Announcement Strong Operational Momentum 2 October 2025 Category III CPT code application update 6 October 2025 Echo IQ Limited (ASX: EIQ) has delivered a concise update showing rising clinical usage for EchoSolv™ AS, clear progress on EchoSolv™ HF’s FDA pathway, and expanding commercial channels in the US and Europe. The near-term catalysts are anchored in actual hospital integrations, validation work nearing completion, and newly appointed US key opinion leaders guiding adoption. Chief Executive Officer, Mr Dustin Haines, commented: “Echo IQ continues to build strong momentum across all key workstreams. Achieving a consistent growth rate of echocardiogram processing with fully integrated EchoSolv AS US customers has underpinned strong momentum to date in the American market and highlights increased usage of our technology ahead of a broader scale up and sales push across a range of qualified leads.” “At the same time, our FDA submission pathway for EchoSolv HF remains firmly on track, supported by the pending completion of our Mayo Clinic validation study in the coming weeks. This data will form an important foundation for our FDA submission, which will follow in quick succession upon completion of the trial and marks the final regulatory piece prior to FDA clearance in the coming months.” 1.0 Strong Operational Momentum 2 October 2025 - Diagnosing Heart Disease Usage inflection in the US: Echocardiograms processed on EchoSolv AS at fully integrated US sites increased 153% from July–September 2025. Management frames this as a major milestone ahead of broader conversion activities. Global throughput: >90,000 echocardiograms analysed to date across trials and business development initiatives, underscoring platform scale. Regulatory path (HF): Mayo Clinic Platform validation is scheduled to complete this month, with FDA 510(k) submission for EchoSolv HF to follow shortly thereafter—the final step before clearance. Commercial channels: ◽ ScImage onboarding/integration completed; partner network spans ~1,200 US users. ◽ SARC MedIQ beta complete; reach across ~300 facilities and ~1,500 physicians. ANZ pilot momentum: 50,000+ retrospective echocardiograms analysed across Australia/New Zealand via a fully-funded pilot with a leading structural heart company. US KOL bench strength: Appointments of Dr Philippe Genereux (Morristown MC; structural heart authority) and Dr Asif Ali (University of Texas/Houston Cardiology Consultants; digital health/AI advocate) to drive adoption and integrations. EU expansion: Final-stage negotiations with a specialist distributor and pursuit of CE Mark to broaden the global footprint. Outcomes & economics: Health-economic study with NEDA underway to quantify mortality, hospitalisation, surgical trends, and system cost impacts from earlier AI-driven detection (AS/HF). Operational Update — US Adoption & Conversion Engagement with fully integrated US hospital groups has driven a 153% rise in processed echos (Jul–Sep 2025). Echo IQ is now advancing a conversion strategy across qualified leads, with final demos/beta testing ongoing at large hospital groups and clinics, and expects the usage uplift to begin flowing into revenue in Q4 CY2025 ahead of a broader CY2026 scale-up. Figure 1: Current sales & integration pipeline (source: EIQ) Regulatory — EchoSolv HF (FDA 510(k)) The Mayo Clinic Platform validation (via Mayo Validate) is slated to complete this month; data will underpin the 510(k) submission within weeks, marking the final regulatory piece prior to clearance. The addressable HF market is large, with significant US burden and under-utilisation of evidence-based therapies—supporting the commercial rationale for EchoSolv HF. Commercial Channels — ScImage & SARC MedIQ ScImage integration is complete, positioning EchoSolv within a ~1,200-user US workflow ecosystem (with added traction via the MedAxiom network). SARC MedIQ beta is complete, enabling access to ~300 facilities/~1,500 physicians and an active sales push across their network. Advisors — Clinical Influence & Site Access Dr Philippe Genereux (Structural Heart Program, Morristown Medical Center) and Dr Asif Ali (UT Houston/Houston Cardiology Consultants) join as strategic advisors, supporting US integration opportunities and regulatory submissions. Negotiations for integrations tied to these appointments are advancing within large US hospitals. ANZ Pilot — Scale & Quality Focus In Australia/New Zealand, 50,000+ retrospective echos have been analysed under a fully funded medical device pilot with a leading structural heart innovator, focused on quality assurance and patient recall programs that surface at-risk patients for further review. Europe — Market Entry & CE Mark Echo IQ is in advanced discussions with a specialist EU distributor and is pursuing CE Mark to enable broader regional commercialisation across AS/HF use cases. Evidence & Health Economics — NEDA Collaboration A health economic outcomes study with NEDA is underway to quantify mortality/hospitalisation impacts, intervention trends, and cost/resource utilisation benefits from earlier AI-led detection—evidence that can support adoption decisions by payors and providers. Next Steps Mayo validation completion (this month) → FDA 510(k) submission (EchoSolv HF) shortly after. US integrations via ScImage/SARC networks; ongoing demos/beta and conversion across qualified leads. EU distributor agreement finalisation and CE Mark engagement. NEDA health-economic study outcomes to evidence clinical and cost benefits. 2.0 Category III CPT code application update 6 October 2025 US reimbursement update: The AMA did not grant a Category III CPT code for EchoSolv™ AS (decision filed 3 Oct US time). According to the company, Echo IQ will consider a reconsideration request within 14 days, continue supporting customers via Miscellaneous Code 93799, and is engaging with the AMA on the proposed Clinically Meaningful Algorithmic Analysis (CMAA) AI code framework, anticipated to roll out in CY2026. Chief Executive Officer, Mr Dustin Haines, commented: “This is a frustrating outcome, however, we respect the AMA’s decision and their current stance around AI-based technologies. Despite this decision, we are confident that ongoing engagement with the regulatory body will help ensure that EchoSolv AS remains front of mind, particularly as new frameworks for AI-based technologies, such as the proposed CMAA codes are developed.” “While more robust reimbursement remains a key factor in our commercialisation journey, the Company is continuing to advance a number of initiatives, including expanding our commercial use with Miscellaneous Code 93799, regulatory engagement with the FDA for EchoSolv HF, expanded US deployments of the EchoSolv platform and partnerships which will strengthen the commercialisation of our technology. These parallel efforts leave Echo IQ well positioned to drive adoption and unlock long term value for shareholders.” Samso Concluding Comments The latest news is not the outcome that Echo IQ would prefer. As we all know in this sector, the line between being accepted and not accepted by the FDA can be very fine. It is also pertinent to remember that the decision does not mean that the technology is not valid. There is due process required and the company needs to do what it needs to do. Companies like EchoIQ do not present themselves to the FDA without knowing that their product holds up in concept and in practice. In regards to the story of Echo AI - Diagnosing Heart Disease, the company is continuing to highlight usage at integrated US sites is rising, the validation work for EchoSolv™ HF has defined endpoints and timing, and channel partners already touch meaningful clinical workflows. That combination—real usage + tight regulatory sequencing + existing distribution—is what typically separates intent from execution. Disregarding the setback recently, investors should keep their attention on three proof points: (1) sustained throughput growth at fully integrated sites; (2) the completion of the Mayo validation and the timing of the 510(k) submission for HF; and (3) tangible conversion from pilots and demos into paying deployments via ScImage/SARC networks. Each of these is measurable and should show up in the cadence of quarterly updates. Investors need to remember that the EchoSolv narrative is a proven concept from the company's point of view. So this may be the opportunity for shareholders to get in on the story at a market discount. Figure 2: The share price chart for EchoIQ Limited as of 14th October 2025. (source: commsec) As an investor, situations like this highlight a step in the decision-making when it comes to parting with your hard-earned money. Is this a misstep that will be recovered from is it a significant milestone that breaks the story? This is the decision that investors must make, and as I have always said, DYOR. The ANZ pilot and the NEDA health-economic work matter because adoption in cardiology isn’t won on algorithms alone; it’s won on workflow fit and clinical/economic outcomes. If EchoSolv continues to surface at-risk patients earlier and demonstrates reduced downstream costs, the conversation with providers and payers gets simpler. As always, none of this is a recommendation. Samso’s view is that the story is building the right way—evidence first, then scale. Track the milestones, read the primary documents, and DYOR. However, if you are chasing a discount, the time may be perfect for that investment strategy. Cover photo: Sonography Machine Donation from Raleigh Radiology-22, waketechcc. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sonography_Machine_Donation_from_Raleigh_Radiology-22.jpg) The Samso Way – Seek the Research Work through the PDF, track each milestone to completion, and map revenue recognition against integration timelines and FDA/regulatory gating items. 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 Kilometre-scale anomalies identified at the Murphy West 7 October 2025 DevEx Resources Limited (ASX: DEV) has put a clear frame around the Murphy West story: first-pass soils are lighting up kilometre-scale, multi-element pathfinder halos across radiometric and structural targets on the southern margin of the McArthur Basin (Figure 1), echoing the Junnagunna orientation model where Pb–Cu–Be mark buried uranium. The update is methodical—boots-on-ground sampling to tighten anomalies now, drill permitting underway, and a defined catalyst window with shallow multi-target drilling flagged for the 2026 field season. Figure 1: DevEx’s NT Uranium Projects surrounding the uranium-endowed margin of the McArthur Basin (source: DEV) DevEx Managing Director, Todd Ross, commented: “These early results have already highlighted several exciting large-scale uranium targets, analogous to both the Westmoreland and Alligator River uranium deposits, for further follow-up. As results continue to be received, and our targeting confidence builds, we look forward to transitioning to our first phase of drilling at Murphy West. “DevEx has a dominant footprint in the McArthur Basin – which has strong geological similarities to the world-class Athabasca Basin in Canada – home to some of the world’s biggest uranium mines. Between our district-scale Murphy West Project and advanced Nabarlek Project we are continuing to advance towards our goal of making a company-changing uranium discovery in Northern Australia.” Highlights - The Developing Uranium Story. First-pass surface geochemistry at Murphy West has outlined several kilometre-scale multi-element anomalies coincident with radiometric/structural targets defined by 2024 airborne surveys. >650 soil samples collected; ~450 assays received so far, with results continuing to arrive as follow-up sampling expands priority targets. Pathfinder suite (Pb–Cu–Be) observed in soils above target areas, analogous to geochemical responses over the Junnagunna