Bronwyn Barnes steps into the Executive Chair role as Rimfire raises $2.3 million and separates its corporate and technical leadership functions. Rimfire Pacific Mining Limited (ASX: RIM) has moved to strengthen its leadership and funding position as the company continues to advance its scandium portfolio in New South Wales (Figure 1). The company has appointed experienced mining executive Bronwyn Barnes as Executive Chair from 1 September 2026, alongside a $2.3 million capital raising at $0.008 per share. Current Chairman Ian McCubbing will move to a Non-Executive Director role, while Managing Director and CEO David Hutton will become Technical Director. The changes come as Rimfire moves beyond resource definition and exploration into a period where metallurgical studies, additional drilling, funding discussions and potential strategic partnerships are increasingly running alongside the geological work. That makes the structure of the new leadership team worth noting. Hutton will continue to lead expanded exploration, resource development and technical studies, including metallurgical and engineering work and preparation towards feasibility study readiness. Barnes, meanwhile, will lead the company's strategic, commercial and funding initiatives. It creates a clearer separation between progressing the projects technically and building the corporate pathways around them. Figure 1: Location of Rimfire's Projects (Source: RIM Presentation) Experience Beyond Exploration Barnes brings more than three decades of resources-sector experience covering project development, corporate finance, mergers and acquisitions, capital markets, government engagement and corporate strategy. She is currently Executive Chair of Indiana Resources Limited (ASX: IDA), Non-Executive Chair of Finder Energy Limited (ASX: FDR) and Non-Executive Chair of Freedom Metals Acquisition Corporation (NASDAQ: FDMM). There is also an interesting thread in her recent corporate history. Barnes previously served as President and CEO of High Power Exploration (HPX). HPX identifies its major shareholder and technology provider as I-Pulse Inc., the US company founded and chaired by Robert Friedland. During Barnes' time leading HPX, the company was progressing major iron ore and infrastructure developments in Guinea and Liberia, involving project development, corporate strategy and government engagement. It is useful context rather than a comparison between companies. Rimfire's scandium portfolio is at a very different stage and scale, but Barnes comes into the role having worked in an environment where the corporate, funding and strategic elements of project development sat alongside the technical work. That experience appears consistent with the role Rimfire has now created for her. Outgoing Chairman Ian McCubbing said Barnes had a track record of building strategic partnerships, securing funding and delivering commercial outcomes, while Rimfire said her experience covered taking projects from resource definition through technical development and into commercial execution. Funding Next Stage The leadership changes have been accompanied by a $2.3 million placement, with 287.5 million new shares to be issued at $0.008 per share. Barnes and McCubbing have each committed $200,000 to the raising, with other directors and management contributing a further $185,000. The placement price represents a 27% discount to Rimfire's $0.011 closing price on 31 July 2026 and the five-day VWAP to that date. Placement participants will also receive one free attaching unlisted option for every new share, exercisable at $0.015 and expiring on 31 August 2029, subject to shareholder approval. The funding will be directed towards ongoing metallurgical work, drilling programs and working capital. The timing is relevant because Rimfire ended the June quarter with $585,000 in cash and $193,000 held in earn-in bank balances. The placement therefore provides additional capacity for a work program that was already beginning to expand. Murga Remains at the Centre - Rimfire's Scandium Exploration Rimfire's primary focus remains building a critical mass of scandium within the Fifield district of central New South Wales (Figure 2). The Murga Scandium Deposit currently contains an Inferred Mineral Resource of approximately 11,900 tonnes of scandium oxide. Figure 2: Fifield project locations showing Rimfire (red blocks) and Rio Tinto (blue), Sunrise Energy Metals (green) and Australia Mines (pink) (Source: RIM ASX Announcement). During the June quarter, Rimfire reported results from its first 14-day bottle-roll metallurgical tests on low-iron scandium mineralisation from Murga. The early test work indicated that, if the extraction rate recorded during those tests were maintained over a longer and more commercially realistic period, scandium recoveries of between 60% and 90% could potentially be achieved. Rimfire specifically notes that this remains subject to confirmation through longer-duration testing. Two Stage 2 bottle-roll tests are now underway over a substantially longer 160–180 day period. There is also further drilling being