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

The investment world is constantly changing, influenced by economic shifts, technological breakthroughs, and global events. In 2025, several trends stand out as particularly influential for those investing in the ASX. The business of Renewable Energy is mainstream. Investors need to consider if this is still a good investment product, especially for retail investors. Reflecting on 2025: ASX Investing Themes That Shaped the Year The investment world never stands still. As we head into the final quarter of 2025, it’s clear that this year has been shaped by global realignments, sector-specific breakthroughs, and a recalibration of risk across markets. For ASX investors, 2025 was all about realising the shifting dynamics with the rising gold price and the increasing geopolitical tension. From a micro to small capitalisation mineral resource perspective, ASX investors started to rise with the mainstream narratives for Antimony and Gold. The rise of companies such as Trigg Minerals Limited (ASX: TMG) is a good example of how investor fortunes have risen with a "good story" (Figure 1). Figure 1: Trigg Minerals Limited has seen spectacular growth from the Antimony narrative. (source: Commsec). Let’s unpack the key trends that defined ASX performance in 2025—and what they may be signalling for investing into 2026. Sustainability & Green Energy Critical minerals matured from promise to performance The critical minerals narrative moved from speculative hope to tangible progress in 2025. Australia’s push to become a trusted supplier of “green economy” metals gained credibility, with material developments across lithium, rare earths, rutile, graphite, tungsten, copper, and uranium. Key 2025 highlights: Sovereign Metals (ASX: SVM) progressed the Kasiya rutile-graphite project in Malawi, updating its DFS timeline and attracting increasing European offtake interest via the EU’s Global Gateway. Peak Minerals (ASX: PUA) - Now Lion Rock Minerals Limited (ASX: LRM) gained traction for its Minta rutile project in WA, benefiting from titanium feedstock shortages and interest from pigment and welding markets. Iluka Resources (ASX: ILU) continued de-risking its Eneabba rare earth refinery, receiving further government support under the $4 billion Critical Minerals Facility. Uranium sentiment turned a corner as energy security dominated headlines. Stocks like Paladin Energy (ASX: PDN) and Boss Energy (ASX: BOE) outperformed as utilities returned to the spot market and long-term contracting resumed. 🡲 Looking ahead: The market will increasingly differentiate between resource holders and those moving into production. ESG-backed capital will continue flowing, but only toward projects with robust execution, permitting certainty, and defined offtake pathways. Technology & Innovation AI shifted from hype to healthcare—and infrastructure While generative AI continued to capture global headlines, on the ASX, the most meaningful tech gains came from real-world application, not hype cycles. Key 2025 movements: EchoIQ (ASX: EIQ) secured its first major U.S. commercial integration, following its 2024 FDA clearance for AI-assisted detection of structural heart disease. This milestone triggered momentum towards CPT reimbursement codes and hospital rollout across the U.S. Spenda Ltd (ASX: SPX) expanded its B2B payments ecosystem, integrating AI-driven analytics to enhance SME credit visibility. BluGlass (ASX: BLG) pushed further into the quantum and photonics space, leveraging its RPCVD technology for chip-level innovation. 🡲 For 2026: Investors will focus on unit economics, scalability, and partnerships—especially in AI/medtech, cybersecurity, and quantum sectors. With Nasdaq valuations normalising, ASX tech players will be expected to show clear revenue paths and real-world traction. Healthcare & Biotechnology Clinical milestones and funding survival sorted the leaders from the pack 2025 was a year of reckoning for ASX biotechs. Capital was selective, and companies that executed clinical or regulatory milestones separated themselves from the crowd. Sector standouts: Actinogen Medical (ASX: ACW) completed dosing for its Xanamem Phase 2b Alzheimer’s trial, with topline results expected in Q1 2026. Investors are now watching closely for data readout and commercial partnering moves. Mesoblast (ASX: MSB) finally made headway with the FDA after years of setbacks, reigniting interest in its cell therapy platform. Race Oncology (ASX: RAC) advanced its RC220 anti-cancer compound, generating promising pre-clinical results that position it as a potential follow-on to doxorubicin. Emyria (ASX: EMD) gained momentum as it repositioned from psychedelic-based therapies to data-backed clinical service platforms. 🡲 Going into 2026, the emphasis will remain on clear regulatory de-risking (FDA, EMA), diversified pipelines, and cash runway visibility. Investors will reward science-backed operators with global ambitions and disciplined capital management. Real Estate & Infrastructure Rate resilience and migration drove selective opportunities Despite ongoing interest rate uncertainty through the first half of 2025, ASX property and infrastructure plays performed with nuance: Key market dynamics: Goodman Group (ASX: GMG) and Centuria Industrial (ASX: CIP) benefited from continued demand for logistics and warehousing, especially near major ports and distribution hubs. Charter Hall Social Infrastructure (ASX: CQE) outperformed as the market rotated into education and healthcare real estate, driven by demographic tailwinds. Residential construction plays remained under pressure from cost inflation, but high migration and government incentives created tailwinds for build-to-rent models. 🡲 Outlook for 2026: Watch for macro easing cycles, REITs with strong cash flows, and exposure to social and industrial infrastructure that aligns with long-term demand. Geopolitical Realignment & Emerging Markets Africa, Southeast Asia, and non-China growth mattered In 2025, global geopolitical tensions and supply chain realignments played directly into ASX-listed companies with international exposure: Relevant developments: DY6 Metals (ASX: DY6) pushed exploration in Malawi, tapping into U.S. and Japanese interest in African REE sources. Blackstone Minerals (ASX: BSX) refocused its Vietnam operations toward downstream nickel-cathode supply chains, targeting Korean battery majors. Perseus Mining (ASX: PRU) and West African Resources (ASX: WAF) benefitted from rising gold prices amid geopolitical uncertainty and USD volatility. 🡲 For 2026, geopolitical risk premiums will remain elevated. Companies with resource-nationalism resilience, multilateral funding support, or sovereign offtake partners will be favoured. How Do You Calculate Investment Required based on Expected Rate of Return on Investment? One of the key trigger points for the average investor is "How Much Do I Need to Make a Return per Month?". For example, generating a steady income of $3,000 per month from investments depends on the expected rate of return and the type of assets chosen. Here’s a simplified approach to estimate the required capital: Determine your target annual income: $3,000 x 12 = $36,000 per year. Estimate your expected annual return: Conservative investments might yield 4-6%, while higher-risk assets could offer 8-10% or more. Calculate the investment needed: At 4% return: $36,000 ÷ 0.04 = $900,000 At 6% return: $36,000 ÷ 0.06 = $600,000 At 8% return: $36,000 ÷ 0.08 = $450,000 Keep in mind that higher returns usually come with increased risk. Diversifying your portfolio and reinvesting dividends can help achieve your income goals more sustainably. Actionable tip: Consult with a financial advisor to tailor your investment plan based on your risk tolerance and financial goals. Financial planning materials for investment income calculation Practical Tips for Maximising Your Investment Returns in 2026 Diversify your portfolio: Spread investments across different sectors and asset classes to reduce risk. Stay informed: Follow market news and updates on key investment trends to adjust your strategy as needed. Focus on quality: Invest in companies with strong fundamentals, good management, and sustainable business models. Use tax-efficient accounts: Take advantage of tax-advantaged investment accounts to maximise after-tax returns. Monitor fees: Choose low-cost funds and be mindful of transaction fees that can erode gains. Set clear goals: Define your investment objectives, time horizon, and risk tolerance before committing capital. Concluding the Investment Environment in 2026 - Key Investment Trends. The year 2025 has been a period of consolidation and transition for ASX investors. From critical minerals to biotechnology, the stories that unfolded on the market were not about speculative hype but about companies demonstrating tangible progress. For followers of Samso content, the themes we have consistently discussed—sustainability, innovation, healthcare, and global realignment—have each provided their own set of examples that help us better understand the forces shaping the market. Sustainability remained at the forefront, with projects such as Sovereign Metals’ Kasiya rutile-graphite development and Peak Minerals’ focus on rutile in Western Australia drawing attention to how critical minerals fit into the global decarbonisation effort. These stories highlighted the importance of long-term strategic positioning rather than short-term price action. Technology and innovation also featured strongly. Conversations with companies like EchoIQ (ASX: EIQ) reminded us that artificial intelligence is no longer a distant concept—it is being applied to address real challenges in healthcare, with FDA-cleared tools now making their way into hospitals. This is a continuation of a theme Samso has been exploring for years: the intersection of technology with practical outcomes. In healthcare and biotechnology, the year brought both challenges and breakthroughs. Actinogen (ASX: ACW) progressed its Alzheimer’s trial, while companies such as Mesoblast (ASX: MSB) and Race Oncology (ASX: RAC) kept the narrative alive around innovation in treatments