Announcement: Cyprium Metals' A$41M Capital Raise and Nifty Copper Project Update Capital Raise Presentation - 23 Jan 2026 *(view the announcement) A$41M Capital Raise via Placement & Entitlement Offer - 23 Jan 2026 *(view the announcement) The Cyprium Metals copper story is familiar to us at Samso. We invested in this project before management changes occurred. Unfortunately, we faced significant losses when we decided to exit. However, our fascination with the project has never waned. We have been closely following its developments. This recent update about the A$41M capital raise suggests that the project may be gaining momentum once again. Cyprium Metals – Restarting Nifty Copper Project While Funding the Next Phase of Growth (Western Australia) Cyprium Metals Limited (ASX: CYM) has announced a A$41 million equity capital raising. This funding aims to accelerate regional exploration and production growth initiatives across its Paterson and Murchison copper portfolio. The funds will support the phased restart of the Nifty Copper Complex in Western Australia (Figure 1). The goal is to achieve first cathode production by mid-2026 while also advancing studies for future expansion and satellite feed opportunities. Figure 1: Nifty Copper Complex in Western Australia (source: CYM) Highlights – Funding the Nifty Restart and Expanding the Copper Pipeline A$41 million equity raising completed through a A$36 million institutional placement and a A$5 million fully underwritten entitlement offer, priced at A$0.52 per share. Strong investor support from existing and new institutions, including cornerstone participation from Flat Footed and Tribeca, with Board participation subject to shareholder approval. Use of proceeds focused on growth and execution (Figure 2), including regional exploration at the Paterson Exploration Project, Maroochydore, and Cue Copper-Gold Project, alongside studies and early works for future production growth at Nifty. Figure 2: Regional Asset Map showing Nifty, Maroochydore, and Paterson Exploration* *(source: CYM) Phase 1 restart of copper cathode production remains on track, with first cathode anticipated in mid-2026 from the refurbished SX-EW heap leach operations at Nifty (Fi3). Figure 3: Nifty SX-EW Plant and Heap Leach Infrastructure (source: CYM) Capital structure strengthened post-raising, with pro-forma cash of approximately A$116 million and net cash of A$39.3 million, supporting continued project delivery and optionality. Leadership Commentary Executive Chairman Matt Fifield commented: “As we progress towards first cathode production at Nifty, Cyprium is increasing its focus on growing our business rapidly. This equity capital raising allows us to accelerate workstreams progressing the next phase of the Nifty Copper Complex which involves expansion of SXEW capacity, designing and building a surface mine to access the shallow open-pit oxide ores and the sulphide ores beneath it. We are also developing resources outside of the Nifty Copper Complex that could quickly come into a production plan. In particular, we have recently re-acquired control of the exploration grounds adjacent to Nifty that host multiple advanced targets on significant legacy exploration data. We expect to leverage this data and create meaningful developments for Cyprium as we continue to build Australia’s next great copper company. “Cyprium thanks the continued support of its valued shareholders and is pleased to welcome a number of new Australian and international investors. We are also pleased to be able to offer eligible shareholders the opportunity to participate in the capital raising via the entitlement offer.” Near-term Milestones to Watch Completion of the placement and entitlement offer according to the announced timetable. Continued refurbishment and commissioning activities for the Nifty SX-EW plant. First copper cathode production targeted for mid-2026. Advancement of regional exploration programs at Paterson, Maroochydore, and Cue. Samso Concluding Comments This update reinforces Cyprium’s position as a company transitioning from planning to execution. The equity raising is one of many steps toward advancing production in a controlled manner. However, A$41M may not be sufficient to finalize a realistic operation, as the Nifty project has been a financial burden. The rising copper price is a positive factor that could facilitate future fundraising. From a market perspective, Nifty stands out as a key asset, supported by existing infrastructure, approvals, and a long operational history. The restart strategy focuses on utilizing established facilities, which helps manage capital intensity and development risk. Allocating funds toward regional exploration is crucial for maintaining future optionality. Projects like Maroochydore and the Paterson Exploration Project are within trucking distance of Nifty and align with a hub-and-spoke development model. These assets could provide additional feed options if technical and economic thresholds are met. From an investor's viewpoint, the improved balance sheet following the capital raise is a positive signal. The increased cash position supports ongoing work while alleviating short-term funding pressures. Samso will continue to monitor delivery milestones, with progress toward first cathode production being the key indicator as Cyprium advances toward becoming a copper producer. Market Implication - The Investor Lens CyM now has a market cap of AUD $280M. When I first invested in the company, its market cap was around AUD $70M. It is intriguing to see that we are at a similar stage of project development, yet the company's value has quadrupled. This represents a 300% growth in value, despite the project being at the same or a lower stage. Figure 4: CYM share price chart as of 23rd January 2026. (source: CommSec) My entry into CYM occurred before its downward trajectory into administration. At that time, the copper price (Figure 5) was around USD $3/Ib, rising to USD $5/Ib before dropping to approximately USD $3.10/Ib. Currently, the copper price stands at USD $5.87/Ib, with forecasts suggesting it may rise further. I believe commodities will trend upward in 2026. Figure 5: Copper price chart as of 23rd January 2026. (source: KITCO) CYM presents an interesting proposition. However, if the valuation reflects the current copper price and the project has not solidified its technical processes, there may be challenges ahead. I must clarify that I have not conducted thorough research on its processes, but this has been a concern with the Nifty project, so this line of thinking is not new. Cover photo: Native copper 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper_1.jpg) The Samso Way – Seek the Research At Samso, we pride ourselves on delivering independent, well-researched content for investors. Our insights are informed by over three decades of industry experience. We focus on cutting through the noise to spotlight what truly matters—genuine stories, grounded insights, and real opportunities. Our mission is straightforward: equip investors with the right knowledge and tools to achieve their financial goals. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There are many paths to success in investing, but successful individuals share a commitment to making informed decisions. Most importantly, investors must understand their own risk-reward tolerance. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support the independent nature of our work, please visit our* **Support Page **and lend a hand in any of the ways listed. This initiative is part of Samso's journey since we began in 2018.* Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, and particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: *How to Add Value to your Share Portfolio* A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I strive to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organization sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

The OD6 Metals Limited story is a frequent feature on Samso, and I feel that if the Company can show clearly that it can produce a REE product, this will be an incredible investment for existing shareholders. The recent takeover of Australian Strategic Materials Limited (ASX: ASM) is a clear sign that the REE sector is alive and well. This update by OD6 regarding further testwork with ANSTO is a long list of boxes that are required to be ticked, but it is good to see that management is being persistent and enduring the long journey. Announcement Advanced ANSTO Metallurgical Testwork Underway – 20 January 2026 (view the announcement) OD6 Metals Metals Limited – Advancing Processing Confidence at the Splinter Rock Rare Earth Project Samso continues to follow OD6 Metals Limited (ASX: OD6) as it advances Splinter Rock from resource definition into processing optimisation and commercial readiness. This update is relevant as it focuses on metallurgical de-risking, product qualification, and offtake preparation rather than exploration upside alone, which is a key transition phase for clay-hosted rare earth projects. Highlights – Metallurgy, Product Samples, and Commercial De-Risking Advanced ANSTO metallurgical testwork is now underway, building on previously reported processing successes at Splinter Rock. More than A$1 million has been committed to ANSTO-led metallurgical programs and large-scale metallurgical diamond core drilling. Bulk Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH) samples will be produced for use in offtake discussions and assessment of commercial payability options. Testwork is focused on heap leach optimisation, impurity removal refinement, and bulk product production, supporting downstream development decisions. The program will also monitor other elements of interest to determine whether technically viable recovery pathways exist. The work is designed to further de-risk the processing flowsheet and improve confidence in operating parameters. Activities are anticipated to be eligible for future R&D tax offsets. Strategic partnerships with ANSTO and CPC Engineering continue to support the optimal development pathway (Figure 1). OD6 Metals Limited notes its active engagement with the framework supporting Australia’s A$1.2 billion Critical Minerals Strategic Reserve. Figure 1: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study (source: OD6 Metals Limited). Leadership Commentary Managing Director Brett Hazelden commented: “This advanced ANSTO program marks another important step in de-risking the Splinter Rock processing flowsheet. Our commitment of more than A$1 million reflects the Company’s confidence in the project and the importance of generating robust, commercially relevant metallurgical and product data. The testwork now underway is specifically aimed at optimising recoveries, refining impurity control, and producing high-quality rare earth products that can be utilised in offtake discussions and future development studies.