A Magnetite Iron Ore Project Sitting Where the Market Is Going - Steel Decarbonisation In this episode of Coffee with Samso, we are having a conversation with Iron Bear Resources Limited (ASX: IBR) again since March 2025. The business has progressed and we are now anticipating the release of the Pre Feasibility Study which will be the platform that begins the studies towards a Decision To Mine. As a shareholder of the company, these are exciting times as the path forward is all about creating the building blocks that will shape the valuation of the business. Currently at AUD $50M, this has got to be the most undervalued stock on the ASX. The story is now about creating the understanding of where the steel industry is heading. This is the beginning of a Magnetite Iron Ore story that is all about Steel Decarbonisation. Iron Bear’s project sits in the Labrador Trough in Canada, a region already proven by operators such as Rio Tinto, Champion Iron, and BHP. The infrastructure exists, the geology is understood, and the industry has been operating there for decades. What makes Iron Bear different is not just the size of the resource. It is where that resource fits into the future of steelmaking. The Iron Bear story is not about discovery risk. It is now all about execution. This is a project that already sits within an established iron ore province, with infrastructure, scale, and a partner that understands the market better than most. The key shift is the steel industry itself. Decarbonisation is not optional, and the move toward direct reduction steelmaking is creating a demand for high-grade inputs that are not widely available. From a Samso lens, this is a story where the market may not yet be fully connecting the dots. The involvement of a major like Vale changes the development equation, but it also requires investors to look beyond traditional junior mining narratives. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Audio Podcast Coffee with Samso - Episode 223 | Iron Bear Resources Limited (ASX: IBR) | The University Club | Crawley | Western Australia Chapters 00:00 Start 03:09 What is Iron Bear and why does the project matter today? 05:23 How does Iron Bear fit into the global iron ore and steel decarbonisation story? 18:41 Why is the market not fully valuing Iron Bear’s story? 23:29 Is the Market not Appreciating the Vale Partnership 28:31 What makes the geology unique compared to other large-scale iron ore systems? 30:54 Are the geological details consistent? 31:46 What are the key risks investors should understand? 34:00 How is Iron Bear addressing social licence and environmental responsibility? 39:32 Are the current geopolitical concerns pushing the thought of Nationalism ? 41:38 What are the key milestones and work program ahead? 44:25 What could drive a re-rating in valuation? 45:49 Corporate Activities and Vale Relationship. 47:23 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals Ltd (ASX: OD6) has commenced a Downhole Electromagnetic (DHEM) survey at the Gulf Creek Copper Project, located near Barraba in northern New South Wales (Figure 1). The program marks a significant technical step forward in assessing the project’s volcanogenic massive sulphide (VMS) copper potential, following the completion of four diamond drill holes and earlier reverse-circulation (RC) drilling completed in 2025. Announcement Down Hole EM Survey Commences at Gulf Creek Copper Project 5 December 2025 (click here to view the announcement) Figure 1: Location of Gulf Creek Copper Project (source: OD6) The Business of the OD6 Metals Focus – Projects OD6 continues to advance its dual-commodity strategy: Splinter Rock Rare Earth Project (WA) – a large-scale clay-hosted REE system with demonstrated metallurgical recoveries via heap leach and nanofiltration technologies. Gulf Creek Copper-Zinc Project (NSW) – a historical high-grade copper mine with strong geophysical signatures suggesting the presence of deeper and potentially untested VMS systems. This announcement focuses on the copper asset and OD6’s systematic technical approach to defining drill-ready targets beneath and beyond historic workings. Highlights – DHEM Survey to Vector the Next Phase of Copper Drilling High-Priority DHEM Survey to Target Massive Sulphide Extensions DHEM surveying will commence over the weekend, utilising four recently completed diamond drill holes and earlier RC holes to detect conductive anomalies indicative of massive sulphide copper targets (Figure 2). Figure 2: Plan overview of the 7 holes planned to have DHEM (source: OD6) Mitre Geophysics designed the program and is being executed by Gap Geophysics Australia, with final processed results expected early in the New Year. Phase 2 drilling has no diamond holes at Big Bend, Northwest, West Limb, and below the historic Gulf Creek Mine (Figure 3). Figure 3: Plan view of OD6 Drilling completed to date overlain on 1st vertical derivative of magnetics with \ the priority targets Big Bend, North West, West Limb, and the historic Gulf Creek Mine (source: OD6) Drilling has confirmed: interbedded sedimentary and exhalative chert horizons, hydrothermal alteration typical of VMS systems, minor sulphides and hydrothermal magnetite, alignment with a Besshi-style VMS model. All holes were designed to enable DHEM acquisition to model off-hole conductors that may represent massive sulphide lenses not intersected by drilling (Figure 4). Figure 4: Long section illustrating magnetic modelling and subsurface targets. (source: OD6) Drilling will temporarily pause to allow acquisition and interpretation so that 2026 drilling can be more efficient and targeted. Approvals remain in place for up to 25 holes / ~7,500m of drilling (Table 1). Table 1. Drill Hole Details. All coordinates in GDA94 Zone 56. Leadership Commentary Managing Director Brett Hazelden commented: “The commencement of DHEM surveying marks the next important step in unlocking the copper potential at Gulf Creek. This technique has a strong track record of identifying high-grade sulphide bodies that drilling alone may miss. With multiple holes now completed across several target zones, we are well-positioned for the DHEM survey to guide our next phase of drilling in 2026. We are pleased to have drilled the previously untested Big Bend, West Limb and Northwest targets, all of which confirmed the presence of VMS-style stratigraphy. This provides strong encouragement for ongoing exploration targeting. Gulf Creek continues to complement our flagship Splinter Rock Rare Earth Project by providing OD6 with exposure to a high-grade copper asset in a proven district at a time when copper prices are at record highs.” About the Project The Gulf Creek Copper Project (EL8492) lies within a historically productive district where the Gulf Creek Mine produced exceptionally high-grade copper (2–6.5% Cu) in the early 1900s. Remarkably, little modern exploration has occurred over the past century. Gulf Creek mineralisation is associated with: Besshi-style VMS systems, chalcopyrite-sphalerite massive to semi-massive sulphides, exhalative cherts, siltstones, and basalts, strong magnetite association enabling geophysical targeting. The 2025 drilling program (GCDD007–010) targeted magnetic/gravity anomalies modelled at depths of 100–600m, with hole depths ranging from 240.5m to 328m. These holes now form the backbone of the DHEM survey. Near-term Milestones to Watch Processed DHEM Results (Early New Year) – ranking of conductive responses across Big Bend, West Limb, Northwest, and