Announcement: UPSIZED DRILL PROGRAM OF UP TO 10,000 METRES PLANNED ACROSS YUNDAMINDRA AND KOOKYNIE GOLD PROJECTS, WA Arika Resources (ASX: ARI) has doubled down on discovery with a 40% expansion of its upcoming drilling campaign across the Yundamindra and Kookynie Gold Projects. With a strengthened balance sheet and an ambitious exploration strategy, the company is stepping firmly into the spotlight of Western Australia’s gold narrative. When it comes to finding gold in Western Australia, the Laverton and Leonora regions are one of the few cornerstone mineralisation regions of the Eastern Goldfields. I don't have that much practical experience in this area other than my first job at Bronzewing Gold Mine, which was only the beginning when I was working in 1992. What I lack in hands-on experience, I have had over 30 years of understanding that this region is fertile. Anyone who has been in this industry for as long as I have would be well versed with the numerous discoveries in the region that Arika has the Yundamindra and Kookynie projects (Figure 1). On paper, the Arika projects are greenfield long shots—but they are historically productive, geologically endowed, and now under the stewardship of a company that has the cash to apply modern science to unearth forgotten riches. Figure 1: Project location plan showing Arika’s Yundamindra and Kookynie Projects in relation to major gold deposits, operating mines and neighbouring tenure. (source: Arika Resources Limited) The recent $5 million capital raise has allowed Arika to lift its initial drill campaign to 10,000 metres, encompassing air-core, RC, and diamond drilling. The company’s focus remains on systematic, cost-effective testing, starting with the high-grade Pennyweight Point, Landed at Last, and the F1-Fault prospects within Yundamindra’s “Eastern” and “Western” Corridors. A multi-purpose rig will ensure flexibility to react to assays as they land. Arika’s Managing Director, Justin Barton, commented: “Given the scale of the opportunity in front of us and the sheer number of targets to test, the team has decided to upsize the program and secure a multi-purpose rig to facilitate a cost-effective and flexible program,” “This will give us the ability to switch seamlessly between different drilling methods and react quickly to results as we receive them across the wide range of prospects we are testing.” Yundamindra Project—Structural Interpretation Yundamindra continues to impress with thick, high-grade intercepts, highlighted: 14m @ 15.48g/t Au from 46m (YMRC077) 30m @ 3.86g/t Au from 89m (YMRC069) 36m @ 2.14g/t Au from 104m (25YMD001) Figure 2: Yundamindra Project structural interpretation from geophysics data showing a plethora of historical gold workings & prospects over TMI (RTP).(source: Arika Resources Limited) This area sits along strike from the $44M Guyer JV between Gold Road and Iceni Gold, reinforcing the district’s prospectivity. Pennyweight Point—Assay Highlights On the western flank, the Landed at Last prospect—part of the aptly named “Yellow Brick Road” corridor—is yielding impressive results from shallow depths: 30m @ 2.26g/t Au from 26m (YMRC050) 14.8m @ 3.10g/t Au from 87m (25YMD003) Kookynie Project - Historic Cosmopolitan Gold Mine Arika has initiated the first modern review of the historic Cosmopolitan Mine in over 40 years. The mine once yielded 331,000 ounces at 15g/t Au, ranking it among the most profitable in WA’s gold mining history. Soil geochem programs over Ithaca, Wandin, and Mulga Plum have been completed. These programs used ultra-detailed aeromagnetics to map structures obscured by surface cover. Results are expected soon. Figure 3: Kookynie Project Showing key prospects in relation to operating mines and other gold occurrences. (source: Arika Resources Limited) Samso’s Concluding Comments The first time I saw the Arika story I was not really interested and definitely not looking to put the story on the Samso platform. For some reason, I signed up for its webinar, and as I patiently listened to the story, I was intrigued by several things. The first was that they are cashed up, and most importantly, the Pennyweight project looked interesting. There is no doubt that there is a lot of work left to do, but it has some smoke. The problem I have with these projects that have what I call "really good smoke" is what does the company know that we, the retail investors, don't know? I have been in many conversations with members of the company where the topic was about how they knew something that the public didn't, or they were just doing this to keep things "turning over" while they looked for better projects, etc. I don't know anyone in Arika, so these are my own thoughts and concerns when I see something in the presentation that I like. In saying all those negative narratives, there is something classic and rejuvenated about the Arika story. In a market where investors often chase the next exotic play, I like that Arika is building quietly but confidently on well-endowed ground. This is the sort of methodical, geology-first strategy that often gets overlooked in the noise, yet historically it’s the one that pays off. It is also the strategy that is least practiced in this industry. With over 180km² of tenure, strategic access to regional infrastructure, and a pipeline of high-priority targets—both brownfield and greenfield—Arika isn’t just chasing ounces. They appear to be building a long-term footprint in one of Australia’s premier gold belts. The road to success will be if management has the patience and perseverance to continue down this path. Historically, companies like Arika don't "hang around" like Gold Road Resources or De Grey Mining's story. These two have been the success story in 2025. The market may not have fully priced in the upside yet, but if the assays continue to impress, that won’t stay the case for long. As the saying goes, fortune favours the prepared. And Arika looks more than ready. Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The narrative around critical minerals is no longer just a story of energy transition. It has become a complex intersection of economics, security, diplomacy, and market psychology. At first, it was about rare earths and lithium. What began as a conversation around rare earths and lithium has now extended deeper into the commodity spectrum—copper, gold, iron ore, antimony, and beyond are all being drawn into the geopolitical spotlight. What’s becoming increasingly clear is this: the battleground for the future of energy, technology, and manufacturing supremacy is being fought in the boardrooms of mining companies and in the rocks beneath their feet. And much of that tension will surface at events such as the Critical Minerals Investment Summit 2025, which runs from 22–24 July at the Mercure Perth. From where I sit and have seen over the last 5 years of the "Critical Minerals" narrative, there seems to be a stream of fear and positioning of those that have and a race for positions for those that have not settled. The recent decline in lithium price has deleted the word dominance of lithium from the narrative coming out of Australia. The next commodity that is dominated by Australia that may have the same fate could be iron ore, as Rio Tinto, the iron giant in the Pilbara Iron Ore heaven, recently announced to the world to expect lower grades. The chest-pounding Antimony explorers are currently raising their voices as there is a West vs. China war on that commodity. I think with China dominating that market as well, it would make perfect sense for them to make peace and bring the price back to a sensible market price. Once that happens, that game will be over as well, like the recent Cobalt, Tin, Lithium and REE ride. Let's delve into the whole geopolitical discussion and see if we can simplify all the smoke that is currently doing the rounds on mainstream media. The chapters below will help readers move around this review: 1.0 From Strategic Metal to Strategic Mindset 2.0 Was Geopolitics Always This Influential? 3.0 Gold, Copper, Lithium, Antimony, Iron Ore—How Deep Does It Go? 4.0 Between Headlines and Hard Policy 5.0  Australia’s Role in a Fragmenting Supply Chain 6.0  U.S. Industrial Policy and What It Means for Australian Critical Minerals Projects 7.0  Investment Realities: What Capital Is Willing to Pay For? 8.0  Strategic Partnerships vs. Transactional Deals: Which Way Forward? 9.0 Concluding Comments From Samso 1.0 From Strategic Metal to Strategic Mindset The traditional investor mindset of supply, demand, and commodity pricing is being upended. Whether it’s lithium required for EV batteries, copper for grid-scale electrification, or antimony used in military-grade flame retardants, the driver now is not just utility—it’s control. The U.S. administration—be it under Biden’s cooperative frameworks or Trump’s transactional style—is crystal clear on one thing: China dominates too many steps of the critical minerals value chain. And that’s no longer acceptable in Washington, Brussels, Tokyo, or Seoul. We’ve known about China’s grip on rare earth refining and graphite anodes for years. But we’re now seeing broader categories of minerals being swept into the same conversation—iron ore as a proxy for steel autonomy, gold as a hedge against monetary instability, and copper as the pulse of decarbonisation (Figure 1). Figure 1: News like China banning critical metals to the US is now the norm in mainstream media. (source: Reuters). At the centre of all this? Australia. With geology, political alignment, and operational capacity on its side, Australia is emerging as the most geopolitically strategic resource partner in the Western alliance. 2.0 Was Geopolitics Always This Influential? There’s a risk that all this could be dismissed as short-term noise or election-season rhetoric. But the reality is more layered. Geopolitics has always shaped resource flows—think oil in the Middle East, gas pipelines through Europe, or uranium trade networks. What’s different now is that the conversation has gone mainstream. Clyde Russell of Reuters said it best ahead of the summit: “If the U.S. wants critical minerals without China, it will cost more.” The challenge for Australia isn’t just technical or financial anymore—it’s also diplomatic (Figure 2). Securing funding or offtake agreements from the U.S. Department of Energy or Japan’s JOGMEC is increasingly dependent on policy alignment, ESG compliance, and even the optics of non-China ties. Dr. Vlado Vivoda, CEO & Director of Strategic Minerals Advisory & Research, offered another layer: the shift isn’t just away from China but also from laissez-faire market logic. The U.S. Inflation Reduction Act (IRA) is a blueprint of how industrial policy is now taking precedence over free trade principles. Figure 2: China is single-handedly propelling the price of Antimony. (source: Reuters) In that context, projects in Australia that may have previously struggled to gain traction due to modest scale or early-stage status are now finding a new kind of validation: strategic value. 3.0 Gold, Copper, Lithium, Antimony, Iron Ore—How Deep Does It Go? Figure 3: The mining process of these critical minerals are now changing masters. Who do mines side with now the changing funding landscapes? When I do a search on these commodities, they give me the same kind of generic reasons why they are critical and that there is a shortage of these commodities in terms of mines and resources. The list below is an example of the results. You may ask why gold is included in our list, and that is a great question. Lithium remains front and centre. The U.S. and its allies are scrambling to localise supply chains, from spodumene to hydroxide conversion, bypassing China-dominated processors. Australia’s lithium projects, especially those with downstream ambitions, are getting increasing attention. Copper is quickly becoming a metal of geopolitical importance. Beyond its obvious use in electric vehicles and renewables, copper is critical for rebuilding and upgrading power grids—a national security issue in disguise. Antimony is quietly having a moment. With China and Russia as major producers, Western countries are finding themselves exposed. The metal’s use in military applications and battery technology gives it disproportionate strategic weight relative to its market size. Iron ore is the wildcard. While traditionally seen as a bulk commodity, its central role in China’s industrial complex makes it a potential pressure point. Any serious decoupling between China and Western steelmakers will put Australia in a complicated spot. Gold, often ignored in critical minerals conversations, is not immune. Central banks, especially in non-Western countries, have been increasing their holdings. Gold is the original hedge against geopolitical chaos, and in a world facing growing monetary fragmentation, it is quietly being weaponised. When you look at the list above, the big elephant in the room is to ask if we are talking about critical from a geopolitical reason or from a geological and mining scarcity issue (Figure 3). Commodities such as Tungsten and Antimony have been talked about as being a threat of being critically short in the market for about 15 years. I say that because that is when I was introduced to these two metals. Today, we are still talking about it, but it has been enhanced with China making the ban effective (Figure 1). 