prepared across the portfolio. Rimfire has outlined approximately 2,500 metres of air-core drilling at Malamute, around 2,500 metres aimed at expanding Murga and a proposed 5,000-metre program across Kars and other Avondale targets, subject to approvals and the relevant joint-venture processes. The Commercial Work Has Already Started The appointment of Barnes also follows another development from the June quarter that sits alongside Rimfire's technical work. The company engaged UK-based Xcelsior Capital Advisors to assist with potential funding and engagement with strategic partners, OEMs, governments, international financial institutions and potential offtake partners. Xcelsior is an investment partner of Wogen, a specialist metals and minerals trading group with more than 50 years of experience in critical mineral markets, including scandium. That mandate provides some context for the leadership changes now being made. Rimfire still has substantial technical work ahead of it. The longer-duration metallurgical program is underway, resources are targeted for expansion and further drilling is being prepared. At the same time, the company is beginning to put more resources around the funding, strategic-partner and commercial side of the business. Barnes' appointment adds another layer to that process. The Scandium Market Backdrop The strategic logic behind consolidating scandium ground becomes clearer against the backdrop of how the metal's market actually works. Scandium sits in an unusual category — a market that is tiny in tonnage but disproportionately high in strategic value. Global scandium oxide production has been running at only around 40 tonnes a year, with annual consumption estimated in the range of roughly 15 to 25 tonnes (Figure 3). In a market measured in tens of tonnes, Samso notes that a single credible project can shift the entire supply narrative. Figure 3: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (Source: Samso) That value comes from function rather than volume. Adding a fraction of a percent of scandium to aluminium produces alloys that are lighter, stronger, more weldable and more heat- and corrosion-resistant - properties prized in aerospace, defence and advanced manufacturing -while scandium-bearing ceramics also play a role in solid oxide fuel cells used in clean-energy systems. Scandium appears on the critical minerals lists of Australia, Canada, the European Union and the United States. Supply, however, is highly concentrated, with China dominating primary production and refining, and most output historically recovered only as a by-product. Samso points to rising Western interest in securing alternative supply, including reported moves by the U.S. Defence Logistics Agency to buy scandium oxide for strategic stockpiles. Against that picture, New South Wales has emerged as Australia's most concentrated scandium province - described by Samso as the country's scandium hotspot, or the "Kalgoorlie of scandium" - hosting projects spanning exploration through to construction-ready assets, including those of Sunrise Energy Metals, Scandium International Mining and Rimfire. Samso Concluding Comments For Rimfire, in my opinion, this may be a transformational change. I have known Browyn Barnes for a few years, and she was on Coffee with Samso several times when she was the Executive Chair for Indiana Resources Limited (see below). Browyn comes with a lot of accolades in the industry and her trail of success is well captured in the media. I think the future pathway for Rimfire is looking more than interesting. Samso has taken up some shares from the market since the announcement, and I am looking forward to some more compelling news. David Hutton remains closely involved and moves into a position specifically focused on exploration, resource growth, metallurgy, engineering and technical studies. According to management, Bronwyn Barnes takes responsibility for the corporate, strategic and funding work around those activities. Meanwhile, Xcelsior has already been mandated to engage with potential funding groups, governments, OEMs, strategic partners and offtake parties. These are developments occurring while Rimfire continues the work of determining what its scandium portfolio can ultimately become. The company itself describes the strategy as expanding and upgrading the scandium resource base while progressing the technical, metallurgical and engineering work required for future development, alongside the pursuit of commercial opportunities and strategic partnerships. The latest announcement puts people and capital behind that stated strategy. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The first new underground development at Maldon in almost eight years moves Kaiser Reef beyond refurbishment and gives the company a platform to test several of the historic goldfield’s largely untested reef positions. Kaiser Reef Limited (ASX: KAU) has kicked off new underground development at the Union Hill Gold Mine within its Maldon Gold Project in Victoria, taking the first cut of the Northern Drill Drive and marking the first new development at the site in almost eight years. The development is significant because it is not being undertaken simply to rehabilitate old workings. It is designed to establish an underground drill position capable of testing areas north of the existing Union Hill workings, including extensions of the Eaglehawk and Linscott's Reefs and the parallel Ladies and Sailor's Reefs. For Kaiser, the milestone moves Maldon from refurbishment into active underground development and provides a clearer pathway towards determining whether the historic goldfield can deliver additional resources and, ultimately, support expanded production. Figure 1: Jumbo at the face, Northern Drill Drive (Source KAU ASX Announcement) The work also comes with some important context. Kaiser entered the September quarter with A$37.0 million in cash and A$0.2 million in bullion, having produced 6,000 ounces of gold across Henty and Maldon during the June quarter. The company has also reaffirmed production guidance of 32,000 ounces for the coming financial year from the two operations. That balance sheet gives the Maldon program a different complexion from a typical junior exploration campaign. Kaiser is funding development and exploration from within an operating gold business rather than relying solely on the promise of future discoveries. From Refurbishment to Development During the June quarter, refurbishment of the existing Union Hill decline had already commenced. The initial program was focused on establishing a northern underground drilling platform while stripping sections of the decline where necessary to provide a full-sized profile suitable for future life-of-mine haulage. The first development cut now takes that work a step further. Kaiser is no longer simply reopening access to historic workings. The company is creating new underground infrastructure specifically intended to improve its ability to test the geological system around Union Hill. The plan accompanying the August announcement shows the proposed drill position relative to the Eaglehawk, Linscott's, Ladies and Sailor's reef corridors, with substantial portions of those interpreted mineralised trends remaining untested (Figure 2) Figure 2: Union Hill North with proposed development and drill position to target untested sections of the Eaglehawk, Linscott’s, Ladies and Sailor’s Reefs (Source: KAU ASX Announcement) That is the central point of the announcement. Maldon has a long mining history, but Kaiser is attempting to use modern exploration from underground positions that can provide better access to parts of the system that have received relatively limited modern drilling. Managing Director Brad Valiukas described Maldon as a district-scale opportunity, noting that the field has historically produced approximately 1.75 million ounces of gold at 28g/t, despite numerous mines and lines of working remaining substantially underexplored. Figure 3: Maldon Gold Project (Source: KAU ASX Announcement) “Crucially, Maldon offers more than just historical pedigree and exploration upside. It is supported by a fully permitted and operating processing plant, a fully permitted mining lease and an existing decline that will allow both access for exploration and potential future production," said Valiukas Historical production alone does not establish the scale of what remains, but it provides the geological rationale for testing the extensions of these old reef systems more systematically. Underground Drilling Adds Another Dimension The Northern Drill Drive forms part of a broader exploration effort already underway across Maldon. Kaiser had approximately 4,350 metres of initial surface drilling planned at the end of the June quarter, with drilling expected to continue through the remainder of 2026. The first-round program includes Union Hill North, Nuggetty South, Nuggetty and additional targets being generated from mapping, soil sampling and planned geophysical work. Figure 4: Nuggetty Long Section showing 170m untested area in between successful drilling. (Source: KAU ASX Announcement) At Union Hill North, surface drilling is already intended to test the northern extensions of Eaglehawk Reef mineralisation ahead of, and beyond, the planned underground program. The new underground platform should therefore complement rather than replace the surface campaign. From an exploration perspective, the advantage is access. Underground drilling allows Kaiser to position the drill closer to the structures it wants to test and potentially drill reef orientations and extensions that may be difficult or inefficient to investigate from surface. That becomes particularly relevant in a mature goldfield where the obvious near-surface mineralisation has already attracted more than a century of mining attention. Existing Infrastructure Changes the Maldon Equation Another important part of the Maldon story is the infrastructure that already exists around the exploration opportunity. Kaiser describes Maldon as having a fully permitted and operating 200ktpa CIL processing facility, existing underground access and high-grade exploration potential. The