for complex diseases. These developments illustrate the patience required when investing in this sector, something Samso has often emphasised in past discussions. Real estate and infrastructure were shaped by the same forces we have written about previously—population growth, logistics demand, and the ongoing need for social infrastructure. The performance of groups such as Goodman (ASX: GMG) and Charter Hall (ASX: CHC) served as reminders of how demographic shifts and structural demand underpin certain investment stories, regardless of short-term sentiment. Geopolitics also remained an unavoidable backdrop. ASX companies active in Africa and Southeast Asia, such as DY6 Metals (ASX: DY6) and Perseus Mining (ASX: PRU), highlighted both the opportunities and the risks of looking beyond Australia. These are not new ideas for Samso readers—we have long pointed out that resource narratives often sit within broader global supply chains and geopolitical realities. Samso Concluding Comments Looking back, 2025 has underscored many of the recurring themes we have explored on Samso over the years. The lessons have been less about telling investors what to do and more about recognising how markets evolve and how companies adapt to change. As we move towards 2026, the challenge remains the same: to follow the stories, understand the context, and see how they fit into the broader investment landscape. At Samso, the aim has always been to provide that context, separating the signal from the noise, and letting readers form their own conclusions about where the opportunities may lie. As we head into 2026, investors would do well to ask: Who has moved beyond promises and delivered milestones? Which teams are aligned with structural tailwinds and de-risked jurisdictions? Where is the capital disciplined and product-market fit real? At Samso, we continue to believe that insight comes from looking deeper than the headlines. The signals are there—you just need to tune into them. Cover photo: Brussels Stock Exchange (1), Bernard Lee. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Brussels_Stock_Exchange_(1).jpg) The Samso Way – Seek the Research At #SamsoNews, the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only emerge when investors take the time to do their own research and look beyond the headlines. 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 1. 2 September 2025 – First Hong Kong Site Activated for RC220 Trial 2. 16 September 2025 – Race Breakthrough Composition of Matter IP Discovery 3. 17 September 2025 – Hong Kong Investor Lunch Briefing Details When Race Oncology Limited’s (ASX: RAC) share price doubled at the start of last week, many investors were left asking the same question: What just happened? The answer, as is often the case with biotech catalysts, lies in a combination of significant scientific developments, strong IP positioning, and a clear signal to the market that management is preparing for the next stage of value creation. Key Highlights—Anti-Cancer Solution Breakthrough Composition of Matter IP Race announced a landmark discovery that bisantrene – their flagship anticancer drug – consists of three photoisomers, with only the (E,E)-bisantrene isomer having significant anticancer activity (Figure 1). Race has now filed three patent applications covering: The chemical structure of (E,E)-bisantrene. Manufacturing and formulation processes to deliver pure active isomer. Use patents to ensure protection across future clinical and commercial applications. If granted, these patents reset the IP clock, providing up to 20 years of the strongest protection possible, potentially extended under patent term extension rules until 2045. This is not just a technical milestone – it fundamentally changes the commercial prospects of both RC110 and RC220, Race’s key formulations. For pharmaceutical partners, long-life composition of matter IP is the gold standard and is often the trigger for serious licensing discussions. Figure 1. Interconversion between the different bisantrene isomers by visible light or heat. (source: RAC) Minimising Risk and Maximising Value Race emphasised that all current and past clinical trials – including the Sheba Phase 2 AML studies and the ongoing RC220 cardioprotection trial – used pure (E,E)-bisantrene, not the mixed isomer formulations of the 1980s. This provides two key benefits: Clinical consistency – ensuring every patient receives the same active dose. Commercial defensibility – regulators will not approve generic versions with variable levels of active API, effectively preventing competition. Figure 2: Example of cis/trans isomers (source: RAC) Investor Engagement and Hong Kong Briefing On 17 September, Race announced a special investor lunch briefing in Hong Kong for 14 October 2025. Dr Pete Smith (Executive Chairman) and Dr Daniel Tillett (CEO) will present an update on clinical development plans and discuss the significance of the newly opened Hong Kong trial sites – a key step in Race’s global program expansion. This face-to-face investor engagement, combined with fresh patent news, has likely fuelled renewed market confidence and positioned RAC as an attractive story for both institutional and retail biotech investors. Figure 3: Share price chart showing sharp rise as of 7th October 2025 (source: CommSec). Market Context – Why the Share Price Moved The doubling of RAC’s share price is likely a combination of: Perceived de-risking – strong IP protection until 2045 removes a major commercial uncertainty. Pipeline clarity – confirmation that both RC110 (AML) and RC220 (cardioprotection/solid tumours) are protected and could advance independently into pivotal trials. Investor awareness – Hong Kong briefing and international site openings bring fresh attention from a new investor base. Next Steps Race will hold its webinar on 18 September 2025 to discuss the significance of the discovery in detail. The market will also be watching closely for updates on: Progress towards partnering or licensing deals. Timelines for a potential pivotal Phase 3 AML trial with RC110. RC220 clinical readouts as recruitment continues. Samso Concluding Comments Race Oncology’s announcement has given the market a very strong reason to re-rate the company. The fact that they now hold composition of matter IP over the active (E,E)-bisantrene isomer until 2045 is a milestone that many small biotechs never achieve. This is not just a scientific curiosity – it is the cornerstone of commercial defensibility and a key enabler for licensing discussions. The near quadrupling of the share price at the start of September tells us that the market sees this as a transformational event. Importantly, it also reflects confidence that Race management is positioning the company for the next stage of growth. Opening clinical trial sites in Hong Kong and scheduling an investor briefing there signals a strategy to attract global attention. With a share price now at AUD $4.01, investors need to understand that the appreciation is coming from good execution. As the majority of my experience in the share market has a strong bend from the mineral resource sector, where speculation is king. A business like RAC is a welcome relief with sound fundamentals. Will Race be able to convert this IP into a major partnership or funding deal? Can they advance RC220 while preparing RC110 for a pivotal Phase 3 trial in AML? These are the value catalysts that could take RAC to the next level. As always, remember that IP protection, while powerful, is only part of the story. Clinical data, regulatory approval, and commercial strategy will determine whether this price momentum holds over the long term. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) The Samso Way – Seek the Research Always look beyond the share price spike. Treat this move as a validation point, not the final destination. Track management’s ability to convert IP strength into commercial outcomes, watch for follow-on announcements, and consider how this positions Race within the global oncology landscape. 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 DY6 Advances Metals Portfolio 2 October 2025 DY6 Metals Ltd (ASX: DY6) has delivered a practical operational update across its Malawian projects (Figure 1), completing follow-up surface sampling at Tundulu and commencing a new grid-based program at Machinga. The work targets high-value mineralisation in gallium (Ga), rare earth elements (REEs), niobium (Nb), and phosphate, with assays in preparation for SGS Randfontein. Figure 1: Location of Malawian Projects (source: DY6) DY6 Metals CEO, Cliff Fitzhenry, commented: "We are extremely pleased with the progress being made across our Malawian assets. The completion of follow-up sampling at Tundulu marks another important milestone in advancing what we believe is a highly strategic project, with significant exposure to gallium, rare earth elements, and phosphate. Early results and historical data continue to highlight the outstanding grade profile and scalability of Tundulu, and we see clear potential to define a globally relevant gallium and REE resource. With only a fraction of the project area tested to date, the upside opportunity remains substantial. At the same time, our new sampling program at Machinga is targeting high-priority anomalies and building on recent successful drilling. The strong geological continuity we’re observing gives us growing confidence in the potential to expand mineralisation and unlock further value. DY6 Metals is systematically advancing a critical metals portfolio that aligns with global demand trends for clean energy and advanced technologies. We are excited by the momentum building across our projects and remain focused on delivering meaningful exploration results that drive shareholder value." Key Highlights - The search for Gallium - Phosphate - REE - HREE - Niobium. Tundulu sampling completed: 90 soil & rock-chip samples collected over 11 north–south lines (50 m line spacing; 50–100 m station spacing) focusing on known and prospective high-grade REE and gallium zones (Figure 2). Historical high-grade context at Tundulu: prior drilling includes intercepts such as 25 m @ 64.63 g/t Ga₂O₃ & 1.03% TREO from 45 m, including 9 m @ 81.85 g/t Ga₂O₃ from 61 m (TU008), and spot grades up to 310.46 g/t Ga₂O₃ & 5.68% TREO at 97–98 m (TU043). Under-tested upside: only ~40% of the most prospective area has been drill-tested to date, leaving scope for scale and extensions. Machinga program underway: a 116-sample grid (400 m × 200 m) is targeting a strong radiometric anomaly and following up maiden RC/DD results; mineralised zones show strong correlation with radiometric highs, supporting systematic targeting. Assays pending from both programs; samples being prepared in Zomba before dispatch to SGS Randfontein (South Africa). Figure 2: Tundulu Project Location Map and Historical Drill Hole locations over Nathace Hill. (source: DY6) Project Update — Tundulu: REE – Phosphate – Gallium The completed work at Tundulu focused on Nathace Hill, where carbonatite units (sovite, bastnäsite/synchysite-bearing carbonatite, apatite-sovite, agglomerates, and syenites) host REE–P mineralisation with gallium potential. The current surface grid partially twins historical data points to validate earlier results while opening up previously untested ground (~60%). DY6 emphasizes the strategic nature of Tundulu, given the intersection of REE, Ga, and phosphate in one intrusion within the Chilwa Alkaline Province. Figure 3: Nathace Hill at Tundulu Project Hill showing sampled points. (source: DY6) 📌Why this matters: Tundulu continues to screen as a multi-commodity carbonatite with high-grade Ga hits alongside meaningful TREO/phosphate. Confirmation sampling plus pending assays could tighten vectors for follow-up drilling and potential resource definition work. Project Update — Machinga: HREE & Niobium At Machinga (southern Malawi), DY6 has mobilised for a 116-station soil/rock-chip program on a 400 m × 200 m grid. The targeting relies on a pronounced radiometric anomaly that correlates with previously observed mineralisation from the maiden RC/DD campaign, increasing confidence in stepping out towards higher-grade areas. The company frames Machinga as significantly under-explored with HREE and Nb upside. Operational Momentum & Next Steps Laboratory workflow: Samples are being prepped in Zomba and dispatched to SGS Randfontein for ICP-MS (Na fusion) and XRF analyses; QA/QC will include blanks and certified standards. Data integration: Pending assays from both Tundulu and Machinga will be layered over radiometrics, lithology mapping, and historical datasets to refine drill targets and validate historical high-grade gallium zones at depth. Follow-up drilling: Validation drilling over key Tundulu positions is identified as a logical next step following assay results. Samso Concluding Comments It is good to see that DY6 is doing exploration here in Malawi. It was here that first brought me to look at DY6. In fact, it was the releases on the projects in Malawi created my awareness of DY6. The chase for the Gallium - Phosphate - REE - HREE - Niobium suite of commodities is going to be the focus. Tundulu remains the standout — REEs, gallium and phosphate within a carbonatite system—with only a fraction of the footprint meaningfully drilled. Machinga adds leverage on HREE and niobium with a sensible radiometric-led target definition. Near-term value hinges on assay quality and correlation. If SGS results confirm the historical high-grade gallium/TREO signatures at Tundulu and align with radiometric highs at Machinga, DY6 earns the right to drill with precision. If they don’t, the work still tightens vectors, saves metres later, and clarifies the next round of targeting. Either way, the program is set up to be decision-rich. This is a very early stage exploration story, but as much as the jurisdiction is in question, this is also a place for great discoveries for DY6. As they say, No Pain No Gain. Figure 4: The share price chart for DY6 Metals Limited as of 13th October 2025. (source: CommSec). For investors, the outstanding assays will be the first milestone and the rest is a matter of funding and luck. Drilling and looking for the potential carbonatite is going to be the key highlight, and the next stage of exploration activities will determine the fate of the company. The Company is still an AUD$20M market capitalised company, and as Figure 4 shows, there is still a fair bit of value left from the last boost in May 2025. The key for DY6 is to start advanced exploration and get some numbers to wave their hands around. I think with some solid discovery news, it could be at least nearer the AUD $100M mark based on the levels of market speculation observed lately on the ASX. Lion Rock has a market value of AUD $145M at the time of writing, so it is feasible for DY6 to get close to that level with some good numbers. I have recently been told that the cornerstone investors are very supportive and are very "sticky" shareholders. These are good points for allowing DY6 management to get stuck into the rigours of mineral exploration. Post 2025, I feel that the global markets and thus investors will start to have an appreciation of the level of scarcity of these critical commodities. The geopolitical situation does not look like it's going to settle down anytime soon, so as long as the uncertainty is present, there is going to be a critical nature to the Gallium - Phosphate - REE - HREE - Niobium suite of commodities. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research As always, investors should cross-reference this summary with the source announcement, examine JORC Table 1 details, and track subsequent assay disclosures to validate thesis strength and target evolution. #SamsoDYOR 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 Algorae Signs Exclusive License Agreement with Sakar 23 September 2025 Algorae Pharmaceuticals Ltd (ASX: 1AI) takes a step towards establishing a commercial presence in the Australian and New Zealand markets. The Company has entered into an exclusive licensing agreement with global pharmaceutical manufacturer Sakar Healthcare Limited (NSE: SAKAR, BSE: 538377) (Figure 1) to launch five oncology medicines across the region. Figure 1: Sakar Healthcare (source: Sakar Healthcare) This move strengthens Algorae’s position as an AI-enabled pharmaceutical company and complements its research and development initiatives, including the ongoing high-throughput validation program at the Peter MacCallum Cancer Centre (Figure 2). Figure 2: Peter MacCallum Cancer Centre, Australia’s leading cancer treatment, education and research institute. (source: Victorian Comprehensive Cancer Centre) Key Highlights - Beginning the Oncology Business. Exclusive Commercial Licensing Agreement – Algorae secures rights to launch five oncology medicines into the Australian and New Zealand markets. Addressable Market – The combined annual market opportunity for these products is estimated at ~A$10 million. Regulatory Pathway Underway – Algorae has commenced planning for TGA registration to enable timely commercialisation. Strategic R&D Complement – The deal aligns with the ongoing 21 oncology drug target validation program at Peter MacCallum Cancer Centre, with results expected in Q4 2025. Building a Commercial Presence This agreement represents Algorae’s first commercial deal in the region and provides an immediate pathway to revenue generation. By partnering with Sakar, a globally recognised manufacturer with EU-GMP and WHO-GMP certified facilities, Algorae strengthens its ability to deliver high-quality oncology medicines. Algorae’s on-site due diligence in Ahmedabad, Gujarat, India, confirmed Sakar’s production capacity, quality systems, and regulatory compliance. The partnership is designed to enhance patient access to trusted therapies while positioning Algorae for long-term growth. Management Commentary Algorae Chairman, Mr David Hainsworth, stated: “Our licensing agreement with Sakar is a significant milestone as Algorae expands its commercial footprint, enhances patient access to trusted therapies, and positions the Company for long-term growth. This partnership allows us to leverage Sakar’s established manufacturing capabilities, and we are delighted to be working alongside Mr Sanjay Shah and his team.” Algorae Chief Commercial Officer, Mr Vishal Shah, commented: “The Sakar license agreement represents Algorae’s first commercial deal for the Australian and New Zealand markets with six key generic oncology medicines. These products will be marketed under the Algorae brand, and we are delighted to partner with Sakar on this exciting commercial opportunity that strengthens both companies’ growth ambitions.” Sakar Managing Director, Mr Sanjay S. Shah, stated: “We are pleased to partner with Algorae Pharmaceuticals in a licensing agreement for the Australian and New Zealand markets. This collaboration combines Sakar’s proven manufacturing expertise with Algorae’s commercial focus, supporting greater access to high-quality oncology medicines in the region. About Sakar Healthcare Founded in 2004 and headquartered in Ahmedabad, India, Sakar Healthcare is a vertically integrated pharmaceutical group with a strong focus on oncology. The company manufactures APIs and finished dosage forms, including sterile injectables, oral liquids, tablets, and emerging dosage forms, and exports to more than 60 countries across Europe, Asia, Africa, and Latin America. About Algorae Pharmaceuticals Algorae Pharmaceuticals (ASX: 1AI) is an AI-enabled drug discovery company pioneering the identification of synergistic drug combinations to address unmet medical needs. Its proprietary platform, AlgoraeOS, uses machine learning and deep neural networks to generate fixed-dose combination (FDC) drug candidates, leveraging existing clinical and scientific data to accelerate development and reduce costs (Figure 3). Figure 3: AlgoraeOS (source: 1AI) By combining commercialisation opportunities with a growing pipeline of AI-predicted therapies, Algorae is positioning itself as a key player at the intersection of AI and biopharma innovation. Samso Concluding Comments This announcement is a step forward for Algorae, shifting it from a purely R&D-driven narrative to one with a near-term commercial pathway. The partnership with Sakar provides credibility, manufacturing strength, and a tangible route to revenue. The most interesting aspect for investors is the dual-track approach: while commercialisation of generic oncology medicines provides cash flow potential, the AI-enabled oncology drug discovery pipeline could unlock higher-value, differentiated opportunities over time. This deal effectively de-risks Algorae’s entry into the market while keeping its innovation pipeline intact. As results from the Peter Mac validation program come through in late 2025, the market will have more data to assess the long-term value of AlgoraeOS. The AI + Pharma theme is a growing theme on the ASX, and this will be an interesting company for Samso News to follow. Currently, 1AI has a market capitalisation of just under AUD $16.9M and the share price chart below is indicating a good base for investors to take stock and do some good old DYOR. Figure 3: The share price chart for 1AI as of 13th October 2025. (source: CommSec) Cover photo: Apparaat voor electrocoagulatie 2, Mx Lucy. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Apparaat_voor_electrocoagulatie_2.jpg) The Samso Way – Seek the Research Follow Algorae’s TGA approvals, track launch timelines, and watch Q4 2025 R&D results for the bigger picture. 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 Diggers & Dealers Presentation 2025 Boss Energy Ltd (ASX: BOE) has achieved a significant operational milestone with the successful restart and ramp-up of the Honeymoon Uranium Project in South Australia (Figure 1). As one of the few new uranium producers to emerge in a tightly held global market, Boss is positioning itself as a first mover in a sector benefiting from rising long-term uranium prices, policy momentum, and expanding nuclear power infrastructure. Figure 1: Honeymoon Uranium Project in South Australia (source: BOE) 🔹 Honeymoon Uranium Project Restart – From Restart to Cashflow Positive The April 2024 restart of the Honeymoon Uranium Project marked the return of commercial uranium production from this historic South Australian operation. Now, just over a year later, Boss Energy has exceeded its FY2025 production guidance with 872,607 lbs of U₃O₈ produced, beating its original target of 850,000 lbs. Key achievements for Boss Energy at the Honeymoon Project include the declaration of commercial production in January 2025, followed by the project becoming free cash flow positive by April 2025. In the June 2025 quarter, production performance saw a marked improvement, with drummed U₃O₈ output rising by 18% and IX production increasing by 60% compared to the previous quarter. Notably, the C1 cash cost for the second half of FY2025 was reported at US$23/lb, placing Boss well below industry average and highlighting the operational efficiency of the ramp-up phase. Figure 2: NIMCIX columns 1 to 3 at nameplate capacity (source: BOE) Boss attributes this success to consistent wellfield performance and the operation of NIMCIX columns 1 to 3 at nameplate capacity, with columns 4 to 6 now practically complete and set for commissioning (Figure 2). 🔹 Wellfield Expansion and FY2026 Guidance The Company’s ramp-up strategy is gaining momentum. With three wellfields already in operation, five more (B4–B8) are scheduled to come online progressively throughout FY2026. By the end of FY2026, Boss expects all nine wellfields to be operational, supporting its production guidance of 1.6 million lbs of U₃O₈ for the year. For FY2026, Boss Energy is targeting uranium production of 1.6 million pounds of U₃O₈ from the Honeymoon Project. The Company has guided for a competitive C1 cash cost of US$27–29/lb, with an all-in sustaining cost (AISC) forecast between US$41–45/lb. To support this continued ramp-up, total capital expenditure is expected to range between A$56–62 million, including investment in new wellfields, infrastructure upgrades, and final commissioning of additional NIMCIX columns. Figure 3: NIMCIX columns 1 to 3 at nameplate capacity (source: BOE) Boss is also investing in long-term value creation through the finalisation of NIMCIX commissioning, construction of new wellfields, and enhancements to drying and packing infrastructure. Importantly, ramp-up efforts are matched by measured cost control and capital allocation. 🔹 Exploration to Sustain and Grow Production Boss is simultaneously advancing its satellite deposit strategy to underpin mine life extension. During the quarter: Infill drilling at Gould’s Dam and Jasons satellite deposits returned strong intersections, such as 3.25m @ 3,873 pU₃O₈ (WRM176) (Figure 4). Mineral Resource Estimate (MRE) updates for both deposits are scheduled for this quarter. Permitting processes for satellite deposits have commenced. Exploration at greenfield targets, including Cummins Dam, continues with passive seismic surveys and aircore drilling. Figure 4: Exploration Activities for Uranium (source: BOE) These exploration efforts are designed to convert known mineralisation into future production and leverage Honeymoon’s existing infrastructure. 🔹 Strategic Platform: Tier 1 Focus and International Growth Beyond Honeymoon, Boss Energy is building a diversified uranium production platform across tier-one jurisdictions: Alta Mesa (Texas): 30% JV stake; ramping up, with 204,000 lbs U₃O₈ produced in the recent quarter. Laramide Resources (Canada-listed): Strategic stake increased to 19.9%; includes the Westmoreland Project in Queensland (65.8M lbs U₃O₈ MRE). Alligator Rivers (NT): Earn-in agreement with Eclipse Group. Kazakhstan: 6,000 km² land position in the Chu-Sarysu Basin. 🔹 Positioned for Long-Term Uranium Price Upside Boss Energy is well-positioned to benefit from the rising long-term uranium price, which is now at an all-time high in AUD terms. With approximately 85% of uranium traded under long-term contracts, the sustained strength of this pricing mechanism—currently around US$80/lb—supports Boss Energy’s commercial production strategy and underpins strong cash flow potential from its Honeymoon and Alta Mesa operations. Figure 5: U₃O₈ Prices Since 2004 – Spot vs Long-Term (AUD) (source: BOE) Samso Concluding Comments Boss Energy’s successful restart of the Honeymoon Uranium Project in South Australia is a rare story of persistence, planning, and precision in execution. What began with a 2015 acquisition has now materialised into a cash-generating, fully operational uranium mine—one of the very few globally to reach commercial production status in recent years. In the context of rising long-term uranium prices, global policy tailwinds, and energy security concerns, Boss is no longer a speculative uranium play. It’s a proven producer with a scalable foundation. The ramp-up strategy is clear, the wellfield development is sequenced, and cash costs are competitive—this is exactly what long-term investors look for in a resource story. What also stands out is the company’s broader platform: Alta Mesa, the Laramide stake, and ongoing exploration across Australia and Kazakhstan offer Boss the kind of multi-asset, multi-jurisdictional exposure that is often spoken about, but rarely delivered at this scale from the ASX. The takeaway is simple: Boss Energy has moved out of the explorer category. Honeymoon is not a case study—it’s a case closed. The production is real, the uranium is flowing, and the balance sheet is strong. From here, it’s about scaling, securing offtakes, and staying ahead of the demand curve. For those watching the uranium sector evolve from promise to production, Boss Energy has quietly become one of the sector’s new benchmarks. 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 The uranium narrative is often driven by headlines, but value lies in the details. Boss Energy’s approach—grounded in disciplined ramp-up, tangible production metrics, and long-term infrastructure investment—exemplifies how real value is created in the resource sector. Honeymoon is no longer a future story—it’s a producing asset with momentum, and it warrants a close look from investors seeking exposure to the global nuclear revival. 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 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 Emyria Commences National Expansion with Avive in Brisbane Emyria Limited (ASX: EMD), a pioneer in evidence-based mental health care, has announced a strategic move into Queensland via a new agreement with Avive Health. This initiative marks the Company’s first Queensland-based clinic and a critical step in Emyria’s nationwide expansion strategy. The new clinic, to be located within Avive’s licensed 63-bed mental health hospital in Brisbane, will house an Empax Centre focused on treatment-resistant depression and Post-traumatic stress disorder (PTSD). Figure 1: The Avive mental health hospital in Brisbane features a 63-bed facility that combines a restored heritage-listed exterior with a modern, welcoming interior reception area. (source: EMD) This announcement follows closely on the heels of Emyria’s landmark reimbursement agreement with Medibank Private Ltd (ASX: MPL), underscoring a growing demand for reimbursable, specialised mental health treatments. The Brisbane clinic is expected to begin operations in Q4 CY2025, subject to approvals and fit-out completion. 1. Key Highlights - The Care for Mental Health Solution. ✅ Landmark Agreement: Emyria has secured an exclusive deal with Avive Health to launch its first Empax clinic in Queensland, specifically within Avive’s licensed Brisbane hospital. ✅ First Right of Refusal: The agreement includes first rights to expand into Avive-operated hospitals in Victoria and South Australia, supporting further national rollout. ✅ Capital-Light Expansion Model: Avive provides infrastructure and licensure, while Emyria delivers the full clinical team and Empax programs, enabling cost-effective scaling. ✅ Strategic Fit: This initiative aligns with Emyria’s Medibank agreement to deliver reimbursed psychedelic-assisted therapy and addresses high unmet needs in PTSD and treatment-resistant depression. ✅ Strong Demand & Timeline: The Brisbane clinic is expected to significantly expand patient capacity, with treatments to commence in late 2025. 