uranium deposit at Westmoreland (Laramide Resources Limited’s (ASX: LAM). Drill permit applications are being prepared; shallow multi-target drilling scheduled to commence ~April 2026 (start of the 2026 field season). The McArthur Basin—DevEx’s broader focus area—is considered highly prospective for large-scale unconformity-type uranium systems and is compared with the Athabasca Basin (Canada) in terms of endowment potential. Geology & Target Model in Brief The targets sit on-strike with the same stratigraphy that hosts major uranium to the east—most notably Laramide’s Westmoreland deposit in Queensland (65.8 Mlbs U₃O₈; see Figure 2)— supporting geological continuity and prospectivity along the southern margin of the McArthur Basin. Murphy West is testing both: 1. Unconformity-style targets near the Westmoreland Conglomerate unconformity, commonly associated with magnetic features; and 2. Westmoreland-style targets within or overlying the Westmoreland Conglomerate, locally influenced by favourable fault offsets. Airborne work (2024) and first-pass soils have outlined multiple, large priority anomalies—up to ~2 km—now being ground-truthed. Figure 2: Murphy West — field investigations testing airborne radiometric anomalies. (source: DEV) What’s new on the ground? DevEx is executing a methodical, boots-on-ground soil program to test radiometric and magnetic anomalies generated by the 2024 airborne survey. Priority anomalies overlie flat terrains masked by surficial regolith/transported cover (Figure 3), making soil geochemistry an effective vectoring tool where radiometric signatures can be subdued. Figure 3: Area G — first-pass soil geochemistry showing kilometre-scale pathfinder anomalies with radiometric/structural targets. (source: DEV) Early results show coincident pathfinder responses aligning with the company’s target models (Figure 4). Figure 4: Area A — first-pass soil geochemistry with similar pathfinder footprints. (source: DEV) Why the pathfinders matter (Junnagunna analogue)? DevEx completed an orientation soil/vegetation survey at Junnagunna (with Laramide’s support), demonstrating that although U is not anomalous in surface soils, a characteristic pathfinder halo (including Pb, Cu, Be) reliably marks buried uranium (Figure 5) beneath Siegal Volcanics and surficial cover. The same pathfinder response is now observed at Murphy West over select targets, strengthening the analogue. Figure 5: Orientation soil geochemistry at Junnagunna pinpointing mineralisation with pathfinders (source: DEV) Taken together, the orientation work supports a covered-uranium model where pathfinder halos vector to mineralisation beneath transported cover (Figure 6). Figure 6: Junnagunna summary cross section (Polito & Kyser, 2005). (source: DEV) Next steps & timeline October–November 2025: Additional surface sampling to expand the coincident targets; receipt of remaining assays and integrated review. Regulatory: Drill permit applications being prepared for multiple target areas. Field Season 2026 (~April start): Shallow, multi-target drill program to test the highest-priority anomalies. Samso Concluding Comments Murphy West is shaping up to be an interesting proposition for DEV. First-pass soils are mapping out kilometre-scale pathfinder footprints over radiometric and structural targets along the McArthur margin, and the Junnagunna orientation work gives the model teeth: Pb–Cu–Be can light the way where uranium itself won’t show at surface. That’s the kind of signal you want in covered terrain. For me, the near-term work is all about completing the soil coverage, tightening the anomaly geometries, and converting the best footprints into permitted collars. Management is indicating a window in the 2026 field season for shallow, multi-target drilling, while near-term catalysts are additional assays, refined target maps, and permitting updates. This is a uranium play and its early stage of exploration. Investors or potential investors need to consider the timeline is not short. With the market being so hot in gold, this will be interesting as narratives are pointing to favourable market expectations for uranium stories in 2026. Cover photo: Pitchblende371, Geomartin (talk). Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pitchblende371.JPG) The Samso Way – Seek the Research Follow the data, verify the sources, and let evidence—not hype—shape your investment view. 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) commenced Phase 2 drilling at the 100%-owned Gulf Creek Copper Project (NSW), advancing the first modern program over a historically high-grade VMS system. The campaign targets along-strike repeats of the Gulf Creek mine stratigraphy where magnetics, jaspilite exhalites, and surface pathfinders coincide (Figure 1). Figure 1: Long Section view to SW showing extended view of geophysical modelling and the targets along the West Limb of the Gulf Creek Syncline to the NW anomaly. (source: OD6) Announcement Gulf Creek Copper Drilling Commences 14 October 202 Highlights - A Developing Copper Project Phase 2 drilling has commenced at Gulf Creek. Program targets large magnetic/geophysical anomalies interpreted as potential repeats of the high-grade mine stratigraphy. Untested prospects to be drilled: Big Bend, North West, West Limb—together representing >3 km of untested strike along the magnetite-VMS target horizon near the mine. Strong empirical link observed between magnetism and massive sulphide mineralisation; jaspilite exhalites provide a surface vector. Seven priority diamond holes planned initially (~1,750 m), with approvals in place to expand to 25 holes (~7,500 m). Downhole EM (DHEM) surveys planned post-drilling to refine follow-up targets. Phase 1 confirmed high-grade copper up to 4.6% Cu beneath the historic mine (ASX 7-5-2025). Historically, Gulf Creek produced among Australia’s highest-grade copper-zinc (averaging up to 6.5% Cu). Managing Director Brett Hazelden commented: “We are excited to commence drilling at the Gulf Creek Copper Project, marking the continuation of the first modern exploration on this project. Phase 1 drilling confirmed mineralisation directly beneath the historic Gulf Creek Mine, and we now turn our attention to the greenfield repeat targets at Big Bend, North West, and West Limb. These untested magnetic structures extend over approximately 3 km, with modelled depths exceeding 500 m, and were a key driver behind OD6’s acquisition of the project. They are compelling targets with the potential to deliver a large-scale copper system. Gulf Creek complements our flagship Splinter Rock Rare Earth Project by providing OD6 with exposure to a high - grade copper asset in a proven mining district. With strong global copper demand and the ongoing electrification trend, this project offers a highly attractive near-term growth opportunity for our shareholders.” Phase 2 Drilling Phase 2 will test repeat structures northwest of the historic Gulf Creek mine. The three target areas exhibit strong magnetism, surface jaspilites, and multi-element surface anomalism consistent with a Besshi-style VMS cluster model: Big Bend — strong magnetism; jaspilites; IP response; surface Cu-Ce anomalism. North West — strong magnetism; jaspilites; surface Cu-Co-Ag-Be-Ce-Zn anomalism. West Limb — strong magnetism; jaspilites; surface Cu-Ce anomalism. These targets mirror the magnetic signature of Gulf Creek and coincide with modelled bodies that locally exceed 500 m depth. Figure 2: Plan view of geophysical modelling and the priority targets Big Bend, North West, West Limb and the historic Gulf Creek Mine (source: OD6) Compelling Targets OD6 reports a strong relationship between footwall magnetic susceptibility and massive sulphide mineralisation observed in Phase 1 drilling (e.g., GCC004), across a classic VMS stratigraphy: sediments → jaspilites/sediments → sulphides (including high-grade Cu) → altered basalt with disseminated sulphides. The best copper occurs coincident with the strongest magnetic response, reinforcing the use of jaspilite mapping + magnetics as primary vectors. Figure 3: Cross section of Historic Gulf Creek Mine with GCC004 drill hole results vs Magnetic Susceptibility (source: OD6) OD6 Metals Program design and follow-up tools Initial scope: 7 priority diamond holes (~1,750 m) across Big Bend, North West, and West Limb. Permitting headroom: Approvals secured for 25 holes (~7,500 m), enabling rapid scale-up. Post-drilling geophysics: DHEM and magnetic susceptibility logging to vector additional conductors for follow-up. Figure 4: Plan overview of the 7 holes planned to have DHEM. (source: OD6) Geophysical Framework A long-section across the West Limb of the Gulf Creek Syncline highlights the continuity of magnetic bodies along strike into the northwest anomaly—interpreted as repeats within the mine stratigraphy. This underpins the more than 3 km of untested strike referenced in the program rationale. Project snapshot: Gulf Creek Copper (NSW) District-scale VMS setting near Barraba, historical mining circa early 1900s. Historic grades reported up to 6.5% Cu; modern drilling in 2025 confirmed high-grade copper beneath historic workings. Multiple untested high-priority geophysical targets along mine-parallel stratigraphy. Strategy: modern geophysics + structural/stratigraphic mapping + targeted diamond drilling + DHEM to build a pipeline of conductors. Why OD6, Why Now? OD6 is also advancing the Splinter Rock clay-hosted REE Project (WA), with a May 2024 MRE of 119 Mt @ 1,632 ppm TREO (Indicated) and 563 Mt @ 1,275 ppm TREO (Inferred), and an overall ~23% MagREE ratio—supporting a conceptual heap-leach development pathway. Gulf Creek provides copper exposure alongside this rare earths platform. Samso Concluding Comments OD6’s second-phase drilling at Gulf Creek is testing what looks like a coherent geophysical–geological model: magnetism + jaspilite exhalites + VMS stratigraphy repeating along the mine horizon. The observed Phase 1 link between magnetic footwall and sulphides has allowed OD6 to follow up on what is potentially a vector that now scales across >3 km of untested strike. Seven priority diamond holes give the Company a measured starting point, while approvals for ~7,500 m keep the option open to accelerate if early holes validate the model. The planned DHEM is the right follow-up tool in VMS terrain, where discrete conductors often sit just off initial collars. Historically, Gulf Creek’s copper grades were exceptional for the era. The modern thesis isn’t to re-mine the old stopes—it’s to find repeats of that system in a structurally consistent package imaged by magnetics and supported by surface geochemistry. If the first holes hit the right textures, sulphide style, and alteration, the pathway to step-outs is clear. The move into Gulf Creek was to establish a new front with the demise of the Rare Earth sector; however, it does appear that there is a resurgence coming back, and I think this is a very good time for OD6. The recent ASX releases showing that OD6 may be back in the Rare Earth narrative are going to create a bigger story for the company. In hindsight, it is with great fortune that OD6 had maintained leverage to REEs at Splinter Rock. The dual-track exposure (REEs + copper) is notable in a market that is now rewarding clear technical vectors and optionality across the energy-transition metals space. As always, this is now more of an operational story that will be defined by results, which the Company is flowing well at the moment. DYOR. 