“ Near-term Milestones to Watch Completion of current ANSTO optimisation campaigns. Production of bulk MREC and MREH samples for customer qualification. Distribution of product samples to potential offtake partners. Integration of metallurgical results into ongoing engineering and development studies. Continued engagement with government and financing stakeholders. Samso Concluding Comments Splinter Rock already hosts a large clay-hosted rare earth resource, and this program is about turning that scale into something more tangible. Metallurgical performance and product quality are critical factors for rare earth projects seeking market acceptance. By producing MREC and MREH samples at scale, OD6 Metals Limited is moving beyond laboratory results toward real-world commercial testing. This helps clarify how the project may fit into global rare earth supply chains. The continued partnership with ANSTO and CPC Engineering suggests a structured and technically driven development process. Each stage builds on previous work rather than resetting assumptions. For investors following OD6 Metals Limited, this announcement is a reminder that value creation in rare earths often comes from steady technical progress. De-risking the flowsheet and engaging early with offtake markets are steps that can shape future outcomes. Market Implication - The Investor Lens Simplistically, from a share price chart perspective (Figure 2), the market seems to be liking things. The volume being traded is healthy, and hopefully, that is showing market acceptance, and on this occasion, the introduction of traders is a good thing. Figure 2: OD6 Metals share price chart as of 23rd January 2026. (source: CommSec). Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Paterson Exploration Review Update – 20 January 2026 (view the announcement) We have just recently covered the capital raise and the value proposition of Cyprium Metals Limited to potential shareholders, and I have help back this review because I think the exploration part of the company story is not really a factor in the overall part of the Cyprium Metals Limited story. The make-or-break for Cyprium Metals Limited will be if they are able to convince the market that they are able to make the extraction and production an economically viable proposition. The immediate concerns for management after the raise will be to get the technicals on track and make the operation profitable. I don't know if the recent raise of AUD $41M is sufficient, but time will tell us that outcome. The exploration upside is secondary to the main show; however, I think once the operations show that it is spinning our millions of profits, the exploration upside will become significant. Cyprium Metals Limited – Reading the Signals at Rainbow Copper Prospects (Paterson Province, Western Australia) Cyprium Metals Limited (ASX: CYM) has provided an update on its Paterson Exploration Project in Western Australia, following the completion of a first-pass review of exploration data returned after regaining full control of the tenement package. The review focuses on the Rainbow and Rainbow South areas, located north of the Nifty Copper Complex, where historic drilling, geophysics, and surface data are being used to refine copper targets and guide upcoming exploration programs (Figure 1). Figure 1: Cyprium Paterson tenement holding and deposits, prospects, and targets (source: Cyprium Metals Limited) The Business of Cyprium Metals Limited: Copper Development and Exploration in Western Australia Cyprium Metals Limited is an ASX-listed Australian copper company with a focus on redevelopment, near-term production, and exploration growth. The Company’s core asset is the Nifty Copper Complex in the Paterson Province of Western Australia, supported by existing infrastructure, permits, and a long operating history. Alongside Nifty, Cyprium Metals Limited controls a large exploration portfolio in the Paterson and Murchison Provinces, targeting sediment-hosted and intrusion-related copper systems. The Paterson Exploration Project provides longer-term growth optionality, with exploration designed to potentially leverage processing infrastructure at Nifty if economic deposits are defined. Highlights – Paterson Exploration Project Data Review Unlocks Multiple Drill-Ready Targets First-pass review of exploration data from IGO is complete, following Cyprium Metals Limited regaining 100% control of ~2,000km² of Paterson tenements. Review confirms multiple copper targets across both Lamil Group and Broadhurst Formation host rocks, including NL04b, NL05a, NL01a, Rainbow South (NB02a), and MB01. Strong potential identified to extend known copper mineralisation at the Rainbow and Rainbow South prospects, supported by historic drill intercepts including: 54m at 0.28% Cu from surface (Rainbow, 1996) Multiple short, higher-grade copper-silver intercepts from 2018 RC drilling at both Rainbow and Rainbow South (Figure 2). Figure 2: Copper in Surface Samples and Early Interpretations of Rainbow by MLX (source: Cyprium Metals Limited) Silver appears as a consistent by-product at Rainbow, with historic assays up to 93g/t Ag over 1m, and recent re-assays confirming silver presence. Additional copper intersections at Stirling, NL04b, and MB01 highlight under-tested targets requiring follow-up drilling. A strong late-time airborne EM anomaly at NL05a, more than 5km from any historic drilling, has been pegged for drill testing in the upcoming dry season. The combined drilling, geophysics, and surface mapping indicate that the Rainbow Prospect sits within an anticlinal structure where the crest has been eroded. Plan views and drill sections show copper lag anomalies aligned with this structure, with historic drilling and MLX interpretations outlining stacked copper mineralisation along the fold architecture (Figures 3 – 6 below). Figures 3: Conceptual Regional Cross Section from MLX 2018 (source: Cyprium Metals Limited) Figures 4: Rainbow Lag Copper Anomaly and Historic Drillholes (source: Cyprium Metals Limited) Figures 5: Interpreted Rainbow Drill Section A-A’ (source: Cyprium Metals Limited) Figures 6: Interpreted Rainbow Drill Section B-B’ (source: Cyprium Metals Limited) Leadership Commentary Cyprium Executive Chairman Matt Fifield commented: “Cyprium recently regained control of ~2,000km2 of exploration ground that previously was subject to a Joint Venture and Farm-In Agreement with IGO. Our exploration ground lies adjacent to the Nifty Copper Complex and Maroochydore Copper-Cobalt Project along the western margin of the Yeneena Basin in the Paterson province, an area that is highly prospective for base metals and possibly more. These re-acquired tenements are accompanied by significant exploration data from legacy exploration programs, including $24 million of exploration expenditure undertaken by IGO. The compiled exploration data package of which we have now completed our first pass review, comprises over 900,000 meters of drilling, tens of thousands of geochemical sampling points, and regional and local electromagnetic and gravity surveys, providing Cyprium with millions of data points. The Paterson Exploration Project provides significant potential to leverage exploration data into meaningful developments for Cyprium, as we continue to build Australia’s next great copper company.” Near-term Milestones to Watch Detailed evaluation and ranking of Rainbow and Rainbow South drill targets. Design and execution of geophysical surveys over priority areas. Drill planning and execution at Rainbow and selected regional targets. Dry-season drilling of the NL05a EM anomaly. Fieldwork commencement across other priority targets, including Stirling, NL04,b, and MB01 in 1H 2026. Samso Concluding Comments As I have already mentioned, this announcement does not change Cyprium’s broader strategy, but it does add clarity to its exploration optionality. The Paterson Project now sits on a large, consolidated dataset generated over several decades and accelerated by the IGO’s recent work. The Rainbow and Rainbow South prospects show repeated copper intersections across different drilling campaigns. That consistency is what justifies further drilling rather than broad regional speculation. Other targets, such as NL04b and MB01, remain early-stage but technically interesting. The presence of copper intercepts and untested EM conductors provides clear next steps rather than open-ended exploration. Overall, this is a significant move for CYM to understand the potential of its other prospects. It shows Cyprium moving from data compilation to drill planning, which is the point where exploration stories either advance or fade. Cover photo: Teghut Mine - open pit closeup, Serouj. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Teghut_Mine_-_open_pit_closeup.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please 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 CRR Advances Solid State Battery Evaluation Pathway – 2 February 2026 ( view the announcement ) Major Gold Antimony Silver System Emerging at Amoco - 9 February 2026 ( view the announcement ) Solid-State Lithium-Ion Battery Evaluation Program - 17 February 2026 ( view the announcement ) CRR Appoints Leading Solid-State Battery Specialist Advisor - 17 February 2026 ( view announcement ) The month of February has seen an interesting shift in the business pathway for Critical Resources Limited. The company is looking for gold in New Zealand, exploring for lithium in Canada and now looking at transitioning into participating in downstream battery technology validation. The acceptance into US solid-state energy environment provides an execution pathway for evaluating optioned solid-state lithium-ion battery IP. When I first started looking at the Critical Resources Limited story, it was about the gold exploration in New Zealand and then this month of February have me confused. For a small cap company on the ASX, there is a lot happening and I am now thinking if there is just too much happening or is this something bigger than what it seems. Introduction - The New Critical Resources Limited Story Lets slowly break down the news in February in which Critical Resources Limited is creating a series of mis-match news for investors. Personally, the series of ASX releases is creating a confusing narrative in which even the most optimistic follower such as Samso is confused to a point that I am not sure which story is going to headline any potential position for an investor. I know that in the world of "smoke and mirrors" that this industry is famous for, the mixed news is something that needs to be looked at and understood. Sometimes, it is these kinds of early signs that is worth picking up on and ultimately as investors, we need all the help we can get to sustain our losses :-). Acceptance into CEPS – Institutional Integration (2 Feb 2026) Critical Resources Limited (ASX: CRR) has been accepted as an industry member of the U.S. Centre for Solid-State Electric Power Storage (CEPS), an American National Science Foundation (NSF) supported Industry–University Cooperative Research Centre (Figure 1). This follows CRR’s previously announced exclusive option to evaluate several next-generation solid-state lithium-ion battery technologies from the South Dakota School of Mines & Technology (SDM), covering five granted U.S. patents and one pending application. CEPS brings together South Dakota Mines, North-eastern University, Syracuse University and Cornell University, along with industry partners including Honda, Mercedes-Benz and Nissan. Figure 1:“CEPS enables Critical Resources to access a multi-university research network and advanced federal laboratory infrastructure supporting solid-state battery validation, prototyping, and development.” (source: Critical Resources Limited) This positioning embeds Critical Resources Limited into a coordinated multi-institutional research framework designed to transition solid-state technologies from laboratory research into real-world application. Benefits outlined: Access to federal research infrastructure Reduced development cost Coordinated multi-university technical validation Alignment with automotive, defence and grid storage sectors 03051669 Solid-State Battery Evaluation Program Commenced (11 Feb 2026) Critical Resources Limited formally initiated a six-month structured evaluation program with South Dakota School of Mines & Technology under CEPS. Key elements include: Amorphous, sulphur-free solid-state electrolytes (ASE) Dry Supersonic Deposition (DSD) solvent-free cathode manufacturing (Figure 2) Milestone-driven