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Announcement Passive Seismic Survey Better Defines High Priority Targets 21 October 2025 NON-BINDING MOU WITH LEADING URANIUM PRODUCER 11 September 2025 Cauldron Energy Limited (ASX: CXU)   has delivered two complementary updates on the Yanrey Uranium Project in WA (Figure 1). October’s note uses fresh passive-seismic work to sharpen drill targeting at Manyingee South, Manyingee North, and Koodarie ahead of near-term field activity, while September’s announcement frames a non-binding MOU with Navoiyuran that brings ISR operating expertise and potential funding pathways into the study mix. What follows is a quick, factual wrap drawn directly from the company’s September and October 2025 releases, with figures inserted where relevant. Figure 1: Location of the Yanrey Uranium Project (source: CXU) Highlights — 21 October 2025 Cauldron received preliminary passive-seismic results (Southern Geoscience) over five areas around Manyingee South   (Area 1B),  refining several high-priority drill targets for immediate testing. Survey results at Manyingee South   (Area 1B)  correlate with 2024 drilling interpretations and indicate that high-grade mineralisation is associated with a cross-cutting structure at the palaeochannel base that impeded northward roll-front migration; the area immediately to the south is now a drill target for potential high-grade mineralisation (Figure 2). Figure 2: Combined airborne electromagnetic (AEM) survey imagery over the Manyingee Embayment. Hotter colours = more conductive (thicker palaeochannel sediments), cooler colours = non-conductive (resistive) bedrock. (source: CXU) And also extended further upstream within the Manyingee Embayment (Figure 3) Figure 3: Combined previous passive seismic survey imagery over the Manyingee Embayment. Hotter colours = shallow, cooler colours = deeper. (source: CXU) The N–N-NNE-trending Manyingee South palaeochannel runs ~4 km west and parallel to the Manyingee Palaeochannel, with 2024 drilling showing its northern two-thirds tighten into a ~600 m-wide, steeply incised gorge in granitic bedrock at the palaeo-river mouth (Figure 6). Figure 4: Manyingee region: Passive seismic survey results. Cauldron’s survey points are shown in black whilst historical surveying, conducted by Wyloo Metals Ltd in 2022, are shown in red. Wyloo’s surveying covered both sides of the Manyingee palaeochannel and extended westwards to the boundary of Cauldron’s E08/1489. (source: CXU) At this point, the redox front pinches out, and northward the sequence transitions into marine-influenced sediments (Figure 5). Figure 5: Longitudinal section showing interpreted palaeogeography. Note the termination of the D Zone roll-front in the vicinity of hole 24YRAC100. (source: CXU)   At Manyingee North (Area 2) , the palaeochannel continues north onto Cauldron ground, where historic mineralisation has not been closed out—designated a high-priority drill target.  At Koodarie (Area 3) , the palaeochannel continues east across the Ashburton River onto Cauldron tenements; it is deeply incised and well developed with very little historical exploration—also flagged as a high-priority drill target (Figure 6).  At Manyingee Northwest (Area 4) , passive seismic shows the palaeochannel deepens north but likely splits around a shallow ridge—one arm rejoining Manyingee to the northeast and another trending northwest into previously drilled mineralisation (Figure 6). Figure 6: Cauldron Passive Seismic survey lines and areas. (source: CXU) Surveying suggests the Manyingee palaeochannel bifurcates , with a previously unrecognised branch extending north on Cauldron tenure in a setting similar to Manyingee South (Area 1B) —considered highly prospective.  Timing:  site preparations (including a heritage survey) are underway, with drilling scheduled for November .  Resource context for Yanrey:  Cauldron states 42 Mlbs U₃O₈ in JORC Mineral Resources across Bennet Well ( 30.9 Mlb ) and Manyingee South ( 11.1 Mlb ); neighbouring Paladin’s Manyingee deposit is listed at 25.9 Mlb .   Cauldron CEO Jonathan Fisher  commented: “The passive seismic survey conducted last month has helped confirm some exciting high priority drill targets; as well as defining the edge of the paleochannel systems which will mean less holes are drilled outside the channels. Despite a minor delay, it was important to wait for this interpretation as it will save time and money on drilling. We are now full steam ahead with our site preparations, and we anticipate completion of our planned drill programme prior to the end of the calendar year. Whilst the junior uranium sector is often defined by its volatility; overall the incredible macro tailwinds enjoyed by the sector, driven by the steadily progressing global nuclear renaissance, is driving investor interest in junior uranium companies. Investors want us to be active on ground – and this is exactly what Cauldron is doing. We look forward to delivering the results of this programme, as well as continuing to lead industry advocacy to ensure West Australians understand the benefits the uranium mining can bring to the State, and the importance of uranium export to helping our global trading partners decarbonise. Through increased awareness of this issue,policy change becomes more likely. We are pleased with the current parliamentary inquiry being undertaken by the WA Government, and look forward to fulsome participation in that inquiry.”   Highlights — 11 September 2025 Non-binding MOU  signed with Navoiyuran  (Uzbekistan’s national uranium company; 2nd-largest ISR producer) to collaborate on Yanrey—covering technical assistance (design/operations), specialist ISR input to studies, potential future funding, and government advocacy. Formal, binding documents are envisaged after further work.  Due diligence & ISR suitability:  Navoiyuran completed technical due diligence; prior CSIRO (2017) work concluded that Bennet Well is amenable to ISR . ISR knowledge in Australia remains limited, with only Honeymoon  and Beverley currently operating.  Navoiyuran profile:  decades of ISR experience; > 42 deposits  in portfolio; exports U₃O₈ to major processors; maintains partnerships with Orano , ITOCHU/JOGMEC , and CNUC ; this agreement is their first in Australia . Figure 7: Navoiyuran production history Tonnes U; showing transition from traditional mining to purely ISR. (Source: Navoiyuran) Yanrey province scale (context):  the broader province contains ≥85 Mlb  U₃O₈ (five deposits), including Cauldron’s Bennet Well 30.9 Mlb and Manyingee South 11.1 Mlb , Paladin’s Manyingee 25.9 Mlb and Carley Bore 15.6 Mlb , and EME’s Manyingee East 2.85 Mlb .  Near-term interactions:  Navoiyuran plans to visit WA and the Yanrey site during the drilling campaign; parties will continue working toward the next stage of agreements.     Cauldron CEO Jonathan Fisher commented: “This is a transformational relationship for Cauldron in so many ways. Firstly, attracting the interest of the entity that literally invented ISR mining for uranium, and is the worlds second largest ISR producer behind Kazatomprom, demonstrates the quality and tier potential of the Yanrey project and its surrounding region. Whilst we have delineated ~42m lbs of uranium in JORC at the moment, we are confident of expanding this significantly with in excess of 20 targets that are largely untested and considered highly likely to contain significant additional uranium mineralisation. Further, just next door, uranium industry leader Paladin holds a similar number of pounds in JORC across their Manyingee and Carley Bore deposits. We are confident there is much more uranium across the province, lending itself to a potential regional development model. Secondly, its important to show that there are large, industry leading players interested in participating in the WA uranium sector. This helps justify to the WA Government that a change in policy is warranted, and I look forward to discussing this arrangement with relevant WA government representatives in due course. Thirdly, we are strongly of the view that ISR uranium mining is not only the most sustainable mining method, with lowest environmental footprint, but also the most cost effective from a capital perspective with attractive operational metrics. However, ISR can present different operational challenges. By ensuring we have access to the technical expertise of Navoiyuran, CXU can push forward with project development confident in our technical capabilities to deliver a world-class project. Upcoming Work Complete site prep and heritage survey, then commence November drilling  at Yanrey. Drill-test high-priority targets : south of the cross-cutting structure at Manyingee South, the northward continuation at Manyingee North, and the deeply incised Koodarie channel. Run AC/RM drilling with downhole geophysics , then limited diamond core  for metallurgical & mineralogical testwork at Manyingee South. Undertake additional passive seismic  over new targets, followed by further AC/RM + downhole geophysics to chase extensions. Aim to finish the drill program before year-end . Host Navoiyuran’s site visit during the drilling campaign and keep working toward the next stage of binding agreements . Samso Concluding Comments Yanrey is not a new story; it is just that the path forward is starting to look like a clearer, workable story. From a geological point of view, it is a defined roll-front setting at Manyingee South with a structural choke point (the incised gorge), and technically, it is a plausible split channel to the northwest that ties into historic hits, and a deeper, under-tested Koodarie corridor. Passive seismic has stitched the geology together; now the drill rig has to turn that picture into repeatable intercepts and corridor continuity. For ISR, the technical hurdles are well understood and to some extent measurable—hydrogeology, permeability, redox chemistry, and the geometry of mineralisation relative to well spacing. The proposed sequencing (quick AC/RM with downhole geophysics, then selective diamond for metallurgy/mineralogy) is the predictable order of operations to answer those questions without burning capital on the wrong holes. The Navoiyuran MOU is a capability bridge. If the fieldwork validates the channel model and the metallurgy behaves, having a seasoned ISR operator on the shoulder shortens the learning curve on well-field design, leach kinetics, and operating discipline. That matters when the conversation shifts from targets to flow sheets and cost curves. Near-term catalysts are practical: November drilling outcomes at Manyingee South/North and Koodarie, geophysics-to-drill correlation, early metallurgical signals, and the heritage/approvals path. Risks are equally plain: continuity, recoveries, and timing. If the next round of data lines up, Yanrey moves from a map of channels to a plan for wells; if it doesn’t, the model will need another turn of the dial. DYOR. The Uranium Market Perspective. The Cauldron Energy journey has been a test of time. The uranium narrative has been a test of endurance and from an investors point of view, it is one that is definitely testing the patience of the hip pocket. It has promised a lot, but for ASX companies with Australian projects, it has been largely a disappointment. Figure 8: The share price journey for Cauldron is one that had a lot of promise but has largely been a long-term journey of disappointments. With a rising narrative of reinstating uranium mining in Western Australia, could time be changing for the fortunes of shareholders? (Source: CommSec) The changing fortunes for shareholders (Figure 8) may be around the corner; the ‘when’ remains uncertain. Is the uranium market going to finally take its place as the master of clean energy through a proliferation of nuclear energy? This is what investors in this sector are now banking on, and I feel that time is probably closer to a reality than it ever has been over the years. The long-term share price chart does show more interaction with Cauldron as the volumes in trading are significantly higher in the last 5 years, with an intensity coming in the last 2 years. Is this a sign? I think patience will show that those betting with will rise above those that are still dinosaurs of the past, hanging on to the demise of the nuclear energy space. As for now, I think backing Cauldron as a market capitalise proposition of nearly AUD $34M (14th November 2025) is not a bad deal. I think this is a definite #SAMSODYOR as I think any Western Australian uranium mining story will have its time in the sun soon. Figure 9: A closer look over the last 7 years does show that Cauldron is making more traction with the markets. Is this the beginning of a resurgence? (Source: CommSec) If we look at Figure 9, this is where my thinking comes from, as the market is starting to look at Cauldron as a potential play when the tide turns with the West Australian government starting conversations to reinstate uranium mining outside the magic 3 "minable" sites. As always, DYOR or in this case #SAMSODYOR and begin your understanding of what could be a good sector to dabble in again! The Samso Way – Seek the Research Read the source documents, interrogate the figures, and build your thesis on facts—not narrative. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Niobium-REE -1km east of Green MRE 27 October 2025 Encounter Resources Limited (ASX: ENR)  reports air-core step-outs that extend high-grade niobium more than 1 km east of the Green resource footprint  at the Aileron Nb-REE Project (Figure 1) , while a shallow REE corridor is emerging along the southern carbonatite margin. The program is transitioning to 200 × 80 m infill at Green East  and diamond drilling for metallurgy to define resource-ready domains . Near-term catalysts include regional assays east of Crean and a diamond test at Scott , which will constrain the system’s extent and inform the next resource update.  Figure 1: Location of Aileron Niobium-REE Project (source: ENR)   Highlights - Rare Earth-rich Carbonatites High-grade niobium — >1 km east of MRE footprint (Green East): • 18m @ 2.0% Nb₂O₅  from 54m, within 50m @ 0.9% Nb₂O₅ to EOH (EAL1318) • 4m @ 2.0% Nb₂O₅  from 64m, within 26m @ 0.6% Nb₂O₅ (EAL543) • 6m @ 1.8% Nb₂O₅  from 82m, within 93m @ 0.5% Nb₂O₅ to EOH (EAL1295).   Shallow, high-grade REE outside niobium-dominant zones (southern margin): • 46m @ 1.0% TREO  from 43m to EOH (EAL1293) • 2m @ 3.9% TREO  from 61m, within 4m @ 2.8% TREO (EAL1294) • 14m @ 1.5% TREO  from 40m (EAL1362) • Dy/Tb composition reported as favourable  vs other Australian REE projects.   Resource context (May 2025):  Aileron Inferred MRE 19.2 Mt @ 1.74% Nb₂O₅  (≥1.0% cut-off) across Green, Emily, and Crean; Green is 12.1 Mt @ 1.63% Nb₂O₅  (≥1.0% cut-off). Notes indicate the pit-constrained resource is also reported at 0.25%  Nb₂O₅ cut-off, with the ≥1.0% subset within it.   Program status:  Infill drilling (200 m x 80 m) at Green East  to define coherent high-grade zones for possible inclusion in a future MRE update; ongoing diamond drilling for metallurgical samples. Regional assays east of Crean expected in 2–4 weeks ; diamond rig to test Scott  target in November 2025 .   Executive Chairman, Will Robinson , commented: "These new results confirm that high-grade niobium mineralisation at Green extends to the east, well beyond the initial MRE footprint. Our proven approach of initial broad-spaced (400m) aircore drilling to rapidly outline the mineralised footprint, has again delivered high-grade niobium-REE results. We will now complete infill drilling to define coherent zones of high-grade mineralisation for potential inclusion in a future MRE update. As the recent infill results at Green Central have demonstrated, increasing drill density in these systems is often rewarded with thick, high-grade niobium intersections. Another encouraging development from this batch of assay results are the shallow, high-grade REE intersections that sit outside of the niobium-dominant zone. When we also consider our recent intersection of REE fluorocarbonates at Green Central, it indicates a separate zone of REE mineralisation is taking shape near the southern margin of the carbonatite complex.”   What the data shows 1) Niobium growth east of Green (Figure 2) Broad-spaced AC (400 m x 80 m) has confirmed mineralisation >1 km east  of the current MRE boundary, with multiple plus-2% Nb₂O₅ intervals reported (see Highlights). This builds on earlier infill at Green Central  (e.g., 85m @ 3.1% Nb₂O₅ in EAL961B; 26m @ 3.4% Nb₂O₅ in EAL947A) and supports the thesis that increased drill density rewards with thicker, higher-grade zones. Infill is now underway  to convert these step-outs into resource-ready domains. Figure 2: Green Prospect – Niobium - AEM Layered Earth Inversion (LEI) DS55 showing arcuate conductive feature coincident with the outline of the weathered carbonatite complex (from geological logging) and MRE (source: ENR)   2) A separate, shallow REE corridor on the southern margin (Figure 3) Multiple shallow REE hits occur along strike of REE-rich fluorocarbonates  (bastnäsite, parisite, synchisite) logged in diamond hole EAL1370 at the southern basal contact. This suggests a discrete REE zone emerging outside  the niobium-dominant domain — a configuration that aligns with known REE-rich carbonatite contacts globally (the release references Mountain Pass as an analogue). Figure 3: Green Prospect – TREO - AEM Layered Earth Inversion (LEI) DS55 showing arcuate conductive feature coincident with the outline of the weathered carbonatite complex (from geological logging) and MRE (source: ENR)   3) Geometry and sections (Figure 4) A representative section ( A–A’ at 441800E ) illustrates mineralised thicknesses/positions relative to the carbonatite architecture and weathered profile. True widths are not yet established in these step-out zones; reported intervals are down-hole lengths . Figure 4: Green Prospect 441800E – Cross section A – A’ (source: ENR)       Forward Plan Assays pending:  regional drilling east of Crean  in 2–4 weeks , followed by more Green AC results. Infill drilling:  ongoing at Green East  to define high-grade domains for potential MRE inclusion. Diamond drilling:  metallurgical sampling ongoing; Scott regional target scheduled for November 2025 .   Samso Concluding Comments This is a story about Rare Earth-rich Carbonatites and the establishment of a Tier-1 Province of carbonatites. The Samso coverage has been extensive for the excitement that is potentially coming out of the Arunta area. With a market valuation of over AUD $238M as of the time of writing (14th November 2025), Encounter is a shadow of its neighbour, WA1 Resources Limited (ASX: WA1), which has a market capitalisation of over AUD $1.1B. WA1 captured the attention of investors with the discovery of the Luni Carbonatite, but in my opinion, it lacks something I feel is critical, and that is the blue sky potential. For me, the gradual discovery of REE mineralised carbonatites and the hybrid carbonatites will become significantly more important as the value proposition will become acutely obvious in time to come. Figure 5: Encounter share price chart as of 14th November 2025. (source: CommSec)   The share price journey that is taking shape recently, as ENR discovers the potential of its leases, is clearly exciting investors (Figure 5). I am a big believer in mineral systems, and with that comes mineral provinces. I don't think stakeholders in the mineral resource industry will argue that Encounter is rubbing its hands as it looks at their findings and over their vast acreage of tenement holdings. Time will prove if my thoughts are correct or if it was simply an opportunistic grab of hope. I do think that this is a great story with substance for investors looking for a story that is not filled with rock chip sampling results. Will the Niobium price retreat? Well, that is going to be one of the risks all investors will need to assess, along with all the other points to ponder that could also give a negative tone for investing in ENR. The Samso way is always DYOR and understand the narrative to make sure that it is consistent with the science. Personally, if WA1 is worth AUD $1.1B, then ENR will surely have a similar valuation with greater discoveries to come. The Samso Way – Seek the Research Always go back to the source: read the full ASX release, scrutinise the drill tables and figures, map the claims against the geological model—and DYOR . Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Springfield Gold Deposit Due Diligence Update 29 October 2025 Thunderbird Resources Limited (ASX: THB)   has updated its due diligence on the Springfield Gold Deposit in NSW (Figure 1), and the take-home is simple: very limited historical drilling has already cut thick, shallow gold, and the geology points to a much larger mineralised system along a 7 km structural corridor. Systematic geochem in mid-November will set up a maiden drill program immediately after assays are received. Figure 1: The Location of Springfield Gold Deposit in NSW and LM2’s other projects in relation to Thunderbird’s existing Rockvale and Kookabookra Gold-Antimony Projects. (source: THB)   Highlights - A New Gold System Exploration potential upgraded:  Multiple geological indicators suggest the known Springfield mineralisation forms part of a significantly larger system  with outstanding upside .  Compelling historical intercepts from minimal drilling (~6,568 m total): 27.0 m @ 3.65 g/t Au from surface (incl. 6.0 m @ 8.29 g/t from 1.0 m; 3.0 m @ 9.23 g/t from 11.0 m) 86.0 m @ 1.04 g/t Au from 104.0 m (incl. 12.0 m @ 2.90 g/t from 160.0 m; 26.0 m @ 1.83 g/t from 146.0 m) 65.0 m @ 1.16 g/t Au from 2.0 m (incl. 13.0 m @ 2.92 g/t from 12.0 m) 41.0 m @ 1.47 g/t Au from 22.0 m (incl. 8.0 m @ 3.87 g/t from 32.0 m) 43.0 m @ 0.96 g/t Au from surface (incl. 15.0 m @ 1.81 g/t from 26.0 m) 29.0 m @ 1.32 g/t Au from 4.0 m (incl. 2.0 m @ 4.61 g/t from 4.0 m; 7.0 m @ 2.51 g/t from 14.0 m) 12.0 m @ 2.78 g/t Au from 25.0 m (incl. 4.0 m @ 6.63 g/t from 31.0 m).  System-scale targeting:  Deposit sits inside a north-south corridor >7 km  bounded by the Mt Galambine  and Magpie Hill  faults; mineralisation/alteration in core is pervasive (Figure 2) . Figure 2: The Location of Springfield Gold Deposit in NSW and LM2’s other projects in relation to Thunderbird’s existing Rockvale and Kookabookra Gold-Antimony Projects. (source: THB) Pathfinders matter:   Arsenic–gold association is strong; shallow air-core shows broad arsenic anomalism  over ~1.7 km  of mapped monzodiorite, strongest and open to the south , pointing to high-priority drill targets.  Imminent work:   Project-wide soil sampling scheduled to start mid-November 2025  (contractor engaged), with maiden drilling  to commence immediately after assays  (Company anticipates January 2026 ).  Process items:  Due diligence targeted for completion before the AGM on 19 November 2025 ; new land access agreement  expected early-November .   The Story Asset & setting.  Thunderbird has signed a binding share sale agreement to acquire 100% of the Springfield Gold Deposit in central NSW (Figure 2). Historical mapping and shallow drilling outline a well-mineralised intrusion over >1,700 m strike , with mineralisation open along strike and at depth; no drilling since 1999 . Figure 3: Readily accessible, open grazing land at the Springfield Gold Deposit and Springfield North Prospect. (source: THB) What the site work shows (Figure 4).  