Gulf Creek Mine lodes. Target Prioritisation for 2026 RC Drilling – RC drilling preferred as the next phase due to faster and more cost-effective penetration once off-hole conductors are defined. Laboratory Analyses of Diamond Core – samples are being finalised for dispatch. Further Geophysical Integration – including modelling of conductors located within 100m of drill holes to support vectoring toward massive sulphides Samso Concluding Comments One of the reasons I am following OD6 with intent is that I believe that the investment case for OD6 is now significantly enhanced with its "Near To" production Rare Earth story and the potential of finding a VMS here at Gulf Creek. The value proposition for ASX investors should now be a definite SamsoDYOR. AS the Gulf Creek narrative continues to develop along a technically credible pathway with the commencement of DHEM, the search for the ingredients for a VMS system is the excitement. DHEM is particularly valuable in a structural environment like Gulf Creek, where conductive sulphide lenses may sit just metres to tens of metres off existing drill traces. The historical mining is evidence that these sulphides exist. Defining and realising scale will make this venture "easy". We know that this is not easy, but I hope my point is taken, metaphorically. Many important VMS discoveries globally were made only after downhole surveys revealed conductors that drilling narrowly missed. OD6 now stands at that inflection point—where each conductor identified can immediately be ranked, tested, and incorporated into a refined drill plan. Finally, Gulf Creek offers diversification alongside Splinter Rock without detracting from OD6’s core strategy. The Company’s ability to progress a world-class rare earth system while methodically exploring a high-grade copper district speaks to its capability and technical breadth. Investors should watch the upcoming DHEM results closely, as they may redefine the forward exploration trajectory in the New Year. Market Participation One of the indications for me is the rising valuation of the shares and the market capitalisation, which is now almost AUD $16M. Figure 5 below shows what is a potential upward movement of value as the share price has been buoyant since the middle of 2025. Figure 5: The OD6 share price chart as of 22nd December 2025. (source: CommSec) There is no mistake in thinking that there is no sure thing in investments, and I think that OD6 is now seriously carrying two potential "wins"; this makes the bet safer. If the Rare Earth story takes off, the value creation is obvious. A good result from the survey will enhance the chances of drilling what could be a mineralised VMS in an area where infrastructure is abundant, and the cost of production is significantly reduced. Cover photo: CORE SAMPLES, NEVADA TEST SITE, Department of Energy. National Nuclear Security Administration. Sandia National Laboratories. 3/1/2000. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CORE_SAMPLES,_NEVADA_TEST_SITE_-_DPLA_-_344a80c6542b9421f65b34db561bdfcf.jpg) The Samso Way – Seek the Research Strong projects emerge from disciplined technical work—always follow the data, not the noise. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 8km Critical Mineral Corridor Confirmed at Radium Hill – 12 December 2025 (view the announcement) Heavy Rare Earths Limited (ASX: HRE) has reported encouraging reconnaissance rock chip sampling results from its Radium Hill Project in South Australia’s Curnamona Province (Figure). The work has outlined an extensive, 8 km-long structural corridor associated with the historic Radium Hill uranium mine, highlighting significant enrichment in scandium, yttrium, rare earth elements (REEs), uranium, and vanadium. This announcement reframes Radium Hill as a broader critical minerals opportunity rather than a single-commodity uranium project. Figure 1: Location of HRE’s project areas and uranium deposits in the Curnamona Province of eastern South Australia. (source: HRE) The Business of the Heavy Rare Earths Limited: Focus – Projects Heavy Rare Earths Limited (ASX: HRE) is an Australian uranium and critical minerals explorer with a South Australia–focused project portfolio. Key projects include: Radium Hill Project, South Australia Located in the Curnamona Province, surrounding Australia’s first uranium mine. Current exploration has defined an ~8 km structurally controlled corridor enriched in uranium, scandium, yttrium, and rare earth elements. Positioned as a multi-commodity critical minerals opportunity rather than a single-commodity uranium project. Prospect Hill Uranium Project, South Australia Provides additional exposure to uranium mineralisation within an established South Australian uranium district. Forms part of HRE’s broader uranium exploration strategy in the region. Lake Namba–Billeroo Uranium Project, South Australia Located within the uranium-rich Curnamona Province. Complements the Company’s Radium Hill activities by expanding regional exploration coverage. Prospect Hill Tin Project, South Australia Adds a tin exploration focus to the portfolio. Broadens HRE’s commodity exposure beyond uranium and rare earth elements. Together, these projects provide HRE with a diversified exploration pipeline across uranium and critical minerals, supporting a strategy aimed at unlocking value from historically productive but under-explored terrains. Highlights – Defining an 8 km Critical Mineral Corridor The latest reconnaissance program has materially strengthened the geological case for Radium Hill as a multi-commodity critical minerals system. Rock chip sampling along an 8 km-long structural corridor returned high-grade scandium (up to 959 ppm Sc₂O₃), yttrium (up to 2,236 ppm Y₂O₃), and uranium (up to 0.36% U₃O₈). Figure 2: Radium Hill project showing proposed Critical Mineral Corridor and high-grade rock samples. (source: HRE) The corridor extends along strike from the historic Radium Hill uranium mine and is interpreted to follow the axial plane of a regional anticlinal fold. Significant mineralisation has been confirmed at multiple prospects, including Bristowe’s, Railway, Taylor’s Shaft, and Bonython Hill, with anomalous results recorded up to 5 km from the historic mine. A lode sample from the Railway Prospect returned 0.36% U₃O₈, 253 ppm Sc₂O₃, and 1.26% TREO, located just over 100 m along strike from the Radium Hill deposit, indicating continuity of mineralisation into HRE’s project area. Approximately 50% of the interpreted corridor is covered by soil and alluvial material, remaining largely untested by modern exploration methods. Table 1: Selected U–Sc–Y–REE reconnaissance sampling results, Radium Hill Leadership Commentary Chair of the Board, Gabriel Chiappini, commented: “It’s highly encouraging to receive positive assay results from ongoing groundwork at Radium Hill as our geological model continues to develop. Reinterpretation of aerial geophysical data, collected by HRE in 1H_2025, coupled with intense investigation of historical data, is refining our knowledge of an 8km structural corridor, enriched in a suite of critical minerals, including from the Radium Hill mine. Given this structural corridor is a geological extension of Australia’s first uranium mine, we anticipated receiving positive uranium samples but are encouraged to find anomalous values for a range of critical minerals. HRE’s recently refreshed board are excited to accelerate exploration across Radium Hill alongside our other projects, with