Announcement Completion of reconnaissance program with further natural rutile observed at the Central Rutile Project Thick zones of HM mineralisation observed across Douala High Grade Gallium Potential discovered at Tundulu DY6 significantly expands size of the Central Rutile Project A Trio of Critical Minerals in Motion - Gallium, Rutile and Heavy Mineral Sands. DY6 Metals (ASX: DY6) is pushing forward on multiple fronts across its African exploration portfolio, with material updates out of Malawi and Cameroon. The company is advancing a three-pronged strategy that spans gallium and rare earths at the Tundulu Project in Malawi, and natural rutile and heavy mineral sands (HMS) across the Central Rutile and Douala Basin Projects in Cameroon. Currently, at the early stage of the projects, each program is delivering early signals that suggest technical merit. DY6’s approach appears credible—driven by existing datasets, reinterpreted mineral systems, and structured reconnaissance—and the latest announcements highlight progress and potential economical discovery, however, as I stressed, this is still very early stages of the work. 🔷 Gallium at Tundulu: Not Just a Rare Earths Project On 29 April 2025, DY6 announced it had uncovered high-grade gallium mineralisation at its Tundulu Project in Malawi (Figure 1). The review of 2014 drill data found that gallium occurs from surface and at depth, with some of the most notable intercepts being: 74m @ 93.26g/t Ga₂O₃, incl. 14m @ 202.79g/t (TU043) 53m @ 72.79g/t Ga₂O₃, incl. 12m @ 145.07g/t (TU011) 30m @ 94.63g/t Ga₂O₃, from surface (TU014) Figure 1: Gallium-TREO correlation plot at Tundulu – shows a potential positive geochemical link (source: DY6) These intercepts also coincide with significant rare earth mineralisation, which reinforces the polymetallic nature of the carbonatite system. According to the company, just 40% of the known target area has been drill-tested, and metallurgical testwork is now underway to assess the recovery potential for gallium alongside REE and phosphate. Given gallium’s importance in electronics, particularly semiconductors and photovoltaic cells, this discovery adds a technical and strategic dimension to the Tundulu story, especially considering China’s dominance in gallium supply. 🔷 Cameroon’s Central Rutile: Rutile Nuggets in the Regolith A week later, on 30 June 2025, DY6 confirmed the completion of its reconnaissance exploration program at the Central Rutile Project in Cameroon (Figure 2). The company reported visible coarse rutile nuggets—up to 4cm in size (Figure 3) within both alluvial and residual settings across all five tenements. The fieldwork involved: 9 auger drill holes 44 channel samples 13 surface grabs 3 stream sediment samples Figure 2: Reconnaissance sampling locations at the Central Rutile project (source: DY6) Technical Consultant, Cliff Fitzhenry, commented: “The reconnaissance programme has been a great success, having identified visual HM and rutile mineralisation across each licence. What we have uncovered at the Bounde licence is particularly exciting. I have never seen rutile nuggets of this size before. Figure 3: A coarse rutile nugget (~4cm) with partial thin secondary ferricrete coating was recovered from residual regolith comprising mainly fine-grained, iron-rich soil and clay near a road cutting at sample site GRMAU0012. (source: DY6) All samples are now being analysed at a laboratory in Cape Town, with assay results expected in the September quarter. If confirmed, the potential exists for saprolite-hosted rutile deposits analogous to Sovereign Metals’ Kasiya project in Malawi—a globally significant discovery in its own right. 🔷 Douala Basin: Heavy Mineral Sands Confirmed Just days prior, on 23 June 2025, DY6 also completed its initial reconnaissance across the Douala Basin HMS Project, located near Cameroon’s Atlantic coast (Figure 4). The Douala Basin consists of six tenements totalling 2,580km² and hosts known paleo-placer dune systems. Highlights from the program include: Thick zones of visually high-grade HMS in auger and channel samples Visible rutile grains recovered from multiple sites Visual HM concentrations of up to 6% in auger holes, notably from the Mbanga and Diwong licences Figure 4: Reconnaissance sampling (hand auger and channel) locations at the Douala Basin HMS project. (source: DY6) The team followed up on historical drilling by Eramet, and the early confirmation of HMS supports the broader thesis of Douala’s placer potential. Laboratory assays will be the next checkpoint, and if grades align with visual estimates, the project could emerge as a scalable HMS asset in a logistically favourable location near the port city of Douala. 🔷 Expansion to Weaver Licences: Central Rutile Project Doubles in Size On 8 July 2025, DY6 announced the acquisition of six new exploration licences, collectively known as the Weaver Project, located immediately south of its existing Central Rutile Project (Figure 5). This expansion more than doubles the project area from 2,124km² to 4,974km². Key highlights include: 100% acquisition of six new licences under valid application Landholding in Cameroon increases to 7,554km², including the Douala Basin project The new tenements are underlain by kyanite-bearing mica schist, the same host geology as the original project area Reconnaissance sampling confirmed fine-grained HM and rutile, with up to 10% HM and 5% rutile in some channel samples During a recent due diligence site visit, DY6 and its technical consultants observed both alluvial and eluvial (residual) sources of rutile and heavy mineral sands (HMS), confirming multiple styles of mineralisation across the project area. Figure 5: Map of Central Cameroon showing DY6’s newly acquired six Weaver licences to the southeast which will be incorporated into the Central Rutile Project together with the company’s original 5 licences. (source: DY6) Executive Chairman, Dan Smith, commented: “The acquisition of this new licence package more than doubles our landholding in this highly prospective area of Central Cameroon. Desktop work as well as a recent due diligence site visit, indicates that the Weaver Project area is underlain by the same favourable geology that we have seen at our existing Central Rutile Project. We are also highly encouraged by the results that Peak Minerals has reported to date from their Minta Project which borders us to the north and look forward to getting back in the field.” Samso Concluding Comments In the business of ASX small-capitalised mineral exploration, DY6 Metals is building a portfolio of critical minerals, which is somewhat unique as most ASX critical mineral stories have developed either as a one-commodity play or a necessary shift forced by the market. DY6 has chosen to be exposed to three globally strategic minerals—gallium, rutile (titanium), and rare earths—across two mineralised provinces in Africa. For the moment, importantly, this exposure is supported by drilling data, field observations, and near-term assay programs. Is it ideal for a small cap company on the ASX? Market narratives normally see that more than one is a distraction. Personally, I think that more than one reduces risks. The gallium discovery at Tundulu could shift investor focus from REEs alone to a broader technology metals story. Meanwhile, the Cameroon rutile portfolio positions DY6 next door to what may become a globally significant rutile province, especially if the Kasiya analogy plays out. Visual confirmation of rutile nuggets and heavy mineral sands across Central and Douala is a promising first step. While assay results will be key in confirming grade and scale, the groundwork is being laid now—methodically, systematically, and to unlock real value. The market likes the story and The market likes the story (Figure 5) and at a current market capitalisation of AUD $15.26M, this is not an expensive "punt". Exciting news on results could give multi-bags for shareholders, from this junction. As we write, the company is in trading halt awaiting news of a potential acquisition. Figure 5: DY6 share price chart as of 4th July 2025. (source: Commsec) From an investor's point of view, this is a good DYOR candidate. I know some of the management and they are seasoned participants in the industry. I do believe that the company will be able to attract some well-versed players into the register, if they are not already in the register. Check out the story and keep your eyes and ears pinned to what is happening here as I think there could be some more upside to come. The Samso Way – Seek the Research This is what early-stage multicommodity exploration often looks like: data reanalysis, ground-truthing, geological intuition, and steady technical milestones. DY6 isn’t just adding buzzwords to a portfolio—it’s pursuing a methodical and evidence-based strategy that unfolds one layer at a time. Gallium, rutile, and HMS each come with their own markets, processing paths, and exploration nuances, and DY6 seems aware of the need to treat each accordingly. 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. Cover photo: Ilmenite sand, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ilmenite_sand.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 Marimaca Drills Pampa Medina Sulphides Marimaca Copper Corp (ASX: MC2 | TSX: MARI) has reported a significant breakthrough in its exploration campaign in the Pampa Medina area, situated 28km east of the Marimaca Oxide Deposit (MOD) (Figure 1). The standout result is a spectacular 6m at 12.0% Cu within a broader intercept of 26m at 4.1% Cu in hole SMRD-13. These new high-grade copper sulphide hits redefine the scale and geological potential of this manto-style, sediment-hosted system—something that is rarely seen in Chile. Figure 1: The location of Marimaca Copper Project near Antofagasta in northern Chile. (source: MC2) This is a material development for the company. For those who have followed Marimaca's story—particularly with its strong oxide copper foundation—the emergence of deeper sulphide potential adds a substantial new dimension to the narrative. Could this be the beginnings of a copper mining story for the company. 🔷Pampa Medina Drilling Highlights - Creating a Copper Mining Story? Marimaca’s 2025 drilling campaign at Pampa Medina has materially extended mineralisation and uncovered a potentially Tier-1 copper sulphide system (Figure 2). Figure 2: The location of Marimaca Copper Project near Antofagasta in northern Chile. (source: MC2) These are the standout results (Figure 3): 💠SMRD-13: 6m @ 12.0% Cu from 594m Within 26m @ 4.1% Cu from 580m Within 100m @ 1.3% Cu from 580m 💠SMD-02: 40m @ 2.1% Cu from 282m Within 132m @ 1.0% Cu from 278m 💠SMRD-12: 56m @ 1.4% Cu from 566m 💠SMD-01 (~600m north-west of SMD-13): 68m @ 1.2% Cu from 298m, including 20m @ 2.3% Cu 22m @ 1.7% Cu from 602m 💠SMR-01 (previously reported): 56m @ 2.1% Cu, including 18m @ 5.0% Cu from 296m Within a broader 102m @ 1.2% Cu from 250m 💠SMD-03: 42m @ 0.72% Cu from 226m Figure 3: Pampa and Step-out Drilling Locations Medina Deposit (source: MC2) These intercepts define a zone of mineralisation now traced over a 600m (E-W) x 1,000m (N-S) footprint, with potential extensions to 1.4km x 1.2km. Importantly, the copper mineralisation is hosted in flat-lying, sedimentary units with characteristics similar to Kupferschiefer or African-style deposits. 🔷 Geological and Structural Context Pampa Medina’s geology is unconventional for Chile—stratiform, sediment-hosted, high-grade copper mantos within interbedded sandstones, shales, conglomerates, and tuffs. Bornite and chalcopyrite dominate the deeper zones, while upper horizons continue to show chalcocite and oxide potential. Stratigraphic continuity between holes SMR-01, SMD-01, SMD-12, SMD-02, and SMRD-13 suggests a coherent, laterally extensive copper horizon. The sedimentary units are relatively flat-lying with a gentle easterly dip, intersected by several north-south faults which appear to influence grade and continuity. Drill core from SMRD-13 revealed intense bornite mineralisation hosted within altered black shales, suggesting a high fluid flow regime and strong stratabound control. 🔷 Implications for Development Strategy With these results, Marimaca has paused the previously announced Preliminary Economic Assessment (PEA) for Pampa Medina, as the new sulphide horizon may justify a broader-scale development concept. While the flagship MOD DFS is nearing completion—with release anticipated in the near term—management has confirmed a 14-hole follow-up program (10,000m) at Pampa Medina is already underway. Two diamond rigs are currently active on site. The proximity of Pampa Medina to MOD (28km) and to regional infrastructure (power, water, ports, workforce) makes it a natural candidate for potential integration into future production plans. Hayden Locke, President & CEO of Marimaca Copper, commented: With these thick, high-grade, sulphide intersections we now see the potential for a much larger scale copper system. Importantly, the location of Pampa Medina means it benefits from the same characteristics as our flagship MOD, such as access to first class infrastructure, proximity to workforces, lower permitting risk, and therefore any new discovery brought into development should be extremely competitive on a capital intensity basis.” “This is the first time in my 40-year career that I have seen stratiform, sediment-hosted, ultra high-grade copper in Chile of this potential scale.” — Sergio Rivera, VP Exploration Samso Concluding Comments These are the kinds of drilling results that materially alter a project’s risk/reward profile. Marimaca’s SMRD-13 intercept—6m at 12% copper—is not something you see often in Chilean copper stories. It's rare, it's stratabound, and it points to something much larger than originally anticipated. To be honest, for me, anything that is not a porphyry-related story from this part of the South American continent is new to me. I have never worked in the region nor have anything other than talking to those who have many years of experience in the region. Hence, as I cover this stock, I am learning. From a potentially stratabound-type copper deposit, the drilling results are indeed good. Some of the richest copper deposits are found in this type of copper mineralisation. Generally, this also marks a shift in how the Pampa Medina area should be viewed. What was once a complement to MOD’s oxide story could now become a significant sulphide pillar in its own right. That 600m by 1,000m footprint—with thick, high-grade zones—is more than just encouraging. Strategically, this strengthens the hub-and-spoke model Marimaca is positioning for. The flat terrain, proximity to MOD, and access to existing infrastructure reduce future capital intensity. That’s a major plus in today’s environment. If you’re looking for a story that has transitioned from a conventional oxide leach development into something with potentially district-scale sulphide upside, this is a case study. The results may still need validation through a resource update, but the directional change is clear. In the broader context of copper investment themes—grade scarcity, cost inflation, permitting hurdles—discoveries like this matter. They offer optionality, scale, and the kind of upside that can complement an already viable development story. Marimaca may still be several steps away from defining the full extent of Pampa Medina, but the direction of travel is clear. The opportunity is becoming more layered, and that’s usually a positive sign for long-term value creation. Cover photo: Native copper, malachite, and azurite - Native copper, malachite, azurite from the Black Hills, South Dakota, USA, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper,_malachite,_and_azurite_(GeoDIL_number_-_895).jpg) The Samso Way – Seek the Research Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch. 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: icetana AI secures $1.7m purchase order for Middle East Safe City project icetana AI signs A$3.6m strategic partnership with SoftBank Robotics Group, including equity investment and exclusive distribution rights in Japan icetana AI March 2025 Quarterly Report The AI Surveillance Opportunity: How icetana is Scaling icetana Limited (ASX: ICE) is not a company looking to make headlines—it is one steadily building a global business in the high-growth AI surveillance sector. Headquartered in Perth and operating across six continents, icetana has developed a proprietary self-learning AI software that monitors large-scale surveillance networks in real-time. Its core value lies in recognising unusual behaviour across thousands of CCTV feeds without pre-set rules—an elegant solution for industries overwhelmed by visual data and limited human monitoring capacity. The company’s recent strategic progress includes two important developments that expand its commercial reach in Iraq and Japan. Purchase Order: Baghdad Safe City Deployment Announcement Date: 19 March 2025 Contract Value: A$1.7 million (US$1.1 million) Client: High Tech Enterprise, via Dubai subsidiary HTE Electronics Delivery Timing: Q4 FY25 In what is now icetana’s largest single contract to date, the company secured a $1.7 million software order for Iraq’s Baghdad Safe City Project. The agreement with HTE Electronics follows rigorous proof-of-concept trials where icetana’s AI solution demonstrated advanced surveillance capabilities, including: Arabic licence plate recognition Facial recognition Detection of smoke, fire, loitering, and left luggage Directional movement anomalies for people and vehicles The deal is structured around a perpetual licence (US$874,815) and a first-year maintenance agreement (US$218,660), with the latter contributing ~A$344,000 to ARR. If extended, the maintenance revenue would continue annually. CEO Kevin Brown commented: “This initial sale is the largest value contract in icetana AI’s listed history and represents a significant milestone for our company.” This contract also represents icetana’s first entry into the Iraqi market, positioning the Company to potentially support broader national Safe City rollouts in the future. Strategic Partnership: SoftBank Robotics Group Announcement Date: 7 June 2025 Total Value: A$3.6 million+ Key Components: A$1.87 million equity investment (17.6% stake at 2c/share) A$693,000 minimum ARR in Japan (12-month exclusive distributorship) A$1.08 million in R&D collaboration over 3 years In June, icetana announced a landmark strategic partnership with SoftBank Robotics Group, comprising four distinct agreements: Equity Subscription: SoftBank Robotics Singapore acquired 93.6 million shares at $0.02, representing a 33% premium to the 15-day VWAP. Exclusive Distribution in Japan: A 12-month exclusivity period with a guaranteed revenue floor of US$450,000, aimed at scaling adoption through SoftBank’s network. Joint Development Program: A$1.08 million in co-funded R&D to integrate icetana’s AI with SoftBank’s robotics and automation platforms. Board Rights: SoftBank reserves the right to nominate a non-executive director while holding a minimum 10% stake. This strategic foothold builds on icetana’s earlier work with Macnica, Inc., and strengthens its presence in Japan’s enterprise and public sector markets. Kevin Brown commented: “This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.” Key Company Metrics – March 2025 Quarter Annual Recurring Revenue (ARR): A$1.7 million Net ARR Retention: 99% (▲1% QoQ) Total Revenue (Q3 FY25): A$435,000 Gross Margin: 81% Cash Balance (31 March 2025): A$2.24 million Average Monthly Operating Cash Outflow: ~A$220,000 Customer Cash Receipts (Q3 FY25): A$178,000 New Customer Orders (Q3): Includes A$1.7m order from High-Tech (Iraq) and Singapore’s Henderson Technology Customer Sites: 70+ globally Active Cameras Under Licence: 16,000+ Countries Deployed: 15+ What Makes icetana Different? icetana stands out by offering a self-learning AI surveillance system that requires no manual configuration and begins detecting anomalies within 24 hours. Its real-time alerts, scalability across large networks, and ability to significantly reduce false alarms make it ideal for high-demand environments. Deployed in over 75 sites across 15 countries, icetana’s flexible hardware and cloud solutions cater to industries ranging from public safety to retail and education. Figure 1: icetana AI core product, Safety and Security, connects with your existing security cameras to detect unusual or interesting events across large surveillance networks. (source: ICE) Self-Learning AI: No need for manual rule setting—icetana’s AI learns what’s “normal” for each camera within 24 hours. Real-Time Anomaly Detection: Instantly detects and alerts to unusual behaviours as they happen. No Configuration Required: Deploys quickly without complex calibration or custom setup. Scalable Across Networks: Handles thousands of camera feeds across multiple locations with ease. Reduces False Alarms: Intelligent event filtering minimises noise, helping operators focus on real threats. Hardware & Cloud Options: Offers flexible deployment—on-premise, cloud-based, or hybrid. Industry-Agnostic: Used in retail, transportation, public safety, education, hospitality, and guarding services. Proven Global Footprint: Installed across 75+ sites, 16,700+ cameras, in 15+ countries. Kevin Brown, CEO of icetana AI, commented: “Adding to our existing partnership with Macnica, this agreement with SoftBank Robotics Group represents a major step forward for icetana AI in Japan. Their global leadership in AI and commercial scale in Japan create an ideal launchpad for our next phase of growth. This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.” Why the Market Is Watching The global video surveillance industry continues to expand at pace: 13.7% CAGR forecast between 2024 and 2028 1+ billion CCTV cameras deployed in 2024, projected to surpass 6 billion by 2030 Growing government investment in Safe City initiatives, critical infrastructure, and AI-enhanced public safety systems In this context, icetana is positioning itself as a high-value player in AI-enabled surveillance, offering a scalable, self-learning platform for real-time anomaly detection across complex environments. Whether it’s shopping malls, universities, transport networks, or nationwide security deployments, icetana’s enterprise-grade solution is built to operate at scale, with minimal configuration and long-term recurring value. Samso Concluding Comments icetana is not a company that I have a lot of exposure to in my investing space, but it is definitely a breath of fresh air. For me, the two deals we discussed, first with High Tech in Iraq and now with SoftBank in Japan, are impressive and should create what I call a base for expansion. Good sales deals help with potential future deals. The Baghdad Safe City contract confirms product-market fit for icetana in one of the world’s most complex environments. The SoftBank Robotics partnership, on the other hand, opens up opportunities to embed icetana’s tech into next-generation robotics platforms and create new commercial channels in Asia. With a relatively modest market cap and a strong strategic partner now sitting on the register, there’s an argument to be made that icetana may be underestimated. Samso’s not saying it’s a must-buy—but for those following the AI security space, this might be one to put on your watchlist. As always, the story is in the execution. As always, this is not a recommendation—Samso doesn’t make those. But for those watching the AI space—especially where it intersects with infrastructure, surveillance, and automation—icetana’s moves over the past few months might be worth noting. The company is still under the radar in valuation terms, yet has now found itself partnered with global names that tend to think long-term. Maybe it’s not about chasing the next big hype cycle. Maybe it’s about finding companies like this—ones that are doing the work. The Samso Way – Seek the Research Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch. 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. Cover photo: CSS code on a screen (Unsplash), Sai Kiran Anagani _imkiran. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CSS_code_on_a_screen_(Unsplash).jpg) 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 Bhagwan Marine Secures Six-Year Contract Extension with Port of Melbourne Euroz Hartleys Rottnest Institutional Conference Presentation 1H25 Results Presentation From Prospectus to Progress: 🆕 IPO Review ASX Code: BWN Listing Date: 30 July 2024 IPO Offer Price: $0.63 Current Share Price (as at June 2025): $0.500 Market Capitalisation: $138.97 million Industry Group: Transportation Bhagwan’s Story Since Listing: Delivering the Strategy, Scaling the Growth in the Marine Services. Bhagwan Marine Limited (ASX: BWN) has emerged as Australia’s largest ASX-listed marine services provider, following its IPO in July 2024. Since debuting on the market, the Company has delivered on its strategy of operational excellence, sustainable growth, and diversification across multiple marine sectors (Figure 1). With a 23% increase in share price from the IPO price of $0.50 to $0.63 in June 2025, BWN’s strong market showing is underpinned by solid financial and operational performance. Figure 1: Bhagwan Marine Overview (source: BWN) The Company’s 1H FY25 results were a clear testament to this momentum. Bhagwan posted a record $154.1 million in revenue, up 41% on 1H24, and Pro Forma EBITDA of $27.3 million, a 32% lift year-on-year (Figure 2). These results were driven by expanded offshore and subsea operations, successful delivery of a landmark decommissioning project, and increased utilisation of their 100-strong fleet. Figure 2: RECORD REVENUE & EARNINGS-REVENUE UP 41% AND PRO FORMA EBITDA UP 32% ON 1H24 (source: BWN) What Has Bhagwan Done Since Listing? Here are some of the standout developments since listing: Six-Year Contract Extension with Port of Melbourne In April 2025, Bhagwan secured a major contract renewal with the Port of Melbourne, worth approximately $6 million per annum, extending through to 2030. This long-term relationship, dating back to 2019, reinforces Bhagwan’s market credibility and supports its expansion into emerging sectors, such as offshore wind and oil and gas decommissioning. Managing Director and Founder, Loui Kannikoski, commented: “We’re proud to continue supporting the Port of Melbourne in managing its critical marine infrastructure. This extension reflects the capability of our team and operational excellence and the trusted relationship we’ve built over many years.” Delivered Australia’s Largest Local Decommissioning Project In 1H25, Bhagwan completed a major offshore oil and gas decommissioning project, the largest of its kind by an Australian-owned company (Figure 3). The project involved nine platforms, over 850,000 LTI-free offshore hours, and a full-service fleet comprising barges, AHTS vessels, and dive teams. It contributed $26.4 million in revenue and $3.9 million in EBITDA to 1H25 results. Commercial Completion of Large Decommissioning Project in 2025 First offshore decommissioning project for Bhagwan as a Tier 1 provider Largest Australian decommissioning project completed by a local marine service provider Practical completion in Q125 with commercial close out in Q225 Figure 3: Largest Australian decommissioning project for Bhagwan (source: BWN) Strong Performance within Core Business (Figure 4) Figure 4: Full & Half Year Pro Forma EBITDA Breakdown Summary. Notes: 1. FY22 EBITDA excludes other income of $3.7m from the gain on the sale of vessels.* % of core revenue. Small variances may occur due to rounding (source: BWN) Acquisition of the Coral Knight Bhagwan purchased the 60.5m vessel Coral Knight in February 2025 for $13.75 million (Figure 5), enhancing its offshore service capability in WA and NT. The vessel is expected to generate a strong ROCE through multi-year contracts. Figure 5: THE CORAL KNIGHT (source: BWN) Innovation and Remote Operations The company also trialled its first remotely operated inspection vessel, aimed at halving crewing costs and enhancing safety. The vessel entered paid trials with a global energy player and began conversion to hybrid power (Figure 6). First vessel of this size capable of remote operation in Australia Vessel significantly enhances safety and reduces operational costs Commenced paid trial in 2Q25 with a large global energy company Started conversion of the first vessel – hybrid power Figure 6: First vessel of this size capable of remote operation with ROV system in Australia (source: BWN) Use of IPO Funds – Summary (Actual vs Budget) As outlined in the 1H25 results, Bhagwan Marine has deployed the proceeds from its July 2024 IPO in line with its Prospectus commitments. The capital raised—netting $76.8 million—was primarily allocated to repay external debt, strengthening the balance sheet and significantly reducing net debt from $81.4 million to $11.5 million. This deleveraging has positioned the company to pursue both organic and acquisitive growth. In addition, targeted capital expenditure was directed towards strategic fleet upgrades, including the $6.7 million dry docking and capability enhancement of its largest vessel, as well as investment in remote operations and hybrid vessel innovation. Overall, the disciplined capital allocation reflects strong alignment between forecasted and actual use of funds. Share Price Performance Since Listing Bhagwan Marine Limited (ASX: BWN) listed on the ASX on 30 July 2024 with an IPO offer price of $0.63. Since then, the share price has travelled a full cycle—from early post-listing gains above $0.60 to a measured retreat during the March quarter. As of June 2025, the stock is trading below its listing price at $0.500, with a market capitalisation of $138.97 million (Figure 7). While the share price may suggest a flat return on paper, what lies beneath is a business that has materially strengthened its core. Bhagwan has delivered record earnings, secured long-term contracts, and expanded into growth markets such as offshore wind, decommissioning, and defence support. With over 211,000 shares traded today and a tight bid/offer range, BWN remains firmly on investor radars—steadily building momentum for what may be a pivotal FY26. Figure 7: BWN’s Share price as of 18 June 2025 (source: ASX) Samso Concluding Comments Bhagwan Marine has laid a solid foundation since listing, demonstrating what operational strength and strategic foresight can achieve within a short window on the ASX. The business is delivering results, investing in innovation, and securing long-term contracts that support both earnings stability and future expansion. From remote vessel technology to major decommissioning projects and offshore wind support, the Company is positioned at the heart of Australia’s evolving marine infrastructure needs. For investors, Bhagwan represents a business that is not only growing its top line but also aligning itself with multi-decade trends in energy transition, defence, and marine logistics. The uptick in share price since its post-listing low is not just a recovery—it’s probably a reflection of value being recognised. As always, Samso encourages readers to follow these stories early, ask the deeper questions, and seek the research. Cover photo: OSV Millie, GuavaTrain. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:OSV_Millie.jpg) The Samso Way – Seek the Research At Samso, we believe that every good investment story starts with doing the groundwork. Bhagwan Marine (ASX: BWN) is a strong example of why investors should look beyond the headlines and into the operational delivery, sector tailwinds, and management strategy. As always, we encourage readers to seek the research because the real value is often found in the details others overlook. 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 Insight There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Presentation H1 FY25 Results Cuscal Limited (ASX: CCL) is a name that has quietly underpinned the digital payments infrastructure of Australia for decades. After officially listing on the ASX on 25 November 2024, Cuscal is now navigating the next chapter of its 60-year journey — building on its foundation as one of the nation’s leading independent B2B payments and data service providers. This is not a retail-facing institution. Instead, Cuscal is one of the few players outside of the Big Four banks with the full capability and licensing to support the entire spectrum of payments and regulated data services in Australia. ASX Code: CCL Listing Date: 25 November 2024 IPO Offer Price: $2.50 Current Share Price (as at June 2025): $2.935 Market Capitalisation: $549.78 million Industry Group: Financial Services What Has Cuscal Done Since Listing? Since its debut on the ASX, Cuscal has stayed true to its Prospectus strategy — executing a growth-focused agenda while maintaining operational discipline. Some of the key developments include: Strong H1 FY25 Results: Cuscal reported growth across all key metrics in the first half of FY25, showing that momentum continues post-listing: ⚬ +7% growth in transaction volumes ⚬ Adjusted EBITDA up to $35.6 million, representing a margin of 24.3% ⚬ Net Profit After Tax (NPAT) reached $21.5 million ⚬ ROE lifted to 6.3% Diversified Revenue Base: Income continues to be well-balanced across issuing (~10% NOI), acquiring (~25%), and account-to-account payments (~60%). This revenue spread reinforces the resilience and predictability of the business model. Continued Investment in Technology: Over $100 million invested between FY22 and FY24 in technological upgrades and capability enhancement to enable operating leverage and improve client services. Strategic Acquisitions: The acquisition of SPS and the Basiq Group supports deeper integration into the regulated data services market, signalling the company’s readiness for long-term digital transformation in banking and finance. Cuscal’s Position in the Fintech Market Cuscal's unique market proposition is underpinned by three pillars (Figure 1): 1.0 End-to-End B2B Offering: Unlike the major banks that focus internally, Cuscal delivers complete payment infrastructure to ADIs, fintechs, and corporates without competing for their end-customers. 2.0 Regulated and Fully Licensed: As an Authorised Deposit-taking Institution (ADI), Cuscal possesses the necessary infrastructure and compliance credentials that take decades to build and are not easily replicated. 3.0 Long-Tenured, Contracted Client Base: Clients are typically on multi-year contracts, which have created a strong base of recurring revenue and predictable financial returns. Figure 1: Cuscal is Australia’s leading independent B2B payments provider (source: CCL) A Proven Track Record Cuscal’s history is marked by pivotal moments that reflect its culture of innovation (Figure 2): Australia’s first ATM (1970s) Early Visa scheme participant First ADI in Australia to launch Apple Pay, Google Pay™, and Samsung Pay Founding role in the launch of the New Payments Platform (NPP) Certified PayTo Payer and Initiator Launch and sale of digital bank 86 400 Figure 2: CCL’s Timeline of Innovation—highlights Australia’s first ATM to ASX listing in 2024 (source: CCL) Elizabeth Proust AO, Chairman of Cuscal Limited: “Cuscal plays a crucial role in supporting connectivity to the Australian payments infrastructure for a diverse range of clients. Our unique position as an authorised deposit-taking institution, combined with our comprehensive ‘End-to-End’ capabilities in payments and regulated data services, sets us apart in the industry in Australia.” “Cuscal has been at the forefront of innovation in the payments sector, having been the first Australian company to launch connectivity solutions for Apple Pay, Google Pay and Samsung Pay. As one of 13 original shareholders of the New Payments Platform (NPP), Cuscal played a key role in the design and initial delivery of the NPP across Australia.” “Lodging our Prospectus ahead of an ASX listing represents a significant milestone in Cuscal’s journey, with the fundamental purpose of becoming a listed company being to give Cuscal deeper access to funding sources and provide the Management team greater flexibility to execute growth initiatives.” Use of IPO Funds – Summary (Actual vs Budget) Cuscal Limited has deployed its IPO proceeds in line with expectations outlined in the Prospectus, with approximately $40 million raised to support working capital, regulatory capital adequacy, and strategic growth initiatives. As at 1H FY25, the company had already achieved 51% of its forecast operating income and 59% of its full-year NPAT target, indicating strong alignment between fund utilisation and financial performance. IPO-related costs of $13.3 million were recorded as a one-off expense, while the remaining capital has been directed toward technology investments—reflected in a 38% increase in non-salary tech spend—and the Risk & Technology Uplift program. Overall, Cuscal has shown disciplined capital management, reinforcing its focus on infrastructure resilience and long-term digital capability. Share Price Performance Since Listing Since listing on the ASX at $2.50 in November 2024, Cuscal Limited (ASX: CCL) has delivered a steady upward trajectory. As of June 2025, the share price has risen to $2.935, reflecting a 17.4% increase from its IPO price (Figure 3). This growth in market value — now $549.78 million — signals growing investor confidence in Cuscal’s infrastructure-driven payments model and its position as a leading independent B2B provider in Australia’s financial services sector. Figure 3: CCL share price as of 18 June 2025 (source: ASX) Samso Concluding Comments Cuscal Limited (ASX: CCL) is not a household name, and that’s exactly why investors should take notice. Operating quietly in the background, Cuscal powers much of Australia’s payments infrastructure — and it does so with the discipline, scale, and regulatory compliance usually reserved for the major banks. Since its ASX debut in late 2024, the company has delivered on performance and positioned itself for long-term growth through digital transformation and data-driven services. What stands out is Cuscal’s ability to remain relevant through shifting technologies and regulatory landscapes. The business isn’t about hype — it’s about execution, relationships, and enabling others to thrive in a competitive financial ecosystem. In a world where payments are becoming more embedded, more instant, and more regulated, Cuscal’s role is set to deepen. Investors who are willing to look beneath the surface will find a company built for resilience, with infrastructure that’s difficult to replicate and a client base that stays for the long haul. At Samso, we believe these are the stories that often go unnoticed until they’ve already moved, and that’s why it pays to seek the research. The Samso Take – Seek the Research Cuscal is the kind of company that quietly powers the system, not flashy, but essential. Its strength lies in long-term relationships, deep infrastructure, and steady execution. For investors willing to dig deeper, the value is in understanding how foundational players like Cuscal shape the future of payments. 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: Ingenico payment terminal taken on Sat 8 Feb 1521, at Warwick Parkway rail station ticket machine, JoBrodie. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ingenico_payment_terminal_taken_on_Sat_8_Feb_1521,_at_Warwick_Parkway_rail_station_ticket_machine.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.

Announcements: USAISR successful Phase 1 Blood Platelet study Vitrafy Life Sciences Quarterly Activities Report From Prospectus to Progress: 🆕 IPO Review Vitrafy Life Sciences Limited (ASX: VFY) is a Melbourne-based life sciences company offering a fully integrated cryopreservation solution via its proprietary hardware and cloud-based software platform, LifeChain™. Vitrafy was admitted to the ASX on 6 November 2024. Vitrafy has progressed in translating its IPO capital into tangible milestones in both technological development and early commercial traction. With its smart cryopreservation technologies targeting animal and human health applications, the company’s initial months as a listed entity have demonstrated active deployment of funds, progressing trials with reputable collaborators, and expansion into strategic international markets. ASX Code: VFY Listing Date: 26 November 2024 IPO Offer Price: $1.25 Market Capitalisation at IPO: AID $117.5M Current Share Price (as at 20th of June 2025): AUD $1.31 Market Capitalisation: AUD $86.19 M (as of June 2025) Industry Group: Pharmaceuticals, Biotechnology & Life Sciences What Has Vitrafy Done Since Listing - A Cryopreservation Journey The March 2025 quarter (Q3 FY25) marked significant progress across the company’s three main verticals: Animal Health, Human Health, and Product Development. 1.0 Animal Health – Aquaculture Vitrafy deepened its engagement with Huon Aquaculture, delivering strong outcomes in a commercial trial comparing cryopreserved and fresh salmon milt. Fertilisation rates from Vitrafy’s cryopreserved product were comparable to fresh (72% vs 75%) and significantly better than the competitor’s cryopreserved sample (45%). This successful trial has resulted in an increased cryopreservation cycle planned for May 2025 (750 packs vs 500 in 2024), and discussions are underway for a new pilot with another salmon producer. Figure 1: Vitrafy’s cryopreservation solution - Vitrafy Cryopreserved Salmon Milt (source: VFY) 2.0 Animal Health – Bovine: "Bovine" refers to animals that are part of the subfamily Bovinae, which includes cattle (cows, bulls, oxen), buffalo, and bison. It can also refer to anything related to or resembling these animals, sometimes used to describe a slow, dull, or stolid temperament. - Wikipedia Vitrafy finalised plans with U.S.-based Select Sires Inc. to commence an on-site trial at their Ohio facility (Figure 2). This follows a successful first-phase trial, which benchmarked favourably. Results and next steps under this collaboration are expected in Q4 FY25. Figure 2: Vitrafy’s cryopreservation solution - Collaboration with Select Sires, Inc (source: VFY) 3.0 Human Health Vitrafy’s progress in the human health space continues to gain momentum, with major advancements across both blood platelet preservation and cell and gene therapy applications (Figure 2). These developments are not just technical milestones—they reflect real-world validation of Vitrafy’s cryopreservation technology in settings where precision, reliability, and viability are critical. Figure 2: Vitrafy’s Human Health progress (source: VFY) 3.1 Blood Platelet Study - USAISR Partnership: A major milestone was reached with the completion of Phase 1 of the collaborative study with the US Army Institute of Surgical Research (USAISR). Vitrafy’s cryopreservation technology demonstrated: 88% post-thaw platelet recovery Functional activity exceeding regulatory and industry standards Validation in commercial unit sizes at a U.S. military base Vitrafy has completed a two-phase, third-party lab testing study with a leading national blood service provider with the aim of improving the quality and recovery rates of cryopreserved blood platelets. Kristin Cardenas, PhD, Research Scientist, Blood and Shock Resuscitation, USAISR, commented: “These results suggest that Vitrafy’s cryopreserved platelets may extend storage duration to years with minimal cellular damage, significantly improving blood supply and logistics to allow for greater patient access to lifesaving transfusion therapies.” The success of this trial unlocks the pathway for Phase 2 and commercialisation discussions. The collaboration has garnered attention from military and civilian trauma sectors and reflects potential for expanded use cases. 3.2 Cell & Gene Therapy (CGT): Vitrafy is actively engaging with partners in Australia and North America to validate its platform in CGT settings, an emerging frontier where precision and biological preservation are paramount (Figure 3). Figure 3: Vitrafy cryopreserved T-Cells are comparable to fresh(source: VFY) 4.0 Product Development – VCU2 and LifeChain™: 4.1 VCU2 Co-developed with HealthTech & Planet Innovation, the VCU2 (Cryopreservation Unit 2.0) remains on schedule for its commercial debut in H2 CY2025. VCU2 will retain all core functionality and principles of VCU1, whilst improving core areas that enable a more portable, flexible, automated and profitable device. Usability best practice through automation Increased reliability through refrigeration system optimisation Designed to manufacture at scale Multi-jurisdictional power compatibility Improved footprint, weight and landscape orientation Simple user interface sample scanning Lower cost of manufacturing Figure 4: VCU2 (source: VFY) 4.2 LifeChain™ LifeChain™ is an advanced software platform that uses AI, machine learning, and IoMT integration to deliver full traceability and control across the cryopreservation supply chain, ensuring safe, secure, and high-quality handling of valuable biomaterials. Figure 5: LifeChain™ (source: VFY) 5.0 Operational Expansion United States Market Buildout: The appointment of Dr. Brad Neal-Taylor as U.S. Vice President of Business Development marks the formal start of Vitrafy’s U.S. operations. His experience in cellular therapies positions Vitrafy well for traction in the North American health sector. 6.0 Use of IPO Funds – Summary (Actual vs Budget) As of 31 March 2025, Vitrafy Life Sciences has deployed approximately A$8.2 million of the A$41.4 million raised at IPO, maintaining a strong balance of A$33.2 million to support its commercialisation roadmap. Spending has been aligned with the intended allocation outlined in the prospectus. In market development, A$1.24 million has been spent against a budget of A$10.9 million, primarily supporting North American expansion and early business development efforts. Technology development, encompassing the VCU2 device and LifeChain™ software, has seen A$2.05 million of the A$14.3 million allocation utilised. Capital expenditure, including intellectual property protection and equipment, accounted for A$138,000 of the A$1.2 million budget. Working capital usage stood at A$1.53 million from the A$11.6 million provisioned, while costs related to the IPO offer itself totalled A$3.25 million of the A$3.4 million budget. Overall, the company’s capital deployment reflects a disciplined and focused approach, with funding strategically directed toward advancing development and preparing for market entry. 7.0 Where is the Share Price Now? Since debuting on the ASX in late November 2024, Vitrafy Life Sciences has traded in a dynamic range reflecting investor interest in its early-stage commercial milestones. The stock reached a high of ~$1.85 in early May 2025 following news of key validation outcomes, before consolidating to a current price of $1.39 (Figure 6). Figure 6: VFY Share price as of 17 June 2025 (source: ASX) As of the latest trade, VFY closed down slightly by 0.76% on modest volume (17,322 shares). This pricing trend continues to reflect the market’s early appraisal of Vitrafy’s technology execution and strategic positioning within the global biotech landscape. Brent Owens, Vitrafy’s Deputy CEO and Co-founder, commented: “We’re incredibly proud of the success of the independent Phase 1 study by USAISR. This marks a significant milestone for the company and a leap forward for the availability of Vitrafy's quality cryopreserved platelets. By deploying Vitrafy’s technology directly on a working US Army research base, it has independently validated its real-world performance in relevant environments—with strong direct indications of the disruptive nature of our technology and its ability to revolutionise platelet use across both military and civilian settings, preserving life.” Kate Munnings, Vitrafy’s CEO “These results are another important validation of the disruptive nature of Vitrafy’s cryopreservation technology. It has the potential to change industries and significantly improve healthcare treatments.” Samso Concluding Comments From its IPO in November 2024 to its Q3 FY25 reporting in April 2025, Vitrafy Life Sciences is a business that does not come into the common discussion on criticality of importance from an investor. The progress with USAISR in particular stands out as a milestone with commercial gravity. Success in the platelet study not only validates their hardware and protocols but also paves the way for a broader impact in emergency trauma care, a critical unmet need in both military and civilian settings. Importantly, the business appears to be well-funded with ~AUD $34 million in liquidity and a capital allocation strategy firmly aligned with its core growth drivers. The company has moved quickly to expand its U.S. presence and scale product readiness, keeping to its roadmap and timelines. Early commercial traction in aquaculture and forward motion in bovine and CGT verticals indicate that the Vitrafy story is actively developing in all the right areas. As investors consider exposure to emerging health-tech, Vitrafy may present a rare proposition: a science-backed platform with multi-sector application, clinical validation in hand, and a leadership team focused on translation, not just innovation. The Samso Way - Seek the Research With the backing of a $4.8 million Industry Growth Program Grant, Vitrafy’s development of the VCU2 cryopreservation unit—co-developed with Planet Innovation—is moving steadily toward a H2 CY2025 commercial launch. In parallel, the LifeChain™ platform is undergoing key regulatory and algorithmic upgrades. This kind of structured progress, underpinned by external validation, reflects a business that’s doing more than building tech—it’s building trust in the science. For those who follow innovation with impact, this is another reason to seek the research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso 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. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this episode of Coffee with Samso 188, we have David Groombridge, CEO of Riedel Resources Limited (ASX: RIE) sharing with us an update on exploration activities at the Kingman Project. The Riedel Resources story is one of the few real exploration plays on the Australian Stock Exchange (ASX). In this episode of Coffee with Samso, David Groombridge gives us a quick update on the project and what shareholders and potential investors should be looking out for in the coming months. Listen to our coffee conversation with David Groombridge here: Samso's Conclusion The Riedel journey exemplifies a typical mineral exploration experience. If I had a dollar for every time I mentioned this phrase, "a typical mineral exploration journey," I would be generously compensated. Unfortunately, in today's market, it is disheartening to acknowledge that there is a prevailing misconception within the investing community that profits can be achieved in a matter of weeks. Investors are solely focused on corporate maneouvers that yield shareholder gains, disregarding genuine mineral exploration outcomes. There is a distinct lack of genuine investor interest in the market. Even the mention of lithium, once considered a magical term, no longer holds the same allure. It is now recognised that possessing a pegmatite with spodumene is no longer a guaranteed path to share price appreciation. This means recognising that corporate support and favouritism are the only things that truly matter. It emphasises the importance of the individuals driving the narrative. While it may sound pessimistic, there is hope for a positive outcome. I firmly believe that time is the remedy that other "patient" investors must embrace. The crucial factor for the average investor is allowing projects to develop over time. The current bearish sentiment in the market has led to many companies being significantly undervalued. The key is to align yourself with a well-managed story that possesses the technical merits to thrive during the next bullish market phase. In my opinion, Riedel is one of those companies. Mike Bohm is a no-nonsense operator and the Kingman project is full of potential. The company is now established in the US and as David Groombridge puts it, there are opportunities out there for the taking. It is important to keep in mind that a bear market is a time when projects can be easily dislodged from their positions. The most promising projects are often acquired during bear markets, and they reap the rewards of their hard work when the bull market brings favourable conditions. Tune in to the Riedel story here. Chapters: 00:00 Start 00:49 Update from David Groombridge. 01:22 Any new Learnings at The Kingman project. 02:24 The Tintic - Jims Structural Corridor. 03:19 Any resemblance to Mineral Park? 05:04 What is the Exploration strategy now? 06:25 Exploration is a long-term proposition. 07:32 Any concerns with regulatory issues? 08:04 What would make investors worry and celebrate the Riedel story? 09:25 Any potential acquisition in play? 10:27 When will the resource come out? 10:48 Conclusion PODCAST David Groombridge Chief Executive Officer Qualifications: MEconGeol David is a geologist with a Masters in Economic Geology from the University of Tasmania. His career incorporates 20 years mining industry experience in multiple ore deposit styles, including nickel sulphides, tungsten, SedEx (sedimentary exhalative) and orogenic gold in both underground and surface roles, primarily in resource development and mineral exploration. He spent 12 years across senior management roles at Tectonic Resources and Silver Lake Resources before becoming Exploration Manager for Medallion Metals, where he has worked since 2016, focused on the 1.62Moz Au Eq. Ravensthorpe Gold Project. This WA-based project is a structurally hosted, high-grade gold system similar to the Kingman Project. About Riedel Resources Limited Riedel Resources (ASX: RIE) is an emerging mineral exploration company focused on advancing the historic high-grade Kingman Gold Project in North-West Arizona. The Kingman Project covers an area of historic gold-silver-lead-zinc mines that were in production from the 1880’s through to the early 1940’s. Diamond drilling in late 2019 confirmed the high grades seen in historic mining. RC drilling in early 2021 hits extensive gold, silver, zinc and lead mineralisation including 3.8m at 98.9 g/t gold and 151 g/t silver from 20.6m at Tintic and 4.6m at 8.39g/t gold from 100.6m at Merrimac. Further drilling subsequently confirmed gold, silver, zinc and lead mineralisation in multiple veins at Jim’s. 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 Subscribe to 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

Coffee with Samso Episode 190 is with Richard Brescianini, Executive Director of Heavy Rare Earths Limited (ASX: HRE). Over the past two years, the journey to comprehend the intricacies of the Rare Earth sector has been limited. The sudden surge in the REE sector has been clouded by a lack of understanding. Our initial encounter with the Rare Earth narrative on the Samso platform was a conversation with Brett Hazelden from OD6 Metals Limited. We all know that the Rare Earth story is not new. Companies such as Arafura Rare Earths Limited (ASX: ARU), Hastings Technology Metals Limited (ASX: HAS), Lynas Rare Earth Limited, and Northern Minerals Limited (ASX: NTU) have been actively involved in this industry for over a decade. There has been a recent surge of interest in the sector, specifically in Clay-hosted Rare Earth projects. These projects are focused on developing metallurgical flow charts, with the "ionic" styles leading the way. In simpler terms, the discussion revolves around whether the deposits are refractory or non-refractory. The learning journey in this field has been well-documented in various Coffee with Samso conversations, with recent Rare Earth stories. According to Richard Brescianini, we have overcome the hurdle of Ionic and Non-Ionic and are now entering the business end of the story. In this episode, Richard gives us an update on the Mineral Resource upgrade and what the numbers mean in terms of the business for Heavy Rare Earths Limited. Samso's Conclusion Heavy Rare Earths Limited is steadily progressing towards the production of a Rare Earth product, which will ultimately generate revenue for the company. The recent upgrade of the Mineral Resource demonstrates HRE's capability to become a significant player in the industry. Richard Brescianini, who possesses extensive knowledge of the sector, emphasises the importance of maintaining a Tier 1 grade for the materials processed in the plant. With his expertise, Richard will anticipate and overcome potential obstacles faced by all participants in this field. His experience will be crucial in attracting buyers for HRE's product. For those interested in gaining insights into the business aspects of the Rare Earth Elements (REE) sector, I highly recommend watching this informative Coffee with Samso interview with Richard. Chapters: 00:00 Start 00:20 Introduction 01:07 Richard updates 03:08 An upgrade in resource and grade 06:21 A natural mineralisation cut-off 06:47 What investors need to understand about resource grade and mill grade 07:43 Are there more high-grade pods in your project? 12:03 Grade/Thickness and Grade/Tonnage Curve 17:08 Is there a sweet grade spot in the project? 19:06 Metallurgical Flow Sheet 20:21 New metallurgical drilling samples 21:37 Aim to produce a mixed REE carbonate for potential customers 22:27 Giving reasons for potential customers to invest in HRE 22:59 Strategy to Brand HRE to potential customers 24:21 Branding HRE as a real REE producer 25:46 The market of REE, the upside, the current price of REE, and why it's rising 29:25 What is the sweet sustainable price for REE? 30:38 Upgrade in Mag REE for HRE 31:29 The importance of Magnetic REE 32:39 Recovery results tend not to change very much 33:29 Other projects 34:49 Exploration Target for Cowalinya - Pending 35:10 Why buy HRE? 37:43 Focus should be on the business 38:59 Conclusions 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.

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 Episode 189 is with Mike Haynes, Managing Director and CEO of New World Resources Limited (ASX:NWC). In our previous conversation with New World Resources Limited (ASX:NWC) the focus was on getting mining happening. Today the mining process is in place. While they are currently undergoing necessary procedures, they are also actively pursuing highly promising exploration targets. There is a scarcity of stories on the Australian Stock Exchange (ASX) that revolve around copper, especially high-grade copper. The Antler project, within the copper mineral exploration industry, is widely regarded as a technically robust project. It can now be better classified as a near-producer story as the company progresses into the mine planning stage. Those readers who have watched the earlier Coffee with Samso episode of Mike Haynes introducing the Antler project would be familiar with the high-grade nature of the copper story in 2021 and 2022 (see below). Samso has been showcasing the New World Resources Limited story since March 2021. A VMS Story - The Antler High-Grade Copper Project - New World Resources Ltd(ASX:NWC) - Episode 79 New World Resources Limited (ASX: NWC) - A Near Term High Grade Copper Producer Story | CWS Ep. 166 I have full confidence that the Antler project of New World Resources would successfully pass a rigorous due diligence process. The abundance of technical information and the untapped potential of the resource are undeniable. The only obstacles that remain are the mining process and the stability of the copper price. In this episode, Mike brings to the attention of the Samso community the Antler project and the exciting prospects of other high-grade copper projects in their portfolio. Figure 1: Copper price chart. (source: www.tradingeconomics.com) Mike Haynes provides an overview of the company's upcoming plans, highlighting the exploration targets within the Antler project and the new Javelin project located approximately 75km south-east from Antler. The Javelin VMS project has shown promising exploration results thus far, prompting New World Resource's strong interest in commencing work. Notably, it exhibits robust multi-element anomalies that were defined in May 2023. Furthermore, the project's northern third, which was completed in July 2023, reveals exceptional IP anomalies, further substantiating the project's significance. According to Mike, the project has identified both shallow VMS and deeper 1.2km x 1.0km porphyry copper targets. New World Resources plans to initiate a drilling program in Q4 of 2023. Samso's Thoughts As mentioned earlier, New World Resources is a highly recommended company to include in your watchlist for thorough research. The current bearish sentiment in the market has depressed equity prices in the small-cap sector, which presents a hidden opportunity for new investors in New World Resources. For existing shareholders, this may be a favourable time to consider averaging down their investments. I recall my Coffee with Samso with Rick Rule (Commodities and Equities: Advice from Rick Rule - Episode 70) , where he shared the story of his investment in Paladin Energy Limited (35:54 Rick and Paladin - The story of Investing in Mineral Explorers). Despite the stock price dropping to 1c, he remained confident in the project's quality, the company's management, and the factual truth behind it. If you have watched all the episodes of Coffee with Samso featuring Mike Haynes, you would have noticed the consistent nature of the conversations. Antler stands out in the industry due to its rare technical expertise. When considering technical attributes and potential, the Golden Grove VMS deposit in Western Australia serves as a suitable comparison for Antler. If you are interested in learning more about New World Resources, please don't hesitate to send me an email. I will gladly forward it to Mike Haynes. I highly encourage engaging in a dialogue with the management team, as they are more than willing to take the time to address any queries you may have. Check out this Coffee with Samso with Mike Haynes from New World Resources Limited. Chapters: 00:00 Start 00:20 Introduction 01:15 Updates from New World Resources 02:24 The resource value 03:17 Upsides to the Antler exploration 05:33 Discussion about the recent scoping study 08:07 Discussion about Porphyries 10:36 The mining strategy 14:30 VMS belt clusters 20:16 The Javelin Project 23:48 The next set of drilling 27:45 Discussion about current commodities 30:20 Exceptional IP anomalies 37:29 Any possible risks? 40:34 News flow 43:38 Why should investors look at New World Resources? 45:03 Conclusion PODCAST About Mike Haynes Managing Director and CEO Mr Haynes has more than 25 years’ experience in the international resources industry. He graduated from the University of Western Australia with an honours degree in geology and geophysics and has explored a wide variety of ore deposit styles throughout Australia and extensively in Southeast and Central Asia, Africa, Europe, South and North America. Mr Haynes has held technical positions with both BHP Minerals and Billiton plc. He has worked extensively on project generation and acquisition throughout his career. During the past 17 years he has been intimately involved in the incorporation and initial public offerings of numerous resources companies, and in the ongoing financing and management of those and other companies. About New World Resources Limited New World Resources Limited is an Australian company focused on the exploration and development of mineral resources projects in North America. It is listed on the Australian Securities Exchange under the code NWC. On 14 January 2020 New World Resources Limited announced that it had executed an agreement that provides it with the right to acquire a 100% interest in the high-grade Antler Copper Deposit in Arizona, USA. In October 2021, after 18 months of exceptional results, New World exercised its option and took 100% ownership of Antler. About the Antler Copper Project Excellent Location • Located in a sparsely populated part of northern Arizona • Privately-owned land • 70% of all copper produced in the US is from mines in Arizona Proven VMS District • Cluster of 30-40 VMS deposits in northern Arizona; largest: • United Verde – mined 33Mt of ore @ 4.8% Cu (1883-1975) Excellent Infrastructure • 15km from rail and an interstate highway • Mains power to within 700m of the old headframe • 55km by road to Kingman (population ~30,000) • Benefits of existing infrastructure: - Cheaper to build a new mine - Cheaper to operate a mine 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. VMS (Volcanogenic Massive Sulfide) Deposits Explained In simple terms, Volcanic-associated Massive Sulphide (VMS) deposits are caused by underground metal-rich volcanoes rising and creating a cooking environment. I suggest you download this eBook which explains the VMS and 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. 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. 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

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.