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Announcement Investor Presentation 22 August 2025 Outstanding 61m @ 1.08% CuEq Trench result in Southern Target Zone 16 October 2025 Cannindah Resources Limited (ASX: CAE ) has reported standout trenching results from the Southern Target Zone (Appletree–Dunno) at Mt Cannindah, Queensland (Figure 1). The work outlines a 500 m × 100 m corridor of high-order Cu-Au-Mo geochemistry coincident with IP chargeability and magnetic highs—and crucially, an untested target at the lowest topographic level within the mining leases, consistent with a preserved porphyry system. Figure 1: Location of the Appletree–Dunno prospect areas (source: CAE) Highlights - Searching for Porphyry High-grade, broad trench intercepts (open-ended): 61 m @ 1.08% CuEq  (0.94% Cu, 0.22 g/t Au, 141 ppm Mo) from 0 m (AT_T01) 46 m @ 0.64% CuEq  (0.52% Cu, 0.19 g/t Au, 98 ppm Mo) from 0 m (AT_T02) 51 m @ 0.42% CuEq  from 0 m (AT_T03) 58 m @ 0.35% CuEq  from 0 m (DNO_T01) (CuEq includes Cu, Au, Ag; Mo not yet included pending recovery data; several trenches end in mineralisation).    Mineralised intrusives identified:  Appletree trench channel samples from intrusive phases average 0.52% Cu, 0.08 g/t Au, 141 ppm Mo (n=28) , supporting a “pencil porphyry” model.  Layered geophysical + geochemical support:  A strong IP chargeability  anomaly is modelled ~200 m below surface and is coincident with a magnetic high  directly under trench mineralisation.  Untested discovery setting:  Appletree and Dunno have never been drill-tested ; RC scout drilling to ~250–320 m  is scheduled as the rig moves on from breccia resource drilling.  Scale upside vs. known resource:  The trenching lies within the Southern Target  (up to 1.5 km  strike footprint); together with the Eastern Target  (up to 1.7 km × 0.4 km  on the Kalpowar Fault), these areas represent the larger porphyry system footprint beyond the current breccia resource (14.5 Mt @ 1.09% CuEq ).   Chairman Mr. Michael Hansel  commented: “As the understanding and potential of this mineral system continues to evolve, our Mt Cannindah Project continues to deliver exceptional results. The recent recognition of the significance of these trench results is testament to the potential of this project. Our most recent update includes the recognition that this target is located at the lowest topographical elevation within the granted Mining Leases. It is clear that the topographic level has a significant impact in relation to the exposure level of this system. These results verify the pencil porphyry concept and bode well for the development of other preserved porphyry systems in higher elevations (RL’s – relative levels above sea level) beneath other high-order geological, geochemical, and geophysical anomalies.” Project Context (Mt Cannindah) Mt Cannindah hosts multiple Cu-Au-Mo occurrences adjacent to the Triassic Monument Intrusive Complex, with deposit styles including porphyry-related breccias, skarns, stockworks, and late-stage Au-As veins. Figure 2: Location of Mt Cannindah Project (source: CAE)   Current Resource (Cannindah Breccia): 14.5 Mt @ 1.09% CuEq  (Measured/Indicated/Inferred) With copper, gold, and silver credits, mineralisation remains open  along strike north and south and at depth.     Conclusion (Geology & System) Preserved porphyry signature:  Fine-grained dyke-like intrusives, upper-level alteration, pyrite veinlets/disseminations, and quartz micro-fractures/disseminations—all typical of upper porphyry levels —are recorded at surface.This supports vertical continuity potential beneath trenches.  Vectoring to a “pencil” core:  The 500 m × 100 m intrusive-skarn corridor with strong Cu-Au-Mo geochemistry overlies coincident IP + magnetic highs —a classic vector to a compact, higher-grade “pencil porphyry”  centre.  System scale remains largely untested:  Historical drilling around Southern/Eastern targets is mostly shallow (30–60 m; only several holes to ~200–300 m). Deep testing akin to porphyry vertical extents (>1,000–1,800 m) has not been undertaken outside the breccia area.   Near-Term Work Program & Catalysts RC scout drilling  to test below the trench corridor (~ 250–320 m ), targeting the coincident IP/magnetic response under Appletree–Dunno.  Ongoing surface geochem/rock-chip  work to the east of current lines, where soil anomalism remains open.  Breccia resource extensions  (north/south and at depth) to add scale and potentially improve project economics alongside metallurgy options (e.g., HydroFloat).     Why This Matters Grade × width at surface  with open-ended trenches is uncommon this early in a porphyry target and provides direct drill vectors.  The system-scale footprint (Southern + Eastern targets) significantly exceeds the current resource envelope (~ 5%  of interpreted system explored), preserving Tier-1 style  upside if a compact high-grade core is confirmed.  Untested depth  beneath a strong IP + magnetic  overlap makes the incoming scout holes technically pivotal .  Detailed Trench results include: Table 1: Appletree - Dunno Trench Results All four trenches (AT_T01, AT_T02, AT_T03, DNO_T01) terminated while still above the >500 ppm Cu cut-off—so each remains open—and DNO_T02 also stays open to the northeast (see Figure 3). Figure 3: Location of the Appletree and Dunno trench’s (source: CAE)   Samso Concluding Comments These trench results simplify the picture. Mineralisation at surface, continuous above threshold, and coincident geophysics give a clean vector for first-pass drilling. All this makes good geological sense, but it does not do much more for investors. For investors, the question is now “depth and is there continuity,” not “is there something here?” The scout holes beneath the trench corridor will answer that. Grade × width at surface is encouraging, but drill metres decides the value. Remember the pathway: verify the target below the trenches, follow the system down-plunge, then frame scale and metallurgy. Each step de-risks the story; none can be skipped. As always, DYOR and keep your senses on. Porphyry targets are notorious for being expensive, and it always takes a long time to materialise. Do your own work, read the source figures and tables, and keep position sizes sensible until the drill bit speaks. Projects like these are good to have on your watch screen, and it is always good to be prepared to get on these stories if the facts are piling up and making convincing evidence for a position. The Samso Way – Seek the Research Always read the original ASX releases, figures, tables, and appendices before forming a view—then map the geophysics, geochem, and geology against the drill plan. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $4.5M Arcemy Order from the Largest Shipbuilder in the USA AML3D Limited (ASX: AL3)  will supply two custom ARCEMY® systems to Newport News Shipbuilding , extending its footprint in US naval supply chains. The order value is ~A$4.5m , reinforcing momentum after multiple ARCEMY® deployments into the US Navy’s Maritime Industrial Base . The Company expects the units to be installed and operational in Q2 2026 . Highlights - Shipbuilding for the US Navy ~A$4.5 million  order for two custom ARCEMY® systems  to Newport News Shipbuilding (NNS) , a division of HII . HII is the largest military shipbuilder in the US  (aircraft carriers & submarines). These units will be the 9th and 10th ARCEMY® systems  supporting the U.S. Navy Maritime Industrial Base . Install/operational target:   Q2 CY2026 . Spec uplift:  based on large-scale ARCEMY® X  with a 10,886 kg positioner  for heavy-capacity builds . Purpose: accelerate lead times and provide alternatives to casting/forging , with lower waste & environmental impact .   AML3D CEO Sean Ebert  commented: “During my recent visit to our US operations it was clear AML3D had a huge opportunity to build on our success supporting the US Navy submarine program and expand into US Navy shipbuilding and munitions as part of US Government’s ‘Make Shipbuilding Great Again’ initiatives. These custom large capacity ARCEMY®X systems, are similar in scale to the ARCEMY® X that we recently brought online for another US Defense shipbuilding prime contractor. It is pleasing to see demand for our technology across the US and other globally, significant defense markets is continuing to accelerate. In parallel, we are making progress on our strategic goal to access additional non-defense sectors. Our US operations recently delivered a large capacity ARCEMY X to the Tennessee Valley Authority, the largest public utility in the USA. Having an established US manufacturing base means AML3D is advantaged when supporting US customers as the US Government’s tariff policy evolves. AML3D is also well positioned to leverage our US playbook to accelerate our entry into the UK and other European Defense markets and expand our defense and non-defense work in Australia. Facts Depth in US defense:  The NNS order represents systems  9th and 10th tied to the US Navy  ecosystem, evidencing repeat adoption and stickiness in critical programs. Bigger, faster parts at point-of-need:  The ARCEMY® X  platform, configured with a 10,886 kg positioner,  is designed for heavy shipbuilding applications , targeting faster delivery of certified parts compared to traditional routes. Process advantages:  AML3D highlights lead-time reduction , waste minimisation , and ESG benefits  versus casting/forging/billet machining. What will NNS use it for? NNS plans to use the custom systems across a variety of shipbuilding applications . While specific part families aren’t listed, the heavy-capacity configuration indicates intent to address large, structurally demanding components  where schedule resilience is key.   Samso Concluding Comments From an investor’s seat, this order is less about the headline ~$4.5m and more about “where” it lands: Newport News Shipbuilding, the core of America’s carrier and submarine build programs. That’s the credibility dividend AML3D has been working toward—placing ARCEMY® capacity inside the highest-bar, schedule-sensitive end of shipbuilding. Each placement lowers friction for the next, and it compounds service, software, and consumables revenue over the lifecycle. A large-scale ARCEMY® X with a ~10.9-tonne positioner signals real intent to transition from prototyping into production-relevant parts. If the commissioning hits the Q2 CY2026 window, the narrative shifts from “can it qualify?” to “how quickly can it scale across the business family?”