4.0 Between Headlines and Hard Policy It’s tempting to view all this as just election theatre, especially with Trump poised for another potential term. But Vivoda is careful to point out that while the tone may shift, the direction remains. Whether the U.S. prefers alliances or arm-twisting, the end goal is the same: reduce dependency on China (Figure 4). Figure 4: Is the critical minerals pricing is a political or market narrative? (source: Reuters) When we look at the "noise' of pricing and the sudden supply crunch of antimony, tungsten, tin, etc., the complexity for investors is that we have to now, in 2025, factor in market demand vs. supply and the political issue. In the past, nations have gone to war (Figure 5) for these kinds of matters, so could we be potentially looking at something like that again? What happens when the warring sides begin to smoke that peace pipe? Are the critical metals suddenly not so critical, or do we believe that the Western world will learn the lesson and pay the price of recreating a "Western" market? Figure 5: As the geopolitical tensions continue to rise, will be look at the draconian thinking of the past? As usual, Australia will be courted either way, but we must be prepared to navigate uncertainty. Industrial funding mechanisms such as DPA Title III, the IRA-linked tax credits, and bilateral trade compacts offer huge opportunities—but only for companies that understand the rules of the new game. The United States–Australia Climate, Critical Minerals, and Clean Energy Transformation Compact might sound like diplomatic theatre, but it signals the direction of travel. Supply chains are being rewired, and Australian companies that are strategically aligned will find more doors open—if they can move fast enough. 5.0  Australia’s Role in a Fragmenting Supply Chain As global powers recalibrate their critical minerals strategies, Australia is becoming central to efforts aimed at diversifying away from China (Figure 6). With abundant resources, stable regulation, and established ESG standards, Australia is increasingly viewed as a reliable anchor in an unstable system. Is it? The Australian issue is the inability to rise above the mounting challenges: faster project approvals, scalable downstream capabilities, and the ability to form enduring trade partnerships that align with shifting geopolitical demands. For Australian players, the task ahead is no longer just about delivering supply—it’s about meeting the world’s rising expectations, on time and on terms that serve national and "partner" interests. Figure 6: World Critical Minerals Dependency Map. 6.0  U.S. Industrial Policy and What It Means for Australian Critical Minerals Projects The Inflation Reduction Act (IRA) is the cornerstone of America’s clean energy and industrial revitalisation strategy. Doing the research and trying to understand all the points is incredibly complex. Some of the key points are listed below. Navigating U.S. funding mechanisms—including tax credits and clean energy incentives—is complex for foreign companies. Eligibility hinges on factors like: Domestic content requirements Strategic alignment with U.S. supply chain goals Avoidance of Chinese-linked ownership or processing Additional policy layers include: Title III of the Defence Production Act (DPA) Department of Energy (DoE) Loan Programs Office Bilateral agreements such as the U.S.–Australia Climate and Clean Energy Transformation Compact The result is a maze of incentives and compliance conditions, requiring deep policy understanding. For Australian companies, the challenge is to align with U.S. priorities without compromising project independence or operational flexibility. In my opinion, all these trade restrictions will always eventually be relaxed with time, or another route for the trade will arise, which ultimately negates the barriers. History has shown that this is the way of the world; otherwise, global trade would not be as efficient as it is now. Investors must wonder if all this required effort is a place that they want to park their hard-earned money. With the recent reduction in tariffs being "negotiated," investors may prefer to just go for a holiday or leave it in some other asset class where there is more certainty. 7.0  Investment Realities: What Capital Is Willing to Pay For? For all the headlines around critical minerals being “strategic,” the investment fundamentals haven’t disappeared. At the end of the day, capital still moves based on risk, return, and timing. There’s no shortage of geopolitical interest, but translating that into real dollars, especially for early-stage projects, remains a challenge. Many assets that tick the right boxes in Washington or Brussels, in Hong Kong or Australia, struggle to attract meaningful funding without long-term offtake agreements or government-backed finance. Sovereign wealth funds, institutional capital, and specialist investors are circling, but their focus is narrow—priority is given to projects that are both politically aligned and commercially credible. As I read more into the whole concept of "Critical Minerals," one needs to understand to whom it is a critical issue. One would then assume that the eager capital that is used to fund the mineral exploration or the mining process must benefit the community that surrounds the end process. The competition for funding is fierce, so the business case for receiving funding would need to be on point. In Australia, there is no real downstream process, and one would think that it should not be our concern. A good example is the case of struggling Australian Mineral Explorers seeking government funding but having limited success. Why would this make sense? Why not spend the funding on commodities that Australia benefits from? Would that not make more sense, from Australia's point of view? In October 2024, Tim Craske was on Coffee with Samso explaining why we may have misunderstood the terminology and the meaning of Critical Minerals. Coffee with Samso - Insights: Critical Metals - The Real Meaning and Path Australia should Play in the Clean Energy Revolution. Capital is ultimately the market maker and the one that decides what sells and what is bought. There is no denying this simple point, and it has been this way for centuries. For developers across lithium, copper, antimony, and even gold, this creates a sharper lens: technical merit alone is no longer enough. The real question is whether Western governments—and their funding mechanisms—are genuinely prepared to absorb the cost of reshoring supply chains. In other words, are they ready to pay the “strategic premium,” or is this still a market that expects security without subsidy? 8.0  Strategic Partnerships vs. Transactional Deals: Which Way Forward? Australia is focused on establishing long-term alliances founded on trust and stability, in contrast to short-term, transactional deals that are often influenced by political cycles. To achieve this, Australia needs to collaborate with key partners, including the United States, the European Union, Japan, and South Korea. However, a significant challenge remains as the market is asking if Australia can preserve its strategic leverage without becoming entangled in one-sided or coercive economic agreements. Is siding with President Trump a good choice of economic policy, or is it time for Australia to be more strategic with its real trading partners, the ASEAN players? The strategic significance of certain minerals necessitates that partnership structures emphasize long-term, mutual benefits rather than mere opportunistic trade. It is not solely about supply. The process is also about fostering a shared vision, ensuring transparency, and aligning with broader economic and security objectives. Furthermore, the nature of these minerals should be reflected in the strategic planning of the partnerships. 9.0 Concluding Comments From Samso The growing intersection of geopolitics and critical minerals is no longer a speculative conversation—it’s the operating environment (Figure 7). What we’re seeing is not a short-term reaction, but a structural reordering of how resources are valued, funded, and supplied globally. Figure 7: The geopolitical impacts for "Critical Minerals". (source: Samso) Australia is in a unique position. We have the geology, the stability, and the diplomatic alignment that many countries are actively seeking. But that advantage is not automatic. It requires intent, speed, and the ability to structure projects that meet new geopolitical and ESG realities. The days of simply finding a high-grade deposit and waiting for the market to respond are fading. Today, investors and policymakers are demanding clarity on processing pathways, offtake alignment, ESG credentials, and geopolitical fit. If these elements aren’t addressed early, projects may miss the funding cycle altogether. For gold, copper, antimony, lithium, and even iron ore, the narrative has shifted from one of production to one of purpose. Why does your project exist, who does it serve, and how does it fit into broader supply resilience? These are now fundamental questions every explorer must answer. Figure 8: Rare Earth Elements have been a big topic for a while but can the "Western" influences re-create the downstream process and maintain the course. (source: Thermo Fisher Scientific) When you start talking about the Rae Earths, there is another level of complexity, as the cost of restabilising the downstream process may be too rich for the "West," so what do you do there? There are paths being created now, but will they be sustained, and will they break down as soon as the Trump factor goes into retirement? It’s encouraging to see forums like the Critical Minerals Investment Summit 2025 bring these issues to the front. These are the conversations that shape investor confidence and industry direction—not just in Australia, but across the global resource landscape. As always, I encourage companies and investors alike to look past the headlines. Understand the long game, track the geopolitical signals, and position wisely. The rocks haven’t changed, but the world around them has and is affecting the way we explore and complete the mining process. Greenbushes Lithium Mine in Western Australia. (source: Alamy) 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 Kaiser's Record-Breaking First Weekly Gold Pour If there was ever a time when a company needed to make a statement, it’s in the first weeks after acquiring a new asset. And for Kaiser Reef Limited (ASX:KAU), their early run at the Henty Gold Mine hasn’t just been good—it’s been headline-worthy. As someone who’s watched many transitions unfold in the mining space, I can say that this clarity and pace are rare. In just the first 10 days of ownership, Kaiser has poured over 1,200 ounces of gold, turning Henty into a real cash generator almost overnight. That’s not just symbolic—it’s strategic. And in a gold market where timing and margins are everything, the ability to hit the ground running is a serious advantage. The beginning of a very interesting journey is about to begin. This image of the first gold pour by Kaiser is a good statement of intent (Figure 1). As Samso has mentioned in our previously published content (see below), Kaiser is not just buying ounces—it’s buying leverage, optionality, and the ability to scale intelligently. Samso Insight Kaiser Reef Limited (ASX:KAU) - A Lesson in How To Become A Gold Producer Overnight. Samso News Kaiser Reef (ASX: KAU): Henty Gold Mine Acquisition Signals Step-Change in Production Ambitions. Brad Valiukas, Kaiser’s Executive Director, commented: “It’s been an excellent start for Kaiser at Henty, the team is transitioning well, and operational performance has been excellent. We are well positioned to build on the success that Catalyst has had at Henty, as it becomes our flagship asset. Kaiser is now a significantly stronger Company with the incorporation of Henty, and we look forward to advancing our assets and the Company.” Figure 1: Executive Director – Operations, Brad Valiukas with first gold produced at Henty under Kaiser ownership (source: KAU) What’s Under the Hood at Henty? - A Gold Mining Must Do Let’s unpack why this announcement matters: Immediate Output: The inaugural pour exceeded 1,200oz of gold, and that figure is expected to hold steady with production now tracking around 30,000oz annually. In today’s record gold price environment, that’s an instant ticket to strong margins and cashflow. A Flagship with History and Headroom: Henty isn’t a greenfield punt—it’s a historically prolific mine with 1.4Moz in past production at 8.9g/t (Figure 2). With a current Ore Reserve of 1.2Mt @ 4.0g/t (154koz) and broader resources at 449koz, the story here is about reactivation, not reinvention. Figure 2: Kaiser Reef project location and details of the Henty Gold Mine. and Mine Details. (source: KAU) Infrastructure in Place: With a 300ktpa CIL plant, underground fleet, grid-connected hydropower, and a refreshed tailings facility, Henty gives Kaiser the kind of backbone many juniors spend years (and millions) trying to build. A Real Mine Plan: Backed by a 5-year plan and significant scope for mine-life extension through near-mine drilling, this is not a one-trick pony. There’s a runway here—and it’s one built on real ounces, not just speculative targets. Operational Continuity: Kaiser’s executive team isn’t starting from scratch. With Catalyst Metals remaining a 19.99% strategic shareholder and a transition team already in place, this looks like a well-managed handover with shared incentives for ongoing success. Perhaps the most impressive element of this development is the discipline with which Kaiser is approaching it. While it now boasts multi-asset production capability—including the A1 and Union Hill gold projects—the company isn’t rushing to overpromise (Figure 2). Instead, the focus remains on building value through consistent performance and targeted exploration. With over 150 local employees already on-site and production stabilised early, the company seems intent on avoiding the typical teething issues that can plague mine acquisitions. Samso’s Concluding Comments Gold mining is rarely about the first pour—it’s about what follows. But in Kaiser’s case, this early milestone is worth celebrating because it tells us something deeper: that the company understands what it has, and it knows how to run it. Some people may have looked at the Henty acquisition as a risk. However, for me, it was a no-brainer. Kaiser has shown that this isn’t a scramble for production; it’s a measured step in building a genuine mid-tier gold producer. What I like to remind people is that the company isn’t reinventing the wheel at Henty—it’s refining a working machine. The strategic restraint by Kaiser to allow Henty to just deliver what it has been doing prior to the acquisition is a testament to the understanding of what they acquired. An ongoing gold mining business. Delivering ounces in bars to the market. In an industry full of forward-looking statements and exploration dreams, delivering ounces into the Perth Mint within 10 days of ownership sends a strong signal. For investors, this is more than just an operational update—it’s Kaiser’s way of saying, We’re not just here to explore. We’re here to mine. If they can continue this trajectory—leveraging high-grade resources, disciplined execution, and a strong gold price—then Henty may very well mark the beginning of a golden chapter for Kaiser Reef. Looking at the share price chart and the increasing volume over the period (Figure 3), especially in the last week, is a clear sign from the market that they like what they are seeing from the company. I am pretty sure it will all be heading north from here. Figure 3: The Kaiser Reef Limited share price chart. (source: commsec) Happy investing, and as always—DYOR). To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Hillgrove Antimony-Gold Project Delivers Compelling Definitive Feasibility Study When it comes to development-ready assets, timing is everything. Larvotto Resources has just released a highly compelling Definitive Feasibility Study (DFS) for its Hillgrove Antimony-Gold Project in New South Wales—and it’s arrived at the right time. Gold prices are flying. Antimony prices are surging. Even tungsten is starting to catch a bid. Hillgrove is set to become a key player in a world hungry for critical minerals and strategic metals. What makes this story more exciting is the maturity of the project. Hillgrove isn’t a greenfield dream. It’s a brownfield reality with a strong foundation: existing infrastructure, an 8-year initial mine life, and an offtake agreement already in place. With production slated for 2026, this DFS doesn’t just tick boxes but opens the gate to mining. The Role of the DFS: A Statement of Readiness Larvotto’s DFS is more than a technical milestone—it’s a validation that Hillgrove is ready to move. The study confirms the economic and operational viability of expanding the current plant capacity from 250,000 tpa to 525,000 tpa. This study isn’t just about engineering—it’s about de-risking. The purpose of the DFS is to provide investors, financiers, and stakeholders with a credible roadmap. This includes everything from metallurgical recovery, mine planning, and tailings redesign to operating cost models and risk metrics. What’s clear is that the project economics are robust, and the upside is real. Project Location: Tapping into History Hillgrove sits approximately 25 km east of Armidale in northern New South Wales. It’s a region with a mining history that goes back to the 1850s. Over 750,000 ounces of gold and 40,000 tonnes of antimony have been produced here—testament to the region’s mineral endowment and operational continuity. This isn’t a remote site—it’s within reach of highways, rail, power, and skilled labour (Figure 1). Figure 1: Hillgrove Projection Location Map (source: Larvotto Resources) DFS Highlights: Strong Margins and Quick Payback Annual production (LOM average): 85,000 oz AuEq Gold production: 40,500 oz/year Antimony production: 4,878 tonnes/year Post-tax NPV (8%): A$280M (Base) → A$694M (Mid Case) IRR: 48% (Base) → 102% (Mid Case) Payback: Just 11 months (Mid Case) Capital cost: A$139M Start of production: Q2 2026 What’s particularly impressive is the upside at spot pricing: post-tax free cash flow of A$1.6 billion, IRR of 153%, and a payback in just 8 months. This project has genuine torque on commodity prices. Project Site and Infrastructure Larvotto is not starting from scratch. The site already hosts a sulphide concentrator, electrowinning facilities, pressure oxidation plant, and extensive underground development—all in care and maintenance. This dramatically reduces the execution risk compared to a greenfield build (Figure 2). Figure 2: Hillgrove Gold Antimony Project Site (source: Larvotto Resources) The DFS outlines both underground (3.5Mt) and open pit (350Kt) mining operations, supported by a hired fleet and contract development teams. Combined with existing grid power (66kV), water supply, and tailings infrastructure, this sets up Hillgrove for a low-capital-intensity restart. Plant Upgrade: Ready for the Future The flowsheet has been modernised to enhance recoveries and throughput. Testwork shows metallurgical recoveries of ~87% for antimony and ~84% for gold, exceeding historical levels. The inclusion of dry-stack tailings and updated filtration systems reflects Larvotto’s commitment to environmental responsibility (Figure 3). Figure 3: Plant View of Hillgrove Process Plant Layout (source: Larvotto Resources) Managing Director Ron Heeks commented on the DFS: “The completion of the DFS marks a major milestone. Hillgrove is a high-margin critical minerals project with a rapid path to production. With production set to commence in 2026, Hillgrove is poised to become Australia’s largest producer of antimony—supplying 7% global demand at a time of tightening supply and strategic urgency. This DFS is just the first stage. We still have significant resource potential to unlock at Bakers Creek and Garibaldi-Brackins Spur. Hillgrove is a unique asset with strong long-term upside.” Larvotto’s Share Price: A Market Reawakening Larvotto’s share price tells its own story (Figure 4). After a long period of consolidation through late 2022 and 2023, the stock began to stir in mid-2024. As confidence in the Hillgrove strategy grew and exploration progress gained attention, the market responded. The significant re-rating in late 2024 and early 2025, where the price surged past $1.00, coincided with key project milestones and rising antimony prices. While it has since pulled back to around $0.61 (as of 29th May 2025), the elevated price levels reflect renewed investor belief in the company’s trajectory and the strategic value of Hillgrove. The current market capitalisation of the company of AUD $251M is still not very high for a potential antimony and gold producer. Figure 4: Larvotto Share Price Chart as of closing 29 May 2025 (source: commsec). Samso’s Concluding Comments DFS announcements are often formulaic. Over the years, I have learnt that there is a point in the journey of a project where certain key deliverables, like a DFS, are required for the market to understand the lay of the land in terms of what it means for the maturity of the project. I think Larvotto is a point where clarity and conviction are explained. At this stage, the DFS is saying that the Hillgrove Project is more than just a feasibility case—it’s a project with legs. It has geology. It has infrastructure. It has offtake and commercial alignment. Most importantly, it’s entering the market when the pricing for gold and critical minerals is showing strength. Antimony is not a metal that gets daily headlines, but its strategic value cannot be overstated. I have been a firm believer in this metal for a long time. It looks like the timing for Antimony to take the stage may have arrived. If I sound uncertain, that is because metals like Antimony are very hard to gauge. It is a "China-controlled" metal, and one statement from China to say, We relax the ban, and the market falls over. In a world focused on battery security, defence supply chains, and energy resilience, a Western supply of antimony is a rare thing. If the market continues to have this narrative, then Hillgrove offers that and adds gold production to the equation. For investors who value timing, execution, and relevance, Larvotto’s DFS shows that the company is not waiting for the cycle. It’s stepping into it. This is not just a study. It’s a statement: Larvotto is ready to mine. As much as I have made the statement in the last paragraph, and as I have just mentioned, I am also eagerly concerned that the tightness of the market is easily undone. As a betting person, I do think that there may be more legs to the ban, but I don't trust politicians, especially entrepreneur-type Presidents. One other caution in my thinking is the valuation of AUD $251 at this stage. Feels a bit on the low side if you believe the antimony lack of supply story. Happy Investing and remember, definitely always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