these results adding further evidence that Radium Hill has the potential to host a sizable critical minerals resource. We feel there is considerable potential for discovery from a suite of critical minerals in a historical mining camp which has not been tested by a single drillhole in the past 64 years, and where previous mining focussed almost solely on one commodity, uranium.” About the Project Radium Hill is Australia’s first uranium mine, which produced approximately 850 tonnes of U₃O₈ between 1954 and 1961 from 954,000 tonnes of ore at 0.12% U₃O₈. Historical records also indicate that around 135 kg of scandium oxide was recovered on a pilot scale from processing residues, an insight that is now highly relevant given current critical mineral demand. HRE’s recent work integrates modern airborne magnetic and radiometric data with detailed historical reviews (Figure 3), identifying a northeast–southwest trending corridor with strong structural control on mineralisation. The project hosts uranium, scandium, yttrium, and REE mineralisation within gneisses and schists of the Willyama Supergroup, affected by multiple mineralising events. Figure 3: HRE geologist collecting representative samples near Taylor Shaft. (source: HRE) Historic workings at Bristowe’s Prospect expose quartz–davidite–ilmenite mineralisation, highlighting the surface expression of the broader U–Sc–Y–REE system developed along the Radium Hill structural corridor. (Figure 4). Figure 4: Historic working at Bristowe’s Prospect showing quartz-davidite-ilmenite mineralisation. (source: HRE) Near-term Milestones to Watch Finalisation of the updated geological model for the Radium Hill Project, incorporating recent reconnaissance sampling results and reinterpreted airborne geophysical data. Ongoing geological mapping and follow-up surface sampling along the defined Critical Mineral Corridor to better constrain mineralisation controls and continuity (Figure 5). Target generation across both exposed and covered portions of the corridor, particularly where high-grade scandium, yttrium, and uranium have been identified along strike from the historic mine. Advancement toward drill-ready targets to test the scale and continuity of the U–Sc–Y–REE mineral system during future exploration programs. Figure 5: Taylor Shaft looking southwest along the Critical Mineral Corridor. (source: HRE) Samso Concluding Comments From Samso’s perspective, the Radium Hill results clearly demonstrate why mineral explorers should think outside the box more often. The trend has always been to follow the leader in terms of the flavour of the market, but at times when you don't have the actual fruits, re-evaluating what else you may have is a very good idea. Historical mining districts can be re-evaluated through a modern critical minerals lens, and this has been done many times over with favourable results. One of the best examples is the discovery of the Pegasus Gold Deposit -Unlocking the Pegasus Gold Discovery: A Million Ounces in a Brownfields Camp. Radium Hill was once viewed primarily as a uranium operation is now looking like there is a broader mineral system enriched in scandium and rare earth elements. From a corporate viewpoint, this reframing expands the project’s relevance beyond legacy uranium and positions Radium Hill within today’s strategic minerals landscape. Geologically, this makes complete sense when you adopt the mineral system approach. All "geological deposit type" comes from a central kitchen. It comes out as a different dish because you cook it differently. The identification of an 8 km-long structurally controlled corridor will be the key for HRE. Mineralisation occurring both adjacent to the historic mine and several kilometres along strike suggests a system with meaningful continuity rather than isolated occurrences. With roughly half of this corridor concealed beneath shallow cover, a large portion of the prospective geology remains effectively unexplored using modern techniques, leaving clear scope for further discovery. The reported surface grades provide additional technical encouragement. Scandium values approaching 1,000 ppm Sc₂O₃ and strong yttrium and TREO values compare favourably with grades from established scandium projects, even at this early stage. While rock chip results are not predictive of resources, they are important indicators when they align with a coherent structural and geological model, as appears to be the case at Radium Hill. The introduction of Scandium into the mix may be the "Golden Goose" for HRE, as the market for Scandium apparently is booming. A real tightening of supply and the market latching onto the demand vs. supply story will give HRE the additional boost for increasing market value for shareholders. Figure 6: HRE share price chart as of 31st December 2025. (source: CommSec) With a market capitalisation of AUD $10M, and a share price chart showing some support for the new story, I think this is a good stock on your watchscreen. Is it a position now? I'm not sure. The market still has a lot more safer bets, so DYOR is key, but I am on the fence for now Ultimately, Radium Hill remains an early-stage opportunity that will be defined by discoveries of significant mineralisation. The geological logic is sound, the historical context is compelling, and the critical minerals narrative is increasingly relevant. As we all know, in this form of investing, it will now come to time, money, and lots of luck. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research As always, Samso encourages readers and investors to review the original ASX announcement and conduct their own independent 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Mavis Lake Strategic Asset for Canada's Lithium Supply Chain 27 November 2025 (click here to view the announcement) Critical Resources Limited (ASX: CRR) continues to position its Mavis Lake Lithium Project in northwestern Ontario as one of the more advanced hard-rock lithium assets in the region (Figure 1). The Company has expanded its landholding by 25% to more than 400 km², strengthened its geological footprint, and advanced exploration to position the Project as a future supplier to the North American battery supply chain. With more than 58,000 metres drilled since 2022, a maiden JORC Inferred Resource of 8 Mt @ 1.07% Li₂O, and a district-scale exploration pipeline, Mavis Lake is advancing towards scalable development within a Tier-1 jurisdiction. Figure 1: Mavis Lake Project Location Map (source: CRR). The Business of Lithium and Battery Future. Critical Resources is advancing a multi-jurisdictional portfolio anchored by the lithium-focused Mavis Lake Project in Canada. The Company’s broader portfolio in Australia and New Zealand provides exposure to gold, antimony, and base metals, but the strategic focus remains on lithium given its role in global electrification. Flagship Project: Mavis Lake Lithium Project, Ontario, Canada Additional Assets: Halls Peak (NSW), gold–antimony prospects in Otago (NZ) Strategic Direction: Leverage critical minerals expertise to support North America’s emerging battery supply chain Operating Advantage: Access to infrastructure, clean hydro power, and strong federal–provincial critical minerals policies Highlights – Strong Progress Across Resource Growth, District Consolidation & Battery Technology 1. Rapid Resource Growth and District Expansion (Figure 2) Landholding expanded by 25% to more than 400 km², consolidating key structural and geological corridors. Maiden MRE: 8 Mt @ 1.07% Li₂O (Inferred). Exploration Target expanded: 18–29 Mt @ 0.8–1.2% Li₂O (conceptual). Over 31 new LCT pegmatite occurrences discovered in 2024. Figure 2: Project Area Map and Newly Staked Cells (source: CRR). 