company also holds the infrastructure and permits required to continue advancing the project within Victoria's historic Golden Triangle. Valiukas stated: “It’s a milestone for both the Maldon Gold Project and Kaiser to have jumbo development underway beneath Union Hill, establishing this new drill platform for exploration. We have been stripping some narrow sections at the top of the decline already, with a view to future haulage, but it’s good to now be taking cuts and breaking new ground at the Union Hill Gold Mine." This does not remove the need to demonstrate economic mineralisation. It does, however, mean that Kaiser is not starting with an isolated discovery requiring an entirely new mine, processing plant and access network. The company is simultaneously preparing sections of the Union Hill decline for potential future haulage while using that same underground access to establish exploration drill positions. Kaiser has said underground drilling forms part of its strategy to both define resources and clear the way for the next stage of development. That dual-purpose investment is worth noting. If drilling does not deliver sufficient mineralisation, the project still faces the usual exploration risk. If drilling is successful, however, some of the physical infrastructure required to advance the project is already being put in place. A Producing Business Funding Growth The June quarterly also provides useful perspective on Kaiser's ability to continue spending at Maldon. The company produced 5,563 ounces from Henty and 437 ounces from Maldon, for total quarterly production of 6,000 ounces, while closing the period with A$37.2 million in cash and bullion. “Kaiser is a profitable gold miner with a robust balance sheet and a strong pipeline of exploration and development opportunities. We are well-positioned to both capitalise on a strong gold price and add significant further value to our assets with targeted investment.” Kaiser also continued to reinvest across the business. During the quarter, the company spent approximately A$1.6 million on strategic land purchases at Maldon and A$1.4 million on Maldon exploration and set-up, alongside infrastructure investment at Henty, debt reduction and environmental bonding commitments. That expenditure helps explain the importance of the latest announcement. The Northern Drill Drive is the physical outcome of a broader program that has already been funded, commenced and progressively advanced. Rather than announcing an intention to eventually return underground at Maldon, Kaiser now has development equipment operating at the face. What Comes Next The next stage of the Maldon story will increasingly depend on what the drilling reveals. The first development cut does not, by itself, add ounces to Kaiser's resource base, nor does it establish that the untested reef positions will ultimately support commercial mining. It improves Kaiser's ability to answer those questions. For investors, that shifts the focus from rehabilitation progress towards exploration results from areas that have been difficult to test effectively from surface. Maldon's historical production of 1.75Moz at 28g/t provides the geological pedigree. The processing plant, underground access and permits provide infrastructure. Kaiser's producing Henty operation and cash position provide financial support. The missing piece remains the geology. With new development now underway beneath Union Hill, Kaiser is putting itself in a better position to determine how much of that historic gold system remains to be found. Samso Concluding Comments There is a tendency in the exploration market to wait for drill results because drill results give us the numbers everyone wants to analyse. In this case, I think the more useful observation is what Kaiser is doing before those numbers arrive. The June quarterly told us that the Union Hill decline was being refurbished. The latest announcement tells us that Kaiser has moved beyond refurbishment and started breaking new ground. That is a small distinction in wording, but a much larger distinction operationally. The new development is being built to create access to parts of Eaglehawk, Linscott's, Ladies and Sailor's that remain poorly tested. At the same time, surface drilling is working across a broader collection of Maldon targets. The attraction of the story is therefore not simply the historical 1.75Moz at 28g/t headline. History alone does not create a modern resource. The more relevant question is whether modern exploration, using access that previous miners never had or never properly exploited, can demonstrate that meaningful high-grade gold remains around those old workings. Kaiser now has an operating gold mine at Henty, cash on the balance sheet, processing infrastructure at Maldon and a development jumbo working underground at Union Hill. The next part of the story should increasingly become about what that investment discovers. For investors, that is probably the part worth watching. About Kaiser Reef Limited Kaiser Reef Limited (ASX: KAU) is an Australian gold producer operating the Henty Gold Mine in Tasmania while advancing the Maldon Gold Project in Victoria. Henty is supported by a 199koz Ore Reserve and a processing facility with capacity above 300ktpa. Maldon provides the company's Victorian growth option through its existing underground access, permitted 200ktpa CIL processing plant and high-grade exploration potential. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Visible gold has been logged at approximately 18 metres and 40 metres below the existing pit surface, placing the latest discovery directly within the area Aureka Limited is evaluating for potential early production. Aureka Limited (ASX: AKA) has reported two occurrences of visible gold in diamond hole NED035 at the St Arnaud-Comstock Gold Project in Victoria. The first occurrence was logged at 21.7 metres downhole, approximately 18 metres vertically below the existing Walkers pit surface. Multiple visible gold grains measuring between one and two millimetres were observed within a bedding-parallel quartz vein. A further 13 visible gold grains were logged at 61.2 metres downhole, approximately 40 metres below the pit surface. These grains measured between 0.5 and two millimetres and were hosted within a three-centimetre-thick quartz vein associated with a larger en-echelon extension vein set (Figure 1). Laboratory assays are expected within three to five weeks. This is the first visible gold reported by Aureka from the Walkers Shear, a secondary mineralised structure branching southeast from the main Comstock Shear. Previous visible gold occurrences at Comstock have largely been associated with the main structure. Figure 1: St Arnaud Comstock – Walkers Shear: visible gold - NED035 61. 2m down hole (Source: AKA ASX Announcement) Key Highlights Visible gold was observed at two shallow positions in diamond hole NED035. The occurrences sit approximately 18 metres and 40 metres vertically below the current Walkers pit surface. This is Aureka’s first reported visible gold within the Walkers Shear. NED035 forms part of an approximately 1,100-metre infill and historical drilling validation program. Laboratory assay results are expected within three to five weeks. Comstock contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold. Aureka has a binding toll-milling agreement with the Wedderburn Gold Mill, while the licensing process for its proposed early-production strategy remains underway. Why the Location Matters For Aureka, the significance is not simply that visible gold has appeared in the drill core. It is where that gold has been observed. Both occurrences are shallow and sit beneath a previously mined pit within the area being assessed as part of Aureka’s nearer-term production strategy. This gives NED035 greater strategic relevance than a deeper exploration result detached from existing access and infrastructure. The Walkers Shear is also separate from the better-known Comstock Shear. Establishing mineralisation within this secondary structure could improve Aureka’s understanding of how gold is distributed throughout the broader Comstock system (Figure 2). Figure 2: Plan View of the Walkers sub-pit and the Walkes main Shear with legacy drill intercepts projected to pit floor surface9 . Red/yellow star indicates visible gold intercepts reported in this release (Source: AKA ASX Announcement) Managing Director James Gurry said he was impressed to see Comstock “delivering again”, particularly because the visible gold had been encountered within the pit targeted for potential first production. Aureka drilled seven diamond holes at Comstock during 2025, with six returning what the company described as significant gold and/or silver results. The latest visible gold occurrences add another geological data point, but the pending assays will be needed before their grade significance can be assessed. Gurry added: "We drilled seven diamond holes at Comstock in 2025 with significant gold and/or silver results in six of these holes – this repeated success in a previously mined pit demonstrates the value we have at Comstock in the high-grade St Arnaud goldfield where, within 2km of our drill rig location, there is a history of mining 400koz of gold at 15g/t.” An Infill Program with a Defined Purpose NED035 is part of a 13-hole diamond drilling program (Figure 3) comprising approximately 1,100 metres. The holes have an average planned depth of less than 100 metres. The program has three principal objectives: Validate historical drilling results. Increase drill density within the current resource. Collect material for metallurgical testing. Figure 3: Diamond Drilling within the Walkers pit at the Comstock Gold Project. Picture taken June 2026 and shows rig targeting shallow depth drilling on the Walkers stockwork vein area and utilising the existing pit access ramp (Source: AKA ASX Announcement) If the drilling supports the historical data and demonstrates sufficient geological continuity, Aureka may be able to seek the reclassification of part of Comstock’s current 100 per cent Inferred Mineral Resource into a higher-confidence category. That would be an important step, but it would not