Announcement AML3D ACCELERATES ENTRY INTO EUROPE WITH UK DISTRIBUTOR DEAL AML3D Limited (ASX: AL3), a pioneer in industrial-scale metal 3D printing, continues its global expansion with the announcement of a strategic UK distribution agreement. The company has appointed Arc Additive Limited, a Scotland-based specialist in wire arc additive manufacturing (WAAM), as its non-exclusive distribution partner across the UK and Europe. The agreement will run for two years and is designed to accelerate AML3D’s access to key manufacturing and defence sectors throughout the region. This move builds upon AML3D’s recent AU$5 million investment into establishing a European technology base, following its successful AU$30 million capital raise in late 2024. Key Highlights & Summary of 28 July 2025 Announcement - A Defence Manufacturing Business. AML3D Accelerates Entry into Europe with UK Distributor Deal AML3D has appointed Arc Additive Limited as its distribution partner for the UK and Europe. The non-exclusive agreement spans two years and targets strategic manufacturing sectors across the region. This development is a key step in AML3D’s global growth strategy, following its expansion into the US defence sector. AML3D is already working with BAE Systems UK under a feasibility alloy testing contract signed during the June 2025 quarter. The company plans to leverage its Australian manufacturing base and establish new European capacity to support AUKUS defence markets and broader industrial applications. AML3D CEO Sean Ebert commented: “We are seeing the same demand signals in Europe that are driving our phenomenal growth in the US across Defence but also Utilities and Energy. We are very much looking to roll out our US playbook in Europe.” “My expectation is the alloy testing contract we have already signed with BAE Systems in the UK is just the beginning.” Jamie Mincher, Managing Director of Arc Additive, commented: “AML3D’s ARCEMY® platform is a brilliant example of industrial-scale innovation… We’re proud to support their entry into the UK market and look forward to seeing this collaboration unlock new capabilities for industry across the region.” This distributor agreement positions AML3D to replicate its successful US strategy in Europe, leveraging local partnerships, establishing technology centres, and aligning closely with AUKUS-aligned defence initiatives. Samso Concluding Comments AML3D continues to demonstrate that its strategy is about quietly executing a well-defined playbook. This new partnership with Arc Additive in the UK is more than a distribution deal; it’s a clear step toward embedding the ARCEMY® platform into the European manufacturing and defence landscape. What’s important here is the repeatability of AML3D’s growth pattern. We’ve seen it work in the US: identify demand, partner locally, establish a regional base, and secure defence-related traction. Europe now appears to be following a similar trajectory. The alloy testing agreement with BAE Systems UK suggests early validation, and if the trend holds, we may see AML3D progressing from initial contracts to larger-scale deployments. For investors, the takeaway is that this is not a speculative growth story—it’s one rooted in real demand, clear commercial pathways, and long-term positioning. With defence, aerospace, and energy sectors leaning into sovereign capability and advanced manufacturing, AML3D is quietly embedding itself where long-term value is built. Cover photo: 31st MXS metals shop new 3D printing capability will save man hours, money (8529140), U.S. Air Force photo by Staff Sgt. Heather Ley. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:31st_MXS_metals_shop_new_3D_printing_capability_will_save_man_hours,_money_(8529140).jpg) The Samso Way – Seek the Research At Samso, we always advocate for following the research and tracking the strategic execution of companies. AML3D’s disciplined expansion and alignment with geopolitical industrial trends signal more than hype—they reveal a maturing business with a long-term vision and tactical execution. 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 the

Macro Metals (ASX:M4M) is an interesting story, as it has had a good run on the share price but has since come back to a reasonable valuation level, which could be a good or a bad sign. Personally, for me, in a sector often dominated by bold claims and speculative positioning, Macro has what appears to be a vastly different approach, and in some way, it may be a more resilient approach—scaling into a dual-core strategy of iron ore exploration and fully integrated mining services. The March 2025 Quarterly Report illustrates this steady transformation. As I mentioned, what makes this story interesting from a Samso point of view is the company’s pragmatism: generate revenue from services, reinvest in exploration, and stay aligned with infrastructure and cultural engagement. It looks like one of the focuses is to work jointly with First Nation communities such as the Robe River Kuruma Aboriginal Corporation (RRKAC) in the Robe River Kuruma Country, strategically located in a Pilbara landscape (Figure 1) where access, logistics, and credibility matter just as much as grade. Figure 1: Location of Robe River Kuruma Country map relative to Pilbara region of WA. Source: RRJAC AR2022 (source: Macro Metals Limited) Simon Rushton, Managing Director, commented “We firmly believe our complete pit to customer solution is best fit for the Paulsen’s East project and we look forward to continuing to work with the Miracle team as the project heads towards recommencement of operations in the months ahead.” “During the quarter, Macro continued to make meaningful steps with our West Pilbara transhipping initiative by successfully engaging with key stakeholders and, having now determined the preferred location for the facility, we have moved into the design and planning phase. At this stage, we are striving towards having this much needed, multi-user export solution for the West Pilbara become a reality over the next 12 months. A Diversified Model Rooted in the Pilbara - Mining Services Macro’s current focus is twofold: Continuing exploration across its iron ore and manganese projects. Establishing Macro Mining Services as a standalone revenue-generating unit. This dual-pronged model is underpinned by a growing list of strategic partnerships—including with Paramount Earthmoving, RE:GROUP, and WA Limestone—which provide the scale and capability needed to bid for and execute mining services contracts across Western Australia. In Q1 2025, Macro reported: Completion of key exploration activities at Turner, Wandanya, Port Hedland and Goldsworthy East projects Formalisation of its second Indigenous joint venture (JV) with Robe River Services Pty Ltd, adding to the existing Nyapiri JV, highlights an ongoing commitment to Indigenous engagement. Award of a significant mining services contract at the Extension Iron Ore Project, in the East Pilbara Region of Western Australia (post end of quarter) with RE:GROUP, reinforcing confidence in Macro’s operational credentials. Exploration: Focused and Methodical Exploration efforts continue across several promising targets: Turner Project: Now in Phase 2 of mapping and sampling, targeting CID mineralisation directly adjacent to Rio Tinto’s Turner Syncline Mine (Figure 2). Drill programs are expected mid-2025. Wandanya Manganese Project: The Donkey Prospect returned highly encouraging intercepts, including 5m @ 40.8% Mn from surface. Budgeting and planning are underway for potential bulk sampling and lease conversion. Figure 2: Turner Location Plan (source: Macro Metals Limited) Goldsworthy East: Rehabilitation efforts were prioritised post-drilling. Port Hedland Tenements: Initial reconnaissance has begun to assess sand and aggregate potential, aligning with Macro’s civil construction materials strategy. The site's strategic location near Port Hedland and Utah Point offers a significant logistical advantage (Figure 3). Figure 3: Map of Tenure, Current Infrastructure and Offsite Infrastructure (source: Macro Metals Limited) Mining Services: Building Real Revenue Streams Through Macro Mining Services, the company is progressing from concept to cash flow. The signed life-of-mine contract at Extension Iron Ore is key—it includes exploration, permitting, mining, and processing services under a cost-plus model (Figure 4). Importantly, the services arm is being leveraged not just for internal development but for external contracting, making Macro one of the few juniors attempting to monetise early while building toward production scale. Figure 4: Location Plan of Extension Iron Ore Project (source: Macro Metals Limited) Their vertically integrated services—from permitting to port—are complemented by a strategic infrastructure plan. The planned West Pilbara transhipping hub, if executed within the next 12 months, could become a cornerstone for smaller players to access export markets efficiently. Indigenous Engagement: More than Just Compliance Macro’s joint ventures with Robe River Kuruma and Nyapiri are structured with shared value at the centre. These aren’t token partnerships—they are operational, engaged, and already tendering for over $170 million in active opportunities. The involvement of Traditional Owners in areas such as environmental rehabilitation demonstrates a maturity in how Macro approaches sustainability and regional participation. Samso’s Concluding Comments When I looked at the Macro Metals story, I was immediately fixed on the Mining Services model. The concept of having a separate mineral exploration story is interestingly complimentary but I suspect this part of the business will not be a priority. The intent of Macro Metals looks serious, as it appears that they are carving out a serious role as a mining services partner with solid WA roots and an increasingly integrated logistics strategy. The market often forgets that value creation isn’t always about the next drill hit—it’s sometimes about creating the conditions to generate revenue while de-risking the business. Macro’s ability to offer a “pit-to-port” solution—through partnerships, infrastructure, and Indigenous engagement—places it in a category of juniors that's thinking more like a mid-tier service provider. For investors and industry watchers, this is a company worth revisiting—not just for its exploration upside but for its evolving business model. If execution continues on this trajectory, we may soon be talking less about Macro the explorer and more about Macro the operator. Figure 5: The share price chart for Macro Metals Limited as of 26th May 2025. (source: commsec) As I mentioned, the share price did go for a good run (Figure 5) and has since retreated. The reasons for that retreat are up for discussion, but one has to look a the people involved and you would want to take this potential play seriously. 16 May 2024 - Mr Tolga Kumova appointed Chairperson and Macro to explore options for Agbaja Iron & Steel Project 6 March 2024 - Highly Regarded Board Appointed to Expedite Development of Macro’s Pilbara Iron Ore Portfolio If you look at the price heights, it is very consistent with the two ASX release dates :-) Irrespective of the previous price surge and fall, my interest stems from the mining service business part of the macro. This is something very different and with strong backing, with experience and good partnerships, I think this is definitely a good one to add to the watchlist. The current market cap may be on the higher side, so caution and a lot of research is a good idea. Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Magnetite - Magnetite, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Magnetite_(GeoDIL_number_-_1386).jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement: Assays Confirm High-Grade Uranium-Scandium-Rare Earths The Radium Hill Project in South Australia has long held historical significance as the site of the country’s first major uranium mine. What was once seen primarily as a uranium deposit is now re-emerging as a polymetallic system rich in scandium and rare earth elements (REEs). With new assays from Heavy Rare Earths Limited (ASX: HRE), this overlooked potential is becoming increasingly apparent—and economically compelling. Reinterpreting a Historic Mine Heavy Rare Earths Limited’s recent reconnaissance sampling campaign at Radium Hill has unveiled a more complex and valuable mineral system than previously appreciated. The standout assays include: Up to 9,068 ppm (20 lb/t) U₃O₈ 936 ppm Sc₂O₃ 1.89% TREO (Total Rare Earth Oxides) These grades, especially for scandium, place Radium Hill in competitive territory when compared with leading Australian scandium resources. Even more promising is that high scandium grades appear in zones with low uranium content, hinting at potential decoupling of the mineralisation, which could significantly widen the exploration window. Figure 1: Location of reconnaissance rock samples showing assays for oxides of U, Sc and REE (source: HRE) The sampling program, which included grab samples from historical dumps and previously unsampled 1961 drill core, confirmed continuity of high-grade U-Sc-REE mineralisation extending northeast from the historical mine site. This expands the known mineralised corridor to include the Bristowe’s, Radium Hill North, and Bonython prospects. Airborne Geophysics: A New Lens on Structure In early April, a high-resolution airborne magnetic and radiometric survey added another dimension to HRE’s understanding. Compared to the 1995 dataset, the new survey, flown with 25 m line spacing at just 30 m altitude, offers a sharp resolution of the NE-SW structural corridor, revealing complex folding and shearing zones linked to mineralisation. Figure 2: Radium Hill airborne survey showing major improvement in magnetic (source: HRE) These geophysical insights will play a central role in creating a 3D structural model to guide drill targeting. The upcoming H2 2025 drill program will be the first significant test of the Radium Hill lode system in over 60 years. Radiometrics Point to Untested Ground The radiometric component of the survey further strengthens the case for systematic exploration. Strong uranium signals not only validate known mineralised areas but also point to additional zones northeast of Bonython Hill that have seen no prior sampling or recorded workings. Figure 3: Radium Hill U channel radiometric data highlighting elevated readings and exploration targets (source: HRE) The identification of these “blind” anomalies is particularly important. It suggests that Radium Hill may still hold untapped zones of mineralisation, unexposed at surface and undetected by past campaigns limited to conventional surface prospecting methods. Samso’s Concluding Comments The Radium Hill story is a historical part of the South Australian uranium journey. The marketing or shall we say, the new journey for Heavy Rare Earths Limited is tapping into an underexplored polymetallic opportunity by integrating fresh data, legacy drilling, and a targeted sampling strategy. While there is some new news from the multi-commodity angle—uranium, scandium, and REEs—all highly strategic in today’s critical minerals narrative, the angle, from our point of view, is a new start. This project is a reminder that there is value often left behind in plain sight, especially when market sentiment shifts. With HRE planning drill testing in H2 2025, the next phase of work could prove transformative, not just for the company but for Radium Hill’s long-overdue comeback. Heavy Rare Earths is wisely taking a layered approach—combining historical data, fresh assays, and modern geophysics. This strategy doesn’t just revisit the past; it reshapes the narrative. The economical implications of the project is still very new so don't get caught up with the investment of hype. As I have said many times, the investing strategy of this sector is all about taking positions and understanding the journey. The combination of ethical management, the power of management, the technical merits and potential of scale in the projects and LUCK are the key combination of important factors to note. HRE has a market capitalisation of just under AUD $9M so its got a lot of value to give. A recent rise in share price is a good sign to get yourself on the DYOR journey. Keep an eye on this one. It’s not just about what has been mined, but what’s still waiting to be discovered. Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) 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 National University Philippines Signs Platform SaaS Agreement with OpenLearning. In a world where the AI narrative is being woven into every corner of enterprise, education is often spoken about but seldom transformed at scale. That’s why OpenLearning Limited (ASX: OLL) stands out. It’s not just deploying AI—it’s integrating it meaningfully into a software-as-a-service (SaaS) platform that’s already showing traction in major education markets. From my point of view, the company’s Q1 2025 update and the landmark deal with the Philippines’ National University reflect more than operational progress—they’re signals of strategic positioning in an overlooked sector. Lifelong learning is no longer a catchphrase; it’s an economic imperative, and OpenLearning is quietly but surely building the rails for this global trend. Figure 1: National University President Renato Carlos H Ermita with OpenLearning CEO, Adam Brimo and other senior executives from National University at the signature ceremony in Manila on 26th May 2025. (source: OLL) The Quarter That Mattered: Q1 2025 Highlights OpenLearning’s performance this quarter shows consistency, clarity, and expansion: SaaS Revenue up 12% YoY: Platform annualised recurring revenue (ARR) rose to A$2.36 million, delivering 13 consecutive quarters of growth. Average revenue per B2B customer reached A$9,466. New Customer Wins: The company added 10 institutional clients (246 in total) and 28 new Course Magic users (now 154), despite limited advertising. Net Cash Outflow Improvement: Down 12% YoY to A$520,000, reflecting leaner operations. Funding Strength: A$1.43 million in available funding, including a A$1 million undrawn loan facility. Regional Expansion: Strategic business meetings and new clients in Malaysia, Philippines, and progress in India with Gujarat University. About National University—Promoting AI Education National University (NU) is one of the largest private universities in the Philippines, operating across 14 campuses with over 85,000 students and plans to exceed 100,000 by 2026–27. As part of its ambitious 10-year expansion strategy, NU is growing its footprint through new campuses in East Ortigas, Bacolod, and Las Piñas. The university group also includes Asia Pacific College, founded in partnership with IBM Philippines to produce IT-ready graduates, and Inspire Sports Academy, a state-of-the-art facility for developing elite athletes (Figure 1). Figure 2: National University has 10 campus location in Manila and across the Philippines and it has strong expansion plans. The group includes Asia Pacific College and Inspire Sports Academy. (source: OLL) Notable Institutional Partners Added In Q1 2025, the company secured new and extended partnerships with leading institutions in Malaysia, the Philippines, and Australia. These additions strengthen OpenLearning’s position in Southeast Asia’s growing digital education sector, with notable names such as Sunway University and IMU in Malaysia, National University in the Philippines, and Abbey College in Australia showcasing the platform’s growing appeal across both private and public education providers. Table 1: OpenLearning’s expanding footprint across key education markets. Strategic Deal: National University, Philippines The 27 May announcement brings to light a pivotal agreement: Five-Year Platform Agreement: A usage-based SaaS agreement covering a minimum of 40,000 students/year at US$80,000 annually. Scalable Upside: Total contract value starts at US$400,000 with the potential to reach A$250,000/year as the platform expands to NU’s 85,000+ students. Validation Through Competition: NU ran a competitive LMS review before selecting OpenLearning, citing its AI tools, scalability, and outcome-based structure. As National University President Renato Carlos H Ermita Jr. put it: “At National University, we are deeply committed to delivering education that works. After evaluating several learning management systems, we were particularly impressed with OpenLearning. The platform's intuitive AI course builder, its outcome-based approach, and its scalability—which is essential for a large, multi-campus university like NU—were key factors in our decision.” This is no minor win. NU’s multi-campus system and rapid enrolment growth (projected 100,000 students by 2026–27) could cement OLL as a top-tier learning management systems (LMS) in Southeast Asia. Growth Vectors That Matter What stands out this quarter is not just operational maturity but strategic foresight: Course Magic: AI-powered instructional design for B2C users—educators globally are signing on, paving the way for institutional upsell. The Uni Guide: A newly integrated agency model taps into nearly 1M yearly student visitors, offering marketing revenue potential via partner commissions. Employability Advantage Acquisition: Post-quarter, this deal gives OLL an edge in work-integrated learning, offering bootcamps, resume tools, and career-readiness modules. Samso’s Concluding Comments As I am learning about AI and what it means for businesses and people at home, I am understanding the power of being the person who knows how to use AI as opposed to the person who is being left out of the future. The education sector is often slow-moving, bound by legacy systems and institutional inertia. Yet OpenLearning appears to be proving that transformation is possible, especially when it’s rooted in purpose, not hype. For me, it looks like OLL is building momentum by aligning its product with long-term trends: AI-powered learning, skills-based education, and scalable SaaS delivery. The National University deal isn’t just about revenue—it’s about credibility. The amount of money that is being paid is not something that will make OLL profitable. This is one of the Philippines’ largest private universities, and their choice to adopt OpenLearning’s platform across all campuses validates years of patient product development. The upside potential is substantial, but what gives me confidence is how OLL has layered multiple levers of growth—platform licensing, B2C expansion, and student acquisition tools—all on top of a solid AI foundation. This business of SaaS is all about a persistent plan and strategy. The business needs to move in a forceful manner and win significantly more than lose, because if they take too long, they will lose any potential upside to competitors and the age of technology, meaning technology will surpass their business model. Course Magic is not just a flashy AI product—it’s proving itself globally with minimal spend. The Uni Guide gives OpenLearning access to a valuable audience of international students. And the acquisition of Employability Advantage signals that the company understands what learners and institutions want: real-world skills, not just certificates. In my view, OpenLearning is now entering a new phase. Its market capitalisation is just under AUD $9M, and if they make more wins, this is not a bad valuation for entry. This is a long journey, like a marathon, so don't think you will be making your multiples in a short period of time. OpenLearning continues to do what most micro-cap tech players only talk about: grow smartly. The SaaS metrics are trending in the right direction, cash burn is decreasing (a good sign), and the pipeline, fueled by new features and geographic wins, shows signs of depth and repeatability. What resonates with me most is the company’s calm confidence in execution. They’re not shouting about AI—they’re embedding it into their tools, signing real contracts, and entering long-term relationships with tier-one education partners. As CEO, Adam Brimo aptly summarised: "NU has chosen our learning management system as the premier solution to advance their online learning initiatives across all campuses. This decision is a strong endorsement of the quality and continuous evolution of our technology and our leadership position in the application of Generative AI to education.” If the National University deal is any indication, OpenLearning is on the cusp of real, scalable revenue. For investors who understand the value of sticky SaaS in education, especially in emerging markets, this could be a compelling long-term story. The seeds of smart growth are already in the ground. Now it’s just a matter of watching them scale. 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. Cover photo: UW Baraboo Lecture Hall, JackFromWisconsin. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:UW_Baraboo_Lecture_Hall.jpg) 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.