Executive Chairman and Senior Geologist reviewed 1999 diamond core : thick intervals of visual sulphides/alteration consistent with a large hydrothermal system . Structurally, Springfield sits inside a 7 km corridor  bracketed by two north-south faults— prime architecture  for fluid focusing and scale. Figure 4: Geologists assessing historical diamond drill core from the Springfield Gold Deposit, NSW. (source: THB) Geochem vectoring.  A close Au–As association  is evident. Shallow AC coverage shows continuous arsenic anomalism across the corridor , with the southern end  both strongest and open , underscoring immediate step-out potential . Modern, systematic soils have never  been run here—low-cost, high-impact work that can rapidly rank targets (Figure 5). Figure 5: Readily accessible, open grazing land at the Springfield Gold Deposit and Springfield North Prospect. (source: THB)    Near-Term Program & Milestones Soil geochemistry (project-wide):   Starts mid-November 2025 ; modern multi-element methods to delineate extensions and rank drill targets.  Targeting & prioritisation:  Drill collaring to follow receipt of soil assays , with the highest-priority targets first. Drilling anticipated January 2026  (subject to assays/logistics).  Corporate/process:  Due diligence to complete pre-AGM (19 Nov 2025) ; new access agreement  expected early-November .   What Does Samso Like? Scale indicators line up:  Wide, shallow gold from sparse drilling + corridor-scale structure + pervasive alteration = system capacity . The southern open anomaly  is a natural first test. Efficient de-risking:  Modern soils on a farm-access project is an efficient vectoring tool  ahead of drilling—time and dollars spent where it counts. Clear cadence:  Soils → assays → maiden drilling  gives a clean news pathway  into early 2026.   Samso Concluding Comments This update does the important work of reframing Springfield from a set of good historical hits into a corridor-scale  opportunity with modern vectoring. The Au–As relationship  and continuous arsenic anomalism make the geochem program particularly meaningful in ranking drill-ready domains. For investors, the context is limited historical metres  delivering thickness and grade —that typically argues for system strength rather than isolated luck. The structural picture— two bounding faults over ~7 km —supports this thesis. The path forward is now about drilling the southern open anomaly alongside near-deposit extensions. Access to the land is important, and this could be what will delay the story (Figure 6). Figure 6: THB share price chart as of 14th November 2025. (source: CommSec) For readers, the DYOR process is highly recommended, as this is still an early-stage story. As we write this Samso News on the 14th November, the general ASX market sentiment is lower, and there is no rush to get in at this stage. This is a CPS Capital-sponsored stock, so if there was urgency, it would be to get into position before the "pump" happens. The Samso Way – Seek the Research Read the original announcement and figures, scrutinise the data tables and methods, and build your own view—DYOR.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Corporate Update 13 October 2025 Peninsula Produces First Yellowcake at Lance Project Peninsula Energy Limited (ASX: PEN) has completed a A$69.9 million equity raise alongside full drawdown of its Davidson Kempner debt facility, settled legacy contract liabilities, and confirmed that the first dried yellowcake has been produced at the Lance Central Processing Plant in Wyoming (Figure 1). The combined funding and operational milestones underpin the Horizon 2 plan and position Lance for a disciplined scale-up.   Figure 1: Central Processing Plant (Phase I & II) in Wyoming (source: PEN) Highlights — 13 October 2025 (Corporate Update) - A Uranium Story Equity raise completed (A$69.9m):  Finalised following shareholder approvals at the 30 Sep 2025 EGM and receipt of Tranche 2 proceeds.  Cornerstone & substantial holders:  Tees River Uranium Fund invested A$22.5m  and now holds 18.4% of issued capital; Washington H. Soul Pattinson also provided support.  Debt facility status:  Davidson Kempner facility fully drawn; US$3m  of the US$15m  facility converted to equity (current debt balance US$12.6m  after mandatory conversion and make-whole capitalisation).  Legacy contracts settled:  Outstanding US$5.0m payment for terminated uranium sales contracts paid in full; no remaining take-or-pay obligations under the five terminated contracts. One remaining sales commitment totals 600,000 lbs  (100,000 lbs p.a. from 2028–2033 ).  Use of funds/execution focus:  Funding package for Horizon 2 (Figure 2) completed, allocating proceeds to project development, Kendrick & Dagger  studies, and corporate/working capital to support Lance ramp-up. Figure 2: Horizon 2 Plan - Ramp-Up Framework (source: PEN) Peninsula Energy’s Managing Director and Chief Executive Officer, Mr George Bauk , commented: “We are pleased to have completed a critical funding milestone for the Company. The strong support we received as part of the equity raise underscores confidence in Peninsula’s revised production plan and management team and reflects broad recognition of our progress toward becoming a leading uranium producer. “We now have a robust financial platform to progress the production ramp-up at the Lance Project, execute on our Horizon 2 plan including funding the Kendrick and Dagger studies, and supporting ongoing corporate and operational initiatives. The completion of the central processing plant expansion and production of first yellowcake demonstrates the tangible progress we have already made and our ability to deliver on strategic objectives. “There hasn’t been a better time to be an emerging uranium producer in North America, and the team is now fully focused on execution and establishing Peninsula as a key uranium producer. I would like to sincerely thank our shareholders for their continued support as we enter this next phase of our production ramp-up.” Highlights — 16 September 2025 (First Yellowcake at Lance, USA) First dried yellowcake produced:  Lance Central Processing Plant (CPP) delivered first dried yellowcake after Phase 2 approvals in Aug 2025  and completion of commissioning (Figure 3). Figure 3: First Drum of Dried Yellowcake – Lance Project (source: PEN)   Independent, end-to-end capability:  Peninsula becomes a fully independent producer of dried yellowcake, with scale-up underway in line with revised targets.  CPP designed for growth:  Facility can process uranium-loaded resin from satellite projects ( Barber , Dagger ), positioning Lance to scale toward ~ 2 Mlbs  dried yellowcake per annum nameplate. Kendrick  is already permitted for mining; Dagger and Barber provide upside.  Production pathway:  Production on resin recommenced in Dec 2024 ; dried yellowcake production commenced in Sep 2025 , supporting a staged ramp-up under Horizon 2.   Managing Director and CEO, George Bauk , commented: “First yellowcake production from our Lance Central Processing Plant, just 14 months from first concrete pour for the CPP expansion, is an excellent achievement and a significant milestone for Peninsula. “While there have been challenges along the way, the Board and management team are fully aligned on a clear and strategic path forward that sets Peninsula up for sustained success as a key supplier to US and global energy markets. “We are building momentum as we meet our milestones and targets, with funding in place and a sustainable and disciplined approach to achieving full production in the years ahead.” Samso Concluding Comments Current Situation The new version of Peninsula has crossed the credibility gap—funding is in, the CPP is producing dried yellowcake, and the restart is now about operating rhythm rather than promises. That alone changes the risk profile and invites a more practical lens on what Lance can consistently deliver. From here, it is all about the wellfields and a low-pH ISR regime. Sustained growth will depend largely on operational matters such as stable flow, rising resin load, and fewer plant interruptions. These parameters will dictate market sentiments. From a market perspective, the company must demonstrate repeatable monthly pounds for any rerating of company valuations from the market. Peninsula will have to demonstrate market sensitivities as it only has a modest forward commitment, but near-term volumes will be more leveraged to potential price increases. The key proof point is unit costs through the ramp—show me margin, and the rest follows. Option value sits in the satellites. Kendrick is permitted, Dagger/Barber gives feed flexibility, and the CPP has headroom. Peninsula will have to keep hitting the near-term milestones on time to move from a “restart story” to a “scale story.” DYOR. Samso's Synopsis for the Investment Thoughts: Highlights Exposure to uranium, which is of growing interest in many portfolios, given the global push for low-carbon energy. US-based asset in Wyoming provides a production story (not just exploration), which is a plus compared with many juniors. Large resource base (58 M lbs U₃O₈) gives scale and potential upside. Risks Commodity risk: Uranium prices are volatile, and regulatory and political issues matter (especially in the US and globally). Execution risk: Ramp-up of production, cost control, and achieving ISR targets are key. Financial risk: Being unprofitable means the company may need to rely on capital raising, which can dilute. Market sentiment: Small-cap, uranium sector can be more speculative and subject to swings. Final Thoughts In my view, Peninsula Energy is interesting but high risk/high reward . The resource scale and production asset are positives. But the share price dropped from ~A$1.60 down to ~A$0.45+ (Figure 4) over the year, suggesting the market has significant reservations (likely execution + uranium price concerns). The last time I followed PEN was almost 5 years ago, and they were an aspiring uranium producer. Figure 4: PEN share price chart as of 14th November 2025. (source: CommSec) If you believe in a uranium price resurgence, strong US ISR execution, and a tight supply picture globally, PEN could offer leverage. On the flip side, if those things falter, there’s a downside. Investors need to keep in mind that this is an old story, and I strongly recommend DYOR, as this is a new following for Samso. The Samso Way – Seek the Research Go back to the original ASX announcements, technical reports, and primary data, compare the numbers yourself, and make decisions with evidence—not narratives.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Early Works Commence at Sorby Hills Project 27 October 2025 Boab Metals Limited (ASX: BML)  has officially commenced Early Works at the Sorby Hills Silver-Lead-Zinc Project in WA’s East Kimberley (Figure 1)—moving from planning into on-ground activity and marking the formal start of mine development. The program covers site access roads, processing-plant foundations, non-processing infrastructure, and an on-site accommodation camp. Boab is fast-tracking pre-wet season site prep so major packages can mobilise in April 2026 . The first package is with a local contractor, and Sorby Hills is advantaged by Kununurra's proximity, sealed access to Wyndham Port, and a 75:25 Boab–Yuguang JV  with an FID buy-out option. Figure 1: Location of the Sorby Hills Project (source: BML)   Highlights - Creating a Silver-Lead-Zinc Mine Scope of Early Works : site access roads, processing plant foundations, non-processing infrastructure, and the on-site accommodation camp.  