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 Start with the facts, read the primary sources, verify the numbers, and make your own judgment — DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Passive Seismic Survey Better Defines High Priority Targets 21 October 2025 NON-BINDING MOU WITH LEADING URANIUM PRODUCER 11 September 2025 Cauldron Energy Limited (ASX: CXU) has delivered two complementary updates on the Yanrey Uranium Project in WA (Figure 1). October’s note uses fresh passive-seismic work to sharpen drill targeting at Manyingee South, Manyingee North, and Koodarie ahead of near-term field activity, while September’s announcement frames a non-binding MOU with Navoiyuran that brings ISR operating expertise and potential funding pathways into the study mix. What follows is a quick, factual wrap drawn directly from the company’s September and October 2025 releases, with figures inserted where relevant. Figure 1: Location of the Yanrey Uranium Project (source: CXU) Highlights — 21 October 2025 Cauldron received preliminary passive-seismic results (Southern Geoscience) over five areas around Manyingee South (Area 1B), refining several high-priority drill targets for immediate testing. Survey results at Manyingee South (Area 1B) correlate with 2024 drilling interpretations and indicate that high-grade mineralisation is associated with a cross-cutting structure at the palaeochannel base that impeded northward roll-front migration; the area immediately to the south is now a drill target for potential high-grade mineralisation (Figure 2). Figure 2: Combined airborne electromagnetic (AEM) survey imagery over the Manyingee Embayment. Hotter colours = more conductive (thicker palaeochannel sediments), cooler colours = non-conductive (resistive) bedrock. (source: CXU) And also extended further upstream within the Manyingee Embayment (Figure 3) Figure 3: Combined previous passive seismic survey imagery over the Manyingee Embayment. Hotter colours = shallow, cooler colours = deeper. (source: CXU) The N–N-NNE-trending Manyingee South palaeochannel runs ~4 km west and parallel to the Manyingee Palaeochannel, with 2024 drilling showing its northern two-thirds tighten into a ~600 m-wide, steeply incised gorge in granitic bedrock at the palaeo-river mouth (Figure 6). Figure 4: Manyingee region: Passive seismic survey results. Cauldron’s survey points are shown in black whilst historical surveying, conducted by Wyloo Metals Ltd in 2022, are shown in red. Wyloo’s surveying covered both sides of the Manyingee palaeochannel and extended westwards to the boundary of Cauldron’s E08/1489. (source: CXU) At this point, the redox front pinches out, and northward the sequence transitions into marine-influenced sediments (Figure 5). Figure 5: Longitudinal section showing interpreted palaeogeography. Note the termination of the D Zone roll-front in the vicinity of hole 24YRAC100. (source: CXU) At Manyingee North (Area 2), the palaeochannel continues north onto Cauldron ground, where historic mineralisation has not been closed out—designated a high-priority drill target. At Koodarie (Area 3), the palaeochannel continues east across the Ashburton River onto Cauldron tenements; it is deeply incised and well developed with very little historical exploration—also flagged as a high-priority drill target (Figure 6). At Manyingee Northwest (Area 4), passive seismic shows the palaeochannel deepens north but likely splits around a shallow ridge—one arm rejoining Manyingee to the northeast and another trending northwest into previously drilled mineralisation (Figure 6). Figure 6: Cauldron Passive Seismic survey lines and areas. (source: CXU) Surveying suggests the Manyingee palaeochannel bifurcates, with a previously unrecognised branch extending north on Cauldron tenure in a setting similar to Manyingee South (Area 1B) —considered highly prospective. Timing: site preparations (including a heritage survey) are underway, with drilling scheduled for November. Resource context for Yanrey: Cauldron states 42 Mlbs U₃O₈ in JORC Mineral Resources across Bennet Well (30.9 Mlb) and Manyingee South (11.1 Mlb); neighbouring Paladin’s Manyingee deposit is listed at 25.9 Mlb. Cauldron CEO Jonathan Fisher commented: “The passive seismic survey conducted last month has helped confirm some exciting high priority drill targets; as well as defining the edge of the paleochannel systems which will mean less holes are drilled outside the channels. Despite a minor delay, it was important to wait for this interpretation as it will save time and money on drilling. We are now full steam ahead with our site preparations, and we anticipate completion of our planned drill programme prior to the end of the calendar year. Whilst the junior uranium sector is often defined by its volatility; overall the incredible macro tailwinds enjoyed by the sector, driven by the steadily progressing global nuclear renaissance, is driving investor interest in junior uranium companies. Investors want us to be active on ground – and this is exactly what Cauldron is doing. We look forward to delivering the results of this programme, as well as continuing to lead industry advocacy to ensure West Australians understand the benefits the uranium mining can bring to the State, and the importance of uranium export to helping our global trading partners decarbonise. Through increased awareness of this issue,policy change becomes more likely. We are pleased with the current parliamentary inquiry being undertaken by the WA Government, and look forward to fulsome participation in that inquiry.” Highlights — 11 September 2025 Non-binding MOU signed with Navoiyuran (Uzbekistan’s national uranium company; 2nd-largest ISR producer) to collaborate on Yanrey—covering technical assistance (design/operations), specialist ISR input to studies, potential future funding, and government advocacy. Formal, binding documents are envisaged after further work. Due diligence & ISR suitability: Navoiyuran completed technical due diligence; prior CSIRO (2017) work concluded that Bennet Well is amenable to ISR. ISR knowledge in Australia remains limited, with only Honeymoon and Beverley currently operating. Navoiyuran profile: decades of ISR experience; >42 deposits in portfolio; exports U₃O₈ to major processors; maintains partnerships with Orano, ITOCHU/JOGMEC, and CNUC; this agreement is their first in Australia. Figure 7: Navoiyuran production history Tonnes U; showing transition from traditional mining to purely ISR. (Source: Navoiyuran) Yanrey province scale (context): the broader province contains ≥85 Mlb U₃O₈ (five deposits), including Cauldron’s Bennet Well 30.9 Mlb and Manyingee South 11.1 Mlb, Paladin’s Manyingee 25.9 Mlb and Carley Bore 15.6 Mlb, and EME’s Manyingee East 2.85 Mlb. Near-term interactions: Navoiyuran plans to visit WA and the Yanrey site during the drilling campaign; parties will continue working toward the next stage of agreements. Cauldron CEO Jonathan Fisher commented: “This is a transformational relationship for Cauldron in so many ways. Firstly, attracting the interest of the entity that literally invented ISR mining for uranium, and is the worlds second largest ISR producer behind Kazatomprom, demonstrates the quality and tier potential of the Yanrey project and its surrounding region. Whilst we have delineated ~42m lbs of uranium in JORC at the moment, we are confident of expanding this significantly with in excess of 20 targets that are largely untested and considered highly likely to contain significant additional uranium mineralisation. Further, just next door, uranium industry leader Paladin holds a similar number of pounds in JORC across their Manyingee and Carley Bore deposits. We are confident there is much more uranium across the province, lending itself to a potential regional development model. Secondly, its important to show that there are large, industry leading players interested in participating in the WA uranium sector. This helps justify to the WA Government that a change in policy is warranted, and I look forward to discussing this arrangement with relevant WA government representatives in due course. Thirdly, we are strongly of the view that ISR uranium mining is not only the most sustainable mining method, with lowest environmental footprint, but also the most cost effective from a capital perspective with attractive operational metrics. However, ISR can present different operational challenges. By ensuring we have access to the technical expertise of Navoiyuran, CXU can push forward with project development confident in our technical capabilities to deliver a world-class project. Upcoming Work Complete site prep and heritage survey, then commence November drilling at Yanrey. Drill-test high-priority targets: south of the cross-cutting structure at Manyingee South, the northward continuation at Manyingee North, and the deeply incised Koodarie channel. Run AC/RM drilling with downhole geophysics, then limited diamond core for metallurgical & mineralogical testwork at Manyingee South. Undertake additional passive seismic over new targets, followed by further AC/RM + downhole geophysics to chase extensions. Aim to finish the drill program before year-end. Host Navoiyuran’s site visit during the drilling campaign and keep working toward the next stage of binding agreements. Samso Concluding Comments Yanrey is not a new story; it is just that the path forward is starting to look like a clearer, workable story. From a geological point of view, it is a defined roll-front setting at Manyingee South with a structural choke point (the incised gorge), and technically, it is a plausible split channel to the northwest that ties into historic hits, and a deeper, under-tested Koodarie corridor. Passive seismic has stitched the geology together; now the drill rig has to turn that picture into repeatable intercepts and corridor continuity. For ISR, the technical hurdles are well understood and to some extent measurable—hydrogeology, permeability, redox chemistry, and the geometry of mineralisation relative to well spacing. The proposed sequencing (quick AC/RM with downhole geophysics, then selective diamond for metallurgy/mineralogy) is the predictable order of operations to answer those questions without burning capital on the wrong holes. The Navoiyuran MOU is a capability bridge. If the fieldwork validates the channel model and the metallurgy behaves, having a seasoned ISR operator on the shoulder shortens the learning curve on well-field design, leach kinetics, and operating discipline. That matters when the conversation shifts from targets to flow sheets and cost curves. Near-term catalysts are practical: November drilling outcomes at Manyingee South/North and Koodarie, geophysics-to-drill correlation, early metallurgical signals, and the heritage/approvals path. Risks are equally plain: continuity, recoveries, and timing. If the next round of data lines up, Yanrey moves from a map of channels to a plan for wells; if it doesn’t, the model will need another turn of the dial. DYOR. The Uranium Market Perspective. The Cauldron Energy journey has been a test of time. The uranium narrative has been a test of endurance and from an investors point of view, it is one that is definitely testing the patience of the hip pocket. It has promised a lot, but for ASX companies with Australian projects, it has been largely a disappointment. Figure 8: The share price journey for Cauldron is one that had a lot of promise but has largely been a long-term journey of disappointments. With a rising narrative of reinstating uranium mining in Western Australia, could time be changing for the fortunes of shareholders? (Source: CommSec) The changing fortunes for shareholders (Figure 8) may be around the corner; the ‘when’ remains uncertain. Is the uranium market going to finally take its place as the master of clean energy through a proliferation of nuclear energy? This is what investors in this sector are now banking on, and I feel that time is probably closer to a reality than it ever has been over the years. The long-term share price chart does show more interaction with Cauldron as the volumes in trading are significantly higher in the last 5 years, with an intensity coming in the last 2 years. Is this a sign? I think patience will show that those betting with will rise above those that are still dinosaurs of the past, hanging on to the demise of the nuclear energy space. As for now, I think backing Cauldron as a market capitalise proposition of nearly AUD $34M (14th November 2025) is not a bad deal. I think this is a definite #SAMSODYOR as I think any Western Australian uranium mining story will have its time in the sun soon. Figure 9: A closer look over the last 7 years does show that Cauldron is making more traction with the markets. Is this the beginning of a resurgence? (Source: CommSec) If we look at Figure 9, this is where my thinking comes from, as the market is starting to look at Cauldron as a potential play when the tide turns with the West Australian government starting conversations to reinstate uranium mining outside the magic 3 "minable" sites. As always, DYOR or in this case #SAMSODYOR and begin your understanding of what could be a good sector to dabble in again! Cover photo: URANIUM MILL JUST OUTSIDE OF MOAB. THE ORE COMES FROM A MINE ABOUT 25 MILES AWAY. THE REGION IS RICH IN URANIUM AND POTASH. THESE MINERALS ARE THE BASIS OF THE TWO MAJOR INDUSTRIES OF THE AREA, David Hiser. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:URANIUM_MILL_JUST_OUTSIDE_OF_MOAB._THE_ORE_COMES_FROM_A_MINE_ABOUT_25_MILES_AWAY._THE_REGION_IS_RICH_IN_URANIUM_AND..._-_NARA_-_545611.jpg) The Samso Way – Seek the Research Read the source documents, interrogate the figures, and build your thesis on facts—not narrative. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Exceptional Rutile Grades to 2.2% Insitu at Minta Project 29 October 2025 Lion Rock Minerals Limited (ASX: LRM) has released first-pass mineralogy from the Minta Monazite & Rutile Project in central Cameroon (Figure 1), outlining broad zones of high-grade natural rutile from surface and near-surface. Results include up to 2.2% in-situ rutile and rutile making up to 71% of the heavy-mineral assemblage. With reconnaissance complete over a >5,000 km² target area and results received across ~3,800 km², the program now pivots to infill drilling supported by an in-country lab nearing commissioning in Yaoundé. Figure 1: Map of Minta Project (source: LRM) Highlights - The Ongoing Rutile, Titanium, and Monazite Narrative (Figure 2) In-situ rutile grades up to 2.2%, with rutile assemblage up to 71%. Eight of the top ten results occur at Minta Est (rutile, zircon, and REE-enriched monazite). Standout intercepts (all in-situ): 4.0 m @ 1.3% from surface (MRAU0231); 3.9 m @ 1.2% from surface (MRAU0268); 5.0 m @ 1.0% from surface (MRAU0230); 5.0 m @ 1.0% from surface (MRAU0228); 6.8 m @ 0.9% from 1 m (MRAU0246). Scale: Reconnaissance drilling across >5,000 km² (nominal 1 km × 10 km spacing); results to date cover ~3,800 km². 107 locations returned ≥0.5% in-situ rutile (avg 0.8%), with rutile averaging 22.8% of HM at these sites; 74 locations exceed 20% rutile in HM (avg 30.7%). Operations ramp-up: Infill program imminent; LRM’s wholly-owned HM laboratory in Yaoundé is nearing completion (Figure 3); in-country technical team expanded (Country Manager Dr Tasin Godlove Bafon; Lab Manager Joseph Mayi). Figure 2: Map of Minta insitu rutile with priority zones; Kasiya Project (ASX: SVM, Malawi) outline is a scale reference only. (source: LRM) Lion Rock Chief Executive Officer, Casper Adson, commented: “These latest results continue to reinforce the world-class potential of the Minta Monazite and Rutile Project and highlight Cameroon’s emergence as a significant new rutile province. The scale and grade of mineralisation being defined at Minta is exceptional, with insitu rutile grades of up to 2.2% from surface confirming the project’s potential as one of the largest undeveloped natural rutile systems globally. “The recent investment of our strategic partner, Tronox, was driven by the rare-earth-rich monazite assemblage at Minta Est. This same area is now returning some of the highest rutile grades recorded to date, underscoring the exceptional mineral potential and complementary value of the deposit. “With expanded drilling capacity, new in-country heavy mineral laboratory and an experienced technical team now established in Cameroon, Lion Rock is entering a transformational growth phase. The combination of scale, grade and strategic alignment positions the Company as it aims to become a leading supplier of premium natural rutile and critical mineral sands to the global titanium and rare-earths markets.” Program Snapshot Program design: Broad, fast coverage to rank higher-grade/value areas; initial paired XRF/XRD at 141 of 335 locations with >1.5% HM to expedite targeting amid external lab constraints. Targeting outcomes: Clear infill targets at Minta Est (co-present rutile–zircon–monazite), plus additional contiguous high-grade zones circled in Figure 1. Results include mineralisation from oversize rutile nuggets. Reconnaissance totals: 712 holes for 3,018 m; 3,339 drill & QA samples plus 68 grab samples collected. Further HM assays are pending; mineralogy will follow as assays return. Market & Context (Rutile vs Synthetic Feedstock) Titanium minerals are recognised as “critical/strategic” across major jurisdictions. Recent market commentary includes the suspension of Iluka’s Cataby mine and SR2 kiln from 1 December 2025 amid subdued mineral-sands demand and pigment oversupply; synthetic rutile (upgraded ilmenite) is more exposed to downstream costs and oversupply risk. Natural rutile—a high-TiO₂ feed needing minimal upgrading—has fewer value-chain dependencies. LRM positions Minta as a higher in-ground TiO₂ grade opportunity with potential processing simplicity. (Figure 2 is contextual; Minta has no current MRE.) Figure 3: Global rutile projects based on public Mineral Resource Estimates (context only). (source: LRM) In-Country Capability LRM has strengthened its Cameroon presence with two key hires (Figure 4): Country Manager – Dr Tasin Godlove Bafon: 12+ years in West/Central Africa (iron ore discoveries; scoping work), now leading project execution. Lab Manager – Joseph Mayi: 6+ years running mining analytical ops; established mineral-sands labs and QA/QC programs; now leading Yaoundé lab build-out. Figure 4: Photos of Dr Tasin Godlove Bafon & Joseph Mayi (source: LRM) Operations are ramping up, with infill drilling imminent and LRM’s wholly owned heavy-mineral laboratory in Yaoundé nearing commissioning (Figure 5). Figure 5: Photos of the LRM Yaoundé laboratory under construction and retrofit. (source: LRM) Next Steps Validate and prioritise highest-prospectivity areas; commence infill drilling. Extend mineralogical analysis adjacent to standout results. Finalise monazite & xenotime targeting at Minta Est; review VHM assemblage data; compile dredge study findings for alluvial targeting. Commission the Yaoundé lab; complete recruitment to support expanded field ops and faster sample turnaround. Samso Concluding Comments On first pass, Minta ticks the two boxes that matter at this stage—scale and early quality. You’ve got insitu rutile reported up to 2.2%, rutile making up to 71% of the heavy-mineral assemblage, and several metre-scale intercepts starting at or near surface. That’s a credible signal for a reconnaissance dataset. Minta appears to be broad with a 1 km × 10 km spacing across a >5,000 km² target, with results covering ~3,800 km² so far, with sites with >1.5% HM for the initial paired XRF/XRD to fast-track target ranking. The standout cluster at Minta Est—where rutile, zircon, and REE-bearing monazite coincide is making headline narrative. The Yaoundé lab will take some of the risk off the table. Commissioning an in-country facility—backed by experienced hires in the Country Manager and Lab Manager roles—should cut turnaround times, improve QA/QC, and keep momentum as sample volumes rise through infill. The Company’s own wording highlights the expected lift in data quality for JORC-style work and metallurgy—exactly what you want before resource-class decisions. The near-term items to watch are about the infill start-up, the return of outstanding HM assays, and follow-on mineralogy to tighten the model. Keep in mind there is no MRE declared for Minta today, and any external project outlines (e.g., Kasiya) are for scale only—useful context, not guidance. Market Perspective - The Capital Market This is a business that is all about Rutile, Titanium, and Monazite (REE), and as we are writing about these recent ASX releases, the share price of LRM has taken a turn for the worse. Figure 6 below shows a disconnect between market expectations and the technical merits that are being narrated by the management of LRM. Readers will know that Samso is a big fan of this story, and I am also a shareholder of the story. Figure 6: The share price chart for Lion Rock Minerals as of the 14th November 2025. (source: CommSec) It is more than interesting that there has been a sell-down, especially since the introduction of Tonox, which was covered on the 30th October 2025, "Tronox Joins Lion Rock: 5% Cornerstone to Accelerate Minta (Rutile + Monazite)". The sell-down pretty much started from that event. One would have thought that the introduction of Tronox would be a supportive indicator for the LRM story. My conclusion is that there was profit-taking and a potential resetting of the support soon. That would be my only thought at this stage, which makes sense. For me, the story is still valid but with my experience, the real truth will not really be known till a later date, if it appears at all. From a shareholder's point of view, the technical merit has not changed. The addition of Tronox is still a positive narration, and the inclusion of monazite adds value to the business overall. The sell-down is the one that is adding colour to the overall storyline, and the issue is how it is going to make the colour at the end. There is no doubt in my mind that this is a #SAMSODYOR for those who are seriously invested in this story. Cover photo: Rutile (20241027), Fumikas Sagisavas. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rutile_(20241027).jpg) The Samso Way – Seek the Research Always read the underlying release and appendices before concluding—grade, width, continuity, metallurgy, and logistics will frame ultimate value. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: AlgoraeOS Version 2 AI Platform Launched on 10 November 2025 Click here to view the announcement Algorae Pharmaceuticals Limited (ASX: 1AI) has launched AlgoraeOS Version 2, a major upgrade to its AI-driven platform for drug-combination discovery. Developed in partnership with UNSW Biomedical AI Laboratory, UNSW AI Institute, and CSIRO Data61, the new system represents a significant advancement in modelling complex therapeutic interactions. Based in Melbourne, Victoria, Algorae continues to establish itself as one of Australia’s few pure-play AI-enabled pharmaceutical companies, focusing on accelerating drug discovery and pharmaceutical commercialisation. About Algorae Pharmaceuticals Algorae is developing a proprietary AI-driven drug discovery and development platform called AlgoraeOS. This platform is designed to use artificial intelligence and big data analytics to identify and optimise therapeutic candidates. Platform Capabilities The platform supports multiple stages, from in-silico target prediction and repositioning to pre-clinical and clinical development. The goal is to create a feedback loop where data from development refines predictions. Therapeutic Pipeline Meanwhile, the company is advancing a therapeutic pipeline alongside the platform, targeting several indications: Dementia – drug candidate code AI-116. Cardiovascular disease – candidate AI-168. Parkinson’s disease – program around “NTCELL” (originating from previous business iteration) and a broader neurological focus. The Business of Algorae Pharmaceuticals Algorae Pharmaceuticals operates two complementary business streams: AlgoraeOS – its proprietary AI platform that identifies synergistic drug combinations and optimises dose selection for preclinical programs (Figure 1). AlgoraeRx – the commercialisation division that sources, licenses, and supplies generic and specialty medicines across Australia and New Zealand through established manufacturing and distribution channels. Figure 1: Closed-Loop Learning for Better Predictions (source: 1AI) This dual-track model enables the company to blend machine learning research with tangible pharmaceutical product development. This creates a sustainable innovation pipeline that links predictive AI with real-world therapeutics (Figure 2). Figure 2: AlgoraeOS AI-enabled Drug Synergy Predictor (source: 1AI) Highlights — AlgoraeOS Version 2: Setting a New Standard in AI-Enabled Drug Synergy Major Platform Upgrade: Launch of AlgoraeOS v2, a next-generation AI system for drug-combination discovery. Benchmark Leadership: Outperformed Google DeepMind’s TxGemma-27B-Predict and Tx-LLM (M) on the NCI-ALMANAC dataset using a 70/10/20 validation split. Trained at Scale: Modelled over 5.5 million unique inhibition records (expanded to ~11 million with augmentation), incorporating full dose–response surfaces across Bliss, Loewe, HSA, and ZIP synergy metrics. Confidence-Weighted Predictions: Provides outcome probabilities with quantified uncertainty for risk-aware experimental design. Pipeline Integration: To be deployed across Algorae’s preclinical programs for dose selection and prioritisation of high-value drug combinations. In-Silico Fixed-Dose Predictions: First AI-driven FDC results expected in Q4 2025. Publication: Research paper titled “Uncertainty-Aware Deep Learning for Multi-Metric and Dose-Specific Prediction of Drug Synergy” submitted for publication (DOI link included). Leadership Commentary A/Prof Fatemeh Vafaee, UNSW Sydney and UNSW AI Institute, commented: “AlgoraeOS represents a new generation of AI models that not only predict outcomes but also understand their own limits. By combining biological knowledge with uncertainty-aware deep learning, we can now model drug interactions with greater reliability and generalisability than ever before.” Dr Muhammad Javad Heydari, Postdoctoral Research Associate, UNSW Sydney, stated: “AlgoraeOS is designed to analyse combination therapies the way a modern lab approaches them: integrating mechanisms, context, and dose in an advanced AI model. It turns large-scale biological data into clear guidance on which drug pairs to advance, at what doses, and with quantified risk for each decision.” Executive Chairman, Mr David Hainsworth, remarked: “Today’s launch of AlgoraeOS v2 is a significant milestone for the Company and positions artificial intelligence as the cornerstone of our R&D programs. Across published benchmarks, v2 delivered clear performance gains over representative state-of-the-art models, a major achievement for Algorae and the UNSW AI team. We look forward to providing further updates to shareholders as we progress our dual-track strategy of AI-driven innovation and pharmaceutical commercialisation.” About the Project While headquartered in Melbourne, Algorae’s collaborative network extends nationally. The company has AI R&D partnerships across Sydney’s UNSW AI Institute and integration support from CSIRO Data61. The AlgoraeOS project aligns with Australia’s growing strategic positioning in AI-enabled biotechnology. Here, computational modelling directly accelerates the discovery of combination therapies in oncology and other complex diseases. Near-Term Milestones to Watch Q4 2025: Release of in-silico Fixed-Dose Combination (FDC) predictions to guide preclinical selection. Q1 2026: Operational integration of AlgoraeOS v2 outputs into preclinical candidate-selection workflows. 2026 (Publication): Peer-reviewed paper on the v2 architecture, uncertainty modelling, and benchmarking performance. Pipeline expansion: Broader deployment of AlgoraeOS v2 beyond oncology, where combo regimens are critical (subject to indication-specific validation). Commercial build-out: Continued scaling of the AlgoraeRx arm (AlgoraeRx Pty Ltd established) to support specialty/generic medicines supply. How Samso Understands the Investment Memo for the Company From an investor’s perspective, Algorae Pharmaceuticals (ASX: 1AI) offers exposure to one of the most scalable intersections of AI and drug development. The upgrade to AlgoraeOS v2 signifies: A proof-of-concept leap in algorithmic accuracy and biological contextualisation. A tangible route toward data-driven R&D cost reduction, critical in preclinical validation cycles. Continued development within a university–industry collaboration model, reducing burn rates while leveraging top-tier academic AI infrastructure. A clear dual revenue narrative through AI-driven intellectual property and pharmaceutical distribution income. Samso Concluding Comments AI-driven drug discovery has moved from concept to competition. Algorae’s partnership-led execution makes this launch more than just a technical milestone. The company’s approach—training on millions of data points across multiple synergy metrics—reflects a genuine understanding of where predictive AI meets clinical relevance. The combination of confidence-weighted outputs and multi-metric generalisation positions AlgoraeOS v2 as more than an incremental update; it is a paradigm shift in how preclinical programs are designed. With DeepMind’s models serving as benchmarks, outperforming them places Algorae squarely on the global AI innovation map. The ability to not only predict outcomes but also measure its own uncertainty represents a step toward decision-grade AI. In short, AlgoraeOS v2 is Australia’s answer to precision AI in therapeutic discovery—a fusion of biological science, computation, and commercial application. Cover photo: CSS code on a screen (Unsplash), Sai Kiran Anagani _imkiran. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CSS_code_on_a_screen_(Unsplash).jpg) The Samso Way – Seek the Research Every innovation begins with curiosity—but it’s sustained by validation. Always seek the research before the market does. 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 initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Drilling Commenced at Haddon Copper Prospect 30 September 2025 Encounter Resources Limited (ASX: ENR) has kicked off a 6-hole RC program at the Haddon copper prospect (formerly BM5) within its 100%-owned Yeneena Copper Project in the Paterson Province, ~50 km SE of Nifty, WA (Figure 1). The target sits on a major fault with coincident EM resistive response and prior aircore results that finished in gossanous, multi-element anomalism—an undercover setting analogous in style to nearby sediment-hosted copper systems and magmatic Cu-Au deposits. Figure 1: Yeneena Copper Project within the Encounter Paterson Province Copper Projects (source: ENR) Key Highlights - Searching for Copper RC drilling underway (6 holes) at Haddon to test a large EM resistive body in a favourable structural position. Three rigs operating across two provinces (Paterson & West Arunta), indicating sustained near-term news flow. Prior aircore intercepts at end-of-hole with strong multi-element anomalism, including 15m @ 21.8 g/t Ag, 1,729 ppm Cu, 1,342 ppm Pb, 452 ppm Zn, 350 ppm Co from 69m (23PTAC0109); elevated Ag (to 55.1 g/t) and Pd (to 24.7 ppb) support a gossan model. Petrography: goethite replacing zoned (bravoitic) pyrite—textures typical of hydrothermal systems, consistent with weathered expression of copper sulphides along faulting. Target concept: primary mineralisation potentially at depth near the apex of an anticline adjacent to the mineralising fault; Broadhurst Formation setting is analogous to Nifty, ~50 km NW. Executive Chairman, Will Robinson, Commented: “The Paterson Province in WA is already home to several large-scale sedimentary copper and magmatic copper/gold deposits. Despite this proven potential, extensive sand cover has limited the rate of new discoveries. Haddon stands out as a compelling undercover copper target. It sits in a classic structural setting for a sediment-hosted deposit with a coincident EM resistive body that may represent silica alteration linked to a mineralising event. This is supported by highly anomalous silver, copper, lead and zinc values associated with a probable gossan intersected in prior aircore drilling. Our copper-focused exploration team is now drill testing this target in parallel with the multi-rig program underway in the West Arunta. Encounter is operating across two outstanding mineral provinces, with strong news flow expected in the months ahead.” New Data The 6-hole RC drill plan targets the faulted corridor alongside the anticline’s interpreted core (Figure 2). Figure 2: Cross-section and drilling target at Haddon (source: ENR) A reasonable geological model vectors to depth, with mineralisation concentrated near the anticline crest and along the neighbouring mineralising fault (Figure 3). Figure 3: Haddon prospect exploration summary plan (1VD gravity) (source: ENR) Airborne EM mapping reveals additional fold axes and a low-conductivity belt (Figure 4) that sits over near-surface copper anomalism intercepted by several aircore holes—consistent with alteration related to a mineralising system. Figure 4: Haddon prospect exploration summary plan (VTEM 202m depth slice) (source: ENR) Why this target matters (geology & model) Gossan confirmation: Petrography on 23PTAC0109 (Figure 5) shows goethite after zoned pyrite—textures common in hydrothermal systems (including sediment-hosted base metals)—supporting the interpretation that aircore hit the weathered expression of copper sulphides. Structure + stratigraphy: The target sits within the Broadhurst Formation, adjacent to a major regional fault, a textbook setting for sediment-hosted copper in the Paterson. The model vectors toward primary mineralisation at the anticline apex near the fault. Geophysics: The EM resistive zone (mapped in the VTEM depth slice) aligns with near-surface copper anomalism—an alteration proxy that can be associated with mineralising fluids. Figure 5: Gossanous samples in chip trays from Haddon drillhole 23PTAC0109 (assays reported in release dated 5 March 2024) (source: ENR) Samso Concluding Comments The story at Haddon is looking interesting: structure (a major fault flanking an interpreted anticline), geophysics (a coherent low-conductivity/resistive feature), and geochemistry (gossanous, multi-element anomalism at end-of-hole in prior aircore). As we all know, it does not guarantee success, but it does justify putting RC holes into the core of the model rather than orbiting around the edges. The technical priority now is simple: test the anticline crest and the faulted corridor at depths where primary sulphides are plausible. In first-pass programs like this, downhole geology—sulphide descriptions, alteration intensity, veining, structures—often matters as much as assays. If the geology tracks the concept, vectoring the next collars becomes cheaper, faster, and smarter. Understanding the geology will negate any "issues" in the future. Encounter is now in a good position to test geology as funding will no longer be an issue. With the interest being generated from their "Carbonatite" story, this will be a great project to have in the background. Many great mineral projects are lost due to the simple fact of a lack of funding to sustain the discovery timeline. For investors, the near-term signals to watch are: drill results for the resistive body in regards to sulphides or strong alteration in chips. In addition, positive results supporting multi-element indicators such as Ag, Pb-Zn-Co pathfinders would be good. How quickly the team cycles into follow-up holes if the first hits are encouraging would be encouraging, although this will depend on the Company's progress in the Arunta. The simple truth is very simple, the need to see that the RC holes are converting weathered expressions into evidence of primary mineralisation. Projects are always about uncovering targets, and they are always tend to be binary—either the structural trap and fluid pathway line up at depth, or they don’t. Haddon is now at that critical “proof” juncture. As always, track the primary data and let the geology, not the narrative, lead the conclusion. As always, DYOR. Cover photo: Native copper, malachite, and azurite - Native copper, malachite, azurite from the Black Hills, South Dakota, USA, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper,_malachite,_and_azurite_(GeoDIL_number_-_895).jpg) The Samso Way – Seek the Research Always go back to the source figures, logs, and tables in the original release and track how drill data confirm—or refute—the model. 