Channel sampling at Horseshoe returned 50m at 63.9% CaF₂ from surface and a 64.4% average across 118 samples, while soil geochemistry a week earlier lit up an 8 km corridor of new drill targets — a compelling early picture for a first-mover US fluorspar developer, with the caveats that come before a resource and a drill hole. OD6 Metals Limited (ASX: OD6) has delivered two results in eight days that, taken together, sketch the shape of a potentially significant fluorspar system at its Quinn Fluorspar Project in Nevada (Figure 1). On 8 July 2026, expanded channel sampling at the Horseshoe prospect returned broad, high-grade intervals from surface. The results are headlined by 50m at 63.9% CaF₂ in the south-east wall and 15m at 75.8% CaF₂ on the central bench — with all 118 channel samples averaging 64.4% CaF₂ and 84% grading above 50%. A week earlier, on 1 July, soil geochemistry across the wider project defined an epithermal footprint extending more than 8 kilometres, with fluorine-in-soil peaking at a striking 31,800 ppm F (about 6.5% CaF₂) and multiple new drill targets identified along the corridor. The combination is what makes the story interesting: hard, representative grades over meaningful widths at Horseshoe, set within a district-scale target inventory that suggests the deposit is one part of a much larger system. It also lands against an unusually supportive backdrop — fluorspar is a US critical and defence mineral, the United States is 100% reliant on imports, and China controls the majority of global supply. Figure 1: Prospect map: with fluorine pathfinder indicators in soils over regional geological map (Source: OD6 ASX Announcement) At a Glance Item Description Company OD6 Metals Limited (ASX: OD6) — Australian critical-minerals explorer/developer based in Subiaco, WA. Projects span fluorspar (USA), rare earths and copper (Australia). Flagship Quinn Fluorspar Project, Nevada, USA — high-grade fluorspar (CaF₂) being acquired via an option exercised on 9 June 2026, subject to shareholder approval at a General Meeting on 20 July 2026. The news Two updates a week apart: 8 July channel sampling at Horseshoe (50m @ 63.9% CaF₂ from surface; 118 samples averaging 64.4%), and 1 July soil geochemistry defining a >8 km corridor with multiple new drill targets (peak 31,800 ppm F). Horseshoe channel results SE Wall 50m @ 63.9%; Central Bench 15m @ 75.8%; NW Wall 22m @ 70.7% (incl. 9m @ 74.9%); North Pit 27m @ 54.4% CaF₂. 84% of 118 samples above 50% CaF₂. Interpreted tabular zone 15–30m thick, open up-dip and down-dip. District corridor >8 km epithermal footprint; a central ~1.5 km Horseshoe–Big Jim target; new zones at North Horseshoe Canyon (>750m), North Horseshoe (>400m), Big Jim–Spar Ridge (>600m) and Dress Circle (~1,000m). Why it matters Fluorspar is on the US Critical Minerals list; the US imports 100% of its supply and China controls ~60% globally. OD6 is the first ASX-listed pure-play US fluorspar developer, targeting Metspar and, later, premium Acidspar product. Stage Early-stage. No JORC resource at Quinn — the project has never been drilled; results are surface channel/soil/rock-chip plus historic workings (an open pit produced ~26,000t of fluorspar from the 1950s). Leadership Brett Hazelden (Managing Director); Piers Lewis (Non-Exec Chairman); Dr Mitch Loan (Non-Exec Director); Dr Darren Holden (Technical Advisor and Competent Person, GeoSpy). Deal terms Option exercised for A$275k upfront plus ~A$3.8m in milestone-based deferred payments; a 2% NSR applies to Horseshoe, Mammoth and Bonanza; completion subject to the 20 July shareholder vote. Market snapshot Small-cap; ~A$0.19/share (mid-2026), with commissioned research targets around A$0.37–0.40; market capitalisation in the tens of millions (indicative — confirm against the latest disclosures). Other assets Splinter Rock Rare Earths (WA) — Indicated 119Mt @ 1,632ppm TREO, Inferred 563Mt @ 1,275ppm TREO; Gulf Creek Copper-Zinc VMS (NSW), >10 km strike. Next steps Complete the Quinn acquisition; geological modelling and drill targeting; US Forest Service permitting; bulk-sample permits; metallurgical testwork; a maiden drilling program. Company Overview - OD6 Metals OD6 Metals is an Australian critical-minerals company built around three assets in two countries. Its emerging focus is the Quinn Fluorspar Project in Nevada — a high-grade fluorspar play acquired to give the company exposure to a US-critical mineral in which the United States has no domestic production. Behind it sit two Australian assets: the Splinter Rock Rare Earth Project in Western Australia, one of the country's larger clay-hosted rare earth deposits and the group's only defined JORC resource, and the Gulf Creek Copper-Zinc VMS project in New South Wales. The unifying theme is critical minerals for defence, energy and advanced-manufacturing supply chains, with fluorspar now the clearest catalyst. The investment case rests on being early into a scarce theme. OD6 presents itself as the first ASX-listed pure-play holder of US fluorspar assets, at a moment when Washington is actively working to secure domestic supply of a mineral used in semiconductors, batteries, refrigerants and defence systems. Horseshoe: Grade and Scale at Surface The 8 July channel-sampling program is the harder-edged of the two results. Channel sampling - cutting continuous samples along a marked line across exposed rock This provides a representative measure of grade over an interval, making it more robust than the selective grab and rock-chip sampling that often characterises early exploration. "Channel sampling" is a field technique in which geologists cut a continuous groove (channel) across an exposed rock face and sample it along a single line, rather than picking isolated rock chips. It gives a more reliable, less biased read on grade than grab samples because it captures the true width and continuity of mineralisation rather than just the best-looking bits. Across 118 channel samples at Horseshoe, OD6 reported an average of 64.4% CaF₂, with 84% of samples grading above 50% CaF₂ at an average of 70.7%. The standout intervals were 50m at 63.9% CaF₂ in the south-east/back wall, 15m at 75.8% on the central bench, a combined 22m at 70.7% (including 9m at 74.9%) in the north-west wall, and 27m at 54.4% in the north pit. Individual samples ran as high as 82% CaF₂ (Figure 2). The picture these results paint is of a large, near-surface, high-grade replacement body rather than a narrow Nevada fluorspar vein — mineralisation the company describes as a tabular zone 15 to 30m thick over a footprint of roughly 60m by 80m, remaining open up-dip beneath a silicified cap and down-dip beneath talus cover. That geometry matters commercially: a broad, high-grade zone from surface lends itself to open-pit extraction and a potentially lower-complexity path to early product. Management has flagged a staged development concept, beginning with metallurgical-grade Metspar and advancing beneficiation studies toward higher-value, acid-grade Acidspar. Figure 2: Horseshoe channel sample results on background geology, (Source: OD6 ASX Announcement) Two qualifications belong with the grades. First, the headline intervals are channel lengths measured along the pit walls, sub-parallel to mineralisation; the company is explicit that they do not represent true width, and that the true mineralised thickness (15–30m) is what defines the body. The "50m" is therefore a measure of grade continuity across the exposure, not a drill-defined thickness. Second, the assay laboratory has noted that some high grades may be under-called owing to calcium complexing during analysis — a factor that, if anything, cuts in the company's favour, but underlines that this is surface characterisation of a system that has not yet been drilled. The Quinn Corridor: 8 km of New Targets If Horseshoe is the proof-of-concept, the 1 July soil program is the growth story. OD6 collected 320 soil samples across the regional alteration zone and combined eleven fluorspar-pathfinder trace elements — including rubidium, lithium, tin, tungsten and fluorine — into a single "F-PC1" score using principal component analysis, allowing it to rank ground and vector toward mineralisation hidden beneath a barren silica cap (Figure 3). The result was an epithermal footprint stretching more than 8 kilometres, with a central 1.5 km corridor from Horseshoe through North Horseshoe to Big Jim standing out as the priority target area. An epithermal footprint is the trace of altered rock left on the surface by an old, shallow hot-fluid system underground. It's larger than the actual ore deposit and helps geologists spot where to explore further. Figure 3:Interpretative targeting cross-section from Horseshoe to Big Jim / Spar area showing the principal target zones over this highly fertile Fluorspar Corridor with conceptual drill plan (Source: OD6 ASX Announcement) Within that corridor, several new zones were defined. At North Horseshoe Canyon, five soil samples exceeded 20,000 ppm F, peaking at 31,800 ppm F (about 6.5% CaF₂) over a 150m strike - values well above what a soil program would normally return, which the company interprets as a continuation of the Big Jim occurrence and a >750m dip target beneath the "Lithocap". North Horseshoe adds a >400m target beneath the silica cap; the Big Jim to Spar Ridge line a >600m zone; and Dress Circle, a largely unexplored area with circular alteration features suggestive of an intrusive centre or collapse caldera, a ~1,000m target. Underpinning the geology is the Saw Mill Thrust, which OD6 interprets as an aquitard that trapped and pooled fluorspar-bearing fluids beneath it — a structural control the company likens to the Roberts Mountain Thrust on Nevada's Carlin gold trend. The soil anomalies are genuinely large and coherent, but they remain conceptual targets: none has been drilled, and drilling requires US Forest Service permitting still to be secured. Why Fluorspar The macro case is the strongest part of the OD6 story, and it is not of the company's making. Fluorspar is the primary source of fluorine, used to make hydrofluoric acid and, downstream, semiconductors, lithium-ion batteries, refrigerants, aluminium, uranium fuel and a range of defence systems. It has sat on the US Critical Minerals list since 2018 and is among the minerals flagged as highest-risk for the US military in a conflict scenario. Critically for OD6, the United States produces no fluorspar domestically and imports 100% of what it consumes, while China controls roughly 60% of global supply — precisely the kind of dependency US policy is now trying to unwind. A US$169–250m government supply contract awarded to another US fluorspar developer in early 2026 is the sort of precedent that gives the thematic teeth. Figure 4: Global Fluorspar production by country Quinn sits well within this frame: high-grade fluorspar in Nevada — ranked second globally on the Fraser Institute's 2025 mining-attractiveness index — roughly 300 km from the US strategic minerals reserve at Hawthorne. The commercial question is which product Quinn can make and at what cost. Metspar (metallurgical grade) is the nearer-term, lower-barrier product; Acidspar (acid grade, typically ≥97% CaF₂) commands a premium but demands tighter specifications and beneficiation. Fluorspar prices are currently elevated on supply constraints and geopolitics, which flatters the economics — but fluorspar has no transparent, liquid market price, and a loosening of Chinese export policy or new supply could soften the backdrop. Management Commentary Managing Director Brett Hazelden framed the channel results as confirmation of scale as well as grade. "These channel sampling results represent another outstanding outcome for OD6 and further validate the scale, exceptional grade, width and geological potential of the Horseshoe deposit," he said, stressing that Horseshoe is "not a typical narrow vein Nevada fluorspar vein, but a large high-grade replacement zone lending itself to modern open pit mining techniques." He pointed to the combination of near-surface mineralisation, high grades and significant widths as opening a potential staged path into production — early Metspar output while metallurgical work targets premium Acidspar — "at a time when the United States remains fully reliant on imported supply of this critical mineral." On the soil program, Hazelden emphasised the growing footprint. He described the exceptional fluorine values at North Horseshoe Canyon as interpreted continuations of the Big Jim occurrence over a substantial target zone, with strong pathfinders extending the Horseshoe deposit beneath the silica cap and further large-scale targets at Dress Circle and along the Big Jim to Spar Ridge trend. "With multiple compelling targets now defined, we are building real momentum in our exploration program," he said, framing the corridor as the basis for the drill campaign to come once the acquisition completes and permitting is in place. Samso Concluding Comments These two announcements from OD6 Metals, in a short space of time, is writing a strong thematic with encouraging surface results. Representative channel grades averaging 64.4% CaF₂ over broad widths from surface point to a large, high-grade, near-surface replacement system at Horseshoe, and the 8 km soil corridor suggests it is only one part of a district-scale opportunity. For a first-mover in US fluorspar, a mineral the United States imports entirely and its defence establishment is actively trying to stockpile. In the space of creating awareness, that is a combination of asset quality and macro tailwind that few small explorers can claim. As usual, Samso is reminding readers that the leap from an encouraging picture to a proven one is still work in progress. Quinn has not been drilled, has no resource, and is not yet fully owned. The eye-catching channel widths are not true thicknesses, the soil targets are still conceptual and until a drill rig tests them, it is still "potential". The whole program still depends on a small company raising the capital to complete the acquisition, permit, and drill. The fluorspar price that flatters the economics is itself a function of geopolitics that could shift. The good news is that the quality of what has been sampled at surface is real, and the strategic case is as strong as any in the critical-minerals space. However, as is always the case, and investors need to take this as balance in understanding the OD6 Metals story, the value now turns on execution the company needs to deliver. Closing the deal, defining a maiden resource, and proving that a historic Nevada fluorspar field can become a modern mine. The foundation is promising; the building is still ahead. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support the independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Miramar has more than doubled the conceptual gold Exploration Target at its Gidji JV Project, 15 km from Kalgoorlie, and flagged undrilled base-metal targets in the Gascoyne - genuine progress for a nano-cap explorer, tempered by how far an Exploration Target still sits from a mine. Miramar Resources Limited (ASX: M2R) has delivered a significant increase to the Exploration Target at its 80%-owned Gidji JV Gold Project, located 15 kilometres north of Kalgoorlie in Western Australia's Eastern Goldfields. Drawing on drilling across six shallow gold domains, the updated Target is a conceptual 6.19–7.56 million tonnes at 0.4–1.5 g/t for 124,871–325,125 ounces of contained gold - more than double the previous estimate. The company also reported that a detailed gravity survey at its 100%-owned Chain Pool copper-lead-silver project in the Gascoyne had identified two undrilled gravity anomalies beneath high-grade rock chips, framing the target as a potential SEDEX base-metal system. Both updates advance a two-pronged exploration story - greenstone-hosted gold near Kalgoorlie and a base-metals hunt in the Gascoyne - at a time when Australian-dollar gold remains historically high - near A$5,760 an ounce, well up on a year earlier, even after retreating from its record set in late January 2026 (Figure 1). Figure 1: Gold Prices Jan 2025-Jul 2026 At a Glance Items Description Company Miramar Resources Limited (ASX: M2R) — WA-focused mineral explorer, incorporated 2019, based in South Perth. Gold in the Eastern Goldfields; copper, base metals and Ni-Cu-PGE in the Gascoyne. Flagship Gidji JV Gold Project (80%-owned; 20% Thunder Metals) — Archaean greenstone-hosted gold along ~15 km of the Boorara Shear Zone, 15 km north of Kalgoorlie. The news Two updates in a week: a more-than-doubled Gidji gold Exploration Target (29 June) and a Chain Pool / Joy Helen gravity survey identifying undrilled Cu-Pb-Ag targets (25 June). Gidji Exploration Target 6.19–7.56 Mt at 0.4–1.5 g/t for a conceptual 124,871–325,125 oz gold. A JORC Exploration Target — conceptual, with insufficient drilling to estimate a Mineral Resource. Why it matters Outlines an existing-plus-potential gold endowment on Kalgoorlie's doorstep, supporting a pathway toward a maiden resource, a Mining Lease application and possible monetisation of shallow gold at record AUD gold prices. Chain Pool / Joy Helen 100%-owned Gascoyne SEDEX target; gravity survey flagged two undrilled anomalies beneath high-grade rock chips — peak grab samples up to 14.7% Cu, 42% Pb and 73.5 g/t Ag (selective, non-representative). Auger assays due mid-July. Stage Early-stage exploration. Resource geologist engaged for a maiden estimate; Mineralisation Report in preparation for a Mining Lease; first dedicated bedrock drilling planned at Chain Pool. Leadership Marion Bush (Managing Director, ex-CEO Cassidy Gold); Allan Kelly (Executive Chairman & Technical Director, the Competent Person) — founder of Doray Minerals (Andy Well, Deflector). Market snapshot Micro-cap; ~A$3–4.5m market cap; shares around a quarter of a cent; down ~40% over 12 months; a recent ~A$2.5m raise; a sub-12-month cash runway (indicative — confirm against the latest disclosures). Next steps Maiden JORC resource estimate; Mining Lease application over the Gidji paleochannel; auger assays (mid-July) and bedrock drilling at Chain Pool. The 60-Second Pitch Miramar Resources is a Western Australian mineral explorer with two geographic legs. In the Eastern Goldfields, near Kalgoorlie, it is hunting gold - led by the Gidji JV Project, alongside Glandore and Randalls In the Gascoyne, it hosts a cluster of copper, base-metal, and Ni-Cu-PGE projects, including Chain Pool, Bangemall, Whaleshark, and Carnarvon Sands. The unifying thesis is that both regions host underexplored ground close to established mineral systems, and that systematic, low-cost exploration - aircore drilling, geophysics and geochemistry - can vector toward a discovery large enough for a re-rate (Figure 2). Figure 2: Miramar Exploration Projects (Source: M2R ASX Announcement) The investment case leans heavily on people and place. Technical Director and Executive Chairman Allan Kelly is a credentialed discovery geologist who founded Doray Minerals and took the Andy Well and Deflector gold projects from discovery through to production - the kind of track record that matters in exploration, where execution and target selection separate winners from the field. Managing Director Marion Bush brings corporate and West African gold experience. The place is equally central: Gidji sits 15 km from one of the world's great gold districts, surrounded by mines and processing plants. Gidji JV: The Exploration Target Doubles The headline is a materially larger conceptual gold inventory at Gidji. The updated Exploration Target spans six domains - Roaster, Marylebone, Powerline, Blackfriars, Highway and Railway - for a total of 6.19–7.56 million tonnes grading 0.4–1.5 g/t, containing an estimated 124,871–325,125 ounces of gold (Figure 3). Figure 3: Gidji JV Project showing drill intersections and Exploration Target domains (Source: M2R ASX Announcement) This more than doubles the previous Target, which covered only the Marylebone area, with the increase driven by recent aircore drilling that has extended shallow supergene and paleochannel gold at Powerline, Blackfriars and Highway. The estimate draws on a substantial dataset - 939 aircore holes (53,362 m), 26 RC holes (4,007 m) and one diamond hole - interpreting the mineralisation as a single, sub-horizontal unit at an average vertical depth of around 48 m. Table 1: Gidji JV Exploration Target Domain Tonnage (t) Grade (g/t) Contained Gold (oz) Roaster 192,850–235,706 0.4–0.7 2,480–5,305 Marylebone 1,033,983–1,263,757 0.7–1.5 23,273–60,953 Powerline 1,276,270–1,559,886 0.7–1.5 28,726–75,236 Blackfriars 1,186,497–1,450,162 0.5–1.0 19,076–46,629 Highway 2,246,337–2,745,523 0.7–1.5 50,561–132,421 Railway 251,583–307,490 0.4–1.0 3,236–9,887 TOTAL 6,187,520–7,562,525 — 124,871–325,125 The strategic appeal is location. Gidji lies directly on the Goldfields Highway, within trucking distance of multiple operating mills, and Northern Star Resources is progressing the neighbouring 8 Mile Dam project abutting Miramar's southern boundary. That infrastructure, combined with record Australian-dollar gold prices, is what underpins management's argument that the shallow gold already defined could be monetised -potentially via toll treatment - while deeper drilling tests the larger prize. Miramar's stated longer-term aim is to find one or more primary bedrock gold deposits beneath the supergene blanket, supported by extensive end-of-hole pathfinder anomalism and untested ground outside the Gidji paleochannel. Two qualifications belong next to the headline. First, and most important, this is an Exploration Target, not a Mineral Resource: the company's own cautionary statement notes the tonnage and grade are conceptual, that there has been insufficient drilling to define a resource, and that it is uncertain whether further drilling will convert the Target into a JORC-compliant resource. Second, the numbers rest on a theoretical bulk density of 2.3 g/cm³ - no specific gravity measurements have been taken - and on modest supergene grades of 0.4–1.5 g/t. The path forward is defined: a resource geologist has been engaged to attempt a maiden estimate, the company is preparing a Mineralisation Report to support a Mining Lease application over the paleochannel, and it reports early-stage discussions with potential development partners. Chain Pool: A Gascoyne Base-Metals Hunt The second update concerns Chain Pool, a 100%-owned exploration licence roughly 275 km northeast of Carnarvon in the Gascoyne, and its Joy Helen copper-lead-silver prospect. A detailed gravity survey on a 50 m × 50 m grid identified two residual gravity anomalies east of the historic workings that have never been drill-tested Miramar interprets the wider Joy Helen system as a possible Sedimentary Exhalative (SEDEX) target — the deposit class that includes giants such as Sullivan, Mount Isa, HYC and Red Dog — hosted in carbonate rocks against a major growth fault at the edge of the Edmund Basin, with a zoned carbonate alteration halo consistent with that model. SEDEX systems are the world’s most important source of lead and zinc and rank among the largest, richest orebodies on earth. Figure 4. Joy Helen prospect showing gravity anomalies (yellow outlines) in relation to high-grade CuPb-Ag mineralisation and auger drilling (yellow dots) (Source: ASX Announcement) The grades quoted are genuinely eye-catching: grab samples close to the anomalies returned up to 5.5% Cu, 42% Pb and 73.5 g/t Ag from the southern anomaly and up to 14.7% Cu, 26.7% Pb and 67 g/t Ag from the northern anomaly (Figure 4). The essential caveat is that these are selective grab samples — rock chips chosen from surface exposures and historic workings — which indicate the presence of high-grade mineralisation but are not representative of any grade, tonnage or continuity at depth. The anomalies themselves are undrilled; exploration across the ground has been minimal since shallow holes in the 1960s, and the SEDEX interpretation, while geologically reasonable, remains a model rather than a discovery. Auger drilling results are expected by mid-July, after which the company plans further geophysics and its first dedicated bedrock drilling campaign — the tests that would begin to convert an encouraging target into something measurable. Management Commentary Managing Director Marion Bush framed the Gidji update as a milestone toward development. She said the revised estimate, based on actual drilling and assay data, had: “more than doubled the gold Exploration Target at Gidji,” There exists further potential in areas that have seen little or no deep drilling, giving the company reason to believe a maiden mineral resource estimate is achievable. Bush emphasised the project's setting — close to the Kalgoorlie mining hub and adjacent to the Goldfields Highway — as opening: “Multiple options to monetise the gold we have found to date, especially at the current gold price,” While noting that the longer-term aim remains one or more large bedrock deposits, with Northern Star advancing the adjoining 8 Mile Dam project. On Chain Pool, Technical Director Allan Kelly set out the SEDEX thesis directly, describing Joy Helen as hosted in carbonate rocks adjacent to a major growth fault: “with the same zoned carbonate alteration halo with increasing base metal values towards the proximal siderite zone as seen in the typical SEDEX model.” He characterised the newly identified gravity anomalies as new, undrilled and close to high-grade samples, which in his view “makes them particularly exciting targets,” with the company keenly awaiting auger assays before progressing to a first deeper bedrock drilling campaign. Management's stated belief is that the Joy Helen occurrence could be “the tip of the iceberg” of a larger SEDEX system - an aspiration, at this stage, rather than a defined result. Concluding Comments The Miramar story is all about genuine mineral exploration. A small market capitalisation and offering the hope of discovery to move the valuation needle is what investing in Miramar Resources is all about in 2026. Doubling the Gidji Exploration Target is progress, and the project's position15 km from Kalgoorlie, on the Goldfields Highway, beside Northern Star's 8 Mile Dam and surrounded by mills is the intrinsic value at a time when Australian-dollar gold is near record highs. A defined pathway toward a maiden resource and a Mining Lease, a credible discovery geologist in Allan Kelly, and the additional optionality of a high-grade SEDEX target in the Gascoyne together give a very small company several ways to create value. Investors reading this should not be tempted to read potential as proof. Samso cannot stress enough that an Exploration Target is not a resource. Grab samples are not an orebody and undrilled anomalies are not a discovery. The other notable caution is to be reminded that Miramar is a nano-cap with a sub-12-month cash runway and a history of heavy dilution, which means the journey from these announcements to any monetisation runs directly through further capital raisings that will test existing shareholders. Like all things in life, the Ying and Yang of the story is the balance. The balance is that the unexpected, the unexplored, the potential of discovery is what makes Miramar Resources the company to have on your watchlist or in your potential "multi-bagger" investment. THe uncertainty and the recent "bad" news of failure is why the market capitalisation of Miramar Resources low and hence attractive for multi bags of valuation. Hence, the reality is still that the ingredients - location, operator, commodity prices - are attractive, and the exploration logic is sound. But the gap between a doubled Exploration Target and a mine is long, expensive and uncertain, and at this valuation the market is pricing that gap honestly. At the end of the day, the opportunity and the risk are, for now, two sides of the same early-stage coin. Personally, I have always liked the potential of Gidji and the discovery of a SEDEX mineralisation is rewarding. Only time will tell and fortunately, the market is still full of optimism as it has been in the three decades of my involvement in this industry. About Miramar Resources Limited Miramar Resources Limited (ASX: M2R) is a Western Australia–focused mineral exploration company searching for gold, copper and nickel-copper-PGE deposits across two of the state's most prospective regions: the Eastern Goldfields and the Gascoyne. The portfolio spans eight projects across the two regions. In the Eastern Goldfields, the anchor asset is the 80%-owned Gidji JV Gold Project, located roughly 15km north of Kalgoorlie, where recent reverse-circulation drilling has returned shallow, high-grade gold. In the Gascoyne, Miramar holds a cluster of base- and battery-metals projects, including the 100%-owned Whaleshark copper-gold (IOCG) project near Onslow, the Chain Pool copper-lead-silver (SEDEX) project, the Bangemall Ni-Cu-PGE project, Carnarvon Sands, and the recently optioned South Ashburton project. The company continues to actively manage its portfolio, recently completing the sale of its Randalls Project to Ore Resources Limited (ASX: OR3) in April 2026 as part of an ongoing strategy to rationalise its Eastern Goldfields ground and concentrate capital on its highest-priority targets. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Three announcements in eight days — an exclusive data licence with Advara, a ~A$110 million placement, and a strategic investment from Pro Medicus — have left the cardiac-AI company funded, validated, and armed with a hard-to-replicate data asset as it pushes into the United States. Echo IQ Limited (ASX: EIQ) has packed three material announcements into eight days. On 2 July 2026, it executed a binding exclusive data licensing agreement with Advara HeartCare, Australia's largest private cardiovascular provider, securing access to up to one million de-identified echocardiography studies to train its next generation of AI. That followed firm commitments on 1 July for a ~A$110 million placement at A$1.45 per share, and a binding Heads of Agreement on 25 June with global imaging leader Pro Medicus (ASX: PME) for a strategic investment of up to A$20 million and a proposed US reseller partnership. The run of news has landed against one of the ASX's standout share-price performances of 2026: EchoIQ climbed from around A$0.35 in mid-January to an all-time high of A$1.875 on 25 June — roughly a fivefold gain in half a year — for a market capitalisation near A$1 billion. Figure 1: Echo IQ Share Price Chart (Source: Google Finance) At a Glance Item Details Company Echo IQ Limited (ASX: EIQ) — Sydney-based AI and medical-technology company in cardiac diagnostics. Formerly Houston We Have Limited; renamed December 2021. Flagship EchoSolv — an AI clinical decision-support suite that reads the measurements from a standard echocardiogram (without image analysis) to help clinicians detect structural heart disease, led by EchoSolv AS (aortic stenosis) and EchoSolv HF (heart failure). The news Three announcements in eight days: an exclusive Advara data licence (2 July) for up to 1m echo studies; a ~A$110m placement (1 July) at A$1.45/share; and a binding HOA with Pro Medicus (25 June) for up to A$20m plus a proposed US reseller deal. Why it matters The raise and the Pro Medicus investment fund the US commercialisation push and add a blue-chip validator and distribution channel; the Advara licence builds a proprietary data moat for the next generation of EchoSolv products. The raise ~A$110m at A$1.45 (an 8.8% discount to the last traded price on 26 June); 75,862,069 new shares, ~11.5% of current issued capital. Ord Minnett sole lead manager, Morgans co-manager. Settlement 6 July; trading 7 July. Pro Medicus investment Initial A$10m via secured convertible notes; option for a further A$10m on FDA clearance of EchoSolv HF. 12.5% p.a. (compounding daily), 24-month maturity, conversion capped at A$1.05; 0.75 options per note at A$1.35. Data assets Advara HeartCare exclusive licence — 500,000 to 1,000,000 de-identified echocardiography studies (initial 3-year term, HREC-conditional), complementing the existing NEDA longitudinal outcomes database. Regulatory status EchoSolv AS: FDA 510(k) cleared. EchoSolv HF: FDA submission lodged, outcome expected in the near term. Key partners Pro Medicus (proposed US reseller), Mayo Clinic (validation study and distribution pathway), Advara HeartCare (data), plus deployments including Mount Sinai. Leadership Dustin Haines (CEO, US-based, ex-Gilead Sciences); Andrew Grover (Executive Chair). Market performance Standout 2026 performer: ~A$0.35 (mid-January) to an all-time high of A$1.875 (25 June); ~A$1bn market cap; placement struck at A$1.45. (Indicative; moves with the share price.) Next steps Definitive Pro Medicus documentation (coming weeks); placement settlement 6–7 July; HREC approval and data delivery under the Advara licence; FDA outcome on EchoSolv HF. The 60-Second Pitch - Echo IQ Echo IQ is an Australian medical-technology company applying artificial intelligence to cardiology, under the banner “know each heart by its numbers.” Its EchoSolv platform works from the measurements already captured in a standard echocardiogram - delivering measurement-based decision support without image analysis - and returns a risk assessment in seconds, aiming to lift the accuracy and consistency of diagnosis for conditions that are common, serious and chronically underdiagnosed. Because the software reads structured measurements rather than raw imaging, it is built to slot into existing workflows with minimal disruption, and its models were developed on one of the world's largest echocardiographic datasets, exceeding 200 million measurements. The lead product, EchoSolv AS, targets severe aortic stenosis, a valve disease with a high untreated mortality rate where roughly half of sufferers are unaware they have it and holds FDA 510(k) clearance for the US market. A second product, EchoSolv HF, addresses heart failure, a far larger clinical and commercial opportunity, and is under active FDA review. The investment case rests on four legs: a validated technology with published performance data, a regulatory pathway already open for one product and advancing for a second, a US commercial engine now being assembled through partnerships and capital, and — following the Advara deal — a proprietary data foundation to feed future products. The company is led by CEO Dustin Haines, a US-based executive who joined from Gilead Sciences, alongside Executive Chair Andrew Grover. The Placement: Terms and Use of Funds The placement will issue 75,862,069 new fully paid ordinary shares at A$1.45 each, representing approximately 11.5% of Echo IQ's current issued capital and raising close to A$110 million. The price sits at an 8.8% discount to the company's last traded price on 26 June - implying a last close of roughly A$1.59 - a comparatively tight discount for a raise of this size and a reflection of the strength of the bid. Settlement is scheduled for Monday 6 July, with the new shares expected to begin trading on Tuesday 7 July, ranking equally with existing shares. Ord Minnett acted as sole lead manager and Morgans as co-manager. The company has framed the use of funds around commercial acceleration rather than survival. Net proceeds are earmarked to: strengthen the balance sheet; accelerate US commercial execution and expand deployment of EchoSolv across US health systems; continue product development and pursue complementary strategic opportunities; and fast-track development of a broader cardiovascular AI platform beyond the current suite. On an enlarged base of roughly 737 million shares, the placement price implies an indicative market capitalisation above A$1 billion — a figure that has moved sharply in recent weeks, with the stock reaching an all-time high on the day the Pro Medicus agreement was announced. The dilution to existing holders is real at around 11.5%, but the discount is modest, and the capital is directed at the commercial build-out the story requires. The Pro Medicus Partnership The 25 June agreement is the most strategically loaded of the three announcements. Pro Medicus is widely regarded as one of Australia's most successful healthcare technology companies and a global leader in enterprise imaging through its Visage platform, with mission-critical deployments across major US health systems and academic medical centres. Its decision to both invest in Echo IQ and act as a reseller is the kind of third-party endorsement that is difficult to manufacture, and it gives EchoSolv a potential route into an established enterprise customer network. The investment is structured as secured convertible notes, with the second tranche aligned to FDA clearance of EchoSolv HF — the company's single largest near-term catalyst. The key terms are summarised below. In April, Echo IQ had confirmed the deployment of EchoSolv AS into Mount Sinai Health System, a major healthcare network based in New York, United States. Table 1: Pro Medicus convertible notes — Key terms Item Details Instrument Secured unlisted convertible notes, secured over all group assets, with specific security over the aortic stenosis and heart failure algorithms. Initial subscription 10,000,000 notes at A$1 face value (A$10m). Second tranche Option for a further 10,000,000 notes (A$10m), exercisable within 12 months of FDA clearance of EchoSolv HF; Pro Medicus is not obliged to proceed. Interest 12.5% per annum, compounding daily, payable at maturity. Maturity 24 months from issue; no voluntary prepayment permitted. Conversion Lower of a A$1.05 valuation cap or the 5-day VWAP at the time of conversion, subject to a floor (minimum 1,000,000 notes per conversion). Options 0.75 unlisted options per note, exercise price A$1.35, expiring 24 months from note issue. Approval Issued under ASX Listing Rule 7.1 placement capacity; no shareholder approval required. Two features warrant attention. First, the arrangement is a binding Heads of Agreement, not definitive documentation — the parties are still finalising legal terms, and Pro Medicus is not obliged to fund the second A$10 million even if FDA clearance is obtained. Second, the A$1.05 conversion cap sits well below both the A$1.45 placement price and the levels at which the stock has recently traded, meaning any conversion would occur at a discount to market and could dilute existing holders more than the headline numbers suggest. Neither point undoes the strategic value of the partnership, but both belong in a clear-eyed reading of the terms. The Advara Data Licence and the AI Moat On 2 July, Echo IQ executed a definitive exclusive data licensing agreement with Advara HeartCare, Australia's largest private cardiovascular diagnostics provider. Advara runs a national network of cardiology clinics supporting more than 750,000 patient interactions a year, and the agreement gives Echo IQ exclusive access to between 500,000 and 1,000,000 de-identified echocardiography studies - imaging together with linked clinical information such as referral pathways, diagnostic findings and outcomes — sourced from that network. The initial term is three years, with an option to extend for a further three, and the agreement includes IP protections under which Echo IQ retains ownership of all AI outputs. The strategic logic is about defensibility rather than immediate revenue. Echo IQ frames the Advara licence as complementary to its existing National Echo Database Australia (NEDA) relationship: NEDA provides one of the world's largest longitudinal cardiovascular outcomes datasets, central to clinical validation and regulatory evidence, while Advara supplies the large-scale real-world imaging data best suited to training and refining AI models. Together, the company argues, the two assets span the full pipeline from product discovery and algorithm development through validation to deployment - a proprietary, difficult-to-replicate data foundation as cardiovascular AI moves from single-disease tools toward multi-condition platforms. The exclusivity is doing real work here: it is as much about denying competitors the data as about feeding Echo IQ's own pipeline. The important qualifier is that this is a foundation for future products, not current ones. Initial delivery is conditional on Advara securing Human Research Ethics Committee (HREC) approval and the parties agreeing data-quality specifications; Advara has warranted a floor of 500,000 studies with at least 70% meeting those specifications, and if approval or specifications are not settled within 60 days of commencement, Echo IQ may terminate and recover its licence fees. The value of the asset therefore depends on both the data arriving as expected and Echo IQ converting it