2. Strong Drill Results Beyond Current Resource Model (Figure 3) Standout intercepts include: 74.4m @ 1.18% Li₂O (incl. 32.9m @ 1.81% Li₂O) 50.2m @ 1.28% Li₂O 14.6m @ 1.83% Li₂O Multiple wide intervals confirm extensions at depth and along strike. Figure 3: Mavis Lake main zone cross section A-A’ (source: CRR). 3. District-Scale Future Potential (Figure 4) Large areas remain untested; Tot and Gullwing Prospects are fully permitted, spodumene-bearing at surface, and drill-ready. Recently acquired claims include new untested LCT targets, expanding upside potential. Figure 4: Mavis Lake Project – Main Zone with long-section A-A’ (source: CRR). 4. Metallurgical Success Supports Low-Cost Development Feasibility-level test work indicates: Near 100% spodumene recovery ~30% increase in lithium grade during processing Low-impurity, high-grade concentrate suitable for downstream conversion. 5. Infrastructure and Permitting Advantage Immediate access to Trans-Canada Highway, rail, and clean hydroelectric power. Active Indigenous partnerships, including an Agreement-in-Principle with Wabigoon Lake Ojibway Nation. First full year of baseline environmental studies completed. 6. Vertical Integration – Solid-State Battery Technology Option Exclusive option with South Dakota School of Mines & Technology covering five granted US patents. Targets improved thermal stability, safer operating range, and scalable low-cost processing. Creates potential licensing pathways and mine-to-market integration. Leadership Commentary Critical Resources Managing Director, Tim Wither, commented: ‘The counter-cyclical opportunity to stake and acquire additional claims secures a dominant land position over highly prospective geology. This strategic decision underpins future growth potential across the Mavis Lake Lithium Project. A recent onsite meeting with our First Nations partners and the Dryden municipality highlighted the strong local support for Mavis Lake and the opportunity to collaborate on the advancement of the project. ‘For shareholders, Mavis Lake stands as one of Ontario’s significant lithium assets, distinguished by its scale, grade, and access to world-class infrastructure, positioning the project to play a key role in North America’s lithium supply chain. We remain committed to responsible development, strong Indigenous partnerships, and maximising value as the lithium market recovers.’ About the Project The Mavis Lake Lithium Project lies within the Archean Greenstone Belt of northwestern Ontario—an emerging lithium corridor with multiple spodumene-bearing pegmatites. Key characteristics include: Strategic jurisdiction with supportive critical minerals policies District-scale landholding exceeding 400 km² Major infrastructure: all-season roads, highway access, rail, hydro power Established partnerships with local First Nations Exploration strength evidenced by >58,000m drilled and >31 new pegmatite occurrences Mavis Lake is situated near established North American battery manufacturing hubs in Canada and the US, aligning the Project with downstream demand growth expected from 2026 onwards. Near-term Milestones to Watch Updated Mineral Resource Estimate (MRE): Incorporate recent drill results and potential new pegmatite zones. Permitting Advancement: Continue environmental and baseline studies supporting streamlined approvals (Figure 5). Offtake and Strategic Engagements: Ongoing discussions with battery manufacturers, utilities, and service providers. 2026 Exploration Program: Drilling at Tot, Gullwing, and newly acquired claims targeting additional spodumene zones. Technical Studies: Scoping Study progression and preliminary DFS work supported by metallurgical drilling and bulk tests. Figure 5: Rehabilitation Image Demonstrating Environmental Management (source: CRR). Samso Concluding Comments Mavis Lake is a counter-cyclical lithium strategy anchored by systematic exploration, disciplined capital management, and strong infrastructure fundamentals. The district-scale landholding and significant exploration upside offer potential for resource uplift with drilling. While lithium markets remain soft, if independent forecasts suggest recovery from 2026, positioning Critical Resources will benefit as sentiment strengthens across the North American supply chain. The Mavis Lake story does have scale, does promote geological quality, and infrastructure advantage. Few early-stage lithium projects can point to near-100% spodumene recovery, strong concentrate grades, and immediate access to hydropower, highway, and rail logistics. These elements lower development risk and strengthen future project economics, and most importantly, these points are very marketable to capital, which they will need if they want to take this project to an advanced stage. The exploration narrative is impressive, with more than 58,000 metres of drilling in three years, new pegmatite discoveries, and extensive untested ground that collectively will highlight the district-scale potential. The ability to add tonnes quickly—and at low cost—is central to building a resilient lithium asset story. With what I think is a bet on lithium and battery recovery and chasing the gold in New Zealand, CRR does look like they are building a good picture. I am bullish on 2026, and I think if they can handle the capital required to run this strategy, a dual lithium and gold play, this could fair well for shareholders. Finally, the optionality created through the solid-state battery technology agreement aligns the Project with potential downstream innovations. While still early-stage, such positioning may enhance long-term strategic value as North America accelerates its battery manufacturing footprint. Cover photo: Spodumene - Spodumene, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Spodumene_(GeoDIL_number_-_1621).jpg) The Samso Way – Seek the Research Always look beyond the headline—understanding the data is how investors gain real clarity. 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 High Grade Niobium Mineralisation Extends East of Green MRE - 17 December 2025 (view the announcement) Encounter Resources Limited (ASX: ENR) has reported continued success from aircore drilling at the Green Prospect, part of the Aileron Project in the West Arunta region of Western Australia (Figure 1). Recent drilling has confirmed the extension of shallow, high-grade niobium mineralisation east of the existing Green Mineral Resource Estimate (MRE), reinforcing the scale and continuity of this emerging carbonatite-hosted niobium system. Figure 1: Location of Aileron Project in the West Arunta region of Western Australia (source: ENR) The Business of Encounter Resources: Niobium and More Niobium Encounter Resources is an Australian mineral exploration company focused on discovering major copper and niobium–rare earth element (REE) deposits. Its project portfolio is 100% owned and located in Tier-1 Australian jurisdictions, with the Aileron Project representing a key strategic asset within the underexplored West Arunta Province. The company’s exploration strategy is centred on high-impact discovery supported by systematic drilling, geophysics, and metallurgical work. Highlights – High-Grade Niobium Continues to Grow at Green East Shallow, high-grade niobium mineralisation continues along strike at Green and remains open to the east beyond the current MRE footprint (Figure 2). Figure 2: Green Prospect – Niobium AEM Layered Earth Inversion (LEI) with MRE outline (source: ENR) Step-out drilling has confirmed high-grade niobium over 400 metres east of the initial Green MRE, including: 8m @ 2.2% Nb₂O₅ from 46m, within 18m @ 1.3% Nb₂O₅ (EAL1399). 