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 Outstanding High-Grade Niobium Intersections Expand Green 6 October 2025 Encounter Resources Limited (ASX: ENR)’s latest Aileron results sharpen the focus on Green Prospect (Figure 1) as the emerging high-grade core of this West Arunta carbonatite system. A standout 85m @ 3.1% Nb₂O₅ within a thicker 124m envelope materially upgrades grade continuity inside—and beyond—the current resource shell. With Green East assays due in early November and AC drilling stepping into the Joyce–Green corridor, the near-term data flow is set to test both scale and grade growth while metallurgical sampling advances development studies. Figure 1: Green Prospect – AEM LEI DS55 showing arcuate conductive feature, weathered carbonatite outline, and MRE. (source: ENR) Key Highlights - Establishing the World Class Niobium Carbonatite Province Best intercepts to date at Green: ⚬ 85m @ 3.1% Nb₂O₅ from 48m, within 124m @ 2.4% Nb₂O₅ from 45m (EAL961B) ⚬ 26m @ 3.4% Nb₂O₅ from 78m, within 112m @ 1.5% Nb₂O₅ from 56m to EOH (EAL947A) ⚬ 11m @ 5.5% Nb₂O₅ from 74m, within 59m @ 1.8% Nb₂O₅ from 73m to EOH (EAL948). High-grade growth outside the initial MRE: extends beyond Green’s 12.1 Mt @ 1.63% Nb₂O₅ & 0.55% TREO and strengthens scale/continuity. Green East advancing: first assays from the ~1.5 km eastern extension due early Nov 2025; resource definition drilling underway. Joyce footprint extended: 2m @ 3.2% Nb₂O₅ from 122m (within 42m @ 0.6% to EOH) highlights system openness; follow-up AC drilling planned at Joyce and the Green deposit, Oct–Nov 2025. Steady news flow: two rigs (AC + diamond) operating at Aileron with assays expected every 2–4 weeks through 2025. Executive Chairman, Will Robinson, commented: "Broad spaced exploration drilling in 2024 outlined the initial MRE at Green. As expected, closerspaced drilling is enhancing and expanding the higher-grade core of this large niobium-REE system. We’re now seeing exceptional grades and thickness at Green, including 85m at 3.1% Nb₂O₅ from 48m (EAL961B) and 11m at 5.5% Nb₂O₅ from 74m (EAL948) – the strongest results recorded so far. These results clearly demonstrate further grade enrichment as drilling density increases to support ongoing development studies. In September 2025, we confirmed the Green carbonatite complex extends a further 1.5km to the east. With resource definition drilling already underway, we’re rapidly building momentum and confidence in the scale and quality of this globally significant niobium system.” Project Snapshot & Resource Context Aileron initial Inferred MRE (May 2025): 19.2 Mt @ 1.74% Nb₂O₅ (>1.0% cut-off) across Green, Emily, and Crean; Green is the largest at 12.1 Mt @ 1.63% Nb₂O₅ (>1.0% cut-off). Reporting of subsets above 0.25% cut-off is also provided in the tables/notes. Mineralisation is carbonatite-related, with oxide-enrichment developed from weathering/deflationary processes; intrusions are localised along structures, including the Weddell Fault. What’s New on the Ground (Green) (Figure 2) Resource definition (infill) drilling within the Central zone has enhanced grade and thickness, including the step-change result from the redrill/extension of EAL961 (now EAL961B) delivering 85m @ 3.1% Nb₂O₅ (within 124m @ 2.4% from 45m). Additional high-grade hits: EAL947A and EAL948 as listed above. Figure 2: Green Prospect 439200E - RC drilling cross section A – A’. (source: ENR) Joyce Update (Figure 3) Broad-spaced AC lines (800m) have extended the mineralised footprint at Joyce; the system remains open. Western section drilling returned 2m @ 3.2% Nb₂O₅ from 122m within 42m @ 0.6% to EOH (EAL1013A). The ~3 km corridor between western Joyce and Green is now a priority for follow-up AC drilling in Oct–Nov 2025. Figure 3: Joyce and Green prospects (Magnetics TMI transparency over 1vd). (source: ENR) Forward Plan & Operations Green East assays expected early Nov 2025; resource definition drilling has commenced there to support potential inclusion in an updated MRE. Diamond rig collecting metallurgical samples (oxide + fresh) at Green for development studies. A second AC rig mobilising to test regional targets, including the Green–Joyce corridor. Sampling/QAQC, methods & Competent Person: ALS ME-MS81hD + ME-ICP06, over-limit ME-XRF30; standard CRMs/blanks, field duplicates; Competent Person statement included in the release. Samso Concluding Comments The Encounter Carbonatite story is now starting to create waves of interest as its Green prospect looks like it’s maturing fast. The drilling is showing thicker, higher-grade runs in the same neighbourhood; that’s usually the system telling you there’s a coherent core developing. The point now isn’t just that there are great individual meters—it’s that those meters are appearing in the right structural context and beginning to cluster. This is now a Provincial Mineral System at play. Near-term, Green East is the key. If the assays are similar to those of the central zone, the resource conversations shift from “good start” to “high-grade nucleus plus satellites.” That’s the kind of transition that can move the dial on development optionality and economics, especially if metallurgy continues to behave. What that means is that shareholders are going to /be very happy, and Figure 4 proves that the market is responding. I think that the rise is just happening, as this ASX release does indicate that the Tier-1 Provincial Mineral System is going to make ENR the envy of ASX mineral companies. Figure 4: The Encounter Resources share price chart as of 24th October 2025. (source: CommSec) The Joyce prospect could turn this from a single-core story into a corridor play. The space between Joyce and Green will either connect or it won’t—but the work program is set up to answer that cleanly. In my experience, good drilling results will convert the geophysical ideas into real targets without losing time or money. For investors, the watchlist is simple: cadence and quality of assays, coupled with good luck, will turn ENR into my thoughts on the fortunes of the Company's path. If these points line up, the ingredients for a bigger, cleaner narrative will be established. 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 Read the full ASX release and the answers will make the 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. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to, your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $2.6m in non-dilutive capital funding secured 12 August 2025 Precision Psychedelic Therapy 30 July 2024 Bioshares Biotech Summit 7 August 2025 Tryptamine Therapeutics Limited (ASX: TYP) is sharpening its position in the psychedelic medicine sector with continued progress across its precision psilocin program. Focused on treating eating disorders and chronic pain, the company’s lead formulation, TRP-8803, is designed to overcome the shortcomings of oral psilocybin by delivering precision dosing, rapid onset, and a treatment model built for commercial scalability. Recent updates across clinical and corporate fronts highlight not only the scientific validation of Tryptamine’s approach but also the financial reinforcement needed to accelerate development. Highlights from Recent Updates - All About Precision Psychedelic Therapy. Clinical Pipeline Progress Binge Eating Disorder (BED): Phase 2a results at the University of Florida showed over 80% reduction in binge episodes using TRP-8802 (oral psilocybin) (Figure 1). Figure 1: TYP- Phase 2A Interim Analysis with University of Florida (TRP-8802) (source: TYP) Transition to TRP-8803 (IV psilocin) is now underway, with a world-first Swinburne University trial in preparation. Fibromyalgia: Patient dosing has been completed in collaboration with the University of Michigan. Data will be presented at the International Association for the Study of Pain Conference in the Netherlands. TYP – PHASE 2A FM STUDY WITH UNIVERSITY OF MICHIGAN (TRP-8802) FMS characterised by widespread musculoskeletal pain, profound fatigue, sleep disturbances, and numerous other symptoms Symptoms of fibromyalgia often begin after physical or emotional trauma, such as an illness, surgery, infection, life event or injury While fibromyalgia pain feels like it's coming from a specific area of your body, it's actually originating in your brain, specifically from the nervous system Many drugs have a limited effect on Fibromyalgia Pain Co-morbidities include depression and health-related anxiety, sleep disturbances and increased suicide risk. Figure 2: How Fibromyalgia Affects the Body (source: TYP) Irritable Bowel Syndrome (IBS): A Phase 2a trial with Massachusetts General Hospital (Harvard) has commenced, with the first patient dosed in July 2024. First-in-Human IV Psilocin Study Conducted in Adelaide, the initial cohort has been successfully dosed with TRP-8803. The 140-minute IV infusion demonstrated: Rapid onset of the psychedelic state (~15 minutes). Precision control of blood levels (Figure 2). Figure 3: TRP-8803 Delivers Consistent Therapeutic Blood Levels (source: TYP) Shortened treatment duration (1–2 hours) improves clinical and commercial feasibility. Intellectual Property Patent protections extend across formulation, dosing methods, and therapeutic indications, including BED, fibromyalgia, and IBS. This strengthens the company’s long-term competitive positioning as the program scales. Strengthened Financial Position On 12 August 2025, Tryptamine secured a $2.6m non-dilutive R&D loan facility with Rockford Equity Pty Ltd, secured against FY26 R&D expenditure. The facility complements existing cash reserves of $3.03m (as at 30 June 2025) and a pending $800,000 R&D tax rebate, providing flexibility to fast-track TRP-8803 trials. CEO Jason Carroll commented: “This agreement provides the Company with financial flexibility at a pivotal time in development of lead asset, TRP-8803. The capital, if required, will be used towards fast tracking a number of key development milestones, including our trial into BED with Swinburne, as well as other opportunities which are very well advanced.” Next Steps Tryptamine is preparing to advance TRP-8803 into Phase 2b/3 clinical trials, marking the next stage of development for its precision psilocin program. The company’s progress will be driven by its ongoing collaborations with leading academic institutions, which provide both scientific validation and global credibility. Upcoming clinical data readouts from the fibromyalgia and IBS studies will play a pivotal role in shaping the development pathway and reinforcing the therapeutic potential of IV-infused psilocin. At the same time, the Swinburne University trial for Binge Eating Disorder (BED) is moving toward dosing completion, positioning Tryptamine at the forefront of a world-first clinical initiative in this indication. To support these milestones, the Company now has access to a non-dilutive $2.6m loan facility, which, together with its cash reserves and R&D rebates, provides the financial flexibility to accelerate progress without immediate reliance on equity dilution. This dual focus on scientific advancement and financial discipline underpins Tryptamine’s strategy as it builds toward the next stage of development. Samso Concluding Comments Tryptamine Therapeutics is steadily building a case for its precision psilocin platform, with each clinical milestone reinforcing the potential of TRP-8803 to redefine psychedelic-assisted therapy. By targeting conditions such as binge eating disorder, fibromyalgia, and IBS, the company is deliberately focusing on patient populations with few effective treatment options and high unmet needs. The recent first-in-human IV psilocin study provides an important technical validation—showing controlled dosing, faster onset, and a shorter treatment window. These elements not only enhance the patient and clinician experience but also address the critical commercial challenge of scaling psychedelic medicine. The $2.6m non-dilutive facility, alongside existing reserves, gives Tryptamine room to accelerate its trials without the immediate pressure of equity dilution. For a small-cap ASX biotech, this balance between capital management and clinical ambition is significant. As the next phase unfolds, investors should focus on the upcoming clinical data readouts, the Swinburne BED trial, and the broader regulatory environment for psychedelic therapies. Tryptamine’s progress illustrates the convergence of science, strategy, and market timing— elements that can transform a research-driven platform into a commercially scalable solution. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) The Samso Way – Seek the Research At Samso, we believe that understanding a company goes beyond the headlines. True insight comes from diving into the details, connecting clinical milestones, financial strategies, and market context. By seeking the research, investors gain clarity and perspective, allowing them to recognise real value when it emerges. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see 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 proposed listing of Everlast Minerals Ltd (ASX: EV8) introduces investors to a company aiming to establish a presence in Bangladesh’s underexplored mineral sands sector. Anchored by the Gaibandha Mineral Sands Project (Figure 1), which already holds three granted mining leases along the Brahmaputra–Jamuna River, Everlast is seeking to build a foundation for trial mining and eventual commercial production. The Company’s portfolio also includes licence applications at Kurigram and Pabna, offering additional exposure to heavy mineral sands prospective for ilmenite, rutile, zircon, garnet and magnetite. Figure 1: Exploration activities at Gaibandha Mineral Sands Project (source: EV8) With plans to raise $4–6 million at $0.20 per share, Everlast Minerals will list with a market capitalisation of $24–26 million. The proceeds will support project development and operations in Bangladesh, giving investors speculative exposure to the first wave of mineral sands exploration in the region. ASX Listing Details ASX Code: EV8 Listing Date: TBA Issue Price: AUD 0.20 Issue Type: Ordinary Fully Paid Shares Capital to be Raised: $8,000,000 Expected Offer Close Date: Thursday, 7 August 2025 Underwriter: Alpine Capital Pty Ltd (Lead Manager) Industry Group: Materials – Mineral Exploration & Development Highlights - What A Mineral Sands IPO Looks Like in 2025. Offer Structure: Public Offer of 20m–30m shares at $0.20 each. Secondary Offers include:– 2.7m Performance Rights (Directors & Senior Management).– 19.8m Eligible Shareholder Options (exercise $0.20, 4-year expiry).– Up to 5m Lead Manager Options (exercise $0.30, 3-year expiry). Projects Portfolio: 🔹Gaibandha Mineral Sands Project (Bangladesh) – The Company’s flagship asset, comprising three granted mining leases along the Brahmaputra–Jamuna River in northern Bangladesh (Figure 2). With confirmed prospectivity for ilmenite, rutile, zircon, garnet and magnetite, Gaibandha has advanced to the stage of an independently prepared JORC Code resource estimate. The Project is earmarked for initial trial mining and processing, positioning Everlast to potentially transition from exploration to production and establish itself as a first-mover in Bangladesh’s mineral sands sector. Figure 2: Gaibandha Mineral Sands Project Location (source: EV8) 🔹Kurigram Mineral Sands Project – exploration licence application (Brahmaputra River). The Kurigram Project covers 4,000 hectares of sandbars and river sand bed along the Brahmaputra–Jamuna River Channel in northern Bangladesh. Located in Kurigram District, near the Indian border, the project area extends approximately 17 km in length and 5 km in width, with good access via highways and railways from Dhaka, 350 km to the south (Figure 3). While still at the application stage, Kurigram offers exposure to a prospective stretch of river sands that complements the Company’s broader mineral sands portfolio. Figure 3: Kurigram Mineral Sands Project Location (source: EV8) 🔹Pabna Mineral Sands Project – exploration licence application (Padma River)The Pabna Project is an exploration licence application covering 4,000 hectares along the Padma (Ganges) River in central Bangladesh (Figure 4). Situated across the districts of Pabna and Rajbari, the project area spans river channels and sand bars that are prospective for heavy mineral sands. The location benefits from proximity to regional infrastructure and is accessible from Dhaka, providing a strategic addition to Everlast’s emerging mineral sands portfolio. Figure 4: Pabna Mineral Sands Project Location (source: EV8) All projects are prospective for ilmenite, rutile, zircon, garnet, and magnetite. Development Focus: Initial trial production planned at Gaibandha, with commercial production as the long-term goal. Independent JORC Code resource estimation already completed for Gaibandha. Mining and trial processing operations ready to progress, subject to successful listing. Capital Allocation: Proceeds directed to mining equipment and operating costs at Gaibandha. Working capital, corporate overheads, and Offer costs covered. Future funding (equity/debt) anticipated for full-scale mine development and potential expansion to Kurigram and Pabna. Key Dates: Offer Opens: 3 July 2025 Offer Closes: 7 August 2025 Expected ASX Listing: 15 August 2025 Company Snapshot: Incorporated: 2017, Australia (subsidiary in Bangladesh, 99.99% owned). Business Strategy: Junior mineral sands explorer/developer targeting heavy mineral sands along major rivers in Bangladesh. Board & Management: Everlast Minerals is led by Executive Chair Paul Qian, supported by a board and executive team with strong corporate, financial, and exploration credentials. The Company’s Bangladesh subsidiary is managed by Delwar Titu and Baharul Biswas, providing essential local expertise. Together, the leadership group combines international resource experience with on-the-ground knowledge to advance Everlast’s mineral sands projects. Paul Qian — Executive Chairperson Founder of the company, Executive Chairperson since incorporation in July 2017. He holds a B.Sc. in Chemistry from East China Normal University and serves as a NSW Justice of the Peace. He is also a director of the company's subsidiary and the sole director of Creative Mortgages Pty Ltd, as well as the major shareholder. George Edwards — Non‑Executive Director Holds a B.Sc. (Metallurgy) from UNSW, and is a seasoned industry professional with fellowships including FAICD, FAusIMM (Chartered Professional), FIE (UK), and FAIE. Past President of the Australasian Institute of Mining & Metallurgy, former chair of Standards Australia and ASX-listed SAI Global. Over 55 years of experience in mineral and coal sectors, including ownership and operation of export coking coal mines. Greg Starr — Non‑Executive Director Brings extensive corporate governance and financial leadership experience—including chair, independent director, managing director, and finance director roles. Experienced in arranging equity, debt, convertible financing, IPOs, mergers and acquisitions, and operational leadership across heavy mineral sands, gold, copper, lead, silver, and silica sand sectors. He has led ASX- and TSX-listed mining operations in Australia, PNG, China, Fiji, and Brazil. Key Risks As with all resource IPOs, investors should note the speculative nature of the opportunity: Exploration and development risk in Bangladesh. Political, regulatory, and permitting uncertainties. Offtake arrangements yet to be secured (local demand prioritised under Bangladesh law). Infrastructure and operational risks given project location. Requirement for future funding to progress projects to production. Samso Concluding Comments The IPO of Everlast Minerals Ltd (ASX: EV8) offers investors early exposure to a frontier mineral sands play in Bangladesh, anchored by the Gaibandha Project. While the potential prize is significant – given the mineral sands suite of ilmenite, rutile, zircon, garnet, and magnetite – the Company faces the usual high-risk factors of jurisdiction, permitting, and financing. The proposed pathway to trial mining and early production is commonly pushed in the Asian projects. While it sounds great in principal, time is the only judge of success, so it's a serious case of DYOR. As with all junior listings, this is a speculative opportunity that requires investors to carefully assess risk appetite against the potential for first-mover advantage in an underexplored region. As always, this is one of those opportunities where the prize is enticing, but the journey will test investor patience and resilience. At #SamsoNews, we continue to stress the importance of independent research #SamsoDYOR. Seek the Research. Do your own due diligence. Cover photo: Ilmenite sand, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ilmenite_sand.jpg) The Samso Way – Seek the Research Always look beyond the headlines and dig into the details before making your investment decisions. 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.