into cleared, commercialised algorithms over time. The Commercial and Regulatory Engine Behind the capital and the data sits the operating story. EchoSolv AS has held FDA 510(k) clearance since late 2024, supported by validation work including a Harvard Beth Israel study of more than 31,000 patients (Figure 2) EchoSolv HF is the larger prize: heart failure is one of the most expensive conditions in US healthcare, only around half of cases are accurately diagnosed, and Echo IQ's heart-failure model was independently validated through the Mayo Clinic Platform's Validate program, reporting sensitivity of 99.5% and specificity of 91.0% across roughly 17,000 patient echocardiograms. That study cleared the final clinical hurdle before the FDA submission, whose outcome the company expects in the near term. The Mayo Clinic relationship has since broadened into a distribution pathway, with an expanded agreement enabling Mayo to resell and distribute EchoSolv HF following clearance, alongside a separate cardio-oncology research collaboration. Layered on top are integrations reaching US cardiology networks and deployments into health systems including Mount Sinai. The Pro Medicus reseller arrangement, if it completes, would add a further enterprise channel. The through-line is consistent: Echo IQ is assembling recognised US distribution partners ahead of the EchoSolv HF decision, so that a clearance can be converted into deployment rather than merely announced. Figure 2: EchoSolv AS and Cardiologists (Source: EIQ Website) Management Commentary CEO Dustin Haines framed the placement as a step-change in the company's commercial phase. “This Placement represents the next step in Echo IQ's commercial evolution and reflects the strong strategic progress the Company has delivered over recent years,” he said, Pointing to FDA clearance of EchoSolv AS, expansion across US health systems, and partnerships with organisations including Mayo Clinic and Pro Medicus. He added that, following completion of the placement, the company expects to accelerate deployment of EchoSolv across the US, expand its commercial organisation and increase implementation capacity at a time when customer engagement continues to build. On the Pro Medicus agreement, Haines described a milestone that extends well beyond the money. “The execution of this binding Heads of Agreement with Pro Medicus represents a transformational milestone for Echo IQ and a significant validation of both our technology and long-term commercial strategy,” he said. He characterised the arrangement as an opportunity to leverage an established healthcare platform, trusted customer relationships and an experienced commercial organisation with deep US penetration, aligning Pro Medicus's participation with FDA clearance of EchoSolv HF as one of the company's most significant potential value catalysts. On the Advara licence, Haines positioned the dataset as a long-term capability rather than a near-term product, noting that while NEDA remains a world-class platform for clinical validation and outcomes research, the Advara imaging data brings “something different and highly complementary” that can be used to train and develop future generations of cardiovascular AI. Advara CEO Dr David O'Donnell framed the collaboration within his organisation's research mission, noting that appropriately governed and de-identified real-world data can support the responsible development of technologies designed to improve patient care. Samso Concluding Comments These three announcements is showing that this is a company executing on every front at once. In eight days, Echo IQ has secured the capital to fund its US push, the endorsement of a blue-chip healthcare-imaging partner, and exclusive access to one of Australia's largest cardiovascular imaging datasets. Funded, validated and building a proprietary data moat, it has removed the balance-sheet question from the EchoSolv HF catalyst and strengthened its long-term competitive position - and the market has rewarded the progress, with the shares among the ASX's best performers this year. Readers need to resist treating the news intent as banked value. The Pro Medicus arrangement is a Heads of Agreement, not definitive documentation, and its convertible-note terms - a A$1.05 conversion cap below market, a 12.5% compounding coupon, options at A$1.35 - carry a real dilution cost. The Advara dataset is conditional on ethics approval and yet to be delivered, and data access is a foundation for future products, not proof of them. After a fivefold re-rating, much of this optimism is already in the price. The strategy is sound, and the assets are real, but the value now turns on execution the company does not yet fully control: the FDA's decision on EchoSolv HF, the delivery and conversion of the Advara data, and the translation of validated technology into recurring US revenue. The pieces are in place; the proof is still ahead. The share price is definitely indicating a path to success and I cannot ignore the fact that since Samso started covering the EIQ story, the share price has almost done a 10 bag. Will this mean that it will continue or be a sign of some profit taking, that is a question that needs to be asked. I strongly suggest DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Samso News | Perth, Western Australia | Reference: CSIRO, International Symposium on Mafic-Ultramafic Mineral Systems 2026 The world's best minds in magmatic ore deposits just spent a week in Perth. Most ASX investors never heard about it and yet their portfolios are built on the science discussed in that room. ISMUMS2026 covered the mineral systems behind Ni, Cu, Co, PGEs, V, Ti and Cr: the metals of the energy transition, and the bread and butter of the ASX junior sector. Samso's job is to carry that knowledge across the gap as research, not promotion, for investors who want to understand the story beneath the announcements. Samso News Research Note Depth Not Hype Understanding Samso Introduction This week in Perth, some of the world's leading minds in magmatic ore deposits gathered at the International Symposium on Mafic-Ultramafic Mineral Systems 2026 (ISMUMS2026), hosted by CSIRO from 29 June to 3 July. Most ASX investors have never heard of it. That gap between where the science lives and where the investment decisions are made is precisely the space in which I feel is lacking in the market. ISMUMS2026 is the latest in a series of conferences that stretches back more than 50 years. Thirty meetings have been held across Canada, Australia, the United Kingdom, the United States, Russia, China, Finland, Zimbabwe and South Africa, historically alternating between the International Ni-Cu Symposia and the International Platinum Symposia. Over the decades the two themes have converged, and the 2026 meeting in Perth encompassed all mineral systems associated with mafic and ultramafic rocks, with a prime emphasis on the platinum group elements. Three days of talks were interwoven with two days of field trips, alongside the Wager and Brown Layered Intrusion Workshop. The commodities at the centre of the program read like a strategic shopping list for the energy transition: nickel, copper, cobalt, PGEs, vanadium, titanium and chromium. These are the metals governments are scrambling to secure, and the metals a large slice of the ASX junior sector is out there trying to find. The Science Is the Playbook Here is the thing most investors miss, and that is the science discussed at conferences like ISMUMS is not academic wallpaper. It is the playbook for where the next generation of discoveries will come from. It is also the critical asset in the playbook for making the right investments in a sector that is renown for being compared to a casino. The models of how magmatic sulfide systems form, where PGEs concentrate in layered intrusions, why some komatiite belts deliver Kambalda-style nickel and others deliver nothing, this is the knowledge that separates a well-targeted drill program from an expensive lottery ticket. Every exploration model an ASX junior presents to the market is, whether stated or not, a hypothesis built on this body of science. The quality of that hypothesis determines the quality of the drill targets, and the quality of the drill targets determines what shareholders' money is actually buying. There will be investors that say that they don't need to know the detail, they just want to know who is going to run the share price upwards. This is not untrue and this is also one way of making money, however, for honest investors, the investors or the participants of the casino that actually share the occurrences of a losing bet, the sure bets that is commonly shared in the market space, rarely gets it right. The researchers speak in mineral systems, sulfur saturation and chalcophile element behaviour. The market speaks in announcements, intercepts and share prices. Between the two sits the retail investor. And that is the translation problem. The people who understand how these deposits form rarely write for investors. The people who write for investors rarely sit in the room when the science is presented. Between the two sits the retail shareholder, trying to work out whether the company they hold actually understands the geology it is drilling. Where Samso Fits - Independent Research That translation gap is where Samso (www.samso.com.au) does its work. Samso is an independent research media house producing depth-led video and written content on ASX-listed companies. The philosophy is simple and, frankly, unfashionable: we do not promote, we research. We do not simplify for effect, we explain for understanding. When Samso sits down for a Coffee with Samso conversation with a managing director, or publishes an Insight on a nickel, PGE or critical minerals explorer, the aim is to ask the questions a geologist would ask. The main reason why Samso is a good read is because the analysis comes from someone who has logged core, walked the ground and sat on the company side of the table. What is the mineral system? What does the geochemistry actually say? Is the exploration model consistent with what the science community — the ISMUMS community — understands about how these deposits form? Those are not gotcha questions. They are the questions any institution with an in-house geologist asks before committing capital. Samso's role is to ask them in public, on the record, in language an investor can use — and to let readers draw their own conclusions from the answers. Three Reasons This Matters 1. The ASX is where these bets are placed. The ASX hosts the world's deepest pool of junior explorers hunting exactly the commodities ISMUMS2026 was built around. If you invest in this end of the market, you are, whether you realise it or not, making bets on mafic-ultramafic mineral systems. Knowing how those systems work is not optional context; it is the substance of the investment case. 2. Information asymmetry is the retail investor's biggest handicap. Institutions have in-house geologists who can interrogate an exploration model before a dollar is committed. Most retail investors have a two-page announcement and a social media feed. Independent, depth-led research does not eliminate that gap, but it narrows it — and narrowing it changes the quality of the decisions that follow. 3. Credibility compounds. Samso's value to the companies it covers comes from the trust it builds with readers — not the other way around. That is the model of an editorial charter, not a promotion mill. Content built to inform holds its value long after content built to excite has been forgotten, and an audience that trusts the analysis is worth more to everyone — company, investor and publisher — than an audience that has merely been reached. Samso Concluding Comments The green revolution will be built on the metals discussed in Perth this week. The companies that find them will mostly be listed on the ASX. And the investors who do best will be the ones who understand the story beneath the announcements — the mineral system, the geochemistry, the exploration logic — not just the headline intercept. To put in simply, investors should know to a degree that the "story" has some chance of being correct. That is the research Samso produces: independent, geology-literate, and written for the investor who wants to build a case rather than chase a narrative. Events like ISMUMS2026 are a reminder that the knowledge exists. The job of a research media house is to carry it across the gap. If you invest in ASX resources, www.samso.com.au is where that translation happens. Disclaimer: This article is a perspective piece produced by Samso for general information purposes only. It does not constitute financial product advice and has been prepared without taking into account the objectives, financial situation or needs of any individual. References to ISMUMS2026 are drawn from publicly available conference information published by CSIRO. Readers should conduct their own research and seek independent professional advice before making any investment decision. Samso may receive fees from companies it covers; its editorial content is prepared independently of any such arrangements. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The company recasts the board and executive team with Sierra Rutile Veterans as the Minta Rutile & Monazite Project Pushes Toward a Maiden Mineral Resource Estimate Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals, announced one of the more striking leadership reshuffles seen on the small-cap mineral sands board this year, installing two former Sierra Rutile executives — Theuns de Bruyn as Chief Executive Officer and Grant Scott as Chief Operating Officer. In addition, the board will be bolstered by Duncan Craib, the former Boss Energy MD, alongside David Brophy, a West African Licensing Expert, as Non-executive directors. The reshuffle is bookended by a $2 million cornerstone placement at $0.02 per share and a clear roadmap toward a maiden Mineral Resource Estimate at the Minta Rutile & Monazite Project in the second half of 2026.- supported by the incoming directors and executives. Lion Rock has been somewhat quiet in the last 12 months, and while they have in the past presented a compelling story for their project in Cameroon, the company has been very shy in their communication with the market. The recent ASX release seems to be announcing a clear message to the market that Lion Rock is back to play again. A SIERRA RUTILE REUNION, TRANSPLANTED TO CAMEROON The central narrative has not changed since Samso started covering Lion Rock Minerals and this is a deliberate recreation of a Sierra Rutile-style operating model at Minta. Mr de Bruyn and Mr Scott previously worked together at Sierra Rutile Holdings Limited — then the world’s largest natural rutile producer — and between them carry more than 60 years of experience across project development, feasibility, financing, in-country operations and product marketing in the African mineral sector. Figure 1: The new Board and Executive team at Lion Rock Minerals (Source: Samso, compiled from LRM ASX announcement, 21 May 2026). Mr de Bruyn’s background spans host-government engagement, communities, and international development finance institutions. Mr Scott’s technical remit at Sierra Rutile covered surveying, mine planning, resource and reserve estimation, geotechnical and geological drilling, rehabilitation, water and tailings management, reconciliations and feasibility studies. Both CEO and COO will be based in-country in Cameroon for the duration of the Minta Project’s development phase. That pairing is now bolted onto a board led by Duncan Craib, whose recent career arc took Boss Energy Limited (ASX: BOE) from a microcap Australian holding company to an international ASX 200 uranium producer, and who served as Finance Director at Swakop Uranium during its US$2.2 billion corporate takeover and US$2.5 billion development of the Husab mine in Namibia, becoming one of the world’s largest uranium producers. Mr Craib also chaired the Uranium Forum of the Minerals Council of Australia from September 2021 to August 2025, and has successively overseen two international uranium projects through their growth phases into producing assets with worldwide sales distribution. He visited Cameroon twice before accepting the chairmanship — first as a guest to inspect the projects, and again with Mr de Bruyn and Mr Scott to undertake due diligence on the ground, including meetings with senior representatives of the Cameroonian Minister of Mines, Industry and Technological Development. David Brophy joins the Board as Non-Executive Director and is, in his own way, as deliberate a piece of the new structure as the Sierra Rutile pairing. His 20+ years of commercial experience spans West and Central African commodity supply chains, risk management, derivative hedging, and client-focused distribution across global markets. His career has run through senior roles at ECOM, Noble Group and Glencore Grain BV, where he contributed to the establishment of global cotton trading desks in Singapore and Rotterdam. Since returning to Australia, Mr Brophy has opened and developed West and Central African procurement operations across Mali, Burkina Faso, Benin, Ivory Coast and Cameroon — the latter being the jurisdiction in which Minta sits. He operates a resources consulting business assisting mining companies with licensing matters in West Africa, alongside a cotton procurement and logistics business focused in the region, and is the founder of Mansa Carbon, a project developer active in the Voluntary Carbon Market in West Africa. From a project assessment perspective, the Brophy appointment fills a specific gap. Where Mr Craib brings uranium-development and capital-markets pedigree, and Messrs de Bruyn and Scott bring the rutile-mining technical and operating pedigree, Mr Brophy brings the commercial, supply-chain and licensing relationships across West and Central African jurisdictions — specifically including Cameroon — that an asset like Minta will require as it progresses from exploration into permitting, offtake structuring and eventual product marketing. That is a useful complement to a board whose other appointees are concentrated on the technical and corporate dimensions of the story. Outgoing directors Robert Boston and Phillip Gallagher retire from the Board with immediate effect. The Board acknowledged Mr Gallagher’s particular contribution in identifying and securing the province-scale rutile and monazite opportunity at Minta — the initiative that established the foundation on which the Company’s next phase is being built — and thanked Mr Boston for his contribution to the Company’s formation and governance over the last nine years. The structural decision that matters here is the relocation of both the CEO and COO to Cameroon for the development phase. The 14 March 2026 management update flagged that the prior Board had concluded a greater in-country presence was needed to advance exploration and development at Minta. The new appointments deliver that change in literal form — not just senior oversight, but day-to-day technical decision making, government engagement and operational control located alongside the asset. The team has started preliminary work while visiting the project on that second visit. The incoming team inspected active drilling areas, reviewed the in-country laboratory facility being commissioned to support field sampling, and visited Minta Est, where field panning and visual inspection had indicated the presence of heavy minerals including rutile, ilmenite, zircon and monazite. The team also met with senior representatives of the Cameroonian Minister of Mines, Industry and Technological Development. Management Commentary — The Strategic Context “Our Minta Project is attracting world-wide attention for its significant and growing resource base of rutile and monazite.” — Duncan Craib, Incoming Non-Executive Chair, Lion Rock Minerals Limited (21 May 2026) “Lion Rock’s Minta Project has the hallmarks of a globally significant rutile and monazite producer.” — Theuns de Bruyn, Incoming Chief Executive Officer, Lion Rock Minerals Limited (21 May 2026) THE MINTA RUTILE & MONAZITE PROJECT — THE ASSET THAT JUSTIFIES THE RESET The Minta Rutile & Monazite Project is Lion Rock’s flagship asset, comprising 18 granted exploration permits and three further permits under