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EchoSolv AS Enters Mount Sinai Health System: A Deployment Inside One of the United States' Leading Cardiovascular Networks Samso News | ASX: EIQ | Source: Echo IQ Limited ASX Release, 28 April 2026 Samso has been following the Echo IQ since September 2025. The research that went into preparing for the first Coffee with Samso with Dustin Haines was the eye opener for myself. It became very clear that this was a business that just needed validation and the first was the FDA submission which I now understand is not something that is caually done. The proecess and the acceptance of the request for approval in itself was a strenous process and is almost a tick of approval on acceptance for the requrest. It was at that stage that my thoughts was that this is a matter of time and not a need for pprove of concept. The acceptance for partnership or acceptance of their product into the Mayo Clinic and now the Mount Sinai system is the ebst validation that I can think of, in my humble opinion anyway. The product targets severe aortic stenosis — a condition that carries meaningful consequences when it goes undetected. The commercial model is predicated on integration into existing echocardiography workflows rather than requiring new infrastructure, which reduces the barrier to adoption inside hospital systems. The Mount Sinai engagement confirms that leading cardiovascular institutions are willing to put this software into active clinical use. Echo IQ Limited (ASX: EIQ) has confirmed the deployment of EchoSolv AS into Mount Sinai Health System, a major healthcare network based in New York, United States. This announcement represents the company's most significant US institutional placement to date. Mount Sinai Health System operates seven hospitals, more than 400 outpatient practices, and over 3,760 beds across its campuses. Its affiliate, the Icahn School of Medicine at Mount Sinai, is a globally recognised medical school. Mount Sinai Hospital The system services millions of patient interactions each year and is consistently positioned among the top hospital networks in the United States across multiple clinical specialties, with cardiology and heart surgery among its most prominent areas. The significance of this deployment is grounded in the specific ranking of Mount Sinai Fuster Heart Hospital at The Mount Sinai Hospital. According to U.S. News & World Report's 2025–26 Best Hospitals rankings, it holds the No. 1 position in New York and No. 2 in the nation for Cardiology, Heart and Vascular Surgery. For a company commercialising AI-based decision support software for the assessment of severe aortic stenosis, placing that product inside the second-ranked heart hospital network in the United States is a measurable step in its stated US commercial strategy. Severe aortic stenosis is a condition in which narrowing of the aortic valve restricts blood flow from the heart. It can go undetected or be inconsistently assessed in high-volume clinical environments, and when left untreated, patients cannot benefit from the therapeutic options available. EchoSolv AS is designed to operate as an adjunct within existing echocardiography workflows, providing a measurement-based second review to assist physicians in identifying cases that may otherwise be missed. The software is not intended to replace physician judgment but to augment the assessment process. Echo IQ Limited Mt Sinai Health System Highlights of the Echo IQ Asx Release - 28th April 2026 EchoSolv AS finds hidden cases Management Commentary - Echo IQ and EchoSolv AS What the Company's Leadership Said About the Mount Sinai Deployment Nick Lubbers, US President and General Manager of Echo IQ, addressed the strategic context of the deployment. He described the engagement as an important step in the company's US commercial growth, noting that it reflects increasing interest from cardiologists in tools that can support assessment within routine echocardiography workflows. Lubbers characterised EchoSolv AS as a practical, measurement-based second look for physicians assessing severe aortic stenosis, and stated the company intends to demonstrate the product's utility at scale through its work with Mount Sinai Health System. He also framed the Mount Sinai engagement as consistent with Echo IQ's broader trajectory of building partnerships with leading hospitals and expanding access to AI-enabled decision support in cardiology. "Mount Sinai is the kind of institution that helps set the standard for clinical excellence and innovation." — Nick Lubbers, US President and General Manager, Echo IQ Limited Clinical commentary was provided by Dr. Stamatios Lerakis MD, PhD, Director of the Cardiovascular Imaging Program and Imaging for Structural and Valve Interventions for Mount Sinai Health System. Dr. Lerakis noted that EchoSolv AS can highlight cases of aortic stenosis that may otherwise be under-diagnosed and remain untreated, meaning affected patients would not benefit from the therapeutic advances available in the management of aortic valve disease. He described the software as an adjunct for the echocardiographer, confirming that the physician retains final interpretive authority, and stated that the product would strengthen patient care. "This product can highlight patients with aortic stenosis that can be otherwise under-diagnosed, remain untreated and as a result, not benefit from the tremendous therapeutic advancements in the space of aortic valve diseases." — Dr. Stamatios Lerakis MD, PhD, Director Cardiovascular Imaging Program, Mount Sinai Health System Disclosure noted in the ASX release: Dr. Stamatios Lerakis serves as a paid key opinion leader, speaker, and advisory board member for Echo IQ Limited. Near-Term Milestones to Watch What Investors Should Monitor Following This Deployment Announcement Near-Term Milestones to Watch Map illustrating Mount Sinai Health System's New York footprint across its seven hospitals and outpatient practices. Samso Concluding Comments Putting the Mount Sinai Deployment in Context To say that the deployment of EchoSolv AS into Mount Sinai Health System is a significant step for Echo IQ would be an understatement. The relevance of the institution is well documented in the medical profession and the narrative of importance whenever you hear thatat some person of significance has been admited to a Mt. Sinai hospital, To the intiated, this hospital system may be ranked second in the nation for cardiology and heart surgery by U.S., however to the "nomral people, the everday population, the mention of Mt. Sinai represents the upper tier of the US without stipulating the cardiovascular landscape. For Echo IQ Limited with a product designed specifically for cardiologists operating within echocardiography workflows, gaining access to a system of this standing reflects the product's ability to meet the standards required by a top-level clinical institution. Shareholders should be sitting back rubbing their hands already knowing that the ASX release uses the language of deployment, which denotes active clinical use. For now, I think that Echo IQ Limtied is enjoying the spotlight of good compnay stories on the ASX. Previous Samso News Coverage Samso has followed Echo IQ across multiple ASX releases. The following represents our prior published coverage of the company: April 16, 2026 - Echo IQ – AI Diagnostics, Mayo Clinic & Hypergrowth March 26, 2026 - Echo IQ – Mayo Clinic Agreement Expands Commercial Pathway for EchoSolv HF After FDA Clearance January 30, 2026 - Echo IQ Limited — FDA 510(k) Submission Lodged Following Mayo Clinic Validation - Catalyst for Market Acceptance ? - Time to get On Board the EIQ Train December 15, 2025 - EchoIQ (ASX:EIQ) — New Clinical Data Reinforces Market Potential of EchoSolv™ AS November 26, 2025 - Is this A for Gift Shareholders of Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform – Lining Up for FDA 510(k) Submission October 25, 2025 - Echo IQ (ASX: EIQ): Strong Operational Momentum & Regulatory Milestones. Recent Setback May Be A Discount Opportunity for Investors - Diagnosing Heart Disease. September 7, 2025 - Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ). About Echo IQ Echo IQ Limited (ASX: EIQ) — AI-Driven Decision Support in Cardiology Echo IQ is a Sydney-based AI and medical technology company. Its lead product, EchoSolv AS, is an AI-based decision support software indicated as an adjunct to echocardiography for the assessment of severe aortic stenosis. The software is designed to be used by qualified healthcare professionals alongside existing clinical tools, providing a measurement-based review to assist physicians in identifying cases of severe aortic stenosis that may otherwise go undetected. EchoSolv AS holds FDA 510(k) clearance in the United States. The company's commercial strategy centres on deploying the software at high-volume cardiovascular institutions and cardiology practices across the US market. 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. . ---

Black Swan Processing Hub Refurbishment Funded and Underway: Maritana Minerals Limited Presents Its Pathway to Standalone Gold Production in the WA Goldfields Samso News | ASX: MRT | Source: Maritana Minerals Limited - Investor Presentation - Mining Forum Europe , 15 April 2026 Maritana Minerals Limited (ASX: MRT) was Horizon Minerals Limited (ASX: HRZ) before a name change announced on the 10th April 2026. The company was on a Coffee with Samso in August 2025, where Grant Haywood, the Managing Director and CEO, shared with us the business that was to become what is now called Maritana Minerals Limited. My interest in the story stems from the fact that at that time, this was a gold-producing story that was pretty much "undervalued" in terms of a business that was pretty much producing gold. For those who remember, the gold price was "surging" at that time at USD $3200 per ounce. It reached a high of USD $5,600 and is now currently sitting at USD $4,600 per ounce. Similarly, the share price of Maritana Minerals rose from AUD $0.67 to a high of AUD $1.51 and with the falling gold price, the share price is now at AUD $0.75 with a market capitalisation of AUD $277M. At the time we published the Coffee with Samso, the market capitalisation of Maritana (then Horizon Minerals Limited) was around AUD $100M. The increase in market capitalisation has increased with an aggressive capital raise since that time. Is it time to have a relook at this opportunity? The Business of Maritana Minerals Limited Maritana Minerals operates in a space where the key risk variables for a development-stage gold company are resource definition, processing infrastructure, funding, and permitting. In the strict terms of being a gold producer, Maritan is not quite there yet, and for those that have been following their story, is this a case of on-risk or de-risking situation? From a Samso point of view, the potential positives are that Maritana Minerals' Black Swan Processing Hub is now 100%-owned with the potential of a 2.2Mtpa processing facility that removes the need to build a new plant from the ground up, cutting both capital requirements and development timelines relative to a greenfield approach. The company's A$175M equity raise has been completed, placing the project in a funded position ahead of construction. The study results have been published, FEED is underway, major approvals are in place, and long lead items have been ordered. For a development-stage company, the number of open variables is potentially materially lower than is typical at this stage. The Black Swan refurbishment approach is a model that Samso considers worth tracking as the company moves toward its mid-2027 first gold production target. Maritana Minerals Limited (ASX: MRT) — West Australian Gold Developer Targeting Standalone Production via Refurbished Processing Hub - The Facts. Maritana Minerals is a West Australian gold developer that holds a 1,167km² land package centred around the Kalgoorlie and Coolgardie regions of Western Australia, underpinned by a 1.9Moz Mineral Resource at 1.7g/t Au. Its cornerstone asset is the Black Swan Processing Hub — a 2.2Mtpa processing facility currently in care and maintenance, located approximately 50km northeast of Kalgoorlie. The company's stated strategy is to refurbish Black Swan and convert it to gold processing, using a hub-and-spoke model to draw ore from multiple deposits across its landholding. A feasibility study supports an operation producing an average of approximately 102,000 ounces of gold per year over a five-year mine plan, with first gold targeted for mid-2027. The company is fully funded for plant refurbishment and mine development, having completed an A$175M equity raise in February 2026. In addition to its gold assets, Maritana holds the Nimbus Silver-Zinc deposit located 44km from Black Swan, which contains 20.2Moz of silver and 104kt of zinc. Introducing the Presentation Maritana Minerals Limited presented its April 2026 investor presentation at the Mining Forum Europe, setting out the current status of the Black Swan Processing Hub development and the company's pathway to first gold production. The presentation consolidates the key milestones reached since the company's rebrand from Horizon Minerals and details the funded position, study results, resource base, and construction timeline that underpin the company's stated plan to become a standalone West Australian gold producer by mid-2027. The core of the presentation is the Black Swan Processing Hub, a 2.2Mtpa facility currently in care and maintenance, located approximately 50km northeast of Kalgoorlie. The company's strategy is to refurbish and convert this plant to gold processing, avoiding the cost and timeline associated with a new build. The study results support a project-level pre-tax NPV of approximately A$631M at an 8% discount rate and an IRR of 83%, using a base case gold price of A$5,500 per ounce. At the time of the presentation, spot gold was reported at A$7,300 per ounce. Pre-production capital has been estimated at A$160.5M, with a capital intensity of approximately A$1,500 per ounce, and payback of 18 months from plant commissioning at the base case gold price. The company completed an A$175M equity raise in February 2026, with a further A$4.65M raised through a Share Purchase Plan, placing the project in a fully funded position for plant refurbishment and mine development. Front End Engineering Design (FEED) is underway, the Final Investment Decision (FID) is expected in the second quarter of 2026, and plant construction is scheduled to begin in the third quarter of 2026. The company has also reported that major environmental and regulatory approvals are in place, and that long lead items — including motors and variable speed drives — have been ordered. Ore stockpiling at Boorara has commenced, with 460,000 tonnes at 1.21g/t gold reported as a de-risked startup inventory ahead of plant commissioning. Highlights Highlights of the Maritana Minerals Business - April Investor Presentation - Mining Forum Europe - 15th April 2026 The Balck Swan Processing Hub Strategy. (souce: Maritana Minerals Limited) Management Commentary Grant Haywood, Managing Director and CEO of Maritana Minerals, has framed the Black Swan Processing Hub as the foundation of the company's plan to become a standalone West Australian gold producer. The investor presentation positions the project as a low capital intensity, expedited pathway to production, with Haywood and the board pointing to the use of existing processing infrastructure as the key differentiator relative to a greenfield development. "All elements in place to support aspirational target to become a ~100kozpa GOLD producer." — Maritana Minerals Limited, April 2026 Investor Presentation The presentation highlights that the project benefits from key approvals already being in place, long lead items having been ordered, and FEED studies being underway. Maritana Minerals Limtied has communicated that construction is expected to commence from mid-2026, with commissioning in early 2027 and first gold production by mid-2027. The board and management team, which includes a Project Director and Project Manager in addition to executive leadership, has been presented as having operational experience relevant to mine development and production in the Western Australian goldfields. On the subject of project economics, the company has highlighted that the base case study was run at A$5,500/oz gold and that the spot price at the time of the presentation was A$7,300/oz. The company has not presented updated economics at the spot price, but has included a sensitivity analysis showing that gold price is the most significant variable affecting NPV — with a 20% increase in the gold price producing an optimistic NPV materially above the A$631M base case figure. The Maritana Minerals Limited Business Model. (source: Maritana Minerals Limited) Near-Term Milestones to Watch Key Delivery Points Between Now and First Gold Production at Black Swan Near-Term Milestones to Watch Key Milestones and Timing (source: Maritana Minerals Limited) Samso Concluding Comments Putting the Black Swan Development in Context Despite the recent fall in share price which is consistent with the gold price pulling back, Maritana Minerals, as of April 2026 is still a story that a number of development-stage gold companies in Western Australia have sought but fewer have reached at this point in the cycle. Maritana has published feasibility study, a funded balance sheet, major approvals in place, long lead items ordered, and a concrete construction timeline. Readers should remember that the Black Swan Processing Hub does represent an estimated replacement value of over A$200M. The company is acquiring access to that asset for a refurbishment capital cost of approximately A$101M. The pre-production capital total of