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.

Richard Brescianini is back with Coffee with Samso Episode 191 and shares with us the path forward with Heavy Rare Earths Limited (ASX: HRE). I have always said that Richard Brescianini, the Executive Director of Heavy Rare Minerals Limited, is the best person when it comes to understanding how the Rare Earth sector functions. Richard has had a long history of experience within the sector and in this Coffee with Samso, he shares with us what is happening with HRE and about the path forward in 2024. Investors are facing a reality check in the rare earth sector, as they search for viable contenders among the limited number of companies remaining. While there is a growing interest in pursuing "ionic" projects in Brazil, it is crucial for everyone to carefully evaluate the economic feasibility of such ventures. In this episode, Richard and I delve into the key factors that drive the success of a business. We explore the crucial role of acid in metal extraction, as using more acid leads to higher metal yields. However, we acknowledge that the cost of acid extraction poses a significant challenge, and it's important to consider all other aspects of the business as well. When it comes to Australian Clay Rare Earth projects, they may not possess all the advantageous properties typically associated with a strong REE project. However, they do offer lower jurisdiction risks, which in turn present challenges in establishing a sustainable infrastructure. It is essential for projects to maintain consistency across various aspects, including metallurgical factors and grade, within the deposit. Furthermore, we delve into the exploration updates on Duke and Perinjori projects. Our discussion revolves around the merits of the Duke project and the latest developments in its exploration efforts. Samso's Conclusion Investors and companies in the Rare Earth sector must adopt a long-term perspective on commercialization. It is widely acknowledged that working on clay rare earth projects has been a challenging and arduous journey. There have been concerns that companies promoting these projects will face unfavorable outcomes. The prevailing bearish sentiment in the equity market further reinforces these doubts. I must confess that I shared similar reservations. I questioned whether the demand and excitement surrounding this sector would be sustainable. However, my recent attendance at a Rare Earth Conference in Canberra completely changed my perspective. Over the course of three days, I was fully engaged and attentive, only missing one talk. The conference rekindled my enthusiasm for the sector and left me feeling invigorated. The primary reason is that a significant amount of money has already been invested. Additionally, there is substantial funding available to establish a new downstream chain outside of China. Prior to attending the conference, I heard a lot of talk, but it's important to approach such information with caution. However, after attending the conference, I am now convinced that the talk is legitimate and the demand for more rare earth elements (REE) is credible. While the establishment of the downstream process is not yet complete, progress has been made. The amount of money pledged to establish a non-China-aligned downstream chain is astonishing. The projected demand for REE in our electrification journey suggests that companies like HRE will have long-term viability. Therefore, for those interested in this sector, I recommend some DYOR and delving into what is happening beyond the noise of general news. Take the time to explore the developments in the real world of REE. Chapters: 00:00 Start 00:20 Introduction 01:10 Cowalinya Exploration Target 06:03 Could the geology create issues for your Exploration Target at Cowalinya? 09:05 All about the Duke Project 14:03 Do you think Duke could have a different REE chemistry? 17:24 New Project - Perenjori 22:32 Discussion about the clay-hosted space 27:21 A second supply chain for the rare earths market? 37:58 What are the immediate goals for HRE to monetise the business? 44:17 What could disrupt the planning? 