An Interesting ASX Biotech Story for your Watchlists Introduction Mesoblast Limited (ASX: MSB) is a leading Australian biotechnology company specialising in the development of allogeneic (off-the-shelf) cellular therapies for the treatment of severe and life-threatening inflammatory diseases. Founded in 2004 by CEO Dr. Silviu Itescu, the company has established itself as a global leader in regenerative medicine, with a focus on mesenchymal lineage cells. As of mid-2025, Mesoblast boasts a market capitalization of approximately A$1.86 billion, reflecting significant investor confidence in its innovative therapies and robust pipeline. The company's year-to-date share price growth of over 425% underscores its remarkable progress and the market's optimism about its future prospects. Mesoblast Limited - The Art of Allogeneic Cellular Therapies Mesoblast's core mission is to develop and commercialize allogeneic cellular medicines to treat serious inflammatory conditions with significant unmet medical needs. The company's proprietary technology platform is based on mesenchymal lineage cells, including Mesenchymal Precursor Cells (MPCs) and Mesenchymal Stem Cells (MSCs), which have immunomodulatory and anti-inflammatory properties. Key Therapeutic Areas Graft-versus-Host Disease (GVHD): Mesoblast's flagship product, Ryoncil® (remestemcel-L), is an MSC therapy approved by the U.S. Food and Drug Administration (FDA) for the treatment of steroid-refractory acute GVHD in children. This condition is a severe complication following allogeneic bone marrow transplantation, and Ryoncil® offers a novel treatment option for affected paediatric patients. Chronic Low Back Pain: The company's investigational product, rexlemestrocel-L, is being evaluated in Phase 3 clinical trials for chronic low back pain associated with degenerative disc disease. Early results have shown durable pain reduction lasting at least three years from a single injection, highlighting its potential as a long-term treatment option. Cardiovascular Diseases: Mesoblast is also developing Revascor®, an MPC therapy aimed at treating advanced chronic heart failure. The therapy has received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA, facilitating its expedited development and review. Reasons for Strong Performance in 2025 Figure 1: The share price movement with highlights that have contributed to its growth over the last 12 months. The impressive market appreciation for Mesoblast is one of the reason that sparked my interest to review this ASX story. We all know that the biotech ASX industry is very similar to the risk-reward ratio of the mineral exploration industry, so this may be something that retail punters may want to look at for several reasons. To me, the current position of Mesoblast is the reason why retail investors look for small-cap "High-Risk" ASX stories because for the one that turns out to be a multi-bagger, it makes up for those that don't make it. Mesoblast is also now a good one to play the dividend game and have a "safer" option. Pharmaceutical companies are big players in the US market and if Mesoblast end up in that scale, the market capitalisation of AUD1.8B, may be start of something even bigger. Mesoblast has had a volatile run since its listing in 2004, having come back from the heights of 2020 when the company had a market capitalisation of over AUD $2B. Mesoblast's impressive share price growth in 2025 can be attributed to several key developments: 1.0 FDA Approval of Ryoncil® In December 2024, the FDA approved Ryoncil® for the treatment of steroid-refractory acute GVHD in children, making it the first MSC therapy approved in the United States for any indication. This milestone significantly enhanced Mesoblast's credibility and opened up new revenue streams in the U.S. market. The approval was based on robust clinical data demonstrating the therapy's efficacy and safety in paediatric patients. 2.0 Commercial Launch and Market Access Following FDA approval, Mesoblast successfully launched Ryoncil® in the U.S. market in early 2025. The company secured inclusion in major drug pricing compendia and entered into a National Drug Rebate Agreement with Medicare, expanding access to approximately 40% of the insured paediatric population in the U.S. These strategic moves have facilitated the therapy's adoption and reimbursement, contributing to revenue growth. 3.0 Inclusion in S&P/ASX 200 Index In March 2025, Mesoblast was added to the S&P/ASX 200 Index, reflecting its growing market capitalization and significance in the Australian biotech sector. This inclusion has increased the company's visibility among institutional investors and index funds, further boosting its share price. 4.0 Positive Analyst Outlook Analysts have expressed optimism about Mesoblast's future, with some projecting substantial upside potential. For instance, Bell Potter Securities has set a price target of A$4.30, indicating significant growth prospects from current levels. The company's strong pipeline and recent regulatory successes underpin this positive sentiment. Future Outlook Mesoblast's future appears promising, driven by its innovative therapies and strategic initiatives: 1.0 Expansion of Ryoncil® Indications Mesoblast plans to expand Ryoncil®'s indications beyond pediatric GVHD to include adult patients and other inflammatory conditions. The company is preparing for Phase 3 trials in adults with GVHD, a market approximately five times larger than the pediatric segment. Successful expansion into this market could significantly increase the therapy's revenue potential. 2.0 Advancement of Rexlemestrocel-L and Revascor® The ongoing development of rexlemestrocel-L for chronic low back pain and Revascor® for heart failure represents significant growth opportunities. Both therapies have shown promising clinical results and have the potential to address large patient populations with unmet medical needs. Regulatory approvals and successful commercialization of these therapies could further enhance Mesoblast's market position. (Simply Wall St) 3.0 Strategic Partnerships and Global Expansion Mesoblast is actively seeking strategic partnerships to support the global commercialization of its therapies. Collaborations with established pharmaceutical companies could facilitate market access, distribution, and regulatory approvals in various regions, accelerating the company's growth trajectory. Financial Performance and Sustainability While Mesoblast has historically operated at a loss, the commercial launch of Ryoncil® and potential approvals of other therapies are potential revenue drives for the company toward profitability. Analysts forecast significant revenue growth in the coming years, with estimates suggesting a 233% increase in 2025 and a 336% increase in 2026 (Yahoo Finance). Samso readers must also know that Mesoblast Ltd (ASX: MSB) experienced a significant share price decline from its 2020 highs (Figure 2) due to several key factors: FDA Rejection of Remestemcel-L in 2020In October 2020, the U.S. Food and Drug Administration (FDA) declined to approve Mesoblast's lead therapy, remestemcel-L (Ryoncil), for treating pediatric steroid-refractory acute graft-versus-host disease (SR-aGVHD). Despite a prior advisory committee vote favoring approval, the FDA requested an additional randomized controlled trial, leading to a nearly 40% drop in Mesoblast's share price that month. COVID-19 ARDS Trial SetbackIn December 2020, Mesoblast's Phase 3 trial of remestemcel-L for COVID-19-induced acute respiratory distress syndrome (ARDS) was halted early. The Data Safety Monitoring Board recommended cessation after interim analysis indicated the trial was unlikely to meet its primary endpoint of reducing 30-day mortality. This news led to a further 45% decline in the company's share price. Mixed Results from Heart Failure Trial: Mesoblast's DREAM-HF Phase 3 trial for its heart failure therapy, rexlemestrocel-L (Revascor), failed to meet its primary endpoint of reducing recurrent non-fatal heart failure events. Although some secondary endpoints showed promise, the overall results were insufficient to bolster investor confidence, contributing to continued share price weakness. Financial Challenges and Capital Raisings: The company faced financial pressures due to ongoing clinical trials and lack of product approvals, leading to significant cash burn. In January 2025, Mesoblast completed a global private placement, raising A$260 million at a discounted share price. The dilution and exclusion of retail investors from this capital raising contributed to a 9% drop in share price upon the announcement. As they say and I am reminding the Samso faithful's, there is only two things that are considered a sure thing, paying taxes and death. Concluding Comments from Samso A company like Mesoblast Ltd is positioned at the forefront of regenerative medicine, offering innovative allogeneic cellular therapies for challenging inflammatory conditions. In business, the first mover advantage coupled with success in your product development is always going to make you the king of the castle. The market capitalisation of AUD $1.86B for Mesoblast is prove that management and "luck" has been good for shareholders. A YTD growth of over 425% has got to be worthy of some prize to shareholders and all stakeholders in this company (Figure 1). The company's recent FDA approval and commercial launch of Ryoncil® mark significant milestones, validating its technology platform and opening new revenue streams. Mesoblast Ltd (ASX: MSB) is a prime example of biotech stories getting it right. The roller coaster ride that is synonymous with ASX biotech companies is well known. The story for Mesoblast can be more clear if we look at its journey since listing on the ASX. Figure 2: The share price chart for Mesoblast Limited since listing on the ASX in 2004. (source: commsec) The company is no minor having lived in high market valuation for a good part of the last 5 years but taking a big plunge due to several factors. Time have passed and a new phase is upon the fortunes of Mesoblast. What that means for the retail investors is the question. Is this going to be a "blue chip" investment for the retail end now or is there more capital gains to be had? The share price journey seen in Figure 2 is one that would give investors something to think about on whether there is another 10 bags left in the stock. With a robust pipeline, strategic initiatives, and positive market sentiment, Mesoblast may be well-positioned for continued growth and success in the evolving biotech landscape. If the analysts are to be taken seriously, there appear to be more blue sky to reach. Happy Investing and remember, always DYOR. References: DA Approval of Ryoncil® (Remestemcel-L) FDA Approval: On December 18, 2024, the U.S. Food and Drug Administration (FDA) approved Ryoncil® (remestemcel-L) for the treatment of steroid-refractory acute graft-versus-host disease (SR-aGVHD) in pediatric patients aged two months and older. This marked the first approval of a mesenchymal stromal cell (MSC) therapy in the United States. TradingView Orphan Drug Exclusivity: The FDA granted Ryoncil® seven years of orphan drug exclusivity for the treatment of SR-aGVHD in children. 