A great outcome for Wide Open Agriculture Ltd (ASX: WOA). To be honest, I was thinking that this was going to happen, but I thought that this would be some way away. However, now that it has happened, I do feel now that Yaxi Zhan was brought in to settle the cash burn and stabilise the business to go forward. In my previous conversation with Yaxi, I was trying to figure out the connection that put her into the Executive Chair position, and I think this agreement is a good clue. There was no indication of the speed at which a distributor was being discussed, but in hindsight, I think this must already be in play. This is a great start for WOA as this is a crucial phase in its global growth strategy. In entering into an exclusive distribution and offtake agreement with Univar Solutions China, a branch of the world's second-largest distributor of chemicals and ingredients, this gives WOA a direct route into a massive market. I don't think this needs any elaboration. Announcement: 30th April 2025 - Wide Open Agriculture Signs Offtake And Distribution Agreement With Univar Solutions China 1st May 2025 - Clarification to Signed Offtake And Distribution Agreement Announcement As we discussed with Yaxi Zhan in the Coffee with Samso on the 6th April 2025 (A Superfood Story- Lupin Protein Isolate | Wide Open Agriculture Limited (ASX: WOA) | CWS Ep. 204), this was a logical step. We touched on the potential of the Chinese market and the fact that there is a natural barrier to entry for the lupin market; China is not having a lot of luck growing lupin. According to a paper in the ARCC Journal (Exploring Lupins in China: Insights into Cultivation and Challenges for Sustainable Agricultural Development: A Review by Se-Jung LIM, March 2025), growing lupins in China has been challenging due to factors such as the suitability of the local climate and soil and the management of diseases. This makes the move by WOA into China more controlled. Hence, this strategic partnership positions WOA very well to accelerate its entry into China’s high-potential market for sustainable, premium plant-based proteins (Figure 1). Figure 1: Yaxi Zhan, Chair, with WOA and Univar representatives at a signing ceremony. The strategic significance of this entry into China cannot be underestimated, as we have to remember that the growth of China is not complete, with a vast majority of the population still searching for "First World" standard of nourishment. I think that there is still a lot to learn about the potential of WOA and what a continued interest from China will mean to revenue. A Strategic Alliance for Growth The agreement grants Univar Solutions China exclusive rights to market and distribute WOA’s lupin protein products for sustainable, premium plant-based proteins throughout mainland China. Following an initial six-month market preparation period, Univar has committed to purchasing a minimum of 50 tonnes of product within the first 12 months, subject to mutually agreed pricing. “Partnering with Univar gives us strategic reach in China’s premium food ingredient sector and the local know-how to unlock serious growth opportunities,”– Yaxi Zhan, Executive Chair, Wide Open Agriculture. A crucial element of food security is recognizing that a country like China, despite its substantial GDP growth, needs to feed almost 20 per cent of the world's population while possessing less than 10 per cent of the planet's arable land. The obstacles to maintaining a stable food supply are numerous. They encompass inefficient farming methods, supply chain disruptions, shifting consumption patterns, global trade issues, domestic environmental harm, corruption and data inaccuracies, and a history of food safety scandals (CSIS - Centre for Strategic & International Studies). Hence, when we are talking about WOA and its ability to contribute to that part of the business, this is a great revenue earner for a small capitalisation company. I have to say that the clarification that was announced on the 1st of May may be seen as a negative tone, as it clearly is emphasising that there is no immediate revenue impact, but if you read into the message, it is the restating the fact that you have now someone in China that has a vested interest in distributing the products. The Unique Value of Lupin Protein WOA’s lupin protein isolates offer a combination of sustainability, nutritional benefits, and technical performance that appeals to health-conscious consumers and food innovators alike. These clean-label ingredients are suitable for a range of applications, including: Dairy alternatives Meat substitutes Bakery and functional foods Health and wellness products Neutral in taste and colour and highly functional, lupin protein is emerging as a next-generation solution in the global plant-based protein market. The fact that there is a neutral taste and colour will be an important fact for food industry participants. The taste of food and the lack of culturally diversifying issues for lupin make it an ideal inclusion in all food products. The nutritional value, as discussed, is the real hidden value for lupin, especially when you have to provide for a large volume of cross-cultural appetite requirements. “This is a high-potential, premium product that fills a gap in the Chinese market for functional, plant-based proteins,”– Will Wang, Univar Solutions China Key Agreement Highlights Term: 18 months with extension options Exclusivity: Conditional on performance during the initial six-month period Volume Commitment: Minimum of 50 tonnes in the first 12 months after market prep Strategic Collaboration: Includes sales training, co-marketing, and customer sampling Regulatory Compliance: Managed by Univar, with WOA providing food-grade supply Unlocking the Chinese Market With Univar’s extensive distribution network, valued at over $11.5 billion in global sales (2023), and deep sector expertise across food, nutrition, and advanced materials, WOA gains: A local presence and on-ground support Scalable access to food manufacturers and innovators Increased exposure to one of the world’s fastest-growing food ingredient markets This milestone reinforces WOA’s mission to lead the development of environmentally sustainable ingredients that support both human health and planetary well-being. About Wide Open Agriculture Wide Open Agriculture Ltd (ASX: WOA) is a publicly listed company focused on developing high-performance, sustainable plant-based ingredients. The company’s core innovations include proprietary lupin protein isolates, recognised for their versatility, clean profile, and nutritional strength. To learn more, visit: www.wideopenagriculture.com.au Concluding Comments from Samso I have liked the Wide Agriculture story from the moment I was aware of its existence, and I have expressed this view in my previous content, as described below: (Coffee with Samso - Wide Open Agriculture Limited (ASX:WOA) - A Superfood Story—Lupin and Lupin Protein Isolate.) For me, the lupin story is all about the ability to feed the world population with a plant-based material. I have read some commentary that the next World War will be about food security. Whether this is true or it is some clickbait, I am in no doubt of the importance of having a plant-based protein base that can keep a mass population in a nutritional state that will sustain prolonged life. The downside of this story is that the uptake of lupin in China is slow and protracted. Although I am not convinced of potential downsides at this stage, I am acutely aware that the "grey swan" events have a history of giving investors severe headaches. As investors, we understand that there are two sides to a story, and there is never a sure thing, so this is the risk that all investors need to factor into any decisions. As the quote from Benjamin Franklin acutely lays it out.... For me, introducing an "off-taker" into the WOA journey is a very good start. I have convinced myself that I should be in this stock. Currently, they are softening in the share price, which will help reduce the feeling of missing the boat, but I think I will be stepping up my DYOR efforts in the near future. 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.

I have to say that this Rae Copper Project in Nunavut (Figure 1), Canada, by White Cliff Minerals (ASX: WCN) is slowly unfolding itself as a discovery but I am not getting the vibes from the market. The ASX releases are short of spectacular, but I sense something is not all there because the market is not very excited. There is definitely movement in the station, but somehow they don't seem to be getting into the trucks. More importantly, the trucks seem to be leaving the station empty or very NOT FULL. Figure 1: White Cliff’s Rae Copper Project Area (source: WCN) When the first assay returned in late April, it caught my eye, and I have to say it caught a lot of other people's eyes, but there seemed to be a lot of discussions as well. I am reminded of the two previous situations when spectacular results were associated with a lot of discussions that were raising doubts, however, those two had a lot of market interest, and in hindsight, the doubters were pretty much drowned out with the euphoria of the rising share price. When the next month came around, May 2025, the narrative had shifted from curiosity to clarity. And now, with the latest 90m intercept at 4% copper from surface, you would think that Rae is no longer just a “promising project” — it’s becoming a genuinely exciting copper system. What’s most encouraging is the consistency of high-grade results, the shallow depth of mineralisation, and the predictable breccia-hosted geology — all hallmarks of a system with scale and not just isolated spikes. What stands out even more is how early-stage drilling isn’t just confirming continuity, but revealing multiple mineralised zones within each hole. As the company is narrating that the mineralisation is open in all directions, White Cliff is steadily proving that Danvers is no one-hit wonder — it’s a copper system that’s taking shape with every metre drilled (Figure 2). Figure 2: Danvers Project. High grade historic copper occurrences present along a regional NE/SW trending fault zone for 7.5km’s. Inset map shows drillhole collars, covering only a fraction of the wider prospective corridor. See ASX announcement dated 23 April 2025 “Extensive sulphides observed in step out drilling at Rae Copper Project” for observations relating to the field samples/rock chips. (Source: 13 May 2025 WCN announcement) White Cliff Minerals' Managing Director, Troy Whittaker commented: “Danvers continues to just get better and better with each assay we receive. Not only are these high-grade results, once again, from surface but we have now dialled in on high grade zones". Chronology of Discovery: High-Grade Copper, Hole by Hole To make the review brief, I have focused my sequence of events based on the drilling results. For me, the drilling results will set the stage for developing the story. There have been a lot of discussions in the media, and I feel this is very good for the transparency of information from the ASX. I recommend readers to follow a guy that I have come to know and respect on LinkedIn, Roland Gotthard. Roland is a geologist, and he is actively posting great content on this industry. And I recommend you guys follow his work. I have also reached out to him for his thoughts on this subject. 1.First assay results from Rae Copper Project returns high grade Copper 📅30 April 2025 DAN25003 kicked things off with (Figure 3): 58m @ 3.08% Cu and 13.3g/t Ag from 52m Including 18m @ 5.21% Cu from 69m This was the first real test of subsurface potential after high-grade rock chip sampling. It confirmed the presence of a breccia-hosted copper system — shallow, continuous, and better than anticipated. Figure 3: Section of drillhole DAN25003 and DAN25004 (assays pending). Reported intervals are drilled thicknesses, not true thicknesses. (Source: 30 April 2025 WCN announcement) 2.Danvers delivers a globally significant Copper intersection 📅6 May 2025 DAN25008 extends (Figure 4): 175m @ 2.5% Cu and 8.66g/t Ag from 7.6m Including 14m @ 7.55% Cu & 25.8g/t Ag from 138m Final 60m averaged 3.9% Cu, ending in 4.46% Cu at 182.88m Figure 4: Drill section of DAN25008. Reported intervals are considered drilled thicknesses until true thickness can be proved. (Source: 6 May 2025 WCN announcement) This intercept demonstrates vertical scale and suggests the system extends well beyond historic boundaries, with mineralisation still open at depth. 