constitute a mining decision. Aureka has explicitly noted that resource reclassification would be necessary, but not sufficient, for any future Scoping Study. Metallurgical, geotechnical, hydrogeological, environmental, regulatory, social and capital-cost work would still be required before a compliant Production Target or financial forecast could be established. Connecting the Drilling to the Production Strategy The Comstock deposit currently carries a JORC Inferred Mineral Resource of 56,000 ounces of gold grading 1.21g/t. It is located within a previously mined pit and approximately two kilometres north of the township of St Arnaud. The project also sits within reach of existing processing infrastructure. In July 2026, Aureka announced a binding toll-milling agreement with the Wedderburn Gold Mill. That agreement potentially gives the company a processing pathway without first having to build a standalone plant. The combination of an existing pit, shallow drilling, nearby processing capacity and a defined toll-milling arrangement explains why Comstock is being positioned as Aureka’s potential first-production asset. (Figure 4). Figure 4: Aureka’s projects relative to the Wedderburn Gold Processing Mill, owned by Core Prospecting Pty Ltd, with which a milling partnership has been signed. (Source: AKA ASX Announcement) However, the licensing process remains underway, and Aureka has not announced a compliant Production Target or forecast financial outcome. The toll-milling agreement provides a potential processing route; it does not remove the need for resource confidence, metallurgy, approvals and economic studies. Jozef Story, Exploration Manager, said: “It’s remarkable to see multiple visible gold intercepts from our infill and reaffirmation program along on the Walkers Structures, and so proximal to the pit floor surface. The near-surface visual occurrences of gold reinforce our targeting confidence to deliver additional shallow mineralised intercepts on the pathway of our vision of first up small-scale production here at Comstock.” Historical Results Provide the Context The Walkers pit has a history of shallow, high-grade drilling. Previously reported historical results (Figure 5) include: 14 metres at 7.2g/t gold from 18 metres. 3.1 metres at 17.24g/t gold from 22.5 metres. 2.2 metres at 27.4g/t gold from 63.2 metres. 2 metres at 11.30g/t gold from 68 metres Figure 5: St Arnaud Comstock Project showing previously reported drilling and intercepts outside current JORC Resource (Source: AKA ASX Announcement) These historical intersections help explain why Aureka is directing short, closely spaced diamond holes into the area. The current program is intended to test whether those results can be validated using modern drilling, geological logging and sampling procedures. NED035 has provided encouraging visual evidence, but the laboratory results and the broader drilling program will be needed to establish continuity. Visible Gold Is Not an Assay Result Aureka has cautioned investors that visible mineralisation should never be treated as a substitute for laboratory analysis. The two mineralised intervals in NED035 were logged from 21.5 to 21.8 metres and from 61.1 to 61.5 metres. In both cases, the visual abundance of gold was recorded at less than one per cent. Visible gold confirms that gold is present. It does not establish the grade of the surrounding interval, its true width or whether the result can be repeated across the structure. Those questions will only begin to be answered when the assays are returned. What Comes Next The immediate catalyst will be the assay results from NED035, expected within three to five weeks. Beyond those assays, investors will be watching for: Results from the remaining Comstock infill holes. Confirmation or otherwise of the historical high-grade intersections. Evidence of continuity along the Walkers Shear. Metallurgical testwork from the new core. Any proposed upgrade to the current Inferred Mineral Resource. Progress with licensing and the proposed toll-milling pathway. Aureka is also continuing diamond drilling at its Irvine Project near Stawell, where the Resolution deposit contains an Inferred Mineral Resource of 398,000 ounces of gold. About Aureka Limited Aureka Limited is a Victorian gold company with total reported Inferred Mineral Resources of approximately 455,000 ounces Its flagship Irvine Project in the Stawell Corridor contains an Inferred Mineral Resource of 398,000 ounces and is located approximately 16 kilometres from the operating Stawell Gold Mine. The St Arnaud-Comstock Gold and Silver Project contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold and is being evaluated as Aureka’s potential nearer-term production opportunity. Aureka’s portfolio also includes the Jubilee Gold Exploration Project near Ballarat, the Morning Bill Gold and Base Metals Project and critical-minerals exploration opportunities within the greater St Arnaud area. Samso Concluding Comments The photographs of visible gold are the hook. The shallow location, the design of the drilling program and the potential connection