Wet-season timing : clearing, topsoil relocation, and base material placement are underway now so that major infrastructure packages (processing plant, bulk earthworks, permanent camp) can launch efficiently after the wet season—April 2026 .  Local execution : first Early Works package awarded via competitive tender to a locally based contractor , aligning with the company’s regional development and community-partnership focus.  Funding confidence : recent capital-raising support has enabled—and de-risked—the transition into physical construction activities.  Project context : Sorby Hills sits ~50 km from Kununurra with sealed-road access to Wyndham Port (~150 km) . Boab holds 75% ; Henan Yuguang Gold & Lead Co. Ltd  holds 25% . Boab has an option to acquire  Yuguang’s interest upon Final Investment Decision. Simon Noon, Managing Director & CEO,  commented: “The Early Works phase signifies the formal transition from planning and design into physical construction activities, laying the groundwork for full-scale development and ultimately, the commencement of production at Sorby Hills. The strong interest and support received from investors in the recent capital raising have provided us with both the confidence and means to commence this transition and materially de risk the project development schedule. We look forward to providing further updates as the project advances and wish to thank all stakeholders, partners, and community members for their ongoing support as the Company moves into this exciting new phase.” Site Works Initial works include essential clearing , topsoil relocation , and base-layer construction  for roads and pad areas (Figure 2)—practical steps that keep momentum through the wet season and allow a clean start on larger packages at its conclusion. Figure 2: Clearing for Processing Plant with camp infrastructure in the foreground (source: BML) Next Steps (near-term focus) Complete the Early Works program (roads, pad preparation, services corridors, camp setup) through the wet-season window. Mobilise major infrastructure packages —processing plant installation, bulk earthworks, and permanent accommodation— at the conclusion of the wet season (April 2026) . Continue market and community updates as the project advances. Samso Concluding Comments As Simon Noon explained, this is the point where talk becomes a reality. This project has taken a long time to get to a mine building stage, so let's hope that things will slowly step through its paces and make it happen for shareholders. Figure 3: Boab Metals share price chart as of 10th November 2025. (source: CommSec) It is not surprising to see the share price for Boab going north, and with a market value of just over AUD $114M (as of 11th November 2025), this is not a bad proposition. Silver is one of the darlings, and if you believe the market narrative, silver pricing will continue to move forward. This release is a short market update, and let's look forward to upcoming news. For investors, I think this is a good time to get in on the ride. Look back at the news and DYOR and take your time. There are still some very observable risks on the table. This is definitely not a risk-free proposition as there are still many hurdles for management to overcome. The Samso Way – Seek the Research Read the source, track the milestones, and verify each step against the company’s formal disclosures.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Funded Collaboration Agreement with Protect Animal Health 21 October 2025 Invion Limited (ASX: IVX)   has signed a funded collaboration with Protect Animal Health Inc. (Taiwan, 7850.TT ) to evaluate Photosoft™ in veterinary oncology across in-vitro, in-vivo, and companion-animal studies. Invion supplies compounds, Protect funds, and runs the work. Invion retains all Photosoft IP, with scope to move to a co-development/commercial agreement if results warrant. Animal health is a fast-growing market, with an urgent need for new cancer therapies as pet ownership rises and disease incidence climbs. Many current treatments are lengthy and rely on older therapeutics with sub-optimal outcomes.   Highlights - Animal Cancer Care Funded pathway into veterinary oncology:  Protect will fund and conduct the evaluation program using selected Photosoft™ compounds.  IVX keeps the crown jewels:  Invion retains all rights to Photosoft™ and any new IP  arising.  Clear go/no-go gate:  Positive outcomes may lead to a co-development agreement  governing commercialisation and further development.  Large, growing addressable market:  Pet cancer therapeutics ~US$4.8B in 2024; forecast ~US$12.1B by 2034 (CAGR ~9.7%) . ~50% of dogs over 10 develop cancer.  Platform strategy reinforced:  Move complements existing Photosoft™ collaborations (Hanlim Pharm — oesophageal cancer & glioblastoma; Dr.inB — HPV) and aligns with IVX’s partnering and non-dilutive funding strategy.   Prof Thian Chew, Invion’s Executive Chairman and CEO , commented: “We are pleased to be working with Protect to expand the use of Photosoft into areas beyond human health. The partnership gives Invion and Protect an opportunity to demonstrate the potential of our technology for companion animals, which can have accelerated paths to commercialisation. “This collaboration adds another dimension to Photosoft as a platform technology. It also aligns with our strategy to actively partner to access both expertise and nondilutive funding to advance Photosoft across additional areas. Our partnership with Protect is complementary to collaborations we already have with Hanlim Pharm for oesophageal cancer and glioblastoma, as well as Dr.inB for HPV.”   The Chief Executive Officer of Protect, Haolin Sung , commented: “We are excited by the opportunity to collaborate with Invion given Photosoft’s unique mechanism of action, as demonstrated in preclinical and human clinical trials to date. “Based on studies already conducted by Invion, we believe Photosoft may open new treatment pathways in the companion animal market.” What’s New vs Prior IVX Messaging New use-case:  Extends Photosoft™ beyond human indications into companion animal cancer —an area with potentially faster commercial timelines .  Funding mix:  Continues IVX’s approach to advance the platform with partner funding  (also seen with RMW Cho-funded research/clinical trials).  Strategic optionality:  The evaluation structure preserves downside protection  (retain IP) and upside leverage (co-development pathway).   Why This Move Makes Strategic Sense Fit to mechanism:  Photodynamic Therapy (PDT) uses light-activated photosensitisers to selectively kill cancer cells and may stimulate anti-tumour immune responses; a minimally invasive profile can be attractive in pet care  settings.  Portfolio risk-spread:  Veterinary oncology provides an additional validation path  for Photosoft™ while human programs continue.  Commercial tempo:  Veterinary pathways can sometimes offer accelerated routes  vs human approvals, potentially providing earlier signals and partnering data.     What to Watch Next Study design & milestones:  Commencement of in-vitro/in-vivo/companion animal studies; timing of first readouts.  Technical endpoints:  Safety, tumour response, durability, and practicality of light-delivery protocols in a veterinary clinic context.  Deal evolution:  If data are supportive, details of any co-development  structure (territories, economics, responsibilities).   About Invion Invion Limited (ASX: IVX) is a life-sciences company leading global R&D of the Photosoft™ technology for treating cancers, atherosclerosis, and infectious diseases. It holds exclusive cancer rights in Australia–New Zealand with exclusive distribution across Asia-Pacific (excluding China, Macau, Taiwan, Japan), plus exclusive rights for atherosclerosis and infectious diseases in Asia and Oceania (excluding China, Hong Kong, Taiwan, Macau, the Middle East, Russia), later expanded to include the United States, Canada, and Hong Kong for infectious diseases. Research and clinical cancer trials are funded by the technology licensor, RMW Cho Group Limited.   About Protect Protect Animal Health Inc. is a veterinary pharma company bringing human-level innovation to pet care, targeting major age-related diseases like cancer, kidney and heart disease, autoimmune and skin disorders, infections, chronic pain, and bone conditions. Lead programs include PT001  (therapeutic cancer vaccine) and PT401  (gene therapy for canine heart disease), alongside a proprietary pet-antibody platform adapting proven human biologics. The goal: an integrated pet-health ecosystem from early diagnostics to advanced therapeutics.   About Photodynamic Therapy (PDT) Photodynamic Therapy (PDT) uses non-toxic photosensitisers activated by light to selectively kill cancer cells and stimulate an anti-cancer immune response, offering a minimally invasive alternative to surgery with typically fewer side effects. Invion’s next-generation Photosoft™ aims for complete tumour regression and durable remission, and has also shown broad-spectrum activity against bacteria, fungi, and viruses—holding promise against antibiotic-resistant “superbugs.” Figure 2: The Photosoft™ Advantage (source: IVX) T M Samso Concluding Comments Stepping into veterinary oncology (Animal Cancer Care) via a funded evaluation feels like the right kind of risk for Invion. It keeps the capital burn measured while testing whether Photosoft™ can translate into a real-world clinic setting for companion animals. Crucially, the structure preserves control—Invion retains the core IP and any new IP that emerges. That combination of downside protection and upside option value is exactly what you want to see at this stage of platform development. The commercial logic is also sound. Companion animal care has become both emotionally resonant and economically meaningful, and modalities that are minimally invasive and clinic-friendly tend to find traction faster than their human counterparts. If Photosoft™ can demonstrate clear safety, practical light-delivery workflows, and consistent tumour response in this setting, it won’t just open a revenue door—it will strengthen the broader Photosoft™ thesis. What matters now is disciplined execution: define study endpoints that actually reflect clinical utility, sequence the in-vitro → in-vivo → companion-animal work so each readout de-risks the next, and communicate milestones with enough detail that investors can track progress without reading between the lines. If the data stack up, the pre-framed co-development pathway provides a clean route to scale without surrendering negotiating leverage too early. The Samso Way – Seek the Research Always go back to the primary release for scope, rights, funding, and milestones—then track subsequent study updates against those markers. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Extensive Downhole Uranium Intersected at Portland Creek 9 October 2025  Infini Expands Strategic Footprint at Portland Creek by 68% 13 October 2025 Upsized Flow Through Placement Raises ~A$11M at 34% Premium for Expanded Uranium Exploration Programs 23 October 2025 Infini Resources Limited (ASX: I88)  delivered three key messages in its October sequence: the discovery of visible uranium in the core at Portland Creek (Figure 1), a 68% expansion of tenure around that system, and the raising of fresh capital at a premium to accelerate drilling in Newfoundland and the Athabasca region. This summary pulls the key facts and where they fit in the bigger picture. Figure 1: Portland Creek Uranium Project, located in the pro-mining province of Newfoundland, Canada (source: I88) About Infini Resources Limited Focus:  Energy-metals explorer targeting uranium (primary)  and lithium  in Canada and Western Australia ; portfolio spans ~8 projects. Key ground:  Active uranium programs at Portland Creek (Newfoundland)  and Reynolds Lake (Canada’s Athabasca region) ; recent drilling at Portland Creek reported “game-changing” uranium-hosting structures and visible uraninite, with the land package expanded ~68%. Capital & runway:  Completed an ~A$12m flow-through raise at a 34% premium (Oct 23, 2025)  to fund expanded uranium work. Highlights — 23 October 2025 Firm commitments of ~ A$11m via Canadian Flow-Through Shares at A$0.75 , a 34% premium  to last trade A$0.56 ; plus A$1m  to sophisticated/professional investors at A$0.50 . Total raise framed as ~A$12m (Flow-Through + concurrent placement). Use of proceeds: expand drilling at Portland Creek  and initiate  programs at Reynolds Lake and Reitenbach Lake . Loyalty Options : 1-for-4 , $0.02 issue price, $0.27  exercise, expiry 30 Sep 2028 ; record date 7 Nov 2025 ; indicative timetable provided.   Infini’s Chief Executive Officer, Rohan Bone , commented: "This heavily subscribed placement — completed at a 34% premium — is a powerful endorsement of Infini’s active exploration strategy and the outstanding potential of our uranium portfolio. The structure of this placement enables us to raise capital at a premium to market, reflecting the strength of our project portfolio and the tailwinds of a global resurgence in investment into clean energy-focused critical minerals. With a strengthened balance sheet, we are now positioned to aggressively advance exploration programs aimed at unlocking potential new discovery opportunities at Portland Creek, Reynolds Lake and Reitenbach Lake projects located in the tier-1 mining jurisdictions of Newfoundland and the Athabasca region. The capital raised enables us to move decisively into our next phase of discovery growth, targeting high-impact results that can drive substantial value for shareholders.” The Company raised ~A$11m  via Canadian Flow-Through Shares at A$0.75 (≈ 34% premium to A$0.56 last trade), alongside A$1m  at A$0.50  to sophisticated investors. Funds will expand Portland Creek drilling (up to 12 high-priority targets ) and kick off drilling at Reynolds Lake  and Reitenbach Lake . Highlights — 13 October 2025 (Tenure Expansion at Portland Creek) +10,250 ha  via 410  newly staked claims (all contiguous ), lifting Newfoundland landholding to >25,000 ha  — a 68% expansion  of the Portland Creek footprint (Figure 2). Figure 2: Infini’s footprint at the Portland Creek Uranium Project strategically increased by 10,250 hectares, covering potential extensions of known structures and prospective host lithologies. (source: I88) Expansion secures possible extensions  of E–W trending mineralised structures  identified in recent drilling; positions the project for district-scale follow-up. Phase-2 drilling context: visible uraninite  in PCDD25-012  at 270.0 m  (~ 1.2% U ) and 289.0 m  (~ 1.17% U ) (pXRF); molybdenum up to 2.38%  (pXRF) in PCDD25-009A ; assays expected Q4 CY2025 . Infini’s Chief Executive Officer, Rohan Bone , commented: " This is a strategic expansion for Infini at a pivotal time. Following the breakthrough of visible uraninite and high-grade molybdenum at Portland Creek, it was essential that we consolidate our position across this highly prospective district. These new tenements strengthen our geological footprint, secure potential extensions of known structures, and provide the foundation for long-term exploration and development. We’re building scale and optionality in one of the most supportive jurisdictions for uranium exploration globally." Infini lodged 410 new claims (+10,250 ha) contiguous with existing tenure, consolidating the structural corridors now being drilled and lifting the Newfoundland holding to >25,000 ha . The move secures potential extensions of the E-W trending mineralised structures established in Phase 2.   Highlights — 9 October 2025 (Drilling — Portland Creek) PCDD25-012 (Target 2): visible uraninite  at 270.0 m  ( 12,000 ppm U ) and 289.0 m  ( 11,700 ppm U ) by pXRF (~ 1.2%  and 1.17% U ), within intensely fractured/altered granites (Figure 3). Figure 3: Drill core from PCDD25-012 (470459E, 5557965N, UTM Zone 21) (source: I88) Fracture/joint-hosted mineralisation  pervasive from 28–312 m : ~ 50 pXRF  spots, >90% between 1,000–12,000 ppm U . Example pXRF peaks across the hole include 3,200 ppm U (28 m) , 6,600 ppm U (175 m) , and numerous 1,000–3,600 ppm U  readings at intermediate depths. Polymetallic signatures  nearby: 2.38% Mo (PCDD25-009A) ; 14.4% Ti (PCDD25-008) ; additional U hits in PCDD25-010 (all pXRF) (Figure 4). Figure 4: Drill core samples with significant mineralisation detected using pXRF (source: I88) Infini’s Chief Executive Officer, Rohan Bone , commented: "These first drillholes are a game-changer for Portland Creek. We have intersected extensive zones of elevated uranium, confirming widespread hydrothermal alteration and validating our exploration model. With Phase 2 drilling still in the early stages, the scale of the opportunity at Portland Creek is becoming increasingly clear. With every hole, we are uncovering more indications of a potential district-level polymetallic uranium system in Newfoundland, at a time when uranium and critical minerals are central to the global energy transition.” Phase 2 drilling at Target 2  (PCDD25-012) intersected pervasive fracturing and alteration with uraninite blebs at depth, alongside numerous fracture- and joint-hosted U readings from near-surface to >300 m (pXRF). These features align with near-vertical fracture sets and brecciation consistent with fluid pathways in a hydrothermal system.   Important Facts To Narrate a Uranium Story The fracture-controlled U  with visible uraninite provides a clear structural target  to follow in Phase 2. Assays will determine thickness/continuity and economic context. Mo and Ti responses  strengthen the polymetallic narrative typical of robust hydrothermal systems. Tenure scale  now better matches the scale hypothesis  emerging from drilling and historic geochem/radiometrics. A premium raise  reduces dilution and funds aggressive testing  across Portland Creek and two Athabasca-region  projects.   Samso Concluding Comments The good news for any investor in the mineral exploration sector is that their Company has raised good cash. In this case, Infini has secured ~A$12m, comprising ~A$11m in Canadian flow-through shares at A$0.75 (≈34% premium to A$0.56) and A$1m at A$0.50, with the flow-through tranche to be block-traded at A$0.50; tax benefits remain with the initial Canadian investors. Funds are allocated to expand drilling at Portland Creek and to commence programs at Reynolds Lake and Reitenbach Lake, including testing up to 12 high-priority targets at Portland Creek. A loyalty offer is proposed on a 1-for-4 basis at A$0.02 per option, exercisable at A$0.27 and expiring 30 Sep 2028, with a record date of 7 Nov 2025 and an intention to seek quotation. Figure 5: I88 share price chart as of 5th November 2025. (source: CommSec) A current market capitalisation of AUD $26.5M is reasonable for retail to take a punt. Investors need to understand that working in Canada is going to cost a lot more so a raise this size is appropriate, and it does give people like Samso confidence that there are sufficient funds to undertake a good exploration program. Near-term markers include assays from Phase 2 expected in Q4 2025 and the recently announced 10,250-hectare tenure expansion lifting Newfoundland holdings to >25,000 hectares; note the company’s caution that pXRF readings are qualitative spot. The Samso Investment Memo Thesis: Consistent positive drilling results across multiple targets will transition the company value from concept to discovery in a uranium market that is driven by supply tightness. Market capitalisation increases will be driven by drill results, scale of anomalies, and advancing to maiden resources. What they own/sell:  Early-stage exploration rights  across uranium (flagship Canada) and lithium (Canada & WA). Market:  Uranium thematic (reactor restarts/new builds) supports funding for high-grade Canadian exploration; lithium optionality remains in the portfolio. If the lithium market stabilises with a return of lithium carbonate pricing in the USDS $20,000 + region, the lithium projects may come into play. The Samso Way – Seek the Research Read the original ASX releases and focus on the assay-confirmed results once available in Q4 2025 .   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. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Near Surface Exploration Target of 64Kt to 114Kt CuEq defined within Southern Porphyry Target Zone Cannindah Resources Limited (ASX: CAE)  has outlined a near-surface Exploration Target at the Monument prospect within the Southern Porphyry Target Zone  at Mt Cannindah (Qld) (Figure 1), interpreting skarn mineralisation as the upper expression of a deeper, pencil-style porphyry . The work compiles historical drilling, recent mapping, rock chips, and trench/channel results into a coherent near-surface Cu-Mo model that opens new drill targets toward depth. Figure 1: Mt Cannindah Cu/Au Project, Queensland (source: CAE)    About Cannindah Resources Limited Focus:  Queensland copper–gold explorer/developer. Flagship Mt Cannindah  project (granted mining leases) with an updated JORC MRE: 14.5Mt @ 0.72% Cu, 0.42 g/t Au, 13.7 g/t Ag (1.09% CuEq) ; contains ~158kt CuEq . Secondary asset: Piccadilly  gold project. Current activity:  Ongoing drilling across the Mt Cannindah breccia and larger porphyry targets (Southern & Eastern), aiming to expand resources and test deeper “pencil” porphyry centres. Recent funding:  Oversubscribed ~A$4.5m  entitlement offer to advance drilling; program described as “potentially transformational.” Highlights - A Porphyry Story Begins (Figure 2) Exploration Target (conceptual, JORC 2012):   25–30 Mt @ 0.2–0.3% Cu and 100–150 ppm Mo , equating to ~64–114 kt CuEq  within an ~850 m × 700 m  mineralised footprint at Monument. Note: insufficient drilling for a Mineral Resource at this stage.    System geometry:  Outcropping skarn Cu-Mo is interpreted as the high-level signature  of possible higher-grade porphyry centres at depth  (vectoring particularly toward Appletree–Dunno and a NW target ). Mineralisation remains open to the west, south, and east .  High-grade vectors:  Modelled zones of +0.5% Cu and +200 ppm Mo  occur on the eastern margin near Appletree–Dunno and in the NW  (data-limited) area. These features support pencil-porphyry targeting beneath the skarn blanket.  Surface & trenching (Appletree):  Previously reported channels include 61 m @ 1.28% CuEq (0.94% Cu, 0.22 g/t Au, 141 ppm Mo), 46 m @ 0.81% CuEq , 51 m @ 0.46% CuEq , plus other intervals; precious-metal credits are indicated but Au/Ag not yet fully incorporated due to incomplete assays .  Rock chips & textures:  Mapping and sampling record peaks to 12.28% Cu , 9.94 g/t Au , 1.24% Mo , with porphyry-style veining  preserved (Photo 1) and magnetite-garnet skarn  textures consistent with fluid flow from a porphyry source. Photo 1: LS25013 7269174N 325965E Cu 0.56%, Au 0.24gt, Ag 4gt, Mo 157ppm (source: CAE) Program status:   Scout drilling to ~320 m is planned to test combined geochem + IP chargeability + magnetics + geology  criteria, following ongoing activity at the Mt Cannindah Breccia  (5 holes completed; at the time of the release, first assays anticipated within weeks ). Figure 2: Mt Cannindah Project with near surface Exploration Target, MRE, and Target Areas. (source: CAE)   Chairman Mr. Michael Hansel  commented: “Our work programs continue to upgrade the mineral potential of Mt Cannindah. It is my understanding that the development of skarn mineralisation identified here is frequently typical of the upper or overlying level of many of these porphyry systems. The delivery of this exploration target is an exciting and significant result not only in consolidating the target but also verifying the transformational potential at depth of this significant project. Our exploration teams continue to rapidly advance the current drill program and we look forward the delivery of results.”   