valid application across approximately 8,800 km² of prospective ground in central Cameroon, with the 21 May 2026 announcement describing approximately 5,000 km² of prospective ground in the higher-priority belt within that footprint. Lion Rock holds an 80% group interest in each of the Minta tenements. Mineralisation styles include the residual concentration of valuable heavy minerals — monazite, rutile and zircon — in deflated soils across elevated terrain, alongside the concentration of valuable heavy minerals and gold in large-scale alluvial basins. In-situ vein-hosted gold has been artisanally mined and mapped and sampled by the Company and remains under consideration for focused exploration. A short Samso primer on the heavy minerals at Minta Rutile is the principal natural form of titanium dioxide (TiO₂) and the highest-grade titanium feedstock used in the production of titanium pigment, titanium metal and welding fluxes. Natural rutile typically carries a TiO₂ content above 90%, which is why integrated producers like Tronox value direct access to rutile feedstock streams. Monazite is a rare-earth-bearing phosphate mineral, typically rich in light rare earth elements (cerium, lanthanum, neodymium, praseodymium) but also carrying a measurable component of heavy rare earths via the coexistence of xenotime. Monazite-rich heavy mineral concentrates are an established feedstock for rare-earth processing routes. Valuable Heavy Mineral (VHM) is the industry shorthand for the saleable portion of a heavy mineral assemblage — in the Minta context, that means rutile, zircon and monazite. The "dual residual–alluvial" strategy that Lion Rock has flagged is essentially a recognition that both the in-situ residual soils and the downstream alluvial basins can host economic VHM concentrations. Heavy-liquid separation (HLS) is a laboratory technique that uses a dense fluid to physically separate heavy minerals (rutile, monazite, zircon, ilmenite) from lighter gangue minerals. Bringing HLS in-country at the Yaoundé laboratory materially compresses the loop between drilling, mineralogical interpretation and product qualification work. Geologically, the central Cameroon rutile system is interpreted to have crystallised from the scavenging of titanium-bearing units from sediments subjected to high temperatures and pressures during regional metamorphism. At least two generations of granite intrusion have introduced fluids and heat that remobilised gold and introduced monazite and zircon at Minta Est. The coarse rutile crystals identified across broad areas indicate the late emplacement of a broad-scale pegmatite vein system — and large angular rutile nuggets identified in recent and historical sampling programs have the potential to materially boost total Valuable Heavy Mineral grade in residual and alluvial prospects. Zones of very high-grade zircon mineralisation have also been identified at Minta Est, alongside alluvial and hard-rock gold occurrences across the northeastern tenement area coincident with a geophysical anomaly associated with granitic intrusions. Figure 2: The Company’s flagship Minta Rutile and Monazite Project in Cameroon (Source: LRM ASX announcement, 21 May 2026). The infrastructure setting matters for any West or Central African development story — and the incoming team was specific about its endorsement of what it found. The 21 May 2026 announcement described the regional infrastructure setting as featuring maintained road access, nearby rail connections via the Nanga Eboko rail line, power supply and internet access, all of which contribute to the project’s development pathway. Mr de Bruyn extended that view to the country itself. “The country is more organised, connected and capable of supporting mining development than many outside observers might expect.” — Theuns de Bruyn, on the Cameroon operating environment (21 May 2026) Strategic Partnership with Tronox Sitting behind the operational restructure is an existing relationship with Tronox Holdings plc (NYSE: TROX), an integrated producer of titanium dioxide with US-government endorsement of its proposed rare earth refinery. Tronox has already secured a 5% interest in Lion Rock and has identified Minta as a potential feedstock source for its rare earth strategy. The 21 May 2026 announcement frames the partnership as focused on accelerating the Minta Project and aligning with Tronox’s strategy to secure end-to-end rare-earth supply chains. From a project assessment perspective, this is the strategic feature of the Minta story that most distinguishes it from the rest of the ASX rutile small-cap field. A NYSE-listed integrated TiO₂ producer with declared rare-earth ambitions does not put 5% on a register without an operational thesis. Whether that thesis converts into a formal offtake or a deeper equity move over the next twelve months is one of the structural questions overhanging the Minta story. OPERATIONAL TEMPO During the March 2026 quarter, Lion Rock completed 681 holes for 3,310 metres of infill drilling at high-value rutile targets across the wider Minta Project. A focused 299-hole, 1,281-metre infill program was also completed at Minta Est over the ~250 km² monazite-enriched granite that the Company has identified as the source of monazite, xenotime and zircon coincident with high-grade rutile zones. Figure 3: Ongoing infill drilling activities at Minta Est (Source: LRM March 2026 Quarterly Activities Report, 28 April 2026). On the assay side, further high-grade rutile results received during March 2026 confirmed in-situ rutile grades of up to 2.6% from residual targets, with multiple locations returning at or above 1.0% rutile and a broader population at or above 0.5%. Standout intercepts included up to 4 metres at 1.8% rutile from residual drilling. Results spanned both residual and alluvial settings, supporting the Company’s dual residual–alluvial development strategy across a >5,000 km² footprint, with key alluvial corridors — including the Yong river basin — flagged as priority follow-up targets. Figure 4: Minta Est infill drilling coverage on thorium radiometrics as at January 2026, with monazite assemblage results from completed drill holes (Source: LRM March 2026 Quarterly Activities Report). The spatial context of the Minta Est infill is what makes the program material. The Company’s January 2026 drilling coverage map (Figure 4) shows the infill drill pattern superimposed over thorium radiometrics, with individual completed drill holes labelled with their monazite assemblage percentages — ranging from the 1.9% recorded at ME22S07 up to a standout 73.7% monazite assemblage at ME22S04. The high-monazite-assemblage holes (ME22S04, ME22S03, RE1028 and RE0014) cluster within the granite footprint that the Company has identified as the local source of monazite, xenotime and zircon, providing the geological basis for the dual residual–alluvial development strategy. Table 1: Selected heavy mineral results from Minta and Minta Est (Source: LRM March 2026 Quarterly Activities Report) Drill hole / Location Mineral / Metric Value Context ME22S04 Monazite assemblage 73.7% Minta Est, monazite-enriched granite domain ME22S03 Monazite assemblage 40.0% Minta Est, central granite domain RE1028 Monazite assemblage 37.2% Minta Est, residual target RE0014 Monazite assemblage 35.6% Minta Est, residual target ME22S02 Monazite assemblage 25.1% Minta Est, granite domain ME22S01 Monazite assemblage 18.0% Minta Est, southern granite domain ME22S05 Monazite assemblage 14.3% Minta Est, eastern granite domain RE0018 Monazite assemblage 12.5% Minta Est, residual target ME22S07 Monazite assemblage 1.9% Minta Est, granite margin Residual targets — multiple Peak in-situ rutile Up to 2.6% Multiple locations ≥ 1.0% rutile Residual drilling — standout In-situ rutile intercept 4 m @ 1.8% Wider Minta high-value targets Monazite assemblage values represent the percentage of monazite within the heavy mineral assemblage at the labelled drill holes as published in the Company’s January 2026 coverage map (Figure 4). In-situ rutile results refer to grades published in the Company’s 18 March 2026 release. Assays from the broader 299-hole Minta Est program and the 681-hole rutile program were pending at the time of the March 2026 Quarterly Activities Report. From a project assessment perspective, the most important spatial outcome of the March quarter is the demonstration that the monazite-enriched granite at Minta Est is locally sourcing the heavy mineral assemblage. The presence of coarse, angular monazite crystals in residual soils — with limited transport — reinforces the case for both residual concentration in deflated high-ground domains and alluvial accumulation in downstream basins. That dual style is what underpins the maiden Mineral Resource Estimate workflow now in train. Laboratory and Mineralogical Workstreams The Yaoundé in-country laboratory — currently being commissioned with heavy-liquid separation capability — is one of the more underrated structural decisions in the recent operating playbook. It is designed to support ongoing assay prioritisation, mineral assemblage studies and future process flowsheet design while reducing reliance on offshore sample preparation and allowing faster iteration between drilling and mineralogical interpretation. For an exploration program built around throughput and a maiden MRE target in H2 2026, that turnaround time matters. Path to the Maiden Mineral Resource Estimate Pending assays from the 299-hole Minta Est program and the broader 681-hole rutile program are expected to feed into geological modelling and resource estimation workflows during H1 2026, with the maiden Mineral Resource Estimate targeted for H2 2026. The Company has framed the next twelve months as the value-defining exploration phase — a phrase that captures the fact that the market does not yet have a JORC-compliant resource against which to value the district-scale story. Figure 5: Minta at a glance — March 2026 quarter operating metrics, Placement structure, and the 6–12 month milestone roadmap (Source: Samso, compiled from LRM ASX announcement of 21 May 2026 and LRM March 2026 Quarterly Activities Report). THE $2 MILLION CORNERSTONE PLACEMENT — FUNDING THE NEXT PHASE Lion Rock has received firm commitments to raise $2 million through a placement of 100 million new shares at $0.02 per share, conducted under the Company’s existing placement capacity pursuant to ASX Listing Rule 7.1A. New shares rank equally with existing shares on issue. The Placement was cornerstoned by the incoming directors and executives, and supported by a limited number of known and respected industry professionals. Following settlement, the Company will have a pro forma cash position of approximately $8 million (comprising the $2 million capital raise plus existing cash reserves of $6 million as at 15 May 2026). Placement funds are earmarked for ongoing exploration at the Minta Project, business development activities and general working capital. The pro forma quarters of funding at the March 2026 burn rate (~A$1.26m on exploration during the quarter) would extend the Company’s runway well beyond the targeted maiden MRE date. Incoming Team Incentive Package Under the terms of the agreements with the new leadership team, the Company has agreed to issue a total of 270 million unquoted options structured as follows: Table 2 : Incoming Team Incentive Package Tranche Quantity Exercise Price Expiry Incoming team — Tranche A 135,000,000 options $0.03 3 years from issue Incoming team — Tranche B 135,000,000 options $0.04 3 years from issue CEO incentive (de Bruyn) — Tranche A 30,000,000 options $0.03 21 May 2029 CEO incentive (de Bruyn) — Tranche B 30,000,000 options $0.04 21 May 2029 Source: LRM ASX announcement, 21 May 2026. The CEO incentive options form part of the Company’s Employee Securities Incentive Plan. Mr de Bruyn’s contract carries an annual salary of A$450,000 with a three-month probationary period (one-month termination notice during that period) and a three-month termination clause thereafter. Table 3: Capital Structure (at 31 March 2026 quarterly) Security Number on issue Ordinary fully paid shares 3,463,917,147 Ordinary fully paid shares — escrowed to 7 July 2026 100,000,000 Unquoted options @ $0.005 (exp. on/before 25 Sept 2027) 90,000,000 Unquoted options @ $0.0165 (exp. on/before 10 Feb 2028) 40,000,000 Unquoted options @ $0.020 (exp. on/before 10 Feb 2028) 40,000,000 Unquoted options @ $0.0165 (exp. on/before 9 May 2028) 46,600,000 Source: LRM March 2026 Quarterly Activities Report. The 21 May 2026 announcement adds a further 100 million new ordinary shares (Placement) and 270 million unquoted options to the incoming leadership team upon settlement and issue. OTHER PRIJECTS - KITONGO AND LOLO URANIUM PROJECTS — THE URANIUM OPTIONALITY Beyond Minta, Lion Rock retains the Kitongo and Lolo Uranium Projects in Cameroon. The Kitongo Uranium Project spans approximately 2,200 km² across five tenements in the northwest Adamoua Province; the Lolo Project covers approximately 240 km² across one tenement in the South region, approximately 70 km southwest of Yaoundé and 111 km from the Kribi deep-water port. All six tenements are currently pending grant. Figure 6: Location map of the Kitongo and Lolo Uranium Projects ( Source LRM Website) Prospectivity for uranium has been confirmed by significant historical exploration, initially in the 1970s and more recently between 2007 and 2011, when systematic exploration by Mega Uranium Ltd (TSX: MGA) — following its CAD150 million acquisition of Nu Energy Corporation in April 2007 — produced encouraging results from drilling programs undertaken in 2008 and 2010. During March 2009, Mega Uranium released results from an 11-hole diamond drilling program at Kitongo that indicated the presence of high-grade uranium mineralisation; in 2010, Mega Uranium completed a diamond drilling program at Lolo that tested a small portion of the 80 km-long prospective uraniferous belt and confirmed the presence of high-grade uranium mineralisation. During the March 2026 quarter, the Company continued working with uranium competent person Dr Marat Abzalov to design upcoming exploration programs while awaiting finalisation of the permitting process. The Company has explicitly noted that it has not been able to verify any of the historical drill intercepts and treats them as indicative only, pending confirmation drilling. From a project assessment perspective, the most interesting feature of the 21 May restructure is that Lion Rock now has — for the first time — a chairman with a direct uranium-development track record sitting above an asset that, on its face, looks like classic uranium-developer optionality. Mr Craib’s Boss Energy (ASX: BOE) and Swakop Uranium experience aligns directly with the kind of work program that Kitongo and Lolo will need once the permits are granted. That alignment is one of the quietly notable features of the May 21 restructure. PORTFOLIO HOUSEKEEPING — GREEN ROCKS DIVESTED The March 2026 quarterly also recorded the agreement to divest the Green Rocks Project tenements in Western Australia to Meekatharra Minerals East Pty Ltd (an unrelated party) by way of the sale of 100% of the shares in Greenrock Metals Pty Ltd and CU2 WA Pty Ltd for A$100,000 each (A$200,000 total). Completion occurred in April 2026. The Company determined the tenements to be non-core given their holding costs and minimal planned future work — a tidy-up that simplifies the corporate story ahead of the new team’s arrival. The Yendon Kaolin Project in Victoria (four licences in the Ballarat-Bendigo zone of the Lachlan Fold Belt) remains, with desktop review activities continuing during the quarter. NEAR-TERM MILESTONES TO WATCH Reading the 21 May 2026 announcement and the March 2026 Quarterly Activities Report side-by-side, the following near-term milestones have been disclosed across the two source releases: Table 4: Near-term milestones for Lion Rock Minerals Activity Timing Status / Source Settlement of $2m Placement (100m shares @ $0.02) Following 21 May 2026 announcement Firm commitments received; Placement under ASX Listing Rule 7.1A (21 May 2026 release) Issue of 270m unquoted options to incoming team On commencement 135m @ $0.03 and 135m @ $0.04; all 3-year expiry (21 May 2026 release) Cornerstone in-country relocation — CEO and COO Effective immediately Both based in Cameroon for the development phase (21 May 2026 release) Assays from 299-hole Minta Est infill program Q2 2026 1,281 m drilled over the monazite-enriched granite; assays pending (March 2026 quarterly) Assays from broader 681-hole, 3,310 m rutile program H1 2026 Assays feeding into geological modelling and resource estimation workflows (March 2026 quarterly) In-country Yaoundé laboratory commissioning H1 2026 Heavy-liquid separation capability being commissioned (March 2026 quarterly) Maiden Mineral Resource Estimate at Minta H2 2026 Headline catalyst signalled by the Company (March 2026 quarterly; 21 May 2026 release) Kitongo & Lolo Uranium Projects — permitting Pending All 6 tenements currently pending grant (March 2026 quarterly) Upcoming uranium exploration program design Underway Working with competent person Dr Marat Abzalov (March 2026 quarterly) ABOUT LION ROCK MINERALS LIMITED Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals Limited, is an Australian-listed mineral sands and critical minerals explorer focused on the development of its flagship Minta Rutile & Monazite Project in central Cameroon. The Company holds an 80% group interest in 18 granted exploration permits and three further permits under valid application across approximately 8,800 km² of prospective ground at Minta, with approximately 5,000 km² described as the higher-priority prospective belt within that footprint. Beyond Minta, Lion Rock holds the Kitongo and Lolo Uranium Projects in Cameroon (six tenements totalling approximately 2,440 km², all currently pending grant) and the Yendon Kaolin Project in Victoria (four licences in the Ballarat-Bendigo zone of the Lachlan Fold Belt). The Green Rocks Project in Western Australia was divested in April 2026 as non-core. Tronox Holdings plc (NYSE: TROX), an integrated producer of titanium dioxide with US-government endorsement of its proposed rare earth refinery, holds a 5% interest in the Company and has identified Minta as a potential feedstock source for its rare earth strategy. The Company’s strategic objective is to deliver a maiden Mineral Resource Estimate at Minta in H2 2026 under the operational direction of a newly appointed Sierra Rutile-pedigree executive team, with both the CEO (Theuns de Bruyn) and COO (Grant Scott) based in-country in Cameroon for the duration of the Minta Project’s development phase. The Board is chaired by Duncan Craib, the former Managing Director and CEO of Boss Energy Limited (ASX: BOE), with David Brophy as Non-Executive Director bringing 20+ years of commercial experience across West and Central African commodity supply chains, licensing and procurement. As at the March 2026 quarterly, Lion Rock reported A$6.872 million in cash and cash equivalents, with a pro forma cash position of approximately A$8 million following settlement of the $2 million Placement announced on 21 May 2026. The Company’s capital structure at 31 March 2026 comprised 3,463,917,147 ordinary fully paid shares on issue (plus 100 million escrowed) and 216,600,000 unquoted options on issue. SAMSO CONCLUDING COMMENTS Samso has been covering the Lion Rock Minerals story for a long. We have also been a shareholder of the story and have since exited the majority of the holdings; however, this new management brings a different complexion to the story. One of the biggest issues with Lion Rock Minerals is the high market capitalisation. At the current share price, Lion Rock Minerals is valued at AUD $92M. This kinds of scare real punters way and I have to say that at that valuation, there are safer bets in the market. However, does that mean that this is not an investable story for the average punter on the ASX? This is a unique situation of having what looks like a classy project, and it does have very good backers, long-term and very influential investors. I think there will be a revaluation coming soon, and the new team will be looking to move on from this valuation; I have no doubt. The time for the sleeping giant to wake up may be imminent. DYOR as always, but look seriously.