electrolyte refinement and interface validation US$100,000 structured six-month program budget. Technical objectives: Validate non-flammable solid electrolytes Improve lithium-metal interface stability Generate electrochemical datasets for prototype progression Advance solvent-free cathode manufacturing using LFP, LMO and NMC materials. Figure 2: Early successful tests of dry-supersonic-deposition (DSD) of Lithium-Iron-Phosphate (LFP) cathode material onto battery pouch cell aluminium foil substrate. (source: Critical Resources Limited) Two 12-month provisional U.S. patent applications have been filed covering both projects Solid-State Lithium-Ion Battery. Appointment of Dr Alevtina Smirnova (17 Feb 2026) Critical Resources Limited (ASX: CRR) has appointed globally recognised solid-state battery scientist Dr Alevtina (Alla) Smirnova as Technical Advisor to strengthen its solid-state lithium-ion battery evaluation strategy CRR Appoints Advisor. The appointment supports the Company’s transition from early-stage access to patented solid-state battery intellectual property toward structured, laboratory-based validation and early prototype-oriented work programs. This follows CRR’s exclusive option agreement with the South Dakota School of Mines & Technology (SDM) and its participation in the U.S. National Science Foundation-backed Centre for Solid-State Electric Power Storage (CEPS) CRR Appoints Advisor. Key Points from the Announcement Technical Oversight Strengthened: Dr Smirnova brings independent technical leadership to CRR’s solid-state battery evaluation program CRR Appoints Advisor. Inventor and Research Leader: She is the inventor of multiple lithium and sodium solid-state battery technologies and serves as Director of CEPS CRR Appoints Advisor. Structured Validation Phase: Her involvement supports milestone-driven laboratory evaluation, performance benchmarking, and prototype development under internationally recognised research standards CRR Appoints Advisor. Federal-Backed Research Alignment: Dr Smirnova’s background includes NSF-supported programs and U.S. Department of Defence-funded research, reinforcing technical credibility within a U.S.-based innovation ecosystem CRR Appoints Advisor. Strategic Context The Company states that solid-state battery technologies under evaluation target: Improved safety through non-flammable solid electrolytes Higher energy density Enhanced cycle reliability Performance across high-temperature and high-reliability applications such as data centres, defence, and mining CRR Appoints Advisor Dr Smirnova has already assisted in designing evaluation frameworks, benchmarking methodologies, and milestone sequencing to ensure the data generated is robust and comparable to leading global battery programs CRR Appoints Advisor. Immediate Next Steps With evaluation programs underway through CEPS and SDM, CRR’s near-term focus includes: Refining electrolyte formulations Improving lithium-metal interface stability Optimising dry-deposited cathode and electrolyte structures Generating structural, morphological, electrochemical and interface datasets Progressing toward early prototype solid-state cell assemblies CRR Appoints Advisor The Company notes that these activities are designed to build technical foundations and do not imply commercial manufacturing at this stage CRR Appoints Advisor. Halls Peak – Multi-Commodity Discovery Pipeline Advancing (9 Feb 2026) Critical Resources Limited (ASX: CRR) has provided a project-wide update from its Halls Peak Project in the New England Fold Belt, NSW, outlining advances across the Amoco, Gibsons and Mayview prospects (Figure 3). The announcement by Critical Resources Limited confirms the development of a district-scale multi-commodity system comprising precious metals, base metals and critical minerals. Amoco – Petrography Confirms Shallow Orogenic Gold–Antimony–Silver System Petrographic analysis of ten maiden drill samples confirms that Amoco hosts a late-stage shallow-level orogenic gold–antimony–silver lode system, overprinting earlier VHMS mineralisation. Key geological observations include: Quartz-rich hydrothermal breccias and vein infill Strong replacement textures from multiple mineralising fluid pulses Up to ~20% sulphide minerals Quartz–sericite–pyrite alteration assemblages Arsenopyrite and carbonate textures consistent with shallow orogenic systems. Outcrop and float samples returned high-grade results, including: Up to 17.9 g/t Au Up to 0.7% Sb Up to 53.2 g/t Ag Critical Resources Limited notes geological similarities to the nearby Hillgrove Au–Sb system, with reinterpretation of aeromagnetic data outlining NE/SW fault structures interpreted as hydrothermal conduits (Figure 3) Figure 3: Amoco gold-in-soils geochemistry assay results with rock chip samples and major interpreted fault. (source: Critical Resources Limited) structures (black dashed lines) with Gibson Base Metals Project. The petrographic report recommends further drilling to test controls on high-grade mineralisation. Gibsons – Exceptional High-Grade Silver Across Multiple Stacked Lodes The Gibsons Project hosts an Inferred Mineral Resource of 840,000 tonnes @ 3.7% Zn, 1.5% Pb, 0.44% Cu, 30 g/t Ag and 0.1 g/t Au (JORC 2012). Drilling confirms: More than 130 drill samples exceed 100 g/t Ag Ten samples exceed 940 g/t Ag Up to nine mineralised horizons modelled Three lodes consistently above 900 g/t Ag Standout intersections include: 1.15m @ 3,780 g/t Ag 1.6m @ 1,900 g/t Ag 1.24m @ 1,750 g/t Ag 2.0m @ 1,085 g/t Ag Two distinct silver mineralisation styles are identified: Massive sulphide-hosted Zn–Pb–Cu lodes Black shale-hosted silver with tetrahedrite mineralisation. The resource remains open along strike and at depth, with many high-grade intervals sitting outside current resource wireframes. Mayview – High-Grade Antimony Adjacent to Hillgrove The Mayview Antimony Prospect lies immediately adjacent to Larvotto Resources’ Hillgrove Antimony–Gold Operations (Figure 4). Figure 4: Mayview Antimony Prospect with recent surface rock samples. (source: Critical Resources Limited) Rock-chip assays returned: 52.3% Sb 38.3% Sb 15.35% Sb & 2.71 g/t Au 12.45% Sb & 2.18 g/t Au 11.2% Sb & 1.13 g/t Au Land-access negotiations are progressing, with Critical Resources Limited targeting a low-impact soil geochemistry survey across ~270m of historic workings once access is secured. Next Steps Across the Halls Peak Project, the Company intends to: Integrate new petrographic results into the Amoco structural model Refine drilling targets along strike and at depth Advance permitting and land-access agreements Undertake soil geochemistry at Mayview Target down-dip and strike extensions at Gibsons Samso Concluding Comments As I have been eluding in this Samso News, I am not a fan of the recent flow of ASX releases coming out of Critical Resources Limited. I was and am still a big fan of their strategy to seek gold fortunes in New Zealand and with the recent thrust into the lithium space again, I think there is a confusing narrative. I was never a big fan of the lithium market run and I am still not a fan of it. The closing down of the lithium processing plants in Western Australia even with very optimistic market chatter is a clear sign that the lithium business is no longer the highlight. It may the typical wishing for "Hope" that lingers on when investors should be cutting losses, an unfortunate learning all investors need to learn. However, as I mentioned earlier, the people behind the narrative are seasoned proponents of this business and there must be some form of reason for the shift. As I have been n the corporate part of the sector for a good part of 20 years, I am always suspicious when there is a major wind change, or a feeling of a major wind change. I do like the story coming out of New Zealand and I am still optimistic that the company will pursue it but sometimes, it is important to read in between the lines and this may mean that management is not liking the situation in New Zealand. I know it is hard to work there as I have had experience in 2012, so there is probably merit in the rethinking. The other thought is if the New Zealand pathway was a secondary play all along and the main game is the current narrative of work in the US with the CEPS. As I said, one has to look at all angles. In regards to the New Zealand play, it is a pity as I was really looking forward to see if they were going to join the ranks of Santana Minerals Limited (ASX: SMI) and take advantage of the prospective mineral exploration opportunities in New Zealand. Market Implication - The Investor Lens For Critical Resources Limited to have a market cap under AUD $30M presents an intriguing scenario, as the share price chart in figure 5 clearly indicates a lack of enthusiasm. This could simply suggest that there hasn't been any market buzz yet, or it could be one of those slow and steady build-ups. With a relatively low market cap, there might still be potential if the solid-state energy play has substance. Figure 5: The share price of CRR as of 17th February 2026. (source: commsec) As I always say, as retail investors, we just need to keep our ears on the pulse and have our eyes wide open for the movement and the potential events that may come, either good or bad. Cover photo: 18650 and 21700 lithium ion battery cell, Sevenethics. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:18650_and_21700_lithium_ion_battery_cell.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please 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 Copper Ore Sorting Delivers Up To 2.1x Grade Uplift at HL – 2 February 2026 ( view the announcement ) As the copper price continue to rise and global narrative are that the demand for copper is going to create a shock reaction to the market. The time lag that is required to find and then establish the supply infrastructure will struggle to meet the demand for copper. As the world gear up for a new energy source to meet the surging demand for clean energy, those companies that are swimming in the "near-production" space is going to get a lot of interest, There will be no regard for the "grade" or "quality" of the project as gold investors are seeing in the gold sector in 2026. This why Samso is showing interest in any stories that are hinting to be in that sphere of influence. As I scoured the ASX for interesting news, Pivotal Metals Limited is one of those that has been on our radar and this announcement appears to be creating noise that sits in the copper production chatter. Pivotal Metals Limited is advancing the 100%-owned Horden Lake polymetallic (Cu-Ni-Au-PGM-Co) Project in Québec, Canada. The project hosts a 2025 Mineral Resource Estimate of 37Mt @ 1.10% CuEq for 407kt CuEq (Measured & Indicated + Inferred), with the majority amenable to open pit mining. The latest ASX announcement dated 2 February 2026 reports large-scale XRT ore sorting test work that demonstrates the ability to materially upgrade plant feed grade while rejecting significant waste prior to grinding and flotation. This update focuses on metallurgical optimisation and development pathway optionality which sits well in my earlier description. Introducing Pivotal Metals Limited (ASX:PVT) - Ore Sorting Test work Demonstrates 2.1x Grade Uplift and Mass Rejection Benefits at Horden Lake Figure 1: Grade uplift vs mass pull chart, showing CuEq grade uplift and recovery trade-offs. (source: Pivotal Metals Limited) Pivotal Metals Limited announced results (Figure 1) from large-scale ore sorting trials conducted at the Saskatchewan Research Council (SRC), utilising industrial-scale TOMRA X-Ray Transmission (XRT) technology combined with heavy liquid separation (HLS). The Horden Lake deposit hosts a 37Mt @ 1.10% CuEq Mineral Resource (In-pit and Out-of-pit