📈 Share Price Growth and Market Performance Share Price Surge: Following the FDA approval of Ryoncil®, Mesoblast's stock experienced a significant surge, reflecting strong investor confidence. Year-to-Date Growth: Mesoblast's share price experienced significant growth in 2025, driven by advancements in its cellular therapy programs targeting severe inflammatory conditions. Proactiveinvestors UK 🧬 Rexlemestrocel-L for Chronic Low Back Pain Phase 3 Trial Results: A Phase 3 trial demonstrated that a single injection of rexlemestrocel-L resulted in at least two years of pain reduction in patients with chronic low back pain due to degenerative disc disease. Wikipedia Durable Pain Reduction: Further follow-up showed that the pain reduction lasted for at least three years, indicating the therapy's potential for long-term relief. Wikipedia ❤️ Revascor® for Heart Failure RMAT Designation: The FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to Revascor® (rexlemestrocel-L) for the treatment of children with hypoplastic left heart syndrome (HLHS), a severe congenital heart condition. Clinical Trial Outcomes: In a Phase 2b trial involving patients with end-stage heart failure, Revascor® treatment resulted in a 76% reduction in major gastrointestinal bleeding events and a 65% reduction in hospitalizations. 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. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) 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: Thermogenic Hydrogen Potential Confirmed at Edmund-Collier Figure 1: Organic-rich Blue Billy Formation core (17BBDD002: 337.7m–345.5m) (source: Constellation Resources) As the energy transition accelerates, could natural hydrogen offer a viable, scalable zero-carbon fuel alternative. In this context, Constellation Resources Limited (ASX: CR1) has delivered a pivotal update that confirms thermogenic hydrogen potential at its flagship Edmund-Collier Project in Western Australia. This marks not just a technical milestone, but possibly an inflection point in how hydrogen exploration is perceived on a global scale. A Major Technical Breakthrough - Potentially a Natural Hydrogen Source? Constellation’s latest analysis of Total Organic Carbon (TOC) and Thermal Maturity (TM) from historical drill core has validated what many in the emerging natural hydrogen space have speculated—the Blue Billy and Discovery Formations contain laterally extensive, overmature, organic-rich shale units ideal for thermogenic hydrogen generation. Initial TOC values—averaging up to 5.76%—across wide intervals in three of eleven drill holes point to strong hydrocarbon-style source rock potential (Figure 1). When coupled with thermal maturity readings (vitrinite reflectance equivalents) reaching up to 11.05 in some samples, it suggests that these rocks have exceeded the threshold temperatures (>250°C) required to liberate hydrogen (Figure 2). These results place Edmund-Collier on par with global analogues such as China’s Songliao Basin and Japan’s Niigata Basin. Figure 2: Hydrogen generation model (Hanson & Hanson, 2023) with Edmund-Collier maturation window plotted (source: Constellation Resources) What’s more, the scale here is hard to ignore. Spanning 300km east–west and 40km north–south, this basin-scale system has never been tested for hydrogen despite extensive historic drilling for zinc, copper, and uranium (Figure 3). Figure 3: Constellation SPA-AO application locations (source: Constellation Resources) Constellation suggests that the ideal hydrogen generation occurs at temperatures ranging from approximately 250°C to 500°C. This range is likely the minimum temperature that organic-rich shales in the deepest areas of the Wanna Syncline have experienced, which are currently situated at a depth of about 4–5 km (see Figure 4 and Figure 5). CSIRO-led analyses of fluid inclusions for hydrogen and associated gases are currently underway, and identification would further strengthen the thermogenic hydrogen model (Figure 4). Figure 4: Constellation SPA-AO application locations (source: Constellation Resources) Unlocking a New Natural Hydrogen Frontier The Wanna Syncline—a deep structural basin within Edmund-Collier—may act as a “kitchen” where organic-rich shales have reached peak natural hydrogen generation windows. Current data suggests that these units, lying at 4–5km depth, were exposed to paleo-temperatures ideal for producing hydrogen via catagenesis, metagenesis and metamorphic processes (Figure 5). Figure 5: Cross-section with conceptual paleo-isotherms and drillhole locations (source: Constellation Resources) Constellation’s forward program includes gas inclusion tests and additional TOC assays from the remaining eight drill holes. These results could provide definitive evidence of a naturally occurring hydrogen system at scale. Equally important, the project is strategically located near major gas infrastructure, providing a potential pathway to market if commercial volumes are confirmed. Expanding the Land Position Following this technical validation, Constellation has been granted additional SPA-AO licenses over the Ashburton Basin, expanding its total landholding to an impressive 87,602km² across WA. These newly acquired areas are considered prospective for hydrogen, helium, and associated gases and are intersected by existing gas pipelines. The underlying model remains the same—radiogenic granites, deep fault zones, and organic-rich shales acting together in a sealed geological system to generate and trap hydrogen and helium. It’s a compelling setup for anyone paying attention to the zero-carbon fuels of the future. Project Background: Edmund-Collier at a Glance The Edmund-Collier Natural Hydrogen Project is located in Western Australia’s Gascoyne Province. Comprising four contiguous SPA-AOs (37,288km²), it is bounded by gas pipelines and contains a folded succession of 5km-thick Proterozoic rocks overlying radiogenic granites (Figure 5). This geologic setting provides the full hydrogen system: source rocks, heat, faulted migration pathways, potential reservoirs, and seals (Figure 6). Figure 6: Conceptual Edmund-Collier Basin H2 - He System. (source: Constellation Resources) Samso’s Concluding Comments I came across this natural hydrogen phenomena about 3 years ago, and I thought that this would be an interesting part of the mineral resource sector if it could be proven to be viable. Like most exploration concepts, we all start with a theory and then go about proving it. Natural hydrogen is a very new concept, to me at least, so there is still a fair way to convince me that this is a viable concept. When it does, this could be a big economic asset for the West Australian government. The confirmation of thermogenic hydrogen potential at Edmund-Collier looks like it may be marking a turning point in Western Australia’s energy narrative. Could this be seen as a moment when we could say that it is no longer about theory—it’s about evidence. I don't have enough experience in this area to have a valid opinion; other than that, anything is possible. Potentially, the proposed concept may mean we are seeing a convergence of deep basin geology, emerging science around overmature shales, and a regulatory framework now designed to support exploration. As I mentioned previously, Constellation isn’t just drilling into rocks—they’re drilling into a new energy economy. With first-mover advantage and basin-scale opportunity on their side, the Edmund-Collier Project offers investors something rare: a technically sound hydrogen story grounded in geology, not just speculation. And while natural hydrogen still feels new to many, it’s worth remembering that in Bourakebougou, Mali, a small community has been powered by a shallow hydrogen reserve since 2012. As highlighted by Yale Environment 360, this isn’t future tech—it’s already working. Projects like Edmund-Collier may simply be the next chapter in a story that’s been quietly unfolding for over a decade. Stay tuned— is this story only just unfolding? Happy Investing and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Cover photo: Oil Platform Crew Transfer, GuavaTrain. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Oil_Platform_Crew_Transfer.jpg) 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 Shipment of Lithium Samples as Feasibility Studies Advance When Pursuit Minerals (ASX: PUR) announced it had dispatched 99.5% pure lithium carbonate samples to potential offtake and strategic partners, it caught my attention for all the right reasons. In a climate where investors are becoming more selective and market conditions remain tight, real progress—not marketing noise—matters. I was told to take a position in PUR for a trade, and it has become a long-term trade. As an investor, I am sure there are many people who have had this happen to them. Fortunately for me, it was a small trade, but it was a valuable one, as I was never a believer of the lithium run, and I went against my own rules. This journey went from bad to worse as the stock got consolidated with a falling share price, so when I saw this latest news, I was very curious. Figure 1: Pursuit’s 99.5% Li₂CO₃ Sample Ready for Dispatch to Potential Offtake Partners (source: PUR) Proof of Concept, or Proof of Credibility? From where I stand, I am hoping that this would be a good thing and reading through the release, it just may be good. Here’s why: First, hitting 99.5% purity—especially at a pilot plant level—is a good tick in a checkbox. I agree that it's just a technical milestone with a verified third-party assay, which removes a big chunk of risk perception for prospective partners. This product came from a 250tpa pilot plant in Salta Province, Argentina, using synthetic brine formulated to match that of the Rio Grande Sur Project. This means the company has successfully