Historic data from Union Carbide's drilling and metallurgical testwork have added geological and processing support to OD6 Metals’ Quinn Fluorspar Project, positioning the Nevada asset as a developing US critical minerals opportunity. Samso News | ASX: OD6 | Fluorspar | Nevada | Acidspar | Critical Minerals | Union Carbide OD6 Metals Limited (ASX: OD6) has added another layer of technical foundation to the Quinn Fluorspar Project in Nevada, USA (Figure 4), with historic Union Carbide drill data confirming high-grade, near-surface fluorspar mineralisation at Horseshoe. The company had recently acquired a rare dataset of geological records from Union Carbide Corporation. On analysing this historic data, OD6 delineated historic grades up to 93.7% CaF₂, - interpreting the system as open up-dip, down-dip and at depth. Together with historical metallurgical testwork indicating potential acidspar production . Quinn is now developing into a more defined US critical minerals opportunity pending modern validation. Samso Summary Table 1: OD6 Metals Summary Item Details Company OD6 Metals Limited ASX Code OD6 Project Quinn Fluorspar Project Location Nevada, USA Commodity Fluorspar / fluorite Main Prospects Referenced Horseshoe, Mammoth, Big Jim Key Drilling Update Historic Union Carbide drilling confirmed high-grade, near-surface fluorspar mineralisation at Horseshoe Key Metallurgical Update Historic testwork indicated potential to produce acidspar through conventional grinding and flotation Best Historic Drill Grade Peak result of 93.7% CaF₂ over 1.2m in H1 Key Historic Metallurgical Result Mammoth testwork achieved 97.83% CaF₂ at 70% recovery and 95.0% CaF₂ at 82.7% recovery Product Relevance Potential production of metspar and acidspar, subject to modern confirmation Next Work Programs Modern assays, geological modelling, channel and rock-chip sampling, soil geochemistry, drill target definition, TOMRA optical ore sorting and flotation testwork Provenance of the Dataset The Union Carbide work at Quinn was conducted across two seasons. In 1957, Union Carbide Nuclear Company and The Galigher Company in Salt Lake City completed preliminary metallurgical amenability testing on samples from Mammoth and Horseshoe. In 1958, Union Carbide returned to drill four diamond holes at the Horseshoe deposit, supported by a summary report prepared by H.M. Wharton dated 27 August 1958. A second metallurgical program was scheduled to commence at The Galigher Company in July 1958, with new samples already despatched (Figure 1). Figure 1: Example Drill map of UCC Horseshoe (AKA Higrade) deposits, Nye County, Nevada (Source: OD6 ASX Announcement May 7, 2026) The 1958 follow-up program did not proceed. A local prospector disputed Union Carbide's claims and denied the Company access to the site and to a water supply, and the program was discontinued. The dataset has remained unpublished for the intervening six and a half decades. OD6 acquired the full archive of Union Carbide records relating to Quinn, on terms disclosed in the 7 May 2026 ASX announcement. The acquired material includes high-quality scans of cross-sections, maps, geological logs, original assay sheets, and the underlying Galigher and Union Carbide Nuclear Company metallurgical reports. The Competent Persons engaged by the Company have reviewed the underlying records and have concluded that the reported head grades are consistent with grades observed in recent OD6 field sampling, and that the flotation reagents and processing techniques described remain broadly consistent with conventional fluorspar processing methods used today. Historic Drilling at Horseshoe Union Carbide Corporation’s drill program consisted of four shallow drill holes, H1 to H4, with an average depth of approximately 38 metres (Figure 2). OD6 reported that the drilling confirmed high-grade fluorspar mineralisation from surface and intersected significant widths of CaF₂ mineralisation. Table 2: Reported Historic Drill Intercepts Hole Reported Intercept H4 14.3m @ 70.9% CaF₂ from surface H2 14.0m @ 59.9% CaF₂ from 19.5m H1 25.8m @ 46.2% CaF₂ from 0.9m H3 6.4m @ 46.2% CaF₂ from 22m Within H1, OD6 reported: Interval Result 12.8m from 0.9m 60.9% CaF₂, including a peak result of 93.7% CaF₂ over 1.2m 3.4m from 16.8m 58.8% CaF₂, including a peak result of 82.0% CaF₂ over 1.2m 3.5m from 22.3m 43.7% CaF₂, including a peak result of 66.1% CaF₂ over 0.3m The historic drilling targeted the southern corner of the system and did not test the high-grade core later exposed in open-pit mining. The assaying only tested bulk fluorspar intercept zones and that multiple sections of core were not assayed despite being logged with fractured breccia and/or vein material that may be fluorspar-bearing. OD6 interprets the mineralisation at Horseshoe as a fault-controlled replacement system with an exposed footprint of approximately 3,000 square metres. The company states that the system remains open up-dip, down-dip and at depth. Figure 2: Historic Drilling Results (Source: OD6 ASX Announcement: May14, 2026) Management Commentary “Historic drilling at Horseshoe indicates a rare combination of exceptional high grade and significant widths, with results well above typical global fluorspar benchmarks. Importantly, these intercepts were returned from the margin of the system, not the high-grade core later exposed in open pit mining (and reported in channel sampling results by the Company 15 April 2026) and were notably only selectively assayed. This indicates the system has the potential to be both higher grade and larger than intercepted in historic drilling. – Brett Hazeldon Managing Director and CEO, OD6 Metals Ltd Historic Metallurgical Testwork In addition, Union Carbide also completed metallurgical testwork on fluorspar mineralisation from Mammoth and Horseshoe. The Mammoth sample had a head grade of approximately 28.29% CaF₂, while the Horseshoe sample had a head grade of approximately 58.57% CaF₂. Historical Union Carbide and Galigher Company testwork indicated concentrate grades of 95.0% CaF₂ at 82.7% recovery and 97.83% CaF₂ at 70% recovery from Mammoth mineralisation. These historical results suggest that Quinn mineralisation may be capable of producing acidspar using conventional grinding and flotation methods, subject to confirmation through modern metallurgical testwork. OD6 also notes that the historical testwork was preliminary and unoptimised. The historical Union Carbide metallurgical testwork provides encouraging evidence that fluorspar mineralisation at Quinn may be amenable to conventional processing techniques. Importantly, the historic results suggest the potential to upgrade both low-grade and high-grade mineralisation to produce commercial fluorspar concentrates, including acid-grade product, subject to confirmation through modern metallurgical testwork. Acidspar and Metspar Product Context Fluorspar, also known as fluorite, has the chemical formula CaF₂ and contains 48.9% fluorine by weight. OD6 describes fluorspar as the main mineralogical source of fluorine. OD6 identifies two main product categories: Table 3: Difference between Metaspar and Acidspar Product Description Metspar A mineral product containing greater than 60% CaF₂, used in the steel industry as a fluxing agent Acidspar An upgraded mineral product containing greater than 97% CaF₂, used for hydrofluoric acid production OD6 states that acidspar is used in the chemical industry for hydrofluoric acid production, with downstream applications in nuclear fuels, battery technologies, solar panels, defence technologies and AI chip manufacturing. Next Phase Metallurgical Program OD6 is advancing a staged metallurgical testwork program to validate and optimise processing flowsheets. Recent OD6 field programs have collected extensive metallurgical samples across multiple Quinn prospects for modern testwork. The company plans to send samples for optical ore sorting testwork with TOMRA in Germany. The stated objectives are to upgrade feed grade prior to processing, reduce processing costs and plant size, and assess reject/waste separation efficiency. OD6 expects TOMRA testwork to commence this quarter, with results expected in quarter three. OD6 also plans additional flotation testwork covering flotation optimisation, dense media separation, grind size and reagent testing, and product specification validation for acidspar versus metspar. The company expects flotation testwork to commence this quarter, with results anticipated in the second half of the year. OD6 also intends to apply for bulk sample permits across multiple areas to support advanced metallurgical testwork, representative pilot-scale testing, flowsheet development and potential offtake samples. With extensive representative samples now collected from across the project, OD6 is preparing to commence modern metallurgical programs, including optical ore sorting with TOMRA and flotation optimisation with specialist laboratories. These programs are designed to validate the historical results and support the development of Quinn as a potential domestic US source of high-grade fluorspar. Figure 3: : Quinn Fluorspar Project with, deposit locations, background geology and alteration map (Source: OD6 ASX Announcement May 20, 2026) Due Diligence and Next Steps OD6 has outlined the following work programs as part of its due diligence and validation process at Quinn: Digitise scanned paper logs and cross-sections into a geological model. Receive and interpret assay results. Expand systematic channel and rock-chip sampling. Validate and replicate historic high-grade results. Undertake detailed geological and structural mapping. Complete soil geochemistry programs. Identify and prioritise drill targets. Initiate permitting for maiden drilling. Progress metallurgical testwork planning. The system remains open in all directions and untested at depth, which in conjunction with recent fieldwork confirming extensive mineralisation, provides significant exploration upside and a clear pathway for targeted drilling to define a large scale fluorspar system. We also look forward to results from our recent mapping and sampling programs, which will further define the scale and potential of Horseshoe The Fluoride Market - The Basics Fluorspar (the commercial name for the mineral fluorite, CaF₂) is the world's primary source of fluorine. The market is roughly 8-9 million tonnes per year and valued at around US$2.1-2.8 billion in 2025-2026, with most forecasters expecting low-to-mid single-digit CAGR growth through to 2032-2035. It is split into two main commercial grades: acid-grade (acidspar, ≥97% CaF₂) which feeds the chemical industry, and metallurgical-grade (metspar) which goes into steel and aluminium production. The headline structural feature of this market is extreme geographic concentration on the supply side (Figure 6). Figure 6: Global players in the Fluorspar market. China, Mexico and Mongolia together account for ~84% of global supply. China's position is structurally important because it is also the largest consumer — Asia Pacific accounts for roughly 74% of global volume — meaning Chinese industrial activity and export policy effectively set the global price. The flip side of this concentration is that fluorspar is now formally listed as a critical mineral by the United States, EU, China, Canada, Japan and Australia, and Western governments are actively supporting new supply (the Lost Sheep mine in Utah, the St Lawrence mine restart in Canada, plus projects in Australia, Germany and Kenya). On the demand side, the market is dominated by chemical applications rather than the traditional metallurgical uses most people associate with the mineral. Where fluorspar goes — grade split and downstream end-use The outlook narrative (see Figure 7) — and the reason fluorspar is getting attention now — is the shift in chemical demand toward energy-transition end-uses. The traditional refrigerant market is actually being phased down (the US AIM Act has cut HFC production allowances to 40% below the historic baseline), but this is being more than offset by three rising demand vectors: Lithium-ion batteries. A Li-ion EV battery uses 5-10x more fluorspar (by mass) than lithium — fluorine compounds appear in the cathode binder (PVDF), the electrolyte salt (LiPF₆), and separator coatings. Benchmark Mineral Intelligence estimates the battery segment alone will pull more than 1.6 Mt of fluorspar annually by 2030, growing at over 20% CAGR. Semiconductors. Ultra-high-purity hydrogen fluoride is essential for etching silicon wafers, with data centre build-out for AI lifting demand. Decarbonisation chemistry. Hydrogen fuel cells, green refrigerants, and fluoropolymer membranes all consume acidspar-derived HF. Figure 7: The distribution of its uses. The US Department of Energy has projected that under current trajectories, fluorspar demand will exceed current supply by 40-70% by 2035. That gap, combined with the geographic concentration shown in the first chart (Figure 6), China's own declining reserves, and the critical mineral designations is what is bringing new Western producers and developers into the conversation. It is also worth noting that fluorspar is rarely produced as a by-product; it depends on dedicated mining operations, which makes the supply side less responsive to sudden demand spikes than commodities like cobalt or molybdenum. Samso Concluding Comments The OD6 story in the last few months has been transforming and the speed in which data has been released is comforting for shareholders. As you can see in Figure 5 below, the resurrection of the share price is promising but I do feel that there is a certain case of fatigue coming onto the screen. The recent frequency of releases may be counter-intuitive to the journey. Figure 5: The share price chart for OD6 Metals Limited as of 26th May 2026. (source: Commsec) One cannot choose the fortunes and misfortunes but the good part of the story is there is urgency and management is definitely trying to make this work. Personally, this is an exciting project as the data slowly unearth the prospectivity of the situation in Nevada. The market for Fluoride or Fluorspar is not something the general public comes across but that is a good thing for OD6 Metals allowing a "educational" educational theme. What I like about the fluoride industry is that there does not appear to be any new upcoming stories that would create problems for OD6 Metals. Most importantly, the grade that are being talked a bout for OD6 Metals appear to be in the Tier-1 category, so lets see how that plays out over time. About OD6 Metals Limited OD6 Metals Ltd (ASX: OD6) is an Australian public company pursuing exploration and development opportunities across the critical minerals sector, with a portfolio spanning fluorspar, rare earth elements, and copper. Its flagship rare earth asset is the Splinter Rock Project in Western Australia's Esperance-Goldfields region, which hosts one of Australia's largest clay-hosted rare earth deposits with an Indicated Resource of 119Mt at 1,632ppm TREO and an Inferred Resource of 563Mt at 1,275ppm TREO. In fluorspar, the company holds an option to acquire the Quinn Fluorspar Project located approximately 220km north of Las Vegas, Nevada — a project with documented high-grade mineralisation across multiple systems, including Mammoth, Horseshoe, and now the rediscovered Big Jim lode, each exhibiting grades well above the economic threshold for fluorspar development. The company also holds the Gulf Creek Copper-Zinc VMS Project near Barraba in New South Wales (Figure 4). Figure 4: Location and neighbourhood of Quinn Flourspar Project in Nevada Previous Samso News Coverage Samso has followed OD6 Metals Ltd across multiple ASX releases. The following represents our prior published coverage of the company: May 19, 2026 - April 05, 2026 - April 17, 2026 - March 18, 2026 - December 19, 2025- November 08, 2025- September 10, 2025- August 24, 2025 - August 13, 2025 August 22, 2023 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Coffee with Samso – David Edgecombe and the Discovery of the Challenger Gold Mine Looking back at my unique experience in the mineral exploration industry, I feel privilege to have been in the tail end of an industry that was at the dawn of the new age of "modern" exploration. I think, I can say that the 1990s was pretty much the beginning of new techniques that involved less "boots on the ground" kind of work. Over the years, there are discoveries that change a region's prospectivity forever and I can safely say that the Challenger Gold Mine in the Gawler Craton is one of them. In this episode of Coffee with Samso, I sat down with David Edgecombe, the geologist who was instrumental in the discovery of the Challenger Gold Deposit in outback South Australia. David is not simply a man who happened to drill a good hole. He is a geologist's geologist — one who understood the rocks, trusted the science, and applied a methodology that was, at the time, genuinely groundbreaking in this part of the world. At 1.2 million ounces of gold, Challenger remains an enigma in the Gawler Craton. There is nothing comparable within a radius of several hundred kilometres. And yet, as David explains, the discovery almost didn't happen. A single calcrete sample — one out of more than 3,600 collected — came back at 180 parts per billion gold. Move that sample 200 metres in either direction, and the number drops below 20 ppb. The story of Challenger is as much about luck as it is about the brilliance of the exploration strategy. What makes this conversation particularly compelling is that David takes us back to the very beginning — the regional sampling programs, the calcrete geochemistry methodology that Dominion Mining pioneered in South Australia, the moment that anomalous result came through on the fax machine late one evening, and the drilling program that confirmed one of the more significant gold discoveries in Australian exploration history. This is a conversation about discovery methodology, about what works and what doesn't, about the value of good science over noise, and about what the next generation of explorers should be looking for in one of Australia's most underexplored terrains. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 219 | The Discovery of the Challenger Gold Mine | Adelaide | South Australia Audio Podcast Coffee with Samso - Episode 219 | The Discovery of the Challenger Gold Mine | Adelaide | South Australia Chapters 00:00 Start 00:10 Introduction 03:12 Introduction of David Edgecombe 04:32 The South Australian Connection 05:31 The South Hilda Project - The Beginning of Interest in Gold Exploration 06:08 - The Introduction of Exploration in the Challenger Area and Calcrete Sampling 06:58 The Realisation of Gold and Calcrete - Bounty Gold Mine 07:40 Adelaide Resources - Andromeda Metals Limited - Realisation of the Potential - Calcrete Sampling. 08:42 The Calcrete Sampling Program 10:29 Tightening of the Regional Sampling Program. - Initiating the Drilling Program. 11:22 The Discovery Hole - The Sixth Hole 12:37 Confirmation Hole - The Seventh Hole 13:02 The Mother Lode - Drilling the Lode Plunge 13:54 The Complication of Corporate Activities 14:33 Did David Think It was Going to As Big As It was? 16:29 Does David think Challenger is still feasible? 17:04 Is Challenger a Geochemical or Geophysical Discovery? 17:39 Geophysical was not Impactful in the Exploration 18:40 No Outcrop - Surface Description 19:27 Modern Explorers should go back to Calcrete Sampling 20:29 New Thoughts on Exploration - XRF 21:25 The Importance of Regolith 22:09 Did the MMI work ? 23:04 The XRF Sampling Potential 23:56 The Mystery of Sampling Points 24:28 Sampling the calcrete and soils with XRF. 25:21 The Naming of Challenger 27:09 Mineral Exploration takes time. 28:06 Was there a sliding doors moment that meant Challenger was not Discovered? 28:36 Timing of the Discover soil sample. 29:09 Was It a Eureka moment? 29:21 Closest Sampling result 29:41 Infill Discussion 30:37 Latest Gold Potential in Gawler 31:19 Could the same exploration style work today in 2026? 32:16 Should we go back to Calcrete sampling ? 34:15 Was there much Iron in the Challenger Area? 35:57 Is Challenger Alone ? 37:17 The Element of Luck 38:22 How close were you to missing the target ? 39:33 Other Sampling Techniques ? 40:37 Interpretation of the Other sampling Techniques ? 42:09 What Would David Tell A Younger Geologist? 44;03 The Wisdom of Age ? 44:34 Any last minute Wisdom to share? 45:20 The Myth of Geologist Destroying the Environment 46:29 David The Geologist. 47:20 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

SEDEX systems are the world’s most important source of lead and zinc and rank among the largest, richest orebodies on earth. Miramar Resources Limited (ASX: M2R) confirmed it had completed its first-ever auger drilling programme at the Joy Helen copper-lead-silver prospect, part of the 100%-owned Chain Pool project in Western Australia's Gascoyne region. The drill program rides on the back of the project's similarities with Sedimentary Exhalative (SEDEX) deposits in the Macarthur Basin. (Figure 1). Importantly, SEDEX systems are the world’s most important source of lead and zinc and rank among the largest, richest orebodies on earth. Miramar’s Managing Director, Ms Marion Bush said the key geological ingredients at the Chain Pool project, combined with evidence of mineralisation in old workings and on the surface at the Joy Helen prospect, have Miramar excited about the project’s potential to host a large SEDEX deposit. Figure 1: Joy Helen prospect showing auger drill holes in relation to carbonate alteration halos and highgrade mineralisation (Source: M2R ASX Announcement) This was the campaign we previewed in late May, when the rig was first turning. That loop has now closed: the drilling is done, the samples are on their way to a Perth laboratory, and assays are expected within three to four weeks. Table 1: Samso Summary Item Detail ASX Code M2R Announcement Chain Pool SEDEX Potential Tested with Successful Auger Drilling (3 June 2026) Prospect Joy Helen Cu-Pb-Ag, Chain Pool Project (E08/3676) Location ~275km northeast of Carnarvon, Gascoyne region, WA Programme 124 auger holes, completed in under two weeks, under budget Strike Known mineralisation ~300m, extended toward a potential ~700m Deposit Model Sedimentary Exhalative (SEDEX) Pb-Zn-Ag, hosted in the Irregully Formation Assays Submitted to Perth lab; results expected in 3–4 weeks Next Steps Ground gravity + passive seismic surveys, then RC or diamond follow-up So, What Exactly Is a SEDEX Deposit? SEDEX is short for Sedimentary Exhalative. The name describes how the metal gets there: hot, metal-rich fluids vent ("exhale") onto or just beneath the floor of a sedimentary basin, and the metals precipitate out among the soft, accumulating sediments. Picture an ancient seafloor sitting over a basin that is slowly pulling apart along deep faults. Those faults act as plumbing. Mineralised brines rise through them, hit the cooler, oxygen-poor water and mud near the surface, and drop their cargo of lead, zinc, silver — and sometimes copper — as layered sulphide ore. Three features tend to define the classic SEDEX setting, and all three are why this deposit type is such a prized exploration target: First, the basin. SEDEX systems form in rift-generated sedimentary basins — older clastic sediments overlain by a thick "sag-phase" sequence of black shales and calcareous mudstones. That stacked, layered architecture is what allows the ore to spread out as broad, stratiform (layer-like) bodies rather than narrow veins. Second, the growth fault. There is almost always a major long-lived fault at the basin margin that channels the mineralising fluids. Find the fault, and you have found the likeliest address for the metal. Third, the zoned halo. As the venting fluids cool and react with the surrounding rock, they leave a predictable chemical fingerprint. At the well-studied Lady Loretta deposit in Queensland, the orebody is wrapped in a proximal zinc-rich siderite halo up to 50m thick, then an ankerite/ferroan dolomite halo for another 50–100m, before grading out into ordinary dolomitic sediment, with broad manganese and thallium halos beyond. Geologists can effectively walk up the gradient of these halos toward the ore — a built-in treasure map, if you can read the chemistry. Why SEDEX Matters — to Geologists and to Investors Here is the part that should make any resources investor sit up. SEDEX deposits are the single most important source of lead and zinc on the planet, and a major source of silver and copper as well. When they work, they tend to be big, and they tend to be rich. The roll-call of SEDEX (and SEDEX-adjacent) giants is a who's-who of world-class mines: Sullivan in Canada, Red Dog in Alaska, Rammelsberg in Germany, and an Australian cluster that includes Cannington, George Fisher, Mount Isa and HYC (Figure 2). These are the kinds of orebodies that underwrite mining towns for decades. That scale is precisely why a junior explorer with a credible SEDEX thesis and a tight share register is interesting — the prize, if it exists, is large enough to re-rate a company many times over. The flip side, and it must be said plainly, is that "credible thesis" and "discovery" are separated by a lot of drilling, and most exploration ground never crosses that gap. Figure 2: Global distribution of SEDEX zinc-lead-silver deposits with proportional symbol showing contained zinc and lead in tons. Insets show distribution of deposits in the (A) Selwyn, (B) Belt-Purcell, (C) Rajasthan, and (D) Mt. Isa-McArthur basins.