2. Strategic Rationale and National Expansion Vision Mental health remains one of Australia’s most pressing chronic conditions, with PTSD affecting approximately 1 in 11 Australians and disproportionately impacting women, veterans, and first responders. Emyria’s Empax program responds to this demand with a scalable, clinically validated model that delivers real-world care while capturing actionable data to inform future therapies. This expansion into Brisbane is a major step in Emyria’s broader strategy, which includes: Opening additional Empax centres in major Eastern states. Partnering with hospital networks and insurers to support access and affordability. Expanding indications beyond PTSD and TRD. Leveraging real-world data to support regulatory and payer engagement. The partnership with Avive allows Emyria to embed its Empax protocols directly into Avive’s hospital systems, supporting integrated, high-quality care delivery. Greg Hutchinson, Emyria’s Executive Chairman, commented: “This agreement with Avive is a key milestone in our east coast expansion strategy and allows us to bring our innovative Empax model of care to patients in Queensland. Our recent agreement with Medibank was the first of its kind and strong validation of our approach, and we are now building on that momentum to expand patient access to funded, innovative mental health care, nationally.” Mark Sweeney, Co-CEO of Avive, added: “Avive is committed to becoming Australia’s leading provider of innovative, high-quality mental health care. This partnership with Emyria and the establishment of an Empax Centre within our Brisbane facility reflects our ambition to integrate cutting-edge treatments into our service offering.” Samso Concluding Comments The agreement with Avive represents more than just geographic expansion—it affirms the robustness of Emyria’s scalable, capital-efficient model. With infrastructure costs largely offset through partnerships, the Company continues to extend its clinical footprint without compromising its balance sheet. This is particularly important in the current investment climate, where capital preservation is as important as growth. For investors, Emyria’s positioning within the reimbursed mental health space, particularly through novel psychedelic-assisted therapies, sets it apart from traditional healthcare players. The alignment with a trusted insurer (Medibank) and now a growing hospital operator (Avive) brings commercial credibility to its strategy. As the mental health crisis in Australia intensifies, Emyria’s ability to provide structured, data-backed, reimbursable care gives it a real-world advantage. The forward momentum—clinically, commercially, and geographically—is clear. The Company is building its growth through deliberate partnerships and evidence-based protocols. For investors tracking next-generation healthcare platforms, Emyria offers an intriguing combination of innovation, execution, and early-stage traction. Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.JPG) The Samso Way – Seek the Research At Samso, we encourage readers to engage deeply with Emyria’s strategic evolution. The mental health space is not only a humanitarian priority but also a sector poised for sustained investment attention. The Company’s investor hub and consistent ASX updates offer ample transparency—do the research, ask questions, and stay informed. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals Limited (ASX: OD6) has delivered a key milestone at its 100%-owned Splinter Rock Rare Earth Project in Western Australia, producing high-quality Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH) with low impurities and strong commercial payability potential (Figure 1). The results, achieved through recent flowsheet developments, confirm Splinter Rock’s capability to produce a premium, magnet-rich rare earth product that meets or exceeds global benchmarks, positioning the project among the top tier of global rare earth ventures. Figure 1: The Splinter Rock Project (source: OD6) Highlights - Is this the Beginning of an Australian Rare Earths Production Story? High-Grade Products: MREC grading ~56% TREO and MREH grading ~59% TREO, produced via a simplified, scalable heap leach and impurity removal flowsheet. +90% of value derived from high-demand Magnetic Rare Earths (Nd, Pr, Dy, Tb). Exceptional Product Quality: Low impurities (Al, Fe, P, Si). Uranium and thorium content below 0.001%, avoiding refinery penalties. Meets or exceeds global MREC/MREH specifications. Commercial Positioning: Benchmark payability typically 70–85% of REO basket value; OD6 positioned for premium rates. Engaging with potential offtake partners in Asia, Europe, and North America. Strategic Advantage: Innovative processing pathway using heap leach, nanofiltration, ion exchange, and impurity control. Partnerships with ANSTO and CPC Engineering to finalise optimal development pathway. Product suited for high-tech defence, electronics, and renewable energy applications. Technical Overview The nine-month metallurgical program, undertaken in collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO), successfully demonstrated a comprehensive, multi-stage process designed to extract and refine high-value rare earth elements from Splinter Rock’s clay-hosted deposits. This work represents a critical advancement in OD6’s processing capabilities, confirming the technical viability of producing premium-grade Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH) products. As illustrated in Figure 2, the process integrates heap leaching, nanofiltration, ion exchange, and impurity removal to achieve exceptional product quality with low impurity levels, while maximising the recovery of magnet-rich rare earths essential for high-tech and renewable energy applications. Heap Leaching: Low-acid recovery from rare earth-bearing clays. (refer ASX 16 October 2024) Nanofiltration: Acid recycling and REE concentration. (refer ASX 4 August 2025) Ion Exchange: Enhanced removal of Fe and Al to reduce downstream risk. (refer ASX 7 August 2025) Impurity Removal: Final elimination of deleterious elements. Product Precipitation: Recovery of MREC (via Na₂CO₃) or MREH (via NaOH), followed by washing and drying. Figure 2: Indicative processing steps including Heap Leach, Nanofiltration plus Ion Exchange & Impurity Removal (source: OD6) The high-quality Mixed Rare Earth Carbonate (MREC) product produced from heap leach solutions at ANSTO as part of the Splinter Rock metallurgical program (Figure 3). The image highlights the tangible outcome of OD6’s nine months of testwork, demonstrating the successful precipitation of a saleable, low-impurity rare earth product that meets or exceeds global benchmarks. Figure 3: OD6 Splinter Rock Heap Leach MREC Product produced at ANSTO (source: OD6) Both products showed >55% TREO with magnetic rare earths forming over 90% of value. Low impurity levels, especially <0.001% U+Th, ensure favourable marketability (Figure 4). Figure 4: Impurity Removal Curve showing decreasing Al and Fe concentration as pH is increased (source: OD6) OD6 Metals Next Steps Optioneering Study OD6 Metals has appointed CPC Engineering to conduct an Optioneering Study that will assess several technically viable flowsheet options for the Splinter Rock Project. The study will evaluate each pathway on cost efficiency, recovery rates, scalability, and final product quality to select the optimal development route. Completion is expected this quarter. Offtake Engagement The company is actively engaging with potential offtake partners to evaluate commercial payability for its MREC and MREH products. These discussions are aimed at securing agreements that reflect the premium quality and low impurity levels of Splinter Rock’s output. Scale-Up Testing Plans are in place to scale up heap leach and impurity removal testwork using approximately one tonne of PQ diamond core material. This will enable the production of around one kilogram of MREC, providing multiple samples for optimisation trials, customer assessment, and offtake negotiations. Managing Director Brett Hazelden commented: “This is a significant milestone for OD6 and reinforces Splinter Rock’s potential to become a competitive and scalable producer of high value rare earth products. Our innovative processing pathway – using a combination of nanofiltration, ion exchange and impurity control - has enabled us to produce a high-quality, low-impurity MREC and MREH product that meets or exceeds global benchmarks. This opens the door to a wide range of potential offtake partners and is expected to result in favourable payability. We believe the ability to deliver a high quality, magnet-rich mixed rare earth product from a low-cost leaching system gives us a unique strategic advantage. We look forward to engaging with international separation facilities, end users and governments.” Samso Concluding Comments The significance of these results cannot be overstated. OD6 has finally moved beyond theoretical metallurgy into the production of a saleable, high-value product that ranks competitively on a global scale. Could this news be a sector-changing event, as the market has been struggling to see light at the end of the tunnel for the last 2 years? In a market where quality and impurity levels directly dictate pricing and offtake interest, Splinter Rock’s specifications provide a meaningful competitive edge. This ASX release may be what the market needs to see in regards to the viability of the clay-hosted REE in Australia. The combination of high TREO grades, dominance of magnetic rare earth content, and a processing route designed for scalability places OD6 in a strong position as the rare earth sector continues to attract strategic investment. With downstream engagement now underway, the pathway from testwork to commercial agreements appears tangible and strategically timed. OD6’s ability to produce both carbonate and hydroxide forms offers flexibility to meet diverse customer requirements, an important factor in securing premium contracts. The coming quarters, particularly with the outcome of the Optioneering Study and scale-up testwork, will be pivotal in confirming Splinter Rock’s place as one of the world’s leading clay-hosted rare earth projects. The main obstacle for investors is the belief that OD6 can maintain this level of product quality through scale-up and into production. Investors want to see if Splinter Rock can stand alongside the leading global clay-hosted rare earth projects, offering Australia another strong foothold in a strategically critical supply chain. 