A$160.5M, which includes mining capital, is funded without debt from the capital raise completed in February 2026. Refurbishment versus new build comparison table (cost, timeline, approvals, sustainability (source: Maritana Minerals Limited) The current mine plan is for five years and 546,000 ounces. The Burbanks high-grade underground mine, with its 465,500-ounce Mineral Resource and historical production grade of 22.7g/t, is not included in that plan and while it sits as a real potential to add ounces, this is still a work in progress. I would probably prefer to keep this as a pie in the sky for now. A Mineral Resource for Burbanks upgrade is scheduled for mid-2026 and is expected to be incorporated into a combined pre-feasibility study and updated life of mine plan. If that process proceeds on the stated timeline, investors should have a clearer picture of the mine life beyond the initial five years by the end of 2026. The Black Swan site itself has also been identified as carrying gold prospectivity that has not been systematically tested. Grnt did mention this as early as the Coffee wiht Samso that only 5% of historical drill assays at the site tested for gold, and a 6.5km gold trend has been identified adjacent to the existing infrastructure. Neither of these represents a confirmed resource addition at this stage, but both represent additional optionality within the existing landholding. Black Swan exploration potential map showing North, East, West, and South gold anomalies with soil results and the Mt Monger Fault (source: Maritana Minerals Limited) The economics presented in the feasibility study are based on a gold price of A$5,500 per ounce. The spot gold price at the time of the investor presentation was reported at A$7,300 (Currently AUD $6300) per ounce, so at the current state of the market, this has to be considered. The AISC of A$3,353/oz at base case, against a spot price of A$7,300/oz, did represent a margin that was meaningful to track as construction capital is committed and cash costs are refined through FEED. Study outcomes chart showing closing cash position by financial year and gold produced (koz) alongside the NPV sensitivity tornado chart. (source: Maritana Minerals Limited) With the changing dynamics that is always full of surprise, if the view is that the gold price will continue to move upwards with time, then this may be a situation of a second chance to get in on the story; however, if the gold price did move further downwards, then waiting may be the right mvoe for investors. In the space of mining, the details are important. Previous Samso News Coverage Samso has followed Maritana Minerals (formerly Horizon Minerals) across multiple ASX releases. The following represents our prior published coverage of the company: October 8, 2025 - Horizon Minerals (ASX: HRZ) — Burbanks drilling returns spectacular grades - The Early Steps to Build a Gold Mining Story. September 2, 2025 - Horizon Minerals (ASX: HRZ) – Advancing the Black Swan Pre-Feasibility Study - A Gold Mining Hub. August 21, 2025 - Horizon Minerals Expands Strategic Footprint Near Black Swan with Gordons Dam Acquisition - Creating a Gold Mining Hub. August 1, 2025 - Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX: HRZ) July 27, 2025 - Horizon Minerals Limited (ASX: HRZ) – 2025 Growth Strategy in Action - An Undervalued Gold Miner Story ? June 29, 2025 - Horizon Minerals: Strategic Pivot Towards Standalone Gold Production 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. . ---

In this edition of Samso Insights, we revisit Horizon Minerals Limited (ASX: HRZ), a Western Australian gold mining company embarking on a new chapter. Horizon aims to become an independent, cash-generating gold producer, taking control of its destiny. What stands out is not just the scale of Horizon’s portfolio but also the assets, many of which are largely unseen by investors. Horizon Minerals Limited (ASX: HRZ) share price chart as of 12th June 2025. (Commsec) Current Market Position of Horizon Minerals Horizon currently has a market cap of $125M AUD. The share price trajectory shown in the graph indicates a significant disconnect from its potential, especially with the gold price exceeding USD $3,382 as of June 13, 2025. To complicate the situation, it is priced at AUD $5,177, which reveals an astonishing margin for any gold producer. Gold Price as of 29th of June 2025. (Trading Economics) For comparison, Meeka Metals Limited (ASX:MEK) boasts a market cap of over AUD $352M but is still at the commissioning stage. Meanwhile, Horizon is in the process of hauling ore for sale in the coming months, indicating an outlook for increased production. Over the years, many companies have circled Kalgoorlie, each with ambitions of building a sustainable pipeline. However, the strategy Horizon is outlining appears different. It represents a realignment of asset strategy supported by operational cash inflows that lend credibility to its approach. Navigating the Competitive Landscape What is critical to Horizon's advancement is its cautious and incremental approach. The company is making smart moves that could strengthen its position in a competitive region. The Horizon Snapshot: Numbers and Narrative of Gold Mining Gold Resource Base: - 1.8 million ounces across 30.5Mt @ 1.84 g/t Au. - Covers multiple deposits within a 1,309 km² tenure across WA’s Goldfields. Processing Infrastructure: - 2.2Mtpa Black Swan facility (100%-owned, currently under care & maintenance). - Located ~40km north of Kalgoorlie with grid power, water, and permitting in place. Current Operations Generating Cash: - Boorara and Phillips Find are producing under ore sale and toll milling agreements. - Estimated ~$30M in free cash flow from Boorara (ASX: 6 May 2024). Financial Position (as of 31 Mar 2025): - Cash and cash equivalents: $9.1M and a recent capital raise of $30M. - Debt: $8.0M. - Market capitalization: $122M (share price $0.057 as of 6 May 2025). - Enterprise value: ~$120.9M. Exploration Strategy: - ~50,000m of drilling planned for FY25/26. - Key targets include Burbanks, Kalpini, Penny’s Find, Greater Boorara, and Wilsons. Short-Term Production Outlook: - Gold produced from Boorara and Phillips Find. - First gold from Black Swan targeted by the end of 2026. At a glance, Horizon presents a compelling resource-rich story. The early cash inflows, particularly from Boorara and Phillips Find, are funding upcoming exploration and feasibility work. This self-sustaining strategy is rare among junior companies. Very few juniors can claim their market capitalization mirrors cash inflows into their accounts. Figure 1: Horizon Minerals – At A Glance (Source: Horizon Minerals Investor Presentation, May 2025) The early-stage revenue generation without substantial dilution is a defining characteristic of Horizon. There are inherent risks, but the rising gold price is expected to support demand for HRZ. It's surprising to see this company under the radar, raising questions about market awareness. Strategy with Teeth: Black Swan as a Foundation The recent acquisition of the Black Swan processing facility, through the completed takeover of Poseidon Minerals, positions Horizon to control a 2.2Mtpa processing plant located just 40km north of Kalgoorlie. Currently under care and maintenance, Horizon plans a cost-effective refurbishment of the plant for future gold production. Studies are projected for completion by the end of 2025. Figure 2: Black Swan Processing Facility (Source: Horizon Minerals Investor Presentation, May 2025) This facility, estimated to hold a replacement value exceeding $150M, could initially support throughput of 1.0–1.5Mtpa, with room for expansion. GR Engineering has assumed responsibility for running the engineering studies for conversion. This includes adding a CIL circuit to the existing flotation configuration. In discussions with Grant Haywood, the Managing Director of Horizon Minerals, we talked about optimal strategies for the Poseidon plant. There is considerable scope for growth, especially as the costs of manufacturing and construction continue to rise. Refurbishing the plant appears to be the most cost-effective path forward. A Regional Presence with Real Resource Depth Horizon’s consolidated position includes multiple established and advancing projects, all within trucking distance to the Black Swan hub: Boorara Project First gold pour: Jan 2025. Ore sale agreement (1.24Mt) to the Paddington mill through Q2 2026. First parcel produced: 1,163oz @ A$4,256/oz → Revenue: ~$4.95M. Current gold price exceeds A$5,000/oz. Figure 3: Boorara Gold Project (Source: Horizon Minerals Investor Presentation, May 2025) Phillips Find JV A low-risk joint venture with BML Ventures. First pour: Feb 2025, generating ~$7.9M. Further ore treatment contracts secured for late 2025. Additional ore treatment capacity of 80kt available. Figure 4: Phillips Find JV Project (Source: Horizon Minerals Investor Presentation, May 2025) Both projects serve as cash flow contributors and are priming the funding runway for the Black Swan refurbishment. This aspect is of particular importance to investors looking for growth that does not overly depend on dilution. Exploration: Sharpening the Drill Bit Horizon’s 30Mt of existing gold resources includes a 50,000m drilling program planned for FY25/26 (Figure 5): Burbanks (465.5koz @ 2.8 g/t Au). Wilsons. Greater Boorara. Coote-Crake. Penny’s Find. Kalpini. Figure 5: Strong Pipeline Supporting Black Swan (Source: Horizon Minerals Investor Presentation, May 2025) Burbanks Project: Scale, Grade, and Untested Depth The Burbanks project is particularly intriguing. Situated on a granted mining lease 9km from Coolgardie, Burbanks features a large open-pit resource along with a high-grade underground target (167.9koz @ 4.4 g/t Au). Currently, only 30% of the upper 500m has been tested, with 20,000m of the upcoming drill program devoted to this asset. Figure 6: Burbank's Project – Mineral Resource Estimate (Source: Horizon Minerals Investor Presentation, May 2025) After three decades in this industry, I’ve realized that successful mining businesses focus on simplicity in their operations. Each project must be evaluated on its own merits. Projects in proximity to each other can be integrated, while distant projects must be assessed independently. Burbanks stands out as a major highlight for Horizon. The existing resource presents a strong case, but the real allure lies in the unexplored regions. If Horizon executes its exploration strategy effectively, the entire narrative surrounding Burbanks could change rapidly. Penny’s Find: Small Footprint, High Margin Penny’s Find is one of the few WA juniors actively developing underground mining. The project shows strong financial promise, with a Pre-Feasibility Study (PFS) already completed: Life-of-mine: ~23 months. Total ore reserve: 329.9kt @ 3.2 g/t Au. Recovery: 88.9% → 29.8koz of gold. Free cash flow projected at $24M (at A$3,600/oz). Figure 7: Penny’s Find (Source: Horizon Minerals Investor Presentation, May 2025) This project has received all necessary approvals, which significantly reduces the risks associated with its development. Infrastructure Advantage: Unlocking Regional Potential Horizon’s core message emphasizes the importance of controlling processing infrastructure, a growing competitive asset in WA’s Goldfields. With over 1Moz of stranded gold resources in the region lacking processing solutions, Horizon is positioning itself as a regional facilitator. This can take the form of joint ventures, toll milling, or ore purchase arrangements. Figure 8: Platform for Regional Consolidation (Source: Horizon Minerals Investor Presentation, May 2025) Such strategies could evolve into secondary revenue streams or avenues for growth through corporate partnerships. As discussions progress, Horizon remains focused on maintaining optionality. Management and Board Grant Haywood – Managing Director Over 30 years of mining engineering experience. Previously held operational roles with Saracen, Phoenix Gold, and Goldfields Ltd. Proven track record transitioning projects from feasibility to production. Stephen Guy – Chief Geologist Over 25 years in exploration and production. Experience with BHP, FMG, Newcrest, Gindalbie Metals. Background includes multiple commodities: gold, copper, base metals, iron ore. Julian Tambyrajah – CFO & Company Secretary Over 30 years of finance expertise within resource companies. Experienced in project evaluation, feasibility, operations, and logistics. Chartered Company Secretary, Certified Practising Accountant. Ashok Parekh – Non-Executive Chairman Chartered Accountant with over 40 years in Kalgoorlie. Recipient of the Centenary Medal; awarded the Meritorious Service Award by the Institute of Chartered Accountants. Warren Hallam – Non-Executive Director Both a metallurgist and mineral economist with 25 years of experience. Previous roles at Metals X and Westgold; currently on the board of Poseidon Nickel. Rob Waugh – Non-Executive Director Over 35 years in gold and base metals exploration and development. Former Managing Director of Musgrave Minerals (acquired by Ramelius for $200M in 2023) and held senior roles at BHP and WMC Resources. Samso Concluding Comments It's surprising that the Horizon story has not been on my radar since I discovered its existence several years ago. Investors looking for opportunities on the ASX often have limited options to follow, especially with restricted funding. When I revisited Horizon, I was intrigued by its low market capitalisation as a gold mining entity. The undervaluation likely stems from market perceptions regarding Horizon's Enterprise Valuation compared to its gold resources. To put it simply, at the end of the day, what defines the company is its ability to produce as promised. Enterprise value comparisons seem like justifications for analysts’ existence. Considerations for Investors For retail investors, the goal should be to focus on the company's future resources. Yet this line of thought can feel intangible, leading to a dilemma: to believe in what the company projects or not. Horizon Minerals is navigating a path that many aspire to but few succeed—transitioning from asset holder to independent producer. The company’s strategy revolves around real cash flow from its operations that are channeled into exploration and infrastructure. This avoids reliance on speculative forecasts and aims for a methodical approach rooted in current operations. For observers of the WA gold sector, the Black Swan facility represents a strategic opportunity. As the cost of constructing a new plant rises, refurbishing seems increasingly viable. Discussions with Grant indicate that these options have been considered. With processing infrastructure in its possession, Horizon has an effective lever to unlock value, not only from its own assets but also from potential third-party opportunities throughout the region. Such assets are becoming scarce, and their inherent value as a regional solution may become increasingly crucial. If you are an investor seeking rational progress in gold development, Horizon is a company to watch. The coming 12–18 months will challenge its ability to transform planning into actual production, particularly as refurbishment studies are finalized and drilling targets advance. These pivotal moments can truly differentiate companies. Ultimately, this story is about patience and execution. For investors preferring short-term gains, Horizon likely won’t meet their needs. However, the lack of overpromising is refreshing. With the combination of producing ounces and owned infrastructure, they are building a strong case for their standalone future. Still, there’s work to be done. What’s currently unfolding is grounded and incremental—traits that often indicate longer-term success. The Samso Way - Seek the Research At Samso, we pride ourselves on providing independent content for investors, informed by over three decades of industry experience. We constantly ask questions that may seem simple but are often the most insightful. Our mission is straightforward: cut through noise, spotlight genuine narratives, grounded insights, and real opportunities. We only create well-researched content if we see merit in discussing a company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News. Success in investing takes many paths, but a common attribute among achievers is their commitment to informed decision-making. Equip yourself with knowledge, and you're on your way to achieving financial success. Understand your risk-reward balance. Never take on what you cannot handle. As the saying goes, "Rome wasn’t built in a day," and the Great Wall took centuries to construct. The Samso Philosophy: Stay curious. Stay sharp. Digging deeper unveils real value. In life, there’s no such thing as a free lunch. Happy Investing! Remember, the only four-letter word you need to know is DYOR. Support Page 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 your specific investment objectives, financial situation, risk profile, tax position, and 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 that offers insight into which mining portfolios present better and potentially more lucrative investment opportunities. Click here to download this eBook. Download eBook If you find this article informative, please help share it. Writing about valuable topics is a challenge, especially in identifying stories that fit investment interests. If you or your organization recognize the value of Samso's work and have a journey to share, contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform providing dedicated investors with up-to-date industry knowledge and insights from leading CEOs and thought leaders. By remaining informed on business advancements and market trends, investors can enhance their financial decisions through expert guidance and independent research.