3.Rae Copper Project delivers further high-grade mineralisation with 63m @ 2.23% Copper 📅13 May 2025 DAN25002 delivered (Figure 5): 63m @ 2.23% Cu from 9.14m Including 15m @ 5% Cu from 18.29m Figure 5: Section of drillholes DAN25001 and DAN25002. Reported intervals are drilled thicknesses, not true thicknesses. DAN25001 - See ASX announcement dated 6 May 2025 “Danver’s drilling delivers sensational 175m @ 2.5% Copper, hole ends in 4.46% Copper, open at depth” (Source: 13 May 2025 WCN announcement) DAN25004 added (Figure 6): 72m @ 1.08% Cu from 62.48m Including 14m @ 2.32% Cu from 106.68m Figure 6: Section of drillhole DAN25003 and DAN25004. Reported interval is drilled thickness, not true thicknesses. DAN25003 see ASX announcement dated 30 April 2025 “First assay results from Rae Copper Project returns high grade Copper”. (Source: 13 May 2025 announcement) 4.Rae Copper Project Delivers Further Outstanding Copper Results with 90m @ 4% Cu from surface 📅21 May 2025 DAN25005 returned the strongest results yet (Figure 7): 90m @ 4% Cu from surface Including: 18m @ 6.5% Cu from 26m 1.52m @ 19.45% Cu from 30m 14m @ 7.7% Cu from 61m According to the company, this hole was drilled across the mineralised trend, not along it. It was designed to test true width. Combined with previous holes testing depth (like DAN25008, which ended in 4% Cu), the picture is getting clearer: this looks like a broad, continuous, and high-grade copper system. Figure 7: Cross-section of DAN25005From PDF: 2025_05_21_WCN.pdf, Page 4 (Source: 21 May 2025 WCN announcement) What This Means: Grade, Geometry, and Growth In copper exploration, you rarely get all three: ✅ Grade — consistent 2–4% Cu zones with spikes up to 19% ✅ Geometry — from surface, open-pittable, shallow breccias ✅ Growth Potential — open at depth and along a 9.5km corridor The good thing for White Cliff’s drilling is that it is doing exactly what you want early-stage exploration to do: confirm the model, expand the footprint, and raise confidence with each result (Figure 8). Figure 8: Plan view of Danvers licence area. (Source: 21 May 2025 WCN announcement) Eyes on What Comes Next With assays pending and drills ready to return, the coming months could see Rae evolve even further. If continuity continues along the 9.5km corridor and diamond drilling at Hulk delivers, White Cliff may not just be talking about Danvers anymore — they’ll be opening a district-scale play. Samso’s Concluding Comments There are copper projects, and then there are copper systems. At the moment, Rae is starting to look like the latter. There are still many questions, but I am hoping that this is legitimate and has the long legs to carry to an economical mining proposition. White Cliff Minerals has moved quickly but appears to be methodical — from acquisition, to sampling, to drilling, to discovery. The fruitful path is that the results aren’t random. They appear to show consistency in grade, structure, and geological model. I do feel that this is an important point, and it matters. All the work and results do suggest we’re dealing with something more than a one-hole wonder. What impresses me is the combination of grade and geometry. These hits start at surface. They run for tens of metres. They occur across multiple holes, from different directions. They’re beginning to outline a breccia system that may stretch for kilometres. That is the kind of system that supports real project economics. And this is still early. Rae has seen limited drilling, and yet it has already produced grades and widths that rival development-stage assets. As the company steps out along strike and begins diamond drilling at Hulk, the upside remains open. I have a big question that is clear in my mind, and that is the unanswered question as to why the market has not responded. The signals are present but there is an undeniable feeling that the market is not believing it? Personally, I am excited for the length of mineralisation and the grade, which is eye-catching, but my biggest concern is that I am in a room of gold and everybody is walking around it, why? A Junior Explorer Winning This discovery has not come from a billion-dollar major. It’s a junior explorer, moving methodically, ticking boxes, and staying ahead of the curve. White Cliff Minerals has backed its geological thesis with drill results, and they’re delivering. I remember talking to stakeholders when the company brought in the project, and there was a lot of excitement. Then came the high-grade rock samples. Now, the high-grade drilling results. Exciting times ahead. With $14.4 million raised and diamond drilling ready to go at Hulk, the next steps are about scaling up. But for now, Rae already has something most projects don’t: a credible, high-grade copper narrative with substance behind it. All it needs now is market excitement, but could this be the last opportunity for eager investors? Irrespective of my thoughts on the lack of market participation, there is no doubt about the drilling results. Could this be a late bloomer, and when the dust settles, the market decides to pay its respect? Only time and further drilling will be the judge, but I am very impressed with the results. For the pessimistic investors who are thinking that there is a catch, you will have to look at the drilling results and make that final call. Stay tuned. The next round of assays could take Rae from recognition… to revaluation. Happy hunting in the markets, and never skip the research. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Declaration: I am a shareholder of Kaiser Reef Limited, and this review has not been endorsed by the company, nor has it been sponsored by any other party in any form (cash, shares, or options). The information provided in this blog is for informational purposes only and reflects my personal views and analysis. It is not intended to promote the company or create speculation. Readers should conduct their own research and seek professional advice before making any investment decisions. The conversion of Kaiser Reef Limited (ASX:KAU) into a gold producer through one transaction in a top-tier market is highly commendable. This action suggests that the management might have completed the best deal I've witnessed in my thirty years in this field. To add to the commendation, this deal was done at a rising bullish sentiment for gold. This deal with Catalyst Metals Limited (ASX:CYL) holds greater significance than what is currently available for Kaiser Reef. To grasp the dynamics, it's essential to consider both companies and their management aspects. If my thorough analysis is accurate, any investment in Kaiser now, may potentially yield substantial compound interest over the next five years. Reflecting on history, I believe Kaiser Reef is on the brink of achieving greatness, and with a current market capitalisation of just over AUD $41M (after announcing the acquisition), it's particularly appealing for retail investors once you consider all aspects of the transaction. This is likely as affordable as it gets. Let's try to logically outline why I'm so optimistic about this transaction. Conducting your own research (DYOR) is essential, and as experienced investors often say, there are no free lunches in the investment world where we must part with our hard-earned money. For those who want to skip to the parts of the review, please use the list below. 1.0 What Does The Transaction Mean? 2.0 Terms and Funding of the Transaction 3.0 The Henty Asset - The Value Creation. 4.0 Why Is Henty Almost a "No Brainer"? 5.0 Henty - Comments on the Production 6.0 Henty - Are there more ounces? - Exploration Upside 7.0 Concluding comments from Samso. 7.1 The Clues of the Future 7.2 The Perfect Storm 1.0 What Does The Transaction Mean? In my opinion, based on my own experience and understanding of the situations, underlying value of transaction ranks with the rise of Silverlake Resources Limited, which is now Vault Minerals Limited (ASX:VAU) (in 2008 through the consolidation of the Daisy Milano Gold Mine Leases), and Northern Star Resources Limited (ASX:NST) (September 2009), acquiring assets over the decades into a gold mining giant. Where Kaiser Reef differs from Silverlake and Northern Star is that it has completed this transaction at a time when the commodity, gold, is at an all-time high, and to make it even more spectacular, it has done this with gold prices having strong sentiments to go even higher in value (Figure 1). Both Northern Star and Silverlake Resources started their journey at a modest gold price and a gold sentiment that was far from being bullish. I remember Silverlake in 2008, when the gold price was in the USD $700s. Yes, that is seven hundred dollars (USD). Figure 1: Gold Price Chart (14/04/2025). (source: www.kitco.com) 2.0 Terms and Funding of the Transaction Let's look at the terms of the transaction (Figure 2). To me, the ease in with which the capital raise has taken place adds support to my narrative that this is a very soft and manageable transaction. When you look at the state of the market, which is very bullish, one would assume that anything you buy would many times its premium. Figure 2: The Terms of the Transaction for Kaiser Reefs Limited. (source: Kaiser Reef Limited). What is the most striking point of this transaction is that the deal is for an ongoing, profit-making gold mine that is operating as we speak. There are no wait times for cash generation; in fact, this is the best deal I have seen, as all you have to do is find the funds, and you are producing and selling gold bars. On the point of raising money to fund part of the acquisition, it appears that was not a problem either (Figure 3). Reading through the news release that outlined the whole transaction, I am sure that management of Kaiser Reef would have thought that this transaction was a no-brainer. Figure 3: The Terms of the Fundraising for Kaiser Reefs Limited. (source: Kaiser Reef Limited). The lack of complexity and a lack of significant hurdles that is usually common in a deal of this nature, tell me that is this is a very friendly sale. In other words, there is definitely a great amount of "working together" in the way the transaction has transpired. I am not concluding any deceit or "non-compliant" components; I am merely highlighting that the deal has all the essence of wanting this deal to happen as a win-win situation from both sides. Peace is not the absence of conflict, but the ability to cope with it -- Mahatma Gandhi Trust is the glue that holds everything together. It creates the environment in which all of the other elements win-win stewardship agreements, self-directing individuals and teams, aligned structures and systems, and accountability can flourish. -- Stephen Covey For those people that have been in business a long time and have had the best deals, I am sure they will understand the underlying value of a win-win situation. 3.0 The Henty Asset - The Value Creation Figure 4: Kaiser Reef Limited project locations in Australia. (source: Kaiser Reef Limited) The Henty Gold operation is situated 23 kilometers from Queenstown in north-western Tasmania (Figure 4), featuring an underground mine and a conventional CIL processing plant with a nameplate capacity of 300,000 tpa (Figure 5). Figure 5: The Henty 300ktpa CIL Plant and Administration Complex. (source: Catalyst Metals Limited) Henty is a high-grade underground gold deposit with well-established infrastructure and significant exploration potential in the mineral-rich Mt. Read Volcanic Belt, which has historically yielded over 8 million ounces of gold. Mining began in 1996, and the mine has since produced 1.4 million ounces of gold at an average mined grade of 8.9 g/t. Figure 6: The Henty acquisition terms. (source: Kaiser Reef Limited) In a climate that would have given Catalyst Metals all the leverage, this transaction (Figure 6) is all about giving Catalyst an exit to create value for Henty while still having a significant holding in Kaiser Reef. The other aspects of the transaction for Catalyst is the access to the production solution for their Victorian assets, although, I still say that the real value is the ability to have a solution for Henty to exudes its real potential in Kaiser Reef. For Kaiser, the obvious is that this will give the company instant value allowing the company to become a gold miner overnight. More importantly, I also see that this transaction will give Kaiser a cash-rich partner who wants this transaction to work well. The sale of Henty is not one that is about disposing of an unwanted or underperforming asset. Kaiser Reef is getting a very good deal from a supportive seller, who will become a supportive shareholder in the future. Looking at the asset from afar with little mining knowledge, this is a good asset with lots of potential. As I have mentioned, there have been many assets that have appeared to have limited upside, but over time, these assets have kept giving value to shareholders. Figure 7: The historical journey for the Henty Gold Mine. (source: Kaiser Reef Limited) The previous owners (Figure 7) have all been Tier 1, and they have all looked at Henty as an asset. The timing for Kaiser Reef could be perfect, as the rising gold price could be the catalyst that is required to iron out the issues that may have plagued the previous management before getting into a more economical pathway. The rising gold price is the space that incoming owners require to iron out any potential issues that would have been a deal breaker in a lower gold price environment. The divestment allows Catalyst to create value in the asset that otherwise would have been totally ignored by the market if it had sat within the company. As I have mentioned above, the rising gold price has allowed them to divest an unappreciated value to another entity that now has the space to fix any hurdles and create the value-adding that otherwise would have been restrictive in a less buoyant pricing climate. 