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 At Samso, we believe that every investment decision should be anchored in facts, not hype. Announcements like this one from OD6 Metals show the value of understanding the technical details — from product quality and impurity levels to the steps in the processing pathway. By diving into the data and asking the right questions, investors can separate genuine progress from market noise. The real story is always in the research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 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 Race Investor Presentation Race Oncology Limited (ASX: RAC) has taken another important step forward in its mission of “protecting patients while optimising their cancer treatment.” The company has now dosed the first patient in its Phase 1 trial of RC220, the reformulated version of bisantrene designed to deliver both anti-cancer efficacy and cardioprotection. With a strong legacy of clinical data, modern reformulation, and global trial expansion underway, Race is entering a period of significant value inflection points across 2025. Original Bisantrene - Anti-Cancer and Cardio Protection. A highly effective, but commercially unviable anticancer drug. Approved in France in 1988. Excellent patient outcomes. Complete response rates above 40% as a salvage drug in leukaemia. In a large Phase 3 breast cancer trial, bisantrene equalled standard of care, but with less heart damage and hair loss. Lederle (Pfizer) ended commercial development after more than 50 trials due to the difficulty administering the drug to patients. Highlights 1.0 First Patient Dosed in Phase 1 Trial RC220 administered safely in Australia with no adverse events, including phlebitis. Stage 1 to recruit up to 33 patients, with international sites in Hong Kong and South Korea coming online in 3QCY25. Trial endpoints include safety, optimal Phase 2 dose, VO₂peak (cardiac fitness), m6A RNA levels, and anti-cancer efficacy. 2.0 RC220 – Next-Generation Bisantrene Reformulated for easier administration and supported by 20 years of IP protection (Figure 1). Figure 1: RC220 is a clinically & commercially attractive formulation with long IP life (source: RAC) RC220 builds on decades of data showing that doxorubicin alone can achieve objective response rates of 15% to 40% in advanced and metastatic cancers across many common tumour types. By pairing with RC220, Race seeks to preserve and enhance these outcomes while mitigating the cardiotoxicity that has limited doxorubicin’s long-term use. Backed by >1,500 patients’ records and strong preclinical validation. Demonstrated ability to improve doxorubicin’s cancer-killing activity in 85% of 143 tested cancer cell lines. Dual action: stronger tumour response and protection against cardiac damage. 3.0 Addressing Chemotherapy’s Major Weakness Anthracyclines like doxorubicin remain cornerstone therapies but carry high risk of permanent heart damage. Preclinical data show RC220 protects cardiac function, reducing fibrosis and improving outcomes compared to doxorubicin alone (Figure 2). Figure 2: RC220 = Protecting the Heart (source: RAC) VO₂peak incorporated as a trial measure, addressing limitations of current cardiac monitoring standards (Figure 3). Figure 3: VO₂peak - Gold Standard in Cardiac Function (source: RAC) 4.0 Compelling Clinical Evidence Two recent Sheba AML trials reported 40% response rates in heavily pre-treated patients (Figure 4). Figure 4: Recent Trials Confirm RC220’s Effectiveness (source: RAC) RC220 has potential across multiple tumour types, including breast, lung, ovarian, prostate, and pancreatic cancers. 5.0 Market Opportunity Global anthracycline use expected to grow at 6.6% CAGR to 2030, creating a market of >20m doses annually (Figure 5). Figure 5: Growing Reliance on Doxorubicin in Cancer Care (source: RAC) RC220 cardioprotection + anti-cancer therapy estimated at >US$5B/year sales potential. 6.0 Share Price Finds Support, Eyes Next Catalyst Race Oncology’s share price in 2025 has reflected both anticipation and caution around its clinical progress. After easing from January highs near A$1.35 to an April low of ~A$0.95, the stock rebounded strongly in May to retest A$1.38 before settling into a mid-year consolidation range between A$1.10–1.25. At its current level of ~A$1.19 (Figure 6), RAC appears to be holding firm above its lows, with upcoming trial updates likely to determine whether momentum resumes toward the upper end of the range. MST Access (a research division of MST Financial Services) values Race Oncology at A$6.37/share (current price A$1.19; market cap A$206.75M), highlighting the significant valuation gap relative to its long-term potential. Figure 6: RAC Share Price as of 18 August 2025 (source: ASX) Next Steps Race Oncology will continue dosing patients in Australia while activating sites in Hong Kong and South Korea later in 2025. Data readouts from the open-label Phase 1a/b trial are expected progressively, with particular focus on cardiac outcomes (VO₂peak) and early efficacy signals. Following completion, the company plans a placebo-controlled Phase 2 trial in breast, lung, and ovarian cancers. Upcoming catalysts include the expansion of trial sites internationally, the filing of an IND with the US FDA, and the initiation of Phase 2 trials in targeted cancers Samso Concluding Comments This is our first note on Race Oncology, and it does look like it's a decent story. RAC is currently sitting on an AUD $204M market capitalisation, which is a number that would give most micro-cap retail investors heartburn as they are usually seeking a much lower value proposition for the upside. However, as I cover more non-mineral resource companies, I am learning that a rising market is very different when you are building a revenue-driven model. For RAC, at this moment, the path is to unlock the potential of bisantrene, and RC220 represents the most advanced step yet. It will be interesting to see how the development of creating and maintaining the dual benefit plays out—enhancing cancer treatment efficacy while protecting the heart, a challenge that has long limited the use of anthracyclines. This is not simply about a reformulation; it is about reshaping how cancer care can balance survival and survivorship. Most of us have known someone who is in the predicament of being a patient of some form of cancer, so the path to finding a solution to help these patients will no doubt prove to be highly rewarding for shareholders. It goes without saying that the rewards for RAC shareholders will far exceed the current valuation. The commencement of patient dosing in the RC220 Phase 1 trial is a critical milestone. It provides investors with tangible evidence that the program is advancing from concept to clinic. With international trial expansion, FDA engagement, and a Phase 2 program on the horizon, the company is positioned for meaningful news flow that can drive sentiment and valuation. Race Oncology’s valuation gap, with MST Access setting a target of A$6.37/share against the current A$1.19, underscores how much is riding on trial execution and results. For long-term investors, this gap highlights the asymmetric opportunity—significant upside potential, but always within the context of the risks inherent in drug development. At Samso, we continue to emphasise that the real test lies in the data. Should RC220 deliver on its promise, Race will not only de-risk its asset base but also carve out a unique place in the oncology market. For now, the journey is about building confidence, step by step, through clinical validation. 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 Informed investing means looking past the headlines and focusing on the data. With RC220, the real story lies in trial outcomes and long-term value, not short-term noise. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.

Announcement 21 August 2025 Premium Grade Natural Rutile Nuggets Confirmed at Minta Lion Rock Minerals Ltd (ASX: LRM) has delivered another milestone from its Minta Rutile Project in Cameroon, with premium-grade natural rutile nuggets confirmed across multiple locations. Independent validation by TZ Minerals International (TZMI), a leading authority in the titanium sector, has reinforced the global significance of Minta, confirming that the high-purity rutile is suitable for all major end-use industries (Figure 1). Figure 1: Close-ups of nugget sets from multiple localities, MRGR0022 – MRGR0029, in order. Images have 6cm vertical height and 5cm horizontal width. Refer to Appendix 2 for further information. (source: LRM) Key Highlights - A Rutile-Monazite Rich Mineral Sands Story. 🔹High-Purity Rutile Confirmed Laboratory assays returned rutile grading up to 98.6% TiO₂ from coarse nugget samples (Figure 2). Crucially, impurities were negligible (Figure 3), making the material suitable for titanium metal (aerospace, robotics, advanced alloys), industrial welding, and TiO₂ pigment markets. Figure 2: Microscope image of MRGR0026 before and after crushing, showing detail of the rutile mineralisation in the crystal structure. Refer Appendix 2 for further information. (source: LRM) 🔹Independent Validation by TZMI Field teams collected coarse-grained rutile ‘nuggets’ along a 45km strike within the Minta Project (Figure 3). Independent chemical and mineralogical assessments confirmed that this rutile comfortably meets — and in some cases exceeds — specifications across all three critical titanium markets. This positions Minta not just as another rutile project, but as one that stands shoulder to shoulder with, and potentially above, global benchmark deposits Figure 3: Map of Minta Project area showing locations of rutile nugget rock chips, with inset photos. Refer Appendix 2 for further information. (source: LRM) 🔹Oversize Rutile to Boost Grades Inclusion of coarse nugget material into in-situ sands is expected to significantly increase overall rutile and Valuable Heavy Mineral (VHM) grades across the project. 