combined), containing 407kt CuEq. Highlights – Large-Scale Sorting Confirms Material Development Optionality Table 1: Ore Sorting Summary Results (XRT + HLS). (source Pivotal Metals Limited) Significant Grade Uplift Achieved High-selectivity sorting produced a concentrate grading 2.08% CuEq, representing a 2.1x uplift from the 1.00% CuEq test feed grade. This was achieved by rejecting 67.9% of the mass while recovering 68.9% of the copper. Higher Recovery Operating Scenario Using lower selectivity criteria, copper recovery increased to 86.2%. This scenario delivered a 1.5x grade uplift with 43.6% mass rejection, providing flexibility between recovery and upgrade strategies. Front-End Waste Rejection Ore sorting removes waste at the crushing stage before grinding and flotation. Copper Ore Sorting Delivers Up … Reduced downstream tonnage lowers grinding capacity requirements and flotation circuit size. Capital and Operating Cost Levers The announcement outlines potential benefits including: Reduced plant capital intensity through smaller concentrator sizing. Lower power, reagent and wear component consumption due to reduced throughput. Reduced tailings volumes and smaller tailings management facility footprint. Off-Site Processing Optionality Higher-grade pre-concentrate may justify transport to third-party processing facilities in southern Québec. Copper Ore Sorting Delivers Up … The Company notes that no binding arrangements currently exist for off-site processing. Proven Commercial Technology TOMRA XRT sorters operate at large-scale mining operations globally. Examples cited include lithium operations at Pilgangoora and tungsten pre-concentration circuits. Technical Context – Why Horden Lake is Amenable to Sorting for Pivotal Metals Limited The Horden Lake mineralisation consists of disseminated to massive sulphide textures hosted along the contact between gabbroic intrusions and sedimentary rocks. Drill intersections commonly include internal dilution from lower sulphide zones. The sorting program used continuous half-core composites across representative intervals to simulate mining dilution (Figure 2). Figure 2 : Test protocols using sorting and sorting + gravity pre-concentration. (source: Pivotal Metals Limited) The Phase 2 composite (251kg) was processed through cascade sorting tests to model grade-recovery trade-offs (Figure 4). Figure 3 Screening, XRT sorting and HLS gravity, cumulative pre-concentrate grade vs recovery. (source: Pivotal Metals Limited) Results (Figure 3) show that combined XRT and HLS provides higher grade uplift at lower recoveries, with diminishing benefits at higher recovery thresholds. Figure 4: Spatial location of collected sample (green). (source: Pivotal Metals Limited) Leadership Commentary Managing Director of Pivotal Metals Limited, Ivan Fairhall stated that the large-scale XRT results demonstrate development optionality for Horden Lake and support incorporation of ore sorting into future economic assessments. He noted advantages in capital intensity, plant footprint, tailings management and permitting pathways, with XRT technology already proven at commercial scale globally. Near-Term Milestones to Watch Incorporation of ore sorting into internal project optimisation studies. Copper Ore Sorting Delivers Up … Ongoing economic assessments of alternative development scenarios. Copper Ore Sorting Delivers Up … Additional metallurgical testwork to assess flotation performance of sorted products. Copper Ore Sorting Delivers Up … Continued resource and exploration upside review. Copper Ore Sorting Delivers Up … Samso Concluding Comments The February 2026 announcement by Pivotal Metals Limited presents metallurgical test work results focused on pre-concentration through ore sorting at Horden Lake. The reported outcomes show measurable grade uplift and mass rejection prior to downstream processing. The test program outlines two operating scenarios for Pivotal Metals Limited: one prioritising grade uplift and one prioritising recovery. The data shows that selective sorting can materially increase feed grade while removing significant waste early in the flowsheet. The technical work highlights potential impacts on capital intensity, operating costs and tailings volumes. These factors are directly linked to project design and economic modelling, and are expected to feed into future optimisation studies. No new drilling results were reported. The focus of this release is metallurgical improvement and development pathway flexibility at an existing 37Mt @ 1.10% CuEq resource base in Québec. Market Implication - The Investor Lens Pivotal Metals Limited has a current market valuation of AUD $27.52M (as of 18th February 2026) which is not so bad, in terms of retail investors taking a punt. As I have mentioned in the beginning of this Samso News, the while copper story is very hot and if PVT can make this current narrative work, the market is going to love the current market capitalisation. Figure 5: The share price of PVT as of 18th February 2026. (source: commsec) Looking at the current share price chart of Pivotal Metals Limited (Figure 5), there is interest starting to build in the story and I am sure, anyone who has had some exposure in this story will be starting to get excited. I strongly recommend DYOR and looking at your risk portfolio as timing to position yourself may be close. Cover photo: CORE SAMPLES, NEVADA TEST SITE, Department of Energy. National Nuclear Security Administration. Sandia National Laboratories. 3/1/2000. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CORE_SAMPLES,_NEVADA_TEST_SITE_-_DPLA_-_344a80c6542b9421f65b34db561bdfcf.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Catalyst Ridge REE-Antimony Expansion in Mountain Pass USA 9 September 2025 Great Northern Minerals Ltd (ASX: GNM) has announced a significant expansion of its Catalyst Ridge REE–Antimony Project in the Mountain Pass District, California (Figure 1). The move marks a step-change in the Company’s U.S. footprint, adding new ground in one of the world’s most strategic rare earth corridors. Figure 1: Interpreted USGS bedrock geology map highlighting GNM’s newly acquired claims, positioned relative to the Mountain Pass REE deposit, nearby mineral occurrences, and other active operators in the district. (source: GNM) Key Highlights - Establishing a REE Story in the USA 96 new lode claims staked, adding ~8.03km² to the Catalyst Ridge Project. Expansion builds on the existing 119 lode claims acquired in August 2025, consolidating GNM’s position in the Mountain Pass corridor. New ground lies in geological settings similar to the Mountain Pass REE Mine and Colosseum gold deposit – both linked to carbonatite systems. Structural intersections and magnetic highs across the new claims are considered highly prospective for REE-bearing intrusions and antimony-gold mineralisation. Systematic geochemical sampling program to commence in the coming weeks, targeting anomalies and structures identified in geophysical datasets. Catalyst Ridge Expansion The 96 new claims sit just 10km north of the Mountain Pass REE Mine and processing facility owned by MP Materials (NYSE: MP), the only producing rare earths mine in the USA (Figure 2). This proximity underscores the strategic significance of GNM’s position. The claims have been formally lodged with San Bernardino County and the Bureau of Land Management (BLM). While all fees have been paid, tenure confirmation is pending final approval by the BLM. Figure 2: Airborne magnetic map showing structures across new claims (source: GNM) Geological & Geophysical Review GNM’s analysis highlights several encouraging features: Intersecting NW and NNW structures – known controls for REE-bearing carbonatite intrusions. Magnetic highs analogous to those seen at Dateline Resources’ Colosseum gold deposit. Gravity anomalies consistent with lobate intrusions, enhancing potential for REE, gold, and antimony mineralisation (Figure 3). Figure 3: Airborne gravity gradiometer map – Catalyst Ridge vs Mountain Pass (source: GNM) Radiometric uranium anomalies, which may be significant given Mountain Pass’ uranium associations (Figure 4). Figure 4: Radiometric uranium anomalies across new claims (source: GNM) Exploration Strategy GNM will integrate the new claims into a broader exploration strategy. The immediate focus is a systematic geochemical sampling program, aimed at ground-truthing geophysical anomalies. This work is expected to define priority drill targets for testing REE and Sb–Au mineralisation Non-Executive Chairman, Eddie King, commented: “The expansion of the footprint of the Catalyst Ridge Project through the addition of the 96 new claims strengthens GNM’s intended strategic presence within one of the United States’ most critical regions for the exploration of critical minerals. We are excited to stake freely available ground with very interesting geophysical features that have shown the potential to host deposits of globally significant scale and importance. We are excited to work closely with our US-based geology team to begin fieldwork in the coming weeks.” Samso Concluding Comments The latest expansion at Catalyst Ridge is about positioning in one of the most strategic and marketable rare earth corridors in the world. Mountain Pass is synonymous with rare earths, and having tenure only 10 km away places Great Northern Minerals in a highly competitive geological postcode. Surprisingly, I am very curious about how this type of ground became available, considering the "popularity" of the ground, which makes the timing of GNM’s move particularly significant. The geological similarities with known deposits such as Mountain Pass and Colosseum are important. Intersecting structures, magnetic highs, and gravity anomalies are the markers geologists look for when building a case for large-scale mineral systems. The presence of radiometric uranium anomalies adds another layer of prospectivity, given their known association with rare earth mineralisation in the district. Exploration is still early days, and as always, the story will need to be tested with geochemical sampling and drilling. It looks like the marketing process is underway, and the rising share price proves that this is a great step for the shareholders of GNM. For now, the key is to watch how quickly GNM can convert this newly acquired ground into defined drill targets. With sampling set to begin in the coming weeks, the market should start to see results that either confirm or challenge the thesis. In a sector where scale and geology dictate long-term value, Catalyst Ridge is positioning itself as a project worth following closely. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Every announcement is a starting point, not the conclusion. Follow the evidence, benchmark peers, and let disciplined research guide you. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. Samphire Field Recovery Trial PEPR Approved 25 August 2025 2. Samphire FRT - Production Well Drilling Underway 11 September 2025 3. Presentation - RIU Uranium Investment Day – Perth 11 September 2025 Every so often, we see a project cross an important threshold – the point where years of technical work and regulatory engagement transform from planning into physical activity on the ground. For Alligator Energy Limited (ASX: AGE), the Samphire Uranium Project near Whyalla, South Australia, has reached exactly that point (Figure 1). With final regulatory approvals secured, drilling underway, and construction set to follow, the project is now poised to generate the critical operational data necessary to unlock its next phase of growth. Figure 1: Alligator Energy’s Uranium and Nickel Projects (source: AGE) This Samso Insights takes a deeper look at Alligator’s progress, the significance of the Field Recovery Trial (FRT), and what this means for investors tracking Australia’s next in-situ recovery (ISR) uranium mine. Key Highlights - Steps Away from A Uranium Miner Regulatory Green Light: The SA Department for Energy and Mining (DEM) and co-regulators have approved the Program for Environment Protection and Rehabilitation (PEPR), formally authorising commencement of the FRT First Wells Being Drilled: Watson Drilling has mobilised to site and begun drilling the first of three well patterns required for the FRT Construction Phase Imminent: Civil works and plant installation will be delivered by Whyalla-based Ahrens Group, supported by local subcontractors, with site mobilisation scheduled over the coming weeks Pilot Plant Ready: Alligator already has the containerised pilot processing plant staged at its Whyalla yard, ready for installation Three-Month Operations Window: Following construction and commissioning, the FRT will operate over ~3 months, providing data on uranium recovery, in-situ chemistry, reagent use, and hydrogeology – all vital inputs for the Definitive Feasibility Study (DFS) and Mining Lease Application Robust Resource Base: The Blackbush Deposit hosts a JORC 2012 Mineral Resource Estimate of 18.0 Mlbs at 676 ppm U₃O₈ (78% Indicated), providing a strong foundation for wellfield design Setting the Stage Acquired in 2020, Samphire is one of Australia’s most advanced ISR uranium projects outside of production. The project consists of the Blackbush Deposit and the Plumbush Prospect, located in a Tier 1 uranium mining jurisdiction where five ISR uranium mines are already approved (Figure 2). Since acquisition, Alligator has systematically advanced the asset, completing bench-scale pilot process work at ANSTO, two scoping studies (2023), and a major resource upgrade in May 2025. Figure 2: Samphire Uranium project: Blackbush Deposit and the Plumbush Prospect in South Australia. (source: AGE) This disciplined approach has resulted in a deposit with well-defined roll-front mineralisation, known hydrogeology, and strong ISR amenability. These attributes make Samphire a prime candidate for low-cost, scalable ISR development. The Field Recovery Trial – Why It Matters The FRT project will involve establishing three well-field patterns, as well as the placement and construction of the containerised pilot processing plant (Figure 3) and its associated equipment, followed by wellfield operations. The containerised prefabricated pilot processing plant is already in Alligator’s Whyalla yard, ready for mobilisation and installation. Figure 3: Ion exchange module; Wellhouse (pipe room) module; Reverse Osmosis plant – currently staged in Alligator’s Whyalla yard (source: AGE) This prefabrication means the project team can rapidly transition from site mobilisation to commissioning, shortening the timeline to first recovery solutions. The FRT is more than just a technical exercise – it is the bridge between resource definition and full-scale production. The trial will: Validate ISR Performance: Confirm uranium recovery efficiency, reagent consumption, and in-situ chemistry under real-world conditions. De-risk Future Production: Provide critical data on hydrogeological response, operational costs, and environmental performance. Feed into the DFS: Generate the key inputs for detailed wellfield design, mine planning, and economics (Figure 4). Support Mining Lease Application: The data will underpin the submission targeted for early 2026 Figure 4: Layout of the FRT production wellfields and pilot plant site. (source: AGE) Construction and Commissioning The construction phase will take roughly eight weeks from site mobilisation, followed by three to four weeks of commissioning (Figure 5). The modular nature of the pilot plant means assembly and integration can proceed quickly. Figure 5: Samphire Uranium Project (Blackbush Deposit) – approx. timeline for key activities (source: AGE) Once commissioned, the trial will run sequentially through three well patterns, with inline monitoring and laboratory analysis to allow real-time adjustments. After completion, the wellfields will be decommissioned and rehabilitated, leaving behind a detailed dataset that de-risks the path to production Project Economics – Why Investors Are Watching The December 2023 Scoping Study demonstrated robust project economics even at conservative long-term uranium price assumptions (US$75/lb). At that price, the project delivered: NPV₈: A$257M (post-tax, ungeared) IRR: 42% Payback: 2.45 years AISC: US$33.31/lb At today’s consensus long-term uranium price of US$90/lb, the NPV₈ rises to A$371M, with a post-tax IRR of 55% and a reduced payback period of 1.93 years. This economic leverage is why the FRT is so pivotal – its success could justify scaling production beyond the current 1.2 Mlbs per annum case considered in the study. Exploration Upside While the FRT is the near-term catalyst, it’s worth noting that more than 70% of the Samphire palaeochannel system remains untested. The Exploration Target adds a conceptual range of 14–75 Mlbs eU₃O₈ beyond the current Blackbush resource, highlighting the project’s scalability (Figure 6). Figure 6: Exploration Potential Beyond the Current Envelope (source: AGE) Alligator’s CEO Andrea Marsland-Smith commented: “I am very pleased that we are now commencing site works with the inaugural installation of production wells at the Blackbush Deposit for the field recovery trial. We are ready to work with Ahrens on construction and commissioning of the ISR pilot plant with our experienced ISR technical and operations team in place for its operation from January 2026. Subject to successful FRT, Mine Lease approval, DFS and financing, this drilling also represents the first future production wells for Australia’s next ISR uranium mine.” Next Steps Complete production well drilling and construction of the pilot plant (Q4 2025). Commission and operate the FRT through Q1 2026. Analyse results, update resource and wellfield design. Commence DFS and Mining Lease Application process (early 2026). The path ahead is clear – finish drilling and plant construction in Q4 2025, commission and run the FRT in early 2026, analyse and integrate results into an updated wellfield design, and launch the DFS and Mining Lease Application process to advance Samphire toward production. Samso Concluding Comments The approval of the PEPR and the commencement of drilling for the Field Recovery Trial represent the moment when Samphire transitions from concept to execution. For investors, this is where technical studies are put to the test, and real-world performance begins to define the project’s economic future. The next few months will show whether the resource quality and ISR conditions translate into recoveries consistent with the scoping study assumptions. The importance of this FRT cannot be overstated. It is designed to gather the hydrogeological, chemical, and operational data that will underpin the Definitive Feasibility Study and Mining Lease Application. These are the gatekeepers to project financing and eventual production. In short, success here is the key that unlocks the next stage of value creation for Alligator Energy. Investors should also keep the bigger picture in mind. With over 70% of the palaeochannel system still untested, the Samphire Project has significant upside potential beyond Blackbush. This exploration pipeline, combined with the nearby Plumbush Prospect, could provide years of resource growth and support higher production rates than the current 1.2 Mlbs per annum case once the project reaches production. Figure 7: Alligator Energy Limited (ASX: AGE) share price chart. (source: CommSec). With a market valuation of AUD $115M, one may rightfully feel that this is expensive, but looking at the chart, this share price is not reflective of any excitement. Is this a good time to get in? I like the outlook for uranium, and I do like the AGE story. The timeline for the whole story happening is my big question. It would be good to get a Coffee with Samso happening, so let's see how this pans out. At Samso, we always come back to fundamentals: facts first, context always. The geology, resource quality, and ISR amenability all point to a technically robust project. The upcoming FRT will either validate or challenge those assumptions – and that is why this moment is so significant. Map the geology to the strategy, verify the numbers, and decide only after your own research. Cover photo: Pitchblende371, Geomartin (talk). Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pitchblende371.JPG) The Samso Way – Seek the Research Every release opens a door for deeper work. Benchmark the results, weigh the context, and let research – not emotion – guide you. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Metallurgical Diamond Drilling Commences at Splinter Rock 17 September 2025 OD6 Metals Limited (ASX: OD6) has launched a metallurgical diamond core drilling campaign at its 100%-owned Splinter Rock Rare Earth Project in Western Australia (Figure 1). This work is focused on Inside Centre, the deposit that has consistently delivered standout metallurgy and supports near-term development studies. Figure 1: Splinter Rock Rare Earth Project (source: OD6) The drilling involves six twinned diamond core holes, generating up to 2.5 tonnes of bulk material. These samples will underpin heap leach optimisation, impurity removal verification, and scaled production of MREC and MREH. Importantly, these products will be used in offtake discussions with global partners. Key Highlights - Rare Earth Story Metallurgical Diamond Core Program Underway: Six twinned PQ/HQ diamond core holes targeting Inside Centre AirCore sites to generate 2–2.5 tonnes of bulk core. Heap Leach Optimisation: Testing duration, kinetics, acid consumption, counter-current configuration, and particle agglomeration. Impurity Removal Verification: Nanofiltration and ion exchange to deliver low-impurity Mixed Rare Earth Carbonate (MREC) and Hydroxide (MREH). Bulk High-Quality Product: Targeting >1 kg premium MREC and MREH for customer qualification and offtake discussions. JORC Resource Upside: Existing Indicated Resource of 119Mt @ 1,632ppm TREO remains open to the NE & SW, offering growth potential. Strategic Partnerships: Ongoing collaboration with ANSTO and CPC Engineering, guiding testwork and development pathway. Inside Centre – The Cornerstone Deposit Inside Centre is the key driver of OD6’s near-term development plans. With consistently strong metallurgy and high recoveries (~79% MagREE, ~80% Nd/Pr), the zone forms the indicated portion of the current resource base. Mineralisation remains open, supporting the opportunity to expand resources through ongoing exploration (Figure 2). Figure 2: Inside Centre Indicated Resource (red) and twinned drill hole locations (yellow), showing open mineralisation to NE & SW (source: OD6) Program Overview The metallurgical core program is focused on supplying bulk material for ANSTO to run scale-up testwork and refine the heap leach flowsheet. Key test campaigns will optimise leach kinetics, acid consumption, and agglomeration techniques while validating nanofiltration and ion exchange steps to remove impurities such as Fe, Al, U, and Th before final precipitation. Six existing AirCore drill sites (Table) will be twinned with large-diameter PQ/HQ diamond core drilling (63 to 85mm core) to collect ~2–2.5 tonnes of bulk rare earth material for metallurgical scale-up testwork. Table 1: Metallurgical drill hole locations based on selected AirCore site to be twinned. OD6, in partnership with CPC and ANSTO, has already demonstrated a multi-stage flowsheet that efficiently produces high-grade MREC/MREH with elevated Nd, Pr, Dy, and Tb — critical components for permanent