. Investors should watch for commissioning updates, first-article milestones, and any disclosure on repeatability/quality metrics that unlock broader deployment inside the yard. Strategically, this is AML3D leaning into the US maritime industrial base while keeping non-defense optionality alive (e.g., utilities and heavy industry). That mix is important: defense offers sticky programs; non-defense can smooth order cadence and showcase total addressable market beyond shipyards. Management’s signalling on UK/EU and Australia suggests the US playbook is portable—execution will determine whether that becomes another leg of growth or just near-term noise. The share price journey for AL3 is an indication that the market has liked the recent news and is slowly digesting its steps. The valuation of the Company for its potential is very reasonable, from the view of an investor, wanting to take a position in the developing story with just over AUD $104M. Figure 1: The AL3 share price chart as of 30th October 2025. (source: CommSec) Key risks remain the usual trio: delivery/commissioning on time, proof of throughput at quality, and the company’s ability to scale support as the installed base grows. If AML3D converts this install into dependable output and follow-on orders, we get operating leverage and a more predictable aftermarket. If timelines slip, the share price will likely mark time. As always, DYOR —focus on milestone cadence, customer breadth, and evidence of parts flowing through ARCEMY® into critical programs.   The Samso Way – Seek the Research Always go back to primary sources—ASX releases, technical appendices, and commissioning milestones—verify the numbers, and DYOR  beyond the headlines. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 212 | UWA Club, Crawley, Western Australia. Guest: Brent Hazelden – MD, OD6 Metals Limited (ASX: OD6) Introduction In this episode of Coffee with Samso, we reconnect with Brett Hazelden , Managing Director of OD6 Metals , to explore how the company is navigating two of the most intriguing thematic opportunities in the market today — rare earth elements (REEs)  and copper . OD6 was first introduced to the Samso audience in a very different market — rare earth sentiment was hot, clay-hosted projects were flooding the ASX, and recovery pathways were still largely unproven. Fast-forward to 2025, and the game has changed. The company’s flagship Splinter Rock project  in Western Australia is now underpinned by validated heap leach metallurgy , enhanced nano-filtration , and a robust understanding of orebody consistency  — ticking the key boxes that separate projects with longevity from the fleeting momentum plays. At the same time, OD6 is quietly advancing a highly prospective copper VMS project  at Gulf Creek in New South Wales , where historical high grades and recent drilling suggest potential for a standalone, company-making discovery. This conversation explores both sides of the OD6 story — a smarter REE flow sheet and the search for a modern VMS discovery in an overlooked district. Rare Earths at Splinter Rock – Smarter Processing, Lower Capex, Better Product ✔ Heap Leach Breakthrough What started as a “just in case” test alongside traditional tank leach flowsheets has emerged as a breakthrough: heap leaching  not only works — it offers higher recoveries , lower reagent use , and slashes capex. 75–80% recoveries  from column testwork Removes the need for tanks, filters, tailings dams Simplifies the flowsheet and reduces environmental impact " Everyone expected heap leach to fail with clays. Instead, we found it performs better — less equipment, cheaper, and scalable."  – Brett Hazelden ✔ Nanofiltration: A Technical Edge In August 2025, OD6 announced it had successfully trialled nanofiltration  on its leach solutions — a key value unlock: Cuts acid use by 80–85%  through recycling Reduces downstream plant size by 70% Enhances product purity and ESG credentials Nanofiltration acts like a REE-specific desalination process — separating heavier rare earths from light elements and allowing a high-quality EM-rich product  to be recovered with minimal waste. ✔ Orebody Confidence – Consistency at Depth OD6’s testwork has focused on the Inside Centre  area of Splinter Rock: 120Mt @ ~1600ppm TREO  (from a broader 680Mt JORC) Broad, flat geometry with 70–80m of mineralised clays Simple stratigraphy with consistent metallurgy Upcoming bulk column testing with ANSTO is validating how the ore performs across depth zones — the top 40m vs. the bottom 40m — to ensure no surprises in full-scale operations. OD6’s Advantage in the Rare Earth Game OD6’s rare earth mineralogy is distinct from hard rock monazite or apatite systems , allowing for ambient temperature leaching . Other projects require aggressive cracking at high temperatures  — expensive and carbon-intensive. OD6’s approach works at room temperature , using simpler, cheaper reagents. "You can’t just apply heap leach to any rare earth project. Ours works because of our unique mineralogy — that gives us a genuine technical edge." Strategic Thinking: Beyond China, Beyond Hype OD6 is focused on developing a high-purity, globally marketable rare earth carbonate , and potentially refining it further into selective oxides  (e.g., NdPr oxide). While the REE market has been volatile, OD6’s strategy is focused on real offtake, real product, and long-term survivability : No reliance on inflated spot prices or unsustainable government support No hype-driven LOIs with no substance Clear cost pathway: ~USD $300M capex vs $1.2B for many peers "There’s a lot of noise in rare earths, but not many with a product that works. We’re now one of the few still standing, with a technically sound, economic pathway." Gulf Creek VMS Copper Project – A Sleeping Giant? While rare earths remain the flagship, the Gulf Creek Copper Project  in NSW could be the catalyst that delivers near-term excitement. Historic production  (1896–1912) reported grades of 2–12% Cu Drilling confirms mineralisation continues below the old mine 4.6% Cu intercepts  in recent programs VMS-style system with multiple repeat structures mapped Strong magnetic signatures tied to known mineralisation OD6 is currently drilling new targets — Big Bend, West Limmon, Northwest  — that exhibit geophysical and geological similarities to the main Gulf Creek lode. “VMS is a small company’s holy grail. High grade, modest tonnage, fast capex. Just look at what DeGrussa did for Sandfire.” With solid land access, supportive local communities, and compelling historic grades, Gulf Creek could evolve into a separate copper value centre — and even warrant a spin-out if the results continue to deliver. Samso Concluding Comments OD6 Metals today is not the company it was in 2022. This is now a business with: A technically proven REE flow sheet A heap leach process  that defies conventional wisdom Clear understanding of mineralogy, product quality, and economic constraints And now, a copper discovery story  is brewing quietly in NSW. In many ways, OD6 is a case study in how to advance a resource project the right way — quietly, methodically, and with the long game in mind. It’s also one of the few juniors with genuine dual-commodity upside  — a defensive REE platform and a high-grade VMS copper wild card. For investors tired of rock chip hype and non-binding fluff, OD6 is a rare earths company with a product that works — and a copper discovery that could change the narrative altogether. Chapters 00:00 Start 02:31 Introduction 03:43 Recent Announcement 06:04 How did the Heap Leach concept start? 07:42 Are there any environmental issues with the Heap Leach concept? 08:31 Nanofiltration Concept? 09:46 Orebody consistency. 10:59 What are the Concerns for the Heap Leach Process? 12:08 How is the current REE market influencing OD6 thinking? 15:17 OD6 Resource works with Heap Leach 16:16 The REE market 17:04 The Gulf Creek Copper Project 20:11 VMS projects are made for small companies. 21:09 High-Grade nature of VMS Projects 21:46 Prospectivity of the Gulf Creek project 22:42 Land Access for Gulf Creek 23:32 Gulf Creek - Historical Mining Area 23:50 2025 is now a more evolved REE market 25:16 REE Benchmark pricing 26:32 International Market Sentiment 27:31 A Discussion on the REE market and What it means post 2025 28:26 OD6 - A Better Company for Investors in 2025. 29:50 Capital market- Thoughts on OD6. 30:57 The complexities of the REE market and investing opportunities. 31:58 Caution for looking at the REE market. 33:37 OD6 Last words. 33:26 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. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook . If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Henty throughput rates up to 33% above nameplate 20 October 2025 Kaiser Reef Limited (ASX: KAU)  has reported materially higher processing performance and a coordinated ramp-up program at the Henty Gold Mine in Tasmania (Figure 1), alongside actions to de-bottleneck underground access, modernise the fleet, and accelerate resource growth drilling. Management frames these steps as critical to lowering unit costs and underpinning near-term Reserve calculations. Figure 1:   Henty project location (source: KAU)   Highlights - A Gold Production Story Processing rate tested at ~400,000 tpa  — up to 33% above  the 300,000 tpa nameplate, achieved without major infrastructure changes ; circuit fine-tuning continues.  Decline de-bottlenecking in progress  — floor stripping equipment on site; a decline bypass  is underway (also providing additional ore access), enabling larger trucks and removing a life-of-mine production constraint.  Fleet uplift committed  — jumbo fleet now standardised to twin-boom jumbos ; larger trucks and loaders on order ; OEM equipment finance secured with no significant effect on cash balance .  Second underground diamond rig commissioned  — dedicated capacity to target resource additions and extensions , initially the Cradle Zone  above a large portion of the mine.  Context  — Henty Mineral Resource 449 koz @ 3.4 g/t Au ; Ore Reserve 154 koz @ 4.0 g/t Au ; updated 2025 Resource & Reserve  statement is “due shortly.”     Kaiser’s Managing Director, Brad Valiukas , commented: “We continue to see significant upside at Henty, and I’m very pleased with the progress to date. Increasing the processing rate, de-bottlenecking the decline and bringing in more productive equipment are key improvements to drive down unit costs per tonne across the business, noting that a large portion of Henty’s costs are considered fixed. “We are looking to build both mine life and resilience at Henty over the next 12 months. Our 2025 Resource and Reserve statement is due shortly, and productivity and unit costs are important to Reserve calculations. “Bringing in the second underground diamond drill rig gives us dedicated capacity, targeting Resource growth beyond the rate of depletion for mining and, subject to success, further extensions of mine life.”   Processing: What Changed and Why It Matters Kaiser attributes the higher throughput to several incremental, practical modifications: Circuit water balance & distribution  changes. Cyclone operation  tweaks that improved material classification. Cyanide detox capacity  increased by converting a water tank to additional reactor capacity (back end of circuit). Mobile secondary crusher  (on hire) to reduce feed size. These measures collectively allowed the recent throughput trials to demonstrate sustained operation well above historical rates (~20 years at/near nameplate). The Company plans progressive upgrades  to plant items (pumps/screens) historically tuned to 300 ktpa as it fine-tunes for higher sustained rates .   