( Source: U.S. Geological Survey Open-File Report) Does Joy Helen Actually Fit the Model? This is where Miramar's announcement does its real work — not in the drill metres, but in stacking up the geological evidence against the SEDEX checklist. Joy Helen sits in carbonate rocks right against a major growth fault on the edge of the Edmund Basin. Tick the basin. Tick the fault. And, according to Technical Director Allan Kelly, the prospect shows the same zoned carbonate alteration halo — with base-metal values climbing toward a proximal siderite zone — that you would expect from the textbook SEDEX model. Tick the halo (Figure 3). Figure 3: Location and Geology of the Chain Pool Project ( Source: M2R ASX Announcement) There is also a neat explanation for what is missing. So far Joy Helen shows secondary copper and very little zinc, which at first glance seems odd for a lead-zinc deposit type. But metal zonation is normal in these systems: at Mount Isa, primary copper forms closer to the fluid vent, with lead and zinc further out. A copper-rich, zinc-poor signature at surface is therefore consistent with sitting near the "hot" end of a zoned system — potentially an encouraging place to be, rather than a red flag. It is a model-consistent observation, though one that drilling and assays still need to confirm rather than assume. Managing Director Marion Bush's framing is that the project now has all the key geological ingredients for a large SEDEX deposit, combined with real mineralisation in the old workings and at surface. The auger programme didn't prove a deposit — no auger programme does — but it was designed to test the scale of the system, and on the company's account it found enough structure to justify the next, more expensive round of work. Figure 4: Typical SEDEX deposit model adjacent to a major growth fault in a rift basin showing upper breccia and lower replacement orebodies and zoned geochemical halos ( Source: M2R ASX Announcement). What Happens Next Two things are running in parallel. While the assays are processed, Miramar plans a ground gravity survey and a passive seismic survey. Together these are meant to map the basement topography and faulting beneath the cover and, potentially, to directly detect deeper lead-zinc mineralisation. The company has flagged that the gravity survey alone might be enough to generate drill targets. Whatever the surveys and assays show will then shape a follow-up campaign using either an RC or a diamond rig — the heavier tools that can actually test for an orebody at depth. It is worth keeping expectations calibrated. Auger drilling is a near-surface reconnaissance tool; it is the opening move, not the checkmate. The value of the 3 June release is that it keeps the sequence moving and sets up a richer dataset — assays plus geophysics — before any capital goes into deeper drilling. Separately, the announcement carried a brief Eastern Goldfields update: Miramar is working through the drilling data at its 80%-owned Gidji JV Gold Project near Kalgoorlie to assess the potential for shallow gold resources beside the Goldfields Highway, with infill drilling pencilled in for the Highway target in the second half of the year. So the gold story that has driven much of M2R's recent news flow hasn't gone quiet — it is simply sharing the stage. Samso Concluding Comments Chain Pool is, at this stage, a thesis backed by a genuinely good-looking address: the right basin, the right fault, the right alteration halo, and high-grade rock chips already in hand. The 3 June programme did what early-stage exploration is supposed to do — it widened the search area cheaply and quickly, and it framed the next decisions around hard data rather than hope. The disciplined, low-cost manner of the campaign is consistent with how this team tends to operate. For investors, the watch-items from here are concrete and near-term: the assay results in the coming weeks, and the gravity/seismic survey outputs that should sharpen any drill target. Neither will, on its own, "make" the discovery — but together they are the difference between a compelling story and a defined target worth putting a diamond rig on. As always in exploration, the geology can be excellent and the outcome still uncertain. Patience, position sizing and your own research remain the only sensible companions. Reader who have been following Samso will know that Miramar Resources is my favourite explorer. A shareholder that still believes in a discovery, Miramar is definitely worth taking some time for the process of DYOR About Miramar Resources Limited Miramar Resources Limited (ASX: M2R) is a Western Australia–focused mineral exploration company searching for gold, copper and nickel-copper-PGE deposits across two of the state's most prospective regions: the Eastern Goldfields and the Gascoyne. The portfolio spans eight projects across the two regions. In the Eastern Goldfields, the anchor asset is the 80%-owned Gidji JV Gold Project, located roughly 15km north of Kalgoorlie, where recent reverse-circulation drilling has returned shallow, high-grade gold. In the Gascoyne, Miramar holds a cluster of base- and battery-metals projects, including the 100%-owned Whaleshark copper-gold (IOCG) project near Onslow, the Chain Pool copper-lead-silver (SEDEX) project, the Bangemall Ni-Cu-PGE project, Carnarvon Sands, and the recently optioned South Ashburton project. The company continues to actively manage its portfolio, recently completing the sale of its Randalls Project to Ore Resources Limited (ASX: OR3) in April 2026 as part of an ongoing strategy to rationalise its Eastern Goldfields ground and concentrate capital on its highest-priority targets. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

An Australian drone-target maker scaling into a global counter-drone wave — already in the field with allied militaries. 01 / The 60-Second Pitch Boresight Ltd (proposed ASX: BST) is a Canberra-based defence-tech company listing on the ASX on 10 June 2026, having raised $8m at $0.20 per share. What makes it stand apart from the usual micro-cap float is simple: it already sells things to real customers. This is not a concept or a drill target — it’s an operating manufacturer with revenue, a product range, and a foothold inside allied militaries. The product is deceptively mundane and rather clever. Modern warfare has been reshaped by cheap drones — for surveillance, and increasingly as weapons. Militaries now have to buy and operate counter-drone systems, and then train against the threat. Training against real, expensive ISR drones is wasteful; you don’t want to shoot down a $50,000 aircraft to test a jammer. Boresight’s answer is a range of low-cost “attritable” target drones — built to be cheap enough to be shot out of the sky repeatedly, but capable enough to mimic the threats soldiers will actually face. More targets, less money, more repetitions, better-trained operators. The flagship is the BQ400 quadcopter target, backed by mission-planning software and a “swarming” ground-control system that lets one operator fly many targets at once — exactly the kind of complex, many-against-one scenario that C-sUAS crews need to rehearse. A fixed-wing target (the BF150) and a general-purpose quadcopter (ASCA) are in the pipeline. The company said its military customers include 11 Western armed forces, listing the Australian Defence Force, British Army, Canadian Armed Forces, New Zealand Defence Force, the United States Army, Marine Corps, Navy and Air Force, and the Dutch, Italian and Finnish armies. The pitch to investors is a scaling story: take a proven, in-demand product and a thin manufacturing base, add public-market capital, and build capacity — expand the Fyshwick (Canberra) operation and stand up a US plant in Alabama to chase the world’s largest defence market. The tailwind is real and politically durable: Australia’s updated Integrated Investment Program commits an estimated $12–15bn to drone and autonomous systems through 2036, with counter-drone explicitly in scope. What you’re buying, then, is early-stage exposure to a genuine business in a hot sector — with all the execution and concentration risk that “early-stage” implies. 02 / Boresight (ASX: BST) IPO Snapshot Table 1 — IPO Snapshot Item Detail Company Boresight Ltd (ACN 642 501 228) Proposed ASX Code BST Offer Price $0.20 per share Raise $8.0m (40,000,000 shares, before costs) Indicative Market Cap ~$41.8m (at offer price) Pro-forma Cash on Listing ~$8.94m FY25 Revenue $4.36m (FY24: $2.77m) FY25 Result Net loss of ~$0.60m Lead Manager CPS Capital Corporate Adviser ARQ Capital Share Registry Xcend Lodgement / Offer close / Quotation 23 Apr / ~19 May / 10 June 2026 Sector Defence technology — counter-drone (C-sUAS) training systems HQ / Operations Fyshwick, ACT (Canberra); US facility in Madison/Huntsville, Alabama 03 / Capital Structure & Dilution Here the contrast with a typical explorer float is stark — and in Boresight’s favour. The $41.8m indicative market cap at a $0.20 offer price implies roughly 209 million shares on issue after listing. The 40 million new shares sold in the IPO therefore represent only about 19% of the company. Existing holders aren’t being washed out; they’re bringing the public in for a minority slice and keeping the lion’s share. Table 2 — Capital Structure Security Shares % of company Existing shares (pre-IPO) 169,022,782 81% New IPO shares 40,000,000 19% Total on listing 209,022,782 100% That low dilution cuts both ways. It signals founders and early backers believe in the upside and want to keep it — good alignment. But combined with a heavily insider-held register (see Section 7), it also means the free float is small, which tends to mean thin liquidity and sharper price swings once trading begins. There’s also a meaningful options stack — the directors collectively hold well over 15 million options — which will sit over the stock as future dilution if exercised. Expect a chunk of insider stock to be escrowed for the usual 12–24 months; the prospectus has the detail. 04 / Use of Funds Boresight IPO has been refreshingly plain about what the $8m is for: making more drones, faster, in more places. The proceeds are earmarked to expand the engineering and production teams, ramp up production in the United States, increase additive manufacturing (3D printing) capacity, and further vertically integrate the operation — alongside expanding the existing Canberra facility and leasing the larger Alabama site. Table 3 — Use of Funds (as described) Use Purpose Manufacturing capacity Expand Fyshwick (Canberra); increase additive-manufacturing capacity US expansion Stand up / lease a larger facility in Madison–Huntsville, Alabama People Grow engineering and production teams Vertical integration Bring more of the supply chain in-house Working capital General corporate purposes The prospectus does not publish a precise dollar split across these line items; the above reflects the categories management has disclosed. The logic is sound: the binding constraint on a business like this isn’t demand, it’s the ability to build units at volume and at cost. The US footprint is the strategically interesting bit — Alabama (Huntsville is a major US defence-and-space hub) puts Boresight next to the world’s biggest defence buyer. It’s also where execution risk is concentrated and where export control and dual-use compliance become more complicated. 05 / The Business — What Boresight Actually Sells This is the section an explorer can’t write, because there’s a real product line to describe. Table 4 — Product & Service Range Offering What it is Status BQ400 Quadcopter The flagship — a cost-effective quadcopter target for C-sUAS training and testing (Figure 1) In production / in field Swarming GCS Ground-control + flight-management software letting one operator fly many targets at once In use Mission Planning Software Pre-defined flight profiles and escalating scenarios for repeatable training In use ASCA GP-UAS Quadcopter A general-purpose quadcopter platform “Coming soon” BF150 A fixed-wing target to replicate faster, fixed-wing threats “Coming soon” The thesis hangs on the attritable idea: targets cheap enough to be destroyed routinely, but realistic enough to train against the evolving threat. That combination — low unit cost plus credible threat emulation plus software to orchestrate complex scenarios — is the moat Boresight is claiming, and it’s why it frames itself as the only ASX-listed pure-play in counter-drone training systems. Figure 1: Boresight's BQ400. The flagship — a cost-effective quadcopter target (Source: Company Website) The pipeline matters too. A fixed-wing target and a general-purpose platform would broaden the addressable training scenarios beyond quadcopters, but both are still “coming soon” — i.e. not yet revenue. For now, the BQ400 and the software around it are the engine. 06 / Traction & Financials The reason to take Boresight seriously is the numbers it already has on the board. Table 5 — Financial & Commercial Snapshot Metric Figure FY25 revenue $4.36m FY24 revenue $2.77m Revenue growth ~+57% year-on-year FY25 net result Loss of ~$0.60m Pro-forma cash on listing ~$8.94m Units sold (since 2020) 6,000+ target drones Customer base 15 militaries across 12 countries Incorporated 2020 (spun out of Criterion Solutions) Two things stand out. First, the revenue is real and growing fast — a ~57% jump in a year, off a base that’s already meaningful for a company of this size. Second, the loss is small (~$0.60m), which says this isn’t a cash-incinerating moonshot; it’s a near-breakeven business that needs capital to grow, not to survive. Pro-forma cash of ~$8.94m post-raise gives it a comfortable runway to fund the expansion. The honest caveat is the shape of defence revenue. Government and military orders are lumpy and slow — they arrive as episodic contracts, not smooth subscription curves, and procurement timelines can stretch. A 57% growth rate is impressive but won’t necessarily repeat in a straight line; one delayed program can swing a half-year. Investors should watch the cadence of new orders post-listing more than any single revenue figure. 07 / The Board & Ownership A company this early is a bet on the people and the relationships behind it — and Boresight’s register is tightly held by its founders and the company it was born from. Table 6 — Board & Key Holders Name Role Background/holding (at prospectus) Justin Olde Managing Director & CEO Joined 2022; previously 4+ years as an executive at Electro Optic Systems (ASX: EOS). Held no shares but 8m+ options. Michael Sinkowitsch Co-founder, Executive Director Former Australian Army officer. Held ~23.5%; 3.2m options. Dr Andrew Windsor Non-Executive Chair (UK-based) Held ~21.7%; 3.2m options. Blake Burton Non-Executive Director (Perth) Held ~0.36%; 1.2m options. Criterion Solutions Substantial holder (related party) Canberra defence & intelligence company that Boresight was spun out of in 2020; held ~25%. Sinkowitsch and Windsor are directors/shareholders. The strength is domain pedigree: a co-founder with Army experience, a CEO out of a listed defence company (EOS), and a parent (Criterion) embedded in the Canberra defence-and-intelligence ecosystem. These are people who know the customer and the procurement world. The flip side is concentration and related-party exposure. Founders plus Criterion control a large majority of the register, and Criterion is both a major shareholder and the entity Boresight emerged from — a related-party relationship that warrants reading the prospectus’s disclosures on any ongoing arrangements. It also reinforces the thin-free-float point: with so much stock held by insiders (and likely escrowed), the freely traded portion is small. 08 / The Market — Why Now The macro case is the easiest part of the story, and it’s genuinely strong. Drones have changed warfare and public safety permanently. Cheap uncrewed systems are now used by sophisticated and unsophisticated adversaries alike, for surveillance and as weapons. That has forced militaries worldwide to acquire counter-drone systems — and, crucially, to train against the threat continuously. Counter-drone training is a structural, recurring need, not a one-off purchase, and that’s the slice Boresight occupies. The funding backdrop is concrete. Australia’s updated Integrated Investment Program earmarks an estimated $12–15bn for drone and autonomous systems through 2036, with counter-drone capability explicitly named. Globally, the lessons of recent drone-heavy conflicts have pushed C-sUAS up every allied military’s priority list. And Boresight’s planned US footprint in Alabama points it at the largest defence market in the world. A sober note: defence spending is politically driven and program timelines are long, so “the budget exists” doesn’t automatically convert to “Boresight wins the order.” But the direction of travel — more drones, therefore more counter-drone systems, therefore more training against targets — is about as durable a thematic as you’ll find in defence right now. 09 / The Risks / Points of Friction ▸ Lumpy, slow revenue. Defence procurement is episodic and politically timed; growth won’t be linear, and a delayed program can dent a reporting period. ▸ Still loss-making. Small, but the path to sustained profitability at scale is unproven. ▸ Concentration & related party. Insider- and Criterion-dominated register; small free float means thin liquidity and volatility, plus related-party considerations to read closely. ▸ Execution risk on US expansion. Standing up the Alabama facility, hiring, and scaling additive manufacturing are real operational challenges — and bring US export-control / dual-use compliance. ▸ Competition. The target-drone and C-sUAS space is busy; Boresight’s “attritable + realistic + swarming” niche is a claim that competitors will contest. ▸ Pipeline not yet revenue. The BF150 and ASCA are “coming soon”; today’s revenue leans on the BQ400 and its software. ▸ Valuation. ~$41.8m for ~$4m of revenue is a growth multiple — it prices in the scaling, so execution has to deliver. Samso Concluding Comments Boresight is the most “real” company in this run of listings — this is also the kind of Samso coverage that makes us different from the rest of the reviews online. This is something that makes money and revenue is the key to the discussion. There’s no resource to define, no drill program to wait for: there’s a product in the field, paying customers across a dozen countries, and revenue growing at a clip. For a $42m ASX float, that combination is genuinely uncommon. The things to like are tangible. The product solves a real and growing problem cheaply. The revenue is up ~57% and the loss is small, so the capital is for growth rather than survival. The sector tailwind — counter-drone training as a structural, recurring defence need — is strong and politically durable, and the US expansion points the company at the biggest market going. Founders are keeping most of the equity, which aligns them with new shareholders. The frictions are just as real, and they cluster around concentration and conversion. The register is tightly held by insiders and a related party, so liquidity will be thin and the free float small. Revenue is lumpy and procurement is slow, so patience is required. US expansion is where the money goes and where the execution risk lives. And the price already assumes the scaling works — at ~$41.8m on ~$4m of revenue, you’re paying for the next few years, not the last one. The natural thing to watch, as with any growth-stage listing, is the order flow after listing — new contracts, the ramp of the US facility, and whether the “coming soon” pipeline (BF150, ASCA) converts into revenue. If the orders keep landing and the Alabama plant comes online on plan, the thematic does the rest. If procurement stalls or the scale-up slips, this is a small, thinly traded defence stock priced for a growth that hasn’t yet been proven at volume. Real business, real tailwind, real execution risk — and the contracts will tell the story. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The West Australian gold developer is targeting first production from multiple ore sources in the second half of 2027 At a Glance Item Description Company Maritana Minerals Limited (ASX: MRT) Focus Gold development — the Black Swan Processing Hub, a brownfield Carbon-in-Leach (CIL) gold plant Location ~50km from Kalgoorlie, in the Western Australian Goldfields Key development FEED completed; planned nameplate throughput lifted from 2.2Mtpa to 2.5Mtpa The plant Repurposing the former Poseidon Nickel concentrator (acquired via merger), leaning on existing crushing and grinding infrastructure Throughput arc 1.5Mtpa (PFS) → 2.2Mtpa (Feb 2026 Scoping Study) → 2.5Mtpa (FEED) First ore sources Boorara, Coote and Crake open pits and the Cannon underground mine; Burbanks studies continuing Production ambition ~100,000oz per annum gold producer (subject to further technical and economic study) Balance sheet $229M cash plus ~$11M of listed investments Key contractors GR Engineering Services (FEED / EPC); Zeal Engineering (Owner's Engineer); MineBuild Global (mining establishment and restart) Corporate MD & CEO Grant Haywood; Liz Jones appointed COO from 26 August 2026 (ex-GM, Ramelius Mt Magnet regional hub) Approvals Works approvals, Mine Development and Closure Proposals (MDCPs) and native vegetation clearing permits lodged and advancing Timeline Construction targeted mid-2026; first production H2 2027; ore commissioning H1 FY28 Next steps Capital cost review and EPC arrangements with GRES ahead of a Final Investment Decision; SAG mill removal from June 2026; approvals to grant; open-pit, underground and haulage contracts awarded late 2026 Maritana Minerals Limited (ASX: MRT) has delivered a comprehensive progress update earlier this month on the Black Swan Processing Hub (BSPH), located roughly 50km from Kalgoorlie in the heart of the Western Australian Goldfields. The headline is a clean one: front-end engineering design work has lifted the planned nameplate throughput of the plant from 2.2 million tonnes per annum (Mtpa) to 2.5Mtpa, and the broader development effort has shifted visibly from the drawing board to the dirt. Construction is targeted to commence in mid-2026, with first production from multiple ore sources flagged for the second half of 2027. For those who have followed this story, the throughput number tells you more than it first appears. The earlier Pre-Feasibility Study contemplated a 1.5Mtpa plant. The February 2026 Scoping Study moved that to 2.2Mtpa. The FEED work has now pushed it to 2.5Mtpa. The direction of travel matters as much as the destination. Managing Director and CEO Grant Haywood commented: Maritana is "delighted with the substantial progress" at Black Swan. According to Haywood, the completed FEED study and the lift in nameplate throughput above 2.2Mtpa "materially improves the Project's production capacity," with site activity ramping up quickly and key approvals advancing. Combined with the company's de-risking initiatives across infrastructure, accommodation and power, he says Maritana is well positioned for a mid-2026 construction start and first production from multiple ore sources in the second half of 2027, with the team focused on delivering Black Swan as a cornerstone asset. Highlights – The Path to a Gold Mining Story Engineering and Design The Front-End Engineering Design (FEED) phase has been completed, with the report prepared by GR Engineering Services (GRES) now submitted for review. This is the engine room of the update. GRES has identified the potential to run the plant at 2.5Mtpa rather than the 2.2Mtpa carried in the Scoping Study, based on a closer look at the available ore sources and the capability of the existing