Coffee with Samso – John Anderson and the Thinking Behind the Paris Silver Discovery There are mining discoveries, and then there are stories about why discoveries happen. The difference matters. In this episode of Coffee with Samso, I sat down with John Anderson, the geologist most closely associated with the discovery of the Paris Silver Deposit on South Australia’s Eyre Peninsula. John is not just another explorer who drilled a successful hole. He represents a generation of geologists who instill the life of geoscientists into the exploration industry through persistence, pattern recognition, and the willingness to challenge accepted geological thinking. This conversation in this Coffee with Samso was less about one silver deposit and more about how discoveries are made when ideas are allowed to mature over decades. The Geologist Behind the Discovery John Anderson was born in South Australia and developed an early fascination with rocks, fossils, and the natural world. He graduated from the University of Adelaide in 1975 with studies in geophysics and geology before starting a career that would take him through some of Australia’s most important mining districts. His early years included underground work at Broken Hill, nickel exploration around Kalgoorlie, tin projects, and later senior exploration roles with major mining groups. These experiences shaped a style of thinking John repeatedly referenced in our discussion — understanding how systems form, not simply where anomalies sit on a map. That distinction is critical. Many people talk about targets. Fewer talk about mineral systems. 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 217 | The Discovery of the Paris Silver Deposit | Adelaide | South Australia Audio Podcast Coffee with Samso - Episode 217 | The Discovery of the Paris Silver Deposit | Adelaide | South Australia Chapters 00:00 Start 01:59 Introduction to John Anderson 04:01 The Tin Connection and the see of Mienral System. 07:35 The Discussion of Mineral System Thinking? 11:38 The Investigator Resources Connection 13:22 The thinking behind the Discovery of Paris 14:22 The Beginning of the Search for A Paris Discovery 15:42 The Use of PEMA or EPMA - Electron Probe Micro-Analysis 25:30 The Diamond Drilling that proved Mineralisation. 26:41 Was there any pussback to the exploration? 29:27 Did The Discovery of Paris changed the thinking of Gawler Geology. 32:29 Is there more of the Olympic Dam scale or hybrids of smaller IOCGs 33:04 The potential of variance of the IOCGs, Porphyrys - Discovery of Hybrids. 33:54 WIll the BHP Funding Initiatves Help Discovery of the Hybrids. 35:05 John Anderson Theory for the Gawler Graton 38:19 Can we find a Cadia in the Gawler? 40:08 The Double Subduction Model 41:19 Similarities of Olympic Dam and the Paris System 44:38 The Galwer - Olympic Dam Tectonic Environment 45:39 What would John say to the Younger Generation of Geoscientists? 49:04 Lack of Boots on The Ground. 50:28 Last Words from John Anderson 51:34 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.

I started to look at the world of Artificial Intelligence (AI) seriously 12 months ago with a trip to the SuperAI Conference in Singapore in 2025. This event was so impactful that I will be attending again this year on the 10th and 11th June 2026. As part of the AI revolution for the Samso Platform, I sought out practitioners of the industry to join me for a Coffee with Samso. My goal was to get an "AI for Dummies" approach to kickstart our journey into AI. I found Eric Starling, who provided a solid introduction to the world of AI. It's not that the general public lacks understanding of AI and its implications; rather, I wanted insight into how industry players perceive the world of AI. Check out the Coffee with Samso with Eric Starling: What I learned from Eric Starling, who was then the Principal Innovation Advisor at Amazon Web Services (AWS), was that AI is essentially coding, now referred to as English. The concept is simple: programming has advanced significantly over the last decade, aided by technological improvements in hardware and the proliferation of data centres. This evolution has enabled the resolution of various software issues. Understanding AI from an Investor's Perspective As an investor, I wanted to delve deeper into the mechanisms, components, and levels of AI's workings. I am particularly interested in what is currently fueling the excitement among AI stakeholders. Artificial Intelligence in Healthcare, AI Health, digital healthcare provider, telemedicine, medical technology (source: ChatGPT) There are moments in markets when investors become so focused on price charts, quarterly earnings, and the latest headlines that they overlook the deeper structural changes taking place. The current excitement surrounding artificial intelligence feels like one of those moments. Many people look at NVIDIA and see a company whose share price has surged due to its production of chips essential for AI systems. While this observation is accurate, it is also incomplete. NVIDIA GTC Washington, DC: Live Updates on What’s Next in AI (source: NVIDIA) The Insights of Jensen Huang To truly understand what is happening, investors must step back from the noise and listen closely to Jensen Huang, the CEO of NVIDIA. Huang does not speak like a typical executive trying to sell a product cycle. Instead, he describes a transformation in industrial architecture. His language consistently revolves around platforms, factories, infrastructure, ecosystems, and the future shape of productivity. This message is vastly different from merely selling faster semiconductors. I watched Jensen Huang speak at the PMWC 2025 (Precision Medicine World Conference) and thought he was spot on. While it appeared to be a speech at a healthcare and precision medicine conference, it was about AI transcending the technology sector and integrating into the operational frameworks of real industries. Jensen Huang is a well-known figure in the semiconductor world, but it is essential to remember that other semiconductor giants also exist. Companies like TSMC, Broadcom, AMD, Samsung, and Intel dominate key areas such as foundry services, logic chip design, and memory. While NVIDIA is the leading fabless designer, TSMC is the world's largest manufacturer (foundry) of advanced AI chips. Companies like ASML are critical for providing the lithography machines necessary for production. Here is a good summary of the list of semiconductor players that matter: 10 Biggest Semiconductor Companies Readers and investors must realize that the world of data centres and the energy required to power our children's and grandchildren's futures will differ significantly from our current world and that of our great-grandparents. The Market Sees Chips. NVIDIA Sees Infrastructure. The simplest way to understand NVIDIA is to say it designs GPUs. This explanation may have sufficed years ago when graphics processors were mainly associated with gaming and visual computing. Today, however, this definition is outdated and no longer represents the true source of value. What NVIDIA increasingly provides is infrastructure for machine intelligence. The chips are just one part of the stack. Surrounding them are software, networking, developer tools, data centre architecture, robotics frameworks, digital twin environments, and a developer ecosystem that has taken years to build. This complexity is why many of NVIDIA's competitors find the story harder than expected. Designing a chip is challenging, but replicating an ecosystem is even more difficult. Investors often underestimate this distinction because financial markets prefer neat classifications. They want to categorize companies into sectors. Yet some companies evolve beyond their original categories. The efficiency of AI hinges on the database from which the AI is trained, and this is a crucial aspect that investors often overlook. Companies like Echo IQ Limited (ASX: EIQ) can have an "AI Agent" that makes a difference because they train their AI using an exclusive dataset that is unparalleled in their field of influence. Achieving milestones validated by rising market capitalisation is the ultimate recognition of success. Check out the latest Coffee with Samso with Echo IQ Limited: In this context, NVIDIA has transformed from a semiconductor company into an enablement company. It assists others in building the future more rapidly. The recent partnership with Nokia clearly illustrates NVIDIA's vision. By adding value to its business chain, NVIDIA is redefining its role. The NVIDIA AI Revolution - Why Semiconductors Have Become Strategic Assets For many years, semiconductors were viewed as crucial but largely invisible components of the global economy. Consumers cared about phones, laptops, gaming consoles, and internet services, but few considered the chips inside them. Today, advanced semiconductors influence military systems, cloud computing, scientific modelling, industrial automation, language models, robotics, and national competitiveness. The chip sector is no longer a quiet supplier in the background; it has become a frontline player in economic power. On equity exchanges such as the ASX, the mere mention of "semiconductor" can impact price and company valuation, rendering the term itself a significant factor. News headlines aligning the global concern of the supply of semiconductors. The extent of its importance has led governments to discuss semiconductors in strategic terms. One might even think that wars could be sparked by who controls semiconductor production, similar to oil and minerals. Export controls, domestic manufacturing subsidies, supply chain resilience, and sovereign capability are now common policy themes. The world has recognized that computational power is not just a commercial advantage; it is a geopolitical asset. AI and the Semiconductor industry are now joined at the hip. (source: ChatGPT) When markets grasp this shift, valuations across the semiconductor ecosystem begin to make more sense. This is no longer merely about cyclical demand for consumer electronics; it is about controlling the digital production layer of the next economy. It is about how the NVIDIAs of the global semiconductor sector manage their business infrastructure and influence the way humanity will function as we transition into a new era of coexistence with machines. AI and The NVIDIAs - Why Healthcare Was Such an Important Signal When Huang spoke at PMWC, it was evident that he foresaw the significance of the healthcare setting. Healthcare is not known for adopting change quickly; it is regulated, complex, data-heavy, and rightly cautious. If artificial intelligence can gain traction in such an environment, it suggests that the technology has moved beyond novelty. Medicine generates vast amounts of information. Imaging scans, pathology results, genetic data, patient histories, treatment responses, and administrative workflows all create layers of complexity that traditional systems struggle to process efficiently. AI is well-suited for environments where patterns are hidden within large datasets. Healthcare and Artificial Intelligence (source: Hospital Magazine) This means the real opportunity may not be a robot replacing doctors, as some headlines imply. Instead, it may involve systems that improve diagnosis speed, identify risks earlier, streamline workflows, support clinical judgement, and reduce waste. From a Samso perspective, this is where investors should focus. The best technologies often do not create the loudest headlines; they are the ones that quietly solve expensive problems. What This Means for the Wider Semiconductor World For investors and the global community, the need for NVIDIAs to succeed is just the beginning. The demand for data infrastructure and the energy required to support this exponentially growing industry is just the tip of the iceberg. This is a thought that should not be underestimated. A large AI buildout pulls demand through multiple layers of industry. Chip designers need foundries. Foundries require equipment. Servers need memory. Data centres need cooling, electricity, land, and network connectivity. Software companies need complete access. Enterprises require consultants and integration partners. The fear of humans being replaced by machines is exaggerated. The relationship between machines and humans is more interconnected than the narratives circulating in the media suggest. The Interaction of Humans and Artificial Intelligence. (source: Arquimea) This is why significant structural themes rarely reward only one company. Railways created demand for steel, coal, engineering, land development, and finance. The internet generated opportunities in hardware, software, logistics, media, payments, and advertising. AI is likely to do the same. This broader perspective is important because investors often arrive late to headline names and overlook the surrounding ecosystem where value may still be emerging. NVIDIA and Nokia: The Marriage that will Drive The Future Digital Infrastructure Story This partnership should serve as a wake-up call for investors examining this sector. What we once labeled as the AI sector can no longer be categorized in that manner. If I were to put on my thinking "hat," this sector is evolving into something beyond just AI and software. Nvidia has unveiled its Aerial RAN Computer Pro (ARC-Pro), an accelerated computing platform for 6G including connectivity, computing, and sensing capabilities, giving telcos a software-upgrade path to move from 5G-Advanced to 6G. (source: TheNextPlatform) The AI narrative is no longer solely about better software. It is transforming into a story about power, chips, networks, data centres, fibre, edge computing, and the capacity to move intelligence closer to decision-making. This is what the NVIDIA and Nokia combination could set as a trend for the future of communications. NVIDIA is constructing the compute layer of the AI world. Its Blackwell architecture is designed for large-scale generative AI and accelerated computing, featuring GPUs, CPUs, and networking built as a full-stack data-centre platform. Nokia and NVIDIA announce their partnership that could position the two tech giants as leaders of the future generational communication and technological revolution. (source: Telco Magazine and Telecoms.com) Nokia, on the other hand, is focused on the connectivity layer. Its AI-RAN strategy aims to integrate artificial intelligence into the radio access network, ensuring that future 5G-Advanced and 6G networks are not merely communication pipes but intelligent infrastructure. Nokia describes AI-RAN as three components: AI improving the network, AI operating on the network, and AI sharing infrastructure with the network. “It’s driven by two exponentials,” [two growth curves happening simultaneously.] Huang stated. “We now have visibility. I think we’re probably the first technology company in history to have visibility into half a trillion dollars of cumulative Blackwell and early ramps of Rubin through 2026. As you know, 2025 is not over yet, and 2026 hasn’t started. This is how much business is on the books. Half a trillion dollars worth, so far. We’ve already shipped 6 million of the Blackwells in the first several quarters. . . . We still have one more quarter to go for 2025 and then we have four quarters [referring to 2026]. So the next five quarters, there’s $500 billion, half a trillion dollars. That’s five times the growth rate of Hopper [NVIDIA Hopper was already one of the fastest-selling enterprise compute platforms in history.].” Or, put simply: Demand for AI is exploding, and the computing needed for each AI system is also exploding. Those two forces together are creating unprecedented order momentum for NVIDIA. The key takeaway is this: AI will not transform the world by remaining confined within a data centre. It needs to travel. It requires reduced latency. It demands edge processing. It requires network reliability. It needs energy-efficient infrastructure. This is why NVIDIA’s US$1 billion investment in Nokia in October 2025 is significant. This partnership aims to accelerate AI-RAN innovation and facilitate the transition from 5G to 6G. For investors, this represents a crucial shift in perspective. The AI opportunity extends beyond models and applications; it also encompasses the essential backbone: data centres, optical networks, telecom equipment, high-performance chips, cooling, power, and software-defined networks. Nokia’s recent comments underscore this point. Its CEO cautioned that Europe risks falling behind the US and China if it does not develop sufficient AI data-centre and connectivity infrastructure. This indicates that AI is now regarded as national infrastructure, not merely a technology sector. The NVIDIA–Nokia relationship also hints at a future where telecom networks become integral to the AI economy. Nokia and Orange are already collaborating with NVIDIA on AI-RAN use cases that may enhance spectral efficiency, radio performance, and new services like integrated sensing and communication. My Samso view is straightforward. The next phase of AI will be dominated by those who control both intelligence and delivery. NVIDIA provides the AI world with processing power. Nokia aims to make the network intelligent enough to carry that power into the physical world. This is why digital infrastructure is crucial. Without it, AI remains powerful but centralized. With it, AI becomes distributed, responsive, and embedded into everyday systems — factories, hospitals, vehicles, cities, mining operations, logistics, defence, and communications. The future AI landscape may not be defined solely by who has the best model. It may be shaped by who possesses the best infrastructure to make AI practical in the real world. The Australian Perspective It is unlikely that Australia will host the leading global GPU designer. However, this does not mean Australia is excluded from the narrative. Some companies may emerge, but the race will be dominated by the giants mentioned earlier. Australia can, however, play a significant role in components that are part of the future AI-driven pathway. Plans are underway to construct the nation’s largest data centre in the remote northern area of Western Australia to support large-scale artificial intelligence (AI) training, including platforms like ChatGPT (ABC News). Plans to build a large data centre in Western Australia. (source: ABC News) Project Meridien, powered by wind, solar, and natural gas, is expected to provide approximately 240 megawatts of IT capacity and involve an investment of billions of dollars. This "AI factory" is planned to be developed in stages on Karajarri land, located south of Broome in the Kimberley, approximately 2,000 kilometers north of Perth, with an expected opening in 2032. The proposed new Data Centre in the northern part of Western Australia (source: Gingerah Energy) Gingerah Energy, the joint venture leading the project, is spearheaded by chief executive Jop van Hattum. He mentioned that the project would expand on the initial 240 megawatts of IT capacity. "Ultimately, the project will be four times larger," he stated. "The chosen site allows for a 1 gigawatt IT facility." Every major technology cycle requires raw materials, energy, infrastructure, and specialist applications. Australia has relevance in each of these areas. Copper, rare earths, nickel, uranium, and high-quality iron ore all intersect with industrial modernization in various ways. Reliable energy becomes increasingly important as data centres consume more power. The Australian Critical Minerals Story. (source: Geoscience Australia) Beyond resources, Australia may also produce niche software and healthcare technology businesses that apply AI to specific problems rather than attempting to build global foundational models. In many cases, this can be the more practical commercial path. Samso readers should remember that not every winning investment must be the inventor of the platform. Sometimes, it is enough to own a business that benefits from the platform becoming essential. The Risk of Believing Every AI Story - A Reality Check For Investors No significant investment theme arrives without exaggeration. Markets are inherently enthusiastic, and promoters quickly learn to attach themselves to fashionable narratives. This means investors need discipline. Not every company mentioning AI has a defensible product. Not every high valuation reflects durable earnings power. Not every pilot program evolves into a real business. The challenge lies in distinguishing genuine utility from borrowed excitement. This requires asking grounded questions. Does the technology address a genuine pain point? Will customers pay for it? Can it be deployed at scale? Is the competitive advantage real? Can management execute? These questions matter more than whether the presentation deck uses the letters A and I fifty times. The Samso View Jensen Huang’s significance may ultimately have less to do with one company’s market capitalisation and more to do with how clearly he has articulated the next phase of computing. He has consistently framed AI as infrastructure, not entertainment. As productivity, not novelty. As industrial capacity, not a fleeting software trend. This framing is worth understanding. Markets will overshoot at times. Valuations will fluctuate. Competitors will emerge. Cycles will come and go. But structural shifts tend to endure despite the surrounding volatility. The current AI era may be remembered less as the rise of chatbots and more as the moment intelligence became embedded into the operating systems of industry. That is a much larger narrative than one chip company. Samso Final Thoughts Investors often ask whether they have missed NVIDIA. That may be the wrong question. A better question is whether they understand what NVIDIA represents. If AI becomes foundational infrastructure, opportunities will continue to arise across semiconductors, power, resources, software, healthcare, logistics, and automation. The winners may not always be obvious in the early stages. The real edge comes from recognizing the second-order effects before the crowd does. That is usually where thoughtful investing begins. 