Underground: Removing the Bottlenecks A targeted decline bypass  and floor-stripping campaign addresses geometry constraints that have limited haulage. Management expects the works to enable larger trucks , remove a life-of-mine production constraint , and lift overall material movement capacity. The bypass also accesses additional ore , adding operational flexibility.   Fleet & Financing Standardising to twin-boom jumbos  and introducing larger trucks/loaders  aims to increase development and haulage productivity. OEM equipment finance  is in place and is not expected to materially impact cash , aligning capital efficiency with the ramp-up timeline.     Drilling: Building Life and Resilience A second underground diamond rig  is now operational. Initial focus is the Cradle Zone , strategically positioned above a large portion of the mine . The goal is to add and extend resources beyond depletion rates , supporting mine-life growth  and Reserve renewal.   Why This Matters (Operational Take) Throughput uplift + haulage capacity  → lowers unit cost per tonne  where a large cost base is fixed. Fleet modernisation  → productivity leverage during ramp-up. Dedicated drilling  → optionality for Resource/Reserve growth heading into the 2025 statement.   About Kaiser Reef Kaiser is a profitable ASX-listed gold producer with Henty (Tas.)  (Figure 2) and Maldon (Vic.)  assets. Henty hosts a 300 ktpa  plant (tested to ~400 ktpa run-rate in trials), 449 koz @ 3.4 g/t  Resource and 154 koz @ 4.0 g/t  Reserve. In Victoria, the Maldon project (including Union Hill at 186 koz @ 4.4 g/t ) and a 200 ktpa plant complement the portfolio; the A1 Gold Mine  is being transitioned to care and maintenance. Figure 2: – Henty Project Map And Resources (source: KAU)   Samso Concluding Comments Henty’s processing uplift is the first real signal that KAU can squeeze more out of an existing plant without heavy capex. When a circuit consistently tests 30%+ above nameplate, the path to lower unit costs becomes tangible rather than theoretical. This was always going to happen. As they say, a loved asset is always going to be treated with more care than one that is not loved. Removing the decline bottleneck and standardising the fleet is the unglamorous work that actually changes tonnes moved per day. If the bypass and bigger trucks deliver as planned, throughput gains at the mill can translate into sustained mine output—closing the classic gap between nameplate and reality. When you have a seasoned operator like Brad going through the details, items such as the second underground rig are the quiet catalyst. Extending resources ahead of depletion is what protects cash flow, supports Reserve renewal, and buys time for optimisation to compound. The initial focus on the Cradle Zone adds sensible near-mine ounces to the critical path rather than chasing far-flung targets. There have been recent announcements that have been released since this Samso News was published, but a good understanding of the steps is a good foundation for understanding the Kaiser story. Execution is now the story. Keep an eye on how quickly the haulage upgrade bites, whether higher mill rates are maintained without recovery slippage, and how the drill bit converts into Resources/Reserves. If these pieces hold together, the investment case shifts from turnaround potential to operating leverage. DYOR. The Samso Way – Seek the Research Always anchor your view in the source documents, track the numbers, not the noise, and DYOR before you make any call.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Large New Conductor Below High-Grade Copper Alotta Deposit 20 October 2025 $5.4M Secured to Accelerate Drilling at Belleterre Project 24 October 2025 Pivotal Metals Limited (ASX: PVT)  has released new Fixed-Loop Time Domain EM (FLTEM) results from the Midrim–Alotta area of the Belleterre-Angliers Greenstone Belt (BAGB)    Projects in Abitibi, Québec, Canada, ~85 km south of Rouyn-Noranda (Figure 1) . The work defines a substantial, untested conductive plate directly beneath the shallow, high-grade Alotta sulphide body , and indicates prior drilling was sub-optimal; a new NE-oriented drill strategy is now planned to test depth extensions and potential feeder pathways. In parallel, Pivotal has secured A$5.4 million  to fast-track drilling across its Belleterre copper–gold portfolio , with first rigs scheduled for December 2025 . The raise blends an Australian institutional placement  with a Canadian flow-through share (FTS) placement, positioning the Company to immediately advance the newly defined Alotta conductor and commence IP at Lorraine  ahead of drilling. Figure 1: Location of BAGB Projects (source: PVT) Highlights — 20 October 2025: Alotta Conductor, Down-Dip Targeting Large new conductor at Alotta  extends ~ 150 m down-plunge below known massive sulphides; modelling remains open to the east pending Q4 infill FLTEM over lake-covered ground (Figure 2).   Figure 2: Section view of Alotta showing high-grade mineralisation and interpreted FLTEM conductor extending strongly downplunge. (source: PVT) Orientation breakthrough:  optimal drilling is from the NE , contrasting with historical SW-oriented holes that largely ran parallel to the conductor plane  (i.e., effectively untested at depth) (Figure 3).   Figure 3: Long section of the looking north Alotta deposit, showing newly defined FLTEM conductor extending strongly to depth. Almost all drilling is parallel to conductor plane and does not test the anomaly. (source: PVT)   Shallow high grades already in hand:  e.g., 24.2 m @ 2.3% Cu, 1.2% Ni & 1.9 g/t 3PGE ; 15.7 m @ 3.1% Cu, 1.6% Ni & 2.9 g/t 3PGE ; and bonanza intervals up to 23.8% Cu  and ~21 g/t 3PGE  (sample-scale).   Pipeline of conductors  confirmed at Lac Long North and Lac Kirwan West , adding shallow bedrock targets consistent with Alotta-style magmatic sulphide settings.   Gold upside at Lorraine:  target development continues along a ~1.5 km corridor , anchored by historic underground channel sample 28 m @ 45 g/t Au  (plus 1 m @ 53 g/t Au in drilling); IP is planned in Q4.   Operating setting advantage:  world-class Abitibi infrastructure, low-cost hydropower, nearby mills/smelters, and potential toll-milling pathways for future high-grade discoveries.     Ivan Fairhall, Pivotal Managing Director , commented: “The previously discovered Alotta deposit hosts some of the most sensational magmatic sulphide mineralisation seen globally. This new conductor at Alotta potentially unlocks the feeder source of the deposit, because we now know prior drilling was incorrectly orientated. This represents a very exciting opportunity to substantially expand this high-grade deposit. This adds to our suite of conductors that significantly expand the exploration potential of the entire Midrim Project and supports the systematic application of modern geophysics across our wider Belleterre land package. These are high conviction targets for new discovery within a well established mineralised environment.” Alotta (Cu-Ni-Pge-Au) — Why This Conductor Changes the Targeting FLTEM defines a robust conductive plate anchored in the known massive sulphides  from surface to ~90 m depth, then continuing ~150 m down-plunge . The new plunge interpretation  means historic drilling (Figure 4) largely missed  the conductor. Only one historic hole (18-ZA-06) clipped the plate (7.9 m @ 1.1% Cu, 2.2% Ni , 1.9 g/t 3PGE). The conductor is open eastward  due to summer access constraints; infill FLTEM in Q4  will tighten the model and potentially widen  the shallow conductive zone. Figure 4: Plan view of Alotta deposit showing historic drilling and previously interpreted mineralised envelope and steeping dipping newly defined FLTEM conductor. (source: PVT) Key historical intercepts (context): 24.2 m @ 2.31% Cu, 1.23% Ni, 1.75 g/t 3PGE (approx.) from 53.1 m (18-ZA-04) 15.7 m @ 3.11% Cu, 1.64% Ni, 2.86 g/t 3PGE from 55.3 m (19-ZA-05) (Figure 5)   Figure 5: Spectacular 'bonanza grade' intersection of massive chalcopyrite-pyrrhotite mineralisation, 0.5m @ 22% Cu, 0.78% Ni, 11g/t Pd, 3.6 g/t Pt, 0.24 g/t Au from 55.3m (19-ZA-05). Forms part of 15.7m @ 3.1% Cu, 1.6% Ni, 2.2 g/t Pd, 0.6 g/t Pt, 0.25 g/t Au. Drilled by Chase Mining in 2019. (source: PVT) Multiple short-interval bonanza assays, including 0.4 m @ 23.8% Cu  and high-grade Pd/Pt spikes (Figure 6). Figure 6: 0.25m massive chalcopyrite sulphide mineralisation, within 0.4m assaying 23.8% Cu, 0.1% Ni, 4 g/t Pd, 1.5 g/t Pt, 0.1 g/t Au from 75.8m (20-ZA-01) (source: PVT) Regional Thesis — A Feeder-Style Plumbing System Within a 5 km corridor  (Midrim–Lac Croche–Delphi-Patry–Zullo–Alotta), high-grade magmatic sulphide occurrences point to a large mineralising event . The Company’s model now emphasises deep-seated feeders  that could localise multiple high-grade accumulations , with scale potential  at depth. Recent FLTEM has already expanded the footprint of bedrock anomalies  as far as Lac Long North  and east to Midrim East , broadening the effective area  to ~ 15 km x 8 km (Figure 7) .   Figure 7: Midrim project area showing widespread high grade mineral occurances and geophysical anomalism, and limited drilling outside of the historical target areas. (source: PVT)   Other Targets Advancing Lac Long North & Lac Kirwan West:  FLTEM over discrete VTEM anomalies confirmed shallow, weak-to-moderate conductors ; drill targets  generated.   Lorraine (Gold) (Figure 8):  Soil infill around a prior 1.09 g/t Au  anomaly did not  reproduce that outlier, but the broader IP survey  (Q4) will test extensions along the ~1.5 km  corridor from the historic 28 m @ 45 g/t Au  UG channel and 1 m @ 53 g/t Au  drill intercept. Figure 8: Lorraine Mine gold high-grade gold target (source: PVT)   Next Steps (Q4 program cues) Infill FLTEM at Alotta  over lake-limited eastern sector (Figure 9). Extend FLTEM  to additional Belleterre Cu-Ni-PGE occurrences (beneath/adjacent to known bodies). Test unresolved airborne EM anomalies  across the tenure for further sulphide accumulations. Run IP at Lorraine  to vector gold-bearing vein systems along strike. Prioritise plates for drilling  to evaluate strike/depth extensions of mineralisation.   Figure 9: Midrim FLTEM survey layouts, red stars denoting centre of delineated conductors. Note Alotta (top LHS) large area that was un-surveyed due to summer access constraints, and limits the eastern boundary of the conductor which remains open. (source: PVT) Project & Infrastructure Context (Why Québec Matters) (Figure 10) Belleterre sits 85 km south of Rouyn-Noranda  within the Abitibi , a premier, long-lived mining district with power, roads/rail, mills, workforce , and proximity to smelters  (e.g., Glencore’s Horne and Sudbury). Low-cost hydropower (~5.5 c/kWh)  and potential spare milling capacity  in the region provide strategic pathways to development  for high-grade discoveries.   