magnet supply chains (Figure 3). Figure 3: Indicative process flowsheet – Heap Leach, NF, IX, IR, Product Precipitation, and Chlor-Alkali Facility (source: OD6) Benchmark payability for these products is typically 70–85% of REO basket value, underscoring the importance of producing clean, saleable product for offtake qualification. Pathway to Offtake and Financing The bulk product generated from this program will be dispatched globally for offtake partner engagement, enabling commercial payability assessment and advancing discussions with potential customers. Parallel engagement with government and financiers continues to support the development cycle. Next Steps Complete metallurgical core drilling and dispatch samples to ANSTO. Scale-up heap leach and impurity removal testwork. Continue CPC’s optioneering study to identify the preferred development pathway based on cost, recovery, and scalability. Progress discussions with offtake partners and financing stakeholders. Managing Director Brett Hazelden commented: “It’s pleasing to have our metallurgical diamond core program underway at Inside Centre, the cornerstone rare earth deposit within Splinter Rock. This key program aims to produce 2 to 2.5 tonnes of representative core that will be sent to ANSTO for heap leach scale-up and impurity-removal optimisation, with the goal of producing >1 kg of Mixed Rare Earth Carbonate (MREC) for customer qualification and offtake progression. OD6 has already produced high-quality MREC (~56% TREO) and MREH (~59% TREO) from our simplified heap leach flowsheet, with this new work to build on our recent flowsheet breakthroughs with ANSTO and the ongoing CPC optioneering study that continues to provide positive outcomes.” About OD6 Metals OD6 Metals is focused on developing its clay-hosted rare earths project at Splinter Rock, one of Australia’s largest and highest-grade deposits. With an Indicated Resource of 119Mt and Inferred Resource of 563Mt, Splinter Rock offers long-life potential supported by a heap leach development concept. The company also holds the Gulf Creek Copper-Zinc VMS Project in NSW, where maiden drilling has confirmed high-grade copper mineralisation below historic workings, opening a new exploration front. Samso Concluding Comments The Splinter Rock story continues to build credibility through incremental but meaningful technical progress. It is good to see that there is a degree of seriousness by transitioning to diamond core drilling and scaling up the metallurgical testwork. OD6 is addressing the critical questions of processing, impurity removal, and commercial viability. The initial validation of the flowsheet has been completed, and the company is now focused on creating samples to engage offtake partners commercially. The broader context of rare earth supply chains, especially those related to magnetic rare earths, highlights the importance of these gradual steps. For me, the reality of the West vs. East storyline looks like its taking shape. The Chinese Market - Update My recent discussions with those that are in the chinese market are telling me that there are definite internal pressures brewing amongst all sectors of the Chinese industries. The competition within China is so intense now that companies are looking abroad to increase revenues. Rationalisation of business are happening and it will be interesting to see how the Rare Earth downstream industry will respond or rather react with mounting pressures from the West. The increasing presence of Chinese news in the middle east will be interesting as this will be where Chinese influences will have the most traction. Having access to raw commodities in Africa is one thing, but creating influences in more value adding markets is another level up. OD6 Journey Inside Centre has emerged as the cornerstone of Splinter Rock, and the upside potential to expand resources further strengthens the long-term outlook. With ANSTO and CPC Engineering involved, OD6 is aligning with the right technical partners to advance the project responsibly. Time is OD6 main headache as it will need capital to sustain the journey. As the market is overshadowed by the gold bull run, OD6 does appear to be the sole survivor that is worth mentioning. This could be its saviour as there are less competition in Australia for critical capital to establish itself as a major concern in the Rare Earth sector. As always, this is not investment advice, but for investors watching the rare earth space, OD6 is one to follow closely. The story is shifting from proof-of-concept into potential commercial reality. Cover photo: Pretty Rocks, Mary Lewandowski. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Drilling_occurred_at_Pretty_Rocks_in_2018._Core_samples_from_the_drilling_indicate_how_much_ice_underlies_this_part_of_the_(db7aa7dd-5660-41f2-8ced-0f001b7f2a6f).jpg) The Samso Way – Seek the Research Facts first, context always. Map the geology to the strategy, verify the numbers, and decide only after your own research. The rare earth narrative is complex, but disciplined research helps separate real progress from noise — and OD6’s steady technical milestones at Splinter Rock are a good case study in how investors can follow the data. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing wisely is crucial in today’s fast-changing financial landscape. With so many options available, it can be overwhelming to decide where to put your money. This guide will help you navigate the best promising investment trends and provide practical advice to make informed decisions. Whether you are a beginner or looking to diversify your portfolio, understanding these trends can help you maximize your returns. Exploring Promising Investment Trends in 2024 The investment world is constantly evolving, and staying updated on promising investment trends is essential. Here are some of the most notable trends shaping the market this year: 1. Sustainable and ESG Investing Environmental, Social, and Governance (ESG) investing has gained significant traction. Investors are increasingly prioritizing companies that demonstrate responsibility towards the environment and society. This trend is not just ethical but also profitable, as sustainable companies often show strong long-term growth. Example: Investing in renewable energy companies or green technology startups. Actionable tip: Look for funds or ETFs that focus on ESG criteria to diversify your portfolio responsibly. 2. Technology and Innovation Technology continues to be a powerhouse for growth. Areas like artificial intelligence, blockchain, and cybersecurity are attracting substantial investment. These sectors offer high growth potential but come with volatility. Example: Consider investing in tech-focused mutual funds or individual stocks of companies leading innovation. Actionable tip: Stay informed about emerging technologies and their market impact to time your investments well. 3. Real Estate in Growing Markets Real estate remains a solid investment, especially in regions experiencing population growth and urban development. Rental properties, commercial real estate, and real estate investment trusts (REITs) offer diverse ways to invest. Example: Investing in residential properties in expanding suburbs or commercial spaces in business hubs. Actionable tip: Research local market trends and economic indicators before committing capital. Modern residential buildings in a growing suburb How Much Money Do I Need to Invest to Make $1000 a Month? Many investors wonder about the capital required to generate a steady income of $1000 per month. The answer depends on the type of investment and its expected return. The answer is also dependent on your ability to ride out the investment. The most important aspect of deciding on an investment strategy is to first understand what you have in terms of capital to be invested and how your life will be affected by not having that capital to use. There is nothing straightforward about this decision, as the timeframe required will be dependent on how long you can live without that capital. In addition, the longer your view is for your investment, the lower the risk for you on the immediate scenario. I am not a believer in an investor with a crystal ball. No matter how much experience you have, no matter how much research you have done, there will never be a scenario when you have a sure thing. Trust me, there will always be a scenario of blowing up that ideal investment opportunity. Calculating the Required Investment Dividend Stocks: If a stock yields 4% annually, you would need approximately $300,000 invested to earn $12,000 a year or $1000 a month. Rental Properties: Rental income varies by location, but a property generating $1500 monthly rent with expenses of $500 leaves $1000 net income. Bonds: With an average yield of 3%, you would need around $400,000 invested to make $12,000 annually. Factors to Consider Risk tolerance: Higher returns often come with higher risks. Diversification: Spreading investments reduces risk and stabilizes income. Expenses and taxes: Account for management fees, maintenance costs, and taxes. Practical Steps Define your income goal clearly. Choose investments aligned with your risk profile. Use online calculators or consult financial advisors to estimate capital needs. Financial calculator and investment documents Diversifying Your Portfolio for Stability and Growth Diversification is a key strategy to manage risk and improve returns. By spreading investments across different asset classes, you protect your portfolio from market fluctuations. Asset Classes to Consider Stocks: Growth potential but higher volatility. Bonds: Lower risk and steady income. Real Estate: Tangible assets with rental income. Commodities: Hedge against inflation. Cash or equivalents: Liquidity and safety. Benefits of Diversification Reduces exposure to any single investment. Balances risk and reward. Provides opportunities in various market conditions. How to Diversify Effectively Invest in a mix of domestic and international assets. Use mutual funds or ETFs for broad market exposure. Rebalance your portfolio periodically to maintain the desired allocation. Diversified investment portfolio on a laptop screen Understanding Risks and Rewards in Today’s Market Every investment carries some level of risk. Understanding these risks helps you make better decisions and avoid common pitfalls. Types of Investment Risks Market risk: Fluctuations due to economic changes. Credit risk: Possibility of default by bond issuers. Liquidity risk: Difficulty in selling assets quickly. Inflation risk: Loss of purchasing power over time. Balancing Risk and Reward Higher returns usually mean higher risk. Conservative investors may prefer bonds and cash. Aggressive investors might focus on stocks and emerging markets. Tips to Manage Risk Conduct thorough research before investing. Avoid putting all your money into one asset. Keep an emergency fund separate from investments. Taking Advantage of Investment Opportunities Finding the right investment opportunities can significantly impact your financial future. It’s important to stay informed and act strategically. How to Spot Good Opportunities Look for sectors with strong growth potential. Analyze company fundamentals and market trends. Consider long-term prospects rather than short-term gains. Practical Advice Use trusted platforms and resources for research. Network with other investors and financial experts. Start small and increase your investment as you gain confidence. Final Thoughts on Investing Today Investing is a journey that requires patience, knowledge, and discipline. By focusing on promising investment trends, understanding your financial goals, and managing risks, you can build a portfolio that supports your future aspirations. Remember, the best investment decisions come from continuous learning and adapting to market changes. Start exploring your options today and take control of your financial destiny. Cover photo: NY stock exchange traders floor LC-U9-10548-6, Thomas J. O'Halloran. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg) The Samso Way – Seek the Research Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide your conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals (ASX: OD6) has wrapped up its CPC Optioneering Study—backed by ANSTO testwork—and selected a preferred process flowsheet for the clay-hosted rare earths at Splinter Rock. The decision lifts confidence that OD6 can produce low-impurity MREC/MREH products and moves the project into large-scale optimisation at ANSTO alongside the commencement of mining studies at the Inside Centre Deposit (Figure 1). Announcement Innovative Process Flow Sheet Selected with High Recoveries 1 Oct 2025 Figure 1: Location of the Inside Centre Deposit (Source: OD6) Managing Director Brett Hazelden commented: “The selection of a preferred flowsheet marks a major milestone for Splinter Rock. This outcome provides confidence in our ability to produce a high-value, low-impurity MREC or MREH product that is highly attractive to global supply chains. With this stage complete, we now move into large-scale testwork at ANSTO and commence mining studies at the Inside Centre Deposit. Importantly, discussions with potential offtake partners, separation facilities, end-users and governments continue to reinforce the strategic value of Splinter Rock..” Key Highlights - An Australian Rare Earth Mining Proposal Preferred Flowsheet locked in: Heap Leach → Nanofiltration (NF) → Ion Exchange (IX) → Impurity Removal (IR), designed to optimise recovery and payability while cutting reagent use and downstream volumes (Figure 2). Recovery & product quality: ~75% overall Nd & Pr recovery; MREC ~56% TREO and MREH ~59% TREO with very low U+Th (<0.001%)—attractive specs for magnet REE supply chains. Cost levers: NF enables acid recovery and recycle (>80% in tests), reduces liquid volumes; IX concentrates REEs so the IR circuit is smaller; a Chlor-Alkali Facility (CAF) is included to cut operating costs via on-site reagent production. Scale & timing: Metallurgical diamond core program nearing completion (2–2.5 t of core to be delivered to ANSTO in October); scale-up tests to commence this quarter with progressive results in 1H 2026. Mining study work is also starting. Market positioning: Final MREC/MREH products are MagREE-rich (Nd, Pr, Dy, Tb). Benchmark payability typically 70–85% of the REO basket value (not guidance, but context for product economics). OD6 is targeting 6,000+ tpa REO in ~5 years (aspirational; see company caution). Figure 2: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study. (Source: OD6) OD6 Metals Project Context Splinter Rock carries a JORC Mineral Resource of 682 Mt @ 1,338 ppm TREO, including Indicated 119 Mt @ 1,632 ppm and Inferred 563 Mt @ 1,275 ppm, with an ~23% MagREE ratio—positioning it among Australia’s largest clay-hosted REE projects (Figure 3). The conceptual development pathway emphasises heap leaching as the lower-cost, higher-recovery option versus agitated tank leaching for Inside Centre. Figure 3: Table 1: Splinter Rock Rare Earth project Mineral Resource Estimate - by Prospect at 1,000ppm TREO cut off grade (Source: OD6) How the Selected Flowsheet Improves Outcomes (Figure 4) Heap Leach: Simple, low-acid leach of clay ore to generate enriched leachate. Nanofiltration (NF): Recycles acid (>80%) and concentrates REEs, shrinking downstream volumes and opex. Ion Exchange (IX): Concentrates REEs and improves impurity control (notably Fe/Al), enabling milder IR pH and lower REE co-precipitation losses. Impurity Removal (IR): Two-stage polishing (optimised pH ~3.5 then ~4.1–4.4) to reach low-impurity specifications. Product Precipitation: Flexible end-products as MREC or MREH. CAF (Chlor-Alkali Facility): On-site reagent generation for material opex reductions and project independence. Figure 4: Anticipated Inside Centre Total REE Recovery by Element. Utilising the Preferred Process Flow Sheet (Source: OD6) What Was Tested (and why this one wins)? OD6 and ANSTO iterated through six flowsheets, progressively adding NF, IX, and a U/Th IX step. The chosen Flowsheet 6 balances higher recovery, better impurity control (Al/Fe/U/Th), smaller circuits downstream (capex/opex benefits), and improved payability—without excessive complexity at scale. Next Steps (Figure 5) Finish metallurgical core drilling (October) and dispatch 2–2.5 t of core to ANSTO. ANSTO scale-up & optimisation this quarter: Heap leach kinetics, acid strength/consumption, counter-current configuration, agglomeration. NF acid recovery verification; IX selectivity/elution (Fe/Al and trace U/Th reduction); IR optimisation. Bulk MREC/MREH (~>1 kg) for customer qualification & offtake discussions. Mining study (Inside Centre): pit shells, stripping ratios, scheduling, preliminary costs (Burnt Shirt engaged). Commercial engagement: offtake partners (payability scenarios); government & potential financiers. Future options: CAF enables potential on-site oxide separation (Nd, Pr, Dy, Tb; possibly Sm, Y) via chloride-based SX (desktop assessment with ANSTO being advanced). Figure 5: Inside Centre Composite Sample Locations overlain on airborne electromagnetic survey interpretation. (Source: OD6) Managing Risk & Disclosures OD6 flags that its 6,000+ tpa REO aspiration and optioneering ranges are conceptual and not production targets; further drilling, engineering, and feasibility work are required before any final investment decision. Readers should consider the company’s forward-looking statements and cautionary notes in full. Samso Concluding Comments This release is all about how Flowsheet selection turns geology into metallurgy and metallurgy into a business plan. In summary, OD6 can now create a concept that allows the business to work. It is now all about the following: Heap Leach → Nanofiltration → Ion Exchange → Impurity Removal (with a chlor-alkali back-end). The business now targets the magnet rare earths that matter (NdPr, plus Dy/Tb), it actively strips what hurts payability (Al/Fe/U/Th), and it builds in operating levers through acid recycle and smaller downstream circuits. On paper, that is the working model. The bigger question from here is the translation from bench recoveries into stacked tonnes, acid recycle into cash cost, and “low-impurity” into genuine payability from end-users. That’s where ANSTO’s scale-up, bulk MREC/MREH samples, and customer qualification loops matter. If those deliver as flagged, the flowsheet’s simplicity and reagent self-sufficiency could become a structural edge rather than a lab result. According to what OD6 is professing, investors need to keep an eye on the following over the next 122 months: (1) scale-up data that confirms recoveries and acid balances at meaningful volume; (2) clarity on mining studies at Inside Centre (strip, scheduling, capex/opex contours); and (3) any signals on offtake interest tied to product specs and payability. Positive movement across that trio de-risks both route and revenue. Conversely, any slippage in leach kinetics, impurity control, or acid recycle will show up quickly in capex/opex math—so keep an eye on the details, not just the headlines. As always, DYOR. Read the fine print around forward-looking statements, note that production targets are not yet defined, and remember that clay-hosted REE success is a chain: geology → metallurgy → specification → payability → financing. OD6 has tightened a key link in that chain. The next test is whether industry validation and engineering studies can pull the rest taut. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Always read the source announcement, cross-check the flowsheet details, recoveries, and impurities, and track the ANSTO scale-up milestones and mining study outcomes as they land through 1H 2026. DYOR, and focus on the payability math and capex/opex translation as OD6 moves from bench to scale. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals Limited (ASX: OD6) has released results from its CPC Engineering Optioneering Study, confirming that heap leaching is the lower-cost and preferred primary leach option for the Splinter Rock Rare Earth Project (Figure 1). This is a significant step in de-risking the project and optimising development economics, with the study showing heap leach delivers superior recovery, lower capital intensity, and simplified operations when compared to conventional agitated tank leaching. Announcement Optioneering Study Supports Heap Leaching as Low Cost Route for the Splinter Rock Rare Earth Project - 11 September 2025. Figure 1: The Splinter Rock Rare Earth Project (source: OD6) Key Highlights - Beginning of OD6 Metals Rare Earth Story Heap Leach Confirmed as Preferred Route: CPC Engineering’s multi-criteria assessment validates heap leaching as the lower-cost option for clay-hosted REE mineralisation. Higher Recovery Potential: Heap leach shows superior rare earth recovery compared with tank leach, enabling more MREC production per tonne processed. Lower CAPEX Profile: Eliminates the need for large leach tanks, clay washing, and complex separation circuits. Modular design allows for scalable, staged construction. Lower OPEX Drivers: Energy and maintenance costs are reduced; the inclusion of a Chlor-Alkali Facility allows on-site reagent generation and acid recycling. Premium MREC Product: The downstream process flowsheet (heap leach + nanofiltration + ion exchange + impurity removal) is designed to deliver a high-quality, low-impurity Mixed Rare Earth Carbonate (MREC). Strategic Partnerships: Ongoing collaboration with ANSTO and CPC Engineering, guiding development pathway decisions. Upcoming Drill Campaign: Twin-hole diamond core drilling to provide 1.5–2.5t of REE-bearing material for advanced ANSTO testwork. Techno-Economic Review & Peer Benchmarking OD6 assessed multiple flowsheet options against criteria such as recovery, circuit complexity, capital and operating costs, product quality, and scalability (Figure 2). Benchmarking shows OD6 sits mid-range among ASX peers on capital intensity, with potential upside once stripping ratios and reagent cost efficiencies are finalised. Key observations: Simplicity and Expandability: Heap leach reduces system complexity and allows for staged pad expansions. Operating Advantage: Lower energy demand and mechanical maintenance; acid recycling and CAF integration further enhance cost profile. Market Alignment: Uranium and thorium removal steps ensure transport compliance and widen potential markets (Asia, Europe, US). Figure 2: Peer Comparison Table – Heap Leach vs Tank Leach Projects (source: OD6) Metallurgical and Study Progress OD6, CPC, and ANSTO have successfully demonstrated a multi-stage pathway (Figure 3) from heap leach through to final MREC/MREH precipitation, with key steps including: Figure 3: Indicative Processing Steps – Heap Leach, NF, IX & Impurity Removal (source: OD6). Heap Leach: Low-acid leach to generate enriched solution. Nanofiltration: Acid recycling and REE concentration. Ion Exchange: Further concentration and impurity reduction. Impurity Removal: Eliminates deleterious elements (Al, Fe, U, Th). Precipitation: Produces premium, low-impurity MREC/MREH. Chlor-Alkali Facility: Provides reagent supply security and lowers OPEX (Figure 4). Figure 4: Example of two BICHLOR™ Electrolysers utilised to produce H2 (g) + Cl2 (g) + 2NaOH (aq) (source: OD6) The final MREC/MREH product contains elevated Nd, Pr, Dy, and Tb – highly sought-after magnet rare earths critical for global EV and wind turbine