What’s been defined — the Monument Exploration Target Cannindah delineates a near-surface skarn envelope  within the Southern Porphyry Target , integrating 34 historical holes  and recent surface datasets. The model shows continuous low-grade skarn (>0.1% Cu)  with localized higher-grade cores  and an eastern +0.5% Cu / +200 ppm Mo  cluster contiguous with Appletree–Dunno (Figure 3). Figure 3: Cross-sections (W→E) showing skarn continuity and higher-grade development toward Appletree–Dunno. (source: CAE) The Company highlights this as vectoring toward internal porphyry centres , prioritising Appletree–Dunno for drilling while flagging a NW target  for follow-up (Figure 4). Exploration Target statements are conceptual per JORC 2012 and not Mineral Resources.   Figure 4: Drill-hole plan over Monument wireframe and trench locations. (source: CAE)   Why it matters — vectoring to porphyry The Cu and Mo distributions  act as pathfinders . In Appletree–Dunno , coincident  Cu–Mo highs suggest proximity to a centre; in the NW , Mo appears halo-like , possibly encircling a Cu-Au core yet to be tested. This pattern (plus IP chargeability  highs and magnetite development) supports the “pencil porphyry beneath skarn”  concept, a classic exploration trajectory for porphyry systems where skarn caps mark fluid outflow above intrusives. Copper Distribution (Figure 5) Figure 5: Cu isosurfaces (>0.5% Cu cores) within the Monument model (isometric view).  (source: CAE) Molybdenum Distribution (Figure 6) Figure 6: Mo isosurfaces (>200 ppm Mo) highlighting large, significant zones.  (source: CAE)   Interpretation of Cu Mo distribution (Figure 7) Figure 7: Cu–Mo coincidence at Appletree–Dunno and halo-like NW association (isometric view).  (source: CAE)    Project context — existing CuEq and broader target pipeline Mt Cannindah Breccia MRE:   14.5 Mt @ 1.09% CuEq  for ~158 kt CuEq  (Measured + Indicated + Inferred), with structurally controlled high-grade zones  open along strike and multiple high-grade Au veins  yet to be specifically targeted. This breccia body sits on the outer periphery  of the porphyry system and remains a growth and extension  drill focus.  Southern Target (regional footprint):  A 1.4 km × 0.1–0.4 km  geochemical anomaly with coherent Cu–Au–Mo anomalism, supported by IP/magnetics , mapping, and trenching—now anchored by the Monument Exploration Target  and Appletree–Dunno vector.  Eastern Target:  A largely undercover corridor with the largest IP response  (coherent >100 mV/V), variable magnetics, and shallow anomalous skarn hits; further work is planned.   Put simply, the modelled metal footprint backs the call and speaks to system-scale. Next Steps Drill ~320 m scouts at Appletree–Dunno  to test the Cu–Mo coincidence. Probe the NW target  along chargeability highs. Finalise Au/Ag assays  and update CuEq/zoning . Integrate new holes with IP/mags + mapping  and rank follow-ups. Plan deeper tests  beneath >0.5% Cu / >200 ppm Mo pods; publish assays + 90-day plan  to the ASX.   Samso Concluding Comments This ASX release is setting the path for a long journey for Cannindah Resources. Chasing porphyry is a bold move with a big prize if successful. The geological data is promising, and it does look like the mineralised porphyry does exist. A target is one thing, but defining that into an economical porphyry is another matter. Management will need to keep abreast of the bank balance and looking at the share price chart for Cannindah Resources; shareholders are liking the news (Figure 8). Figure 8: The share price chart for Cannindah Resources as of the 10th November 2025.  (source: commsec) CAE does have a market capitalisation of over AUD $57M and that would make this a risky punt for the average penny stock investor. However, if the project develops to being a monster, which commonly happens to well mineralised porphyry projects, the present market valuation will be very cheap. Our Synopsis for the Investment milestones: Thesis:  If drilling extends mineralisation beyond the current breccia resource and vectors into porphyry centres, Mt Cannindah could scale meaningfully in a copper-tight market. What they own/sell:  Exploration rights at Mt Cannindah (Cu-Au-Ag; JORC resource in place) plus Piccadilly (Au). Value inflection is driven by drill results and resource growth. Traction & signals:  Resource upgrade (July 2024) now embedded in investor materials; active 2025 drilling; fresh capital secured to execute. Catalysts (6–12 months):  drill results at breccia and porphyry targets, MRE update, metallurgy (including Cu recovery options), and any scoping-level study signals. Key risks:  Exploration risk (geology/assays), permitting & logistics, need for ongoing funding if results/timelines extend, and copper price volatility. (Sector-standard risks summarised from company disclosures.) The points above are very typical and are not anything that is mind-blowing in terms of what will trigger success. What I can say is that the capital raise in September is going to be well used, and there will be another raise coming soon if drilling keeps getting good results. Capital raises are good when it is coupled with good results, so investors should be patient in taking positions. As usual, take your time, DYOR, and have fun. The Samso Way – Seek the Research Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation 20 Oct 2025  Successful Completion-Impurity Removal Neutralization Tests 13 OCTOBER 2025 Test Mining Completed at The Cowboy State Mine 23 Sep 2025 SynBREE produce Heavy & Light Rare Earths Oxide Concentrates 15 Aug 2025 American Rare Earths Limited (ASX: ARR)   has ticked off three important boxes at Halleck Creek Project (Figure 1): (1)  impurity-removal breakthrough, (2) ~3,080 t test-mined and bulk samples dispatched for comminution, (3) third-party LREO/HREO concentrates validating the ore. The October Investor Presentation then ties the technical gains to the scale and economics of a phased development plan. Figure 1: Halleck Creek Project, Wyoming, US (source: ARR) Highlights - REE and Permanent Magnets in the USA. 1.0 Processing breakthrough: impurity removal neutralisation tests (13 Oct 2025) Minimal gypsum/silica gel formation with MgO  during impurity removal—historically a key challenge for allanite ores—points to fewer steps, lower losses, and lower potential capex/opex . Primary neutralisation (15% MgO, ~75 °C, pH ~3.15):  removed ~99.8% Fe, ~99.4% Ti, ~89% Si, ~92.9% Th, with average REE loss ~0.6% (LREE) and ~0.8% (HREE). Secondary neutralisation (pH ~5.0): further removed ~99.4% Fe, ~96.3% Al, ~71% Si, ~98.9% Th, ~95.6% Ti; solids recommended to be recycled to leach to recapture REE. Optimal neutraliser selected:  MgO preferred over MgCO₃/NaOH/Ca-based reagents, which showed co-precipitation or gypsum formation. Next steps:  create mixed rare earth oxalate → calcine to mixed rare earth oxide → re-leach (cerium removed) → prepare for solvent extraction. Work slated for completion before year-end . 2.0 Test mining completed; comminution optimisation underway (23 Sep 2025) ~3,080 t mined and crushed  at the CSM test pit; ~13.7 t dispatched to vendors (FLSmidth—HPGR; Loesche—VRM; Corem—alternate HPGR; DISA—high-pressure slurry ablation). Program targets reducing fines to lift beneficiation efficiency and overall REE recoveries—feeding directly into PFS economics. Remaining ore stockpiled for a demonstration plant .   3.0 First LREO/HREO concentrates from Halleck Creek ore via SynBREE (15 Aug 2025) Under the DARPA EMBER program, University of Kentucky produced ~96.4% LREO  and ~97.1% HREO  concentrates from Halleck Creek ore precursors to separated oxides; ~82% TREO recovery from leachate  reported in that lab flow-sheet. Figure 2: LREO & HREO Products from UK SynBREE Test Work (source: ARR) Demonstrates third-party validation  that Halleck Creek ore can yield both light and heavy rare earth oxides.   4) Scale & economics reiterated (Investor Presentation, 20 Oct 2025) Resource:   2.63 Bt @ 3,292 ppm TREO  (JORC resource estimate); ~26% magnet REEs , ~11% HREEs —tilting Halleck Creek toward high-value magnet metals. Phase-1 CSM (state land) base case 3 Mtpa:   NPV10 post-tax ~US$558 m, IRR ~24%, payback ~2.7 yrs ; PFS targeted 2026 . Funding signals:  Non-binding EXIM Bank LOI up to ~US$456 m ; US$7.1 m Wyoming grant  support. Strategic fit:  potential to supply a material share of domestic magnet feed (light + heavy REEs) within a 2–3 year state permitting  pathway for Phase-1. Processing risk is falling while front-end settings are being dialled in—exactly how a very large, magnet-metal-weighted resource becomes a buildable, phased project. Resource Base, Growth Potential & Areas Cowboy State Mine  represents only ~20%  of the broader Halleck Creek system. The current resource is a baseline  with a clear scope to grow beyond published estimates. Bluegrass  stands out as a priority target for additional tonnes. Mineralisation remains open laterally and at depth , indicating further expansion potential (Figure 3). Figure 3: Halleck Creek Resource Areas—CSM, Red Mountain, Overton, Bluegrass (source: ARR)   Phased Development Plan Two-stage build:  Halleck Creek will be developed in two separate, independent phases:   Phase 1 CSM  (100% Wyoming state minerals; streamlined permitting) → Phase 2  (federal lands; multi-generation runway). Why It Matters Processing risk moves down:  The impurity-removal data directly addresses the classic allanite bottleneck (gypsum/silica gel, co-precipitation). Lower REE losses and cleaner leachates translate into higher recoveries and simpler downstream SX , which is where projects often stumble.   Front-end tuning in motion:  Real ore bulk samples at multiple comminution vendors should tell ARR how to cut fines  and lift beneficiation yields —the lever that compounds through the flow-sheet and the PFS.   Third-party optics:  SynBREE’s lab-stage result isn’t in the PFS flow-sheet, but it independently demonstrates  oxide production from this ore system—useful validation while ARR advances a conventional route.   Scale + jurisdiction:  The combination of deposit scale, phased permitting on state land, and visible public-sector support keeps phase-1 development  credible against a tight US mine-to-magnet timeline. Market Snapshot — 22 Oct 2025 ARR’s share price surged into mid-October , peaking near $0.80  on heavy turnover (several sessions >10–15 M shares), before pulling back to the mid-50c range . The latest point on the chart (31 Oct) marks ~$0.47 , indicating a cool-off after the spike  but still well above late-September levels (~$0.35–0.40) . In short: elevated price, elevated volumes, post-rally consolidation . Figure 4: ARR’s Share price & volume to 31 Oct 2025 (source: ASX ) What to watch next Hydromet wrap-up before year-end : mixed REO/oxalate steps and re-leach ahead of SX testwork.  Comminution vendor outcomes  (HPGR/VRM/ablation) and follow-on beneficiation optimisation  sequence.  Demonstration-plant pathway  using stockpiled test-pit ore.  