47:21 What should investors be looking out for? 52:05 Conclusion PODCAST About Richard Brescianini Executive Director Richard commenced his career in mineral exploration with BHP Minerals in 1987 working in teams focused on the discovery of base and precious metal deposits across Australia and North America from offices in Brisbane, Perth, Toronto and Denver. Richard’s experience extends further, including his time working as the Director of the Northern Territory Government’s Geological Survey in Darwin, and being part of the executive management team for rare earths developer, Arafura Resources. About Heavy Rare Earths Limited (ASX: HRE) Heavy Rare Earths Limited (ASX:HRE) is an Australian rare earth exploration and development company. Rare earth materials are used in a wide array of technology and future facing applications, including smart phones, wind energy, and hybrid and electric vehicles. HRE’s key exploration project is Cowalinya, near Norseman in Western Australia. This is a clay-hosted rare earth project with a JORC Inferred Resource of 28Mt @ 625ppm TREO and a desirable rare earth composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths. The company has completed a 441 drill hole program confirming widespread occurrence of shallow, thick and/or high grade rare earth mineralisation. The Company anticipates a Mineral Resource update and an estimate Exploration Target for the project in Q3 2023. Cowalinya Project - Western Australia The Cowalinya rare earth project is located 70 km south-east of Norseman in Western Australia. It comprises a single 230 km2 exploration licence E63/1972 on unallocated crown land hosting dominantly granitic type rocks in the Central Biranup Zone of the Albany Fraser Orogen. The mineralisation being targeted is shallow, flat lying, supergene concentrations of rare earths present in the weathering profile overlying granitic basement. This mineralisation is similar in style to southern Chinese ionic rare earth clay deposits, the world’s main source of heavy rare earths. Although this type of rare earth deposit is low grade, low-cost open pit mining and simple inexpensive metallurgy make them profitable to exploit. The Cowalinya area was primarily chosen on the basis of historical drilling which indicated the presence of anomalous rare earths in fresh bedrock and higher grade supergene concentrations of rare earths in the overlying in-situ weathered saprolite profile. In June 2021 HRE drilled 109 aircore holes at Cowalinya by HRE discovered significant supergene concentrations of rare earths in two areas, Cowalinya South and North. The rare earths mineralisation, occurring as flat lying sheets within the in-situ clay-rich weathered saprolite, is contained within an average ~8-9 m thick layer which starts ~17-18 m below surface. Independent resource consultant JMCT Consulting was engaged to prepare and report Cowalinya’s maiden Inferred Mineral Resource estimate for the project in accordance with the 2012 JORC Code: 28 Mt @ 625 ppm TREO (Total Rare Earth Oxides) using a 300 ppm TREO-Cerium Oxide (CeO2) cut-off grade. Importantly, the resource has a desirable rare earths composition where 25% are the valuable magnet rare earths and 23% the strategic heavy rare earths, and very low average concentrations of radioelements (15 ppm ThO2, 5 ppm U3O8). Mr John Tyrrell of JMCT Consulting is the Competent Person for the Cowalinya Mineral Resource estimate (in accordance with 2012 JORC Code). TREO = La2O3+CeO2+Pr6O11+Nd2O3+Sm2O3+Eu2O3+Gd2O3+Tb4O7+Dy2O3+Ho2O3+Er2O3+Tm2O3+Yb2O3+Lu2O3+Y2O3. Magnet REOs = Pr6O11+Nd2O3+Tb4O7+Dy2O3 ; Totals may not add due to rounding ; Reported above a TREO-CeO2 cut-off grade of 300 ppm The resource at Cowalinya remains open in all lateral directions and currently covers only a small proportion (<1.5%) of the project tenement. Preliminary metallurgical test-work on 40 samples from the 2021 drilling program shows the rare earths are successfully brought into solution using a weak hydrochloric acid leach. Recoveries of >90% for some of the rare earths have been achieved. Upgrade of Mineral Resource Resource Exploration and Expansion Drilling Program – 2023 The Company has successfully completed a 441-hole resource exploration and expansion drilling program at Cowalinya (refer to ASX announcements). These assays confirmed the widespread occurrence of shallow, thick and/or high-grade rare earth mineralisation in clay-rich saprolite over a 14 x 3-kilometre area west and south-west of the Cowalinya South deposit (Figure 1). This Western Zone discovery is open to the north and northwest, has an average thickness of 11.3 metres, and includes the following significant drill intercepts (on a grade-thickness basis) reported during the quarter: 19 metres @ 3190 ppm TREO from 16 metres (AC225) 10 metres @ 2087 ppm TREO from 17 metres (AC221) 26 metres @ 1201 ppm TREO from 19 metres (AC360) 17 metres @ 1069 ppm TREO from 11 metres (AC223) 42 metres @ 790 ppm TREO from 12 metres (AC226) 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.