supply chains. Managing Director Brett Hazelden commented: “The work being conducted by CPC’s optioneering study confirms what our ANSTO testwork and flowsheet work have indicated – heap leaching combined with our innovative downstream steps appears to be the most capital-efficient and operationally simple route to unlock value at Splinter Rock. Importantly, when benchmarked against other peers in the industry, it suggests a lower CAPEX profile is possible after removing the complex and expensive solid-liquid separation steps in an agitated tank leach process. Notably, integration of our impurity removal steps and a Chlor-Alkali Facility (CAF) suggests a lower capital cost outcome and supports production of a high-value MREC product. We’ll now move quickly to commence scale up testwork to optimise the Heap Leach and Impurity Removal conditions and produce MREC samples for testing and offtake discussions.” Next Steps Scale-Up Testwork: Heap leach and impurity removal optimisation using 1.5–2.5t bulk samples; expected to yield ~1kg of MREC for offtake discussions. Offtake Partner Engagement: Initiating commercial payability discussions for MREC and MREH. Government & Financing Engagement: Ongoing dialogue with government bodies and potential financiers. Exploration & Drilling: September campaign to deliver high-quality core for testwork and resource updates. Samso Concluding Comments This is a very interesting release as the Heap leach validation could be a major milestone for OD6, as it positions Splinter Rock as a competitive and scalable rare earths project in a global market hungry for magnet REEs. The decision to focus on a lower-cost, modular, and technically robust solution will materially improve project economics. From an investor’s point of view, this milestone will significantly de-risk the project’s processing route, assuming all the numbers do indeed stack up. As an avid follower of the OD6 story, this will start to move OD6 closer to producing a high-value MREC product that aligns with global magnet rare earth demand. The upcoming drill program and bulk testwork will be key to translating these study outcomes into a full feasibility case. The value of OD6 will be further enhanced by the fact that competitors in this area are decreasing. If OD6 comes to fruition, I believe it will lead to substantial value creation for shareholders, as it will essentially be a situation of being the last one standing. However, I think this will likely not happen in the short term, and the ongoing efforts to make the business viable will be crucial for potential investors and current shareholders when considering their future decisions. As always, #SamsoNews reminds investors that the project remains at a study and testwork stage, with further exploration and feasibility work required before production decisions. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

1. Corporate Presentation September 2025 2. Prospectus Temas Resources Corp, incorporated in British Columbia, Canada, is bringing a unique blend of critical mineral projects and proprietary metallurgical technology to the Australian Securities Exchange. The company already trades on the CSE, OTCQB, and FSE, and is now seeking to broaden its investor base through an ASX listing. The offer consists of 55,000,000 CHESS Depository Interests (CDIs) at $0.20 each to raise $11 million, equating to a market capitalisation of approximately $19.3 million at admission. The listing is designed to provide capital for advancing the company’s Québec-based projects (Figure 1), progressing commercialisation of its patented processing technology, and creating new opportunities through strategic partnerships. Figure 1: La Blache and Lac Brule titanium projects in Quebec, Canada (source: TIO) ASX Listing Details – Temas Resources Corp Company Name: Temas Resources Corp Proposed ASX Code: TIO Incorporation: British Columbia, Canada (ARBN 687 644 248) Securities on Offer: 55,000,000 CHESS Depository Interests (CDIs) Issue Price: A$0.20 per CDI Capital to be Raised: A$11,000,000 Shares/CDIs on Issue at Admission (Undiluted): ~96.4 million Market Capitalisation at Admission: ~A$19.3 million Offer Opening Date: 5 September 2025 Offer Closing Date: 19 September 2025 (5pm WST) Expected ASX Quotation: 30 September 2025 Joint Lead Managers: PAC Partners Securities Pty Ltd and Sandton Capital Advisory Pty Ltd Capital Structure & Offer Offer: 55M CDIs @ $0.20 to raise $11M. CDIs on issue post-listing: ~96.4M (undiluted). Market cap at listing: ~$19.3M. Strategic Positioning - Titanium & Critical Minerals Combines exploration assets with technology, aiming for vertical integration from mine to end-user. Positioned against ASX-listed peers such as IperionX and Alpha HPA, yet Temas is at an earlier stage with clear commercialisation catalysts. Key Highlights Critical Mineral Projects – Québec La Blache Project (Figure 2): 130 claims covering ~7,000 hectares with an inferred resource of 208.5 Mt @ 16.5% TiO₂ Eq. Plans include HQ diamond drilling to upgrade resources to Measured & Indicated status. Figure 2: Location of La Blache Project, Quebec (source: TIO). Lac Brule Project (Figure 3): 36 claims containing high-grade hemo-ilmenite zones up to 34% TiO₂. Targeting Preliminary Economic Analysis (PEA) by 2026. Figure 3: Location of the Lac Brûlé Project, Quebec (source: TIO) Patented Processing Technology – Regenerative Chloride Leach (RCL) Portfolio of 11 process patents delivering 59–69% cost reductions compared to industry standards. Capable of producing 99.8% TiO₂ purity from pilot studies. Global licensing opportunities under evaluation in Indonesia, Australia, and North America. Figure 4: RCL Process Flowsheet & Comparison with Traditional Methods (source: TIO). Use of Funds vs Prospectus Funds raised will support: Exploration programs at La Blache and Lac Brule. Advancing proprietary RCL technology, including test work, patents, and licensing opportunities. Evaluation of new acquisitions. General working capital and transaction costs. The A$11 million raised under the Offer is targeted towards advancing both Temas’ Québec projects and its proprietary RCL technology. Exploration at La Blache and Lac Brule will form the core of expenditure, complemented by ongoing test work, patent filings, and global licensing initiatives for the RCL process. A portion of funds is also earmarked for assessing potential new acquisitions and providing general working capital, alongside covering transaction costs. Board & Management Temas is led by an experienced team with strong expertise in critical minerals and metallurgical processing: Kyler Hardy – Executive Chairman Tim Fernback – CEO & Director David Robinson – CFO & Director Véronique Laberge – Non-Executive Director Kobi Ben-Shabat – Non-Executive Director Kyler Hardy, Executive Chairman & Director, commented: "Temas Resources offers investors a unique combination of patented metallurgical technology with proven cost advantages and strategically positioned Canadian mineral projects, providing a sustainable solution to global critical metal supply vulnerabilities and substantial growth potential. Through Joint Venture or licencing opportunities, Temas is well positioned to capitalise on the two business divisions." David Caldwell, COO, commented: "Our mineral exploration assets at La Blache and Lac Brûlé are more than just resource-rich projects — they are uniquely positioned to feed directly into our proprietary RCL processing platform. With high-grade, near-surface titanium-vanadium deposits and proven infrastructure access, we’re building a vertically integrated supply chain that maximizes resource value, lowers processing costs, and drives sustainable growth from the ground up." Next Steps (See Figure 5) Resource Growth – drilling at La Blache to expand and upgrade resources. Early Economics – advancing Lac Brule towards Preliminary Economic Analysis (PEA) by 2026. Technology Development – ongoing RCL test work, scale-up studies, and new patent filings. Licensing Pathway – progress global discussions with potential partners in North America, Australia, and Indonesia. Strategic Growth – evaluate acquisition opportunities to complement the current portfolio. Corporate Priorities – maintain working capital discipline and stakeholder engagement. Figure 5: Development Timeline & Newsflow (source: TIO) Samso Concluding Comments Temas Resources Corp (ASX: TIO) is bringing something different for investors to ponder. It is not just about a resource project in Québec – it is about pairing those assets with proprietary metallurgical technology that has the potential to reshape titanium and critical mineral processing. This dual pathway creates optionality: the company can advance its projects, license its technology, or both. Investors should note that Temas is early in its journey. The Québec projects require systematic drilling and de-risking, and the metallurgical technology, while validated in pilot studies, must prove scalability and commercial adoption. These are real hurdles, but they are also what create the asymmetric upside that attracts early-stage capital. From a broader perspective, the story fits neatly into the critical minerals narrative that has been building across global markets. Western supply chains are under pressure, titanium is classified as a strategic metal by the US, EU, and allies, and ESG performance in processing is no longer optional but mandatory. Temas is aiming to position itself at the intersection of all three. I have brought this onto the Samso platform because the metallurgical part of the story is what interests me the most. Like the progress of AI is talking over mainstream technological advances, I feel that there is a new age in metallurgical advances, which may create value for the first movers in this sector. Look at MTM Critical Metals (ASX: MTM), they have done wonders for their shareholders, and the latest highlight is something that could be there for the likes of Temas. I am not saying that they are in the same league, but where there is smoke, there could be a fire. MTM’s Flash Joule Heating (FJH) technology delivered game-changing results: Successfully concentrated high-value magnetic REEs (Nd, Pr, Dy, Tb) in a single flash Rejected over 80% of low-value La & Ce waste 81% terbium recovered, one of the rarest and most strategic REEs Doubles magnet-REE content from 30% of TREO to 72% No acid or solvents used, and remains unoptimised Another example of what appears to be another win in how to extract metals, like REE, is OD6 Metals' recent release that they have found another way to deliver an economical solution for their clay REE project. Although the OD6 story is different to MTM, it is another path of delivering metal extraction results. When I look at the happenings in this part of the ASx business, it just feels that the research into an alternative means to extract so-called "hard processes" is gaining momentum, and more importantly, it's a positive momentum. As I always say, do that DYOR and stay alert. #SamsoNews – as always, the challenge for investors is to separate the signal from the noise. Temas is signalling a disruptive approach to resource development. Whether that signal translates into long-term shareholder value will depend on execution, funding, and technology uptake. That is the point where investors must do their own research. Cover photo: Rutile - Rutile, Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rutile_(GeoDIL_number_-_1577).jpg) The Samso Way – Seek the Research At Samso, we separate signal from noise. True insights come from looking deeper, and every investor should always do their own research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position 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.