PFS (2026) scope & sensitivities —especially recovery, reagent suite (MgO), operating complexity, and capex intensity vs earlier scoping metrics. About American Rare Earths American Rare Earths (ASX: ARR) is advancing the Halleck Creek project in Wyoming via its wholly owned U.S. arm, targeting cost-efficient open-pit mining at the Cowboy State Mine on 100% state land with streamlined permitting and onsite processing/separation. The project aims to cut U.S. import reliance (notably on China) and build a long-life domestic magnet-metal supply, backed by responsible practices and U.S. government-supported R&D. Samso Concluding Comments This is simply a REE and Permanent Magnets in the USA story. The key is the Halleck Creek, which appears to be building as a scalable project. The impurity-removal work—especially the MgO neutralisation and tight pH windows—points to cleaner leach solutions with low REE loss, which is exactly where allanite projects often stumble. That’s a genuine de-risking signal for downstream separation. This is a substance story as ARR has moved real tonnes, and has a market capitalisation of AUD $266M and that should speak volumes. The PFS numbers will be the key, but investors should consider that if ARR makes this business work and is a US business, this would be worth a lot more than AUD $266M. This is worth a lot of DYOR time for investors. ARR is not exploring, nor is it promoting rock chips and concepts. Strategically, the two-phase pathway makes practical sense. The Company will start on the Wyoming state minerals at the Cowboy State Mine to leverage permitting advantage and then consider federal-land scale as the system matures. Pair that with a resource that’s both large and magnet-metal weighted, and you have a credible long-life narrative. We’ll want to see the hydromet program close out into mixed REO, the comminution/beneficiation settings lock in, and economics that stand up to price and reagent sensitivities. If those land as indicated, Halleck Creek’s case for a domestic mine-to-magnet contribution strengthens materially. The Samso Way — Seek the Research Follow the flow sheet, assays, and permits—trust the numbers, question the hype, and always do your own work. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AuMEGA Defines New Multi-Kilometre Gold Corridor at Cape Ray 16 October 2025 AuMEGA Metals Limited (ASX: AAM)  has reported results from a surficial geochemistry (till) program at Cape Ray West, defining multiple high-grade gold-in-till anomalies along the western contact of the Isle aux Morts Granite — an intrusive body that has never been drill-tested (Figure 1) . The anomalies coincide with structural breaks and magnetic features, establishing a new discovery corridor west of existing resources. Drilling of priority targets is planned and fully funded for Q4 2025 ; additional assays from broader sampling are pending.  Figure 1: Cape Ray Project (source: AAM)     AuMEGA Metals’ Managing Director and CEO, Sam Pazuki, commented: “Cape Ray continues to demonstrate all the hallmarks of a fertile gold system, as we’ve now expanded the footprint of mineralisation well beyond the boundaries of our current high-grade deposits. Cape Ray West has opened a brand-new, multi-kilometre discovery corridor. The results, located approximately three kilometres west of our Window Glass Hill mineral resource and one kilometre south of our BP deposit, reveal the convergence of high-grade gold-in-till anomalies with key structural and geophysical features along the Isle aux Morts Granite — a massive, underexplored intrusive complex. We are set up with multiple high-quality drill targets, which the Company is fully funded to drill in the fourth quarter of 2025. Through the great work conducted this year, and the important analysis of the past two years, we’ve built a robust pipeline of high-quality opportunities across our district-scale land package. This includes Cape Ray and Cape Ray West, along with the exceptional regional programs advancing at Bunker Hill and Hermitage. Collectively, these projects reinforce our conviction that AuMEGA is operating within one of the most prospective and underexplored gold belts in Canada — the same belt that hosts the country’s newest large scale gold mine at Valentine.” (Figure 2) Figure 2: AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage  (source: AAM) Highlights - Building a Gold Narrative (Figure 3) Multiple  >99th percentile gold-in-till anomalies  with peaks up to 402 ppb Au  over multi-km strike. (see Figs 5–6).   Spatial association with cross-cutting structures  inside the Isle aux Morts Granite  and along intrusive contacts; this intrusive complex has not been drill tested  to date.  Coincident signatures : till anomalies align with magnetic breaks  and mapped structures, creating a multi-layered anomaly footprint.  Targeting underway : integrating geochemical, geophysical (EM, magnetics),  and structural datasets to rank drill targets. Q4 2025 drilling is fully funded.    Assays pending  from broader till and rock sampling across the Isle aux Morts Granite and an airborne EM anomaly southeast of Central Zone. Figure 3: Cape Ray West results (>20ppb Au) in relation to the Historic surficial geochemical footprint (>20ppb Au) and pit shell outlines over the Cape Ray Resource Corridor (source: AAM)   Project context Cape Ray currently hosts ~420 koz Au (Indicated)  and ~141 koz Au (Inferred)  (US$1,750/oz basis), within a district-scale land package along the Cape Ray–Valentine Shear Zone (CRSZ) that also hosts Canada’s newest large-scale gold mine at Valentine. AuMEGA has integrated legacy datasets with 2025 high-resolution EM, magnetics, and systematic till geochemistry to accelerate discovery. Program & methodology (Cape Ray West) (Figure 4) Sampling grid : ~ 160 m × 80 m , north-south orientation; target C horizon  (B horizon where C not reached), typical depths 0.5–1.0 m . Fine fraction –63 μm ; ALS Au-ME-MS43 (Aqua Regia, ICP-MS).  Coverage : western side of Cape Ray resource corridor, including Isle aux Morts Granite and adjacent metasediments.  Outcome : three discrete, coherent gold-in-till anomalies defined; pathfinders include arsenic with selected >99th percentile responses.  Figure 4:  Cape Ray Project area (source: AAM)   Results — Three anomalies defined To move the story forward, AuMEGA tightened the geology: detailed mapping and rock sampling layered over airborne magnetics and EM, sharpening structurally controlled, geochem-supported targets. Anomaly One Trend : NW–SE; coincident geophysical feature of same orientation. Setting : Extends into the Isle aux Morts Granite and along a faulted paragneiss–siliciclastic  boundary. Peak : 402 ppb Au  with coincident As .   Anomaly Two Trend/extent : ~1.5 km , N–S; coincident with mapped structures, quartz veins, and geophysical lineaments. Peak : 118 ppb Au ; strong, coherent footprint within the Granite .   Anomaly Three Trend/extent : ~1.9 km , ENE–WSW; coincident geophysical features in both paragneiss and Granite . Peak : 113 ppb Au . Figure 5–7: Gold-in-till results from Cape Ray West Project (source: AAM)   The till program, sampled on a 160 × 80 m north–south grid, defines three discrete Au-in-till anomalies (Figures 5–7) .   Together, these results spotlight the Isle aux Morts Granite  as an untested exploration front and validate AuMEGA’s strategy of fusing modern datasets with legacy knowledge across the CRSZ.   Ongoing work & near-term catalysts (Figure 8) Follow-up fieldwork completed : broader till survey, expanded mapping, and rock sampling across the Granite; samples submitted for assay  (pending).   Targeting : integration of till + geological + EM/magnetics to finalise drill priorities .   Drilling : Q4 2025  start at Cape Ray West; program fully funded . Figure 8: Isle aux Morts Granite looking north (source: AAM) About AuMEGA District-scale exposure along ~110 km of the CRSZ , supported by institutional holders and B2Gold  as a strategic investor. Current Cape Ray Mineral Resource: 6.1 Mt @ 2.25 g/t Au (450 koz, Indicated)  and 3.4 Mt @ 1.44 g/t Au (160 koz, Inferred) ; additional ground at Hermitage Flexure  and the Blue Cove Copper  option in SE Newfoundland. Samso Concluding Comments Cape Ray already sits in a known productive shear-zone belt , and pushing the footprint west  into the Isle aux Morts Granite adds a new dimensionality to the thesis. Intrusive-related architecture alongside shear-hosted mineralisation is fertile ground in Atlantic Canada. The AuMega story has been featured on the Samso platform for a few years now, and it looks like the market is staying confident about the potential results. As far as I am concerned, the story is simple: continue to test the Cape Ray shear and build the potential for a gold mineralised province. Time will be very important, and being in a gold bull market is a great time to accelerate the exploration activities. It is still an AUD $28M market capitalised company that has over 800,000 ounces of gold. How and if these ounces become a mineable proposition will be the deal breaker for investors. The Samso Way – Seek the Research Go to the primary source, verify every number and date, track the stated milestones, and DYOR  beyond the headline. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement REE Intersections Accumulate in the West Arunta 16 October 2025 Encounter Resources Limited (ASX: ENR)  has reported multiple intersections of rare earth element (REE) fluorocarbonate minerals (including bastnaesite, synchysite, and parasite) from untargeted diamond drilling at the Green carbonatite, alongside a new near-surface REE hit at the Juan prospect, ~10 km from existing niobium-REE deposits in the West Arunta. The results add further evidence that Aileron hosts district-scale niobium–REE potential across several large carbonatite systems (Figure 1). Figure 1: Aileron Project: REE trends (1VD Magnetic). (source: ENR)    Highlights - Carbonatites Province? (Figure 1) REE fluorocarbonates intersected in fresh rock at Green  during a diamond hole (EAL1370) originally drilled for metallurgical samples. Multiple primary REE intervals were logged across the interpreted basal contact. Photo 1 – EAL1370 – 266.25m – 266.52m – coarse red REE fluorocarbonate minerals in drillcore (1.1% TREO)   New prospect “Juan”:  first-pass, wide-spaced aircore returned 6 m @ 0.86–0.90% TREO from 48 m (to end-of-hole) , with additional anomalism (>0.1% TREO) along line.  District scale:  REE mineralisation now intersected in multiple carbonatite complexes >40 km apart (Crean, Green, Emily, Hurley).  Prior Aileron intercepts (selected): Crean:  7 m @ 6.3% TREO within 49.3 m @ 1.5% TREO from 90.7 m to EOH; 16 m @ 3.3% TREO from 81 m within 52 m @ 1.7% TREO; 4 m @ 3.9% TREO from 67 m within 32 m @ 1.8% TREO to EOH; 4 m @ 2.1% TREO from 98 m within 46 m @ 1.2% TREO from 81 m. Green:   19 m @ 1.7% TREO from 46 m; 5 m @ 2.7% TREO within 13 m @ 1.4% TREO from 46 m; 8 m @ 1.3% TREO within 32 m @ 0.7% TREO. Additional outside-MRE hits include 18 m @ 1.6% TREO from 64 m and 2 m @ 2.1% TREO from 41 m. Emily:  12 m @ 2.1% TREO from 48 m; 6 m @ 1.2% TREO from 40 m. Hurley:  6 m @ 1.2% TREO from 64 m.  Aileron MRE (includes REE content):   19.2 Mt @ 0.65% TREO , incl. 3.5 Mt @ 1.05% TREO  at Crean; Dy/Tb concentrations compare favourably with leading Australian REE projects (per ENR).  