mimicked real-world operating conditions in a test environment and delivered a technically sound result. Figure 2: SGS Laboratory Assay Confirms 99.55% Lithium Carbonate Purity (source: PUR) CEO Aaron Revelle summed it up perfectly: “Achieving 99.5% lithium carbonate purity is a major technical milestone for Pursuit and a clear demonstration of the capability embedded within our flowsheet, team, and pilot plant infrastructure… Dispatching these samples is a critical first step in our commercialisation pathway.” From a development perspective, this is what I call “de-risking by doing.” Instead of promising future capability, Pursuit is showing what it can deliver now. The step from “resource in the ground” to “qualified product in hand” is a big one, and not many juniors make it convincingly. So, is it a good thing? Absolutely. It’s a signal to the market that this isn’t just a lithium story—it’s a lithium business in the making, and this is what is making me more than curious. This may mean that it's more than announcing the discovery of a pegmatite or some high assay in a rock chip sample. The Path to Profit: Still Paved with Questions—But Promising This is the question every investor should ask: Can this become a profitable business? Let’s be clear—at the 250tpa pilot stage, Pursuit is not aiming to make money. The purpose is qualification, not revenue. But the long game is being built around a 5,000tpa operation, and that’s where profitability comes into play. Figure 3: 250tpa Lithium Carbonate Pilot Plant Ready for Production. (source: PUR) Feasibility studies are underway, with engineering, environmental, and process modelling all being lined up. If these efforts prove successful—and offtake agreements follow—then yes, this has the bones of a lean, margin-positive operation. Timing will be everything. Lithium prices remain subdued. But that won’t last forever. The companies with qualified products, operational discipline, and market-ready projects will be the first to benefit when sentiment turns. Let’s also not ignore Argentina’s rise as a Tier 1 mining jurisdiction, particularly with the RIGI tax and FX stability program for large-scale investments. It adds critical long-term clarity and de-risks future development. And while lithium is the core focus, Pursuit’s broader strategy to evaluate gold, silver, and copper acquisitions in Argentina is a smart hedge. That kind of optionality can help the company pivot if market conditions change and remain relevant across commodity cycles. So, is it going to be profitable? Not today and the potential for success is still based on the lithium price coming back to a level where new players like Pursuit can earn a decent income. The upside looks positive, and the story appears to have an intent to create the right execution and with alignment with buyers, and market rebound, it will happen. Samso Concluding Comments This is the kind of story I like. Real product. Real purity. Real commercial intent. I also like that Pursuit Minerals isn’t making noise—they’re making lithium carbonate at 99.5% purity and putting it in the hands of people who matter. I do realise that there is still a long journey and if my forecast for the lithium price is correct, which is a level where there is cost effectiveness for producers and end users, the PUR story may work. Irrespective of my very cautious approach to the upside, it is comforting for me that Pursuit appears not to be just talking—they appear to be building parts or at least building the paths to a business. In a market filled with announcements, this one stands out because it’s backed by something tangible. While existing producers are bleeding as the pricing has not recovered, Pursuit is proving it can deliver product and validate its flowsheet in real-world conditions. That gives them a significant head start when market conditions shift. What’s more impressive is their clear intent to scale methodically through a 5,000tpa operation, all while preserving capital and exploring smart diversification into gold, silver, and copper. For me, this is not a lithium story—it’s a strategy to become a production business. Argentina’s mining environment is maturing, and Pursuit is positioning itself right in the middle of that shift. If things fall into place for PUR, this will be the first step in the next phase, not just reacting to the present. Proposed Pond Location at Rio Grande Sur That’s why at Samso, we watch companies like this. Not because they shout the loudest, but because they move with purpose and the timing may just be perfect. The time for Pursuit to get to the end stage is still going to take time and for once, this may be a good thing. And as always, know your own tolerance for risk, do the work, and back the stories built on action, not just ambition. Our work at Samso is grounded in nearly three decades of industry experience. We bring independent, informed content through Coffee with Samso, Samso News, and Samso Insights—because informed investors make better decisions. Make sure you understand your own investment strategy, risk appetite, and horizon. Whether it’s lithium, copper, or gold, success always starts with knowing why you're backing a story. 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. Cover photo: Spodumene 11, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Spodumene_11.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

A New Float Targeting Monthly Franked Dividends and Capital Growth Announcement ASIC Relief for the alignment of the first half-year reports WAM Income Maximiser Limited (ASX: WMX) is a newly launched LIC (Listed Investment Company) with a distinctive hybrid investment strategy that combines high-quality Australian equities with investment-grade corporate debt. Spearheaded by the trusted team at Wilson Asset Management, WMX offers a rare opportunity for investors seeking a consistent stream of franked monthly income, coupled with capital preservation and long-term growth. A Listed Investment Company (LIC) is a type of closed-ended managed fund that is traded on a stock exchange (like the ASX). It pools money from investors and uses it to invest in a diversified portfolio of assets—such as shares, bonds, or property. The key characteristics of an LIC include: It has a fixed number of shares on issue (like a regular public company). It is traded on the stock exchange, so investors buy and sell LIC shares just like any other listed stock. The share price can trade at a premium or discount to the Net Tangible Assets (NTA) of its underlying investments. The company targets a return of RBA Cash Rate + 2.5% per annum (including franking credits), translating to a projected yield of over 6% in the current rate environment. With monthly dividend payments scheduled to commence from August 2025 (subject to profitability and franking capacity), WMX aims to fill a growing demand among income-focused investors following the structural decline of bank hybrids. Portfolio Deployment Update Aside from the ASIC relief, WMX recently held its first investment update webinar (May 22) featuring Geoff Wilson, Matthew Haupt & Damien Boey. Key highlights include: Active deployment of IPO capital during market volatility, aiming to capitalize on pricing dislocations. Asset allocation balancing between equities and investment‑grade debt to optimize income and maintain resilience. Ongoing monitoring of RBA rate changes and tactical portfolio adjustments in response What Sets WMX Apart from other Listed Investment Companies? WMX is Australia’s first listed investment company that intentionally combines both equity and corporate debt exposure within a LIC structure. This multi-asset approach aims to enhance diversification, reduce volatility, and provide consistent income to shareholders. The initial portfolio allocation will be: · 60–70% in ASX 300-listed dividend-paying equities · 30–40% in investment-grade corporate notes, bonds, hybrids, and money market instruments WMX will invest in companies with strong cash flows and robust capital management, selected for their ability to sustain or grow distributions via franked dividends and buybacks. Wilson Asset Management’s Strong Hand WMX is Wilson Asset Management’s ninth LIC, adding to a portfolio of vehicles like WAM Capital (ASX: WAM), WAM Global (ASX: WGB), and WAM Leaders (ASX: WLE). Collectively, the WAM family manages over $5.9 billion for 130,000+ investors, having paid more than $3.6 billion in dividends over its history. This is not just another fund. Geoff Wilson AO, the founder and Chairman, plans to personally invest $5 million into WMX. Lead Portfolio Manager Matthew Haupt brings over two decades of experience in both fixed income and multi-asset management, previously helming WAM Leaders. He’s joined by macroeconomic specialist Damien Boey, formerly of the RBA and Barrenjoey Capital Partners. Their collective goal? To actively manage volatility and deliver stable income streams in an uncertain macro environment. Dividends and Yield Target WMX aims to deliver monthly franked dividends, with the Target Income Return being: RBA Cash Rate + 2.5% p.a., including franking credits While this target is not a forecast, it sets a benchmark aligned with income-focused LIC investors. Dividends are subject to available profits, franking credits, and prudent capital management. The dividend reinvestment plan (DRP) will also be available to eligible shareholders. WMX may be especially attractive for retirees, SMSFs, and portfolio builders seeking alternatives to term deposits or pure equity funds. Its listed nature also ensures liquidity and pricing transparency. Like all investments, WMX carries risks. Key among them: · Market risk: Fluctuations in equity markets and credit spreads · Income risk: Declines in ASX dividends or interest rates may reduce cash flow · Key person risk: Heavy reliance on Geoff Wilson, Matthew Haupt, and Damien Boey · Manager alignment: Investment Management Agreement allows limited early termination rights Investors should consider these carefully alongside the strategy. Samso Concluding Comments As I have matured in my investment risk-reward profile, I am beginning to adopt the "Warren Buffett" thinking in regards to "buying" into a business that works and has a lower risk profile than the small-cap mineral explorers. All investments carry some form of risk, but as I lower my own personal risk exposure, I start to be interested and want to become knowledgeable about other forms of "plays". I came across the WAM Income Maximiser (ASX: WMX) out of curiosity and decided to look into the company in greater detail. According to my research, it is not simply another listed investment company entering the fray — it is a purpose-built response to a structural gap in Australia’s income investment landscape. At a time when traditional sources of yield are drying up, and risk-adjusted returns matter more than ever, WMX offers a compelling blend of equity and corporate debt — delivered with the credibility and discipline of Wilson Asset Management. My experience in the corporate part of the ASX over the last 15 years has exposed me to the myriad of "Funds" out in the financial space. As I have been on the other side, looking for funds, I have come to understand why there are people who are in these kinds of income-generating funds. The greater certainty of a return is very attractive, which is probably due to my "maturity" in life. The Samso Take is this: in a market increasingly short on stable income and long on volatility, WMX brings a deliberate, thoughtfully engineered solution. This is not about chasing speculative returns — it’s about sustainable, franked income with the added ballast of credit quality and capital preservation. For investors who’ve been seeking a monthly income stream backed by a team with a deep track record and skin in the game, this float is one to study closely. Here at Samso, we always emphasise the importance of research and positioning. WMX fits the profile of a LIC designed for the modern era — diversified, hybrid, and accessible. If you're building an income-focused portfolio or looking for reliable dividend streams with defensive underpinnings, this is an offering worth considering. Don’t just take our word for it — dig into the WAM Income Maximiser Prospectus, evaluate the team, and consider what role this LIC might play in your own investment strategy. Stay curious. Stay sharp. And as always, seek the kind of clarity that turns uncertainty into opportunity. Remember DYOR and always steer on the side of caution, and seek advice. There is no such thing as a Free Lunch. Cover photo: NY stock exchange traders floor LC-U9-10548-6, Thomas J. O'Halloran. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg) The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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.

Announcements: Investor presentation – the Berkeley Biologics Partnership Market Approval in Bahrain for the NervAlign® Nerve Cuff™ Quarterly Investor Presentation – Q2 2025 From Prospectus to Progress: 🆕 IPO Review From Listing to Today — The ReNerve Journey - Nerve Repair ReNerve Limited (ASX: RNV) listed on the ASX in November 2024, positioning itself as a commercial-stage medtech company aiming to transform nerve repair through innovative tissue-engineered solutions. Less than two years later, the company has demonstrated consistent momentum in bringing its products to market, establishing international distribution networks, and expanding its product pipeline. At the core of ReNerve’s offering is its NervAlign® Nerve Cuff, an FDA-cleared device that improves post-surgical outcomes for peripheral nerve injuries. Backed by rigorous clinical validation, the product is already achieving real-world adoption across key surgical markets. 🔹 ASX Code: RNV Listing Date: 26 November 2024 IPO Offer Price: $0.20 Current Share Price (as at June 2025): $0.10 Market Capitalisation: $14.25 million Industry Group: Health Care Equipment & Services 🔹What Has ReNerve Done Since Listing? ReNerve’s post-listing performance has centred on commercial traction, product validation, and geographic expansion. Some of the key developments include: NervAlign® Nerve Cuff (Figure 1) Sales Growth: Q3 FY25 sales reached A$75K, marking a ~40% increase from the previous quarter. Figure 1: NervAlign® Nerve Cuff (source: RNV) Clinical Validation: A statistically significant reduction in post-operative pain was demonstrated at the American College of Foot and Ankle Surgeons conference (Phoenix, March 2025). Pain dropped from 7.1 to 0.4 in patients treated with the Nerve Cuff (Figure 2). Figure 2: The comparison of pain scores between the two cohorts of patients (source: RNV) Product Pipeline Advancements: o NervAlign® Nerve Conduit (Figure 3) is on track for FDA submission by Q4 CY25. Figure 3: NervAlign® Nerve Conduit (source: RNV) o Nerve Guide Matrix (Graft) (Figure 4) progressing to Stage 3 development in H2 CY25. Figure 4: Nerve Guide Matrix (Graft) (source: RNV) New Products via Berkeley Biologics Partnership (announced 2 June 2025) (Figure 5): Dermal Tissue Range: Closely aligned with ReNerve’s existing customer base, these are designed for improved wound healing and surgical integration. Amniotic Tissue Products: Three variants tailored for wound coverage and healing, targeting trauma, micro, plastic, and orthopaedic surgeries. Figure 5: Dermal Tissue Range & Amniotic Tissue Products (source: RNV) Expanding the Global Footprint Within the first year of listing, ReNerve successfully entered key international markets: Asia: Sales in Hong Kong, marketing approval in Thailand. Middle East: Distribution agreement with Union Mediscience B.S.C. Latin America: Exclusive agreement with Imbiomex in Mexico. India: Regulatory strategy initiated with NetCentrix Ventures. These partnerships, combined with a targeted direct sales strategy and appointment of VP of Sales & Marketing Eric Feliciano in the U.S., reflect ReNerve’s focus on global scalability. Science Backed. Surgeon Approved. ReNerve’s medical-grade technology—such as its Supercritical carbon dioxide (scCO₂) tissue processing—delivers bioactive, sterilised, and pliable implants that require no change to surgical technique. Importantly, these are bio-absorbed within six months, eliminating the need for secondary surgeries. Surgeons have consistently highlighted their ease of use and high patient satisfaction outcomes. 🔹 Use of IPO Funds – Summary (Actual vs Budget) Since listing in November 2024, ReNerve has deployed its IPO funds in line with the strategic priorities outlined in its prospectus. Capital was directed toward advancing product development, with the NervAlign® Nerve Conduit and Nerve Guide Matrix progressing toward key clinical and regulatory milestones. The company also invested in sales and distribution infrastructure, including the appointment of a U.S.-based VP of Sales and the establishment of international partnerships across Asia, the Middle East, and Latin America. Funds were allocated to clinical validation, supporting the successful NervAlign® study presented at the ACFAS conference, which demonstrated significant pain reduction. Importantly, the Berkeley Biologics partnership — delivering two new product ranges — reflects a tactical use of capital to accelerate revenue generation. Overall, ReNerve has maintained disciplined expenditure while advancing all major pillars of its go-to-market and innovation strategy. ReNerve Director, Dr Julian Chick, commented on the new partnership with Berkeley Biologics and the new product ranges: “The rationale for this partnership is to build-out the product offerings that ReNerve can provide to surgeons, patients and hospitals. The products we are looking to launch this year are used by the existing and new customers for ReNerve's peripheral nerve product range. Surgeons that work on nerve repairs also undertake other types of surgery, where they are required to repair not only damaged nerves. With these two new product lines, the Company can offer surgeons, hospitals and patients a more complete product range for all the tissues that are required for surgery." 🔹 Share Price Performance Since Listing Since listing on 26 November 2024 at an IPO price of $0.20, ReNerve Limited’s (ASX: RNV) share price has gradually settled into its early trading rhythm, closing at $0.10 as of June 2025 (Figure 6). The chart probably is reflecting a typical early-stage medtech trajectory — marked by investor anticipation post-listing, followed by recalibration as the market awaits delivery on strategic milestones. While the share price has retraced from its listing level, investor sentiment has remained sensitive to milestone events, such as the March clinical data release and the June announcement of the Berkeley Biologics partnership. As the company progresses its next wave of product launches and regulatory filings, market attention is expected to shift from speculative positioning to revenue and validation outcomes. Figure 6: RNV share price as of 23 June 2025 (source: ASX) Samso Concluding Comments ReNerve Limited is an interesting proposition. As we review the company and learn what the business is all about, it comes across as something that would be attractive to the market. Development looks promising, but it is hard to understand why the share price direction is negative. From what I can learn, ReNerve look like it's expanding its reach. By adding complementary product lines through its Berkeley Biologics partnership, the company is filling gaps in its product range and building a comprehensive solution for a global surgical audience. These are smart moves to create a more robust business. As a newcomer in this sector and having a good understanding of having patience to allow the business to grow, one can only think that this is the hurdle. I would think that the medical ability to fix or heal nerves would have a booming business, so I shall wait and see how this develops. The company has a low market capitalisation of AUD $10M but I think this one has to go into the "Need To Understand this Business More" category. As an investor and retail investor, I will say that ReNerve is definitely out of my "pay packet", so all I can say is DYOR. The Samso Way – Seek the Research ReNerve is a reminder that real value in biotech/medtech is complicated and not just ideas. One has to understand the underlying meaning of clinical results, FDA progress, and global sales. At Samso, we urge investors to look beyond the pitch — follow the data, the approvals, and the partnerships. That’s where the story takes shape. 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. Cover photo: US Navy 111006-O-KK908-026 An MRI machine is set up at the Role 3 Medical Facility at Joint Operating Base, Bastion, Afghanistan, U.S. Navy photo. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:US_Navy_111006-O-KK908-026_An_MRI_machine_is_set_up_at_the_Role_3_Medical_Facility_at_Joint_Operating_Base,_Bastion,_Afghanistan.jpg) 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.