13m @ 1.1% Nb₂O₅ from 35m, within 18m @ 0.9% Nb₂O₅ (EAL1387). Infill drilling continues to deliver thick, high-grade intersections (Figure 3), including: 53m @ 2.6% Nb₂O₅ from 43m, part of 125m @ 1.5% Nb₂O₅ to end of hole (EAL1375). 12m @ 2.5% Nb₂O₅ from 112m, part of 45m @ 1.1% Nb₂O₅ (EAL1377). Figure 3: Green Prospect – Cross Section A–A’(source: ENR) Near-surface niobium mineralisation at Crean has been extended further east, highlighting the broader system scale along the Elephant Island Fault (Figure 4). Figure 4: Elephant Island Fault – RTP Magnetics with Crean MRE outline (source: ENR) A strong news flow is anticipated, with further assay results expected from January 2026, an MRE upgrade planned for H1 2026, and a major field program scheduled for 2026. Leadership Commentary Executive Chairman, Will Robinson, comments: "Green East continues to shape up as a priority area for potential resource growth with broad-spaced drilling demonstrating the continuation of high-grade mineralisation along strike outside the existing MRE. At Green, the latest infill results highlight that increasing drill density in these systems has strong potential to lift both the grade and thickness of the resource. In addition, broad-spaced aircore drilling along the Elephant Island Fault east of Crean is also intersecting shallow niobium-REE mineralisation linked to the large carbonatite complex that runs more than 8km from Crean to Hurley. We still haven’t found the edges of the system, and further drilling is likely to identify additional shallow mineralisation.” About the Project The Aileron Project hosts carbonatite-related niobium deposits at Green, Crean, and Emily, with an Inferred Mineral Resource of 19.2 Mt @ 1.74% Nb₂O₅ reported above a 1.0% Nb₂O₅ cut-off (Table 1). Green represents the largest component of this resource, containing 12.1 Mt @ 1.63% Nb₂O₅. Mineralisation is hosted within weathered carbonatite systems, where regolith processes have enriched near-surface niobium, supporting shallow drilling and potential development optionality. Table 1: Aileron Project Inferred Mineral Resource Estimate Near-term Milestones to Watch Ongoing assay results from infill and extension drilling at Green, with results expected through January–February 2026. Completion of an updated MRE in H1 2026, incorporating 2025 drilling. Advancement of metallurgical testwork, including flotation and refining studies, with results anticipated in H1 2026. Commencement of a major 2026 field program targeting increased drill density, regional target testing, and inputs to future development studies. Samso Concluding Comments Encounter Resources’ latest drilling results at Green continue to reinforce the strength of the Aileron Project as an emerging niobium system of scale. The consistency of shallow, high-grade intersections across both infill and step-out drilling suggests that the geological model is holding together as drill density increases. From a Samso perspective, this type of repeatability is critical, as it reduces geological uncertainty while steadily improving confidence in the underlying resource. The extension of mineralisation east of the current Green MRE is particularly noteworthy. Step-out results confirming high-grade niobium over hundreds of metres beyond the existing resource boundary highlight that the current MRE footprint does not yet define the limits of the system. This matters because resource growth driven by systematic drilling is often what differentiates early exploration success from projects that progress toward development studies. Infill drilling at Green is also playing an important role in refining the quality of the resource. Thick, high-grade intersections delivered through tighter drill spacing point to the potential for improvements in both grade and thickness in future MRE updates. While the market often focuses on headline grades, Samso places equal emphasis on continuity and volume, especially for critical minerals where scale and consistency underpin long-term strategic relevance. Beyond Green, the continued success at Crean along the Elephant Island Fault reinforces the district-scale nature of the Aileron Project. The presence of shallow niobium–REE mineralisation linked to a large carbonatite complex extending over several kilometres suggests that Aileron is not a single-deposit story. With further assays pending, metallurgical work underway, and an MRE upgrade planned, Encounter is entering a phase where exploration outcomes will increasingly feed into clearer development and strategic narratives—an evolution Samso will continue to monitor closely. Market Implications As of the 5th January 2025, the market capitalisation of ENR is AUD $211.9M, which feels high, but if you take into context that they are virtually going through their paces to build what could be the mecca of Niobium, and goodness, what else they will find with time. Figure 5: The share price chart for Encounter Resources as of 5th January 2025. (source: CommSec) As a geoscientist and being in the mineral exploration sector for over three decades and spending the last 15 years trying to make that discovery as the founder of an ASX company, I can only wish I had the opportunity that is in front of ENR. I remember when WA1 made the Luni discovery, there were talks that ENR had missed out on the prize, but with time and perseverance, I think ENR is going to come up with the ultimate prize of being the owner of a Niobium province. As an investor, if you take the same view as I, the market cap of AUD $211.9M is going to be very cheap. If you take a look at Firefly Metals Limited and their discovery in Canada, they are now sitting on a market capitalisation of AUD $1.419B. If and when ENR continues to develop the province, I do not doubt that the valuations will be way north of what they are now. This is a long-term proposition, and one cannot take a short-term position as the mineral resource game is always long-term. In conclusion, DYOR and make sure you don't miss the boat. I don't think it has left the harbour yet, and time is still available for those still pondering. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Consistent drilling results, clear geological context, and defined milestones highlight why ongoing research and data-driven analysis remain essential when following emerging critical mineral stories like Encounter Resources. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Since Samso started to look at the Australian healthcare sector, the Samso platform has started to appreciate the investor attention in the sector as companies progress from early development into clinical validation, regulatory approval, and commercialisation. This Samso Insights ASX Companies Snapshot & Market Position provides a brief, side-by-side overview of selected ASX-listed healthcare companies, outlining what each business does, where it sits within the market, and how it is currently positioned from a market capitalisation and execution perspective. 