives OLL an edge in work-integrated learning, offering bootcamps, resume tools, and career-readiness modules. Samso’s Concluding Comments As I am learning about AI and what it means for businesses and people at home, I am understanding the power of being the person who knows how to use AI as opposed to the person who is being left out of the future. The education sector is often slow-moving, bound by legacy systems and institutional inertia. Yet OpenLearning appears to be proving that transformation is possible, especially when it’s rooted in purpose, not hype. For me, it looks like OLL is building momentum by aligning its product with long-term trends: AI-powered learning, skills-based education, and scalable SaaS delivery. The National University deal isn’t just about revenue—it’s about credibility. The amount of money that is being paid is not something that will make OLL profitable. This is one of the Philippines’ largest private universities, and their choice to adopt OpenLearning’s platform across all campuses validates years of patient product development. The upside potential is substantial, but what gives me confidence is how OLL has layered multiple levers of growth—platform licensing, B2C expansion, and student acquisition tools—all on top of a solid AI foundation. This business of SaaS is all about a persistent plan and strategy. The business needs to move in a forceful manner and win significantly more than lose, because if they take too long, they will lose any potential upside to competitors and the age of technology, meaning technology will surpass their business model. Course Magic is not just a flashy AI product—it’s proving itself globally with minimal spend. The Uni Guide gives OpenLearning access to a valuable audience of international students. And the acquisition of Employability Advantage signals that the company understands what learners and institutions want: real-world skills, not just certificates. In my view, OpenLearning is now entering a new phase. Its market capitalisation is just under AUD $9M, and if they make more wins, this is not a bad valuation for entry. This is a long journey, like a marathon, so don't think you will be making your multiples in a short period of time. OpenLearning continues to do what most micro-cap tech players only talk about: grow smartly. The SaaS metrics are trending in the right direction, cash burn is decreasing (a good sign), and the pipeline, fueled by new features and geographic wins, shows signs of depth and repeatability. What resonates with me most is the company’s calm confidence in execution. They’re not shouting about AI—they’re embedding it into their tools, signing real contracts, and entering long-term relationships with tier-one education partners. As CEO, Adam Brimo aptly summarised: "NU has chosen our learning management system as the premier solution to advance their online learning initiatives across all campuses. This decision is a strong endorsement of the quality and continuous evolution of our technology and our leadership position in the application of Generative AI to education.” If the National University deal is any indication, OpenLearning is on the cusp of real, scalable revenue. For investors who understand the value of sticky SaaS in education, especially in emerging markets, this could be a compelling long-term story. The seeds of smart growth are already in the ground. Now it’s just a matter of watching them scale. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.