Figure 10: Belleterre Projects location map in relation to nearby current and historic mining and milling operations. (source: PVT)   Highlights — 24 October 2025: Funding & Near-Term Workstreams A$5.4m total funding secured  — A$4.25m  via an institutional placement (firm commitments; scale-backs applied) plus ~A$1.1m through Canadian flow-through shares (FTS) . Drilling to commence in December 2025. Register & manager  — Powerhouse Ventures (ASX: PVL)  as Sole Lead Manager ; participation from Matthew Latimore  flagged (to become a substantial holder). Placement terms  — A$2.5m  at A$0.011 per share (≈ 16.9%  discount to 15-day VWAP), issued in two tranches  (T1 under LR 7.1A; T2 subject to mid-December shareholder approval ). Directors to subscribe A$90k  in T2. FTS leg  — C$2.62m (~A$2.89m)  at a premium  to the placement price; proceeds earmarked for eligible exploration. Secondary sale of FTS shares to Australian investors at A$0.011 noted; T1 settlement 3 Nov 2025 . Use of proceeds  — accelerate Belleterre programs: drill the Alotta down-dip EM conductor  and advance Lorraine with a Q4 IP survey  to refine first-pass drill targeting. Program context  — Belleterre spans ~160 km² with multiple Cu–Ni–PGE targets; corporate optionality maintained via Horden Lake (JORC 37 Mt @ 1.10% CuEq)  optimisation alongside Belleterre discovery work. Ivan Fairhall, Pivotal Managing Director , commented: “This is a transformational milestone for Pivotal, and a significant validation for our Quebéc project portfolio. Our Belleterre projects host exciting drill ready targets, which are associated with a regional scale high-grade mineralising system that remains vastly under-explored. The newly identified targets at Belleterre are of top priority for Pivotal, with drilling scheduled this quarter. “The strong demand and support from strategic, institutional and sophisticated investors, including leading Australian resources investor Matt Latimore, underscores confidence in the scale and quality of our Quebec projects. “With a fully funded exploration program ahead, we are now very well positioned to unlock the exciting exploration opportunities at Belleterre, and value of Horden Lake where we hold a recently enlarged shallow mineral resource estimate totalling 37mt @ 1.1% CuEq.” About Pivotal Metals In parallel, Pivotal is advancing its Horden Lake  Cu-Ni-PGE-Au project with a 2025 JORC MRE of 37 Mt @ 1.10% CuEq  (Indicated + Inferred) (Table 1) and ongoing metallurgical/engineering de-risking—providing corporate optionality  between near-resource growth and Belleterre discovery  upside. Table 1: Horden Lake 2025 Mineral Resource Estimate Statement (source: PVT) Samso Concluding Comments Alotta looks like it's about the geophysical story. The FLTEM plate sits right beneath shallow high-grade sulphides and was largely missed because historical holes tracked sub-parallel to the conductor. A NE-oriented program is the simple, testable fix. The broader Midrim–Alotta corridor continues to read like a feeder-style plumbing system. Multiple high-grade showings across a short distance suggest scale is possible, but until a few well-placed holes bite into the heart of that plate, EM remains a vector—not an outcome. Like real estate, the space of mineral exploration is largely reflected by location. Abitibi’s power, people, and processing options compress timelines if high grades carry at depth. In practical terms, strong intercepts here are more actionable than the same intercepts in a remote belt. The next important box to tick is the relationship with the capital market, and the latest raising is a great confidence boost to the company. Management is always bolder and more effective with cash in the bank. Figure 11: The share price chart for PVT as of 29th October 2025. (source: commsec) A market capitalisation of just AUD $20M is still a fair bet. If things line up for PVT, the whole high-grade Cu-Ni-Pge-Au narrative could be good timing. I can see now that there is a slowing down in the small end of the ASX, some let's hope narratives that are built on substance will take over the headlines for investors. What I’m watching next will be the infill FLTEM over the unsurveyed eastern margin at Alotta, the first NE-oriented fences into the plate, and whether sulphide thickness and metal tenor improve down-plunge. If the geometry call is right, the drill bit should answer quickly.   The Samso Way – Seek the Research Always cross-reference exploration claims with primary data tables, sections, and geophysics —and track how orientation changes  convert models into discoveries. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement ACW confirms eligibility for further $1.9m RDTI 20 October 2025  ACW achieves early screening closure for XanaMIA trial 20 October 2025 Actinogen Medical Limited (ASX: ACW)  released two important updates dated 20 October 2025 : (1) accelerated recruitment has enabled early closure of pTau screening  for the Phase 2b/3 XanaMIA Alzheimer’s trial; and (2) an Advance Overseas Finding (AOF)  approval confirms eligibility for a further RDTI rebate of ~$1.87m , taking the total FY25 RDTI to ~$7.36m  if the ATO amendment is favourably assessed. These are operational and funding milestones that speak to trial momentum and balance-sheet support as the program advances toward the January 2026 interim look and mid-Q4 2026 topline.   XanaMIA pTau Screening Closes Early (Operational Momentum) - A Solution for Alzheimer Patients. Highlight pTau screening closes to new participants on 31 October 2025  (brought forward from 30 November). Projected total enrolment ~240  (up from 220); 180 enrolled to date with ~60 more  expected by year-end. Topline final results reaffirmed for mid-Q4 2026 ; independent DMC interim analysis  for safety/futility slated late January 2026 . The added participants increase statistical power  for the primary endpoint ( CDR-SB ) in this 36-week, double-blind, placebo-controlled  study across Australia and the US . Overall, bringing pTau screening forward to 31 October 2025 signals strong site performance and patient flow, with enrolment now targeting ~240 (up from 220) — 180 already in , and ~60 more expected by year-end. This uplift enhances statistical power on the CDR-SB  primary endpoint in the 36-week, double-blind, placebo-controlled  study across Australia and the US , while key catalysts remain intact: an independent DMC interim  for safety/futility in late January 2026  and topline results in mid-Q4 2026 .     AOF Approval Supports Additional ~$1.87m RDTI (Funding Clarity) Highlight ACW received an Advance Overseas Finding certificate  covering eligible overseas R&D in FY25, enabling an ATO return amendment  for additional $1,874,143  RDTI rebate (subject to favourable assessment). Combined with the $5,489,600 RDTI announced 15 Oct 2025, total FY25 RDTI would be ~$7,363,743 . Management flags RDTI as an important ongoing funding source  as Alzheimer’s Phase 2b/3  milestones approach.   Trial Snapshot Design:  36-week, double-blind, placebo-controlled; primary endpoint CDR-SB ; biomarker-confirmed AD via pTau181 . Dose:   Xanamem® 10 mg once daily vs placebo. Geography:  Australia and the US. Extension:   XanaMIA-OLE  (open-label, up to 25 months) to start Q1 2026  for current/former participants. The Importance Execution signal:  Early screening closure and an uplift in projected enrolment point to site/patient engagement  and operational throughput —inputs that typically de-risk timelines.  Statistical power:  The ~9% increase  from 220 to ~240 enhances the power  to detect a treatment effect on CDR-SB.  Funding runway assist:  The AOF-enabled RDTI addition improves cash inflows linked to FY25 R&D , complementing capital management ahead of interim (Jan 2026)  and topline (mid-Q4 2026)  inflection points.   Near-Term Milestones to Watch 31 Oct 2025:  pTau screening closure. By end-2025:  Targeting full enrolment (~240). Late Jan 2026:   Independent DMC  interim (safety/efficacy futility). Mid-Q4 2026:   Topline  primary readout (CDR-SB). The Science in One Line Xanamem (emestedastat)  aims to reduce elevated brain cortisol  by inhibiting 11β-HSD1 , a mechanism ACW links to potential benefits in Alzheimer’s  and depression , with an overall promising safety  profile across ~400 participants to date. Figure 1: Xanamem - a small molecule tissue cortisol synthesis inhibitor (11β-HSD1 enzyme) (source: ACW) Clinical Trials The XanaMIA Phase 2b/3 Alzheimer’s disease trial  is a 36-week, double-blind, placebo-controlled trial in ~220 patients with mild–moderate Alzheimer’s, confirmed by elevated blood pTau181. Participants receive Xanamem® 10 mg once daily or placebo; progression is measured across endpoints, with CDR-SB as the primary. Sites are in Australia and the US, with full enrolment due by end-2025, an interim analysis in late Jan 2026, and topline results in mid-Q4 2026. Samso Concluding Comments The decision to bring pTau screening forward to 31 October 2025 reads as a signal. Sites are recruiting, processes are working, and the trial appears to be tracking to plan. In my experience, timelines tighten only when the operational engine is running smoothly. Lifting projected enrolment to ~240  (from 220) improves the study’s statistical footing on CDR-SB  without changing the core design. This is important because effect sizes in Alzheimer’s are often modest; a little more power can be the difference between noise and a decision-grade signal. On funding, the additional ~$1.87m  AOF-enabled RDTI (taking FY25 to ~$7.36m  if assessed as expected) is practical. It strengthens near-term cash inflows around the late-January 2026  DMC interim and the mid-Q4 2026  topline—precisely when options narrow and choices become consequential. The path from here is to complete enrolment, pass the interim gates, and deliver the primary readout. For investors, the discipline remains the same—calibrate expectations to the milestones, focus on the quality of data (not headlines), and DYOR . Figure 2: ACW share price chart as of 29th October 2025 (source: CommSec) In my opinion, the ACW story is only going to get bigger. Currently, it has a market capitalisation of AUD $104M which is healthy for something that is still at the "early" stage. If everything lines up, I am confident that the market will start to re-rate its business. The share price chart (Figure 2) is moving in the right direction and this is one of the few businesses in the ASX that potential investors should be doing a #SamsoDYOR. The Samso Way – Seek the Research Always read the source documents  and track specific milestone dates  and cash inflow mechanics  (e.g., RDTI processes) against your own risk framework. DYOR. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Burbanks Drilling Returning Spectacular Grades 6 October 2025 Horizon Minerals (ASX: HRZ) has reported fresh high-grade infill hits from the Burbanks Gold Project, ~9 km south of Coolgardie, adding weight to the historical high-grade pedigree (Figure 1). The early Phase 1 results delivered multiple high-grade intercepts within the existing resource envelope, including standout intercepts (e.g., 1.55 m @ 99.65 g/t Au), reinforcing geological continuity across Main Lode and Burbanks North ahead of development studies. Figure 1: Project location map (source: HRZ)   Highlights - The Gold Mining Hub Historical underground production at Burbanks: 324 koz @ 22.7 g/t Au , in addition to an existing JORC (2012) Mineral Resource of 6.1 Mt @ 2.4 g/t Au for 466 koz . Ongoing 30,000 m  program (Phase 1 infill ~15,000 m; Phase 2 extensional ~15,000 m). 18/45 Phase 1 holes completed ; assays returned for 15 holes. Stand-out Phase 1 infill intersections (downhole, not true width) include: ◽ 1.55 m @ 99.65 g/t Au from 336.3 m , incl. 0.37 m @ 350.00 g/t Au  (25HBBD004) ◽ 1.71 m @ 37.18 g/t Au from 71.0 m  (25HBBD004)    ◽ 4.00 m @ 12.75 g/t Au from 366.1 m , incl. 0.47 m @ 67.28 g/t Au  (25HBBD002)    ◽ 1.00 m @ 31.63 g/t Au from 106.0 m  (25HBBD005)    ◽ 1.00 m @ 19.84 g/t Au from 285.0 m  (25HBBD013) Visible gold  observed in multiple holes; infill drilling is improving resource continuity/confidence  toward Indicated classification to support Ore Reserve and development studies. Managing Director and CEO Mr Grant Haywood  commented, “These spectacular high-grade intersections from our infill diamond drilling program further demonstrate the exceptional quality of the orebody and underscores the potential of our Burbanks project. Confirming such strong results within our existing resource area provides real assurance in the project and demonstrates the opportunity to deliver improved resource confidence that will feed directly into development studies, ultimately providing valuable high-grade feed to our 100% owned Black Swan processing plant.” Project Overview Burbanks is hosted within the Burbanks Shear Zone across basalts with intercalated gabbro/dolerite and sediments. Gold occurs in laminated quartz veins with sulphides and an alteration assemblage including biotite and garnet; quartz-pyritic shears and garnetiferous diorite sills are also noted. Tenement M15/161  is fully granted and in good standing, with established local infrastructure (Figure 2). Figure 2: Burbanks Mining Centre showing the location of the completed holes in the current drill program (source: HRZ) Drill Program — What’s Been Done Phase 1 (Infill ~15,000 m)  targets Main Lode and adjacent lodes (Birthday Gift, Burbanks North) to improve continuity and upgrade resources from Inferred to Indicated—supporting Ore Reserve conversion and mine planning. As of this update, 18/45 holes are complete, with assays for 15 holes published and multiple intercepts >20 g/t Au reported.   Visible gold in quartz at 357.56 m (25HBBD004) within 0.4 m @ 7.43 g/t Au from 357.4 m (Figure 3) —image is illustrative and not representative of grade/metal content.     Figure 3: Visible gold in quartz at 357.56 m (25HBBD004) (source: HRZ) Burbanks North — Continuity Strengthened Infill drilling has confirmed lode position/grade , extended high-grade trends west , and infilled along MRE margins . Continuity has been demonstrated northward  and in the corridor between Burbanks North and Main Lode (Figure 4).   Figure 4: Long section (SW–NE) showing Main Lode & Burbanks North, MRE categories and >1.0 g/t pierce points  (source: HRZ) Main Lode Figure 5 presents a local-grid cross-section (±10 m of the section line) featuring hole 25HBBD004  in context with nearby historical drilling. All >1.0 g/t Au  downhole intersections are displayed, illustrating where mineralisation has been pierced across the section and aiding correlation of lodes between old and new drilling. Note: intervals are reported as downhole lengths; true widths are not yet known .     Figure 5: Cross-section (±10 m) for 25HBBD004 with >1 g/t pierce points  (source: HRZ) Hole 25HBBD008  intersected mineralisation ~70 m beneath historical workings , extending the trend to ~300 m below surface  (Figure 6) and improving confidence in the geological model. Further drilling is planned along this gap between existing pierce points spaced ~100 m to north and south. Figure 6: Schematic cross-section (±20 m) with >1 g/t intercepts in 25HBBD008 (source: HRZ)   Mineral Resource Context Burbanks Mineral Resources (cut-off 0.5 g/t Au for OP, 2.5/2.0 g/t Au for UG) (Table 3): OP Total:  4.86 Mt @ 1.90 g/t Au for 297.7 koz UG Total:  1.19 Mt @ 4.38 g/t Au for 167.9 koz Combined:   6.05 Mt @ 2.39 g/t Au for 465.6 koz  (rounding applied). The Company confirms no material changes since the 1 Aug 2024 Group MRE update.       Table 3. Horizon Minerals Limited – Burbanks Gold Mineral Resources (source: HRZ)     Next Steps Second diamond rig mobilised  to accelerate Phase 1; program scheduled to complete by December 2025 . Remaining Phase 1 assays expected by end March 2026 ; Updated MRE targeted for June 2026 , followed by Ore Reserve studies. Phase 2 (extensional ~15,000 m)  planned to commence early 2026  to grow the resource base.       Samso Concluding Comments When I first caught onto the Horizon Minerals story, I was intrigued by the strategy and the intend of how the company is moving forward. What I saw was a company that should be worth a lot more in terms of market capitalisation with the surging gold price. The valuation of gold companies on the ASX was starting to run upwards, and many had already bolted out of the gate in valuation, but I was wondering why Horizon was still very modest. Coffee with Samso: Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX: HRZ). In our discussion on the Coffee with Sasmo, Grant started to lay out the foundations for the Samso platform, and I have been a keen admirer of the story since that time. It is also great to see that the rising share price for the company since that time. Figure 7: The share price chart for Horizon Minerals Limited (source: Commsec). For me, this is a great confirmation of the strategy, and as Grant mentioned in the Coffee with Samso, the Burbanks story is an integral part of the Horizon story. One of the things I learnt over the years is that good geology that has delivered will always keep delivering, and Burbanks is what good systems do: deliver high grade where you already have ounces and show you there’s more beneath the old workings. Have a watch of Grant Haywood talking about the Burbanks project in the recent Coffee with Samso that he did in August 2025. The early Phase 1 holes have tightened geological continuity across Main Lode and Burbanks North and, importantly, tagged deeper mineralisation below historical stopes. That combination—grade plus continuity inside the current envelope with indications of depth potential—supports the core aim here: upgrade classification and de-risk mine design rather than chase step-outs for headlines. For investors, the remaining Phase 1 assay batches will hopefully continue to grow. After that, Phase 2 step-outs become the growth lever. If the team continues to turn high-grade pierce points into coherent, mineable blocks, the market will have a much easier time pricing Burbanks as a developing asset rather than a historical curiosity. From a global view, one would be brave to call a drastic fall in the gold price. I do see a correction, but as the new world order is being shifted and being restored at the same time, I think the uncertainty will keep the shiny metal in demand. If you throw in the talk about balancing the capital market within the East vs. West scenario, gold will no doubt be in play. The Samso Way – Seek the Research Always anchor your view in the understanding of the facts. Always do that extra step and ask that question.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Collaboration expanded to advance Endometriosis blood test Proteomics International Limited (ASX: PIQ)  has expanded its research agreement with the University of Melbourne and the Royal Women’s Hospital (RWH), a leading centre for endometriosis research. The partnership has two clear streams: (1) additional clinical validation for Promarker®Endo—PIQ’s first-in-class blood test for diagnosing endometriosis, and (2) discovery work toward a tissue-specific, next-generation test using peritoneal fluid to improve disease localisation. The initiative targets a large unmet need, with endometriosis affecting ~1 in 9 women and girls and an average diagnostic delay of ~7 years. Promarker®Endo is slated for Australian launch in H2 CY25. About the Business of Proteomics International Limited Focus:  Protein-based diagnostics (proteomics). PIQ develops and commercialises blood tests that detect disease risk early. Flagship product Promarker®D  predicts diabetic kidney disease risk years before symptoms. Pipeline includes Promarker®Endo  (endometriosis) and Promarker®Eso  (esophageal adenocarcinoma); the group also earns services revenue from analytical/contract work. Go-to-market (PromarkerD):  Launched in Australia (Mar 2025) and progressing US entry via CLIA lab/LDT route while pursuing FDA clearance; Medicare (CMS) reimbursement pricing is in place in the US. Recent product step-ups:  Next-gen PromarkerD test system released (June 2025); data shows it outperforms conventional tests at predicting kidney decline. Scale/readiness:  FY25 annual report frames 2025 as an inflection toward commercialisation; US launch activity highlighted at major diabetes conference (June 2025). Highlights - Validation of the Promarker®Endo—PIQ’s first-in-class blood test for diagnosing endometriosis Collaboration expanded  with University of Melbourne & RWH to strengthen clinical evidence for Promarker®Endo and to pursue a next-generation, tissue-specific  endometriosis test.  Promarker®Endo : first-in-class blood test validated to diagnose endometriosis—including early-stage disease— targeting Australian launch in H2 CY25 .  ~300 additional patient samples  with rigorous clinical data will be provided to further validate  Promarker®Endo and support broader clinical adoption.  Discovery pathway : analysis of peritoneal fluid —in direct contact with lesions—to identify biomarkers that may refine disease location categorisation , potentially beyond what blood alone can reveal.  Major health burden : endometriosis affects ~1 in 9  women/girls; average time to diagnosis ~7 years ; annual cost in Australia estimated at A$9.7bn —underlining the value of a non-invasive diagnostic.  Commercial framework : PIQ granted an exclusive licence  to commercialise any new IP (jointly owned), with rights to assignment on milestones ; an initial 10-year term , renewal option for another 10 years  or the life of any new patent ; royalties to partners on additional products under the project.     