💊4DMedical Limited 4DMedical Limited (ASX: 4DX) is an Australian-listed medical technology company focused on advancing the diagnosis and management of respiratory disease through functional lung imaging. Headquartered in Melbourne with a growing presence in the United States, the company operates at the intersection of medical imaging, software, and artificial intelligence, targeting unmet needs in lung health diagnostics across global healthcare systems. The Business of the Company Develops and commercialises software-based lung imaging solutions built on its proprietary XV Technology®, converting standard CT and fluoroscopy scans into functional insights on ventilation and perfusion. Core product portfolio includes FDA-cleared XV LVAS® and CT LVAS™, alongside flagship CT:VQ™, which delivers combined ventilation and perfusion analysis from routine non-contrast CT scans (Figure 1). Products are delivered via a Software-as-a-Service (SaaS) model, integrating directly into existing hospital workflows and PACS systems without requiring new imaging hardware. Strategic focus on the U.S. healthcare market, executing an academic medical centre (AMC)-led commercialisation strategy. Following FDA clearance, CT:VQ™ has been adopted by leading U.S. institutions, including Stanford University, University of Miami, and Cleveland Clinic, establishing high-profile reference sites to support broader market adoption. Figure 1: CT:VQ™ - Coronal CT images of ventilation and perfusion (source: 4DX) Market Standing Market Capitalisation: ~$2.14 billion (as of early January 2026), reflecting a material re-rating from earlier stages of the company’s commercial lifecycle. Industry Group: Health ASX Listing Date: 7 August 2020, providing public market exposure during the transition from technology development through regulatory clearance and into early commercial deployment. Share price performance shows a sharp upward re-rating from late 2025 into early January 2026, accompanied by elevated trading volumes, indicating increased market participation and investor attention (Figure 2). Figure 2: 4DX’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Actinogen Medical Limited Actinogen Medical Limited (ASX: ACW) is an Australian-listed biotechnology company focused on the development of novel therapies for neurological and neuropsychiatric diseases associated with dysregulated brain cortisol. Headquartered in Sydney, the company is advancing a differentiated central nervous system (CNS) drug development program targeting large, high-unmet-need indications, with its primary focus on Alzheimer’s disease. The Business of the Company Focused on the development of its lead drug candidate Xanamem® (emestedastat), a first-in-class, oral small-molecule therapy targeting excess cortisol within brain cells through inhibition of the 11β-HSD1 enzyme. Xanamem is being developed primarily for Alzheimer’s disease, with supporting clinical evidence in major depressive disorder and potential applicability across other neurological and psychiatric conditions. Designed as a once-daily oral therapy that reduces cortisol levels in the brain without interfering with normal systemic cortisol production, which is critical for overall physiological function. Advancing the XanaMIA Phase 2b/3 clinical trial in mild-to-moderate Alzheimer’s disease, a 36-week, randomised, placebo-controlled study conducted across Australia and the United States (Figure 3). Full enrolment of 246 participants completed, with an interim safety and efficacy futility analysis expected in late January 2026 and final topline results scheduled for November 2026. An open-label extension study is planned to commence in Q1 2026, aimed at collecting longer-term safety and efficacy data in participants receiving active Xanamem treatment. Figure 3: XanaMIA Phase 2b/3 Trial Design & Key Clinical Milestones (source: ACW) Market Standing Market Capitalisation: ~$210.34 million. Industry Group: Pharmaceuticals, Biotechnology & Life Sciences. ASX Listing Date: 16 October 2007, providing long-standing public market exposure through multiple clinical development cycles. The share price shows a steady upward trend from late December 2025 into early January 2026, supported by periodic increases in trading volume, indicating growing market interest ahead of key clinical milestones (Figure 4). Figure 4: ACW’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Neuren Pharmaceuticals Limited Neuren Pharmaceuticals Limited (ASX: NEU) is an Australian-listed biotechnology company focused on developing therapies for severe neurodevelopmental disorders with high unmet medical need. The company’s strategy centres on rare and orphan paediatric indications, where well-defined patient populations, clear regulatory pathways, and the potential for accelerated approval frameworks underpin its development approach. The Business of the Company Neuren operates a dual-asset model comprising a commercial royalty-generating product and a late-stage clinical development platform. DAYBUE® (trofinetide) is approved by the U.S. FDA for the treatment of Rett syndrome and is commercialised globally by Acadia Pharmaceuticals under an exclusive licence. Neuren receives tiered royalties on net sales, milestone payments, and other commercial income streams, providing recurring revenue to fund pipeline expansion. NNZ-2591 is Neuren’s wholly owned, next-generation neurodevelopmental drug candidate. It is an oral synthetic peptide analogue targeting impaired neuronal function and inflammation, designed for chronic administration in paediatric populations. NNZ-2591 is being advanced as a multi-indication platform, with development programs underway in Phelan-McDermid syndrome (PMS), Pitt Hopkins syndrome (PTHS), Angelman syndrome, SYNGAP1-related disorder, and Hypoxic-Ischaemic Encephalopathy (HIE). The lead NNZ-2591 program is the Koala Phase 3 trial in Phelan-McDermid syndrome, the first-ever Phase 3 study conducted in this indication, with regulatory alignment already established with the U.S. FDA. Figure 5: DAYBUE® (trofinetide) (source: NEU) This structure positions Neuren as a company with near-term cash flow visibility from an approved product alongside multiple late-stage clinical value drivers. Market Standing Market Capitalisation: ~$2.40 billion. Industry Group: Pharmaceuticals, Biotechnology & Life Sciences. ASX Listing Date: 3 February 2005, reflecting a long-established presence on the ASX and multiple value-creation cycles across drug development and commercialisation. The share price shows a sustained upward trend through 2025 with elevated trading activity, reflecting continued investor confidence supported by recurring royalty income and late-stage pipeline progress (Figure 6). Figure 6: NEU’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Oneview Healthcare PLC Oneview Healthcare plc (ASX: ONE) is an ASX-listed healthcare technology company focused on enabling the Connected Care Experience within hospitals and healthcare systems. Founded in 2008 and headquartered in Dublin, Ireland, Oneview provides digital platforms that connect the patient room with care teams and hospital systems, aiming to improve patient engagement, clinical workflows, and operational efficiency. The company has an established international footprint across the United States, Australia, Ireland, and Thailand, with a strategic emphasis on the U.S. healthcare market. The Business of the Company Oneview develops and commercialises a modular, scalable software platform designed to digitise and integrate the in-room patient experience with hospital clinical and