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 organization see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Dementia is one of those global health issues that quietly grows in the background until it becomes impossible to ignore. It does not carry the drama of a sudden outbreak or the headlines of a breakthrough cancer drug, but its impact is profound. It affects memory, judgement, independence and identity. It affects families as much as patients. It changes the economics of healthcare systems. Most importantly, it grows with age, which means ageing societies around the world are facing a challenge that is structural, not temporary. The World Health Organization estimates that more than 55 million people live with dementia globally, with nearly 10 million new cases every year. It is now one of the leading causes of disability and dependency among older people worldwide. Figure 1: Application of AI in the healthcare scene is now a norm with an influx of technologies and strategies to utilise the age of Scientific Intelligence. (source: Phillips) There is now enough coverage on AI working in the healthcare providing the very essence of productivity, chatbots, software automation and market hype. When we talk about AI, I don't feel that is still in one particular field of business. There is now no doubt in 2026 that Ai is in every conceivable business globally. The use of AI for the management of Dementia is not about replacing doctors or neurologists. It is being developed to help detect disease earlier, improve diagnostic accuracy, support carers and make healthcare systems more efficient. Personally, the use of AI may still be inefficient in the field of dementia as I don't think that the actual diagnosis of dementia is set in stone yet. There are theories out there but I am yet to be convinced. Lets see what the research tells us. Why Dementia Is So Difficult to Diagnose One of the realities often overlooked by the public is that dementia is not a single disease. It is a syndrome caused by multiple underlying conditions. The most common cause is Alzheimer’s disease, but vascular dementia, Lewy body dementia, frontotemporal dementia and mixed pathologies are also common. That complexity matters. Figure 2: Survival probability differed across primary etiologic diagnoses of dementia types. (source: [2]) Two people can present with similar memory problems yet have different underlying causes. One may respond to certain treatments, another may not. One may progress slowly, another rapidly. This is why diagnosis can take months, involve specialist referrals, imaging, cognitive testing, blood work and family history. Hence, it is very easy to understand that in many countries, there are simply not enough specialists to manage the growing demand. This creates a gap between what medicine knows and what healthcare systems can deliver. That gap is where AI is beginning to work. AI as a Diagnostic Assistant, Not a Replacement A landmark 2024 study published in Nature Medicine [1], developed an AI system trained on multimodal patient data to distinguish between multiple dementia causes. The system used combinations of medical history, cognitive testing, imaging and other available information. The significance was not just accuracy. The model was able to work with incomplete data sets, which reflects real-world medicine where every patient does not arrive with perfect records. Researchers also found that when neurologists used the AI system alongside their own judgement, diagnostic accuracy improved materially versus clinicians working alone. What this study may represent here is that the human touch is still critical as every person that shows some signs of dementia is different. Real world situations will show that the age and the severity of the symptoms will vary greatly. Another study in 2024 which was published in Communications Medicine [2], developed machine-learning models to predict dementia patient mortality. The results showed that it may be possible to predict whether a patient diagnosed with dementia will survive or die within 1, 3, 5, or 10 years. The study found that the prediction models can work well across patients from different parts of the US and across patients with different types of dementia. In the study [2], results showed that regardless of whether or not dementia patients suffered from cancer or heart conditions, global CDR (Global Clinical Dementia Rating) score remained significantly associated with mortality, suggesting that even among dementia patients with comorbidities (i.e., other causes of death such as cancer and cardiovascular disease), dementia-related causes are likely still the dominating factors of mortality (Figure 3) . Figure 3: To illustrate the relationship between dementia severity and survival, we performed a survival analysis based on global clinical dementia rating (CDR) scores (Fig. 1C). The overall median survival time in global CDR score at 0 was not reached, with 5- and 7-year survival rates of 93.7% and 90.1%, respectively. The overall median survival time in global CDR scores at 1, 2, and 3 was 141.8 months (95% CI 128.8–NA), 75.0 months (95% CI 69.0–81.0), 27.3 months (95% CI 25.3–29.3), respectively. With increasing global CDR score, which represents more severe cognitive impairment, patients generally showed worse outcomes. (source: [2]) Ultimately, the study [2] revealed that machine-learning models have utility in predicting dementia patient mortality at various survival-time thresholds. Parsimonious models (a statistical or machine learning model that achieves the best balance between predictive power and simplicity, using the fewest possible predictor variables to explain a phenomenon. It follows the principle of Occam's razor, favoring simple models over complex ones to avoid overfitting, improve interpretability, and ensure the model generalizes well to new data.) can be developed when limited clinical features are available, and dementia type-specific models can be used for distinguishing heterogeneous patient populations. If cross-validated and carefully implemented at the primary care level, such predictive models can improve personalized care of dementia. What this study highlighted was that the key predictive factor was a memory test, which is already used to diagnose and stage dementia. The ability of these models to identify dementia patients at a heightened risk of mortality could aid clinical practices, potentially allowing for earlier interventions and tailored treatment strategies to improve patient outcomes. Again, this is still telling us that the use of AI is assisting rather than replacing traditional healthcare practices. From personal experiences, dementia has yet shown why there is an increasing diagnosis rate recently. I feel the use of AI with its ability to churn through data and compare and contrast will help highlight any trends that could be used as a predictive tool in the future. The Value of Earlier Detection Dementia care has historically been reactive. Families notice symptoms late. Doctors assess when decline is visible. By then, progression may already be advanced. AI may help shift the timeline earlier. Researchers are now using machine learning models to analyse subtle patterns in: speech changes writing behaviour gait and movement retinal scans MRI patterns electronic health records cognitive test trends over time For example, recent research in Nature Portfolio showed AI systems using retinal imaging could identify early Alzheimer’s disease and mild cognitive impairment using non-invasive eye scans. The logic is simple: the retina can reflect vascular and neurological changes linked to the brain. This matters because cheaper, faster and scalable screening tools may allow earlier referral pathways. In practical terms, that could mean years of extra planning time for patients and families. Why This Matters Financially The dementia story is not only medical. It is economic. Late diagnosis often means crisis management: emergency admissions, carer burnout, accelerated residential care needs and higher hospital costs. Earlier diagnosis can support: medication management home modifications family planning risk reduction strategies structured care pathways clinical trial recruitment Governments know this. So do insurers and hospital systems. If AI can improve earlier recognition at scale, it becomes an economic tool as much as a clinical one. That usually attracts investment. AI in Daily Dementia Care Another area growing quietly is AI-enabled support tools for carers and aged care providers. This includes systems that can monitor behavioural change, identify wandering risk, detect falls, optimise medication reminders and personalise communication prompts. Generative AI may also help produce memory prompts, simplified conversations, multilingual support and caregiver training tools. These uses may not be glamorous, but they are commercially relevant because they solve labour shortages in aged care and improve quality of life. The Risks That Cannot Be Ignored Medical AI must deal with privacy, consent and bias forma sample that is not the same as the typical medical data sample sets. Dementia patients will be vulnerable, and many lose decision-making capacity over time. Any system collecting voice data, movement data or medical history must meet a higher ethical standard. There is also the issue of false positives. Telling someone they may be developing dementia when they are not can create psychological harm. Missing a real case can delay care. As the process is not about cure, one may say why is it important to diagnose it? In a world that is fast demanding evidence due to the speed of broadcasting news, responsible deployment will be extremely cautious and this may delay outcomes. Where Investors Should Look For investors, the AI-dementia theme is broader than a single stock pick. It can sit across several sectors: diagnostic imaging companies digital health software hospital workflow providers aged care technology platforms wearable sensor businesses pharmaceutical trial-enrolment platforms cloud healthcare infrastructure Some opportunities may not market themselves as dementia businesses at all. They may simply own enabling technologies that happen to solve dementia-related problems. That is usually where markets are slowest to price value. How Samso Sees the Story The market often chases AI stories linked to advertising, social media or speculative software multiples. Those sectors may generate headlines, but healthcare creates stickier value when products work. Have a look at Echo IQ Limited (ASX: EIQ). They are an AI company that is in the "medical" arena by providing a data-driven healthcare business building a scalable diagnostic platform anchored in real clinical need. The main business for Echo IQ is in the cardiovascular diagnostics space, using artificial intelligence to analyse echocardiograms and assist physicians in identifying complex conditions such as aortic stenosis and heart failure. Check out the Coffee with Samso with Echo IQ: What investors need to look out for is to recognise a story that has a tool that can save clinician time, improves diagnosis and lowers system cost, customers tend to keep paying. Dementia is also not cyclical. It is linked to demographics. Ageing populations in Australia, Japan, Europe, China and North America make this a long-duration structural theme. That means the demand side of the equation is unlikely to disappear. The harder question is which companies can turn useful science into scalable commercial products. That is where investors need discipline. Samso Concluding Thoughts Artificial intelligence will not cure dementia. It may never “solve” dementia in the simple sense many headlines suggest but it will definitely do something equally important. What AI is required to do is to help detect decline earlier and allow doctors to work faster and more accurately. What carers will want is to help them manage overwhelming workloads and governments will want to reduce cost pressures on healthcare systems already under strain. For investors, look out for a story that is not dramatic but show a clear incremental, useful and valuable commodity that will make a difference to the stakeholders in the unfortunate world of dementia. Finding a story that can solve someone's headache are the best investment stories of all. Sources & References Xue, C., Kowshik, S.S., Lteif, D. et al. AI-based differential diagnosis of dementia etiologies on multimodal data. Nat Med 30, 2977–2989 (2024). https://doi.org/10.1038/s41591-024-03118-z Zhang, J., Song, L., Miller, Z. et al. Machine learning models identify predictive features of patient mortality across dementia types. Commun Med 4, 23 (2024). https://doi.org/10.1038/s43856-024-00437-7 The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The Persian Gulf & the Gulf of Oman is a major gas & oil shipping route (Source: Wix). For many Australians, the Strait of Hormuz was once little more than a place name, mentioned only when tensions rose in the Middle East. It sounded distant, strategic, and largely disconnected from everyday life here at home. Unless you worked in defence, shipping, or financial markets, it was easy to assume it had little relevance to Australia. - That assumption has changed. Recent events have reminded the world that this narrow waterway remains one of the most important trade passages on earth. Much of the discussion has focused on oil, and understandably so. When the Strait of Hormuz is disrupted, crude prices react quickly, petrol prices follow, and inflation concerns return to headlines. But for Australia, the significance of the Strait of Hormuz goes well beyond oil. What matters is not only what passes through the waterway, but what those cargoes support. For a country like Australia—resource-rich, trade-dependent, and highly integrated into global markets - the Strait of Hormuz is a reminder that distant events often have local consequences. More Than an Oil Story - The Strait of Hormuz I will take a bet that the majority of investors will connect the Strait of Hormuz with oil and the first thing people think about that will be an issue is oil. Fuel for their cars and fuel for thier machinery. It is not untrue but there is a series of products that will be affected Traditionally, investors always align the gulf with oil. Today, we learn that the Persian Gulf is more than crude oil. It is beyond doubt that the Strait of Hormuz connects the Persian Gulf to global shipping lanes and is critical to the movement of energy exports. However, the Gulf region is also a major supplier of industrial products that receive far less attention. Lets look at some examples. Ammonia The Persian Gulf region is one of the most important ammonia-producing hubs in the world. Countries including Saudi Arabia, Qatar, Iran, the UAE, Bahrain, and Oman have built major ammonia and nitrogen fertiliser industries using abundant and low-cost natural gas. The main reason why the Gulf region is a major source of ammonia is because ammonia is made primarily from natural gas through the Haber-Bosch process, hence regions with cheap gas often become globally competitive exporters. Recent market data suggests the Middle East remains one of the largest contributors to global ammonia trade, with the Strait of Hormuz serving as a key shipping route for exports. Industry estimates indicate around 23% of global ammonia trade is linked to exporters reliant on the Strait. Hence the current hostilities and disruption is moving ammonia markets quickly. Why This Matters for Investors Many ASX investors focus only on the commodity sold by a company. Gold miners sell gold. Lithium miners sell lithium. Grain businesses sell grain. But sophisticated investors also study the inputs. Because margins are built on both sides of the equation: Revenue minus cost. When ammonia rises: Farmers may pay more for fertiliser Mining companies may pay more for blasting inputs Logistics businesses may face higher diesel exhaust fluid costs through urea chains Food processors may face upstream cost inflation This can change earnings quality even when commodity prices stay strong. Sulphur The Persian Gulf region is one of the most important sulphur-producing and exporting hubs in the world. Much of this sulphur is recovered as a by-product from oil and gas refining, meaning the Gulf’s large hydrocarbon industry naturally feeds global sulphur markets. Recent IMF commentary stated that GCC countries account for more than 40% of global sulphur exports. Other market estimates suggest that around half of global seaborne sulphur trade normally moves through the Strait of Hormuz and surrounding Gulf export systems. Hence, again, the disruption now in the Gulf is not a good thing as Australia's two main industries, Mining and Agriculture depend on a steady and economical supply of sulphur. Sulphur is primarily used to make sulphuric acid, one of the world’s most important industrial chemicals and is essential in: Copper processing Nickel refining