The collaboration Two-part program: Clinical validation at scale:  Incorporates ~300 well-annotated patient samples to strengthen diagnostic performance data and support medical community adoption . Tissue-specific discovery:  Investigates peritoneal fluid as a richer biomarker source for localising disease (e.g., ovarian, peritoneal, bowel, lung involvement), aiming at a next-generation test that could complement Promarker®Endo.   Why it matters? (Figure 1) Diagnostic access & speed:  Current “gold-standard” laparoscopy contributes to long delays. A simple blood test  can triage earlier, guide referrals, and reduce time to treatment. Precision in a complex disease:  Endometriosis has multiple sub-types and sites. A tissue-specific  tool could improve disease characterisation , management planning, and monitoring. Health economics:  With an estimated A$9.7bn annual burden  in Australia, earlier non-invasive diagnosis may improve productivity and reduce system costs. Figure 1: Target Population for Endo (source: PIQ) Endometriosis is a chronic and often debilitating condition affecting one in nine women and girls of reproductive age worldwide. Endometriosis can cause symptoms such as pelvic pain, painful periods, and infertility. Promarker®Endo is a blood test for the early diagnosis of endometriosis, with existing studies on over 900 individuals showing the test has high diagnostic accuracy.   Leadership commentary Proteomics International Managing Director Dr. Richard Lipscombe  commented: “This is an important collaboration as we bring PromarkerEndo to market in the coming months. Endometriosis is a complicated disease which affects millions of women and girls globally, and it is essential that our results are validated in multiple studies to add to the body of data on the test's accuracy. Precision medicine necessitates that we aim to give precise diagnoses to patients, and this expanded collaboration also offers us a rare opportunity to build a next-generation test that provides distinct information on the location of the disease within the body, something not thought possible via a blood test until now.” Professor Peter Rogers, endometriosis researcher and Research Director at the Royal Women’s Hospital,  commented:  "A simple, reliable blood test that can detect early-stage endometriosis could transform how we manage this condition. PromarkerEndo has the potential to reduce diagnostic delays and support timely intervention. This collaboration unites deep clinical insight and cutting-edge proteomics technology to address one of the most critical unmet needs in women's health. By combining carefully curated patient information with matched tissue and blood samples, we are enhancing the robustness of biomarker validation. Most exciting is the potential to advance towards a universal blood test that not only diagnoses endometriosis but can also categorise its location in the body."   About the Assets Promarker®Endo:  Blood-based proteomic panel designed to support early and accurate diagnosis of endometriosis; validated in studies covering >900 individuals ; Australian launch planned H2 CY25 . Institutional partners:  University of Melbourne & RWH bring clinical depth  and women’s health leadership  to accelerate validation and discovery.   Near-term Milestones to Watch Read-outs from the ~300-sample validation program. Product-readiness  activities ahead of H2 CY25 launch in Australia (regulatory, clinical engagement, market education). Early signals from peritoneal-fluid biomarker  discovery—scope, feasibility, and development pathway for a tissue-specific test.   How Samso Understand the Investment Memo for Proteomics Thesis:  If PromarkerD adoption accelerates (Australia + US LDTs first, FDA to follow), recurring test revenue can start to dominate PIQ’s mix and de-risk the pipeline. What they sell:  Lab-developed and kit-based blood tests built on proprietary biomarker panels (Promarker® platform); plus fee-for-service proteomics. Market:  Type 2 diabetes patients at risk of DKD (large, growing cohort); early prediction can change therapy earlier and lower costs—key for payer uptake (supported by US CMS pricing). Samso Concluding Comments There is a kind of similarity to developing early stage mineral exploration projects in the journey of PIQ as it is trying to create more evidence while opening a pathway to a second act in women’s health diagnostics. Sometimes, the timing for success is often forgotten as more successful projects are being highlighted in the ASX. There has been a steady flow of ASX releases since our first coverage of PIQ which started on June 6th 2025 ( A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis. ) and it is good to see that the market is now digesting its path (Figure 2). With a market capitalisation of just under AUD $53M, we think that there is substance in this story. Figure 2: The PIQ share price chart as of 4th November 2025. There is a certain feel of DeJa vu for the shareholders as the market is not championing the business model and almost reverting to its share price levels in 2020. (source: commsec) The expanded collaboration in this announcement does create some confidence for the Promarker®Endo’s clinical case with ~300 additional, well-annotated samples, which is what clinicians and payers will want to see. As the story develops, the near-term value would most likely lie in reducing the time to diagnosis with a non-invasive blood test. This will create the strategic upside as a tissue-specific tool that could help characterise where disease sits—an angle that may sharpen treatment planning beyond simple case finding. Commercially, the licence settings look practical—exclusive rights over jointly developed IP, milestone-linked assignment options, and a 10-year term with renewal—all standard levers that support productisation if the science holds. As always, the proof will be in the validation data, and how everything progress towards the H2 CY25 Australian launch, and early feasibility signals from the peritoneal-fluid discovery stream. As always, DYOR. The Samso Way – Seek the Research Read the primary documents, check the data, and build your own conviction— DYOR . Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Outstanding High-Grade Niobium Intersections Expand Green 6 October 2025 Encounter Resources Limited (ASX: ENR) ’s latest Aileron results sharpen the focus on Green Prospect (Figure 1) as the emerging high-grade core of this West Arunta carbonatite system. A standout 85m @ 3.1% Nb₂O₅ within a thicker 124m envelope materially upgrades grade continuity inside—and beyond—the current resource shell. With Green East assays due in early November and AC drilling stepping into the Joyce–Green corridor, the near-term data flow is set to test both scale and grade growth while metallurgical sampling advances development studies. Figure 1: Green Prospect – AEM LEI DS55 showing arcuate conductive feature, weathered carbonatite outline, and MRE. (source: ENR)     Key Highlights - Establishing the World Class Niobium Carbonatite Province Best intercepts to date at Green: ⚬ 85m @ 3.1% Nb₂O₅  from 48m, within 124m @ 2.4% Nb₂O₅ from 45m (EAL961B) ⚬ 26m @ 3.4% Nb₂O₅  from 78m, within 112m @ 1.5% Nb₂O₅ from 56m to EOH (EAL947A) ⚬ 11m @ 5.5% Nb₂O₅  from 74m, within 59m @ 1.8% Nb₂O₅ from 73m to EOH (EAL948). High-grade growth outside the initial MRE:  extends beyond Green’s 12.1 Mt @ 1.63% Nb₂O₅ & 0.55% TREO  and strengthens scale/continuity. Green East advancing:  first assays from the ~ 1.5 km  eastern extension due early Nov 2025 ; resource definition drilling underway. Joyce footprint extended:  2m @ 3.2% Nb₂O₅  from 122m (within 42m @ 0.6% to EOH) highlights system openness; follow-up AC drilling planned at Joyce and the Green deposit, Oct–Nov 2025 . Steady news flow:  two rigs (AC + diamond) operating at Aileron with assays expected every 2–4 weeks  through 2025.   Executive Chairman, Will Robinson , commented: "Broad spaced exploration drilling in 2024 outlined the initial MRE at Green. As expected, closerspaced drilling is enhancing and expanding the higher-grade core of this large niobium-REE system. We’re now seeing exceptional grades and thickness at Green, including 85m at 3.1% Nb₂O₅ from 48m (EAL961B) and 11m at 5.5% Nb₂O₅ from 74m (EAL948) – the strongest results recorded so far. These results clearly demonstrate further grade enrichment as drilling density increases to support ongoing development studies. In September 2025, we confirmed the Green carbonatite complex extends a further 1.5km to the east. With resource definition drilling already underway, we’re rapidly building momentum and confidence in the scale and quality of this globally significant niobium system.” Project Snapshot & Resource Context Aileron initial Inferred MRE (May 2025):   19.2 Mt @ 1.74% Nb₂O₅ (>1.0% cut-off) across Green, Emily, and Crean ; Green is the largest at 12.1 Mt @ 1.63% Nb₂O₅  (>1.0% cut-off). Reporting of subsets above 0.25% cut-off is also provided in the tables/notes. Mineralisation is carbonatite-related , with oxide-enrichment developed from weathering/deflationary processes; intrusions are localised along structures, including the Weddell Fault .   What’s New on the Ground (Green) (Figure 2) Resource definition (infill) drilling  within the Central zone has enhanced grade and thickness , including the step-change result from the redrill/extension of EAL961 (now EAL961B ) delivering 85m @ 3.1% Nb₂O₅  (within 124m @ 2.4% from 45m). Additional high-grade hits: EAL947A and EAL948  as listed above.   Figure 2: Green Prospect 439200E - RC drilling cross section A – A’. (source: ENR)   Joyce Update (Figure 3) Broad-spaced AC lines (800m) have extended the mineralised footprint  at Joyce; the system remains open . Western section drilling returned 2m @ 3.2% Nb₂O₅ from 122m  within 42m @ 0.6% to EOH (EAL1013A). The ~3 km corridor  between western Joyce and Green is now a priority  for follow-up AC drilling in Oct–Nov 2025 . Figure 3: Joyce and Green prospects (Magnetics TMI transparency over 1vd). (source: ENR)   Forward Plan & Operations Green East assays  expected early Nov 2025 ; resource definition drilling  has commenced there to support potential inclusion in an updated MRE . Diamond rig  collecting metallurgical samples  (oxide + fresh) at Green for development studies. A second AC rig  mobilising to test regional targets, including the Green–Joyce corridor .  Sampling/QAQC, methods & Competent Person:  ALS ME-MS81hD  + ME-ICP06 , over-limit ME-XRF30 ; standard CRMs/blanks, field duplicates; Competent Person statement included in the release.   