Samso Insight Episode 118 is with Justin Virgin, Executive Director of Terrain Minerals Limited (ASX: TMX). Commodity pricing has a history for being volatile and it is especially susceptible to sovereign risks. The ups and downs of the mineral resources sector on the ASX is a direct reflection of the volatile commodity chart. Pricing of commodities are constantly evolving and retreating which makes the fortunes of ASX companies in this sector exciting and depressing, depending on which the investor's circumstances. In this episode of Samso Insights, we look at Terrain Minerals Limited (ASX: TMX). We speak with Justin Virgin who is the Executive Director of the company. I came across Terrain Minerals at the 2024 RIU Conference in Sydney. What looked like a non-descript booth became an interesting proposition when we Justin explained to me the different views on their projects. Terrain Minerals main story is the potential for a Gallium player who has been flying under the radar. The Gallium sector is small but lucrative. Figure 1 below highlight the bullish nature of the pricing and it is forecast to continue on that trend in years to come. Figure 1: Gallium price chart. (Source: https://strategicmetalsinvest.com/gallium-prices/) From an exploration point of view, the projects that Terrain have a grassroots and there is no hiding form the fact that there is a lot of work to do and there are also a lot of room for error. Investors who look at Terrain from rom a valuation point of view and measuring risk as from that angle will like the market capitalisation of the company. Check out the Samso Insight conversation with Justin and make your own decision. Samso's Conclusion Terrain Minerals is one of those companies that you literally take a "punt". Personally, I like the Gallium but I don't know what is good and what is bad in terms of numbers. At the time of writing this blog, the company has released the results from their latest drilling. The numbers for the REE look ok but not mind blowing but I do not know how to comment on the Gallium numbers. This would be a great opportunity for readers to give Justin a call and get it from the man himself. Chapters: 00:00 Start 00:20 Introduction 00:50 Justin introduce Terrain 02:38 The Gallium Story 03:58 What Kind of results are expected? 05:10 Is Saltbush the main project? 06:48 The Terrain Minerals Projects 09:14 Why Terrain Minerals? 10:30 Conclusion PODCAST About Andrew Sparke Executive Chair Mr Sparke has over 15 years’ experience that includes IPO’s, private placements, secondary market transactions and listed company compliance. Mr Sparke has served as director of a number of ASX listed resources companies including Alt Resources Ltd (ASX:ARS) and Torian Resources Ltd (ASX:TNR). Mr Sparke is the founder of Olive Capital, an Australian boutique investment house that has advised numerous ASX listed companies on capital raising and corporate transactions. About QMines Limited (ASX: QML) QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns rights to 100% of The Mt Chalmers (Cu-Au) and Develin Creek (Cu-Zn) deposits. The Company's Mt Chalmers and Develin Creek projects are located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.1, 2 QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments. Read Brilliant Investments

The OD6 Metals Limited (ASX: OD6) story was all about the Rare Earths sector, and now we are looking at the Gulf Creek Copper project. Is this OD6 Metals' view of its future? The OD6 story has been frequented on the Samso platform over the last few years, and this new approach suggests that the company is taking a different approach to giving shareholders value. To say that the ASX equity market has been tough for Rare Earth explorers would be the understatement of the century, so it is no surprise that management has created something worth shouting about on the ASX. The Gulf Creek Copper VMS project looks very "interesting" at face value. I was impressed with the new approach when I saw the announcement on October 30th (2024). The historical information released by OD6 definitely made me think this could be an excellent replacement for the company's future. The Gulf Creek project is located approximately 15 kilometers northeast of the town of Baraba and north-northwest of Tamworth in the New England district of New South Wales (Figure 1). The tenement is situated on the Cobbadah 1:100,000 map sheet within the 1:250,000 Manilla map sheet. Figure 1: Location of the Gulf Creek Copper project. (Source: OD6 Metals Limited) Access is readily gained off the Gulf Creek road and then along approximately 1 kilometer of dirt road. The land owner has granted permission to inspect the workings and conduct field work, and a formal minerals exploration access deed is now in place. Figure 2: The OD6 Metals announcement highlights. (Source: OD6Metals Ltd) As an exploration geologist and someone who is also on the corporate side, I like the idea of a VMS (Volcanogenic Massive Sulphide). The brief information shown in Figure 2 does indicate that there is something worthy of a closer look. A good VMS deposit is not easy to find these days, and the Samso platform has featured a few stories, the best of which has been New World Resources Limited (ASX: NWC). Coffee with Samso with New World Resources Limited: A VMS Story - The Antler High-Grade Copper Project - New World Resources Limited (ASX: NWC) New World Resources Limited (ASX: NWC) - High-Grade Copper Story - Antler Project Some other companies like Venture Minerals Limited (now Critica Limited) and Warriedar Resources Limited. Typically, in the minerals exploration sector, Venture/Critica did not find it (I assume), and Warriedar is still working in the area. The Rare Earth OD6 Story. It is no secret in the market that the recent Rare Earths journey has not ended well. The fall from the heights of popularity in the Rare Earth story almost had it written in the script, but to many, me included, I thought this could end differently. The pricing for the three main participants, Dysprosium (Figure 3), Neodymium (Figure 4), and Praseodymium (Figure 5), is the same as it was in 2020, and I must say that climbing that mountain will be a tough task. It is not impossible, but I think it will be a long, hard journey. Figure 3: The Dysprosium price is currently $403.92 per kg (18/11/2024), dysprosium changed –31.24% since 1st Jan 2024 and –38.18% since the start of last year. It lost slightly in value last year and –1.75% compared to its price of $411.10 per kg on Jan 1st 2021. The price increased +17.00% since Jan 1st 2020. If we go back further than 5 years to Jan 1st 2018, when the cost of one kg dysprosium was $238.14, then the increase is +69.61%. (Source: Strategic Metals Invest) The market sentiment is that the Rare Earth Story is no longer on investors' watchlists, but one wonders if the REE story can connect itself to the market insistence on the resurgence of the lithium story. The fall from the peaks of the lithium ride is greater than that of the REE path, as we are now looking at producers getting the rough end of the falling lithium price. Companies that were the darlings of the lithium industry, such as Pilbara Minerals Limited (ASX: PLS) and Mineral Resources Limited (ASX: MIN) , are now 50% less than their peaks. There are no prizes for those who think the share price of MIN may be due to something other than the lithium price, but jokes aside, they are undoubtedly one of the market leaders in Australia for lithium. Figure 4: At today’s price of $109.78 per kg (18/11/2024), neodymium changed –3.02% since the start of 2024. It has lost –47.55% since January last year. Compared to its price of $109.70 per kg on Jan 1st 2021 it has changed +0.07% in value. If we go back further to Jan 1st 2018, when the cost of neodymium was $70.04 per kg, then this rare earth metal has gained +56.74%. (Source: Strategic Metals Invest) When I attended the Rare Earth Conference in Canberra last year, I was impressed at what the US was trying to do to capture market share with its incentives for the industry. I had read a lot of commentary in the past that wrestling the market from the Chinese would take a lot of work. At the beginning of the Rare Earth movement with the Clay deposits, I had to be a fast learner as things were moving fast. My understanding at that time was next to zero. Figure 5: At today’s price of $109.23 per kg (18/11/2024), praseodymium has changed –3.16% since Jan 1st 2024. It changed –49.73% since Jan 2022 and has gained +30.97% compared to its price of $83.40 per kg on Jan 1st 2021 and is up +50.10% since Jan 1st 2020. If we go back to Jan 1st 2018, when the cost of a kilogram of praseodymium was $85.68, then the price has increased +27.49%.