Uranium production Rare earth extraction Phosphate fertiliser production Water treatment Chemical manufacturing For the agriculture industry, sulphur plays a significant role in fertiliser systems. It is used to produce phosphoric acid and phosphate fertilisers, as well as sulphate-based nutrients used across farming. Ammonia and Sulphur are two stand out commodity that is an obvious issue for Australia but there are others such as: Urea Refined fuels Petrochemicals Industrial gases Feedstocks used in fertiliser and manufacturing These are not headline commodities and most people never see them, and few investors discuss them. Yet they help power industries that Australians rely on every day. We notice oil because petrol prices are visible. We often overlook the materials that sit behind mining, farming, freight, and manufacturing. Share of global trade passing through the strait based on the average flows a week before the military escalation that began of February 28. (Source: UN Trade and Development (UNCTAD), based on data provided by Clarksons Research 2026) Why Should Investors Be Paying Attention to Strait of Hormuz In Australia Australian investors in the ASX often view their positions through a single lens and that is the commodity price. Iron ore rises, gold falls, lithium rebounds, copper softens. As my investment portfolio matures and my level of "wisdom" grows with age, I am now observing things such as profitability and market opportunities or lack of and this is sometimes more important than what is sold. As we all know, a good business is also dependent on what must be bought. Modern mining operations require a steady flow of inputs: Diesel for haul trucks and generators Explosives for blasting Tyres and spare parts Processing chemicals Reagents and acids Freight services Skilled contractors I am not trying to teach anyone what they already know but I feel that these are the time when investing solely on speculations typically become unstuck when fundamentals are ignored when you enter the transaction. I feel at times like now, when the actions of others, such as the hostilities in the Gulf, are biting into our investments harder than we realise. This means a mineral resource company can enjoy strong commodity pricing while still facing margin pressure when operating costs rise, and this is not a good situation for retail investors. That is particularly relevant when global supply routes become uncertain and the duration of the uncertainty creates a downward spiral of uneasiness in the ASX. What is hurting Small-Cap Mineral Explorers. The diesel issue is a no brainer for people in the mineral resource industry. The price increase is one thing but the uncertainty of supply is another story. Mineral exploration companies are living on a thin line of budgets and two months into these so called "short interventions" are really giving lots of companies headaches. As we have already mentioned, the shock to the explosive sector is not a riddle. It is a simple 1 + 1 issue. Mining cannot move rock efficiently without blasting. Many blasting products rely on ammonium nitrate, which is linked to ammonia markets. When ammonia pricing rises globally, mining input costs can rise with it. The Agricultural Link Most Australians Miss For the land use industry like agriculture, the farmers who are feeding us are just as badly affected. Distribution of their produce to supermarket shelves are all exposed to the rising cost of the was in the Middle-East. The list is as follows: Urea-based fertilisers Ammonia products Phosphate nutrients Sulphur-based fertilisers Fuel for machinery and transport When these markets tighten internationally, the result is often higher farm costs rather than immediate shortages. Freight Matters in an Island Economy Australia’s geography gives us access to export markets, but it also makes us dependent on shipping efficiency. We export minerals, grain, LNG, and agricultural goods by sea. We import machinery, electronics, chemicals, vehicles, and manufactured products the same way. When key global shipping routes become uncertain, the impact can spread well beyond the affected region. That may show up through: Higher marine insurance costs Fuel surcharges Longer shipping times Vessel rescheduling Increased freight rates Even if Australian cargo does not pass directly through the Strait of Hormuz, shipping markets are global. Tightness in one region can influence costs everywhere. For businesses with thin margins, this matters quickly. For consumers, it often appears later through prices. Why This Can Also Benefit Australia Not every consequence is negative. Periods of global uncertainty often increase the value of stable, reliable producers. Governments and businesses begin reassessing supply security, trusted partners, and long-term sourcing - this can favour Australia. Australia offers: Political stability Strong legal systems Deep mining expertise Reliable export infrastructure Large reserves of critical minerals Proximity to Asian markets This becomes particularly relevant for: Lithium Rare earths Copper Uranium Nickel Agricultural exports When the world becomes less certain, dependable suppliers often become more valuable. Australia has benefited from this many times before. What Serious Investors Should Watch Rather than focusing only on the daily oil price, investors should pay closer attention to the second-order effects that flow through the broader economy. These signals can provide a far clearer picture of how events such as disruptions in the Strait of Hormuz are truly affecting Australia. Within the mining sector, investors should watch for rising diesel costs, as fuel remains a major operating expense for many producers. Higher reagent prices can also place pressure on processing margins, particularly for companies involved in copper, nickel, uranium, and rare earths. Mining equipment working in the Super Pit Open Cut Gold Mine - Kalgoorlie, Western Australia, will be severely exposed to the rising costs being generated from the hostilities between the US and Iran. Changes to margin guidance in quarterly reports are often an early sign that cost pressures are building. Contractor cost inflation is another indicator worth monitoring, especially for developers and expanding producers. At the same time, periods of market stress often highlight the stronger companies, with quality producers tending to outperform weaker operators. Mining downstream stages are also exposed to potential rising cost of business. (source: Mining.com) In agriculture, fertiliser pricing is one of the most important indicators to follow, given its direct impact on farm economics. Seasonal farm margins can reveal how well producers are managing higher input costs, while affordability of fertiliser and fuel often influences planting decisions and output expectations. Over time, these pressures can feed into broader food inflation trends, making agriculture an important lens through which to assess the wider economic impact. Agriculture sector are well known to be machinery dependent for efficient farming. (source: CWIMPORTS) Across financial markets, gold strength is often a useful signal during uncertain periods, as investors seek defensive exposure. Inflation expectations are equally important, as they can shape interest rate policy and broader asset valuations. Freight indexes can reveal whether global logistics costs are tightening, while the relative performance of defensive sectors often indicates whether investors are moving away from riskier areas of the market. Taken together, these signals frequently tell a more accurate story than headlines alone. While news events may capture attention, it is the movement in costs, margins, and capital flows that usually reveals where the real impact is being felt. Samso Final Thoughts Most Australians now know the Strait of Hormuz matters. What many still underestimate is how broadly it matters. It is not simply knowing that its not about oil tankers moving through a narrow channel. I feel that investors need to know that the damage is done and that the worst may be over but the downstream effect of the worst is probably going to hang around for a while before it becomes the bad hanging around. Who knows how much damage has been done to the industrial inputs that support mining, farming, freight, and inflation. Unfortunately, we now know that a distant event can influence business costs, household budgets, and investment returns in Australia. The bad news is obvious but the good news is now to look for the business that will recover the best and the business that takes advantage of the past events. There is always a light at the end of the tunnel and as they say, where there is a Ying, there is a Yang. The modern economy is built on connections that are often invisible until they are tested. For Australia, the Strait of Hormuz is one reminder of that reality. Not a reason for fear. A reason for understanding. 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. . ---

As the world race towards a 'Green Energy" revolution, I think that investors need to also start to think about what is a sustainable and establish-able shift to the "Low-Emission" conversation. I am a fan of renewable energy but I don't think that renewable energy is the answer to powering cities and civilisation. Similarly, I think the solution to a cleaner energy or environment is going to be solved with electric vehicles. One of the most prolific contributor to "global pollution" is heavy industry like steel making and I think this is where retail investors can participate in the upcoming upside, if you understand the dynamics that have been happening in the sector. The "Holy Grail" in the steel making and iron ore processing world is the production and commercialisation of high grade feedstock for Direct Reduction steelmaking. The concept of "Green Steel", if this is even a term that can be used, will require these products to be the feedstock. The path to Green Steel, at the moment, is about the production of Direct Reduction (DR) pellets or the new kid on the playground, Briquettes. The idea of Direct Reduction steelmaking is the main game for the iron ore industry and that is why companies like Vale spent two decades researching and optimising what they call Iron Ore Briquettes in conjunction with the better know Direct Reduction Pellets. Hence, to begin this conversation of Green Steel, we need to understand that the key is to separate true commercial Direct Reduction (DR) pellet producers from companies that are still at magnetite concentrate / feasibility / “DR-grade potential” stage. A lot of ASX juniors talk about “DR-grade concentrate,” but very few have actually delivered commercial Direct Reduction (DR) pellets into the market. From my research, the only participants in this area are the big boys of the iron ore and steel making stakeholders. The research for this Samso Insights simply sums up the following: “The global DR pellet market is not large in terms of the number of producers. Companies like Vale, LKAB and Cleveland-Cliffs dominate supply, not because of scale alone, but because they can consistently deliver the high-grade iron units required for direct reduction steelmaking.” The dominant players sit in a very small number with Vale, LKRB and Cleveland-Cliffs Inc as these three dominant players in a sector that looks like its going to drive the new generation of iron ore-steel making industry. To highlight what the industry leaders think of creating "cleaner steel making feedstocks", companies like Vale pent two decades going down this direction and they opened their first briquette plant in the early 2000s (Figure 1). Figure 1: Vale Operations. (source: Vale) Iron Ore Briquettes are a new product developed by Vale over the course of almost 20 years. It is a mixture of iron ore and a binder solution, which holds the particles together and gives the product strength. It is one of the ingredients used in steel production, replacing sinter, pellets or lump ore in blast furnaces. Figure 2: Iron Briquettes developed by Vale. (source: Vale) These iron ore briquettes (Figure 2) emit less carbon dioxide than traditional agglomeration processes (pelletizing and sintering). It can reduce CO2 emissions in the steelmaking chain by up to 10%. One of the major incentive for producing these briquettes is that it reduce emission of sulphur dioxide and nitrogen oxide and does not require the use of water to make them. Direct Reduction Pellets vs Vale’s Iron Ore Briquettes – Two Different Paths to the Green Steel Market I think before we get into all the details of the Samso Insight, lets try and understand a bit more about the difference in SR pellets and Iron ore briquettes. At this moment, my understanding of the the future of low-emission steelmaking, is pretty much all about on Direct Reduction (DR) pellets. My view is still new and I am learning as I do my research and for me, at this moment, DR pellets are the established feedstock for gas-based and hydrogen-based ironmaking routes. I think for those in the industry, they are already well versed with that Vale S.A. is also developing another pathway through its iron ore briquettes. Unfortunately, for the new investors into this sector, iron ore is not as simple as it appears. Both products aim to supply steelmakers with high-grade iron units (Figure 3). The difference is in how they are made, how they are used, and where they sit in the commercial maturity curve. Figure 3: The Art of making Green Steel - A diagrammatic representation of how the potential flow sheet of Green Steel production will look like. (source: Midrex) DR Pellets – The Proven Industrial Standard DR pellets (Figure 4) are a well-established product in the steel industry. They are produced by taking beneficiated iron ore concentrate, rolling the material into small spherical pellets, and then heat-hardening them in a pellet plant. The result is a consistent product with strong physical properties, high iron grade, and low impurities. Figure 4: Direct Reduced Iron (DRI) is a critical metallic feed used in Electric Arc Furnace (EAF) and Induction Furnace (IF) steelmaking.. (source: Caspian Steel) These qualities matter because direct reduction furnaces require feedstock that can maintain integrity during processing while allowing efficient reduction from iron oxide to metallic iron. That is why producers such as LKAB, Cleveland-Cliffs Inc. and Vale have long supplied pellet markets tied to premium steelmaking routes. From a Samso perspective, DR pellets are the benchmark product. They already have operating plants, customer acceptance, logistics systems, and a clear market pathway. Vale’s Iron Ore Briquettes – A Newer Feedstock Option Vale’s briquettes approach the same market need from a different angle. Instead of forming pellets and firing them at high temperature, Vale compresses high-grade iron ore fines with binder technology at lower temperatures into dense briquetted blocks (Figure 2). The practical implication is that the manufacturing route may reduce some of the emissions and processing steps associated with traditional pelletising. Vale has positioned this product as a lower-emission iron unit that can be used initially in blast furnace operations, while also being developed for future direct reduction applications. This is an important distinction. Briquettes are not yet the global benchmark in the same way pellets are, but they represent an attempt to create another qualifying feedstock for steelmakers seeking lower-carbon pathways. The Real Difference The simplest way to frame it is this: DR pellets are the established industrial solution. Vale briquettes are an emerging alternative solution. Pellets have decades of operating history and broad customer acceptance. Briquettes are earlier in the adoption cycle and still building commercial credibility through customer trials and scale-up programs. This is kind of looking at Pepsi when they first came on the scene when Coca Cola was already the accepted :-) For investors, we have to firstly understand what these small round things are and decide if its important for the investing community. We need to understand if the future market may focus less on whether the material is round like a pellet or block-shaped like a briquette, and more on whether it delivers: high iron grade low impurities strong handling performance efficient reduction in the furnace lower overall emissions The Samso View on DR Pellets vs. Iron Ore Briquettes. This is where many market narratives become too narrow. Saying the future belongs only to DR pellets may miss the broader picture. The real opportunity is likely to sit in premium DR-grade iron units, whether they come as pellets, briquettes, or another engineered feedstock that meets furnace specifications. That means the investment question is not simply who can make pellets. It is who can reliably supply steelmakers with the right iron product for the next generation of steelmaking. DR pellets probably will continue to be the established commercial benchmark for direct reduction steelmaking. This thought is kind of the logical pathway, for now. Vale’s briquettes do offer an alternative approach, aiming for the same market with a different production method. Ultimately, the long-term success might depend more on performance, cost, and emissions profile than on the product's form. What is more important is that the steel making industry will have a lot more need for multiple products that can achieve the same result of a reduction in emission. Vale and the Commercial Reality of DR Pellets When the market talks about Direct Reduction (DR) pellets, readers and those wanting to understand the future of iron ore need to be clear that DR pellets are not a theoretical product category (Figure 5). It already exists at scale, and one of the clearest global examples is Vale S.A.. Vale sits among the major producers of premium iron ore pellets and has built a product suite aligned with the growing demand for lower-emission steelmaking feedstock. Figure 5: Vale Iron Operations are expansive and with the recent tragedy, the social importance has taken a new level of assurances. The Vale DNA is now deep in operating with Health and Safety leadership and producing products that serves the global community. (source: Vale) The importance of Vale starts with geology. Its Carajás operations in northern Brazil are globally recognised for very high-grade iron ore, commonly referenced around the mid-to-high 60% Fe range depending on product stream. That ore quality gives Vale a natural advantage when producing premium concentrates and pellet feed suitable for DR pathways. High iron grade (and lack of certain impurities - see Samso Insight "Direct Reduction Iron – The Iron Ore Opportunity Investors May Be Missing" ) matters because direct reduction furnaces require cleaner feed with lower impurity levels than many traditional blast furnace products. Vale disclosures regularly position its high-grade ores and pellets as part of the decarbonisation pathway for steel customers. Figure 6: Vale business overview as shown in its Form 20-F (Annual Report 31 December 2024) submission to the United States Securities and Exchange Commission. (source: Vale) The scale of Vale's operation gives me a clear view that the company has and is very serious in making the pellets/briquettes and they do this through a network of pelletising plants, including the long-established Tubarão complex in Espírito Santo, Brazil (see Figure 7). Pelletising takes fine iron concentrate and upgrades it into hardened spherical pellets with consistent size, strength and