In this episode of Coffee with Samso, we sat down with Dustin Haines, the newly appointed CEO of EchoIQ Limited (ASX: EIQ), to unpack the company’s transformative AI-based technology for cardiovascular diagnosis. While the format shifted to Zoom to accommodate Dustin’s base in the United States, the conversation was no less in-depth as we explored how Echo IQ is aiming to solve one of the most pressing challenges in cardiovascular medicine—misdiagnosis. With a 50% misdiagnosis rate in conditions like heart failure, Echo IQ’s FDA-cleared AI solution could become a game-changer for structural heart disease diagnosis. This is a timely discussion as AI continues to gain traction in medical settings and investors begin to appreciate the real-world value of clinical validation and scalable software solutions. As always, grab your coffee and dive into the conversation. Coffee with Samso: An AI Solution to A Cardiovascular Problem. Guest: Dustin Haines, Chief Executive Officer – EchoIQ Limited (ASX: EIQ) Location: Australia and USA. Meet the CEO: Dustin Haines Dustin brings over 25 years of experience across the pharmaceutical, biotech, and medtech sectors, having operated across regions from Hong Kong to the Middle East and North America. What drew him to Echo IQ was not AI expertise per se, but a deep understanding of how healthcare systems globally are grappling with aging populations, comorbidities, and inefficiencies in diagnosis. "Cardiovascular disease remains the leading cause of death—globally. Echo IQ’s solution doesn’t aim to replace cardiologists, but to help them diagnose better and faster," says Haines. The Problem: 50% Misdiagnosis in Heart Disease. One of the most surprising revelations during the research for this episode was the staggering rate of missed or incorrect diagnoses for cardiovascular conditions: Up to 50% misdiagnosis in heart failure Up to 40% in aortic stenosis These are not untrained professionals making mistakes—cardiologists are highly skilled. The issue lies in complex data interpretation, poor image resolution, and incomplete datasets. Echo IQ’s core proposition is to enhance diagnostic accuracy through its AI engine, which interprets the underlying data behind echocardiogram images. This is where the company adds the most value. EchoSolv: Real-Time AI Integration That Works. EchoIQ has developed a proprietary neural net-based system that creates a 3D model of the patient’s heart using the raw data from echocardiogram images. The model can then: Predict presence and severity of structural heart disease Present results in real-time (within 3 seconds) Integrate seamlessly into existing hospital systems—no new hardware or workflow disruption Importantly, EchoSolv delivers a Negative Predictive Value of 99.5%, meaning the system is almost never wrong when it says a patient does not have the disease. On the positive side, its predictions lead to correct diagnoses or detection of other serious heart conditions. “Our AI doesn’t replace cardiologists—it makes them better.” Milestones Achieved & Revenue Model. EchoIQ has ticked off several critical milestones over the past three years: FDA Clearance (late 2024) – Marked the transition from an R&D company to a commercial entity Flagship Hospital Integration – First integration with Beth Israel, part of Harvard Medical School Reimbursement Pathway – Using Code 93799 (miscellaneous), with plans to secure a Category III code in September 2025 Second Product – Heart failure model pending FDA submission by end-2025 EchoIQ’s revenue model is built around a subscription-based SaaS framework, with hospitals either paying directly or through Medicare/Medicaid reimbursement systems. Once Category III reimbursement is achieved, this could act as an inflection point for growth. "We’re in revenue generation mode now—pre-revenue, yes—but on the path to cashflow positivity in 2–3 years." Market Size & Competitive Landscape. The total addressable markets (TAM) are significant: Heart failure: USD $17 billion Aortic stenosis: USD $10 billion Dustin believes EchoIQ will be a market leader in aortic stenosis and highly competitive in heart failure, with companies like Ultromics serving as benchmarks. "Ultromics raised $55 million recently. Based on that, I believe Echo IQ is currently undervalued at a ~$140M market cap." Expansion Pipeline: More Than Just Two Conditions. EchoIQ’s AI engine is not limited to aortic stenosis or heart failure. The team is exploring: Pulmonary Arterial Hypertension Mitral Valve Regurgitation Hypertrophic Cardiomyopathy The exclusive partnership with NEDA (National Echo Database of Australia) gives EchoIQ access to one of the world’s most comprehensive datasets, allowing future product development to scale rapidly. AI Bias and Equity in Healthcare. One of the most compelling aspects of this conversation was the discussion on AI bias in medical diagnosis, especially regarding gender. EchoIQ’s algorithm has shown it can remove gender bias, diagnosing women with cardiovascular disease at the same rate as men. "We don’t ask for gender in our model, yet we achieve equal diagnostic rates. This is a critical area of impact where AI can do real good." Capital Position & Investor Outlook. Echo IQ recently completed a raise and holds $18 million in cash with no debt. With a burn rate of ~$500k/month, the company has a multi-year runway without needing to return to market. Dustin’s message to investors is clear: “We’ve got cash in the bank, a cleared product, a second in the pipeline, and access to large, growing markets. That’s the definition of robust fundamentals.” And what of market potential? “Look at what Promedicus did. They’re in our space, now worth billions. That’s our blueprint—only faster.” Samso Concluding Comments What stood out in this Coffee with Samso conversation was the real-world practicality of the EchoIQ solution. This is AI working in a tangible, validated, regulated medical setting. EchoIQ (ASX: EIQ) represents the intersection of medtech, AI, and clinical utility—a rare trifecta. With FDA clearance, an upcoming CPT Category III reimbursement milestone, and integrations into world-class hospitals, the foundations are clearly laid for scale. Dustin Haines is a seasoned operator, and his global healthcare perspective, coupled with clear investor communication, suggests a leadership team that understands both product and capital markets. With revenue on the horizon and a growing product pipeline, EchoIQ might well be on track to follow the path of Australia’s next Promedicus. Watch The Coffee with Sasmo: Chapters: 00:00 Start 00:10 introduction 01:47 Introducing Dustin Haines 05:42 The Cardiovascular Diagnosis Issue. 08:33 The milestones for EchoIQ Limited 13:45 What stage is EchoIQ at? 15:07 What is the core medical issue that EchoIQ is solving? 18:27 What is the accepted level of error for the EcoIQ product? 21:16 What is the realistic level of Misdiagnosis for EchoIQ? 23:58 Why is your technology good? 27:13 The EchoIQ WorkFlow Enhancement 30:06 The Revenue Pathway 33:32 Where does EchoIQ sit on the table of Market Leaders? 36:39 Reimbursement is the Key Revenue Driver. 37:46 Can EchoIQ technology be adopted for other pathways? 39:35 How far can AI go? 44:51 The Benefits and Issues of AI 46:57 Why buy EchoIQ shares? 49:54 What market capitalisation could investors of EchoIQ see in the future? 52:37 Dustin Haines' last Words 54:25 Conclusion PODCAST 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. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. 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 News Samso Insights 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. 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 on 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 2 September 2025 High-grade saprolite-hosted rutile confirmed. DY6 Metals Ltd (ASX: DY6) has confirmed the presence of high-grade saprolite-hosted rutile mineralisation across its Central Rutile Project in Cameroon (Figure 1). Results from reconnaissance auger drilling, channel sampling, and stream sediment sampling indicate rutile as the dominant titanium-bearing mineral with minimal ilmenite and no leucoxene. These findings strengthen the case for a globally significant rutile province, adding momentum to the Company’s exploration strategy. Figure 1: DY6’s Central Rutile Project comprises 5 licence blocks which border Peak Mineral’s Minta Project in Central Cameroon. (source: DY6) Key Highlights - The Beginning of a Rutile Story. High-Grade Results: Up to 2.1% rutile over 1m at Nsimbo. Up to 1.57% rutile over 1m at Alamba. Significant channel intercepts include: 3.5m @ 0.78% rutile (5.29% HM) from 0m, including 1m @ 2.1% rutile. 5.8m @ 0.47% rutile (6.98% HM) from 0m, including 1m @ 1.57% rutile. Auger Drilling Intercepts: 2.25m @ 0.6% rutile (8.7% HM), including 0.95m @ 0.96% rutile from surface. 0.8m @ 0.66% rutile (2.81% HM) from surface. 1.35m @ 0.84% rutile (1.23% HM) from surface. Strike Extent: Saprolite-hosted rutile confirmed over 41km strike length between Nsimbo and Alamba (Figure 2). Figure 2: Zoomed-in geological map of the Nsimbo and Alamba licences showing the recently completed reconnaissance sampling campaign. (source: DY6) Systematic Exploration: Soil sampling campaign (35% complete) across the 5,901km² project area. Follow-up reconnaissance auger drilling completed: 24 holes, 237.9m drilled, average depth 9.9m (Figure 3). Figure 3: Locations of reconnaissance auger, channel and stream sediment sampling across the Central Rutile Project. (source: DY6) Project Overview The Central Rutile Project covers 14 exploration permits across 5,901km² in Central Cameroon (Figure 4). Bedrock geology is dominated by kyanite-bearing mica schist, recognised as the primary source of rutile. In-situ weathering liberates rutile into saprolite, forming deposits analogous to Sovereign Metals’ Tier-1 Kasiya deposit in Malawi. Historical records from 1935–1955 show artisanal mining of alluvial deposits yielding ~15,000 tonnes of high-purity (>95%) rutile. Figure 4: Map of Central Cameroon showing DY6’s Central Rutile Project, which encompasses 5,901km2 of prime geological terrain highly prospective for residual, natural rutile mineralisation. (source: DY6) CEO, Cliff Fitzhenry, commented: “These first assays of reconnaissance samples has confirmed the presence of high-grade saprolite-hosted rutile mineralisation at the Central Rutile Project with grades of up to 2.1% and 1.57% over 1m from surface respectively. XRD analysis has also confirmed that the dominant titanium bearing mineral collected at the Central Rutile project in all samples collected is dominated by rutile. At Nsimbo and Alamba reconnaissance exploration has so far delineated an extensive area of ~41km of strike of rutile mineralisation from surface to end of hole. These reconnaissance assays cover 10 shallow auger holes, as well as 12 channel sample localities, which only just scratched the surface of such a large licence package. Our Cameroonian technical team is working expeditiously to prep the samples from the recently completed 24 auger holes covering 237.9m for despatch to the labs in South Africa. These auger holes were drilled to the north of the 41km of strike of defined rutile mineralisation at Alamba and Nsimbo, which we believe represents a highly-prospective target for deep, in-situ hosted rutile mineralisation.” Ongoing Work Soil sampling (~651 samples) to delineate higher-grade areas ahead of deeper auger campaigns (Figure 5). Results pending from follow-up auger drilling at Nsimbo and Alamba, aimed at testing continuity of mineralisation and extensions of strike. Samples from recent drilling are being prepped in-country and will be dispatched for assay to laboratories in South Africa. Figure 5: Map showing the location of all the reconnaissance samples collected to date in the Central Rutile project. (source: DY6) Samso Concluding Comments This announcement is more about the consistency of near-surface rutile grades and the confirmation that rutile is present as a mineral species across the project. DY6 is making a good start with the geological story emerging from Cameroon carries weight. The Central Rutile Project is still in its early exploration phase, yet the scale of mineralisation identified over a 41km strike provides a strong foundation. The combination of systematic soil sampling and auger drilling will build confidence in continuity and grade. Importantly, these results are reconnaissance sampling and the fact that they are returned across multiple licences, suggesting a broader mineralised system. From an investor’s perspective, this work is about laying down the building blocks of a future Tier-1 rutile development. The global rutile market is tight, and discoveries of this nature are increasingly rare. If DY6 can demonstrate scale and economic extraction potential, the significance of this project will move well beyond exploration success. As always, the Samso message remains clear: look beyond the headline numbers, understand the geological setting, and consider the bigger picture. This is how investors can separate signal from noise. DY6’s Central Rutile Project is still an early stage story and it is offering signals worth watching closely. As always, remember to DYOR – Do Your Own Research. Cover photo: Rutile (20241027), Fumikas Sagisavas. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rutile_(20241027).jpg) The Samso Way – Seek the Research At Samso, we separate signal from noise. Real insight comes when investors 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 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.