Ongoing programs:  REE exploration runs in parallel with infill and extensional niobium drilling; metallurgical testwork on EAL1370 composites to commence in Q4 2025 ; follow-up drilling at Juan planned for 2026 . Figure 2: Green Deposit: REE trends (1VD Magnetic). (source: ENR) Executive Chairman, Will Robinson , commented: “REE mineralisation is consistently being intersected in untargeted drilling within the large carbonatite complexes of the West Arunta. Zones of high-grade rare earth and niobium mineralisation are often found proximal to one another within mineralised carbonatite complexes. This is true at the world’s largest niobium deposit at Araxá in Brazil and at the Mt Weld rare earth deposit in Australia that has a niobium deposit proximal to its high-grade rare earth mine. Given the frequency of REE intersections in untargeted drilling in the West Arunta, focussed exploration has a high probability of identifying high-grade REE zones. Accordingly, there’s probably no better place in Australia right now to be exploring for rare earths than the large, recently discovered carbonatites of the West Arunta”.    West Arunta: Niobium–REE system emerging ENR notes that many large global carbonatites host both niobium and REE, often spatially adjacent (e.g., Araxá, Brazil; Mt Weld, Australia). In Aileron, carbonatite complexes containing both commodities have now been identified over >40 km . The latest observations at Green point to geological processes that form high-grade, primary REE mineralisation  in fresh rock, complementing prior niobium-rich zones.   Green: Fresh rock REE fluorocarbonates confirmed Diamond hole EAL1370  (421 m) intersected multiple intervals of REE-rich fluorocarbonates (bastnaesite, parasite, synchysite) within dolomitic/calcitic carbonatite and fenite-altered rocks toward the southern basal margin  of the complex. Independent micro-analytical methods (ECORE LIBS, TORNADO Micro-XRF, TIMA) confirmed mineralogy and coarse grain size (>100 μm in ~80% of grains; ~50% >250 μm), considered positive for processing. Reported spot intervals include: 1.19 m @ 1.22% TREO  from 260 m 0.34 m @ 1.77% TREO  from 299.75 m 0.27 m @ 1.41% TREO  from 317 m 0.45 m @ 1.67% TREO  from 321.22 m (plus multiple 0.5–1.1% TREO hits nearby) ENR emphasises the carbonatite–fenite contact  as a key control (analogous to Mountain Pass, USA), noting that these REE-fertile contacts at Green extend beyond  the currently drilled niobium-dominant zones and remain largely untested. With >3 km  strike at Green, this creates a large search space  for high-grade REE. Photo 2 – EAL1370 – 266.25m – 266.52m - ECORE LIBS Analysis (1.1% TREO) completed by AXT PTY LTD, Perth. Photo 3 – EAL1370 – 266.25m – 266.52m - TORNADO Micro-XRF (1.1% TREO) completed by Portable Spectral Services, Perth.   Juan prospect: New near-surface REE hit A reconnaissance aircore line across an interpreted structure at Juan delivered 6 m @ ~0.86–0.90% TREO from 48 m (EOH at 58 m)  in hole EAL1108 , with multiple adjacent holes returning anomalous REE (>0.1% TREO). This supports the targeting model and opens a new zone of near-surface mineralisation ~10 km  from existing niobium-REE deposits.   Heavy REE character and context Prior shallow drilling across Crean, Green, and Emily  shows elevated Dy/Tb proportions relative to several major Australian REE projects (per ENR comparisons). The cause of this relatively higher heavy-REE ratio is under mineralogical investigation.   Resource and technical notes (Aileron & Tyrell) Aileron Inferred MRE  (niobium with REE content reported by ENR): resource constrained by pit shells; reported above 0.25% Nb₂O₅  cut-off, with a subset above 1% Nb₂O₅ ; figures rounded.  Tyrell Copper Oxide MRE  (for context): pit-constrained, reported > 0.25% Cu  cut-off; figures rounded.  JORC Table 1  details sampling, QA/QC, assay methods (e.g., ALS ME-MS81hD  fusion ICP-MS; over-limits by ME-XRF30 ), drilling methods, recoveries, and data handling. No metal equivalents reported.  Reported intervals are length-weighted  with 0.5% TREO  lower limit and up to 4 m  internal dilution. True widths not yet known.     Next steps Metallurgy:  testwork on EAL1370 composites to begin Q4 2025 . Exploration:  focused REE targeting at Green (particularly along carbonatite–fenite contacts) and follow-up drilling at Juan in 2026 , alongside ongoing infill/extensional niobium drilling across Aileron.   About Encounter Encounter Resources (ASX: ENR) is focused on discovering major copper and niobium/REE deposits in Tier-1 jurisdictions. Aileron (West Arunta) remains a core asset within a broader critical-minerals portfolio. Samso Concluding Comments Potential investors can take heart in understanding that it is not just that REE minerals are present, but that they are in the geological structures and in the "Province". Coarse fluorocarbonates along a defined contact are features that can translate into cleaner metallurgy and clearer targeting. A fresh near-surface mineralisation at a new prospect, and the geological vector is showing multiple targets across a broad system. There are still obvious risks. Carbonatites are heterogeneous; grade can flicker, and continuity needs to be earned with metres, not memes. Market sentiment around REE and niobium can also swing, so timelines and funding discipline matter. The counterbalance is that district-scale footprints give you optionality—more places to find thickness, grade, and geometry that work. Some important steps for investors to keep an eye on: (1) follow-up drilling defining strike and thickness along the carbonatite–fenite contact at Green, (2) step-outs at the new prospect to see if near-surface mineralisation persists, and (3) first metallurgy from the diamond composites. These are simple steps that even ChatGPT will list, but the most important thought is that time will test the extent and the viability of an economical definition. The Samso Way – Seek the Research  Always go back to the tables, assay methods, and JORC notes before drawing conclusions. 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. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement icetana AI secures its largest-ever Australian sale 23 October 2025 icetana Limited (ASX: ICE)  has landed its largest Australian sale to date —a five-year SaaS order via Millennium Services Group , a national security and cleaning operator in which SoftBank Robotics  holds a controlling stake. The deal totals A$376,000  and is slated for initial deployment next quarter, with licensing expected to commence in the March 2026 quarter . The end user  is a major shopping centre in northeast Queensland (~ 107,000 m²  GLA; 345 shops ), reinforcing icetana’s footprint in the shopping-mall security segment. The Company indicates the contract will add A$75,200 to ARR  on a SaaS basis. Highlights - An AI Video-Analytics Narrative Largest Australian sale to date  for icetana AI’s security software. New partner:  Millennium Services Group, a national security & cleaning operator (majority-owned by SoftBank Robotics). Contract value:   A$376,000  on a 60-month SaaS  term; adds A$75,200  to ARR.   End user:  a large retail shopping centre in northeast Queensland  (~ 107,000 m² , 345 shops ). Timing:  initial deployment expected next quarter; licensing anticipated to begin in the March 2026 quarter . Payment terms:  five years in advance (initial payment due 30 days  from invoice). Chief Executive Officer Kevin Brown  commented: “We welcome Millennium Services Group as a new partner in our home market of Australia and look forward to a fruitful on-going relationship. This sale is further evidence of our ability to leverage our partnership with SoftBank Robotics into new sales and ARR growth. Our go-to-market is focussed on security integrators servicing large shopping malls, and this later deployment will further cement our reputation in this segment.”   Commercial Terms & Revenue Shape Contract value:   A$376,000 + GST  over 60 months (SaaS).   ARR impact:   A$75,200  per annum added. Billing & cash:   Five years in advance , first payment due 30 days  from invoice. Start/implementation:  Licensing to commence following implementation, anticipated March 2026 quarter ; initial deployment expected next quarter . Renewal:  Revenue beyond the initial period is subject to customer renewal; the company cautions that actual revenue may not extend beyond the initial order. Five-year prepaid SaaS that becomes ARR once licensing starts in Mar-Q 2026; cash up front, revenue recognised post-implementation, with renewal the swing factor—watch deployment timing, collections on a new relationship, and whether this flagship mall seeds a repeatable integrator pipeline. Customer & Use-Case Context The end user is a major retail shopping centre in northeast Queensland —~ 107,000 m²  of gross leasable area with 345 shops —a classic large-format, multi-camera environment where self-learning anomaly detection can reduce operator load and sharpen incident response. icetana flags this as its largest Australian sale , delivered via Millennium Services Group , a national security & cleaning operator in which SoftBank Robotics  holds a majority/controlling stake . This integrator pathway already services 100+ shopping centres  across Australia and New Zealand.   Why This Matters It is icetana’s largest Australian sale , reinforcing traction in the shopping-centre vertical.  The ARR uplift (A$75.2k) and upfront billing  structure provide visibility on contracted revenue over the 60-month term (subject to implementation/licensing commencement as scheduled).  The Millennium / SoftBank Robotics  linkage suggests a partner-led expansion  pathway within a large mall footprint across Australia & New Zealand . Net-net: this announcement pins down icetana’s biggest local mall win with clear ARR math ( +A$75.2k ) and five years’ cash paid up front, but the real proof will be smooth implementation and licensing in the March-2026 quarter—and turning this Millennium/SoftBank Robotics channel into repeatable deployments while managing renewal and credit risk.   Timeline Snapshot Announcement date:  23 Oct 2025. Initial deployment:   Next quarter (post-announcement). Licensing start:   Anticipated March 2026 quarter  (post-implementation).   Who Is Icetana Limited? icetana Limited (ASX: ICE) is a Perth-based software company that sells AI video analytics for large CCTV networks. Its self-learning system plugs into existing video management platforms, learns what “normal” looks like for each camera, and flags unusual behaviour in real time to help security teams focus on critical events across sites like shopping centres, campuses, and smart-city projects. It’s offered as SaaS and is used at dozens of sites globally. Samso Concluding Comments What I like about a business like icetana is that small-sized wins, such as the one on this Samso News, make a difference to the bottom line, as it is a single, sizeable Australian deployment prepaid over five years and tied to a national integrator. Time paid is important, and a client that has scale is the perfect type of customer—a clean SaaS contract with clear ARR math once licensing starts. The steps moving forward are simple, licensing expected to commence in the March 2026 quarter. Execution from here is the key, gett the rollout right, and the ARR shows up as planned. As like in the movies, "Built It and They Will Come". Figure 1: ICE share price chart as of 3rd November 2025. (source: CommSec) If icetana and Millennium convert this site into a repeatable pattern, the channel could do the heavy lifting. For now, the focus is simple—deliver the install, confirm collections, and let the results tell the story. If those boxes tick, the narrative shifts from a “largest Australian sale” moment to a platform for repeatable growth. DYOR. The Samso Way – Seek the Research As always, go to the primary source—read the announcement, note the dates, terms, and risks—and do your own research (DYOR).   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.