chemistry (Figure 3). That consistency is important because DRI plants need reliable feedstock that can move efficiently through shaft furnaces without breakdown or excessive fines generation. Vale’s commercial relevance is not limited to production volume. Geography also matters. The company has long supplied pellet markets into regions where direct reduction steelmaking is already established, particularly the Middle East, where natural gas-based DRI plants have operated for decades, and increasingly Europe, where decarbonisation policy is accelerating demand for premium DR feedstocks. Vale has also publicly announced partnerships and studies linked to HBI and green iron hubs in Saudi Arabia, the UAE and Oman, reinforcing its role as more than just a bulk ore exporter. Vale´s Tubarão complex - Vitória, Espírito Santo, Brazil. Vale´s Tubarão complex is located in Vitória on Brazil’s southeastern coast, Tubarão is far more than a shipping terminal (Figure 7). It is one of the operational hearts of Vale’s iron ore system. Figure 7: Location of Vale´s Tubarão complex The complex is home to the largest production facility of iron ore pellets in the world and covers an area of 14,000 km2. Housing eight of Vale’s pellet plants, the complex produces more than 20 million tonnes of pellets each year (Figure 8). This is where inland production meets the seaborne market, where raw tonnes become premium products, and where logistics scale becomes a competitive advantage that is difficult to replicate. In other words, this is the upmarket industrial hub of Brazil's version of Western Australia's Port Headland. Figure 8: Briquette Plant at Tubarão. (source: Vale) The best way to understand Tubarão is that the mines provide the resource base, and Tubarão provide the commercial engine. It is where scale, engineering and logistics come together to create durable advantage. It is also where the end products are shipped out (Figure 9). Tubarão allow Vale to be the kitchen that makes its products. At Tubarão products are blended differently, pellet output can serve changing markets, and new technologies such as briquetting can be added into an existing industrial footprint. Figure 9: Briquette being shipped at Por of Açu. (source: Vale) Pilbara ores are typically blended so that customers get exactly what they want and this is effectively the same at Tubarão. It includes the largest rail yard in Latin America and features operational units, an administrative building, cafeterias, bank branches, and a post office. This is the distinction many investors miss. Not all iron ore tonnes are equal. Bulk fines shipped into blast furnaces are one market. Premium DR pellets are another market entirely. The second category demands ore quality, processing capability, customer qualification and long-term logistics reliability. Vale has all four. From a Samso perspective, Vale demonstrates what a commercial DR pellet business actually looks like. It starts with the right orebody, but it does not end there. It requires beneficiation, pellet plants, technical acceptance by steelmakers, and access to customers already operating DRI or HBI pathways. LKAB – Sweden’s Magnetite Advantage in the Direct Reduction Pellet Market In Europe, LKAB has built a different model based on magnetite ore, and that distinction is highly relevant when discussing Direct Reduction (DR) pellets. LKAB is one of Europe’s most established iron ore companies, operating large magnetite deposits in northern Sweden, centred around the well-known mining districts of Kiruna and Malmberget. These are long-life assets that have supplied the European steel industry for generations. What makes LKAB particularly important in the DR pellet discussion is that the company is not simply selling ore. It has developed a business built around upgraded pellet products, many of which are tailored for premium steelmaking routes. Figure 10: Drilling rigs under ground. (source: LKAB) Unlike bulk fines producers, LKAB’s model focuses on beneficiation and pelletisation. Remember that the beneficiation process is one of the major requirements with magnetite ores as they are generally lower in grade when that are in the host rocks such as banded Iron Formations. For companies like LKAB, the magnetite ore is concentrated and then processed into pellets with high iron content and consistent metallurgical properties. When magnetite is processed and concentrated, the pathway naturally lends itself to creating premium products rather than low-margin raw fines. DR steelmaking using the Direct reduction plants require feedstock with: high iron grade low gangue and impurities strong physical integrity consistent reducibility in shaft furnaces These are specifications that premium pellet producers can meet more reliably than many bulk ore suppliers. Figure 11: LKAB’s iron ore pellets and fines are highly enriched and contribute to lower environmental impact than the alternatives. (source: LKAB) LKAB has taken an innovative step in collaborating with Swedish steelmaking companies in constructing a global unique pilot facility for fossil-free steelmaking (Figure 12). In the pilot plant a new process for direct reduction ironmaking will be tested in using hydrogen instead of natural gas. Figure 12: LKAB, SSAB and Vattenfall have formed a joint venture called HYBRIT Development AB and will apply specialist knowledge in their respective areas to develop a future method of steelmaking. (source: LKAB) The collaboration is placing at the centre of Europe’s decarbonisation story. Readers should take the significant narrative as an indication of the future of DR pellets. A company like LKAB does not take a role as a major participant in Sweden’s move toward fossil-free steel through initiatives such as the HYBRIT Project, a collaboration involving hydrogen-based ironmaking and steel production, if this is not viewed as the future of DR pellets and SR steelmaking. This is a smart move by LKAB to place itself in a strategic position because DR pellets are one of the key feedstocks for hydrogen direct reduction. The initiative has the potential to lower Sweden's total carbon dioxide emissions by ten percent and Finland's by seven percent. It is considered crucial for Sweden's ability to achieve the goals outlined in the Paris Agreement. LKAB is responsible for several stages of the HYBRIT programme, which is a significant driver for the company. "We are developing our own pellet process and the direct reduction process, drawing from our 50 years of experience selling pellets to customers who produce direct reduction iron. Regarding pilot studies, we've gained substantial experience through customer discussions and have a finely tuned organization, having operated an experimental blast furnace in Luleå for the past 20 years. Over the years, studies on reducing CO2 emissions have also been conducted there," states Magnus Tottie. Mineral Resources in 2026 – What Does LKAB Control? LKAB’s core resource base sits in northern Sweden and includes the famous Kiruna, Malmberget, and Svappavaara mining districts. These are globally recognised magnetite systems with long mine lives and ongoing extensions. The most publicised number in recent years has been the Per Geijer deposit, located near Kiruna, where LKAB announced one of Europe’s largest known rare earth oxide resources. While this is strategically important, the backbone of the company remains iron ore. For iron ore, LKAB historically reports hundreds of millions of tonnes of proven and probable reserves, supported by a broader mineral resource inventory extending well beyond that through continued exploration and mine depth extensions. The Kiruna orebody itself is one of the most significant underground iron ore deposits globally and has been mined for more than a century, with continuing drilling showing extensions at depth. How Much Pellets Are They Selling Globally? For 2025 results reported in early 2026, LKAB stated: Total deliveries: 25.8 million tonnes Production: 25.9 million tonnes Historically, pellets make up the dominant portion of LKAB’s sales mix. Recent market reporting indicates pellet share has ranged around 85–90% of total shipments, depending on quarter and product mix. Using that range, LKAB’s pellet sales in the latest operating year likely equate to approximately: 22 to 23 million tonnes of pellets annually That places LKAB among the major premium pellet suppliers globally. Cleveland-Cliffs Inc. – The North American Model for DR-Grade Pellet Production To this point, we have established that we have a Direct Reduction (DR) pellet hub in Brazil with Vale and in Sweden with LKAB and now we turn our attention to North America, where, Cleveland-Cliffs Inc. has built a different but equally important position. The company is one of the few large-scale producers in the United States with the resource base, pelletising infrastructure and downstream integration to supply DR-grade pellets into the evolving low-emission steelmaking market. Figure 13: Toledo- Direct Reduction Plant (source: Cliffs) Cleveland-Cliffs is a vertically integrated business that integrates mining, pellet production, hot briquetted iron (HBI), and steelmaking. What I am finding now is that companies like Vale, LKAB and Cliffs are all making some form of vertical integration in their business and I am not seeing the same for the likes of Rio Tinto, BHP and Fortescue. An interesting thought. Cliffs has a true vertical integration as they are just not selling raw ore, Cleveland-Cliffs transforms domestic iron ore resources into engineered feedstock products tailored for higher-value industrial applications. Vale and LKAB are creating value adding products but they don't appear to have gone the whole way to steelmaking. In some way, LKAB and the HYBRIT collaboration may their way on taking that next step. The company’s iron ore operations are centred around the Mesabi Range in Minnesota and additional assets in Michigan (Figure 14). These districts have supplied the US steel industry for generations. Over time, the lower-grade taconite ores of the region required beneficiation and pelletising, which led to the development of one of the world’s most mature pellet industries. That legacy infrastructure is now strategically useful in the era of decarbonisation. Figure 14: Cliffs Operations in North America. (source: Cliffs) Cleveland Cliffs is the largest producer of iron ore in the United States . The company operates the Northshore and United mines in the Mesabi Range that produce ~9 Mt/y of BF pellets. Most iron ore mines in the Mesabi Range are centred around the town of Hibbing, including the United mine, however, Northshore is 70 km away at the north-eastern end of the geological formation (See Figure 14). There are three main players in this region and that is Cliffs, US Steel and ArcelorMittal. Cliffs is by far the biggest player and in 2020, Cliffs had bought over part of the ArcelorMittal steel plant in its expansion. Figure 15: North America Iron Ore Ownership Landscape. (source: CRU) Cleveland Cliff Iron Ore Production AS you can see if Figure 16, Cleveland-Cliffs have had a steady level of iron ore production. Iron concentrate from Cliffs’ Northshore mine is railed 75 km to a 5.5 Mt/y pelletising plant at the port in Silver Bay on Lake Superior (Figure 15). The pelletising plant completed a $90 million upgrade in August 2019, which now allows the plant to produce up to 3.5 Mt/y of low-silica DR pellets. The remaining 2 Mt/y capacity is still dedicated to Blast Furnace (BF) pellet production, making it the only facility in the country able to produce both DR and BF pellets. Around 2.7–2.8 Mt/y of the new DR pellets will be shipped to Cliffs’ new $830 million DRI plant currently under construction in Toledo, Ohio. From the middle of 2020, the plant will produce 1.9 Mt/y of HBI for use in EAFs. Figure 16: Cleveland Cliffs iron ore production up to 2019. (source: CRU) Cliffs also owns the only operational mine in the Marquette Range, Tilden (Figure 14 and 15), which produces 8 Mt/y of BF pellets that are railed 26 km north to Marquette on the south shore of Lake Superior. Product from Tilden is sold to Algoma's steelworks at Sault Ste. Marie in Canada and to AK Steel’s Dearborn works in Detroit. The adjacent 5.5 Mt/y Empire mine, also owned by Cliffs, was idled indefinitely in August 2016. Why Is America Not a Global Iron Ore Supplier? There is a mutual dependence and, consequently, a capacity connection between steelmakers around the Great Lakes and US iron ore producers. The cost of transporting iron ore in and out of the Great Lakes is prohibitively high for significant trade with the rest of the world. As a result, the USA remains a very minor player in the global seaborne iron ore market. In 2019, seaborne iron ore exports are projected to be around 3 Mt, representing approximately 0.2% of global seaborne trade. Due to its substantial share of pellet production, the country holds a slightly more significant position in the seaborne pellet market, with about a 3% market share. Ferrexpo plc – Ukraine’s Premium Pellet Producer and Its Relevance to the DR Pellet Market Ferrexpo has built its business around premium iron ore pellets, and in recent years has increasingly positioned itself toward the DR-grade pellet segment. Ferrexpo’s operations are centred in central Ukraine, anchored by the Poltava Mining complex near Horishni Plavni (Figure 17). The company mines magnetite iron ore, beneficiates it into concentrate, and then converts that concentrate into pellets. Figure 17: Ferrexpo’s FPM mine. (source: Cliffs) The FPM orebody is a banded iron formation (BIF)-style magnetite deposit, which means the raw ore generally requires beneficiation before it becomes saleable. The company’s pellets have historically been sold into blast furnace markets, but at a premium due to their quality. Over time, Ferrexpo has progressively increased pellet grade and reduced impurity levels, moving its product mix closer to what DR markets require. Ferrexpo has traditionally supplied Europe, the Middle East and parts of Asia. Its location gave it logistical relevance into European steel markets, particularly as Europe began moving toward lower-emission steelmaking. ArcelorMittal – Understanding the Pellet Business Inside a Global Steel Giant ArcelorMittal is one of the world’s largest integrated steel groups with mining operations that feed its own steelmaking network (Figure 18). That means its pellet business should be viewed through a different lens. Pellets for ArcelorMittal are not just a commodity product for sale. They are also a strategic input into its broader steelmaking system. Figure 18: Overview of ArcelorMittal principal Mining Operations. (source: ArcelorMittal) Bahrain Steel – A Strategic Pellet Producer Built for the Middle East DRI Market The Middle East has long been one of the natural homes of Direct Reduced Iron (DRI) production as it has abundant and competitively priced natural gas which historically made gas-based direct reduction more attractive than the traditional blast furnace route. That gave countries such as Bahrain, Saudi Arabia, UAE, Oman and Qatar a "natural" advantage in DRI steelmaking. For a pellet producer, being located close to that demand centre matters and being able to deliver the pellets with low shipment cost is a good business. This is where Bahrain Steel sits. The Business Model – Import Ore, Upgrade Feedstock, Supply DRI Markets Unlike Vale or LKAB, Bahrain Steel’s model is not based on mining ore domestically. Bahrain has no large native iron ore resource base. Instead, the company imports iron ore feed, processes it through pelletising facilities, and supplies pellets designed for direct reduction steelmaking customers. That is an important distinction. Bahrain Steel is essentially a strategic converter of global ore into regional steel feedstock. MIDREX – The Technology That Helped Create the DR Pellet Market When investors talk about Direct Reduction (DR) pellets, they often focus on the mining companies producing the feedstock. That is only half the story. The other half belongs to the technology that created demand for those pellets in the first place. Few names are more important in that conversation than Midrex Technologies, Inc.. MIDREX is not a miner, and it does not sell iron ore pellets. What it has done over the last five decades is far more strategic (Figure 19). MIDREX developed and commercialised one of the world’s leading Direct Reduced Iron (DRI) processes, a system that converts iron ore pellets or lump ore into metallic iron using reducing gas rather than traditional blast furnace coke. Today, MIDREX technology is one of the foundations of the modern low-emission steelmaking narrative. Figure 19: The MIDREX® Process (source: MIDREX) MIDREX is a global company, with headquarters and research and technology development centre located in Charlotte, NC, USA, and offices in the United Kingdom, China, India, and Dubai. MIDREX is wholly owned by Kobe Steel, Ltd. Where It Started The MIDREX journey commenced in the 1960s when Donald Beggs (Figure 20), part of the Surface Combustion division at Midland-Ross in the U.S., envisioned utilizing reformed natural gas to reduce iron ore without melting it. The inaugural commercial MIDREX plant launched in Portland, Oregon, in 1969. This marked a pivotal achievement, proving that iron ore could be transformed into metallic iron without using the blast furnace method. Figure 20: Donald Beggs, head of Surface Combustion’s R&D Group, conceives the idea for the MIDREX® Process (source: MIDREX) From a Samso perspective, this was one of those industrial moments that does not always make mainstream headlines but quietly changes the direction of an industry. How It Became Global By the 1970s and 1980s, MIDREX technology expanded across regions where natural gas was abundant and competitively priced, particularly the Middle East, Latin America and parts of Asia. Over time, plant capacities increased, operating efficiency improved, and new products such as Hot Briquetted Iron (HBI) were added. When MIDREX later became part of Kobe Steel, Ltd., the business to commercialise and globalise the technology took a step up. The Green Steel Relevance The modern market often uses the phrase “green steel.” Whether one likes the term or not, the practical pathway usually comes back to lower-emission ironmaking. MIDREX is central to that discussion because the process can use natural gas today and is increasingly being adapted toward hydrogen-based reduction in future configurations. MIDREX states its plants produce a large share of the world’s low-CO2 DRI. That makes the company relevant not just historically, but strategically in the decarbonisation era. The Samso View on MIDREX. If Vale, LKAB and Cliffs represent the supply side of DR pellets, MIDREX represents the demand engine. This is an important distinction for investors because the majority of investors in the ASX don't think much past the term "Iron Ore" when they decide to "invest. I think the new revolution of the iron ore sector is more to do with some alignment with "Green Steel". To be in the space of "Green Steel" it is important to understand that DR pellets are not valuable because they are round, hard iron balls. They are valuable because technologies like MIDREX created an industrial process that needs them. That means any serious study of DR pellets should also study MIDREX. The pellet market and the direct reduction market are linked businesses. One cannot scale effectively without the other. Clean Insert for Your Insight Business solutions like "MIDREX" help create the commercial market for