operational systems. Key elements of the business include: Delivery of connected care solutions spanning patient engagement, care team workflows, and hospital operations, deployed across televisions, tablets, mobile devices, and bedside systems. A recurring revenue model driven primarily by software subscriptions, supplemented by deployment and implementation services. A growing portfolio of AI-enabled products, including Ovie, a generative AI-powered care assistant designed to personalise patient engagement, anticipate needs, and optimise staff workflows (Figure 7). A commercial model characterised by high customer retention, enterprise-wide expansion opportunities, and strong upsell potential once systems are embedded within hospital environments. Figure 7: Ovie — Oneview’s Gen AI-Powered Virtual Care Assistant (source: ONE) Operationally, Oneview tracks performance using live endpoints rather than beds, reflecting the scalable nature of its platform and its ability to monetise multiple devices and interfaces within a single hospital deployment. Market Standing Market Capitalisation: ~$306.89 million. Industry Group: Health Care Equipment & Services. ASX Listing Date: 17 March 2016, reflecting nearly a decade of public market exposure through the company’s transition from platform development to commercial scale-up. The share price shows a strong recovery and upward re-rating from October 2025 into early January 2026, accompanied by increased trading volumes, indicating renewed investor interest as commercial execution gains traction (Figure 8). Figure 8: ONE’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) 💊Cynata Therapeutics Limited Cynata Therapeutics Limited (ASX: CYP) is an Australian-listed, clinical-stage biotechnology company specialising in cell therapeutics and regenerative medicine. Headquartered in Melbourne, Cynata is focused on developing off-the-shelf mesenchymal stem cell (MSC) therapies using its proprietary Cymerus™ platform, which is designed to overcome the scalability, consistency, and cost limitations of conventional donor-derived cell therapies. The Business of the Company Cynata’s business is centred on the development and commercialisation of next-generation MSC therapies derived from induced pluripotent stem cells (iPSCs) via the Cymerus™ platform. Key elements of the business include: Cymerus™ platform technology, which produces MSCs from a single donor-derived iPSC master cell bank, enabling large-scale, consistent, and repeatable manufacturing without ongoing donor sourcing. A diversified clinical pipeline led by CYP-001, Cynata’s intravenous MSC product for acute graft versus host disease (aGvHD), an area of high unmet medical need (Figure 9). Phase 2 clinical trial of CYP-001 in aGvHD, with patient enrolment completed (65 patients across the US, Europe, and Australia), primary evaluation expected to be completed in March 2026, and results anticipated around June 2026. Additional advanced programs include CYP-004 in osteoarthritis (Phase 3), CYP-001 in kidney transplantation (Phase 1/2), and CYP-006TK in diabetic foot ulcers (Phase 1 completed). Multiple programs supported by FDA regulatory engagement, including Orphan Drug Designation for CYP-001 in aGvHD. Figure 9: CYP-001 (source: CYP) Market Standing Market Capitalisation: ~$94.98 million. Industry Group: Pharmaceuticals, Biotechnology & Life Sciences. ASX Listing Date: 20 December 2007, reflecting a long-standing presence on the ASX through multiple clinical development cycles. Share price performance shows a clear upward re-rating from mid-2025 into early January 2026, supported by increased trading volumes, indicating growing investor attention ahead of key Phase 2 and Phase 3 clinical readouts. Figure 10: CYP’s Share Price & Trading Volume (Jan 2025 – Jan 2026) (source: ASX) Near-term Milestones to Watch Clinical data readouts: Interim and topline results from late-stage trials remain the most significant value inflection points, particularly where programs are moving from Phase 2 into Phase 3 or toward regulatory decision-making. Regulatory progress: FDA interactions, trial approvals, and pathway clarity (including orphan or fast-track designations) will continue to shape timelines and risk profiles across the sector. Commercial execution: For companies with approved products or live deployments, evidence of adoption, contract expansion, and revenue traction will be key indicators of execution beyond validation. Partnerships and funding: Licensing discussions, strategic collaborations, and balance sheet updates will be important signals of how companies intend to fund the next phase of growth without excessive dilution. Samso Concluding Comments - ASx Healthcare Investors all know that the art of investment is not a process that has set rules. Every element is different, and there is never one business, one company, or an investment idea that is a linear event. Share prices often move ahead of fundamentals, lag behind progress, or respond sharply to single data points. This is why understanding where a company sits — clinically, commercially, and structurally — is critical before reacting to market movement. What this snapshot tries to highlight is the diversity of pathways within the ASX healthcare sector. Some companies are transitioning from regulatory de-risking into commercial execution, while others remain value-driven by upcoming clinical data. These are very different investment propositions, even if they sit under the same sector label. Market capitalisation alone does not tell the full story. A company’s revenue visibility, trial design quality, regulatory engagement, and execution discipline all contribute to how risk is priced over time. These factors tend to matter far more than short-term price volatility. The final piece of the problem is to understand that the best research, the best mathematical prediction, will ultimately be all undone by a black swan event that will always come from a place nobody expects. Ultimately, this snapshot is firstly an introduction to the Samso community that may not have come across the companies, and it hopefully will help potential investors step back from headlines and focus on structure. Understanding the business model, the clinical roadmap, and the market context provides a stronger foundation for decision-making than reacting to price action alone. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with 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. Cover photo: URANIUM MILL JUST OUTSIDE OF MOAB. THE ORE COMES FROM A MINE ABOUT 25 MILES AWAY. THE REGION IS RICH IN URANIUM AND POTASH. THESE MINERALS ARE THE BASIS OF THE TWO MAJOR INDUSTRIES OF THE AREA, David Hiser. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:URANIUM_MILL_JUST_OUTSIDE_OF_MOAB._THE_ORE_COMES_FROM_A_MINE_ABOUT_25_MILES_AWAY._THE_REGION_IS_RICH_IN_URANIUM_AND..._-_NARA_-_545611.jpg) The Samso Way – Seek the Research 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 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)TM 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. Cover photo: US Navy 111006-O-KK908-026 An MRI machine is set up at the Role 3 Medical Facility at Joint Operating Base, Bastion, Afghanistan, U.S. Navy photo. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:US_Navy_111006-O-KK908-026_An_MRI_machine_is_set_up_at_the_Role_3_Medical_Facility_at_Joint_Operating_Base,_Bastion,_Afghanistan.jpg) 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 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. Cover photo: Pitchblende371, Geomartin (talk). Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pitchblende371.JPG) 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 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. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research 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 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! Cover photo: URANIUM MILL JUST OUTSIDE OF MOAB. THE ORE COMES FROM A MINE ABOUT 25 MILES AWAY. THE REGION IS RICH IN URANIUM AND POTASH. THESE MINERALS ARE THE BASIS OF THE TWO MAJOR INDUSTRIES OF THE AREA, David Hiser. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:URANIUM_MILL_JUST_OUTSIDE_OF_MOAB._THE_ORE_COMES_FROM_A_MINE_ABOUT_25_MILES_AWAY._THE_REGION_IS_RICH_IN_URANIUM_AND..._-_NARA_-_545611.jpg) The Samso Way – Seek the Research 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 Major metallurgical advancement - Kennedy Rare Earth Deposit 24 November 2025 (click here to view the announcement) DevEx Resources Ltd (ASX: DEV) has reported new heap leach column test results that materially enhance the extraction outlook for critical Magnetic Rare Earth Elements (MREEs) from the Kennedy ionic clay-hosted system. The Kennedy Rare Earths Project, located in North Queensland approximately 50km south of Mount Garnet and connected to Townsville’s port and infrastructure corridor, has delivered a significant step forward in its metallurgical understanding (Figure 1). These results strengthen the project’s positioning as one of Australia’s emerging rare earth clay prospects. Figure 1: Kennedy Rare Earths Project Location and Infrastructure. (source: DEV) The Business of the Company: Focus – Rare Earths - Clay-Hosted. (Figure 2) DevEx Resources continues to advance its 100%-owned Kennedy Ionic Adsorption Clay-Hosted REE Project through systematic drilling, metallurgical test work, and expanding the understanding of the Inferred Mineral Resource Estimate (MRE). Kennedy contains high-value MREOs: Praseodymium, Neodymium, Dysprosium, and Terbium. The entire Inferred MRE sits in soft, unconsolidated clays beginning at surface, supporting low-cost mining potential. Testing is now focused on validating a simplified heap leach processing pathway using ammonium sulphate (AMSUL). Broader exploration opportunities exist to the south-west, where broad-spaced drilling indicates further extensions. Figure 2: Extent of the Kennedy Inferred MRE and Bulk Sample Drill Coverage. (source: DEV) Highlights – Major Metallurgical Advancement from Heap Leach Column Tests 1. Strong Magnet Rare Earth Recoveries Column leach tests delivered 67% and 68% total MREE recoveries, a material improvement over earlier diagnostic test work. The system shows consistent extraction across Pr, Nd, Dy, and Tb. Cerium recovery remained <5%, which is favourable as Ce is a low-value component. Vertical flow of AMSUL (ammonium sulphate) solution was excellent, as demonstrated in the Australian Nuclear Science and Technology Organisation (ANSTO)’s column test work, confirming favourable physical characteristics for a heap leach design (Figure 3). Figure 3: ANSTO Facilities, Column Setup and Agglomeration (source: DEV) 2. Representative Composite Sample Validated Results were derived from a 127 kg composite homogenised from 68 drill holes, representing a broad cross-section of the Inferred MRE and confirming consistency across the deposit (Table 1). Two 2-metre-high columns were used, irrigated over 37 days. Table 1: Head Grade of Composite Sample 1 used for Column Leach Test Work 3. Low Acid Consumption Acid consumption measured only 6–8 kg/t, which is exceptionally low for clay-hosted REE systems and may translate into materially lower operating cost inputs (Table 2). Table 2: Heap Leach Column Tests – Final MREE Extraction Low impurity extraction was observed, supporting the potential for cleaner downstream processing and reduced purification complexity (Table 3). Table 3: Heap Leach Column Tests – Final TREE4 Extraction About the Project Kennedy is an ionic adsorption clay-hosted REE deposit containing high-value MREOs essential for permanent magnet manufacturing in electric vehicles, wind turbines, and renewable technologies. Key geological and metallurgical features: Surface-hosted clays require no overburden removal. Unconsolidated materials with pisolites and nodules dispersed throughout. Rapid desorption of REEs using weakly acidic AMSUL solutions (pH 3–4). Excellent vertical flow and agglomeration characteristics support heap leach scalability. Potential for expansion, with wide-spaced drilling pointing to new zones requiring follow-up (Figure 4). Figure 4: Wireframe (light red) for Inferred MRE at 325ppm TREO-CeO2 cut-off and air-core/RAB drilling looking north-west. (source: DEV) Near-term Milestones to Watch Further optimisation of leach parameters to enhance MREE recovery while controlling impurity dissolution. Ongoing assessment of acid addition strategy to achieve the most efficient recovery-cost balance. Continued exploration, particularly south-west of the existing resource outline, to test for additional mineralised clay horizons. Advancement of project development pathways incorporating updated metallurgical understanding. How Samso Understands the Investment Memo for the Company The latest metallurgical work materially strengthens the project narrative for Kennedy. These results show that DevEx is advancing its technical foundations. The project’s attributes—surface clays, soft material, simple leach chemistry, and low acid consumption—are shaping an early picture of a potentially cost-efficient extraction pathway. The consistency across broad drill coverage provides confidence in the deposit’s uniform metallurgical response. For investors, Kennedy remains a long-term, methodical development story requiring continued optimisation and exploration to define scale, economics, and positioning within Australia’s evolving REE landscape. Samso Concluding Comments The Kennedy Project offers an intriguing combination of shallow mineralisation, favourable metallurgy, and proximity to established infrastructure—factors that collectively shape the early potential of a clay-hosted REE system. The 67–68% MREE recovery range is meaningful for a first round of column test work and signals potential for improvement through optimisation. From a development perspective, the low acid consumption reduces operational risk and may influence future economic modelling positively. This level of reagent efficiency is not common across clay-hosted rare earth deposits globally, and the implications for downstream purification circuits are equally important. DevEx continues to benefit from structured, methodical technical work undertaken in partnership with ANSTO and process engineering specialists. This approach reduces uncertainty and increases clarity around the project’s pathway. That said, Kennedy is still at an early stage. Future work will need to verify scalability, consistency across expanded drill grids, and economic competitiveness within the broader REE sector. Investors should appreciate the long-term nature of such developments, particularly in a market where strategic positioning and cost structure will ultimately determine a project’s standing. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Always take the time to understand the technical narrative behind the numbers. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.