🔹Expanding Mineralised Footprint Results from a further 60 drill holes confirm that heavy mineralisation now extends across 2,750 km² (Figure 4), with standout intercepts such as: 4.6m @ 4.4% HM 2.6m @ 5.7% HM 3.0m @ 4.3% HM 1.4m @ 8.3% HM Figure 4: Planned and completed drilling at the Minta Rutile Project. Recent results are outlined, with historical results also included. (Source: LRM). 🔹Rutile Dominance Confirmed QEMSCAN analysis results verify rutile as the dominant titanium mineral in both sand and nugget fractions, strengthening the case for a long-life, high-value project (Figure 5). Figure 5: Titanium Distribution and Particle Imaging Reinforce Rutile Dominance. (Source: LRM). 🔹Systematic Program Advancing Auger drilling, mineralogical studies, and preliminary mining assessments are well underway, with assemblage results due by September 2025. Lion Rock CEO, Casper Adson, emphasised three key milestones: “These results deliver a major step forward for the Minta Rutile Project, marking three important milestones. First, independent analysis by TZMI, the world’s leading titanium consultancy, has verified that the rutile nuggets are of premium quality, with exceptionally high TiO₂ grades and no impurities, making them suitable across all major titanium markets. “Second, ongoing exploration continues to extend the footprint of mineralisation, confirming that Minta is developing into a globally significant rutile province. “Third, QEMSCAN mineralogical studies have confirmed rutile as the dominant titanium mineral across both the sand and oversize fractions – strengthening the case for a high-value, long-life project. “The combination of outstanding purity, scale, and rutile dominance provides Lion Rock with a truly unique opportunity to advance a project of global significance. We are now building strong engagement with titanium end-users and industry stakeholders as we progress Minta towards development.” Next Steps Lion Rock remains fully funded for exploration through 2025 and into 2026, with work programs including: Expanded mineralogical analysis of both sand and nugget heavy mineral fractions. Imminent results from monazite, rutile, and zircon targets at Minta Est to guide infill drilling. Preliminary mining studies indicate dredge mining suitability in alluvial zones. Establishment of a dedicated Heavy Mineral Sands laboratory in Yaoundé to accelerate sample processing. Increased in-field drilling and sample preparation capacity. Samso Concluding Comments The confirmation of premium-grade rutile nuggets at Minta underscores the strategic importance of Lion Rock’s ground in Cameroon. Independent validation by TZMI strengthens confidence that this project is on track to become a globally significant rutile province. What stands out is the combination of purity, scale, and dominance of rutile across both sands and oversize material—an alignment that is rare in the global titanium industry. For investors, this represents a clear indicator of long-term project potential. As always, this is early-stage exploration, and the real story will unfold as infill drilling and mining studies advance. However, Lion Rock is clearly positioning Minta as a tier-one rutile project with strong commercial pathways. Eager readers here should keep an eye on the composition of the Minta project. Is this a mineral sands project that is now more about rutile and monazite? The value proposition could be a lot larger than just rutile? Some of the results may show that the endowment of monazite may create a dual product project. Time will set all these opportunities straight, but it is definitely becoming more than interesting. Those who have not taken a position in Lion Rock should be doing a #SamsoDYOR. Samso News is all about highlighting facts that matter to investors. This is where the detail is unpacked, where context is added, and where the story becomes clearer. For those looking closely at rutile and critical minerals, this is a reminder to DYOR – Do Your Own Research and weigh the opportunity carefully. Always seek the research and build your conviction with facts. Cover photo: Rutile - Rutile, Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rutile_(GeoDIL_number_-_1577).jpg) The Samso Way – Seek the Research At Samso, we believe investment conviction is built on clarity, facts, and perspective. The Samso Way is simple: seek the research, follow the details, and allow the evidence to guide you. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 Successful $55M Placement US$40M Prepayment Facility and Offtake Agreement Equity Raise Presentation AIC Mines Limited (ASX: A1M) has reached a major funding milestone with the successful completion of a $55 million Placement and the signing of a US$40 million Prepayment Facility and Offtake Agreement with Trafigura. These capital moves form a cornerstone of the company’s strategy to expand the Eloise Processing Plant and develop the Jericho Copper Mine, paving the way for a significant lift in copper output. Figure 1: The Eloise Copper Mine Location (source: A1M) Successful $55M Placement – Strong Institutional Support for a Copper Mining Story. Announced on 24 June 2025, AIC Mines received firm commitments for $55 million from a combination of existing shareholders and new international investors, including notable institutions from North America and the UK. The placement was structured in two tranches, comprising approximately 183.3 million new fully paid ordinary shares: Tranche 1: ~142.8 million shares issued under the Company’s existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche 2: ~40.5 million shares, subject to shareholder approval at a General Meeting expected in mid-August 2025. The placement price of $0.30 per share represented a: 9.1% discount to the last close of $0.33 12.1% discount to the 5-day VWAP, and 10.8% discount to the 15-day VWAP. AIC Mines has entered into a Strategic Investor Agreement with Hawke’s Point, creating a clear framework for potential future financial support. The agreement is designed to reduce funding risk over the next two years, particularly if new opportunities arise that require accelerated or additional capital. AIC Mines’ Managing Director, Aaron Colleran, commented: “This capital raising allows AIC Mines to fully commit to the expansion of the Eloise processing plant and development of the new Jericho copper mine. New shares have been preferentially placed to large long-term oriented resource investors with a number of important North American and British investors joining the register.” “We have also entered into a strategic investor agreement with Hawke’s Point, crystallising over 18 months of due diligence and relationship building. Hawke’s Point has a unique approach to investing that has delivered them great success. It is therefore pleasing to see them join our register as part of the Placement and also enter into a strategic investor agreement, signalling their ongoing support.” US$40M Prepayment Facility and Offtake Agreement – Strengthening the Trafigura Partnership In a move that reinforces its longstanding relationship with Trafigura, AIC Mines has entered into a US$40 million prepayment facility to support the delivery of copper concentrate from the Jericho Mine. This arrangement, announced on 20 June 2025, provides flexible funding without the need for commodity hedging and includes an 18-month grace period before repayments begin. Key facility terms include: Interest rate: 3-month SOFR + 3% p.a. Term: 36 months from availability Security: Over Eloise and Jericho mining leases, AIC’s assets, and shareholdings Early repayment flexibility As part of the agreement, Trafigura has secured a minimum 400,000dmt offtake from the Jericho deposit under market-standard treatment and refining terms. Payment structure involves 90% provisional value upfront, with the balance settled post-assay. This builds upon the existing life-of-mine agreement for Eloise concentrate, established with Trafigura in 2021. Fully Funded to Expand and Execute These funding mechanisms—debt, equity, and internal cash flow—collectively underpin the $215.8 million capital program required to realise AIC Mines’ “step-change” production profile. The funds will be deployed as follows: $77.6M to expand the Eloise plant to 1.1Mtpa (Figure 2) $37.6M toward non-plant infrastructure and tailings expansion (Figure 3) $61.0M to develop Jericho and complete the 3km underground link drive (Figure 4) $12.0M allocated to exploration drilling across the company’s 2,000km² tenement base $27.6M for working capital, offer costs, and corporate overheads Figure 2: Eloise’s significant exploration upside (source: A1M) In parallel, the existing Eloise Mine is expected to generate $62 million in free cash flow over the next 18 months, which will directly support development activities. Importantly, the Eloise expansion has already been de-risked with the award of a fixed-cost EPC contract to GR Engineering, with construction scheduled to begin in August 2025 and commissioning targeted for the December 2026 Quarter. Figure 3: Eloise’s tailings dams (source: A1M). Oversized processing equipment will be installed during Stage 1, allowing for a potential low-cost, high-efficiency upgrade to 1.5Mtpa in the future, contingent on increased mining rates at Jericho. Figure 4: Jericho Deposit (source: A1M) Samso Concluding Comments For investors tracking the copper space, AIC Mines is now a growth-focused Australian mid-tier producer. This latest funding sequence demonstrates the alignment of capital markets, offtake partnerships, and operational readiness. This capital restructure signals a pivotal shift for AIC Mines. It’s not just about raising funds—it’s about structuring funding in a way that drives near-term execution while future-proofing the long game. With a committed offtake partner in Trafigura, major shareholder and director participation, and a globally engaged investor base, the company has effectively de-risked the expansion pathway while enhancing its operational resilience. AIC Mines is building momentum—securing flexible financing, locking in margins through scale, and planning with modular upgrades. Eloise and Jericho are now part of a larger vision—an emerging copper powerhouse, grounded in delivery. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) The Samso Way – Seek the Research The recent placement and strategic alignment suggest that AIC Mines (ASX: A1M) is gearing up to become the next mid-tier copper producer in Australia. With a market capitalisation of around AUD 172 million, the structure and scale of its funding—and the backing of strategic investor Hawke’s Point—position the company as a potentially “safer” copper play in an otherwise volatile sector. This isn’t just capital for capital’s sake; it’s targeted growth with future support mechanisms already in place. As always, Seek the Research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a 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. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High Grade Gallium Re-assay Results at Cummins Range RareX Engages Ausenco to Advance Studies for Mrima Hill RareX appoints WSP for Mrima Hill social and environmental planning RareX Enters Strategic Collaboration with Gega Elements RareX Discovers High-Grade Gallium at Cummins Range RareX Limited (ASX: REE) has delivered another round of eye-catching assay results that significantly strengthen its position as the developer of one of Australia's most advanced and highest-grade gallium deposits at the Cummins Range Project (Figure 1). The latest update, announced on 24 June 2025, showcases high-grade gallium re-assays from Cummins Range and builds upon an already compelling narrative that began with RareX’s March 2025 discovery announcement. Figure 1: Cummins Range Project (source: REE) Key Highlights – Cummins Range Gallium Re-assay Results 💠Significant Intercepts Include (Figure 2): 60m @ 99 g/t Ga₂O₃, 3% TREO, 195 g/t Sc₂O₃ from 29m, including 33m @ 115 g/t Ga₂O₃ and 258 g/t Sc₂O₃. 50m @ 68 g/t Ga₂O₃, 2% TREO, 227 g/t Sc₂O₃ from 47m, including 5m @ 113 g/t Ga₂O₃, 10.2% TREO and 420 g/t Sc₂O₃. Results are derived from re-assaying of 2020 infill drilling pulps – the first 15 of a 58-hole re-assay program. These numbers confirm and expand upon the March 2025 discovery, where RareX reported values up to 6,826 g/t Ga₂O₃ in historical drilling data. Cummins Range is now shaping up as not just Australia’s most advanced gallium project, but potentially one of the world’s most strategic due to its co-location with rare earths, scandium and phosphate—a powerful multi-commodity suite. Figure 2: Section 307315E with gallium grades across 250m of the Rare Carbonatite Dyke. (source: REE ASX 24 June 2025) The gallium-rich mineralisation is hosted within the weathered saprolite horizon, with its geometry and distribution clearly illustrated in Figure 3. Figure 3: Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 1) location. (source: REE ASX 24 June 2025). CEO and Managing Director, James Durrant, commented: “This latest round of assays confirms what our early analysis suggested; the gallium at Cummins Range is not only real, but significant. With consistent grades now returned from infill drilling, we can probably say Cummins Range is one of Australia’s most advanced and highest- grade gallium projects. “What makes this particularly strategic is that the gallium sits within a broader rare earth-phosphate-scandium system, making Cummins Range one of the most geopolitically relevant critical mineral deposits in the country. With Chinese supply effectively off the table, and no meaningful Western production, we’re now prioritising pathways to unlock gallium as a core value stream alongside rare earths and phosphate, including working in our strategic partnership with Gega Elements to assess novel refining technology that could enable low-cost gallium extraction.” Historical High-Grade Gallium Intercepts The latest assays build upon the significant results first announced in March 2025, which brought Cummins Range into the spotlight as one of Australia’s most prospective gallium-hosting deposits. Key historical intercepts (Figure 4 & Figure 5) included: 99m @ 106 g/t Ga₂O₃, 0.77% TREO, 160 g/t Sc₂O₃ from 1m 60m @ 124 g/t Ga₂O₃, 3% TREO, 372 g/t Sc₂O₃ from 36m, including 12m @ 242 g/t Ga₂O₃, 6.7% TREO, 638 g/t Sc₂O₃ 74m @ 123 g/t Ga₂O₃, 2.4% TREO, 186 g/t Sc₂O₃ from surface, including 30m @ 206 g/t Ga₂O₃, 4.6% TREO, 310 g/t Sc₂O₃ Figure 4: Section 307340E with gallium intercepts at Cummins Range deposit. Section location is shown in Figure 5. (source: REE ASX 25 March 2025) These results, derived from historical drilling campaigns between 2007 and 2012, were only recently reassessed for gallium, revealing grades that place Cummins Range among the highest in Australia. The fact that only 25% of historical holes were originally assayed for gallium suggests considerable upside remains untapped across the broader resource footprint. Figure 5: Collar location plan showing carbonatite dykes 100m below surface. Also showing Section (Figure 4) location. (source: REE ASX 25 March 2025) Why Gallium Matters – Market Relevance Gallium is a critical mineral with essential roles in: Semiconductors (gallium arsenide, gallium nitride). 5G networks, defence systems, AI chips. Optoelectronics and solar energy technologies. The global market for gallium is forecast to explode from US$2.45B in 2024 to US$21.53B by 2034, driven by structural supply risks (98% of production controlled by China) and surging demand across semiconductors, EVs, defence and renewables. Strategic Positioning – RareX’s Gallium Advantage These latest assays underscore that gallium is not an incidental by-product at Cummins Range. It is present in thick, high-grade zones, often overlapping with rare earth and scandium zones in the weathered saprolite profile of the carbonatite pipe. Importantly, RareX is: Already re-assaying past drilling with excellent success. Pursuing refining collaboration with Gega Elements Pty Ltd (Gega), as announced on 30 May 2025. Actively integrating gallium into broader project economics and planning. This places RareX ahead of the curve in Australia’s race to develop sovereign gallium production. Other Notable Developments from RareX This gallium news follows several important company milestones: Strategic Collaboration with Gega Elements: RareX is working with Gega to develop Australia’s first integrated gallium refining capability, aiming to transform laboratory success into an operational refining flow sheet. Environmental & Social Commitment at Mrima Hill: RareX has appointed WSP to lead early-stage ESG planning at its Kenyan critical minerals project, underlining its disciplined, long-term strategy. Ausenco Appointed for Early Infrastructure Studies: Ausenco’s local Kenyan experience (notably Kwale) strengthens RareX’s operational readiness at Mrima Hill. Together, these moves reinforce RareX’s “develop it right” approach, targeting not just geological potential but supply chain depth and ESG alignment. Samso Concluding Comments RareX’s evolving gallium story at Cummins Range is an interesting story that is aligning with the compelling critical mineral narratives on the ASX right now. The recent resampling does tell a good story, and it does seem to demonstrate that it occurs in broad zones. In a market where gallium is almost entirely controlled by China, RareX is positioning itself as a participant to meet a rapidly emerging supply chain gap. As I have mentioned in a previous Samso News, I am not overly versed in what the grades mean. As you can see from the release, the numbers seem to be significant—some of which exceed 200 g/t Ga₂O₃—but also in the scale and consistency of mineralisation. The grades do speak for themselves, with intercepts such as 60m @ 99 g/t Ga₂O₃ and 50m @ 68 g/t Ga₂O₃ placing Cummins Range firmly in the high-grade category. The company’s decision to re-assay historical pulps and integrate gallium into its development strategy shows a maturity that’s often lacking in early-stage critical mineral stories. The strategic collaboration with Gega Elements for refining technology and the appointment of WSP and Ausenco for ESG and infrastructure planning, respectively, show a clear path forward. These appear to be not token partnerships—the credible and long-term moves do reflect RareX’s intent to advance Cummins Range from resource to production. For investors, the key will be watching how gallium is integrated into the broader feasibility and economic models. If RareX can demonstrate that gallium can be economically recovered alongside its rare earth-phosphate base, the implications are significant. This could transform Cummins Range from a strong rare earths project into a globally strategic, multi-commodity development. Samso has followed many early-stage stories, but this one may offer a unique blend of technical merit, strategic timing, and execution capability. What concerns me, or rather, I am pondering why this is still an AUD 16M market capitalised company. I understand that this was a much lower valued comp[any prior to the ASX releases on this topic, but with all the hype of Gallium, I am not sure why it is still "cheap". Figure 6: RareX Limited share price chart as of 11th July 2025. (source: commsec) Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Is this a real gallium story? The re-assay results from the Cummins Range show consistently high-grade gallium intersecting with rare earths and scandium, which is promising, but promising alone isn’t enough. The real shift comes with RareX’s appointment of heavyweight contractors like WSP and Ausenco to lay the groundwork for ESG compliance, infrastructure readiness, and eventual production. That move gives the story some real-world credibility. Still, the core investor question remains: are the grades sufficient, and is there enough resource to build an economic case? The early signs are strong, but as always, seek the Research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a 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. 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.