4.0 Why Is Henty Almost a "No-Brainer"? Let's have a look at the good points of the Henty Gold Mine, as some very notable points make me feel that Kaiser got a very good deal. Over my three decades in this industry, I have come across and learned of several similar projects, and the common denominator has always been management and the potential upgrading of the resource. Figure 8: The good points list of the Henty Gold Mine (source: Kaiser Reef Limited). As I look at Figure 8 and explore the list of good points, what reminds me of previous projects, such as Daisy Milano (Silverlake Resources), is the resource potential of the Henty operations. I am inferring from the fact that Kaiser Reef is the recipient of the investment by Catalyst Metals in the upgrading of the resource endowment since Catalyst's acquisition in 2020. A 34% increase in the number is the clear upside for Kaiser to upgrade the resource to a reserve status (Figure 9). Figure 9: The key beneficial points of the Henty operations. (source: Kaiser Reef Limited) Another notable point is that the operations have somewhat stabilised. The flattening of the AISC (All In Sustaining Cost) is promising, and the market prediction of a continuing rising gold price must be the icing on the cake. It seems that the list of positive indicators is allowing the ducks to get in line. Whenever we look at operations such as Henty, the key asset can sometimes be not the asset but the management that understands the requirements and the potential to reduce cost or optimise operations. To this point, I feel that one of the major components of this deal could be the man who will drive operations, Brad Valiukas (Figure 10). Brad comes from the very successful operational team of Northern Star Resources Limited (ASX: NST), and I have been told that he was one of the key members of that team that led the success of the Pogo operations in Alaska. Figure 10: The biography of Brad Valiukas. (source: Kaiser Reef Limited) For those who have not had the pleasure of having conversations with Brad, I can say that my thoughts are consistent with his credentials. I do think that a person like Brad will be instrumental in the success of operations such as Henty. This is not a guaranteed endorsement, but I can comfortably say, from our previous Coffee with Samso conversations, the success of projects such as Henty is usually driven by a special kind of breed of mining-oriented people. Brad comes across as a person who is high on the technical side of the ledger, and the successful type of mining people that I have come across in my line of work all seem to be of the same type as Brad. 5.0 Henty - Comments on the Production As we look into the Henty acquisition, another positive for a non-mining commentator like me will be the optimisation of the mining operations. It goes without saying that Kaiser would be telling the market it will optimise the current operations, and it would not be wrong to scrutinise Kaiser's projection. Over the years, one of the common themes when an acquisition takes place is either that the new guy comes in and imposes their will, and the result is negative, or it works out. I always like to think positively, so I look at every acquisition in the following way: The new guy comes in and believes in the project and gives it love and tenderness, while the previous owner treated the asset as a burden and the unfavoured child. When one looks at the process in this manner, the extra love and tenderness always create a new environment, and in every case, this produces a better result. I saw this at the Silverlake Resource's Daisy Milano, the Spartan Resources regeneration of the Dalgaranga Gold project, and recently, the acquisition of the Telfer project by Greatland Gold Plc. Figure 11: The Henty Production Optimisation Proposal. (source Kaiser Reef Limited) Now, if we look at what Kaiser is promoting as its production optimisation, you will want to consider the previous paragraphs as to whether the increase in mining and production productivity is achievable (Figure 11). Figure 12: The Henty Cost Optimisation Proposal. (source: Kaiser Reef Limited) I think that investors should look at both Figure 11 and Figure 12 and decide if this is achievable for Kaiser Reef. This will be the most important consideration that one can make as a retail investor. If the thinking is that both of these proposals are not achievable, then what is the upside of this transaction? As a retail investor, you would not be wrong in writing this transaction off as one with not too much future. However, if you do think that this is achievable, then this is where the value-adding could be a happy place for investors. 6.0 Henty - Are there more ounces? - Exploration Upside For me, as an investor with geological experience, this is where I feel I have an advantage in "accessing" the upside of Henty. I make this comment with some reservations, as this so-called advantage can sometimes be a handicap in decision-making. However, in the case of Henty, I feel that the hidden value is in the future resources. As we have seen in Figure 9, there is a flattening of the AISC, and the messaging from Kaiser Reef is that production is being "sorted out." Readers have to realise that this is an ongoing concern that Kaiser has purchased. There is no waiting time for "cranking up" production. Once the regulatory boxes have been ticked after the shareholder meeting, Kaiser is a gold miner, and Kaiser Reef will be making money. Currently, there are over 5 years of Reserve and a Resource (Measured and Indicated) representing over 10 years of life. Looking at the annual production of 25,000 ounces, an investor can be excused for thinking that there is not much excitement for the future. For me, I am very comfortable knowing that the experienced management of Kaiser would have been all over the topic of future resources in the early part of the Due Diligence process (Figure 13 and Figure 14). Figure 13: Henty exploration upside. (source: Kaiser Reef Limited). As I have mentioned several times, the Henty information reminds me a lot of the Daisy Milano project with Silverlake Resources Limited (now Vault Minerals Limited (ASX: VAU). I am sure there are many others with similar stories, but I think I have made this point enough times. I don't think the Kaiser management would have gone through with this transaction if there was no potential upside in the exploration ounces. Figure 14: Regional exploration potential in the Henty project. (source: Kaiser Reef Limited). The regional exploration potential is good, but I think that this is of lesser importance than giving the immediate mine life another 5 to 10 years from the near-mine exploration (Figure 13). I consider the upgrading of the existing resources as critical as well (Figure 9). 7.0 Concluding comments from Samso I recently saw an article that described the acquisition of the Telfer gold mine as the deal of the decade, which, for the followers of Samso, you will know that we feel the same (check out the Coffee with Samso here: A Gold Mining Story - Clasping Victory from the Jaws of Defeat). I agree with the narrative that this was a great deal, and now that I know that Andrew Forrest backed the deal, it all makes sense. Great job for management to make the deal happen. The acquisition by Kaiser Reef Limited of the Henty Gold Mine, on a significantly smaller scale, is one that I see as the seed for the next Northern Star Resources, although the birth of Northern Star came from even more humble beginnings. The Henty Mine transaction will undoubtedly give Kaiser Reef instant cash flow and instant valuation. There is no question about the instant value adding, but what I see is the future potential of the company. Figure 15 below gives you a good summary of what we have discussed in the blog, but what is missing is the future potential that the current management and the potential partners will give Kaiser Reef and what Brad Valiukas has in mind. Figure 15: Henty acquisition overview for the Henty project. (source: Kaiser Reef Limited). I have known Brad for a while now, and my many conversations with him over time gives me the impression that he is a person perfect for shareholders, who want a company to grow in value over time with real projects. My impression of Brad is that he wants to create a gold-producing company with not much fanfare. There is no smoke and mirrors with Brad, and I find that he is very uncomfortable with overelaborating on the potential unless there are facts to back it up. Our Coffee with Samso conversations and our pre- and post-recording conversations make me very comfortable in making this assumption. 7.1 The Clues of the Future The management of Catalyst Metals Limited, led by James Champion de Crespigny as the Managing Director and CEO, strikes me as a conservative and calculative team. The acquisition of the Plutonic Gold Mine and the steering of the company to focus on making the old mine region work gives me the impression that they are serious. To believe that the Plutonic gold region is still fertile and has lots of upside means there has been some serious work done and then to convince the money to back it up shows me that this is a strong group. The reason that the Henty Gold Mine was being divested was to find a home where the value could be appreciated. One has to remember that this asset was still making money, and management would have realised that the future gold price was rising. If they did not have this thinking, why would they have taken the position at Plutonic? In Catalyst Metals, Henty was being overshadowed and underappreciated by shareholders and potential investors. The divestment had to happen, but it would only have been made possible if there was the appropriate vehicle (ASX company) and the appropriate leader, someone who had the skill set and, most importantly, someone who would be a trusted partner. 