DR pellets by proving that iron ore could be reduced into metallic iron using gas-based shaft furnaces rather than blast furnaces. As direct reduction expands, the strategic importance of premium pellet feedstock rises with it. The Samso Conclusion As a keen investor in the ASX, I am always looking for the next trend and like most retail investors, the only advantage I have is to "try" an identify the edge. My favourite is still tungsten but I cannot see any reasonable entry as I struggle to identify a good project that is not full of "hot air" or what I call Sugar Honey Ice Tea. Gold opportunities in the small cap sector are still rare as most have kind of "moved". The next best thing is to put some hard earned cash into gold producers and that leaves lots of time to think about what is the next exciting aspect of investing. Hence, my thoughts have recently been looking at the iron ore sector as the sleeping giant. For those readers that are still here reading, I think the small cap iron ore players, and there are very few, is the hidden jewel. In 2018 I discovered Champion Iron Limited (ASX: CIA) and in the early 2020s, I was not able to take on the Fenix Resources Limited (ASX: FEX), a case of opportunity cost, so when the Iron Bear Resources Limited (ASX: IBR) story came up, I was sold. This is not a Samso Insight about any of these companies but the three stories that I have mentioned are examples of small cap iron ore stories that retail investors could have participated. Hence, these stories are out there, one just need to understand what is the upside other than high-grade iron as a bulk commodity story. As the global trend moves to the "low-emission world, I think a discussion is now starting to rise within this boring iron ore sector. When you realise that a giant like Vale is leading the world in the process to provide a cleaner steel making process, investors should and need to take notice. Investors need to realise that the Iron Ore or Steel Making sector has been moving into a new narrative and this is where opportunities will be created. Most investors in the iron ore sector would never have thought of DR steelmaking when they are considering "investing" in iron ore equities as there was never a thought of anything other than iron ore equals steel making. On top of the lack of realising what DR Steel Making is, I am sure that the terminology of DR pellets would never have graced the lips of most investors as well. Personally, I only came across this terminology recently. This Samso Insight is about highlighting who are the main players of DR Pellets and who will be controlling the next phase of the iron ore sector. Can you imagine that the next phase of the iron ore industry will no longer be about finding the iron ore and shipping greater than 60% Fe content, but instead about whether your ore body can be made into high-grade and clean DR pellets so that steel makers can make "Green Steel". We are in the age of carbon credits with so called third-world nations making revenue from their pristine forests. Green is good and forested regions such as Sarawak in East Malaysia are making more from Carn Credits than their traditional logging industry. The future of low-emission steelmaking will likely reward companies that can deliver premium iron units at scale. Vale already operates in that market today. For investors assessing new iron ore stories that talk about DR-grade potential, Vale is a useful benchmark because it shows the difference between having a concept and having a functioning commercial supply chain. The main aspect of this DR pellets story is to identify those that can and those that are using the term to promote. This is the most important part of this 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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. 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It does look like OD6 Metals Limited (ASX: OD6) is starting work on the Quinn Fluorspar Project in Nevada with a flurry, which is a good sign for shareholders. The fact that fluorspar is classified as a critical mineral and that the United States remains fully import-dependent will be the main narrative, and I think, in the current geopolitical rollercoaster ride, this is a good thing for OD6 Metals. In this Samso News, I am trying to bundle the last four recent ASX announcements to highlight and make some sense of the exploration activities as OD6 Metals Limited look to validate grade, mineralisation continuity, and scale potential for the Quin project. The status is all about historical results at the moment, so the next steps will be interesting as they establish some form of reality on the factual prospectivity of the project. The Progress - OD6 Metals Limited Fluorspar Story The four ASX announcements from OD6 Metals Limited outline the context of early-stage development of the Quinn Fluorspar Project in Nevada, moving from history to Present day. The first announcement establishes the commencement of intentional exploration, marking the first modern program on the project in approximately 60 years. The activities will be about soil sampling, stream sediment work, and mapping across multiple large-scale targets, providing the framework for understanding the broader geological system. Subsequent releases are setting the scene for mineralisation at the Mammoth Prospect. Initial rock chip assays confirming high-grade fluorspar within a defined breccia-hosted system, with mineralisation extending into surrounding limestone. This is followed by channel sampling results, which demonstrate consistent grades across continuous exposures, providing a more representative view of the mineralised zone and supporting geological continuity. The most recent release shifts attention to the Horseshoe Prospect, where channel sampling returns higher grades over multiple intervals. These results confirm that high-grade mineralisation is not isolated to Mammoth but occurs across multiple deposits within the project area. Sampling also indicates that mineralisation remains open along strike and at depth, with only a portion of the mapped system tested. Across the four announcements, the key outcome for shareholders and potential investors is the establishment of a district-scale fluorspar system defined by high-grade breccia-style mineralisation, supported by both historical data and modern sampling. The work completed to date sets the foundation for detailed mapping, drill targeting, and the next phase of exploration. ASX Release 1: Systematic Exploration Commences (1 April 2026) SYSTEMATIC EXPLORATION TO COMMENCE AT QUINN FLUORSPAR This announcement marks the operational starting point, with OD6 initiating the first modern exploration program at Quinn in approximately 60 years. This program is all about building a geological and geochemical framework which will include a program of soil sampling (~320 samples), stream sediment sampling (~40 sites), and mapping across multiple target areas including Mammoth, Horseshoe, and the broader alteration corridors (Figure 1). Figure 1: Regional initial sampling programs over the target corridors (refer release dated 25 March 2026 for description of geology, mineralization and alteration - ADVANCED SATELLITE ANALYSIS REVEALS 8KM TARGET CORRIDOR) (source: OD6 Metals Limited) According to OD6 Metals, there will be a focus around areas such as the 70,000m² Lithocap and 700,000m² Dress Circle zones being tested for the first time. Historical deposits like Mammoth and Horseshoe are also being revisited to define extensions and continuity (Figure 2). Figure 2: The Horseshoe-Jumbo alteration corridor programs (refer release dated 25 March 2026 for description of geology, mineralization and alteration - ADVANCED SATELLITE ANALYSIS REVEALS 8KM TARGET CORRIDOR) (source: OD6 Metals Limited) The key takeaway from this release, I assume is about establishing the potential scale and methodology in the exploration phase that will establish upcoming exploration activities. This will bring the reliance of using historical data into how modern exploration will establish the prospectivity of the project. ASX Release 2: Rock Chip Assays Confirm High-Grade System (7 April 2026) EXCEPTIONAL ASSAY RESULTS UP TO 53.2% CAF2 AT MAMMOTH This release provides the first modern assay validation at Mammoth, confirming high-grade fluorspar mineralisation within a mapped 9,000m² zone. Rock chip (Figure 3) results returned grades up to 53.2% CaF₂, with multiple samples above 30% CaF₂. Importantly, mineralisation is not confined to the breccia core but extends into surrounding limestone, indicating a broader system footprint. Figure 3: Sample QC260251 with purple and white fluorspar from the contact zone on west side of Mammoth The release highlights that mineralisation extends west, north, and potentially under cover to the east, indicating that the mapped footprint is not the full extent of the system (Figure 4). What this clearly show is that the rock chips are extensive and show the presence of surficial presence of high-grade mineralisation which will lead to the next question, does it extend with depth. Figure 4 below is a great depiction of the potential of strike and future exploration activities should clarify doubts. Figure 4: New sample results from Mammoth Fluorspar Project. Background map and historic results based on Evans 1975 (refer press release dated 4 March 2026 for further information - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled. (source: OD6 Metals Limited) ASX Release 3: Channel Sampling Confirms Continuity at Mammoth (9 April 2026) CONTINUOUS HIGH-GRADE FLUORSPAR 12m @ 40.8% CAF2 The channel sampling (Figure 5) results does show a different dimension of what is happening at the Mammoth Prospect. The concept of the channel sampling does give a better form of representing continuity and the scale. For me, I think that the extent of mineralisation (Figure 6) does speak for the potential of scale but I am awaiting drilling to see how these results will bind the project together. Figure 5: View west of the outcrop of the channel sampling at Mammoth. Orange paint marks indicate 1m samples. The full extent of the outcrop was sampled. (source: OD6 Metals Limited) A 12m channel returning an average grade of 40.8% CaF₂, with grades ranging from 26.4% to 54% is a good result, without doubt. I am imagining all the questions and the easiest response is, yes, drilling will be the final test. The key point here is continuity. Sampling was conducted at 1m intervals across the outcrop, demonstrating consistent mineralisation across the exposed zone. Figure 6: Mammoth Project channel sampling. Includes rock chip results released 7 April 2026; background geology and historic results refer to release dated 4 March 2026 - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled. (source: OD6 Metals Limited) This announcement does consolidate the sets of historical data that is adding some facts to the narrative. From the Coffee with Samso that OD6 Metals just released, (see below), the conversations were exciting and shareholders are keenly awaiting upcoming exploration. The schematic cross section in Figure 7 adds potential excitement and one could be forgiven to "see" the 50 to 60m width of the Fluorspar Breccia. If this were to be true and the mineralisation would to extend "uniformly" over that width, then shareholders should be rightly excited. Figure 7: Schematic cross-section across Mammoth Fluorspar Zone with recent and historic assay results (based on Evans 1975 as referenced in release 4 March 2026 - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled.) (source: OD6 Metals Limited) Time will tell if that "thinking" is on the right path. As they say, bring on the truth machine :-). ASX Release 4: Ultra-High Grades at Horseshoe (15 April 2026) ULTRA-HIGH-GRADE CHANNEL SAMPLING UP TO 75% CaF2 - HORSESHOE This ASX release is all about the Horseshoe Prospect and as expected OD6 is laying out the obvious as a baseline for investors. The results that has been released are obviously spectacular now I kind of know what we as investors should be looking from ASx releases (Click here to hear Darren Holden sharing with us how to look at projects like Quinn Fluorspar in the recent Coffee with Samso - 04:34 What do we look for with a Fluorspar project?) Channel sampling returned: 12m @ 68.9% CaF₂ 7m @ 73.1% CaF₂ 2m @ 75% CaF₂ Figure 8: View northeast of the main face (channel QCCH2602_3) sampling at Horseshoe. Orange marks indicate 1m samples. The mineralization continues either end of the sampled section. (source OD6 Metals Limited) These results confirm strong grade continuity across multiple exposures and validate historical mining grades from the area. Check out Figure 1 and Figure 2 to see the sampling medium. Figure 9: View northwest of in-pit (channel QCCH2602_2) sampling at Horseshoe. Orange marks indicate 1m samples. The full extent of this outcrop was sampled. (source OD6 Metals Limited) What is interesting to see is the consistent potential seen here in Horseshoe and what we saw from the Mammoth project. I am not surprised to see the high CaF₂ numbers from the rock chips being collected as these epithermal systems are typically known for having a bold expression of mineralisation. The geology we see here at Horseshoe, Figure 10 and Figure 11 appear to have the juice for further mineralisation in the "Fluorspar Zone". Figure 10: Horseshoe Prospect channel sampling. background geology results refer to release dated 4 March 2026 -OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled.) (source: OD6 Metals Limited) The schematic cross section in Figure 11 is encouraging and I am assuming that the estimated with is a conservative estimate and if that is the case, this will make things interesting. If the way the deal has been structured is a guide to the vendor's optimism, then I think the story for OD6 could end well. Figure 11: Schematic cross-section of Horseshoe Pit with recent sample results. Background geology modified from interpretation by Evans 1975 (refer release dated 4 March 2026) - OD6 TO ACQUIRE ULTRA HIGH GRADE USA FLUORSPAR PROJECTS). Samples >15% CaF2 labelled.) (source: OD6 Metals Limited) I think it is still very early to make a call but the historical results are too good to ignore. The potential scale and high-grade nature could make the Quinn project a deal of a lifetime for OD6 Metals. Figure 12: View SE of in-pit (channel QCCH2602_1) sampling at Horseshoe. Orange marks indicate 1m samples. Only the reachable extent of the outcrop was sampled. This outcrop displayed “Racoon Tail” textures of banded fluorspar – a classic epithermal replacement style in high-grade fluorspar deposits. (source: OD6 Metals Limited) The mineralisation remains open along strike and at depth, with only part of the 3,000m² system tested. This release reinforces the district-scale potential by showing that multiple prospects host high-grade mineralisation. Management Commentary Across the announcements, management commentary is consistent in highlighting three themes: validation of historical results, confirmation of grade continuity, and expansion potential across a broader system. The transition from rock chips to channel sampling and then to systematic exploration reflects a staged approach to building confidence in the project. Samso Concluding Comments The recent flow of ASX releases clearly show that OD6 feels that they have come across something that is easily narrated and the potential of a pay off is good. This is a business and I am liking what I am seeing. As I say that, I am aware that there is going to be a bit time required to consolidated the historical data and supplement that with upcoming exploration work. Another capital raise will be on the cards as they spend their recent raise which is part of the business of mineral exploration. One would think that the Quin Fluorspar project may be more about resource development soon rather than exploration. The wording to describe the stage OD6 Metals in at currently may be just words but for someone who has been in the shoes of Brett Hazelden, I would rather have that discussion of whether I am a potential resource developer than being a mineral explorer. Market Implication The market is obviously liking the story so there is not much to say :-). I like the story and catching something that appear to have the market on your side is a good start. While having the market sentiment is good, I think that having a project that can currently demonstrate some resemblance of size, grade and continuity of mienralisation is a bonus. Figure 13: Share price chart for OD6 Metals Limited as of 16th April 2026 (source: commsec) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso – Echo IQ Limited: AI Diagnostics, Mayo Clinic & the Path to a Cardiovascular Platform A much-awaited Coffee with Samso conversation with Dustin Haines from Echo IQ Limited (ASX: EIQ) is all about a clear investment narrative: this is not just an AI story, but a proven data-driven healthcare business building a scalable diagnostic platform anchored in real clinical need. The main business for Echo IQ is in the cardiovascular diagnostics space, using artificial intelligence to analyse echocardiograms and assist physicians in identifying complex conditions such as aortic stenosis and heart failure. For those who are familiar in this space, this is where underdiagnosis remains a documented global issue. The business is built around clinical validation, regulatory pathways, and integration into hospital workflows, rather than purely theoretical AI capability. The discussion in this episode of Coffee with Samso highlights the realisation of the business model, which lays out the following: Clinical-grade AI with regulatory validation (FDA pathway) Access to a large, longitudinal echocardiography dataset (~2.2 million records) A clear commercial pathway into hospitals via existing diagnostic infrastructure The Echo IQ story is no longer a “build it and hope” model. The recent news and what appears to be even more validation when the current FDA approval gets the tick, is that the business is now a measured progression from validation → approval → integration → revenue, which is what the market is valuing its future. This is often where many early-stage AI healthcare companies fall short. This conversation with Dustin comes with great satisfaction. We first spokje to each other last year and the company was just short of AUD $0.25 and today as we release this new Coffee with Samso, it is near to AUD $1.025. We said that this was going to be a good story then and we will say it again. 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 224 | Echo IQ Limited (ASX: EIQ) | Arizona -USA | Perth - Western Australia Here is the conversation that Dustin and I had in September 2025. Click here to watch the previous Coffee with Samso with Echo IQ: Audio Podcast Coffee with Samso - Episode 224 | Echo IQ Limited (ASX: EIQ) | Arizona -USA | Perth - Western Australia Chapters 00:00 Start 00:32 Introduction 01:09 The Business of Echo IQ 02:12 Partnership with Mayo Clinic 08:15 The Technology of Echo IQ 13:05 Why is Echo IQ Technology Better 17:50 What are the New Products in Echo IQ? 23:46 What Does Dustin Worry About The Business? 26:20 What Does The Mayo Clinic Partnership Mean To Echo IQ? 29:29 What are The Main Stakeholders in Echo IQ Thinking Now? 32:23 Is Echo IQ undervalued? 34:11 Hypergrowth 36:51 Is It Safer Now to Invest in the Echo IQ Story? 39:12 What is The market Not Appreciating About Echo IQ 42:14 When will The FDA Approval happen? 43:36 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.