Coffee with Samso 192 has Andrew Radonjic talking Rare Earths at the Jupiter project. Venture Minerals Limited (ASX: VMS) is now at the crossroads of emerging as a Rare Earth player in what is a complex and ultimately future-proofing sector. I labeled Venture Minerals as a Targeted Diversified Mineral Explorer in my very first interview with Andrew Radonjic, the Managing Director, way back in October 2020, and this is another prime example of that business approach. The rare earth sector has had a lot of attention in the last 24 months and like all commodities, it is going through turbulent times. Samso has had the greatest privilege to have interviewed many of these stories over time and I see Venture Minerals as an interesting change to the current scene. On the back of the recent announcement by Venture Minerals on the 29th of November 2023, entitled Jupiter Delivers over 7,000 ppm TREO assays from Maiden RC Drill Program, the company has raised additional funding to work on the project. In the current market, this is a strong vote of confidence for the potential of the Jupiter REE project. In this episode, Andrew Radonjic provides us with his perspective on the project and offers valuable insights into the recent drilling results. By considering the project's historical exploration activities, viewers can gain a comprehensive understanding of why Venture Minerals believes in the future potential of this project. Check out the conversation with Andrew Radonjic below: Samso's Conclusion As I have mentioned, we have had a good amount of content that is related to the rare earth sector, and my thoughts, which are consistent with most commentators, is that every REE project is unique. The key is what is at the bottom line of the project. Does it make money when the cookie crumbles? The Jupiter target is a clay-hosted rare earth project. As Andrew mentioned, there has been limited metallurgical research conducted. However, for our purpose of understanding the project, we are now confident in considering it as a standard clay-hosted rare earth system. While it may not be a one-of-a-kind clay-hosted system, what sets it apart is its logistical aspects, as well as the potential grade and tonnage. Another distinguishing factor is the unique social license. Most of the other projects have to navigate private landowners and existing populations. Although it may not be immediately apparent, I believe that in the long run, this will significantly impact the bottom line. This does not imply that other projects will not be profitable. As I assess the industry landscape, I anticipate that the companies that endure in the long term will emerge as the ultimate victors. Fresh investors with more money in the bank to take positions in the rare earth sector, need to do your DYOR as it will go a long way to becoming a long-term player. Chapters: 00:00 Start 00:20 Introduction 00:54 What is happening with the Jupiter REE Target? 03:56 Does alkaline intrusion play a part in Jupiter? 06:50 Progress on the drilling at Jupiter. 14:11 What sets VMS apart from the others? 25:17 Comments for existing shareholders. 29:37 Why did the recent new investors buy into the VSM Story? 30:57 News flow 33:34 Conclusion PODCAST About Andrew Radonjic Qualifications: BAppSc (Mining Geology), MSc (Mineral Economics), MAusIMM Mr. Radonjic is a geologist and mineral economist with over 35 years of experience in mining and exploration, with an initial focus on gold and nickel in the Eastern Goldfields of Western Australia. Andrew has fulfilled a variety of senior roles which gave rise to three gold discoveries, totalling in excess of 3 million ounces in resources and resulting in 1.5 million ounces being produced. Since 2006 Andrew has been an executive director with Venture Minerals, which he co-led during the discovery of the Mount Lindsay Tin-Tungsten deposit in North-West Tasmania. He is also a founding co-director of Blackstone Minerals and the non-executive Chairman of Codrus Minerals. About Venture Minerals Limited Venture Minerals Ltd (ASX: VMS) is dedicated to discovering and developing world-class mineral deposits to meet the global demand for critical minerals vital to the green energy transition. Venture Minerals Ltd (ASX: VMS) has made a recent discovery at the Brothers REE Project including the Jupiter Clay Hosted Rare Earths Prospect. The Brothers Project includes the Iron Duke JV which hosts the Jupiter Prospect and is a potentially significant REE clay hosted discovery near Yalgoo in Western Australia. Brothers is well located to significant infrastructure including the port of Geraldton, Iluka’s Eneabba Rare Earths Refinery and Lynas Rare Earths currently operating Mount Weld Concentrator. The Mount Lindsay Tin-Tungsten Project in northwest Tasmania, already one of the world’s largest undeveloped Tin-Tungsten deposits. With the recognition of Tin as a fundamental metal to the battery revolution and Tungsten being a critical mineral, Venture has commenced an Underground Feasibility Study on Mount Lindsay that will leverage off the previously completed open-pit feasibility work, and recently included additional, potential large-scale quantities of tin and boron within the current resource base, and extensively throughout the greater Mount Lindsay skarn system. The tin-borates have not previously been assessed in any mining studies. Borate minerals contain a large amount of Boron, a critical mineral in the solar panel industry. At the neighbouring Riley Iron Ore Mine, the mine is prepared for a quick restart should the market conditions become favourable. In Western Australia, Chalice Mining (ASX: CHN) recently committed to the second stage of the JV which requires a further $2.5 million of expenditure over the next two years to earn a further 19% interest (for a total of 70%) in Venture’s South West Project. At the Company’s Golden Grove North Project, SensOre (ASX: S3N) is farming in whilst Venture retains the REE rights, the earn-in includes drilling of the Vulcan High Grade REE Target. SensOre’s proprietary AI technology has already highlighted lithium and copper exploration potential at Golden Grove North. The Company has a significant Nickel-Copper-PGE landholding at Kulin with two highly prospective 20-kilometre-long Ni-Cu-PGE targets within the Kulin Project, whilst recent exploration has identified clay hosted REE targets. Share to Grow: Your Bonus eBook: How to add value to your Share Portfolio This is a good time to download our Free Ebook as it is all about VMS (Volcanogenic Massive Sulfides). The eBook is about lessons on geological models sought by mining companies. It gives insight and an understanding of which portfolios are better - and potentially more lucrative investments. Click here to download this eBook. 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. About Samso Samso-Brilliant Distribution Outreach Powerful Advertising opportunities for Samso’s ASX and private business clients. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Contact Veronica directly for your special Samso-Brilliant advertising rate. Read Brilliant Investments

As we prepare to wrap up 2023, what better way to end than to have a fresh Coffee with Samso? Episode 193 is with Brett Hazelden, Managing Director and CEO of OD6 Metals Limited (ASX: OD6). The focus of the Rare Earth story has shifted to the realm of chemistry. It is widely believed that companies will disclose mineral resources large enough to support their operations. However, the cost of the chemistry required to generate revenue and profits remains uncertain. In this episode of Coffee with Samso, Brett Hazelden presents a compelling argument for the OD6 Metals story. The market is currently muddled with confusion regarding the ultimate objective of these clay rare earth projects. Brett, an experienced metallurgist, shares his insights on the downstream process in this must-watch episode of Coffee with Samso. If you're interested in the Rare Earth sector, this is a valuable discussion for you. Samso's Conclusion If you have been following the Samso platform, you may have noticed an increase in Rare Earth stories recently. The rare earth industry is undoubtedly complex and confusing, with a cloud of uncertainty surrounding its future. However, after attending the rare earth conference in Canberra, I can confidently say that my doubts have been cleared. It's important to note that my optimism does not mean the sector is heading for a bull run. Rather, I believe that companies that remain focused on their work and can secure funding will benefit from the strong future demand for rare earths. Securing funding during this period is crucial. In a way, the current market can be seen as a reset for the valuation of rare earths. This is the perfect time to do your own research (DYOR) as an investor. If a commodity boom is on the horizon and rare earth metals are part of that trend, conducting thorough research now will be beneficial. Chapters: 00:00 Start 00:20 Introduction 01:03 2023 recap 03:32 Understanding the chemistry 07:14 Lowering the costs of production 09:45 Discussion about ESG 11:27 What is driving the economics of these clay projects? 15:46 Difference between Australia and South America - grade and processing route? 19:38 Takeaways from the Canberra REECon 26:16 What’s on the cards for 2024? 32:03 Discussion about the rare earth market price 35:14 News flow 36:04 Final thoughts 39:46 Conclusion PODCAST This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). Download our eBook now About Brett Hazelden Managing Director & Chief Executive Officer BSc, MBA, AICD Mr Hazelden is a Metallurgist who brings over 25 years’ experience serving the Australasian resources industry. His experience includes being a Company Director, Managing Director, CEO, Project Manager, Study Manager and originally a Metallurgist in an operating environment. Mr Hazelden brings a diverse range of capabilities from exploration, project development studies, research and development, project approvals, offtake agreements, equity raising, debt financing plus mergers and acquisitions. He has worked across multiple commodities including potash, gold, copper, zinc, lead, iron ore, tungsten, salt, diamond and now rare earth sectors. Most recently, Brett was the Co-founder and Managing Director/CEO of Kalium Lakes (ASX:KLL). Mr Hazelden was appointed as a Director on 1 April 2022. Mr Hazelden is not considered to be an independent Director as he is engaged in an executive capacity. About OD6 Metals Limited (ASX: OD6) OD6 Metals is an Australian public company with a purpose to pursue exploration and development opportunities within the resources sector. The Company holds a 100% interest in the Splinter Rock Project and Grass Patch Project which are located in the Goldfields-Esperance region of Western Australia, about 30 to 150km north of the major port and town of Esperance. The projects are considered prospective for clay rare earth elements (REEs), with the Company’s aim of delineating and defining economic resources and reserves to develop into a future revenue generating operational mine. Clay REE deposits are currently economically extracted in China who is the dominant world producer. Rare earth elements (in particular, Nd and Pr), are becoming increasingly important in the global economy, with uses including advanced electronics, permanent magnets in electric motors and electricity generators (such as wind turbines) and consumer electronics. Why OD6 Metals? Emerging REE major new clay province in WA, potentially competitive with China’s deposits. Dominant land position with over 4,800 km2 Located close to Esperance port, sealed roads and renewable energy infrastructure. Extensive Clay REE in 10 to 37m thick blanket over very large areas . Wide intersections of TREO with excellent Nd-Pr concentrations of 20% Multiple targets for potentially globally significant REE resources. Excellent regional metallurgy. Clay REEs are typically low capital intensity and high margin product. Significant supply shortage forecast due to rapid demand increase for renewable power, electric vehicles and electronics. Critical metals being prioritised by Governments around the world (need for diversity of supply away from China). Samso's investment stories are also featured on Brilliant-Online 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. About Samso Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.