7.2 The Perfect Storm Brad and Kaiser Reef is the perfect solution, and my comments in the earlier parts of the blog have been written to set up these concluding comments. This transaction is so smooth and so win-win that the intent had to be aligned. You have the right jockey who has the credentials and the availability, and you have the horse that has the right pedigree, the Arabians who are renowned for their stamina and endurance, to run the mile race. The gold mining journey is a long race, and Kaiser Reef has the corporate structure to allow the transaction to fit. The departure of Brad from Aurumin Limited is clearly a big loss for Aurumin and a fantastic win for Kaiser Reef shareholders. When and how the deal was created or concluded is anyone's guess, but to me, Kaiser Reef is the beginning of the next multi-gold asset company. As I have mentioned, my conversations with Brad tell me that his ambitions are not a one-mine company but one that has some similarities to the larger gold mining houses, such as the likes of Northern Star, Newmont, Barrick Gold, Zijin Mining Group, and Shandong Zhaojin Mining Group. Samso commenced writing this blog prior to the 14th of April 2025 (see the date in Figure 1), and since then, there have been a few notations on the upside of Kaiser Reef, which supports my review. I do admit that it is an overstatement on our part to think that Samso has the monopoly on the upside of the company. However, I will say that Samso has the word on why we think the upside is presented, and it is simpler to read than the sophisticated Research Notes from big brokers. I don't know what the total value of Henty will be, but as I have mentioned, projects such as Paulsen, Daisy Milano, the Dalgaranga region, the De Grey Pilbara Gold province, and the likes of the Golden Mile have kept giving up ounces for decades. I feel that it is sufficient to say that the present value of Kaiser will surely be a distant memory when all the dust settles from the shareholder approval in the coming month of May 2025. Many great gold companies have been created with similar assets mentioned and moved on to bigger and better pastures. I think Kaiser Reef Limited is another one, and Samso readers should DYOR with intent. 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: Assays Confirm High-Grade Uranium-Scandium-Rare Earths The Radium Hill Project in South Australia has long held historical significance as the site of the country’s first major uranium mine. What was once seen primarily as a uranium deposit is now re-emerging as a polymetallic system rich in scandium and rare earth elements (REEs). With new assays from Heavy Rare Earths Limited (ASX: HRE), this overlooked potential is becoming increasingly apparent—and economically compelling. Reinterpreting a Historic Mine Heavy Rare Earths Limited’s recent reconnaissance sampling campaign at Radium Hill has unveiled a more complex and valuable mineral system than previously appreciated. The standout assays include: Up to 9,068 ppm (20 lb/t) U₃O₈ 936 ppm Sc₂O₃ 1.89% TREO (Total Rare Earth Oxides) These grades, especially for scandium, place Radium Hill in competitive territory when compared with leading Australian scandium resources. Even more promising is that high scandium grades appear in zones with low uranium content, hinting at potential decoupling of the mineralisation, which could significantly widen the exploration window. Figure 1: Location of reconnaissance rock samples showing assays for oxides of U, Sc and REE (source: HRE) The sampling program, which included grab samples from historical dumps and previously unsampled 1961 drill core, confirmed continuity of high-grade U-Sc-REE mineralisation extending northeast from the historical mine site. This expands the known mineralised corridor to include the Bristowe’s, Radium Hill North, and Bonython prospects. Airborne Geophysics: A New Lens on Structure In early April, a high-resolution airborne magnetic and radiometric survey added another dimension to HRE’s understanding. Compared to the 1995 dataset, the new survey, flown with 25 m line spacing at just 30 m altitude, offers a sharp resolution of the NE-SW structural corridor, revealing complex folding and shearing zones linked to mineralisation. Figure 2: Radium Hill airborne survey showing major improvement in magnetic (source: HRE) These geophysical insights will play a central role in creating a 3D structural model to guide drill targeting. The upcoming H2 2025 drill program will be the first significant test of the Radium Hill lode system in over 60 years. Radiometrics Point to Untested Ground The radiometric component of the survey further strengthens the case for systematic exploration. Strong uranium signals not only validate known mineralised areas but also point to additional zones northeast of Bonython Hill that have seen no prior sampling or recorded workings. Figure 3: Radium Hill U channel radiometric data highlighting elevated readings and exploration targets (source: HRE) The identification of these “blind” anomalies is particularly important. It suggests that Radium Hill may still hold untapped zones of mineralisation, unexposed at surface and undetected by past campaigns limited to conventional surface prospecting methods. Samso’s Concluding Comments The Radium Hill story is a historical part of the South Australian uranium journey. The marketing or shall we say, the new journey for Heavy Rare Earths Limited is tapping into an underexplored polymetallic opportunity by integrating fresh data, legacy drilling, and a targeted sampling strategy. While there is some new news from the multi-commodity angle—uranium, scandium, and REEs—all highly strategic in today’s critical minerals narrative, the angle, from our point of view, is a new start. This project is a reminder that there is value often left behind in plain sight, especially when market sentiment shifts. With HRE planning drill testing in H2 2025, the next phase of work could prove transformative, not just for the company but for Radium Hill’s long-overdue comeback. Heavy Rare Earths is wisely taking a layered approach—combining historical data, fresh assays, and modern geophysics. This strategy doesn’t just revisit the past; it reshapes the narrative. The economical implications of the project is still very new so don't get caught up with the investment of hype. As I have said many times, the investing strategy of this sector is all about taking positions and understanding the journey. The combination of ethical management, the power of management, the technical merits and potential of scale in the projects and LUCK are the key combination of important factors to note. HRE has a market capitalisation of just under AUD $9M so its got a lot of value to give. A recent rise in share price is a good sign to get yourself on the DYOR journey. Keep an eye on this one. It’s not just about what has been mined, but what’s still waiting to be discovered. Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Johnson Range Delivers High-Grade Hits: What That Really Means When we talk about "high-grade" in gold exploration, the term can sometimes lose its meaning in a market awash with numbers and drilling updates. But now and then, an announcement cuts through the noise, and Aurumin's latest results from the Gwendolyn deposit at the Johnson Range Gold Project do just that. To me, this is more than just a tick-the-box resource upgrade campaign. What we’re seeing is a quiet but decisive unlocking of value, one that aligns with a strong macro backdrop (gold holding above A$5,000/oz) and Aurumin’s growing momentum in Western Australia’s gold corridor. This drilling campaign is the first at Johnson Range since 2013, and Aurumin didn’t just dust off an old model—they revalidated it with data. The standout hit of 6m @ 16.5g/t Au (including 1m @ 76.1g/t Au) isn’t just flashy—it’s strategically shallow, beginning at just 65 metres depth. Several intercepts start even closer to surface, like 7m @ 9.3g/t Au from just 16m downhole. This changes the development equation. With Gwendolyn already sitting on a granted mining lease and surrounded by processing options, it’s not a stretch to see how this could evolve quickly from a resource upgrade into mine planning. Aurumin's Managing Director, Daniel Raihani, commented: “The assay results from our first drilling program at Johnson Range in more than a decade have exceeded expectations. These high-grade intercepts confirm the strength of the Gwendolyn deposit and support a resource upgrade — a key step in positioning this asset for near-term development. “Importantly, several of the strongest results are from shallow depths, including 7m @ 9.3g/t Au from just 16m downhole. This highlights the potential for a low-strip, low-cost open pit mining scenario, which is particularly attractive given the current gold price environment. “With gold trading above A$5,000/oz, the timing is ideal to progress this asset. Our technical team is now advancing resource modelling and planning the next phase of drilling. We anticipate further news flow in the months ahead as we continue to drive Johnson Range toward development and integrate it into our broader Sandstone gold production strategy. The Numbers That Matter Aurumin drilled 18 RC holes for a total of 1,353 metres across three high-priority zones (Figure 2), targeting the top 80 metres of the deposit (Figure 1 & Figure 3). This wasn’t about chasing deep, speculative structures—it was about validating what’s already there and converting Inferred resources into indicated ones. Figure 2: Gwendolyn Target areas over block model. Mineralisation 100m below surface area is based on geological modelling. It does not constitute a Mineral Resource and is subject to further exploration. There is no guarantee that further work will result in resource estimation. (source: AUN) Key Intercepts: 6m @ 16.5g/t Au from 65m – incl. 3m @ 32.1g/t Au and 1m @ 76.1g/t Au (GWRC250008) 7m @ 9.3g/t Au from 16m – incl. 2m @ 23.4g/t Au (GWRC250013) 9m @ 3.6g/t Au from 111m – incl. 2m @ 13.3g/t Au (GWRC250002) 20m @ 1.28g/t Au from 12m – incl. 1m @ 5.30g/t Au (GWRC250011) Figure 1: Plan View of Gwendolyn Deposit with Aurumin April 2025 Drilling (source: AUN) Figure 3. Gwendolyn cross-section showing drilling and existing resource model. (source: AUN) These grades, especially at such shallow depths, reinforce the potential for a low-strip, open-pit mining operation. That’s important because in the current market, low-cost ounces are the real currency. Location, Location, Location Gwendolyn sits within the Johnson Range Project, located between Southern Cross and Sandstone in WA. Importantly, it’s on a granted mining lease and within trucking distance to several mills (Figure 4 of the announcement shows proximity to processing options). This infrastructure optionality de-risks the path to production. Figure 4. Johnson Range Location Map with Potential Processing Options (source: AUN) Let’s not forget that the broader Sandstone Operations now boast a 950koz gold resource across multiple deposits, including the Central Sandstone Project acquired in 2022. Strategic Implications From a business strategy perspective, this drilling is doing more than improving the resource category. It’s feeding into: Mine permitting studies Scoping-level economic evaluations Modelling for future pit design Further drilling for down-dip and strike extensions There’s a bigger play here: integrating Gwendolyn as a satellite feed or standalone pit in Aurumin’s Sandstone gold hub strategy. A Little History – And A Lot of Upside Gwendolyn isn’t a discovery. It has a mining history dating back to the 1980s, including a bulk sample by Vector Resources in 2014 that produced over 3,000 ounces at a recovered grade of 3.35g/t Au. That historical data gives Aurumin a solid baseline to build from, and what they’re uncovering now suggests there's more left in the tank. Samso’s Concluding Comments These drilling results are simply getting set for a mining proposition. Recently, Aurumin announced that they have executed a binding agreement with Newcam Minerals Pty Ltd ("Newcam"), which is a private company that will manage the development of the Johnson Range and Mt. Dimer gold projects. The results will be part of the process of getting the Feasibility studies underway and completed. Investors should look back at the ASX releases by Aurumin and see that the Johnson Range is a mineable project. The rising and surging gold price is making this asset come alive. There are going to be some serious dollars to be made. In some way, the longer proposition may be that Aurumin look at putting the Sandstone project into a production phase, and then you are talking about some serious business. On the other hand, with all the mergers and acquisition activities happening, one would see Aurumin as fair game for the bigger gold players. I think time will show that the value that is not being given to Aurumin may ultimately be an investor's gift. Samso has had several conversations with the company, and there is no doubt about the hidden value. Hidden or Underappreciated. Take your pick. DYOR. Stay grounded. Think forward. 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.