A Magnetite Iron Ore Project Sitting Where the Market Is Going - Steel Decarbonisation In this episode of Coffee with Samso, we are having a conversation with Iron Bear Resources Limited (ASX: IBR) again since March 2025. The business has progressed and we are now anticipating the release of the Pre Feasibility Study which will be the platform that begins the studies towards a Decision To Mine. As a shareholder of the company, these are exciting times as the path forward is all about creating the building blocks that will shape the valuation of the business. Currently at AUD $50M, this has got to be the most undervalued stock on the ASX. The story is now about creating the understanding of where the steel industry is heading. This is the beginning of a Magnetite Iron Ore story that is all about Steel Decarbonisation. Iron Bear’s project sits in the Labrador Trough in Canada, a region already proven by operators such as Rio Tinto, Champion Iron, and BHP. The infrastructure exists, the geology is understood, and the industry has been operating there for decades. What makes Iron Bear different is not just the size of the resource. It is where that resource fits into the future of steelmaking. The Iron Bear story is not about discovery risk. It is now all about execution. This is a project that already sits within an established iron ore province, with infrastructure, scale, and a partner that understands the market better than most. The key shift is the steel industry itself. Decarbonisation is not optional, and the move toward direct reduction steelmaking is creating a demand for high-grade inputs that are not widely available. From a Samso lens, this is a story where the market may not yet be fully connecting the dots. The involvement of a major like Vale changes the development equation, but it also requires investors to look beyond traditional junior mining narratives. 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 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Audio Podcast Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Chapters 00:00 Start 03:09 What is Iron Bear and why does the project matter today? 05:23 How does Iron Bear fit into the global iron ore and steel decarbonisation story? 18:41 Why is the market not fully valuing Iron Bear’s story? 23:29 Is the Market not Appreciating the Vale Partnership 28:31 What makes the geology unique compared to other large-scale iron ore systems? 30:54 Are the geological details consistent? 31:46 What are the key risks investors should understand? 34:00 How is Iron Bear addressing social licence and environmental responsibility? 39:32 Are the current geopolitical concerns pushing the thought of Nationalism ? 41:38 What are the key milestones and work program ahead? 44:25 What could drive a re-rating in valuation? 45:49 Corporate Activities and Vale Relationship. 47:23 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.

In 2026, the uranium narrative is looking like it is no longer forming, like how most of these narratives develop in reality. This is the very reason why I am looking at Boss Energy Limited (ASX: BOE), a producing uranium story that may be giving potential investors an opportunity to get in with a discount, even when they have a market capitalisation of over AUD $600M. Today, research is showing that the discussion is now being expressed through observable market behaviour. Not so long ago, most observers will remember that this sector was about a forward-looking thematic built on energy transition and supply concerns has transitioned into a phase where pricing (Figure 1), contracting, and policy alignment are all moving in the same direction. In other words, it is all "talk" Figure 1: Spot uranium price has fallen about 10% year-to-date but much of this decline was probably due to Trump geopolitical antics, but GlobalX believes that the pricing will stabilise and reset as soon as things smooth over time as these political maneuverings do. (source; globalxetts.com.au) According to GlobalX, the decline in uranium prices is not expected to continue significantly (Figure 1). Long-term contracts, which are agreements between mining companies and utility firms, account for over 70% of the uranium market. Despite the drop in spot uranium prices since January 2024, long-term uranium prices have remained stable, staying above US$80 per pound with substantial contracting activity. This indicates that utility firms are confident in the sustained high price of uranium and continue to prioritize securing their supply. If you look into the insides of the story now, the demand conversation is now something that you can touch rather than conceptual. Global nuclear generation has reached record levels, and the build-out of reactors—particularly across Asia—continues to progress, even with the "Green" discussion of no nuclear. In the meantime, global supply of uranium is dwindling (Figure 2), primarily due to the lack of exploration over the decades. Figure 2: Commercial uranium fuel supplies reached their peak in 2021, due to underutilization during global lockdowns, at 65 million pounds (approximately 30% of global supply). However, they have since decreased to just 17.5 million pounds in 2024 (around 9% of global supply). Predictions indicate that 2024 will be the last year nuclear operators will have access to significant reserves. Commercial inventories are expected to drop below 7 million pounds, or 3% of global supply, and remain at this low level for the foreseeable future. With production projected to stay below global reactor needs from now until 2030 and beyond, the uranium market may soon face a new era of scarcity. (source: livewiremarkets.com) Why Is Samso Talking About Boss Energy Limited The recent share price (Figure 3) performance of Boss Energy Limited has drawn attention because it contrasts with the broader uranium narrative. Boss Energy Limited currently has a market capitalisation of AUD $664M. The uranium price has strengthened again, and several global producers have seen positive market responses. Figure 3: The share price chart for Boss Energy Limited. (source: commsec) From the lens of a retail investor, the share price path of Boss Energy Limitedis clearly not one that would be fitting for a company that is a uranium producer at a time when the sector momentum is rising. What this makes me think is that it is not whether uranium is working as a theme, but how the market is differentiating between companies within that theme. This Samso News looks at Boss Energy through a peer comparison lens, focusing on where it sits relative to global uranium producers and why the valuation gap persists. Introduction – Uranium Strength vs Equity Divergence A while ago, I had a lesson from Mike Young who was then the Managing Director of Vimy Resources Limited, a uranium developer that was later merged with Deep Yellow Limited (ASX: DYL). It was here that I first learned about the difference in spot and contract pricing and how they work in the business of uranium. Hence, to understand the uranium business, one must first know about how the spot price and the contract price intermingle with each other and they are required to work like a symbiotic cell (see Figure 1). The current strong conversations is that the uranium sector is moving through a strong pricing cycle, with spot prices rising materially over the past two years and returning to elevated levels in early 2026 (Figure 1). At the same time, what appears to be happening is that uranium equities are no longer moving in a uniform manner. The market has shifted from a theme-driven rally to a company-specific assessment phase. Boss Energy Limited, now transitioning into production at Honeymoon and holding exposure to Alta Mesa, is part of this transition. The share price performance suggests the market is no longer valuing the company on future potential alone, but on operational delivery and consistency. The Business of Boss Energy Limited – Focus: Uranium Production Boss Energy Limited is an Australian uranium company focused on restarting and operating its flagship Honeymoon Uranium Project in South Australia. The business is built around in-situ recovery (ISR) mining, which extracts uranium by circulating solutions through permeable ore bodies rather than conventional open pit or underground methods. This approach generally results in a lower physical footprint and reduced upfront capital intensity compared to traditional mining, which is central to the company’s operating model. Figure 4: The Honeymoon Well operations. (source: Boss Energy Limited) The Honeymoon project (Figure 5) is a previously producing uranium operation that has been refurbished and redeveloped to align with current market conditions and processing improvements. The company’s strategy has been to bring this asset back into production, leveraging existing infrastructure while optimising processing efficiencies, particularly through advancements in ion exchange and resin-based recovery systems. Boss Energy is trying to position itself as a near-term and scalable uranium producer, rather than an early-stage explorer. Figure 5: Australian Uranium deposits. (source: World Nuclear Association) From a commercial perspective, the business is aligned with the uranium contracting cycle. Like any uranium company, Boss Energy has been progressively establishing long-term sales agreements with utilities, which is consistent with how the uranium industry typically operates. The processing plant at Honeymoon, which has been refurbished as part of the restart, uses ion exchange (IX) to recover uranium from the pregnant solution. Operational updates through 2024–2026 indicate that the plant has moved through commissioning into steady-state optimisation, with resin performance, recovery efficiency, and throughput forming the key operational metrics. Ion Exchange (IX) - Uranium Mining Ion exchange (IX) in uranium mining is a process used to pull uranium out of a liquid solution after it has been dissolved underground. In an ISR operation like Honeymoon, a solution is pumped through the orebody and brings dissolved uranium back to the surface. This liquid is called the pregnant solution because it contains uranium. Figure 6: The In-situ Uranium Recovery Process. (source USNRC) The ion exchange step then passes this solution through tanks filled with special resin beads. These beads are designed to attract and hold uranium ions, effectively stripping the uranium out of the liquid. The remaining liquid is then recycled back underground, while the uranium is later removed from the resin and processed into a solid product (yellowcake). In simple terms, ion exchange is a filtering and capturing step, where uranium is selectively taken out of the solution so it can be recovered and sold. In terms of production, Boss Energy has mentioned a nameplate capacity of approximately 2.45 million pounds U₃O₈ per annum. The ramp-up phase through 2024 and into 2025 has been focused on progressively increasing output toward this level, rather than achieving full production immediately. Early production has been measured in hundreds of thousands of pounds per quarter, reflecting the staged wellfield development and the time required to reach optimal ISR flow conditions. On the resource side, the Honeymoon Project hosts a JORC Mineral Resource of approximately 71–72 million pounds U₃O₈, which underpins a long mine life. Within this, a portion has been converted into an Ore Reserve that supports the current production plan, typically in the order of 30+ million pounds U₃O₈, providing the basis for initial mine scheduling and economic extraction. Beyond Honeymoon, the company maintains exposure to additional uranium assets, including interests in exploration and development projects, which provide optionality for future growth. However, the core of the business remains centred on achieving steady-state production and operational reliability at Honeymoon, as this underpins both cash flow generation and market positioning. In the broader context of the uranium sector, Boss Energy represents a company transitioning from development into production, with its value proposition tied to execution—bringing an existing asset back online efficiently and participating in a market that is increasingly driven by long-term supply security and contracting behaviour. Table 1: A comparison of market capitalisation to show the range of valuation in the sector. Company Market Cap (Approximately April 2026) Cameco Corporation ~A$70B Paladin Energy Ltd ~A$5.6B Boss Energy Limited ~A$0.65–0.70B Lotus Resources Limited ~A$0.35–0.40B Peninsula Energy Limited ~A$0.25B Coming back to the earlier question we posed in the discparity in the share price and valuation and the potential of Boss Energy, Table 2 below may give some insights. These are my opinion and thoughts and I am the first to say these comments in the table is more about my lens as a retail investor. Table 2: Market Acceptance and the stage of proejcts. Category Companies Market View Premium Producers Cameco Fully accepted, lower perceived risk Accepted Restart Paladin Largely accepted but monitored Prove-It Producers Boss, Lotus Conditional acceptance High-Risk Turnarounds Peninsula Discounted until proven Samso Concluding Comments The coming of the uranium prophet has been on the cards for a long time. There has been a few false starts but I think the time for the uranium sector is near. I feel that the sector has moved into a phase where company-specific factors are more influential than thematic exposure. This has resulted in differing valuation outcomes across producers, and for me, this means opportunities are being presented. Boss Energy Limited sits within a group of companies that are transitioning into production and it is accepted that this stage typically carries a higher level of scrutiny from the market. The comparison with global peers shows that scale, operating history, and market familiarity play a role in valuation. Companies that demonstrate these attributes tend to attract stronger market support. For Boss, the pathway to a different valuation profile appears to be linked to continued operational delivery rather than external market conditions. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.