Samso Concluding Comments The Encounter Carbonatite story is now starting to create waves of interest as its Green prospect looks like it’s maturing fast. The drilling is showing thicker, higher-grade runs in the same neighbourhood; that’s usually the system telling you there’s a coherent core developing. The point now isn’t just that there are great individual meters—it’s that those meters are appearing in the right structural context and beginning to cluster. This is now a Provincial Mineral System at play. Near-term, Green East is the key. If the assays are similar to those of the central zone, the resource conversations shift from “good start” to “high-grade nucleus plus satellites.” That’s the kind of transition that can move the dial on development optionality and economics, especially if metallurgy continues to behave. What that means is that shareholders are going to /be very happy, and Figure 4 proves that the market is responding. I think that the rise is just happening, as this ASX release does indicate that the Tier-1 Provincial Mineral System is going to make ENR the envy of ASX mineral companies. Figure 4: The Encounter Resources share price chart as of 24th October 2025. (source: CommSec) The Joyce prospect could turn this from a single-core story into a corridor play. The space between Joyce and Green will either connect or it won’t—but the work program is set up to answer that cleanly. In my experience, good drilling results will convert the geophysical ideas into real targets without losing time or money. For investors, the watchlist is simple: cadence and quality of assays, coupled with good luck, will turn ENR into my thoughts on the fortunes of the Company's path. If these points line up, the ingredients for a bigger, cleaner narrative will be established.   The Samso Way – Seek the Research Read the full ASX release and the answers will make the 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. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to, your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation 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.

Announcement AR9 Secures Additional U.S. DoD Contract 17 October 2025 archTIS Limited (ASX: AR9) has announced a second U.S. Department of Defense–related contract, this time to deliver customised development work on its NC Protect product for the Microsoft DoD365  environment via federal contractor Copper River Technologies . While modest in dollar terms, management frames this engagement as a bridge  that advances enterprise-grade rollout and positions the company for a larger licensing outcome already flagged earlier in the year.   Highlights - DoD Narrative Second U.S. DoD-related engagement:  archTIS to provide services to Copper River Technologies  on behalf of the U.S. DoD.  Scope:  Build new NC Protect features requested by the DoD for deeper integration  with Microsoft DoD365 and existing Defense classification tools in a highly classified environment.  Value & timeline:   A$250,000  services contract with work to be completed by 16 January 2026 ; standard termination for cause or convenience applies.  Strategic role:  Serves as an operational bridge  between initial license issuance and a broader enterprise award, enabling continuous collaboration and product enhancement.  Scale potential:  Positions archTIS for multi-phase adoption,  anticipated to grow from thousands  to potentially hundreds of thousands of users  over time.  Link to prior milestone:  Management references the 16 June 2025  ASX announcement about progressing a large licensing deal with the U.S. DoD.     Company Snapshot archTIS provides data-centric security  for the secure collaboration of sensitive information across cloud, on-prem, and hybrid environments, featuring policy-enforced zero trust  and attribute-based access controls (ABAC) . The product suite includes Trusted Data Integration, Kojensi, NC Protect, and Spirion .   archTIS Managing Director & CEO, Mr Daniel Lai , commented: “Securing this contract to support new features and deployment services into the U.S. Department of Defense demonstrates clear customer validation and investment into NC Protect and its readiness in mission-critical environments. This added milestone provides confidence as we accelerate our U.S. expansion off the back of the Spirion acquisition and reinforces archTIS’ ability to scale and deliver differentiated high-value data-centric security products and solutions. The US DOD has access to every technology in the world, and they are investing in archTIS, that’s a good sign.”   What the contract actually does This engagement funds feature development  and deeper integrations  that the DoD has specifically requested to support enterprise rollout  in the DoD365 stack. In practical terms, it keeps the vendor–agency engineering loop  active, aligns NC Protect with mission-specific requirements , and reduces technical risk ahead of a larger, multi-phase licensing push.   The Business Model Validation in a hard market:  The DoD is a rigorous buyer; continued engagement signals fit for purpose  in classified settings—credibility that can translate to other defence and regulated markets.   Commercial pathway:  Although A$250k  is not needle-moving on revenue alone, it is a strategic step  designed to de-risk and accelerate  the path to a broader enterprise license flagged in June.   Product flywheel:  Funded feature work typically becomes reusable IP , strengthening NC Protect’s value proposition beyond a single program.     Key dates & terms Contract value:  A$250,000 (services). Delivery deadline:   16 January 2026 . Termination:  Either party may terminate for cause or convenience with written notice. Channel:  Procured and managed via Copper River Technologies  (U.S. federal contract holder and archTIS reseller).   Samso Concluding Comments This is a small contract that is more about strategy than the monetary value. The DoD doesn’t fund nice-to-haves, so it signals that NC Protect is solving a real problem in a highly constrained environment, which is why it matters more than the headline dollars. The engagement also keeps the engineering loop tight. When the end-user is specifying functionality and the vendor is shipping to that brief, the product tends to harden quickly and become “the way things are done.” A way that graduate from pilot to enterprise standard. What I’ll watch from here is the delivery discipline, evidence of broadened scope, and any step-ups in user counts. If those land in sequence, the bridge from services to licensing becomes a conveyor belt rather than a leap of faith. What it means is that this is a credible progress. It won’t move the revenue needle today, but it can reduce risk on tomorrow’s opportunity. As always—DYOR, track execution, and let milestones rather than narratives guide conviction.     The Samso Way – Seek the Research Do the work, read the source, track the milestones, and let facts—not narratives—shape conviction. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Medibank Expands Funding Agreement to Support Eligible Patients at Emyria’s Brisbane Clinic 15 October 2025 Company Presentation for Sharewise Webinar 15 October 2025 Medibank Private has expanded its multi-year funding agreement with Emyria Limited (ASX: EMD)  to support screened and eligible customers accessing Empax programs for Treatment-Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD) at Avive Clinic Brisbane (Figure 1). Clinic fit-out and regulatory preparations are underway, with treatment commencement targeted for Q4 CY2025. This marks Emyria’s first insurer-backed program on Australia’s east coast and advances the Company’s national growth strategy.  Figure 1: Avive Clinic (QLD) (source: EMD)   Emyria Executive Chairman, Greg Hutchinson , commented: “We’re pleased to extend our agreement with Medibank and bring our insurer-funded Empax programs to Queensland. This represents an important step forward for patients, clinicians, and the broader health system. Our goal has always been to make world-class, evidence-based mental health care accessible to every Australian who needs it. By integrating insurer funding into high-quality hospital programs, we’re significantly reducing financial barriers that have historically limited access to comprehensive trauma and mood disorder treatments. With funded programs now operating across two states, Emyria is demonstrating that our data-driven model of care can scale nationally. This expansion will enable more Australians to access effective treatment for complex mental health conditions while contributing valuable data to help modernise and strengthen Australia’s healthcare system.” Highlights - A Mental Health Solution (Figure 2) Funding now covers Brisbane (first east-coast site):  Eligible Medibank customers admitted to Avive Clinic Brisbane can access Empax’s psychiatrist-led programs for TRD and PTSD under a 24-month agreement (standard 90-day termination clause). Treatments are hospital-delivered, insurer-backed, and designed to reduce out-of-pocket barriers. Go-live targeted for Q4 CY2025.    Program scale and depth:  Similar courses of care delivered by Emyria are typically valued between A$20,000–A$30,000 per patient, reflecting structured, multidisciplinary care delivered in licensed hospital settings.  Proven clinical model with durable outcomes:  In Emyria’s real-world PTSD program, >60%  of patients no longer met diagnostic criteria at follow-up, ~80%  achieved clinically significant improvement, and the program recorded 0% drop-out —comparable to Phase 3 benchmarks out to 6 months. A work-related PTSD cohort recorded a 10/10 return-to-work  rate at 6 months.  Market opportunity:  Addressable segments include adults with difficult-to-treat PTSD  (~585k SAM; indicative ~A$33k per treatment) and TRD  (~411k SAM; indicative ~A$22k  per treatment). Early target cohorts span privately insured patients, veterans, and workers’ compensation pathways.  Operational moat taking shape:  Emyria reports progress across insurer funding, hospital partners, fit-for-purpose facilities, authorised prescribers, trained therapists, and secure drug supply—key delivery barriers that support scaling.  National growth track:  Perth programs are active and Brisbane is being established; the rollout plan anticipates capacity expansion (beds and dosing days per week) and additional east-coast sites under consideration.  Figure 2: Emyria at a glance (source: EMD)     What’s new on the ground (Brisbane) Scope:  Medibank funding now applies at Avive Clinic Brisbane  for eligible TRD and PTSD patients under the Empax model.  Timing:  Fit-out and regulatory prep underway; treatments expected before year-end (Q4 CY2025) .  Significance:  Validates the scalability of Empax across multiple hospital partners and jurisdictions using insurer-backed frameworks. Clinical Model (Figure 3) Empax combines hospital-based dosing with ~90 hours of supervised psychotherapy per PTSD course (delivered across screening, multi-day dosing cycles, and structured follow-up). Emyria reports a per-cycle cost framework (~A$10,000 per cycle; PTSD typically three cycles) and shows case-study trajectory improvements on PCL-5 beyond 6 months. Figure 3: Treatment model flow (source: EMD) Demand context (PTSD & TRD) PTSD:  ~1.5m adults; ~585k estimated serviceable for MDMA-AT; indicative ~A$33k  per full course (3 cycles). Early targets: privately insured patients, veterans, and workers’ compensation. Figure 4: Treatment model flow (source: EMD)   TRD:  ~1.1m adults with major depression; ~411k estimated serviceable for psilocybin-AT; indicative ~A$22k per full course (2 cycles). Figure 5: Treatment model flow (source: EMD)   System spend:  Large payors (private insurers, DVA, workers’ comp) collectively outlay significant sums annually on mental-health-related care, highlighting the need for scalable, evidence-based models.   Operations & Rollout Moat:  Third-party funding, licensed hospital environments, authorised prescribers, trained therapists, secure drug supply. Figure 6: Operational Moat (source: EMD) Capacity build:  Perth clinic expansion (beds × days/week), Brisbane beds in preparation; additional east-coast partners being assessed.  Milestones:  Expanded funded programs to include Depression treatment ; revenues from private-health funding have commenced.   Governance & Team Emyria’s board includes clinical-services leadership, biopharma development, health-IT strategy, and payer/policy expertise, aligning with its hospital-integrated, insurer-backed care model.   Samso Concluding Comments Emyria’s Brisbane expansion under the Medibank agreement is a good next step in translating insurer-backed, hospital-delivered mental health programs beyond WA. The value proposition is the funded access pathways, a structured clinical model with reported real-world outcomes, and a national footprint that is now forming east-coast-first. The near-term catalyst is execution—clinic readiness and commencement in Q4 CY2025 —followed by utilisation ramp and additional site partners. Figure 6: The EMD share prices chart as of 27th October 2025 (source: commsec) From an investing point of view, EMD is looking promising, and the market is looking to be supporting the path forward (Figure 6). The theory is straightforward: a payer-validated model expanding into a second state, with near-term delivery milestones and a national rollout thesis to test. Keep an eye on this story as it's only an AUD $40M market capitalisation company. Success in this area will no doubt be worth a lot more. The Samso Way – Seek the Research Read the source document, verify every figure, cross-check context, and make your own call—DYOR.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Coffee with Samso | Episode 211 | UWA Club, Crawley, Western Australia. Guest: Darren Cooke – CEO, FireFly Metals Ltd (ASX: FFM) Introduction In this episode of Coffee with Samso , we continue our Exploration Discovery Series with one of the most fascinating stories from Western Australia’s goldfields — the Pegasus gold discovery . This story is unique. It is not a greenfields success; rather, it was hiding in plain sight. The discovery was made within the Swiss cheese of decades of drilling in the Kundana gold camp. In 2014, Pegasus was recognized as one of the most significant discoveries of the decade. At the time of its unveiling, the project hosted a resource of 2.1 million tonnes at 11.4 g/t Au , containing approximately 763,000 ounces of gold. Northern Star Resources (ASX: NST) later proved what Bill Beament claimed — that this would be a million-ounce deposit just 350 meters from their Rubicon mine. To unpack this milestone discovery, I spoke with Darren Cooke , the CEO of FireFly Metals Limited (ASX: FFM) and the former geology and long-term planning manager for Barrick at Kundana. He later worked with Northern Star Resources Limited (ASX: NST) during the Pegasus discovery years. This conversation is not just a walk down memory lane. It is a technical, strategic, and cultural deep dive into how great discoveries can be made in places everyone thinks they already know . Setting the Scene – Kundana in the 2000s - The Pegasus Gold Discovery The Kundana Province is well-known for its gold. By the early 2000s, it was already a 10Moz gold camp . The ground around Pegasus was peppered with drill holes — hundreds of them — yet the discovery remained elusive. In 2005, Placer Dome drilled the first hole into what would later become Pegasus. However, they walked away because it did not meet their discovery parameters. Fast-forward to 2011–2012 , a new team at Barrick re-examined the data. What followed was not a stroke of luck but a combination of fresh geological thinking , technical persistence, and the right mindset to challenge old assumptions. “It wasn’t that Pegasus wasn’t drilled. It was that no one had looked at the data differently. We just saw what others missed.” — Darren Cooke Unlocking the Historical Dataset (2011–2012) When Darren stepped into the Barrick geology and planning role, the first thing the team did was dig through the database — not for something new, but for something overlooked. 100+ drill holes were already in the area. Most were shallow and targeted under a subvertical plunge model . Hits were dismissed because follow-up holes below were barren. No one questioned whether the plunge direction was wrong . Darren’s team challenged the model. By recognizing a double-plunging shoot orientation, they unlocked a structure that others had effectively drilled around. “It was a classic case of model bias. Everyone was fitting data to the model rather than re-examining the model itself.” The Turning Point – Geological Insight Meets Practical Pressure Pegasus was not just a technical story. It was also about operational necessity . The Barrick Kundana team was running out of ore . The long-term planning and geology groups collaborated closely to rethink their targeting strategy. This internal pressure drove them to rework the historical data. The double plunge model that emerged: Explained the original hit and subsequent misses. Predicted mineralization at depth offset from previous holes . Led to rapid resource definition once drilling resumed. The result: a million-ounce gold system hiding between existing infrastructure and old drill collars. “Well Drilled” Does Not Mean “Well Explored” One of the most powerful takeaways from this conversation is the difference between density of drilling and quality of exploration . “Well drilled doesn’t mean well explored. You can have a pin cushion of holes and still miss the prize.” This statement resonates across WA discoveries: Hemi sat beside 1.4Moz of known gold. Never Never was hidden in existing data. Pegasus was 350m from Rubicon and hiding in plain sight. Brownfields areas are full of opportunity , but only for those willing to break models and reframe the geological story. From Discovery to Development – The Northern Star Effect In 2014, Barrick sold the Kundana assets to Northern Star Resources for $75 million . Barrick described the assets as “high-cost, short-life.” Northern Star saw the opposite: long-life, company-making assets. The cultural difference was stark: Within weeks, Northern Star doubled drill rigs at Pegasus. Approved an underground decline for drilling access. Backed the geological team to prove the model quickly. “Every mine has its right size owner. For Barrick, Pegasus was peripheral. For Northern Star, it was core.” The entrepreneurial mining mindset turned geological opportunity into economic reality. Brownfields Discovery – A Playbook for the Future The Pegasus story mirrors many of WA’s recent major discoveries. It shows: Brownfields is fertile ground — geology doesn’t stop at mine fences. Challenging geological dogma can change everything. The right owner and investment are crucial in turning potential into production. Every mineral system is bigger than one orebody . “Once you’ve found one part of the system, you know there’s more hanging around. Pegasus unlocked the belt. That thinking helped lead to Millennium and more.” Lessons for a New Generation of Geologists Darren’s advice to young geologists is simple: Don’t stay in the Perth office — get into the field . Don’t accept geological interpretations as fact — interrogate them . Talk to other geos — learn different ways of seeing things . Be persistent — chew harder when the work gets tough. “Discoveries like Pegasus don’t come from staring at a computer. They come from challenging assumptions, collaborating across disciplines, and getting your boots dirty.” Samso Concluding Comments The Pegasus discovery is one of those stories that will be told for decades — not because it was lucky, but because it exemplifies what happens when good geology meets the right mindset . It serves as a reminder that a deposit missed is not a deposit lost , and that WA’s brownfields have plenty more to give to those willing to think differently . Northern Star’s success with Pegasus was built on a strong interpretation of sound geological ideas , supported by bold corporate action . This is the essence of Australian gold exploration history — and the kind of story Samso strives to document. So, as is the Samso phrase, grab your favourite beverage and sit back for the return of the Exploration Discovery Series. Chapters 00:00 Start 02:39 Introduction 04:03 Introduction to Darren Cooke. 04:54 The early days of the Discovery - Pre 2011 07:11 The Unlocking of the Historical Dataset - 2011 to 2012 08:32 The Duration of the Work to “work” the data. 09:45 What was the structural concept? 10:47 Was the narrow mineralisation of Kundana the key to thinking differently? 11:58 With hindsight, was Pegasus easy to define/discover? 12:38 The double plunging mineralisation is the thinking that helped other discoveries? 13:48 Well Drilled Does Not Mean Well Explored - Quality of Data 14:46 Time is required to understand historical data 15:42 Geological Models are only a good guide. 16:35 How much confidence did Management know about the Pegasus potential? 18:20 The Northern Star “Thinking”. 19:40 Was there a Sliding Door moment that would have meant Pegasus would not be discovered? 21:52 Was Anton Billis a good JV partner? 22:48 Was the purchase price of AUD $75M cheap? 24:02 Was there something that could have made Pegasus not a discussion? 25:29 Is there more discoveries left to discover from “Brownfield” projects? 26:47 Is there another Pegasus still out there like a Never Never? 27:53 A different view to a Brownfield project? 29:18 Brownfield projects should be more about a Brownfield new discovery not a reintroduction of the old concepts. 31:45 A Mineral System Is Always More Than One Success. 32:06 The FireFly Story. 33:34 Is Northern Star the new generation of Western Mining in terms of quality work. 35:12 The skillset required in developing a Mining of Mineral Resources 36:33 The culture DNA of Northern Star. 37:19 Words of Wisdom to the new generation of geologists. 38:48 A Special DNA to Find the Solution. 40:03 Darren last Words 40:30 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. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new 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 . 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 organization see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.