16th May 2025 Welcome to our weekly distribution of Samso News. This edition and we are introducing our new initiative with our coverage on the Biotech sector. As Samso continue to move into a new phase in 2025, one of the first things we would like to do is to expand our coverage into other ASX sectors. This week, we are introducing the biotech / medical sector. Our intent is to seek meaningful or ethical (Samso Interpretation of ethical) and potentially profitable parts of the ASX for our investing community. This week's mixture of mineral explorers and biotech companies brings an interesting thought. From an investing point of view, the perceived risk and reward outcome and pathway for mineral explorers and biotech companies are similar. It is a high-risk and high-potential outcome scenario. Check out our posts to launch Samso News: Gidji JV Delivers Again: Miramar Strikes More Gold in Kalgoorlie’s Backyard Actinogen’s Xanamem®: A Promising Leap in Alzheimer’s and Depression Treatment Alterity Therapeutics Hits Milestone in Fight Against MSA with Promising Phase 2 Results Heavy Rare Earths Limited (ASX: HRE) Ramps Up Uranium Exploration Across South Australia and Western Australia. AI-116: A New Hope in the Fight Against Dementia. Mapping Australia’s Hidden Copper-Gold Giants: The IOCG Revolution. What You Need To Do: Subscribe to Samso HERE Click Support Us and choose one of the ways to support us commercially. In future, to help further support our platform, we will publish Pay-Per-Use Content that will be special editions. Clarity and confidence in investments Samso is a platform that offers exclusive access to industry knowledge and advancements across various business sectors. It provides timely information and updates in one place, giving serious investors a competitive advantage. Supporting Samso will allow continued immersion in a world of insights that go beyond the ordinary, learning from influential CEOs and thought leaders who are shaping industries. If you're a dedicated and passionate investor, it's time to support a bolder approach and take your investment knowledge, experience, and skills to the next level by supporting Samso. ------ About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience Get Deeper Insights The latest and most reliable information from experienced sources that are completely unbiased is now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors. ------ 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.

Samso News is all about Making News Simple. Our strategy is now to make the Samso platform a one-stop shop for companies and potential investors to come and find independent and balanced insights on ASX stories. Experienced investors are well-acquainted with our Coffee with Samso and Samso Insights, so the addition of Samso News is our way to add value to the platform. This is our way of making the Samso platform dynamic and current with the flow of how messages are being narrated and consumed in the changing times we face globally. The idea of Samso News is to make ASX Releases less of a daunting document to read. Samso has over three decades of industry experience, allowing our team to dissect the highlights and allow a discussion to make it simple for retail investors. Reading ASX Releases and Understanding Their Potential Meaning Is Critical for Retail Investors. Investment has changed in a big way. There is now no clear independent content that allows a discussion in the mineral exploration sector. The majority of the mass media are not from the industry and pushing content that is only being promotive. There are no informed discussions, and allowing a balanced view of the news. Since our beginnings in 2018, Samso has created a platform for passionate investors to explore their interests and hear from important companies in different industries that are making a difference. Our content has always been in the form of a discussion, and we highlight what the potential upside and issues that could be a major or minor distraction to the development of mineral projects. If you struggle as an investor to find a platform that gives you the latest and most reliable INDEPENDENT information from experienced sources, then the new Samso News solves this problem by offering independent content that is completely unbiased. If the content is sponsored, you will know about it, and our intent with the content will always be balanced and not biased by the sponsorship. Check out our posts to launch Samso News: Wide Open Agriculture Limited (ASX:WOA) - Wide Open Agriculture Partners with Univar to Tap into China’s Booming Plant-Based Market. E79 Gold Mines Limited (ASX:E79) - E79 Gold Secures 100% Ownership of Mountain Home Project with Reduced Royalty Terms. Ausgold Limited (ASX:AUC) - Exceptional High-Grade Gold Intercepts Reinforce Growth Potential at Katanning. Andromeda Metals Limited Achieves Breakthrough in High Purity Alumina (HPA) Production. What You Need To Do: Subscribe to Samso HERE Click Support Us and choose one of the ways to support us commercially. In future, to help further support our platform, we will publish Pay-Per-Use Content that will be special editions. Clarity and confidence in investments Samso is a platform that offers exclusive access to industry knowledge and advancements across various business sectors. It provides timely information and updates in one place, giving serious investors a competitive advantage. Supporting Samso will allow continued immersion in a world of insights that go beyond the ordinary, learning from influential CEOs and thought leaders who are shaping industries. If you're a dedicated and passionate investor, it's time to support a bolder approach and take your investment knowledge, experience, and skills to the next level by supporting Samso. ------ About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso Experience Get Deeper Insights The latest and most reliable information from experienced sources that are completely unbiased is now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors. ------ 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.

Announcement: OpenLearning Converts ECA Debt to Equity Transforming Educational Financing for Future Growth In a fast-evolving education sector, Open Learning Limited (ASX: OLL) is charting a bold course through its AI-powered Learning Management System (LMS). A recent milestone highlights this ongoing journey: a debt-to-equity conversion with the Education Centre of Australia (ECA). This is OpenLearning’s largest shareholder, and this transaction demonstrates long-term confidence in the company's direction. This conversion eliminates $2.12 million in debt. It also gives ECA a 60.67% stake in the company, up from 50.74%, at a 25% premium to the 30-day weighted average price (VWAP). Notably, no additional funds have been accessed from the $1 million facility that remains available. Rupesh Singh, Managing Director of ECA and Director of OpenLearning, remarked: “I remain firmly committed to OpenLearning's technological innovation and long-term vision. The Company has consistently increased its SaaS platform revenue while simultaneously reducing costs and moving closer to break-even. These achievements, combined with the vast potential in the global EdTech sector, give me strong confidence in the company's future and its value to all stakeholders.” A Next-Gen AI Platform for Lifelong Learning OpenLearning’s platform is designed for more than just content delivery. It fosters discovery and innovation. The product suite encompasses: AI-assisted course creation via CourseMagic Biomedical content delivery through Best Network Student recruitment and marketplace via The Uni Guide These innovations complement the company’s flagship LMS and serve over 3 million learners across more than 230 education providers worldwide. Q1 2025 Trading Highlights SaaS Revenue Growth: Over 15% Year-over-Year (YoY) growth with 12 consecutive quarters of Annual Recurring Revenue (ARR) growth. Debt Clearance: The complete conversion of the $2.12 million debt to ECA into equity. Rising B2B SaaS Revenue: Increased revenue per customer driven by AI adoption. Geographic Strengths: Australia, Malaysia, Indonesia, India, and the Philippines. Strategic Focus: Plans to expand into high-growth education and training markets. “This quarter marks a significant step forward for OpenLearning as we expand the use of our platform beyond short courses and micro-credentials to support on-campus and blended learning. Our sustained investment in aligning our LMS with the functionality expected by institutions is now translating into a growing sales pipeline and larger contract opportunities.”— Adam Brimo, CEO, OpenLearning Expansion Through Execution: Asia-Pacific in Focus With established roots in Australia and Malaysia, OpenLearning is poised for rapid expansion. The company is capitalizing on its strong reputation. Their current efforts include: India: Partnership with Gujarat University for course delivery. Philippines: Three reseller agreements are already in place. Indonesia: Growing institutional adoption of the platform. OpenLearning estimates a $260 million revenue opportunity across these key regions. Growth potential is high, especially in vocational, compliance, and corporate training segments. Strategic Developments Influencing Growth An intriguing aspect to this announcement is its implications beyond mere financial transactions. ECA’s decision to convert debt into equity indicates confidence in OpenLearning's strategic vision and operational execution. OpenLearning is constructing what modern learners demand: a flexible, AI-powered platform that integrates learning, credentials, and career pathways. The focus is not just on survival but on sustainable growth and global expansion. In the competitive ASX EdTech space, OpenLearning is emerging as the quiet outperformer with a global reach and a solid product-market fit. With a sub-AUD $10 million market capitalisation, it represents a valuable opportunity in the sector. However, as with many ASX hopefuls, time will be the revealing factor. The surge in online education makes the success of these well-established platforms all the more likely. The share price chart illustrates notable peaks, yet the general trend remains subdued. Over time, OLL has the potential to build a strong brand. This suggests that a long-term view of its opportunities is a prudent strategy. Happy Investing and remember, always do your own research (DYOR). To support our independent work, please visit our Support Page. Your assistance in any form is greatly appreciated. This initiative is part of Samso's ongoing mission since our inception in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice or an offer to subscribe for, purchase, or sell the investment product(s) mentioned. It does not consider your specific investment objectives, financial situation, risk profile, taxation position, or particular 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. This book provides insights into geological models sought by mining companies, helping investors understand which portfolios can be more lucrative. Click here to download this eBook. If you find this article informative, please share it. I aim to write on topics that are interesting and have investment potential. It’s not easy to find valuable stories. If you or your organization see the benefit in what Samso is trying to achieve and wish to share your journey, contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform providing dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed about market trends, investors can enhance their financial decisions by combining expert guidance with their own research.