crushing and grinding infrastructure already standing at Black Swan. Figure 1: Existing infrastructure at Black Swan (Source: MRT Webiste) That last point is the crux of the Black Swan thesis. Maritana did not build this plant from scratch — it inherited a brownfield concentrator through the Poseidon Nickel merger and is repurposing it into a gold Carbon-in-Leach (CIL) operation (Figure 1). Being able to dial throughput higher by leaning on existing comminution capacity is exactly the kind of latent optionality that brownfield assets are supposed to deliver. The company frames the uplift as supportive of its stated ambition to become a ~100,000-ounce-per-annum gold producer, though it is careful - correctly - to flag that this remains subject to further technical and economic study. (Figure 2). Figure 2: Flotation circuit and planned changes (Source: MRT Webiste) Capital Cost Here is where Samso readers should keep their eyes open. Maritana has been candid that process plant capex is likely to rise in line with both the throughput uplift and broader inflationary pressures. The capital implications of the 2.5Mtpa design are still being assessed within the FEED review, and a revised estimate - together with any impact on the mine plan - will come to the market in due course. The company says it is actively reviewing all capital items to identify cost reductions, defer expenditure beyond first gold, and explore separate financing arrangements for certain items. That is a sensible posture, but it is also the open question of this announcement. More tonnes are good. The cost of buying those tonnes is the number that will ultimately decide whether the project economics improve or merely get bigger. Site Survey and Digital Modelling A comprehensive LiDAR (Light Detection and Ranging) survey of the site has been completed, and the resulting point-cloud data used to build an accurate as-built digital model of the existing brownfield infrastructure. This is genuine de-risking, not window dressing. The single biggest execution risk on a brownfield refurbishment is the clash between new and old infrastructure that nobody mapped properly. An accurate digital twin reduces the chance of nasty surprises during detailed design and construction. ROM Pad Design Maritana has finalised the design of an enlarged Run-of-Mine (ROM) pad, sized to take ore from quad side-tipping road trains and to provide substantially more stockpiling capacity. The intent is to support ore blending and optimise mill feed — important when you are pulling from multiple deposits of varying grade and metallurgy into a single hub. Approvals and Permitting Works are progressing under existing approvals attached to the mining leases and the previous 2022 Poseidon Nickel feasibility study. For the new areas, the key regulatory approvals — works approvals, Mine Development and Closure Proposals (MDCPs), and native vegetation clearing permits — have been lodged and are advancing through assessment. Approvals are the quiet risk on every WA development timeline, so seeing them lodged and moving is a tick in the right box. Owner's Engineer and Site Mobilisation Zeal Engineering, a Western Australian firm with greenfield and brownfield experience, has been appointed as Owner's Engineer to strengthen technical oversight through construction. On the ground, two Site Senior Executives (SSEs) and an OHS Manager have been appointed, clean-up and legacy equipment removal is underway, and the removal of the Semi-Autogenous Grinding (SAG) mill — for refurbishment or potential replacement — is scheduled to begin in June 2026. Accommodation The accommodation strategy supports a hub-and-spoke model. A permanent 60-room camp (scalable to 120 rooms) is being designed at Black Swan, with a temporary camp bridging the gap during construction. Concurrently, Maritana is acquiring a central Kalgoorlie property that already carries development approval for around 50 rooms, with settlement expected in the June 2026 quarter. Hotel accommodation in Kalgoorlie is covering drilling and operational-readiness activity in the interim. Unglamorous, but in a labour-constrained Goldfields, beds are leverage. Power, Water and Drilling Western Power has commenced grid connection studies, with approvals expected next quarter, and the diesel backup power station design is complete and right-sized for redundancy. On water, Western Groundwater and Flow Water Services have been engaged for studies and bore field refurbishment. Sterilisation and geotechnical drilling has commenced across the new infrastructure areas — the CIL circuit, power station and tailings storage facility — to lock in detailed design and final siting. Mining Operational Readiness This is the other half of the equation, and it is easy to overlook when the plant grabs the headlines. A plant with no feed is an expensive ornament. Maritana has appointed MineBuild Global to oversee the establishment and restart of the Boorara Open Pit, the Coote and Crake Open Pits, and the development of the Cannon underground mine — the first three key ore sources for Black Swan. Contract tendering for open pit, underground and haulage services has commenced, with awards targeted for late H2 2026 to support mining starting in early 2027. Technical studies for the initial operations are complete, while work on the Burbanks open pit and underground continues. Corporate On the leadership front, Maritana has appointed Elizabeth (Liz) Jones as Chief Operating Officer, commencing 26 August 2026. Jones brings more than three decades of underground and open pit experience, most recently as General Manager of Ramelius Resources' Mt Magnet operations, where she oversaw the establishment of a regional processing hub — directly relevant experience for what Maritana is trying to build. And then there is the balance sheet: a $229M cash balance plus around $11M of listed investments. For a developer at this stage, a funding position of this size is the difference between dictating the pace and being dictated to. Next Steps Maritana has set out a clear list of near-term priorities: finalising the EPC and reimbursable contract arrangements with GRES and completing the capital cost review ahead of a Financial Investment Decision; progressing the lodged approvals through to grant; completing the SAG mill removal and confirming the refurbishment-versus-replacement pathway; advancing accommodation and site earthworks; finalising the water strategy; pushing toward full construction with ore commissioning targeted for H1 FY28; and awarding the open pit, underground and haulage contracts in late 2026. Figure 3: Key Milestones (Source: ASX Presentation) Samso Concluding Comments Maritana Minerals is simply going through its paces, and investors need to take advantage of the "resting" of the gold hype. The consensus in the market is that the fundamentals are all pointing to higher gold prices in the future. The fact that should not deter investors from considering Maritana as a potential investment idea. Look out for our Samso Insights on the Gold Path in 2026 and beyond, which will be coming out soon. There is probably going to be a period of no single transformational catalyst, no maiden resource, no bonanza drill hit, no surprise takeover. Instead what the market is going to see is a methodical list of de-risking steps being knocked over one by one: survey done, ROM pad designed, approvals lodged, Owner's Engineer appointed, SSEs on site, camps being secured, power and water progressing, mining contractor engaged, and a COO with hub-building pedigree on the way. For investors who understand mine development, this is what progress actually looks like. It is what I call the "Boring" stage. Look at this a a period where you can get on the bandwagon again or for those that have not, to get a second chance to get on the journey. The throughput uplift to 2.5Mtpa is a positive, and the scaling arc of 1.5Mtpa at PFS, 2.2Mtpa at Scoping Study, now 2.5Mtpa at FEED does indicate an asset that keeps offering more as the engineering deepens. That is the brownfield optionality thesis playing out in real time, and it is the encouraging signal in this release. What readers should get from this Samso News is our aim to separate signal from noise, and the noise to watch here is capital. Maritana has been refreshingly upfront that capex is likely to rise with both the bigger plant and inflation. More tonnes only creates value if the cost of delivering them does not eat the upside. The revised capital estimate, when it lands, is the number that matters. A $229M cash position buys patience and optionality, but it does not make the capex question disappear. The other thing worth holding in mind is execution sequencing. Maritana is building a plant and standing up multiple mines and securing accommodation and locking in power and water, all at once, all on a mid-2026-to-2027 timeline. The hub-and-spoke model works on paper but the challenge, as ever in this game, is converting a tidy plan into commissioned tonnes and poured gold without timeline slip or budget blowout. In my our opinion, the market will now be waiting for two things: the revised capital number, and the first sign of steel going up. Time, as always, will be the key determinant of whether the ~100koz aspiration becomes a production reality or remains an aspiration. About Maritana Minerals Limited Maritana Minerals Limited (ASX: MRT) — formerly Horizon Minerals, renamed in April 2026 — is an emerging gold developer and producer advancing a portfolio of assets across Western Australia's prolific Eastern Goldfields (Figure 4). Following its transformational merger with Poseidon Nickel and the subsequent Gordons acquisition, the company holds a mineral resource base of around 1.88Moz of gold (34.32Mt at 1.7 g/t Au) across roughly 1,386 km² of tenure in some of Australia's most productive gold belts. Maritana Minerals holds a 100% interest in gold projects in the Kalgoorlie and Coolgardie regions, including the 428,000oz Boorara project and 1,372,000oz in satellite projects in close proximity. At the centre of Maritana's strategy is the Black Swan Processing Hub, located approximately 50km from Kalgoorlie. Acquired as a brownfield concentrator through the Poseidon Nickel merger, the plant is being refurbished and converted into a gold Carbon-in-Leach (CIL) operation, with front-end engineering design lifting planned nameplate throughput to 2.5Mtpa. The hub is designed to provide centralised processing for ore drawn from multiple company-owned deposits — including the Boorara, Coote and Crake open pits and the Cannon underground mine — under a hub-and-spoke model, with construction targeted for mid-2026 and first production in the second half of 2027. The company's stated ambition is to become a standalone gold producer of around 100,000 ounces per annum. Figure 4: Location of Maritania's Projects (Source: ASX Presentation) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

At a Glance Item Description Company Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals Focus Rutile (titanium feedstock) and monazite (rare earths), with zircon, ilmenite and gold credits Flagship Minta Rutile & Monazite Project, central Cameroon — 8,800 km²; 18 granted permits plus 3 under application; 80% owned by Lion Rock Priority areas Mboma (shallow residual rutile — maiden MRE candidate); Minta Est (monazite-bearing rare earths); Yong alluvial basin a follow-up Latest results — Mboma 533 samples over ~44 km²; average 0.59% in-situ rutile at ~4.78m depth; rutile-in-HM assemblage up to 74.4% Latest results — Minta Est Calculated monazite in HM up to 3.92%; intercepts including 6.0m @ 1.2% and 2.0m @ 3.3% monazite Strategic partner Tronox Holdings (NYSE: TROX) — ~5% holder via an A$8.6m placement at $0.056/share, plus a technical & commercial services agreement Leadership CEO Theuns de Bruyn and COO Grant Scott (former Sierra Rutile executives); Non-Executive Chair Duncan Craib Critical-minerals angle Exposure to at least 12 of the 60 minerals on the 2025 US critical minerals list, led by rutile/titanium and rare earths Other assets Kitongo & Lolo Uranium (Cameroon); Green Rocks gold-copper (WA); Yendon kaolin-HPA (Victoria) Exploration method Low-cost hand-auger and Dormer drilling — high sample density at a fraction of conventional drilling cost Market capitalisation Roughly A$80–100m at recent prices (sharply re-rated over the past year) Next steps Maiden Mineral Resource Estimate targeted in 2026; an Exploration Target; metallurgy, recoverability and product-quality work Lion Rock Minerals Limited (ASX: LRM) has delivered another round of drilling results from its Minta Project in central Cameroon, and the story they tell is a familiar one for anyone who has watched a critical-minerals explorer find its stride: the footprint keeps getting bigger, the priority targets keep getting sharper, and the path toward a maiden Mineral Resource Estimate is coming into focus (Figure 1). The 11 June 2026 update covered two of the project's most prospective tenements — Mboma, where shallow residual rutile is being advanced toward a possible initial resource, and Minta Est, where monazite-bearing rare-earth mineralisation is being progressed down a separate evaluation pathway. Both delivered, and both reinforce the company's stated ambition: to become a globally significant rutile and monazite producer. Figure 1: Residual Rutile infill drilling and result distribution across Minta Target area (Source: LRM ASX Announcement) What is the big deal? Lion Rock is a critical-minerals explorer with one very large, very early-stage idea: that the 8,800 km² Minta district in central Cameroon can be turned into a new, globally significant source of two things the Western world is increasingly anxious about - high-grade titanium feedstock (rutile) and rare earths (from monazite). The attraction is threefold. First, the geology is shallow and cheap to test: residual rutile sits in weathered profiles near surface, and the company explores it with hand augers and light Dormer rigs rather than expensive drill rigs, generating enormous sample density at low cost. Second, the commodity mix is squarely on-theme — rutile is the cleanest natural titanium feedstock, natural rutile supply globally is tight, and monazite is a recognised rare-earth source feeding the magnet-metals supply chain. Third, and most powerfully, Lion Rock has a cornerstone shareholder that matters: Tronox, one of the world's largest vertically integrated titanium and mineral-sands producers, which took roughly 5% at a premium and signed on to provide technical and commercial help. What you are not buying is a resource. There is no JORC Mineral Resource yet — the maiden estimate is targeted for later in 2026 — and the project sits in a frontier jurisdiction. This is a province-scale exploration story with a strategic validator attached, not a developed asset. The Results - Reading Them Properly This is where Samso's "separate the signal from the noise" instinct comes alive, because Lion Rock's numbers can be misread if you take the biggest figure at face value. Mboma (rutile). Mboma is the most advanced rutile target and the leading candidate for the company's first resource. The latest dataset covers 533 sample intervals across roughly 44 km², averaging 0.59% in-situ rutile at an average depth of just 4.78 metres, with 337 intervals above 0.50% and 12 above 1.00% (Table 1). The eye-catching numbers in the headline — 74.4%, 63.0%, 62.8% — are not grades. They are the proportion of the heavy-mineral assemblage that is rutile. In plain terms: the in-ground grade is around half a percent to one-and-a-bit percent rutile, but of the heavy minerals present, a very high share is rutile itself. That assemblage purity matters - a clean, rutile-dominant heavy-mineral suite is easier and more valuable to turn into a saleable product - but it should not be confused with the grade. Read correctly, Mboma is a broad, shallow, low-grade-but-clean rutile blanket, which is exactly the kind of thing that can host a large tonnage resource if continuity holds. Minta Est (monazite). Here the company is chasing rare earths. The standout intercepts — 6.0m at 1.2% and 2.0m at 3.3% monazite, with a peak interval of 3.92% — are genuinely encouraging for an early program, and 452 intervals came in above the 0.2% reporting threshold (Table 2). But Lion Rock is admirably explicit about a crucial caveat, and so should any reader be: these are calculated monazite in heavy mineral figures. They are an exploration reporting threshold, not an economic cut-off, and — in the company's own words - not a rare-earth-oxide grade, not an NdPr grade, and not a recoverable product grade. Monazite percentage is a step removed from the contained rare earths that actually generate value. It's a promising signal of where the rare-earth mineralisation sits; it is not yet a measure of what can be sold. The honest read on both: strong, expansive early-stage exploration that justifies the next phase of work — but a long way from defining, let alone valuing, a resource. The Tronox Factor If there is one feature that lifts Lion Rock above the average frontier explorer, it is Tronox. In late 2025, Tronox Holdings — a NYSE-listed, ~6,500-employee, six-continent producer of titanium dioxide pigment, titanium feedstock, zircon and rare-earth-bearing mineral sands - committed an A$8.6 million strategic placement for roughly 5% of Lion Rock, at $0.056 per share, a premium to the market price at the time. Crucially, the money came with a commercial and technical services agreement, giving Lion Rock access to Tronox's mine-to-pigment know-how, flowsheet expertise and customer relationships, and Tronox the right to maintain its holding in future raisings. The bull reading is obvious and powerful: one of the world's foremost titanium-feedstock companies looked at Minta up close — including a site visit to Cameroon — and decided to put money and expertise in. For a pre-resource explorer, that is about as strong a third-party validation as exists, and it directly de-risks the two hardest questions an early rutile/monazite project faces: can the product be made to specification, and will anyone buy it? The bear reading is the necessary counterweight: 5% is a strategic toe in the water, not a commitment to develop; a services agreement is help, not a guarantee; and Tronox's interest validates the opportunity, not a resource that does not yet exist. It is a reason to take Lion Rock seriously. It is not a reason to skip the due diligence. Why Rutile and Monazite The macro backdrop is the easy part of the story. Rutile is the highest-grade natural source of titanium — the feedstock for white pigment and titanium metal — and the world's natural rutile supply is concentrated and declining as legacy mines deplete. That scarcity is precisely why a major like Tronox is hunting for new feedstock. Monazite, meanwhile, is a rare-earth phosphate that carries the magnet rare earths (neodymium, praseodymium and friends) at the heart of every electric motor, wind turbine and guided system — and rare-earth supply security has become an explicit Western policy priority. Minta sits at the intersection of both themes. Lion Rock notes the project offers exposure to at least 12 of the 60 minerals on the 2025 US critical minerals list, led by titanium and rare earths and extending into zirconium. That breadth is genuinely differentiating — but it is also worth a note of discipline: a long list of contained critical minerals only creates value for the ones that can actually be recovered and sold economically, which is exactly what the next phase of metallurgical and product-quality work is meant to establish. The People A frontier critical-minerals play lives or dies on whether the team has actually done it before - and this is a relative strength for Lion Rock. The leadership transition in 2026 brought in Theuns de Bruyn as CEO and Grant Scott as COO, both former Sierra Rutile executives — Sierra Rutile being one of the world's significant natural rutile operations. That is directly relevant operating pedigree for a company trying to define and ultimately produce rutile. Duncan Craib chairs the board. The executive team being based in-country in Cameroon is also the right signal for a project whose biggest practical challenges are on the ground, not in Perth. Read: Lion Rock Minerals Brings In the Sierra Rutile Playbook to Cameroon Samso Concluding Comments Lion Rock is simply reigniting some spark to the whole Rutile in Cameroon story. They have gone quiet since late 2025. There is a management change and the recent ASX releases is highlighting a serious case of refreshing the front office. The prospectivity of the project is pretty much where they left off before the radio silence so it will be interesting to see the upcoming news. Tronox is still in the mix with the monazite scene, and it does feel that there may be a swing to a rare earth story rather than a titanium/rutile pitch. As I mentioned, the new management and the potential "new" path will be very interesting with time. There is no doubt that the prior news was good, and recent news on the rutile assemblages is good for the market acceptance. However, as typically with the Samso coverage, the balance is just as important. A "74% rutile" headline is assemblage quality, not grade. A "3.92% monazite" interval is still a calculated figure that is explicitly not really a rare-earth grade or a potentially recoverable product grade. Investors should still consider this news as encouraging exploration signals, not value statements. To the company's credit, these are clearly declared. The real tests are still ahead, such as a maiden resource that holds up, metallurgy that confirms a saleable product, and a development pathway that a frontier jurisdiction can actually support. Figure 2: Lion Rock Minerals Limited share price chart (Source: Commsec) The market has already re-rated the stock hard (Figure 2) over the past year, so a good deal of optimism is in the price. From here items such as the maiden Mineral Resource Estimate expected later in 2026, the recoverability and product-quality work that turns a critical-minerals footprint into a defensible product, and whether the Tronox relationship deepens from a 5% stake into something closer to a development partnership, will be the key points to keep an eye on. About Lion Rock Minerals Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals Limited, is an Australian-listed mineral sands and critical minerals explorer focused on the development of its flagship Minta Rutile & Monazite Project in central Cameroon (Figure 3).The Company holds an 80% group interest in 18 granted exploration permits and three further permits under valid application across approximately 8,800 km² of prospective ground at Minta, with approximately 5,000 km² described as the higher-priority prospective belt within that footprint. Figure 2: Location of Minta Project ( Source: LRM ASX Announcement) Beyond Minta, Lion Rock holds the Kitongo and Lolo Uranium Projects in Cameroon (six tenements totalling approximately 2,440 km², all currently pending grant) and the Yendon Kaolin Project in Victoria (four licences in the Ballarat-Bendigo zone of the Lachlan Fold Belt). The Green Rocks Project in Western Australia was divested in April 2026 as non-core. Tronox Holdings plc (NYSE: TROX), an integrated producer of titanium dioxide with US-government endorsement of its proposed rare earth refinery, holds a 5% interest in the Company and has identified Minta as a potential feedstock source for its rare earth strategy. The Company’s strategic objective is to deliver a maiden Mineral Resource Estimate at Minta in H2 2026 under the operational direction of a newly appointed Sierra Rutile-pedigree executive team, with both the CEO (Theuns de Bruyn) and COO (Grant Scott) based in-country in Cameroon for the duration of the Minta Project’s development phase. The Board is chaired by Duncan Craib, the former Managing Director and CEO of Boss Energy Limited (ASX: BOE), with David Brophy as Non-Executive Director bringing 20+ years of commercial experience across West and Central African commodity supply chains, licensing and procurement. As at the March 2026 quarterly, Lion Rock reported A$6.872 million in cash and cash equivalents, with a pro forma cash position of approximately A$8 million following settlement of the $2 million Placement announced on 21 May 2026. The Company’s capital structure at 31 March 2026 comprised 3,463,917,147 ordinary fully paid shares on issue (plus 100 million escrowed) and 216,600,000 unquoted options on issue. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies .

Clean, high-grade results open a pathway to both MetSpar and premium AcidSpar products. At a Glance Item Description Company OD6 Metals Limited (ASX: OD6) — a ~A$13.5m-capped Australian critical-minerals explorer Focus Fluorspar (USA), plus rare earths and copper (Australia) Flagship Quinn Fluorspar Project, Nevada, USA — a district-scale cluster (48 claims, ~220km north of Las Vegas) with deposits at Horseshoe, Mammoth and Big Jim Latest results Low-impurity multi-element assays at Horseshoe and Mammoth; Horseshoe averages 70.9% CaF₂ (peak 82%) with very low contaminants The significance Horseshoe already meets MetSpar specifications — pointing to Direct Shipping Ore (DSO) potential — while both deposits offer a pathway to premium AcidSpar (>97% CaF₂) via ore-sorting and flotation Why it stands out Very low lead, sulphur, arsenic, uranium and thorium versus major deposits in Mexico, Italy, China and Utah — reducing processing, environmental and permitting risk Products & pricing MetSpar (steel fluxing agent) ~US$400–520/t; AcidSpar (chemical/HF acid) ~US$560/t Critical-mineral angle The US imports 100% of its fluorspar and classifies it critical; >60% of global supply comes from China; used in HF acid, AI chips, batteries, defence and refrigerants Jurisdiction Nevada — ranked #2 globally on the Fraser Institute’s 2025 mining attractiveness index Acquisition status OD6 has exercised its option over Quinn; completion is subject to shareholder approval (EGM expected ~mid-July 2026); 2% NSR on future production Other assets Splinter Rock clay-hosted REE (WA) — 119Mt @ 1,632ppm + 563Mt @ 1,275ppm TREO; Gulf Creek copper-zinc (NSW) Leadership MD & CEO Brett Hazelden; Non-Executive Chair Piers Lewis Stage / next steps Channel-sample stage at Quinn (pre-resource); metallurgical testwork underway — TOMRA optical ore sorting and Core Resources flotation — with results expected through Q3 and H2 2026 OD6 Metals Limited (ASX: OD6) has highlighted multi-element assay results from the Horseshoe and Mammoth deposits at its Quinn Fluorspar Project in Nevada (Figure 1). The results confirm high fluorspar grades - Horseshoe averaging 70.9% CaF₂ - alongside impurity levels below typical global industry thresholds, supporting the potential for premium MetSpar and Acid Spar products. For a mineral the United States classifies as critical and imports in full, grade combined with clean chemistry in a tier-one jurisdiction is the combination that matters. OD6 Managing Director Brett Hazelden, commented: “These results reinforce our belief that Quinn has the potential to become one of the highest-grade fluorspar projects in North America. Not only are we seeing exceptional fluorspar grades, particularly at Horseshoe, but we are also seeing remarkably low levels of impurities that commonly attract penalties or create processing challenges at many fluorspar operations globally" The Headline: High Grade, and Clean The standout is Horseshoe. Channel sampling there returned an average of 70.9% CaF₂, with a peak of 82%, and crucially, an impurity suite that sits comfortably inside product specifications even before any processing (Table 1). Lead, sulphur, arsenic, cadmium, uranium and thorium all came back very low to non-detectable. In OD6’s own framing, the Horseshoe material already exceeds the minimum grade generally associated with MetSpar products, opening the door to a Direct Shipping Ore (DSO) style product subject to the usual further studies. Mammoth is lower grade at an average 40.8% CaF₂ (peak 53.2%) and carries higher silica, so it needs upgrading to reach MetSpar’s >60% threshold — but it shares the same clean signature: low base metals, low sulphur, negligible arsenic. Both deposits, OD6 says, have the potential to be lifted to premium AcidSpar (>97% CaF₂) through ore-sorting and conventional flotation. Table 1:Horseshoe vs Mammoth (channel samples) Deposit Avg CaF₂ Peak CaF₂ Silica Status Horseshoe 70.9% 82% 8.9% Meets MetSpar spec; DSO potential Mammoth 40.8% 53.2% 38.1% Needs ore-sorting to reach >60% Channel-sample averages, not a Mineral Resource. Source: OD6 Metals ASX announcement, 16 June 2026. It’s worth being clear about the stage: these are channel samples from surface, not drill results, and the company is explicit that the spacing is not appropriate for a Mineral Resource estimate. Quinn has never been drilled. What the results do is establish the grade and — more importantly — the chemistry, ahead of the metallurgical and drilling work that would turn encouragement into a resource. Figure 1: Quinn Fluorspar Project with, deposit locations, background geology and alteration map (Source: OD6 ASX Announcement) MetSpar and AcidSpar - A Quick Primer Fluorspar (the mineral fluorite, CaF₂) is the world’s main source of fluorine, and it’s typically sold in two upgraded forms. MetSpar (>60% CaF₂) goes to the steel industry as a fluxing agent — it improves slag fluidity and helps strip impurities — and needs to be low in lead and sulphur (Table 2). AcidSpar (>97% CaF₂) is the higher-value product, sold to the chemical industry to make hydrofluoric acid, which in turn feeds battery chemistries, solar panels, semiconductors and AI chips, defence applications and the nuclear fuel cycle. AcidSpar carries tight limits on silica, arsenic, sulphur, phosphorus and any radioactive or base-metal contaminants. Table 2: MetSpar vs AcidSpar Product CaF₂ Key limits Used in Price (US$/t) MetSpar >60% <5,000ppm Pb; <3,000ppm S Steel — fluxing agent ~$400–520 AcidSpar >97% <1.5% SiO₂; <10–20ppm As; <1,000ppm S; <100–550ppm P Chemical — HF acid (batteries, solar, chips, defence, nuclear) ~$560 Pricing, per the announcement, runs around US$400–520 per tonne for MetSpar (depending on grade and quality) and around US$560 per tonne for AcidSpar. The attraction of Quinn is that it potentially offers a pathway to both — a near-term, simple DSO MetSpar product from Horseshoe, and a higher-value AcidSpar product with modest processing. Why Clean Chemistry Matters This is the part of the OD6 story that investors should look closely, because impurities are important in fluorspar economics. The announcement does set Quinn against the global peer group, and the contrast is good. At Las Cuevas in Mexico, which is the world’s largest fluorite producer, the presence of arsenic is a recognised processing constraint. In Europe's largest fluorite deposit, located in Silius, Italy, there is a fluorite-galena system with a lead grade of 3.2%, necessitating a distinct processing circuit. Many Chinese deposits are found in pyrite-bearing systems, which increase the risk of acid drainage. At the Lost Sheep project in Utah, uranium levels can reach several thousand ppm. In contrast, Quinn’s Horseshoe and Mammoth have low levels of all these elements. This has three practical implications that OD6 rightly highlights: low sulphur content means a minimal risk of acid mine drainage (an environmental and permitting benefit), the lack of uranium and thorium eliminates concerns about radionuclides, and low levels of base metals and arsenic reduce the need for specialized processing circuits. In the context of US permitting, being "clean" is not only a metallurgical advantage but also a developmental one. The Critical-Mineral Backdrop The macro case is the easy part. The United States imports 100% of its fluorspar, classifies it as a critical mineral, and sources more than 60% of global supply from China. Fluorspar sits upstream of hydrofluoric acid, which is upstream of an enormous range of modern technologies such as semiconductors and AI chips, batteries, refrigerants, defence systems and uranium enrichment. With Western governments actively seeking secure, domestic critical-mineral supply chains, a clean, high-grade fluorspar project in Nevada — the world’s second-ranked mining jurisdiction — is squarely on theme. Beyond Quinn Although Quinn is the focus, OD6 is not a single-asset company. In Western Australia it holds the 100%-owned Splinter Rock clay-hosted rare-earth project, which carries a sizeable Mineral Resource — 119Mt at 1,632ppm TREO (Indicated) plus 563Mt at 1,275ppm TREO (Inferred) — and an innovative processing flowsheet targeting neodymium and praseodymium recovery. In New South Wales, the Gulf Creek copper-zinc VMS project offers exploration upside along more than 10km of strike. Both keep OD6 anchored to the broader critical-minerals theme while Quinn takes centre stage. What’s Next OD6 is advancing a staged metallurgical testwork program to validate and optimize processing flowsheets. Recent OD6 field programs have collected extensive metallurgical samples across multiple prospects at Quinn, ready for modern-day metallurgical testing. Forward plan include: Samples to be sent for optical ore sorting testwork with TOMRA (Germany) Upgrade feed grade prior to processing Reduce processing costs and plant size Assess reject/waste separation efficiency OD6 expects the TOMRA testwork to commence this quarter, with results to be available in quarter 3 Additional metallurgical flotation testwork with Core Resources (Australia) Flotation optimisation Dense media separation Grind size and reagent testing o Product specification validation (Acidspar vs. Metspar) OD6 expects the flotation testwork to commence this quarter, with results anticipated to be available in the second half of the year OD6 to apply for bulk sample permits across multiple areas to support advanced metallurgical testwork Provide representative material for pilot-scale testing Support flowsheet development Generate potential offtake samples for customers The Fluoride Market - The Basics Fluorspar (the commercial name for the mineral fluorite, CaF₂) is the world's primary source of fluorine. The market is roughly 8-9 million tonnes per year and valued at around US$2.1-2.8 billion in 2025-2026, with most forecasters expecting low-to-mid single-digit CAGR growth through to 2032-2035. It is split into two main commercial grades: acid-grade (acidspar, ≥97% CaF₂) which feeds the chemical industry, and metallurgical-grade (metspar) which goes into steel and aluminium production. The headline structural feature of this market is extreme geographic concentration on the supply side (Figure 2). Figure 2: Global players in the Fluorspar market. China, Mexico and Mongolia together account for ~84% of global supply. China's position is structurally important because it is also the largest consumer — Asia Pacific accounts for roughly 74% of global volume — meaning Chinese industrial activity and export policy effectively set the global price. The flip side of this concentration is that fluorspar is now formally listed as a critical mineral by the United States, EU, China, Canada, Japan and Australia, and Western governments are actively supporting new supply (the Lost Sheep mine in Utah, the St Lawrence mine restart in Canada, plus projects in Australia, Germany and Kenya). On the demand side, the market is dominated by chemical applications rather than the traditional metallurgical uses most people associate with the mineral. Where fluorspar goes — grade split and downstream end-use The outlook narrative (see Figure 3) — and the reason fluorspar is getting attention now — is the shift in chemical demand toward energy-transition end-uses. The traditional refrigerant market is actually being phased down (the US AIM Act has cut HFC production allowances to 40% below the historic baseline), but this is being more than offset by three rising demand vectors: Lithium-ion batteries. A Li-ion EV battery uses 5-10x more fluorspar (by mass) than lithium — fluorine compounds appear in the cathode binder (PVDF), the electrolyte salt (LiPF₆), and separator coatings. Benchmark Mineral Intelligence estimates the battery segment alone will pull more than 1.6 Mt of fluorspar annually by 2030, growing at over 20% CAGR. Semiconductors. Ultra-high-purity hydrogen fluoride is essential for etching silicon wafers, with data centre build-out for AI lifting demand. Decarbonisation chemistry. Hydrogen fuel cells, green refrigerants, and fluoropolymer membranes all consume acidspar-derived HF. Figure 3: The distribution of its uses. The US Department of Energy has projected that under current trajectories, fluorspar demand will exceed current supply by 40-70% by 2035. That gap, combined with the geographic concentration shown in the first chart (Figure 6), China's own declining reserves, and the critical mineral designations is what is bringing new Western producers and developers into the conversation. It is also worth noting that fluorspar is rarely produced as a by-product; it depends on dedicated mining operations, which makes the supply side less responsive to sudden demand spikes than commodities like cobalt or molybdenum. Samso Concluding Comments OD6 has unveiled a high-grade fluorspar project in a top-tier jurisdiction, providing a mineral that the United States requires but cannot currently produce domestically. As OD6 advances the Quinn project, recent findings indicate that the material is not only high-grade but also remarkably free of the contaminants that typically trouble fluorspar projects in other locations. The dual pathway, a potential near-term DSO MetSpar product alongside a route to premium AcidSpar gives the project a flexibility that most single-product deposits lack. The caution for investors are the following, Quinn is at the channel-sampling stage and has never been drilled, so grade and chemistry are known but tonnage is not. Future issues are also unknown and I don't think I have worked or looked at a project over time when no new issues are uncovered. This is by no means a certainty as much as the contrarian thought is a certainty. The metallurgical testwork now underway is that will start to create visibility on the assays and create a defined, saleable product. As a small-cap with milestone payments and exploration ahead, OD6 will need to keep funding the work. The funding is a work in progress and one would simply accept that is the road ahead. For now, the things to watch are the TOMRA and Core Resources metallurgical results due through the second half of 2026, the completion of the Quinn acquisition in July, and the first drilling that begins to convert a high-grade, low-impurity surface story into a resource. A good commodity and good timing, so DYOR is advised. About OD6 Metals Limited OD6 Metals Ltd (ASX: OD6) is an Australian public company pursuing exploration and development opportunities across the critical minerals sector, with a portfolio spanning fluorspar, rare earth elements, and copper. Its flagship rare earth asset is the Splinter Rock Project in Western Australia's Esperance-Goldfields region, which hosts one of Australia's largest clay-hosted rare earth deposits with an Indicated Resource of 119Mt at 1,632ppm TREO and an Inferred Resource of 563Mt at 1,275ppm TREO. In fluorspar, the company holds an option to acquire the Quinn Fluorspar Project located approximately 220km north of Las Vegas, Nevada — a project with documented high-grade mineralisation across multiple systems, including Mammoth, Horseshoe, and now the rediscovered Big Jim lode, each exhibiting grades well above the economic threshold for fluorspar development. The company also holds the Gulf Creek Copper-Zinc VMS Project near Barraba in New South Wales (Figure 4). Check out the Coffee with Samso discussing the acquisition of the Quinn Flourspar Project. Figure 4: Location and neighbourhood of Quinn Fluorspar Project in Nevada The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts 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. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies .