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RTG Mining Limited (ASX: RTG) has outlined a clear pathway toward near-term production at its Mabilo Copper-Gold Project in the Philippines. The company's Stage 1 Direct Shipping Ore (DSO) operations are now fully financed and approaching development commitment. The project hosts a high-grade reserve of 400kt at 5.13% copper equivalent (CuEq) and is supported by binding financing and offtake agreements covering 100% of Stage 1 production. The RTG Mining story is a revelation on the Samso platform as I have just come across the story. With a market capitalisation of only AUD $67.18M (as of 19th March 2026) , this is going paces with the current storyboard that is in place. I will say that "stumbling" onto RTG Mining bears some similarity to when I learned about the Titan Minerals Limited story who has made significant value addition since I spoke to them late 2025. The initial DSO operation is designed as a capital-light start-up, targeting approximately 100,000 tonnes of high-grade supergene chalcocite material grading around 21% copper, with forecast net operating cashflow of approximately US$198 million after tax. A staged development strategy is planned, with Stage 2 involving a larger-scale processing operation producing copper-gold concentrate. The update highlights strong project economics, including an after-tax NPV of approximately US$1.085 billion, along with sensitivity to copper and gold pricing. Exploration upside remains a key component, with identified porphyry targets and potential for resource expansion beyond the current defined mineralisation. RTG Mining – High-Grade Copper-Gold Project in Philippines Moving Toward Production RTG Mining is advancing the Mabilo Project, a high-grade copper-gold development asset located in the Philippines. The project hosts a Copper Equivalent (CuEq) Reserve of 400kt at 5.13% and Resource of 595kt at 4.68% , placing it among higher-grade undeveloped assets globally. Figure 1: RTG Mining Mabilo Project Location Map (source: RTG Mining Limited) The project is fully permitted with a Mining Permit and Environmental Compliance Certificate and is supported by binding financing and offtake agreements covering 100% of Stage 1 production . Stage 1 focuses on a high-grade DSO operation targeting supergene chalcocite material grading ~21% Cu , designed to generate early cashflow with relatively low capital intensity. The Business of the Company: Focus – Copper-Gold Development with Near-Term Cashflow RTG Mining is a dual-listed (ASX/TSX) company focused on developing high-grade copper and gold assets , with its flagship Mabilo Project as the near-term production driver. The company operates under a joint venture structure in the Philippines, holding 40% equity and approximately 50% of Stage 1 economics , alongside a local partner. Beyond Mabilo, RTG also holds the Chanach Project in the Kyrgyz Republic , a copper-gold exploration asset with a defined resource and ongoing drilling success, providing longer-term growth optionality. Highlights Stage 1 DSO fully financed , including debt facility and offtake agreement with Glencore Capital-light development , with CAPEX estimated at less than US$25M High-grade reserve base , including ~100,000t of 21% Cu supergene chalcocite Net operating cashflow (Stage 1): ~US$198M after tax   Figure 2: Mabilo Project Economic Highlights (source: RTG Mining Limited) Stage 2 expansion planned , with 1.35Mtpa processing plant producing copper-gold concentrate Project NPV5 of ~US$1.085B (after tax)   Strong leverage to commodity prices , with NPV increasing materially under higher copper and gold pricing scenarios Exploration upside , including porphyry targets and potential resource expansion Figure 3: Strong leverage to key commodty pricing. (source: RTG Mining Limited) Management Commentary The update highlights that RTG has secured binding finance and offtake agreements , enabling the transition into development and production. The company has also outlined that development commitment and start-up activities are targeted for 2026 , with operational ramp-up expected thereafter. The presence of an experienced management team with a track record of developing mines across multiple jurisdictions is positioned as a key execution factor. Near-Term Milestones to Watch Finalisation of remaining operating permits (conversion and land clearing) Commitment to Stage 1 development and mobilisation Commencement of DSO mining (targeted 2026) Initial production from oxide gold cap and skarn material Transition into high-grade chalcocite mining phase Progression of Stage 2 engineering and development planning Continued drilling targeting resource expansion and porphyry system Figure 4: Near Term Commitment. (source: RTG mining) Samso Concluding Comments The RTG Mining update outlines a project that is moving from development into production, with the key focus on Stage 1 DSO operations at the Mabilo Project. The presence of high-grade copper material, combined with a capital-light start-up model, provides a pathway for early cashflow generation. The economic metrics presented in the update indicate strong project fundamentals, with a defined net present value and operating cashflow profile. The sensitivity to copper and gold prices shows that the project outcomes are closely tied to commodity market conditions, which is consistent with most development-stage assets. The staged development approach, beginning with DSO and followed by a larger-scale processing plant, demonstrates a structured pathway to scale. This reduces upfront capital requirements while allowing for operational progression based on initial cashflow. Figure 5: Mabilo exploration upside. (source: RTG mining) The broader project potential is supported by exploration upside (Figure 5), including porphyry targets (Figure 6) and regional extensions. These elements indicate that the current resource base may not represent the full extent of the mineral system. Figure 6: Mabilo project potential porphry target. (source: RTG mining) Market Implication - The Investor Lens The RTG Mining Limited story is a fairly simple one, the story is just about to start. The investment upside is laid out for everyone to see and we can all see the matrix of how the Mabilo project will easily make RTG over USD $1B at current commodity prices. There is one caveat, the projects are in the Philippines and their other project is in Kyrgyzstan. Both projects to most ASX investors are in poor jurisdiction but when you talk to management, they have been successful in these kinds of jurisdiction. Figure 7: Share price chart for RTG Mining Limited as of 19th March 2026. (source: commsec) Effective management is crucial, and I witnessed this firsthand with an investment in CGA Mining around 2008 which had the same management as RTG. After talking to Justine Magee (CEO) and Mark Turner (COO), I can see that the team is competent, reminiscent of a conversation I had with Titan Minerals Limited (ASX: TTM). Both companies are clearly undervalued currently, but TTM has more than doubled their market cap since I had the discussion with Melanie Leighton (CEO). For me, this is a must DYOR and a strong candidate for investors to take this seriously. Look at what they have and the market capitalisation. There is definitely a great divide in the current valuation and what the valuation would be if things go well for management. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Miramar Resources Limited (ASX: M2R) has reported shallow high-grade gold mineralisation from recent reverse circulation (RC) drilling at its 80%-owned Gidji JV Gold Project , located approximately 15 kilometres north of Kalgoorlie in Western Australia . The drilling intersected 3 metres at 9.45 g/t gold from 47 metres, including 1 metre at 23.11 g/t gold , at the Highway Prospect , marking the highest-grade result recorded at the project to date. The RC drilling programme comprised 19 holes for a total of 2,431 metres , targeting the Blackfriars and Highway prospects  beneath earlier aircore gold intersections. Several holes intersected supergene gold anomalism near the base of the Gidji Paleochannel , indicating potential bedrock sources for mineralisation within the project area. Miramar Resources is awaiting additional assay results from the drilling campaign and has indicated that further drilling will be planned to evaluate the potential for shallow gold resources  within the Highway Prospect area. About Miramar Resources Limited Miramar Resources Limited (ASX: M2R) is a Western Australian focused exploration company targeting gold and base metals across the Eastern Goldfields and the Gascoyne region of Western Australia. The company’s strategy is centred on exploration discovery in established mineral provinces with strong infrastructure and processing capacity nearby. One of the Miramar Resources' s key exploration assets is the Gidji JV Gold Project , located approximately 15 km north of Kalgoorlie-Boulder , in the world-class Eastern Goldfields Province of Western Australia . The project sits along approximately 15 km of strike of the Boorara Shear Zone , a major structural corridor that hosts several gold deposits in the district. Exploration at Gidji has focused on identifying gold mineralisation beneath transported cover and the Gidji paleochannel system, which has historically limited exploration in the area. Since commencing systematic drilling in 2020, Miramar Resources has identified multiple supergene gold discoveries through aircore drilling and has generated bedrock targets for deeper testing. The ASX release dated 10th March details shallow high-grade gold intersections from reverse circulation (RC) drilling at the Highway Prospect , within the larger Gidji JV exploration corridor. Miramar Resources RC Drilling Delivers Shallow High-Grade Gold at Gidji Miramar Resources Limited has reported shallow high-grade gold mineralisation from a recent RC drilling programme at the Gidji JV Gold Project , located north of Kalgoorlie in Western Australia. The drilling campaign intersected 3 metres at 9.45 g/t Au from 47 metres , including 1 metre at 23.11 g/t Au , in hole GJRC043  at the Highway Prospect . The intersection occurs at the contact between basal gravels of the Gidji Paleochannel and weathered diorite bedrock. The Highway Prospect forms part of a broader gold discovery corridor identified by Miramar Resources since exploration commenced in 2020. The company is awaiting further assay results from the current RC programme and intends to undertake additional drilling to determine the scale and continuity of mineralisation. Figure 1: Plan view of the Gidji JV Project showing drill hole locations across the Blackfriars and Highway prospects. (source: Miramar Resources Limited) Highlights 3m @ 9.45 g/t Au from 47m , including 1m @ 23.11 g/t Au , intersected at the Highway Prospect. Mineralisation occurs near the base of the Gidji Paleochannel and within weathered diorite bedrock . The RC programme comprised 19 holes for 2,431 metres  testing the Blackfriars and Highway targets. Several holes intersected supergene gold anomalism at or below the base of the paleochannel . Additional assay results from multiple holes remain pending. Further drilling is planned to evaluate the potential for a shallow gold resource at the Highway Prospect . Geological Context and Drilling Results The RC drilling programme at Miramar Resources Gidji high-grade gold prospect tested targets beneath earlier aircore gold intersections across the Gidji project area. Holes were designed to test both bedrock mineralisation beneath transported cover  and the supergene gold zones identified in previous exploration campaigns . Drilling at the Highway Prospect  identified an altered diorite body with abundant sulphides , positioned between more mafic units. The key high-grade intersection from hole GJRC043  occurs within this altered zone at the base of the paleochannel. Figure 2: Cross-section through the Highway Prospect showing the high-grade mineralised zone intersected in hole GJRC043. (source: Miramar Resources Limited) Figure 3: Chip tray from hole GJRC043 showing the high-grade interval at the boundary between paleochannel sediments and weathered diorite. (source: Miramar Resources Limited) Management Commentary Miramar Resources Managing Director Marion Bush  noted that the intersection represents the best gold result recorded from the Gidji project to date  and highlights the potential for shallow gold mineralisation in the area. The company highlighted that the project is located in close proximity to multiple operating gold processing plants, which could assist with the monetisation of any potential deposit identified through ongoing exploration. Management also stated that the company expects to receive additional assays from the drilling programme in the coming weeks and will then plan further drilling to determine the scale of the mineralisation at the Highway Prospect. Near-term Milestones to Watch Receipt of remaining assay results from the current RC drilling campaign. Planning of additional drilling to test bedrock mineralisation and potential resource targets. Follow-up drilling to determine the scale and continuity of mineralisation at the Highway Prospect. Auger drilling programme at the Chain Pool Project in the Gascoyne region , targeting copper-lead-silver mineralisation at the Joy Helen prospect. Previous Samso News Coverage – An Investor Lens 1. Miramar Resources – Drilling to Test High-Priority Gold and Base Metal Targets in Q1 2026 – Good Reasons to Be in This Punt Published:  17 January 2026Link: https://www.samso.com.au/post/miramar-resources-drilling-to-test-high-priority-gold-and-base-metal-targets-in-q1-2026-good-rea This Samso News article discusses Miramar’s plans to drill multiple exploration targets in Western Australia during Q1 2026, including gold targets at the Gidji JV Project near Kalgoorlie  and base-metal targets at Chain Pool in the Gascoyne region. The program aims to test bedrock mineralisation beneath previously identified anomalies using deeper drilling techniques. 2. Miramar Resources Ltd – Bangemall Project Update Published:  December 2025 (approx. – site indicates ~3 months ago)Link: https://www.samso.com.au/post/miramar-resources-ltd-bangemall-project-update This article reviews Miramar’s exploration strategy at the Bangemall Ni-Cu-PGE Project  in Western Australia. The project sits within the Edmund and Collier Basins and hosts Kulkatharra dolerite sills that could potentially host large Norilsk-style nickel-copper-PGE sulphide deposits. 3. Miramar Resources Limited (ASX: M2R) – Sumitomo Confirms the Prospectivity of Bangemall – Looking for a Norilsk-Style Ni-Cu-PGE Deposit Published:  11 September 2025Link: https://www.samso.com.au/post/miramar-resources-limited-asx-m2r-sumitomo-confirms-norilsk-ni-cu-pge-bangemall This Samso News piece covers Miramar’s exploration joint venture with Sumitomo Metal Mining Oceania , which could see Sumitomo earn up to 90% interest through staged expenditure and feasibility work. The partnership aims to test the Bangemall region for large Norilsk-style nickel-copper-PGE deposits. 4. Coffee with Samso – Miramar Resources Limited (ASX:M2R) – A Perfectly Valued Gold Story – The Gidji Gold Project and the Path to Being a Gold Mining Business Published:  9 July 2025Link: https://www.samso.com.au/post/coffee-with-samso-miramar-resources-limited-asx-m2r-a-valued-gold-story-the-potential-mining-gidj This Coffee with Samso feature discusses Miramar’s exploration strategy and the potential of the Gidji Gold Project near Kalgoorlie , highlighting the geological model and the company’s ambition to discover a significant gold deposit in the Eastern Goldfields. 5. Coffee with Samso – Insights: An Insight into a Mineral Explorationist, a Practical Eternal Optimist Published:  20 August 2024Link: https://www.samso.com.au/post/coffee-with-samso-insights-an-insight-into-a-mineral-explorationist-a-practical-eternal-optimis This Coffee with Samso Insights article profiles Allan Kelly , Executive Chair of Miramar Resources, discussing his philosophy on mineral exploration and the challenges of making economic discoveries in the mining sector. 6. Miramar Resources Limited (ASX: M2R) – Surprises in the Bangemall: Carbonatites and IOCG Published:  30 November 2022Link: https://www.samso.com.au/post/miramar-resources-limited-asx-m2r-surprises-in-the-bangemall-carbonatites-and-iocg This Coffee with Samso discussion explores early exploration work at Miramar’s Bangemall and Whaleshark projects  in Western Australia and the geological potential of the region for new discoveries, including IOCG-style and carbonatite-related mineral systems. 7. Project Updates at Miramar Resources Limited (ASX: M2R) Published:  20 May 2022Link: https://www.samso.com.au/post/project-updates-at-miramar-resources-limited-asx-m2r This article accompanies a Coffee with Samso interview discussing Miramar’s exploration portfolio across the Eastern Goldfields, Murchison, and Gascoyne regions , including gold targets at Gidji and other exploration opportunities within trucking distance of existing operations. 8. Miramar Resources Limited (ASX: M2R) – Mineral Exploration Success – Discovery at Marylebone Published:  1 November 2021Link: https://www.samso.com.au/post/miramar-resources-limited-asx-m2r-mineral-exploration-success-discovery-at-marylebone This early Samso article discusses drilling results at the Marylebone prospect , where Noel Ong described the results discussed with Allan Kelly as representing a potential discovery and highlighted the broader exploration potential of Miramar’s Eastern Goldfields projects. Samso Concluding Comments The results from the RC drilling programme is going to hard to explain to the general public but all I can say is that it highlight the presence of shallow gold mineralisation within the Highway Prospect area at the Gidji JV Project. The intersection of 3 metres at 9.45 g/t gold  will highlight two things, one is that bedrock mineralisation must be beneath the transported cover at some place that is unknown at this stage, The other is that potentially the Gidji paleochannel system or there is a supergene system here that is the prize that has not been realised. What we know is that the geological setting of the project along the Boorara Shear Zone  places the exploration target within a known structural corridor that hosts several gold deposits in the Kalgoorlie region. The drilling programme was designed to test beneath earlier aircore gold intersections and evaluate potential bedrock sources for the previously identified supergene mineralisation. The drilling programme comprised 19 RC holes for a total of 2,431 metres , with several holes intersecting anomalous gold values greater than 0.25 g/t Au  near the base of the paleochannel. On the surface, the program did not reveal any spectacular results that investors are always thinking will happen, but the reality is that the elusive "prize" is still in the unknown. Additional assays from several drill holes are still pending and will provide further information about the distribution of gold mineralisation across the Highway and Blackfriars prospects. Further drilling planned by the company is expected to test both lateral extensions and bedrock mineralisation beneath the paleochannel system. The objective of the next exploration phase is to evaluate the continuity of mineralisation and determine whether the Highway Prospect can support the definition of a shallow gold resource within the Gidji JV Project area. Market Implication - The Investor Lens There is no movement in the station in terms of the share price (Figure 4) reaction from the results but that is the reality for shareholders. What I will say as a shareholder is that money is being spent on the ground and that is all you can ask from management. with a market capitalisation of under AUD $5M, this is a great play for upside in a booming gold sector. Figure 4: Share price chart for Miramar Resources Limited as of 12th March 2026. (source: commsec) The best asset that Miramar Resources Limited has is the location of the Gidji project. The discovery does not need to be big and from the ASX release today on the 16th March 2026 , there are funds are available for further drilling. The upside is still present at Gidji, in my opinion, and if Miramar Resources management is thinking that a supergene story may have potential, then that is good news to my ears. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

It is beyond doubt now that OD6 Metals Limited (ASX: OD6) is positioning itself within the global critical minerals narrative, focusing on rare earth elements and fluorspar across Australia and the United States. The Company’s flagship Splinter Rock Rare Earth Project in Western Australia  and the Quinn Fluorspar Project in Nevada  place it directly in jurisdictions that are increasingly central to supply chain security discussions. As we commented in our last Samso News publication dated 17th March 2026 , we proposed that there may be a shift of positioning for OD6 Metals .Well, this ASX announcement is clearing stamping this new strategic positioning . The appointment of the Hon Julie Bishop and her advisory firm is the deliberate move by OD6 to align itself with government policy, international funding frameworks, and geopolitical supply chain initiatives. For Samso, this is relevant because the critical minerals sector is now as much about policy, diplomacy, and capital alignment  as it is about geology. The shift to a US focus is now going to put OD6 and its portfolio of projects in a much brighter stage. About OD6 Metals Limited OD6 Metals Limited is an Australian-listed company focused on the exploration and development of critical minerals , with a primary emphasis on rare earth elements, fluorspar, and copper. The Company’s strategy is centred on building a portfolio of assets located in stable, mining-friendly jurisdictions , particularly Australia and the United States, where government support for critical minerals is increasing due to supply chain security concerns. The Company’s flagship asset is the Splinter Rock Rare Earth Project  in Western Australia, which hosts a large clay-hosted rare earth resource. OD6 has focused on advancing this project through metallurgical testwork and process development, selecting a flowsheet designed to produce a high-quality rare earth product with relatively low impurity levels. This project represents the core of OD6’s exposure to the rare earths sector, particularly elements used in clean energy and advanced technologies. In addition to rare earths, OD6 has expanded its portfolio to include the Quinn Fluorspar Project in Nevada , providing exposure to a mineral that is essential in industrial processes, including chemicals, semiconductors, and energy applications. The Company also maintains the Gulf Creek Copper-Zinc Project in New South Wales , where it is applying modern exploration techniques to a historical high-grade mining area. Together, these assets position OD6 as a diversified participant in the critical minerals sector, with a focus on both resource development and alignment with emerging global supply chain priorities. OD6 Metals Strengthens Government and Critical Minerals Strategy Through High-Level Advisory Appointment OD6 Metals has appointed Julie Bishop & Partners (JBP)  as Strategic Advisor to support the advancement of its critical minerals projects in Australia and the United States. This appointment comes at a time when both governments are actively implementing policies to secure supply chains for minerals such as rare earths and fluorspar. The Company is aligning its development pathway with these initiatives, which include: US Government initiatives such as FAST-41 permitting  and the proposed US$12B “Project Vault” stockpile Australia’s AUD$1.2 billion Critical Minerals Strategic Reserve (CMSR)   The announcement reflects a shift in focus from purely technical development toward strategic execution within global frameworks . The Business of the Company – Critical Minerals Focus Across Allied Jurisdictions OD6 Metals is an Australian-listed company focused on the exploration and development of critical minerals including rare earths, fluorspar, and copper . Key Assets: Splinter Rock Rare Earth Project (WA) Indicated: 119Mt @ 1,632ppm TREO Inferred: 563Mt @ 1,275ppm TREO ~23% Magnetic Rare Earth Oxides (MagREE) Processing via heap leach, nanofiltration, and ion exchange (~75% NdPr recovery) Quinn Fluorspar Project (Nevada, USA) Historical grades up to 72% CaF₂ Located in a top-tier mining jurisdiction Fluorspar classified as a critical mineral in the US Gulf Creek Copper-Zinc Project (NSW) Historical high-grade copper mine (2%–6.5% Cu) Recent drilling confirmed mineralisation continuity and geophysical targets Highlights Appointment of Julie Bishop & Partners as Strategic Advisor Advisory team brings experience across government, banking, and executive leadership Alignment with US and Australian critical minerals policy frameworks Strategic positioning of: Splinter Rock (rare earths) Quinn Project (fluorspar) Focus on engagement with: Government agencies Multilateral funding bodies Strategic partners and downstream customers Management Commentary Julie Bishop highlighted that critical minerals are now central to economic security, defence capability, and advanced technology supply chains , with rare earths and fluorspar being key inputs across clean energy, semiconductors, and aerospace sectors. She also noted that OD6’s projects are being developed in trusted jurisdictions , which are actively seeking to diversify supply chains away from concentrated sources. Managing Director Brett Hazelden stated that the appointment strengthens OD6’s ability to position its projects within trans-Pacific critical minerals strategies , particularly given Bishop’s experience in diplomacy and international engagement. Near-term Milestones to Watch Advancement of Splinter Rock Project development pathway Progress on the Quinn Fluorspar Project acquisition and evaluation Engagement with: US and Australian government programs Strategic funding initiatives Offtake and downstream partnerships Continued positioning within critical minerals policy frameworks Previous Samso News Coverage – An Investor Lens   17th March 2026 OD6 Metals Expands Quinn Fluorspar District in Nevada 🔗 https://www.samso.com.au/post/od6-metals-expands-quinn-fluorspar-district-in-nevada This article covered OD6’s expansion of its landholding within the Quinn Fluorspar District in Nevada, highlighting the Company’s move into the US critical minerals space. The focus was on the strategic importance of fluorspar as a supply-constrained mineral and the relevance of securing ground in a jurisdiction where the US is fully import-dependent. The narrative pointed to a deliberate diversification beyond rare earths and into minerals with strong industrial and defence demand. 9th March 2026 OD6 Metals Limited – Quinn Fluorspar Project Acquisition in Nevada, USA – Shifting Focus? 🔗 https://www.samso.com.au/post/samso-news-od6-metals-limited-quinn-fluorspar-project-acquisition-in-nevada-usa-shifting-focus This piece examined the initial acquisition of the Quinn Fluorspar Project and questioned whether OD6 was broadening its strategic direction. The article outlined the historical production and grades from the project and framed the acquisition within the context of US supply chain vulnerability. It highlighted the Company’s early-stage positioning in fluorspar and the potential implications for future project development. 6th February 2026 OD6 Metals Limited – DHEM Survey Identifies Off-Hole Conductors at Gulf Creek 🔗 https://www.samso.com.au/post/samso-news-od6-metals-limited-dhem-survey-identifies-off-hole-conductors-at-gulf-creek-a-defini This article focused on the Gulf Creek Copper-Zinc Project in New South Wales, where downhole electromagnetic (DHEM) surveys identified off-hole conductors. The discussion centred on the geological implications of these conductors and their potential to represent extensions of known mineralisation. The article positioned Gulf Creek as an underexplored asset with modern geophysics providing new targeting opportunities. 30th January 2026 OD6 Metals Limited – Advanced ANSTO Metallurgical Testwork at Splinter Rock 🔗 https://www.samso.com.au/post/samso-news-od6-metals-limited-advanced-ansto-metallurgical-testwork This article detailed metallurgical testwork results from ANSTO on the Splinter Rock Rare Earth Project. The focus was on processing efficiency, recovery rates, and product quality, particularly the ability to produce a high-grade mixed rare earth carbonate or hydroxide. The discussion highlighted the importance of metallurgy in clay-hosted rare earth projects and how these results supported the technical viability of the deposit. 20th December 2025 OD6 Metals Ltd (ASX: OD6) – Australia’s Standout Rare Earths & Copper Company — Scale, Metallurgy, and Strategic Leverage 🔗 https://www.samso.com.au/post/od6-metals-ltd-asx-od6-australia-s-standout-rare-earths-copper-company-scale-metallurgy-a This broader Samso piece provided an overview of OD6’s asset base, combining rare earths and copper exposure. It discussed the scale of the Splinter Rock resource, the metallurgical pathway, and the optionality provided by the Gulf Creek project. The article framed OD6 as a company with multiple value drivers, emphasising the importance of both resource size and processing strategy. 9th November 2025 Coffee with Samso – OD6 Metals Limited: An Aspiring Australian Clay REE Story 🔗 https://www.samso.com.au/post/coffee-with-samso-od6-metals-limited-an-aspiring-australian-clay-ree-story-better-position-seco This Coffee with Samso episode focused on the broader narrative behind OD6’s clay-hosted rare earths strategy. The discussion explored the geological setting, project development approach, and how OD6 compares with other clay REE projects globally. It provided context around the Company’s positioning within the rare earths sector and its long-term development pathway. 8th October 2025 OD6 Metals (ASX: OD6) Selects Innovative Flowsheet with High Recoveries at Splinter Rock 🔗 https://www.samso.com.au/post/od6-metals-asx-od6-selects-innovative-flowsheet-rare-earth This article covered the selection of a processing flowsheet for the Splinter Rock Project, incorporating heap leaching, nanofiltration, and ion exchange. The focus was on recovery rates, impurity management, and the production of a high-quality rare earth product. The article highlighted how processing decisions are critical to unlocking value in clay-hosted deposits. 27th November 2024 OD6 Metals Limited – Rare Earths or Copper? 🔗 https://www.samso.com.au/post/od6-metals-limited-rare-earths-or-copper This earlier article explored the dual commodity exposure of OD6, questioning whether the Company’s primary focus would remain on rare earths or shift toward copper. It provided an overview of both asset classes and discussed the strategic implications of maintaining a diversified portfolio. The piece captured the early stage of OD6’s evolving identity. Samso Concluding Comments The appointment of a high-level advisory group indicates that OD6 is preparing for the next phase of project development where government engagement becomes important. The Splinter Rock Project and Quinn Fluorspar Project are both positioned within jurisdictions that are actively supporting critical minerals supply chains. This aligns the Company with existing funding pathways and regulatory frameworks. Government initiatives such as the CMSR in Australia and FAST-41 in the United States provide a pathway for projects to move through approvals and development stages. OD6’s decision to bring in advisory support reflects the complexity of navigating these systems.  The announcement also highlights the importance of rare earths and fluorspar in industries such as semiconductors, batteries, and defence technologies. This provides context for why these projects are being positioned within strategic supply chain discussions. Market Implication - The Investor Lens I will give it to the management of OD6 Metals to have stuck to its strategy of critical minerals with theier REE apparoach. As the market moved away from the REE marketing narrative, OD6 has stuck to its making and with the addition of what looks like a meaty Fluorspar proejct in the US, things should get more interesting with time. Figure 1: Share price chart for OD6 Metals Limited as of 18th March 2026. (source: commsec) At the opening of trading today (18th march 2026), the market is up iwth a rise of 4.17%. I am sure the market has priced some of the upside into the recent rise but there is no doubt that shareholders are starting to wake up to potential upside coming. As always, the cautionary thought is that time will tell and the current geopolitical tensions will cease (one would hope) and what that means for the broader market is uncertain. The Tump factor is very influencial and will that carry on beyound his term in the office. That will be the million dollar question. AS always, DYOR and oprtimism must be factual and not from the dreamland. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

In this Coffee with Samso episode, I went back to Adelaide to sit down with the people who were there when Prominent Hill  was found — the discovery that became one of South Australia’s defining IOCG (Iron Oxide Copper-Gold)  stories. This is not a corporate recap. It is a first-hand account of what actually happened in the lead-up to discovery, how the target was chosen, what the drillers and geologists saw in the core shed, and why a single drilling decision could have changed everything. The team shared the backstory from the early tenement holders right through to the Uranus prospect  becoming the Prominent Hill IOCG deposit— and the reality is simple: discovery is often a chain of decisions, relationships, and technical judgement made under uncertainty. Coffee with Samso | Episode 215 | Adelaide Markets | Adelaide | South Australia The Discovery that Proved Mineral Exploration for Deposits Under Cover. Guest:  Derek Carter  – Managing Director (later Chair) of Minotaur during the discovery period Tony Belperio (Exploration Lead)  – Exploration Manager Barry Van Der Stelt (Contract Geologist)  – first recognition of copper Peter Reid (Senior Geologist) – senior geologist involved in the Prominent Hill work 1) Prominent Hill Was Not a “New” Area — It Was a Patiently Reworked Story A key point in the conversation was that the Mount Woods ground had history well before Minotaur. The tenements were originally held by Metals X , who worked the region from the late 1980s onward, focusing on magnetic features and drilling at least one early target. Later, Burmine Limited  entered the picture, and then Normandy/Poseidon  ran a helicopter-based gravity survey across the area. Burmine Limited (ASX code: BUR1) was an Australian-listed gold and minerals exploration and mining company active in the late 1980s and early-to-mid 1990s. It was primarily focused on Western Australian gold projects, notably operating the Copperhead mine near Bullfinch. This matters because it shows the reality of exploration cycles: ground can be worked, tested, and even partly understood — but still not properly unlocked until the right targeting logic arrives. 2) The Technical Pivot: Magnetics Were Useful, But Gravity Was the Key The story turned when the targeting mindset shifted. Earlier programs were chasing magnetic features — and while they were hitting copper-bearing magnetite breccias, there was a ceiling to the grades being intersected. The breakthrough came when the team could simultaneously interpret magnetics and gravity , and start looking at where these anomalies were offset from each other. The concept was simple but powerful: Magnetic anomaly  = something magnetic Gravity anomaly  = something dense Offset between the two  can be the clue to a different part of the IOCG alteration system This is where the conversation became very “real exploration”: data doesn’t tell you it’s mineralised. It tells you where you should be brave enough to test. 3) 3D Modelling Was a “Game Changer” — And It Was New Back Then One of the most important takeaways was how early this team was in adopting 3D inversion modelling . Today we treat 3D models as routine. Back then, it was cutting-edge. The team explained how the modelling allowed them to rank targets properly, separate those already drilled from those not tested, and better understand the geometry of gravity and magnetic responses. In Samso terms: this was one of those moments where technology didn’t replace geology — it amplified it. 4) “Uranus 1” — The Discovery Hole That Almost Looked Like Nothing The drill hole that changed everything was Uranus 1 . Barry Van Der Stelt described the core and is the kind of detail that explorers remember for life: The core was so hematite-rich it was hard to even see textures. The team was washing core just to interpret it. The operation was low-budget — even the core cutting was done on a basic brick saw setup. Then came the moment: blue specks  appearing after the core had sat for a couple of days. That blue tarnish was the first real visual signal of copper — and it triggered the call that brought the team running. This was also a reminder that Prominent Hill echoed the Olympic Dam story: sometimes the copper is not obvious until it’s tested, altered, or routinely assayed. 5) The Numbers Were Bigger Than Anyone Expected The team admitted they initially thought they might have something like “30 metres of ~1% copper.” Then assays came back with results that were materially stronger, including: a high-grade copper interval around 4% copper over ~30m , and broader zones around ~1% copper  that they simply could not visually recognise in hematite breccia. Later, deeper drilling confirmed additional IOCG-style signatures, including: copper-gold mineralisation and uranium increasing at depth , reinforcing the Olympic Dam-style system interpretation. 6) The Sliding Doors Moment: Drilling the Flank, Not the Core This is one of the most valuable exploration lessons in the episode. After the discovery hole, infill gravity shifted the interpreted peak of the anomaly by several hundred metres. The team realised they had not drilled the very centre. The irony is that drilling into the “peak gravity” later hit barren, intensely altered hematite-silica core , which is now recognised as central IOCG alteration. The team openly discussed the risk: in 2001, if they had drilled the core first and hit barren alteration, they might have walked away. That is a brutal truth about exploration: a discovery can be decided by where you hit a system first . 7) The Business Reality: Minotaur Had Only 19% — But It Was Enough to Reap the benefits of the Prominent Hill IOCG Discovery. One of the most interesting parts of the conversation was the structure. Minotaur’s maximum share of the project was 19% , while the major partner (BHP/Billiton through the merger timeline) held the majority position. Minotaur’s “cost” for that 19% wasn’t cash — it was local geological knowledge and management . The team framed it with a simple idea that still applies today: Better to own a piece of something real than 100% of something you can’t fund. This is a proper junior-to-major alliance lesson, and it explains how big discoveries are sometimes possible in down cycles. 8) Capital Cycles Still Matter The group reminded us that this happened during a period when market attention was elsewhere — the dotcom era, when exploration was not “in fashion.” And yet, the discovery still drove a dramatic market response: strong share price movement, heavily oversubscribed shareholder participation, major legal/accounting work managing scale and compliance. The point wasn’t hype. It was showing how quickly markets can change when geology delivers. What This Episode Really Shows This Coffee with Samso episode is a reminder that discovery requires: Local knowledge  (not just imported models) Funding and deal-making  (alliances matter) Technical courage  (you still have to drill the target) Open-minded thinking  (don’t get trapped by one model) A tolerance for failure  (because near-misses are common) Prominent Hill wasn’t found because everything was obvious. It was found because the team kept moving forward, making decisions with imperfect data, and backing their judgement. Samso Concluding Comments For me, episodes like this are part of documenting the real value chain of discovery. A lot of people talk about the “next Olympic Dam” like it’s a marketing phrase. This conversation shows what that actually looks like in practice: long lead times, multiple parties, tight budgets, imperfect data, and a team that had the discipline to keep testing. If you want to understand how IOCG discoveries really happen — this is one to watch. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Chapters 00:00 Start 00:10 Introduction 02:00 Introducing the Team 02:23 Derek Carter introduces the team 02:52 The Beginning 07:42 What was the capital being raised at that time? 08:25 The beginning of the Mt. Woods JV 10:13 Why did Billiton come to minotaur for the JV? 11:09 How was the funding being sourced for the journey? 12:56 The 3D Inversion Concept from Billiton. 14:30 How Uranus was chosen. 14:47 The offset of Gravity and Magnetics Triggered the Discovery Hole. 16:04 The Barren Core 16:45 The Flanks of these anomalies where the goodies are. 17:05 What level of confidence did the team have before the drilling? 18:44 The description of the copper mineralisation at Prominent Hill Discovery hole. 20:41 The sequence of discovery - Timing. 22:36 Realising the Discovery 25:12 A Sliding Door Moment. 26:26 Geochemistry Supporting the Discovery 27:47 The Share Purchase Plan - Share Price Movement 30:13 What percentage did Minotaur have in the JV? 31:38 The Reason why BHP left the JV. 31:59 The BHP Divestment. 34:06 The Oxana Acquisition 34:51 Was the BHP Alliance the Critical Part of the Journey. 35:58 Would the Technology today had helped the Discovery? 36:48 Advice To Aspiring People wanting to make Discoveries - Derek and Tony 38:30 Is the Geological Knowledge Less Important than Marketing Now? 39:50 Advice To Aspiring People wanting to make Discoveries - Barry and Peter 41:59 Should New Ideas be pushed even If the odds are stacked against it. 43:48 Discoveries are made over a long term strategy. 45:11 Is Capital still hard to get ? 45:48 What was the model for Minotaur prior to Discovery? 47:16 The Minotaur JV model 49:42 Toro Energy IPO 51:14 Is there another Olympic Dam ? 51:43 Thanking the Team 52:12 Last Words 53:12 Conclusion The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try to write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals Limited (ASX: OD6) has announced the staking of additional exploration claims surrounding the Quinn Fluorspar Project in Nevada, USA, expanding its position within a historically productive fluorite district. In my opinion, this adds genuine substance to the project, as it appears that the OD6 Metals management is working to establish it as the flagship project in the US and likely as the company's primary project as well. This is a great way to move the OD6 Metals journey while the long lead time projects such as Spinter Rock and Gulf Creek takes its time to mature. The US looks like it is playing their geopolitical game to bring focus back to the US and most importantly, the companies are now getting funding and administrative support from the US government as well (something that the Australian Government should learn). The newly secured ground captures interpreted strike extensions of several historical high-grade deposits including Mammoth, Spar, Big Jim, Rocket, Jumbo and Horseshoe, along with key structural corridors and extensive epithermal alteration zones considered prospective for fluorite mineralisation. The expanded landholding also includes the Dresser epithermal alteration target, a large and largely untested zone hosted within favourable carbonate rocks that are known to host fluorite mineralisation elsewhere in the district. Subject to the company exercising its option to acquire the Quinn Fluorspar Project, OD6 plans to undertake geological mapping, surface sampling, geochemical surveys and drill target generation as part of its due diligence program across the broader district-scale fluorite system. About OD6 Metals Limited For readers following the critical minerals sector, OD6 Metals Limited  is a company developing a portfolio that spans rare earths, copper and fluorspar exploration assets. The company’s flagship asset is the Splinter Rock Rare Earth Project in Western Australia , where a Mineral Resource Estimate confirmed a large clay-hosted rare earth deposit containing 119Mt @ 1,632ppm TREO (Indicated) and 563Mt @ 1,275ppm TREO (Inferred) . Beyond rare earths, OD6 has expanded into the fluorspar sector in the United States , where the company holds an option to acquire the Quinn Fluorspar Project in Nevada . Fluorspar (fluorite) is classified as a critical mineral in the United States , used in applications including semiconductors, batteries, hydrofluoric acid production and nuclear technologies. This Samso News highlights a recent announcement where OD6 has expanded its claim position around the Quinn Fluorspar Project , securing ground interpreted to host extensions of several historic high-grade deposits. OD6 Metals Secures Additional Ground Around Historic High-Grade Quinn Fluorspar Deposits in Nevada OD6 Metals has announced the staking of additional exploration claims surrounding the Quinn Fluorspar Project in Nevada, USA , where the company currently holds an exclusive option to acquire a 100% legal and beneficial interest . The newly staked claims expand the company’s footprint across the broader Quinn fluorite district , securing interpreted strike extensions of several historic deposits including Mammoth, Spar, Big Jim, Rocket, Jumbo and Horseshoe . The claim expansion also captures structural corridors and carbonate host rocks known to host fluorite mineralisation , as well as a large untested alteration zone known as the Dresser target . Figure 1: Quinn Fluorspar Project Claim Expansion Map (source: OD6 Metals Limited) Highlights - OD6 Metals and the Quinn Fluorspar Project Key points from the ASX announcement include: OD6 Metals has staked multiple new exploration claims  adjacent to the Quinn Fluorspar Project in Nevada. The additional claims secure interpreted strike extensions of historical high-grade fluorspar deposits  including Mammoth, Spar, Big Jim, Rocket, Jumbo and Horseshoe. The expanded landholding captures extensive epithermal alteration zones  considered prospective for fluorite mineralisation. Several structural corridors and favourable carbonate host rocks  have been secured within the new claims. The newly staked ground includes the Dresser epithermal alteration target , interpreted as a potential centre of hydrothermal activity. The project sits within Nevada, one of the world’s leading mining jurisdictions . Management Commentary OD6 Metals Managing Director Brett Hazelden  commented that the new claim staking significantly strengthens OD6’s position within what the company believes to be an expansive district-scale fluorite system in Nevada . According to the company, the expanded claims secure key structural corridors and epithermal alteration zones  which may host additional fluorite mineralisation. The claims also capture the Dresser alteration target , a large untested area located within favourable carbonate host rocks similar to those that host the existing fluorite deposits in the district. Hazelden also noted that the United States currently imports 100% of its fluorspar supply , highlighting the strategic importance of developing domestic sources of the mineral. Consolidating a District-Scale Fluorspar System The Quinn project sits within a well-developed fluorite district hosted in carbonate rock sequences , where hydrothermal fluids associated with intrusive activity have produced fluorite-bearing veins, breccia pipes and replacement bodies. Historical geological mapping indicates that the system extends beyond the currently known deposits, with epithermal alteration and structural corridors continuing across a broader area . The new claims were staked to secure: Strike extensions of known deposits Large epithermal alteration zones Favourable carbonate host rocks Structural corridors associated with fluorite mineralisation Figure 2: Quinn Fluorspar Project Location Map (OD6 Metals Limited) New Discovery Target Area – The Dresser Zone A key focus of the claim expansion is the Dresser epithermal alteration target , located south of the main Quinn deposits. This target hosts a large footprint of hydrothermal alteration within Pogonip limestone and Simonson dolomite units , which are geological formations known to host fluorite mineralisation elsewhere in the district. Satellite hyperspectral data analysis has identified alteration signatures across the area, suggesting that the Dresser zone may represent another centre of hydrothermal activity within the broader fluorite system . Near-term Milestones to Watch OD6 Metals has outlined several activities as part of its due diligence and exploration program at the Quinn Fluorspar Project: Surface rock chip and channel sampling Verification of historic assay grades Detailed geological mapping and structural interpretation Soil geochemistry surveys Geophysical studies and interpretation Drill target generation across the district Permitting for an initial drilling program Metallurgical sampling and test work These steps are designed to confirm historical mineralisation and define targets for future drilling programs. Previous Samso News Coverage – An Investor Lens Samso has followed the progress of OD6 Metals Limited (ASX: OD6)  across its rare earth, copper and now fluorspar exploration strategy. The following articles provide additional context on the company’s evolving project portfolio and technical developments. 6 March 2026 OD6 Metals Limited – Quinn Fluorspar Project Acquisition in Nevada, USA – Shifting Focus? https://www.samso.com.au/post/samso-news-od6-metals-limited-quinn-fluorspar-project-acquisition-in-nevada-usa-shifting-focus   5 February 2026 Samso News: OD6 Metals Limited — DHEM Survey Identifies Off-Hole Conductors at Gulf Creek – A Definite #SamsoDYOR for Monitoring Subsurface Copper Growth https://www.samso.com.au/post/samso-news-od6-metals-limited-dhem-survey-identifies-off-hole-conductors-at-gulf-creek-a-defini   20 December 2025 OD6 Metals Ltd (ASX: OD6) – Australia’s Standout Rare Earths & Copper Company — Scale, Metallurgy, and Strategic Leverage https://www.samso.com.au/post/od6-metals-ltd-asx-od6-australia-s-standout-rare-earths-copper-company-scale-metallurgy-a   9 November 2025 Coffee with Samso: OD6 Metals Limited — An Aspiring Australian Clay REE Story – Better Position Second Time Around https://www.samso.com.au/post/coffee-with-samso-od6-metals-limited-an-aspiring-australian-clay-ree-story-better-position-seco   22 October 2025 OD6 Kicks Off Phase 2 Drilling at Gulf Creek Copper Project (NSW) https://www.samso.com.au/post/od6-kicks-off-phase-2-drilling-at-gulf-creek-copper-nsw   8 October 2025 OD6 Metals (ASX: OD6) Selects Innovative Flowsheet for Rare Earth Processing at Splinter Rock – Is an Australian Rare Earth Story Happening? https://www.samso.com.au/post/od6-metals-asx-od6-selects-innovative-flowsheet-rare-earth   25 August 2025 OD6 Produces High-Quality Mixed Rare Earth Carbonate and Hydroxide at Splinter Rock – The Making of an Australian Rare Earths Production Story https://www.samso.com.au/post/od6-produces-high-quality-mixed-rare-earth-carbonate-and-hydroxide-at-splinter-rock   27 November 2024 OD6 Metals Limited – Rare Earths or Copper? https://www.samso.com.au/post/od6-metals-limited-rare-earths-or-copper Samso Concluding Comments Does this look like OD6 Metals is making this a new flagship project? The establishment of new projects is not a bad idea to hedge your risk if your bank balance has the qualities to allow such options. My thoughts are that the commodity space is just positioning itself within a gold boom. If one takes a broader view of what is happening, I think the gold boom is a financial play, kind of the establishment of the new geopolitical financial scene t a new commodity equilibrium is being established which will require the new capital funding structure being created now. I like what is happening with OD6 Metals as the latest acquisition may just be what the company needs to re-establish itself with a new image. The expansion of exploration claims around the Quinn Fluorspar Project increases OD6 Metals’ land position within a historically productive fluorite district in Nevada. The new claims secure extensions of known deposits and areas of epithermal alteration that may host additional fluorite mineralisation. The claim staking also includes the Dresser alteration zone, which has been identified through satellite hyperspectral data as a large area of hydrothermal alteration hosted within carbonate rocks. These rock units are similar to those hosting existing fluorite deposits in the district. The Quinn project sits within Nevada, a jurisdiction with a long history of mining and well-developed infrastructure. Historical production from the district and United States Geological Survey work have previously confirmed high-grade fluorspar mineralisation within the region. Time and additional capital will be the key hurdles i will be looking for in 2026 as the company outlines a staged exploration program that includes geological mapping, geochemical sampling and verification of historic grades, followed by the generation of drill targets across the district. These activities form part of the company’s due diligence process as it evaluates the potential acquisition of the Quinn Fluorspar Project. Market Implication - The Investor Lens The market is liking the recent news as the share price chart is clearing showing (Figure 3) in morning trading as we write this blog on the 16th March 2026. As I have mentioned, I think it is a good idea to establish a "near production" play to the mix of projects. Figure 3: Share price chart for OD6 Metals Limited as of 16th March 2026. (source: commsec) This is not to say that there is production tones coming out from management but I like long terms proposition. Projects that of any substance is always long term. So lets wait for the Coffee with Samso with OD6 Metals at the end of March 2026. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Tusker Minerals Ltd (ASX: TSK) has discovered high-grade titanium mineralisation hosted predominantly as rutile within the company’s Mzimba Project in northern Malawi, Africa. Over the last 12 months, I have learnt a lot about the titanium scene in which rutile is the King of the Castle. The focus is on rutile and not all HM deposits are found in the same way. Residual ruitle is the key and the establishment of titanium sources being sourced from rutile and not ilmenite is a step in the right direction. Natural rutile is considered a premium titanium mineral because of its high TiO₂ (titanium dioxide ) content and relatively simple processing pathway compared to ilmenite. About Tusker Minerals Limited Tusker Minerals' exploration portfolio includes projects in Malawi and Cameroon , where geological environments resemble the Kasiya-style rutile systems  currently attracting global attention. The company’s exploration approach relies on reconnaissance soil sampling, mineralogical analysis, and systematic follow-up drilling  to identify zones of residual rutile enrichment. The company's ASX announcement released on 12 March 2026  outlines early-stage reconnaissance sampling covering only a small portion of the company’s licence area. Elevated titanium dioxide values. Tusker Minerals' discovery comes from the company’s initial reconnaissance soil and rock-chip sampling program , which utilised XRF geochemical analysis and XRD mineralogical testing  to evaluate titanium mineralisation across the project area (Figure 1). Early results show significant near-surface titanium enrichment , with a large proportion of soil samples returning elevated titanium dioxide (TiO₂) values. Figure 1: Location map of the Mzimba Project licences in northern Malawi. (source: Tusker Resources Limited) Importantly, the mineralogical analysis indicates that the titanium occurs predominantly as rutile , which is generally considered the most valuable natural titanium mineral due to its high TiO₂ grade and direct suitability for titanium pigment and metal markets . The sampling program covered approximately 50 km² , representing only around 7% of Tusker’s 710 km² licence package  in the Mzimba region. The results provide an early validation of the project’s geological potential. Tusker Minerals Highlights: High-Grade Rutile Titanium in Malawi The key outcomes from the reconnaissance sampling program where Tusker Minerals discovered high-grade rutile titanium in Malawi include: 1. Strong Titanium Results from Surface Sampling Soil and rock-chip sampling has identified elevated titanium oxide values  across the Mzimba licences (Figure 2). Key assay results include: • Peak assay of 1.88% TiO₂ • 47% of soil samples returned greater than 1% TiO₂ • Titanium mineralisation identified across multiple sampling locations These results demonstrate the presence of widespread near-surface titanium enrichment  across the sampled areas. Figure 2: Map showing soil and rock-chip sample locations and TiO₂ assay distribution. (source: Tusker Minerals Limited) 2. Mineralogical Confirmation of Rutile Tusker Minerals' Mineralogical testing using XRD analysis  confirms that titanium mineralisation (Table 1) at Mzimba occurs primarily as: • Rutile (dominant titanium mineral) • Minor anatase • No ilmenite detected This mineralogical composition is important because rutile is typically considered the highest-value titanium feedstock  due to its higher TiO₂ concentration. Table 1: XRD analysis of select soil samples from the Mzimba project , highlighting that the titanium is in Rutile. (source: Tusker Minerals Limited) 3. Large Exploration Licence Package with Limited Initial Testing The reconnaissance sampling program covered: • Approximately 50 km² of ground; and • Only about 7% of the total 710 km² licence area. This means that a large portion of the project area remains untested , leaving scope for further exploration. 4. Geological Environment Comparable to Major Rutile Deposits The geological setting at Mzimba is described as being comparable to other Malawian rutile systems , including the Kasiya deposit , which is currently recognised as one of the largest rutile discoveries globally. The comparison is based on (Figure 3): • Weathered saprolite profiles • Residual titanium enrichment • Geological source rocks capable of producing rutile through weathering These characteristics suggest the potential for residual rutile mineralisation formed through deep tropical weathering processes . Figure 3: Geological interpretation of the rutile-bearing weathering profile. (source: Tusker Minerals Limited) Management Commentary Chief Executive Officer Cliff Fitzhenry  commented on the results from the reconnaissance sampling program. He noted that the early sampling program has returned strong TiO₂ values across a relatively small portion of the licence area , with nearly half of the soil samples exceeding 1% TiO₂ and peak values reaching 1.88% TiO₂. The mineralogical analysis confirming the presence of rutile is considered important because rutile represents the most valuable natural form of titanium dioxide mineralisation . The company indicated that these results represent an early validation of the geological potential of the Mzimba Project , and that further systematic exploration programs are planned across the broader licence package. Near-term Milestones to Watch Following the reconnaissance results, Tusker Minerals has outlined several exploration activities that may advance the project: • Expansion of soil sampling programs  across the remaining licence areas • Follow-up geochemical surveys  targeting zones of elevated TiO₂ values • Further mineralogical testing  to confirm rutile distribution • Systematic exploration programs  designed to evaluate the broader 710 km² licence package These programs are intended to determine whether the initial titanium enrichment identified during reconnaissance sampling extends across larger areas of the project. Samso Concluding Comments The reconnaissance sampling results reported by Tusker Minerals highlight the presence of widespread titanium enrichment across the Mzimba Project area . Nearly half of the soil samples returning greater than 1% TiO₂ indicates that elevated titanium concentrations occur across multiple sampling locations. The mineralogical confirmation that the titanium occurs predominantly as rutile rather than ilmenite  provides an important technical observation. Rutile typically contains a higher titanium dioxide content and is often considered a premium titanium feedstock in the global market. Another aspect of the announcement is that the sampling program covered only a small portion of the overall licence area . The reconnaissance work was conducted across approximately 50 km² within a total licence package of around 710 km² , leaving a large portion of the ground untested at this stage. The geological comparison with other Malawian rutile systems suggests that the mineralisation may be associated with residual weathering processes similar to other rutile deposits in the region . Additional exploration programs will be required to determine the continuity and scale of the titanium mineralisation identified in this early sampling work. Market Implication As I have mentioned previously in one fo the other Samso News coverage, the market is now pretty much gold concentric. Anything else is not happening. With a market capitalisation of just under AUD $9M makes Tusker Minerals in the game for uplift with any good results. Looking at the share price journey of Tusker Resources Limited, the high of over AUD $0.35 is the potential, even thought the share price is at AUD $0.07 as we publish. Figure 4: Share price chart for Tusker Minerals Limited as of 13th March 2026. (source: commsec) This is the name of the game and investors who have been in this sector for a while will attest to this form of thinking. The titanium narrative is quiet now but that does not make the business unattractive. It is all about timing. Management looks good with Dan Smith as he has been in the deep end of the corporate world for a long time. He knows how to manoeuvre the ship and I am sure good news form the project will deliver capital gains for shareholders. Cliff Fitzhenry as the CEO is based in South Africa and having a local is important to make things happen economically. At the moment, Tusker Minerals is looking at a project that has the potential for high-grade rutile, so DYOR and position for the market to return. Previous Samso News Coverage – An Investor Lens Samso has previously covered developments related to Tusker Minerals (previously DY6 Metals) and its rutile exploration strategy. Previous Samso News articles include: 19 December 2025 Rutile–Graphite System Strengthens at the Central Rutile Project, Cameroon https://www.samso.com.au/post/rutile-graphite-system-strengthens-at-the-central-rutile-project-cameroon This Samso News article summarised auger drilling results from the Central Rutile Project in Cameroon. The drilling program identified multiple rutile-bearing intervals from surface  and confirmed the presence of flake graphite within saprolite horizons , indicating the potential for a dual commodity system within a large exploration licence area . 2 October 2025 DY6 Advances Malawian Critical Metals Portfolio – Tundulu & Machinga Projects https://www.samso.com.au/post/dy6-advances-malawian-tundulu-machinga-gallium-phosphate-ree-hree-niobium This Samso News article examined operational updates across DY6’s Malawian assets, including the Tundulu and Machinga projects , where exploration programs were targeting gallium, rare earth elements, niobium and phosphate mineralisation  through systematic sampling campaigns. 19 September 2025 DY6 Expands Central Rutile Project – Secures Yaoundé West Historical Mining Site https://www.samso.com.au/post/dy6-expands-central-rutile-project-secures-yaound%C3%A9-west-historical-mining-site This Samso News article covered DY6’s acquisition of the Yaoundé West Project in Cameroon , an area historically mined for rutile between 1935 and 1955 . The acquisition expanded DY6’s landholding in the emerging Central African rutile province and added a historically recognised rutile-producing district to the company’s exploration portfolio. 8 September 2025 DY6 Metals Ltd – High-Grade Saprolite Rutile Confirmed at Central Rutile Project https://www.samso.com.au/post/dy6-metals-ltd-asx-dy6-high-grade-saprolite-rutile-confirmed-at-central-rutile-project This Samso News article reported reconnaissance exploration confirming saprolite-hosted rutile mineralisation across a strike length of approximately 41 km  within the Central Rutile Project in Cameroon. Early exploration identified rutile grades up to 2.1% from surface , supporting the geological model of residual rutile systems similar to other African deposits . 10 July 2025 DY6 Metals – Multi-Front Progress in Gallium, Rutile and Heavy Mineral Sands Exploration Across Malawi and Cameroon https://www.samso.com.au/post/an-emerging-critical-metals-narrative-gallium-from-tundulu-rutile-heavy-mineral-sands This Samso News article reviewed DY6’s exploration strategy across its African portfolio, highlighting the company’s work on gallium mineralisation at the Tundulu Project in Malawi  and its rutile exploration programs in Cameroon . The article outlined the early-stage exploration approach being used to evaluate multiple critical mineral opportunities. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso Insights: IOCG Prominent Hill Carrapateena - Redefining Exploration Models| Samso Introduction – Why These Two Discoveries Still Matter - Is the Cover Hiding Other Different Types of IOCGs? When we talk about modern mineral discoveries in Australia, two names inevitably surface in the same breath: Prominent Hill  and Carrapateena . Both sit in South Australia’s Gawler Craton , both are world-class Iron Oxide Copper-Gold (IOCG)  systems, and both ended up becoming cornerstone assets for OZ Minerals, now part of BHP. But lumping them together as “IOCG discoveries” misses the deeper story. Prominent Hill and Carrapateena were not just discoveries of ore bodies — they were discoveries of ideas . Each one forced the industry to confront uncomfortable assumptions about where mineral systems can exist, how they express themselves, and how much conviction is required to find them when there is nothing obvious at surface. In this Samso Insights piece, I want to step back from grades and tonnages and focus on something far more important: the discovery models themselves  — why Prominent Hill was found the way it was, why Carrapateena required an entirely different mindset, and what these two discoveries continue to teach explorers and investors today. Let's Discuss The IOCG Factor IOCG deposits (Figure 1) are found globally and my current thought is what if they are all occurring in the same mineral system but are really defined by the amount or reactivation of geology and timing. Investors in the ASX who are chasing these stories or are told to chase these stories forget that it is very difficult in terms of the capital required and the time required to establish their value. The discovery hole is always sexy, but the establishment of a deposit like Prominent Hill or Carrapateena takes more drilling, and in recent times, the excitement has fizzled out to despair for investors. Those who rode the Minotaur Resources journey in 2001 did fare better, but this search for the next IOCG in South Australia has not been that great. There is no doubt that when the value is established by discovering something like a Tier-1 deposit, there is no mistake in realising that the value to shareholders is immediate and abundant. Figure1: Geographical distribution of IOCG provinces with selected deposits worldwide. (source: Zhu, Zhimin. (2016). Gold in iron oxide copper–gold deposits. Ore Geology Reviews. 72. 37-42. 10.1016/j.oregeorev.2015.07.001.) Setting the Scene – The Gawler Craton Before Prominent Hill - Carrapateena - The IOCG Race It is popular thinking that before Prominent Hill was drilled in 2001, the prevailing narrative around the Gawler Craton was simple: Olympic Dam was unique . Discovered in 1975, Olympic Dam was so large, so metal-rich, and so geologically complex that it was viewed more as an anomaly than a template. For years, the industry struggled to decide whether Olympic Dam represented a repeatable mineral system or a once-in-a-generation geological accident. For me, I think the Olympic Dam story is a geological event that may still not be repeated. Evaluating the genesis of a geological phenomenon like Olympic Dam will most likely draw out more questions than answers. Macmahon working underground at Olympic Dam Operations. (source: Macmahon) I tell people that if you made a discovery like Olympic Dam, why bother about how it formed? Your attention to developing and maintaining the production to its full potential will take up multiple generations as it is. Figure 2 below shows why the Gawler IOCGs are always being talked about in terms of grade and size. Olympic Dam is easily ahead of its competitors compared to other global IOCG deposits, and when you take the three biggest singular deposits together, Grasberg, Bingham, and Olympic Dam, these three are in their own league. Figure 2: A diagrammatic representation of the Gawler IOCG comparison to other known global IOCG deposits regarding copper endowment in 2006. Grade-tonnage data showing copper grades for selected IOCG deposits and other deposits (magnetite-apatite and skarn), after Williams et al. (2005: fig.3). Note the extreme range (three orders of magnitude) of copper grades when deposits are combined in this way and even one order of magnitude variation for the Cu-bearing IOCG deposits. Note also the generally higher copper (and gold, not shown) grades than those of most porphyries, at the same size. (source: Groves, David Ian et al. “Iron Oxide Copper-Gold (IOCG) Deposits through Earth History: Implications for Origin, Lithospheric Setting, and Distinction from Other Epigenetic Iron Oxide Deposits.” Economic Geology 105 (2010): 641-654. | Williams, P.J., Barton, M.D., Johnson, D.A., Fontboté, L., de Haller, A., Mark, G., Oliver, N.H.S., and Marschik, R., 2005, Iron oxide copper-gold deposits: Geology, Space-time distribution, and possible modes of origin: ECONOMIC GEOLOGY 100TH ANNIVERSARY VOLUME, p. 371–405. ) In South Australia, the compounding issue is that the whole IOCG scene is under cover . Much of the Gawler Craton is buried beneath younger sedimentary basins. There were few outcrops, limited geochemical clues, and plenty of reasons to believe that meaningful exploration success would be slow, expensive, and uncertain. This is the environment in which Prominent Hill  was conceived. Prominent Hill – A Discovery of Conceptual Courage The declared Ore Reserves and Mineral Resources at Prominent Hill in mid 2008, prior to the commencement of production in 2009, were: Copper resource - Measured + Indicated + Inferred Resources:   174.20 Mt @ 1.39% Cu, 0.56 g/t Au, 3.4 g/t Ag (0.5% Cu cut-off). Gold resource - Measured + Indicated + Inferred Resources:   109.2 Mt @ 0.09% Cu, 1.21 g/t Au, 1.0 g/t Ag (0.5 g/t Au cut-off & <0.5% Cu). TOTAL Resource:   283.4 Mt @ 0.89% Cu, 0.81 g/t Au, 2.48 g/t Ag. Western Copper resource (additional)  -  Inferred Resources:  14.5 Mt @ 1.69% Cu, 0.28 g/t Au, 3.7 g/t Ag (0.5% Cu cut-off). (source: PorterGeo - Prominent Hill ) Challenging the “Olympic Dam Is Unique” Assumption Prominent Hill was discovered by Minotaur Resources  in 2001, at a time when the dominant exploration risk was not depth or drilling cost, but model risk . Prominent Hill Mine Site. (source: BHP) Minotaur’s central idea was deceptively simple: If the Gawler Craton could host Olympic Dam, it should be capable of hosting other IOCG systems. That idea may sound obvious today, but at the time, it ran directly against industry thinking. The risk was not whether a target could be drilled, but whether the underlying geological thesis was even valid. The unthinkable and the lack of history are two of the biggest quandaries that mineral explorers have faced in the past and definitely in the present. The Prominent Hill Discovery Model Prominent Hill’s discovery relied on a combination of: Airborne magnetics , identifying iron-rich alteration consistent with IOCG systems Gravity surveys , confirming a dense subsurface body Moderate depth drilling , testing basement targets without extreme cost Importantly, Prominent Hill was not screaming from surface . There was no obvious copper staining or gold anomalism. The signal was subtle, and the interpretation required confidence in geophysics and mineral systems thinking. When drilling finally intersected hematite-rich breccias with copper-gold mineralisation , the implications were immediate. Olympic Dam was no longer an outlier. The IOCG model had legs. Why Prominent Hill Changed Everything Prominent Hill proved three critical points: IOCG systems are repeatable Cover does not eliminate discovery potential Conceptual thinking matters more than surface noise For the Australian exploration industry, this was a turning point. Prominent Hill didn’t just add a mine to the map — it opened an entire province. Prominent Hill planned open-cut mine - production 2009. (source GSA - IOCG Workshop - Adelaide, 24th February 2006 - Roger Skirrow) Carrapateena – Taking the Model to Its Logical Extreme JORC compliant Mineral resources as at 30 June 2020 (OZ Minerals 2020 Mineral Resources and Ore Reserves Statement ) were as follows: Measured Resource - 130 Mt @ 0.96% Cu, 0.42 g/t Au, 3.6 g/t Ag; Indicated Resource - 500 Mt @ 0.62% Cu, 0.26 g/t Au, 2.9 g/t Ag; Inferred Resource - 330 Mt @ 0.32% Cu, 0.16 g/t Au, 2.0 g/t Ag; TOTAL Resource - 950 Mt @ 0.57% Cu, 0.25 g/t Au, 2.7 g/t Ag. (source: PorterGeo - Carrapateena ) From Concept to Conviction If Prominent Hill answered the question “Can IOCGs exist beyond Olympic Dam?” , then Carrapateena asked something far more confronting: “How deep are we prepared to go to find them?” Discovered by Oxiana in 2005 , Carrapateena was a deliberate escalation of the Prominent Hill model. This was not conceptual bravery — this was conviction exploration . By the time Carrapateena was drilled, the industry broadly accepted that IOCGs existed across the Gawler Craton. The challenge was no longer belief; it was commitment . The Carrapateena Discovery Model Carrapateena sits beneath more than 400 metres of sedimentary cover , making it one of the most deeply buried major copper-gold discoveries in Australia. Key elements of the Carrapateena model included: Gravity as the primary targeting tool , rather than magnetics Acceptance that magnetics might be subdued or ambiguous Deep, expensive drilling , with long lead times and limited early feedback Early drilling did not deliver instant gratification. There were no spectacular first holes that screamed “discovery.” Instead, Carrapateena required patience, internal conviction, and a willingness to absorb cost without immediate validation. This is where many explorers fail. A schematic representation of the geological view of the Carapateena IOCH Deposit. (source PorterGeo - Carapateena ) Why Carrapateena Worked Carrapateena succeeded because Oxiana was prepared to: Trust gravity data in covered terrain Accept delayed technical validation Maintain focus on a single, high-quality target The discovery ultimately revealed a large, vertically extensive, magnetite-rich IOCG system , distinct in character from Prominent Hill but no less significant in scale. Carrapateena proved that world-class mineral systems could exist far deeper  than previously assumed — and still be economically viable. Prominent Hill vs Carrapateena – Two Very Different Risks Although both deposits sit within the same province and belong to the same mineral system family, the risks involved in their discovery were fundamentally different. Prominent Hill was dominated by model risk . Carrapateena was dominated by depth and capital risk . Prominent Hill could be tested relatively quickly and cheaply once the concept was accepted. Carrapateena required long-term funding, corporate patience, and technical resilience. This distinction is critical, particularly for investors watching today’s exploration juniors attempt to emulate these successes. Lessons for Modern Exploration - Looking for the Elusive IOCG Prize. Geological Lessons IOCG systems are not uniform  — hematite-dominant and magnetite-dominant systems express differently No single geophysical tool is sufficient on its own Gravity becomes increasingly important as the cover thickens Strategic Lessons Prominent Hill shows the power of conceptual clarity Carrapateena demonstrates the necessity of financial endurance Not all “Carrapateena-style” targets are appropriate for juniors The Investor Lens – Why Does the Discovery of IOCG Deposits like Prominent Hill and Carrapateena Still Matter From a Samso perspective, these discovery models are being tested against what I call corporate matters. It's a simple description, as I always see that the technical information is typically consistent, but they have to argue against limited cash and against the opportunity cost and the resulting corporate environment after an unsuccessful drilling campaign. Prominent Hill-style exploration often suits well-run juniors : moderate depths, manageable budgets, and quicker technical feedback. Carrapateena-style exploration is a different beast entirely. It demands: Strong balance sheets Long timelines Acceptance of low news flow and high uncertainty When juniors talk about “Carrapateena analogues,” investors should ask a simple question: Do they have Carrapateena-level patience and funding? Samso Concluding Comments Prominent Hill and Carrapateena remind us that discovery is not about luck — it is about thinking clearly, committing deeply, and staying the course when validation takes time . One could say that Prominent Hill gave the industry permission to believe again in the Gawler Craton. Carrapateena forced it to grow up and accept that the next generation of discoveries would be harder, deeper, and more expensive. It is now abundantly clear that the mineral industry, especially in the Gawler, discovering IOCG deposits like Prominent Hill and Carapateena, is all about having a lot of courage, capital, and luck to seek the deep discoveries. All the easy discoveries are now a memory. For the foundation of the mineral exploration foundation, the discovery of both IOCG deposits, Prominent Hill and Carrapateena, may have formed the blueprint for modern undercover exploration at that time, and a warning that shortcuts rarely work. To mineral explorers in 2026, it is accepted that in many of the well-explored regions in Australia, one must accept that undercover mineral exploration is the norm. Fortunately, Australian explorers have been used to the deep weathering profile for many decades. To give some form of comparison, the Degrussa Copper project, which was a great copper deposit that has yet to be repeated in recent times, had a resource of 10.67 Mt @ 5.6% Cu, 1.9 g/t Au, 15 g/t Ag. The copper metal was about 597,530 tonnes of contained metal. Prominent Hill had a discovery resource of 101MT at 1.5%Cu, 0.55g/t Au for approximately 1,515,000 tonnes of contained copper metal. As quoted by PorterGeo , the JORC compliant Mineral resources for Carrapateena as at 30 June 2020 (OZ Minerals 2020 Mineral Resources and Ore Reserves Statement ) were 950 Mt @ 0.57% Cu, 0.25 g/t Au, 2.7 g/t Ag. For comparison, the Ernest Henry IOCG style CU-Au deposit in Queensland had a total reserve and resource prior to the commencement of mining in 1998 of 166 Mt @ 1.1% Cu, 0.54 g/t Au . One could say that Prominent Hill, compared to Carapateen, may be considered small in terms of resources for an IOCG, but I will take the discovery of Prominent Hill as my discovery any time. No matter the size, the discoveries of both deposits ultimately showed that depth is hiding great wealth if you have the courage and the ability to chase it. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

I have been a keen follower of the Kaiser Reef Limited (ASX: KAU) story since it became literally an overnight gold producer. Kaiser made the transition to become a profitable Australian gold producer operating in Tasmania and Victoria when it acquired the Henty Gold Mine. The Company currently owns and operates the Henty Gold Mine  in Tasmania and the Maldon Gold Project  in Victoria, including the Union Hill Gold Mine and the Porcupine Flat Processing Plant . Gold Bars for All Australian Gold Producers Henty has a Mineral Resource of 438koz @ 3.3g/t Au and Ore Reserves of 199koz @ 3.3g/t Au . Maldon includes Union Hill with a Resource of 186koz @ 4.4g/t Au  and a historical production record of over 1.75Moz Au prior to 1926 . The two February announcements outline: A defined Inferred Resource for the Union Hill waste dumps (now classified as a stockpile). A forward strategic plan for Henty and Maldon focused on production growth, exploration, and balance sheet management. Kaiser Reef – Defined Low-Grade Gold Stockpile and District-Scale Strategic Plan The 11 February 2026 release confirmed the successful conversion of historical Union Hill waste dumps into a defined Inferred Mineral Resource stockpile. This work provides a quantified low-grade base to support ongoing processing at Porcupine Flat. The 16 February 2026 release outlines Kaiser Reef Limited’s strategic plan for both Henty and Maldon, targeting: Increased production run rate at Henty to 35kozpa Au from late FY27 Near-mine and regional exploration programs Advancement of Union Hill underground works Continued low-grade processing to underpin cash flow Balance sheet reduction initiatives Together, the announcements define both short-term operational continuity and medium-term growth initiatives. Highlights – Union Hill Stockpile Defined and Strategic Growth Path Outlined Union Hill Waste Dump Converted to Inferred Stockpile Resource (Figure 1 and Figure 2) The Union Hill waste dumps have been estimated at: 566kt @ 0.48g/t Au for 8,649oz Au (Classified as Inferred Mineral Resource under JORC 2012) 163 RC drill holes 2,212m of drilling 20m x 10m grid spacing Inverse Distance (ID1) block modelling Top cut of 5g/t Bulk density of 1.91 Processing in January included: 3,234t @ 1.61g/t Au 90.7% recovery 152.3oz Au produced Processing was exclusively Union Hill stockpile material during that period. Figure 1 Union Hill Stockpile (Green) with topography and Union Hill Pit. (source: KAU) Figure 2: Union Hill Waste Dump Drill Hole Locations and Waste Dump Outline (Yellow). (source: KAU) Nuggetty Waste Dump Investigation (Figure 3) At Nuggetty (1.5km north of Union Hill): Approximate area: 16,000m² 321 rock chip samples averaging 1.8g/t Au Permitting underway for reclamation and processing Figure 3 Nuggetty Waste Dum p Outline (Yellow). (source: KAU) Henty Gold Mine – Production and Exploration Plan (Figure 4) Strategic plan for Henty includes: Production run-rate target increased to 35kozpa Au from late FY27 Continued underground development to open additional stopes Second underground diamond drill targeting resource and reserve growth Near-mine exploration commencing H1 FY27 Regional exploration commencing H2 FY27 Processing capacity currently exceeds underground output, with focus on increasing aggregate development. Figure 4: Maldon Gold Project Strategic Plan. (source: KAU) Maldon Gold Project – District-Scale Strategy (Figure 5) Strategic workstreams at Maldon include: Continued low-grade base load processing Ongoing data consolidation Target generation and drilling at Nuggetty, South Nuggetty and Porcupine Flat Re-establishment of Union Hill underground services Drill positions at Union Hill expected Q1 FY27 Targeting ore development at Union Hill commencing H2 FY27 Figure 5: Maldon Gold Project Map. (source: KAU) Balance Sheet Management The 16 February release confirms: Final Auramet gold call option (1,000oz @ A$5,300) to be closed out in February Gold loan and deferred payments being progressively reduced All growth and resilience works to be self-funded from underlying cash flow Management Commentary Managing Director Brad Valiukas stated that: The Union Hill waste dumps have been converted into a defined stockpile resource. Processing at Porcupine Flat can continue while exploration and rehabilitation works progress. Maldon represents a district-scale gold opportunity with multiple historical workings. Henty has near-mine and regional exploration potential along a broader mineralised trend. Balance sheet liabilities continue to be reduced. Near-Term Milestones to Watch Ongoing processing of Union Hill stockpile Permitting for Nuggetty surface reclamation Recruitment of exploration team at Henty Commencement of near-mine exploration (H1 FY27) Union Hill underground drill positions available Q1 FY27 Ore development targeting H2 FY27 Updated production guidance for FY27 Samso Concluding Comments The February announcements outlines the obvious. The Kaiser Reef Limited story is one that I have liked since it morphed itself out of nothing in the beginning of the new company narrative with the acquisition of the Henty Gold Mine. It was like the rise of the Phoenix. The news on the Union Hill stockpile provides an additional quantified low-grade material source that supports continued utilisation of the Porcupine Flat plant. Figure 6: Union Hill Stockpiles – Plan View. (source: KAU) In the current gold price environment, this will be the icing on the cake for Kaiser Reef Limited that was not in existence when the gold price was significantly lower six months ago. Investors should be very keen to see how this develops as if the studies are positive, this will indeed add to the fortunes of Kaiser Reef Limited. Figure 7: Union Hill Stockpiles – Long Section – looking East. (source: KAU) At Henty (Figure 8), the focus is on increasing underground development to match existing processing capacity. The production run-rate target of 35kozpa from late FY27 is supported by development and exploration programs. Without elaborating on the obvious merits of being part of a money printing business to existing shareholders, I have always said that an operator like Brad will make this work and with the rising gold price, his job got significantly easier. Figure 8: Henty Project Map. (source: KAU) The Maldon strategic plan outlines concurrent workstreams including target generation, permitting, rehabilitation and potential ore development. The district-scale approach is supported by multiple historical mines and infrastructure already in place (Figure 9). Figure 9: Central Victorian Goldfields. (source: KAU) The balance sheet update indicates progressive reduction of legacy liabilities while funding exploration and development internally. The announcements collectively provide operational data, resource definition and forward activity timelines without revising existing resource and reserve assumptions. Market Implication - The Investor Lens There is not much to say about the market implication as we all know that any gold producer now is laughing all the way to the bank. All shareholders of a gold producer are doing the same, so Figure 10 is all you need to understand the fortunes of Kaiser Reef Limited. Figure 10: The share price chart for Kaiser Reef as of 24th February 2026. (source: commsec) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As the followers of Samso know, I am a big fan of Tungsten and the current price of tungsten is just ballistic. I cannot ignore any new news on the tungsten sector now as the current state of the market, assuming it is sustained, changes the economic scenario of projects dramatically. What companies like Viking Mines Limited (ASX: VKA) is now proposing can no longer be taken in the same light as it would have been when the tungsten pricing was in the USD $400s per mtu.   This is the reason investors must take notice when VKA is  advancing its USA Tungsten Project in Nevada, targeting domestic supply into a tightening U.S. procurement environment. This ASX release on the 24th February confirms completion of full historical data digitisation at the Linka Project and reports high-grade intercepts at the Conquest area. The announcement also outlines an accelerated pathway toward early production aligned with U.S. defence procurement changes. Completion of Historical Dataset Validates High-Grade Tungsten Conquest Potential at Linka Project, Nevada Viking Mines Ltd is focused on tungsten exploration and development in Nevada, USA. The Company has entered into a binding agreement to acquire a 100% interest in the Linka Project (Figure 1) and associated tungsten assets from BLK Group LLC, subject to staged payments totalling US$2.88 million over seven years, with a retained 2% NSR (with a 1% buy-down option for US$2M). The 24 February 2026 ASX announcement confirms that project-wide historical digitisation is now 100% complete, covering 70 drillholes for approximately 2,881 metres. The final tranche focuses on 32 holes (959m) at the Conquest area, which has delivered some of the highest-grade tungsten results recorded within the broader Linka Project. The Company states that drilling at Conquest averaged only 30m depth, with a maximum depth of 56m. This indicates limited historical testing and leaves open potential along strike and at depth. Figure 1: Map showing surface geology and drillhole locations at the Conquest Mine. Highlights significant intercepts and the priority untested target area. Highlights – High-Grade Tungsten With Shallow Intercepts Define Immediate Development Targets The Conquest area returned the following significant drill intercepts (downhole widths): 12.2m @ 1.3% WO₃ from 26.5m (CR-19), including 1.5m @ 4.8% WO₃ from 32.6m 22.9m @ 0.6% WO₃ from 19.8m (CR-02), including 6.1m @ 1.2% WO₃ from 36.6m 22.9m @ 0.5% WO₃ from 15.5m (CR-20), including 11.3m @ 0.6% WO₃ from 26.2m 10.7m @ 0.6% WO₃ from 14.0m (CR-17) 18.3m @ 0.5% WO₃ from 21.3m (CR-07) Additional moderate-grade intercepts were reported from CR-16 and CR-15. The Company notes that all widths reported are downhole intercepts and true thickness is not yet established. Mineralisation at Conquest is hosted in the Vinini Formation, which is considered less favourable than the Antelope Valley Limestone (host to Linka Main mineralisation). Geological interpretation suggests the Vinini Formation thickness in this area may be between 65–100m, implying potential for additional mineralisation at depth where the intrusive contacts the Antelope Valley Limestone. Figure 2: Long section Y-Y showing drillholes and untested western zone. Highlights potential lower contact mineralisation and quartz monzonite thickness uncertainty. Figure 3: Cross section S-S’ showing historical drill results and interpreted contact with Antelope Valley Limestone (source: VKA) Regional Exploration Potential & Immediate Drill Targets The digitised historical data defines three immediate target areas: Conquest Pit and Southwest Contact  – No historical drilling directly beneath the pit due to access constraints and vertical hole orientation. Future angled drilling is planned to test beneath the pit and along the southwest contact zone. Untested Volcanic Cover  – Six holes tested only the base of the Bates Mountain Tuff and did not reach the prospective contact beneath. This leaves the southeast zone open for follow-up drilling. Antelope Valley Limestone at Depth  – Geological interpretation suggests potential mineralisation where the intrusive meets the more favourable AV Limestone at depth. The Company also references ongoing gravity and magnetic surveys to map a 1.6km mineralised corridor, integration of datasets into a 3D geological model, and federal permitting via submission of a Notice of Intent (NOI) for a June quarter 2026 maiden RC drilling campaign. Management Commentary Managing Director & CEO Julian Woodcock stated that completion of the digitised dataset consolidates the historical exploration record and validates the opportunity presented by the high-grade tungsten system at Conquest. The announcement references upcoming changes to U.S. defence procurement rules under DFARS clause 225.7018-2. Through 31 December 2026, restrictions apply to tungsten metal powder and heavy alloy from covered countries (including China, Russia, Iran, and North Korea). From 1 January 2027, broader restrictions apply to tungsten mined, refined, or produced in covered countries. The Company states that its maiden drill programme is being designed to support early mining scenarios by targeting high-grade, shallow blocks identified in historical drilling. Near-Term Milestones to Watch Completion of 3D geological modelling integrating all 70 digitised drillholes Final interpretation of gravity and magnetic surveys across the 1.6km corridor Submission of federal Notice of Intent (NOI) Maiden RC drilling programme targeting shallow high-grade mineralisation (June Quarter 2026). Samso Concluding Comments The tungsten space is one of the most exciting space in the mineral resource space. I have said that investors are not understanding the key fundamentals of the critical nature of the sector. For the last decade, the phrase "Critical Minerals" have been thrown around but the reality of a mineral being so scarce that it creates a supply crunch is Tungsten. Rare Earths are not rare and so is lithium. If you do the research, you will suddenly realise that a tungsten deposit that allows mining to occur in an economic manner is indeed rare. The only factor that is making the space very different now is the rising price. The completion of digitisation of 70 historical drillholes provides Viking with a consolidated geological dataset across the Linka Project. This allows the Company to move from historical compilation into structured technical evaluation (Figure 1), which is exciting for shareholders and management of VKA. The Conquest drilling demonstrates that high-grade tungsten occurs at shallow depths, with average historical drilling limited to approximately 30 metres. This shallow nature aligns with the Company’s stated intention to evaluate early mining scenarios (Figure 2 and Figure 3). Another benefit for Viking is the policy framework in the United States under DFARS introduces procurement restrictions on tungsten sourced from covered countries. The timing of Viking’s advancement toward drilling and potential early production aligns with this regulatory transition. Ongoing work including 3D modelling, geophysics integration, and permitting will determine the next stage of technical assessment. The upcoming maiden drill programme will provide updated data to validate historical results and test open zones identified in the digitised dataset. Market Implication - The Investor Lens As we write, Viking is currently at a market capitalisation of AUD $35M and a market that seem to be missing when we are talking about the potential value of a tungsten acquisition. The missing excitement is something that is a mystery to me. Like the market tightness of Molybdenum, the ASX investing community does not seem to understand the potential of tungsten. Figure 4: The share price chart for Victory Mines as of the 25th February 2026. (source: commsec) There looks like there is some demand for Viking shares (Figure 4) in January but in terms of the potential that I see, I can only explain it with a lack of market understanding and a lack of capital that is willing to enter this sector in a substantial volume. As they say, time will be the ultimate judge and for me, anything in the tungsten space now is fair game as the price of tungsten has gone ballistic at around USD $1760 mtu as quoted on the 24th February 2026. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Samso has been following Adisyn Limited due to its development of low-temperature Atomic Layer Deposition (ALD) graphene technology targeting semiconductor interconnect applications. Adisyn Limited core value proposition has been centred on addressing performance limits of copper interconnects in advanced semiconductor devices. This latest ASX announcement introduces an additional proof-of-concept application of Adisyn Limited graphene capability in radar signature reduction. While the semiconductor roadmap remains the primary focus, this release highlights a parallel technical validation program with potential defence and aerospace relevance. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: Adisyn successfully tests additional use case for proprietary graphene technology – 26 February 2026 ( view the announcement ) Graphene Composite Achieves 20dB Radar Reflection Reduction in Laboratory Testing On 26 February 2026, Adisyn Limited announced completion of an initial proof-of-concept (POC) program in collaboration with Ramot, the technology transfer company of Tel Aviv University, demonstrating radar reflection reduction using graphene-enhanced composite materials. Who Is Ramot and What Do They Do Ramot is the official technology transfer company of Tel Aviv University (TAU), based in Israel. Ramot’s role is to: Identify research discoveries made at Tel Aviv University Protect intellectual property (IP), including patents Commercialise technologies through licensing agreements or spin-out companies Connect academic research with industry partners globally Technology transfer companies like Ramot act as the bridge between university research and commercial markets. Core Functions Intellectual Property ProtectionRamot files and manages patents arising from TAU research. Licensing AgreementsIt negotiates agreements with companies seeking to use TAU-developed technologies. Startup FormationIt helps create and support spin-off companies based on university innovations. Industry PartnershipsIt facilitates collaborations between TAU researchers and commercial partners. Relevance in the Adisyn Context In the recent ASX release, Adisyn’s proof-of-concept radar program was conducted in collaboration with Ramot, meaning: The research originated from Tel Aviv University. Ramot manages the commercial rights to that technology. Adisyn holds a 12-month option to secure exclusive, perpetual rights under agreed terms. Laboratory testing confirmed up to 20dB reduction in radar reflection coefficient relative to baseline materials under controlled conditions. Further optimisation is underway with a target of up to 30dB reduction, which would equate to a 1,000-fold reduction in effective radar cross-section. Adisyn Limited also confirmed that its low-temperature ALD graphene deposition program for semiconductor interconnects remains on track, with updates expected in coming weeks. The Business of Adisyn Limited (ASX: AI1) Adisyn Limited is an ASX-listed technology company focused on graphene-based solutions for the semiconductor industry. Its core technology is a patented low-temperature Atomic Layer Deposition (ALD) process designed to enable direct graphene growth on semiconductor wafers. The objective of this technology is to address performance constraints of copper interconnects and support faster, stronger and more energy-efficient computing systems. In addition to graphene development, the Company operates Adisyn Services, providing managed IT solutions including cloud, cybersecurity and AI services to Australian SMEs. Highlights – Proof-of-Concept Radar Signature Program Initial proof-of-concept completed in collaboration with Tel Aviv University’s technology transfer arm. Laboratory testing demonstrated up to 20dB radar reflection reduction using graphene-based composite material. Further optimisation targeting up to 30dB reduction. A 30dB reduction would reduce effective radar cross-section by a factor of 1,000. Potential applications identified in UAV, defence, aerospace and advanced composite materials markets. Program led by Professor Pavel Ginzburg, radar physicist at Tel Aviv University. 12-month option to secure exclusive, perpetual rights to the technology under agreed terms. Strategic Radar Industry Relevance The ASX release outlines potential advantages in UAV, aerospace and defence applications where radar signature management is critical. The release explains that a 30dB reduction could shrink the radar detection profile of a drone from an object appearing as 1 square metre to approximately 10 square centimetres. Adisyn Limited notes that this program is at an early stage of technical validation and further laboratory optimisation and scalability validation would be required before commercial assessment. Scientific Leadership The radar research program is led by Professor Pavel Ginzburg, Full Professor of Electrical Engineering at Tel Aviv University. Professor Ginzburg specialises in radar physics, electromagnetics and scattering control, providing academic oversight during the proof-of-concept phase. Core Semiconductor Graphene Interconnect Program Remains Primary Focus Adisyn Limited confirmed that the radar-related initiative does not alter its primary semiconductor roadmap. Adisyn Limited core focus remains development and commercialisation of its low-temperature ALD graphene deposition technology for semiconductor interconnect applications. Management Commentary Managing Director Arye Kohavi confirmed completion of the initial proof-of-concept and noted that further optimisation work is underway. The Board considers that successful optimisation could position Adisyn Limited within a specialised segment of the advanced 2D materials market focused on signature-aware composite systems. Near-Term Milestones to Watch Continued laboratory optimisation targeting up to 30dB radar reflection reduction Further validation to assess scalability and performance consistency Potential exercise of 12-month option for exclusive, perpetual technology rights Separate update on semiconductor interconnect program milestones. Previous Samso News Coverage – An Investor Lens Samso has previously covered Adisyn’s corporate and technology developments, including: A New Leader - A Semiconductor-Focused Business - - Is this Perfect Timing for New Investors?– Appointment of New Managing Director. Technical Validation, Strategic Focus, and Capital Reallocation - A Semiconductor Story These prior Samso News blogs outlined the Company’s semiconductor-first strategy and its focus on graphene-enabled interconnect technology. Samso Concluding Comments This ASX release confirms that Adisyn Limited has completed a laboratory proof-of-concept demonstrating radar reflection reduction using graphene-enhanced composites. The reported 20dB reduction was achieved under controlled testing conditions. Further optimisation is underway targeting up to 30dB reduction. Adisyn Limited has stated that this initiative is secondary to its semiconductor interconnect program. Development of the low-temperature ALD graphene deposition process remains the primary focus of the business. The radar application introduces a parallel validation stream that leverages existing graphene expertise. The technology remains at an early technical validation stage and requires further optimisation and scalability assessment. Under the collaboration framework, Adisyn Limited holds a 12-month option to secure exclusive rights to the radar-related technology. Further updates will be provided as material milestones are achieved. Market Implication - The Investor Lens Currently as of the 2nd march 2026, Adisyn Limited has a market capitalisation of AUD $42.5M which sits well for me, in terms of taking a punt from a retail investors lens of opportunity. The share price chart (Figure 1) does look reasonable as it starts to trend in a northerly direction. This is not saying that this is going to be its trend moving forward, but its a lot more easier to think positive with with this trend. One could say that the market cap should be lower to take that investment risk but times like this, I think about how we react to brands. The fact that branding is all about quality and hence reassurance of quality, is a company with a market cap of AUD $10M a good "punt" or one that is AUD $42.5M ? Figure 4: The share price chart for G11 Resources Limited as of the 2nd march 2026. (source: commsec). I like the sector that the business is trying to pursue and I think this is definitely one that is future proof. The hard part to visualise is that it is an Australian venture and this sector is not one that we see Australian ventures star well. There is always a new way to see things and this is why I am keen to follow the progress. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

archTIS Limited (ASX: AR9) operates in a specialised segment of the cybersecurity market focused on data-centric security for government, defence, and regulated industries. The Company’s positioning within Zero Trust architecture and attribute-based access control (ABAC) environments places it in a sector where procurement cycles are long and compliance standards are strict. This ASX release dated 26 February 2026 outlines three separate but connected developments: Award of a U.S./European military alliance contract. Progress update on a key U.S. Department of Defense (DoD) contract. Increase in the Company’s Commonwealth Bank of Australia (CBA) debt facility. The announcement provides clarity on contract values, deployment status, operational integration, and capital structure. This summary reflects the factual disclosures made in the ASX release dated 26 February 2026 below: AR9 Awarded US/EU Alliance Contract & Provides US DOD Update – 26 February 2026 ( view the announcement  ) Previous Samso News Coverage - archTIS Limited 8th January 2026 - archTIS Limited – U.S. Department of Defense Progress Signals Strategic Momentum 6th November 2025- archTIS secures additional U.S. DoD contract for NC Protect (DoD365) 11th August 2025 - A Global Cybersecurity Narrative in Motion: Defence-Grade Trust Fuels archTIS Momentum archTIS Limited – Business Context archTIS Limited is a global provider of data-centric security solutions designed to enable secure collaboration of sensitive information across cloud, on-premises, and hybrid environments. Its product suite includes: NC Protect Kojensi Trusted Data Integration Spirion The Company’s core offering centres around policy-enforced Zero Trust architecture and attribute-based access control (ABAC), which allows fine-grained, context-aware access to sensitive data across complex multi-domain environments. The primary customer base includes government, defence, enterprise, and regulated industries. U.S./European Military Alliance Selects NC Protect for Transatlantic Defence Collaboration Highlights – Contract Award and Commercial Structure 1. Contract Award Structure archTIS Limited has been awarded a contract by a U.S. and European military alliance to safeguard member nation data for secure collaboration across transatlantic allied defence operations. Initial award: ~A$416,000 Two subsequent option years: ~A$805,000 Total potential value: ~A$1,220,000 The initial award covers the balance of calendar year 2026 and includes: ~A$244,000 for licensing ~A$170,000 for configuration and support Each optional year includes: ~A$267,000 licensing ~A$136,000 support costs The award may be cancelled for convenience, with payment made for completed and accepted work. Optional year issuance is at the sole discretion of the purchaser. 2. Technical Scope – ABAC Deployment in Coalition Environments NC Protect will provide attribute-based access control (ABAC) policy enforcement leveraging Microsoft SharePoint. The solution will operate across multiple civil-military security domains from dozens of allied nations, where organisations must balance “need-to-know” with “need-to-share”. Traditional role-based access control was deemed insufficient for this environment. NC Protect was selected due to: Fine-grained ABAC controls Native SharePoint integration Centralised policy administration Real-time enforcement The operational effectiveness of the solution was validated through a funded pilot prior to award. U.S. DoD Contract Update – Deployment Progress archTIS Limited reconfirmed continued progress with a key U.S. DoD contract, including: Deployment and integration into multiple live environments Successful completion of contracted development services archTIS is working toward second-stage deployment of NC Protect licenses within the U.S. DoD environment. archTIS Limited has successfully deployed NC Protect into a complex operational environment and continues supporting Zero Trust mandate targets. CBA Facility Upgrade – Capital Structure Update archTIS Limited confirmed an increase in its Commonwealth Bank financing facilities from: $2,000,000 → $8,000,000 total The facilities comprise: $4,000,000 facility maturing 30 July 2026 $2,000,000 facility maturing 29 January 2027 $2,000,000 facility maturing 31 January 2027 Interest is at a fixed margin over Bank Bill Swap Yield (BBSY) with standard reporting and compliance terms. The increase is intended to support: Working capital cycles Product investment Ongoing contract execution Management Commentary The CEO and Managing Director noted that the award strengthens archTIS Limited position in defence and allied markets and expands its footprint within large-scale enterprise environments. The Chief Strategy Officer and U.S. President stated that the contract represents an important milestone in the Company’s defence sector growth strategy and reflects increasing demand for data-centric security within allied defence environments. Near-term Milestones to Watch Operationalisation of NC Protect within the alliance’s enterprise architecture. Issuance or non-issuance of optional contract years. Progression of second-stage deployment within U.S. DoD. Continued integration across live operational environments. Utilisation of expanded CBA facility for working capital and product investment. Samso Concluding Comments The 26 February 2026 announcement outlines a structured defence-sector contract award, an operational deployment update, and a financing facility increase. The initial alliance contract is defined with clear licence and support components, and optional years remain subject to purchaser discretion. The deployment update with the U.S. DoD confirms integration into live operational environments and progression toward broader licence deployment. This establishes that the product is operating within complex defence systems rather than remaining in pilot stage. The increase in banking facilities from $2 million to $8 million extends the archTIS Limited funding capacity to manage working capital and contract execution cycles. The maturity profile extends into 2027, creating a staged debt structure. This announcement provides defined contract values, deployment confirmation, and financing detail. The factual elements relate to contract structure, technical deployment, and capital facilities as disclosed in the ASX release dated 26 February 2026.* Market Implication - The Investor Lens This is an interesting business in which the hurdles of creating a cyber secure platform or barrier is incrementally harder with the development of the very tool they are using to create the business. The business of AI is helping both side of this business and the use and advancement of the intelligence is almost running in parallel with each other. Figure 1: The share price chart for archTIS Limited as of the 2nd march 2026. (source: commsec). As you can see in Figure 1, the share price journey for AR9 is somewhat flat. I would have thought that the incoming introduction of the DoD would give the share price a boost but it seems to have just created a profit taking scenario. A market capitalisation of AUD $42M at the time of writing is pretty standard as I have been reviewing ASX stories in the sector for a while. The recent decline in the US markets have probably had some influence on the market sentiment in the ASX but lets see what happens with time. I like the sector that the business is trying to pursue and I think this is definitely one that is future proof with everything that we do related to the internet. I think this is an oxymoron statement as in 2026, whoever still think we are not is in need for a neurosurgeon. Samso has been covering archTIS Limited for a while and we still feel that there is room for improvement. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Control Bionics Limited (ASX: CBL) operates in the neurotechnology medical device sector, with more than 20 years of experience in surface electromyography (EMG) technologies. The Company develops assistive communication solutions for individuals with complex communication needs. The ASX announcement dated 26 February 2026 outlines a strategic joint venture with NextLevel Assistive Technology to expand Control Bionics’ presence in the United States iOS-based speech-generating device (SGD) market. The United States represents the largest global Augmentative and Assistive Communication (AAC) market, with an estimated 2.5–3.5 million individuals requiring speech-generating solutions. This release provides structural detail on how Control Bionics intends to participate in that segment through a capital-light partnership model. Joint venture with NextLevel Assistive Technology – 26 February 2026 ( view the announcement  ) About NextLevel Assistive Technology NextLevel Assistive Technology is a United States-based developer of speech-generating device (SGD) hardware designs focused on Apple iOS-based Augmentative and Assistive Communication (AAC) solutions. The company specialises in designing device chassis and hardware components that integrate with iOS tablets to create dedicated speech-generating devices for individuals with complex communication needs. These devices are typically used by people with neurological conditions such as ALS, cerebral palsy, stroke-related impairments and other conditions that affect speech. Introduction – Joint Venture to Enter High-Volume iOS-Based AAC Segment in the US Control Bionics Limited announced that its US subsidiary, Control Bionics Inc., has entered into an exclusive manufacturing, distribution and intellectual property licence agreement with NextLevel Assistive Technology. The agreement is structured to jointly commercialise a new range of iOS-based speech-generating devices under the Uno Touch Omni and Active product line in the United States. The structure is capital light. NextLevel will fund all device tooling and manufacturing. Control Bionics will perform final assembly, regulatory compliance and distribution. Highlights – Exclusive iOS-Based SGD Agreement in the US Market The key elements of the agreement are: Exclusive agreement to manufacture, distribute and sell UnoTouch Omni and Active iOS-based SGDs in the United States Control Bionics to act as FDA Manufacturer of Record and distributor through established partner channels NextLevel to fund all device tooling and manufacturing Control Bionics to receive a fixed per device contribution margin Advanced negotiations with multiple US distributors under non-binding Letters of Intent Capital-light structure with positive working capital dynamics Industry estimates referenced in the announcement indicate: Approximately 60–70% of new US SGD prescriptions are tablet-based Annual US SGD volumes of approximately 55,000–65,000 devices iOS-based SGDs represent a US$100–150 million annual segment The Company disclosed that negotiations with distributors contemplate potential annual volumes in the range of approximately 1,000–1,500 iOS devices. These volumes are subject to definitive agreements, regulatory and reimbursement processes, and market rollout. There is no certainty that negotiations will result in binding agreements or that contemplated volumes will be realised. Management Commentary The CEO stated that the partnership allows Control Bionics to participate at scale in the largest segment of the US AAC market through existing distributor channels, without capital investment or manufacturing risk. The announcement states that the arrangement is revenue, profit and cashflow accretive. It complements the NeuroNode neural-interface platform by adding a high-volume iOS device portfolio, strengthening the Company’s position within US distribution channels. The Business of Control Bionics Limited – Company Context Control Bionics is a neurotechnology medical device company focused on assistive communication solutions. Its core patented NeuroNode technology detects EMG signals from skeletal muscles and enables speech and computer-controlled functions. The NeuroNode integrates touch, eye gaze and neural interface control, providing multi-modal access for users. The Company is also commercialising NeuroStrip, a miniaturised wearable EMG device that may provide access to additional markets including diagnostics, sports performance and rehabilitation. Control Bionics operates in North America, Australia, Europe and Japan. Previous Samso News Coverage Published 13 February 2026 - Control Bionics Limited — U.S. Pilot Distribution Agreement with Tobii Dynavox Near-Term Milestones to Watch Execution of definitive agreements with US distributors Completion of regulatory and reimbursement processes Initial commercial rollout of UnoTouch Omni and Active devices Confirmation of annual unit volumes within the contemplated 1,000–1,500 device range Integration of iOS-based portfolio alongside the NeuroNode product suite Samso Concluding Comments The ability to communicate is a critical aspect of the human species. It is what makes us as an evolved and evolving species. Control Bionics devices empower those who fall behind in the race to have a moral functional daily life. The paragraphs below gives potential investors a good feel of what is to be gained for the shareholders if the company can get the application and the execution on track. Our devices empower people across a wide spectrum of needs, from those living with conditions such as ALS/MND, Spinal Muscular Atrophy, Cerebral Palsy, and Spinal Cord Injury, to athletes and patients working on sports performance and physical rehabilitation. When diagnosed or recovering, you are making a lot of tough decisions. When it comes to augmentative and alternative communication devices (AAC) and wearable neurotechnology, the decision is easy. Control Bionics guides you through every step of the process and makes sure you receive the technology you need to communicate, recover, and perform at your best all day, every day. ----- Control Bionics Limited This announcement outlines a defined expansion into the tablet-based segment of the US speech-generating device market. The agreement divides roles between NextLevel and Control Bionics, separating manufacturing funding from regulatory and distribution functions. Getting the business into the US AAC market data will allow the company to get some form of footing and this opportunity presented indicates a structural shift toward tablet-based devices. The joint venture aligns the Company with this high-volume segment while maintaining its existing neural-interface product line. The capital-light model reduces direct manufacturing exposure. NextLevel funds tooling and chassis production, while Control Bionics retains regulatory responsibility and distribution control as FDA Manufacturer of Record. Distributor negotiations remain non-binding and subject to further agreements, regulatory processes and market rollout. Realisation of contemplated volumes will depend on execution and commercial uptake. If there was a weakness in the ASX release, it would be the non-binding nature as we all know, business strategies need structure. Non-binding agreements can be more show than walk, so lets see how this pans out. Market Implication - The Investor Lens Control Bionics are still at an early stage of their journey and the market capitalisation of AUD $24.2M as of 2nd March 2026 is a reflection of the early stage business. Samso has made many comments of the years that we believe that a good health story is far more valuable than a metal discovery, as it has benefits in terms of a financial gain for investors and a more important gain for humanity. Figure 1: The share price chart for Control Bionics Limited as of the 2nd march 2026. (source: commsec). This may all sound a bit altruistic  but for Samso, making money empathically is a lot more fun than not. The need to enjoy and being purposeful in our investments is more meaningful and satisfying. Our interest in following CBL is to be part of seeing the business do well and like all investments of this nature, patience is the only medicine. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. 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 to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.