(Source: Strategic Metals Invest). As the downturn in bucket pricing of Rare Earths started to show weakness, there was the fear of it going back to the low levels, but there was optimism that it would not do that as there is a new sheriff in town, so to speak. The talk of the US wanting an alternative to the Chinese Permanent Magnets could potentially save the day. Only time will start to tell if this is going to happen. I think the investment highs coming from the "new market" must slow down before hopefully taking a second wind and strengthening. Its like technical traders saying that the first run to break new highs will be followed by other attempts as the bull retreats to rest for the next run. If what I learnt from the trip to the Conference in Canberra last year is the amount of investment that has already happened cannot just stop. The Trump administration aims to "Make America Great Again", so one would probably bet things may or will get significantly better. The OD6 Copper Story Now, the new Gulf Creek Copper project has all the bells and whistles. OD6 is now a copper and Rare Earths story. The best copper project that a small-cap company like OD6 Metals can play with is a VMS (Volcanic massive Sulphide). I encourage readers to check the link out and immerse themselves to understand why a discovery of a VMS is a good thing for someone like OD6 Metals Limited. Like all these old Australian projects, in the state of New South Wales, questions are always asked about the prospectivity and jurisdiction. The Gulf Creek copper project has been around for a long time and according to R.Thom 2007, "The Gulf Creek Copper represents the largest copper mine of its type in the New England region of New South Wales and was primarily mined between 1889 and 1912. Over 35,000 tonnes of Cu ore was mined, delivering an average grade of 5% Cu over the mine life. Higher grades were recovered from some areas such as Fishers Mine, with head grades exceeding 15% Cu. Mine records estimate probable ore reserves up to 50,000 tonnes of ore grading 2.7% copper (Cu) and 4.65% zinc (Zn) remain in the known ore lenses. The deposit is considered to be a Cyprus pyrite style and has not been properly explored since mining ceased almost 100 years ago, creating an exceptional modern exploration opportunity. The mine extended to a depth of 150 metres, a strike length of 400 metres and the ore channel was 30 metres in width. The ore channel hosts 3 parallel lodes known as the Cornish Lode (2m wide @ 6-6.5% Cu, Middle Lode (1.5-2m wide @ 3-3.5% Cu) and the Big Lode (7m wide @ 2-2.5% Cu). Records also indicate strong Zn credits (~ 2 times Cu in the estimated ore reserves) were of little value to historic miners and may become a valuable credit to modern mine assessment. The extensive strike, width and multiple lode nature of the project warrants an immediate drilling program to determine the strike and open pit potential of the mineralisation as well as drilling below the workings to determine the potential for modern underground mining." Identity Crises for OD6 Metals. Introducing a copper project to the OD6 platform has undoubtedly created mixed reactions among shareholders and potential investors in the ASX (Australian Stock Exchange). In my mind, OD6 is synonymous with the Rare Earth journey, but the lack of market interest is a big problem. This problem needs to take a back seat now, as the immediate need for management to create interest in the stock is paramount to the company's survival. This is not something that needs to be spelt out at this stage, but the introduction of the Gulf Creek project is not wrong, as it does show promise as a project. Shareholders have a history of quickly forgetting the reality of an identity crisis as the value of their investments increases, so I am sure time will undoubtedly heal shareholders' worries. Patience OD6 shareholders need to be patient and supportive of management. The ministerial approval required in New South Wales will take months, and the land access will add to that timeline. If the locals are friendly and cooperative, you could add up to three months to the timeline. I read that there was an issue with the permit area regarding being within an area of potential impact on a critically endangered bird species and a threatened species of gum tree. As a result, both the NSW Government and the Commonwealth Government required the previous operator of the area (Comet Resources, 11 January 2024) to undertake several assessments to determine the significance of its proposed activities on the bird and gum tree species. A contractor was engaged, but I don't know the result of that discussion. Some historical readings highlighted a Native Title factor within the project, which was cleared, however, what that means for present owners in the area is unclear to me. Readers will want to consider how the present ruling on Native Tile plays out. Unfortunately, the latest issue with Regis Resources in New South Wales is high on the concerns for mineral explorers and this will be an ongoing issues for potential investors and present shareholders of OD6 Metals. Samso Concluding Comments OD6's strategic move to acquire the copper project is good. In the present ASX market, there is not too much choice for OD6 Metals. The timing required to overcome the points mentioned previously will need to be managed. As always, I assume that management has already looked at all these factors and that all the concerns raised are under control. The Gulf Creek copper project is worth shouting about from a technical point of view. The presentation released by OD6 Metals is worth a detailed read, and as I always say, contact the OD6 management and talk to them. I cannot stress this point enough: spend the time talking to the management, as they are more than happy to discuss these aspects with anyone who genuinely needs to know. Reference: R.Thom, 2007. EL 6492 Gulf Creek, Annual Report for 26th may 2005 to 25 May 2006. Graynic Metals Limited. 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 encourage investors to look beyond the headlines and focus on the foundations of value—geology, strategy, and execution. Pivotal Metals (ASX: PVT) is a clear example of why this matters. The Company’s systematic approach at the early-stage Lorraine project—highlighted by bonanza-grade gold, emerging gabbro-hosted sulphide targets, and newly defined magnetic corridors—signals a much larger mineral system at play. For those who value method over hype, PVT is one to research now and follow closely as the exploration story builds. 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. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Coffee with Samso Episode 204 is all about Lupins and Lupin Protein Isolate. Coupled with the favourable growing climate in Western Australia, Wide Open Agriculture Limited (ASX:WOA) could become a major player in a billion-dollar market. The Wide Open Agriculture came across my screen about two weeks ago, and it caught my attention because I was doing content on superfoods and came across the benefits of lupins in 2019. While I was doing research over time, the share price of the company started to move, and in fact, on the day I was talking to Yazi Zhan, the Non Executive Chair of WOA, about making an appearance on Coffee with Samso, she was in the middle of dealing with her company's share price going for a run to a high of AUD $0.029, from the previous trade of AUD $0.016. In today's episode of Coffee with Samso, we are talking to Yazi Zhan, who knows this business intimately and will give us a good insight into firstly the benefits of Lupin and Lupin Protein Isolate, followed by what I think could make WOA a global player in the highly sought-after plant-based nutrition business. The Business of Wide Open Agriculture Limited. Wide Open Agriculture Limited (ASX: WOA) is planning to be in the global plant-based protein sector, thanks to its proprietary technology that unlocks the full potential of lupins—a high-protein, regenerative legume native to Australia. As the exclusive holder of intellectual property for extracting lupin protein isolate, the company is positioning itself at the forefront of the clean-label, sustainable food movement. At the heart of this innovation is BUTINE PROTEIN, Wide Open Agriculture’s signature lupin protein isolate. Clean, allergen-friendly, and remarkably versatile, BUTINE PROTEIN offers a powerful alternative to soy and pea proteins, catering to the fast-growing demand for ethical and environmentally responsible nutrition. With this cutting-edge IP and a focus on regenerative farming, Wide Open Agriculture is not just producing protein—it’s pioneering a smarter, greener way to feed the world. Chapters: 00:00 Start 00:09 Introduction 03:30 Who is Yaxi Zhan? 05:18 History of WOA? 08:28 Discussion about Lupin 15:06 Lupin Isolate 17:20 Importance of the China Market Approval 20:47 How does WOA protect its Core Business? 25:36 Limitations of Growing Lupin Give Australia a Natural Advantage. 26:42 Types of Lupin 28:30 Competitors? 30:52 Market size for Lupin 36:50 What are the business triggers for WOA? 38:50 Funding strategy 40:05 Takeaway 40:43 News flow 41:37 Conclusion PODCAST About Yaxi Zhan Yaxi is Mongolian Chinese and has called Perth home since 2004. In under 12 years, she transformed her career from a finance professional into a mining executive. With a strong background in business development, mergers and acquisitions, and cross-border transactions, Yaxi founded Accelerate Resources—an ASX-listed resource company—and served as its Managing Director from 2017 to 2024. Most recently, she has taken on an exciting new challenge as Chairman of Wide Open Agriculture, where she is leading the company’s growth strategy. About Wide Open Agriculture Limited At Wide Open Agriculture, our mission is to create a range of great-tasting and high-performing plant protein ingredients. We are focused on developing high-performance lupin proteins that improve outcomes for: Customers Food Manufacturers Farmers We see a global movement for greater inclusion of plant proteins in daily diets. We also see compromises in existing offerings and believe that there are better alternatives. By developing better end markets, we see plant proteins as a positive force for change in the agriculture industry, where lupins can play a key part in reducing emissions and improving agricultural systems. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.