to existing processing infrastructure are the substance. The assays are the test. For Aureka, the latest result is well placed. The visible gold occurs beneath an existing pit, within the secondary Walkers structure and inside the area being evaluated for potential early production. That makes NED035 relevant to more than exploration targeting. It may help Aureka test the historical drilling, improve confidence in the resource and collect the technical information needed to advance Comstock. However, visible gold does not establish an economic deposit. The investment significance will depend on the assays, the consistency of the remaining drilling and whether the program ultimately supports higher resource confidence and a credible development case. Comstock now has a clearly defined sequence of work ahead of it. The next step is to see whether the numbers support what can presently be seen in the core. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Every tier, producer to explorer, and a register that is shrinking Part 1 tested the demand headwinds. Part 2 examined the supply side and asked what copper price it would take to fix it. This closing Part brings the two together in the place they were always heading, a register of the copper deposits and operations an ASX investor can actually reach, from the producers down to the explorers, with each row read through the tests the series developed along the way. Compiling it revealed something worth knowing on its own. Corporate buyers have been removing copper companies from the ASX faster than new ones are arriving. WHAT THIS PIECE COVERS 1.00 HOW TO READ THE REGISTER A short recap of the tests built in Parts 1 and 2. 2.00 THE REGISTER AT A GLANCE Two maps and a count, covering the whole register. 3.00 TIER ONE: THE PRODUCERS Where the tonnes actually are, including inside the majors. 4.00 TIER TWO: THE AUSTRALIAN DEVELOPMENT TIER Nine deposits sitting between a resource and a mine. 5.00 TIER THREE: THE OFFSHORE HOLDINGS ASX-listed copper beyond Australia, including the largest project on the register. 6.00 TIER FOUR: THE EXPLORERS The hopeful tier, kept brief on purpose. 7.00 THE SHRINKING REGISTER The companies that have left the register since 2023, and what that says. 8.00 SAMSO TAKE Closing the series, from a newspaper column to a register. 1.00 — HOW TO READ THE REGISTER A recap of the tests from Parts 1 and 2 This final Part leans on ideas built earlier in the series, so a short recap comes first, before the tables begin. Part 1 set out two checks that can be run on any company from its own documents. The first is funding: whether the cash in the latest quarterly report covers the planned work, after allowing for normal running costs of roughly A$70,000 to A$100,000 a month. The second is evidence: how much support the geology gives the company's story. Production history and drill results carry the most weight, untested geophysical targets carry less, and closeness to somebody else's mine carries the least. Part 2 covered the price side. Estimates of the copper price needed to justify building a new mine start at about US$12,000 a tonne, and one academic study puts the requirement much higher. That gives a simple question to ask of each development project below: do its study numbers still work under current conditions? Part 2 also covered processing. Concentrate is scarce enough that smelters agreed to process it for no fee in 2026, so projects that can produce finished copper on site, or that sit near an existing smelter, are in a better position than projects that must ship concentrate overseas. 2.00 — THE REGISTER AT A GLANCE Two maps and a count The two maps below carry the whole register. FIG. 01 places the Australian side of it, the producing operations, the development-tier deposits and the two smelters, with the deposits that have left the ASX shown in grey. FIG. 02 then adds the ground held offshore by ASX-listed companies, which stretches from Spain to Botswana to Chile to Montana, with one grey marker in Mongolia for the departure there. Behind the two maps sit thirteen producing operations or complexes that can be bought through the ASX, with Nifty counted among them on the strength of its September quarter first-cathode target. The development tier adds nine Australian deposits and four offshore projects. The explorers follow in Section 6.00, and three deposits have left the register since 2023. Figures in the tables are stated as at their cited dates, and the market-sensitive ones will be refreshed on the day of publication. 3.00 — TIER ONE: THE PRODUCERS Where the tonnes actually are, including the majors The producing tier is where the copper is, and most of it sits inside diversified balance sheets. That fact shapes the choice for investors more than any other in this section. Anyone wanting ASX copper exposure at scale is really choosing among companies where copper shares the balance sheet with iron ore, gold, zinc or aluminium, while the pure-play exposure lives further down the table, in the smaller rows where the operating risk is higher. TABLE 01 sets out the tier. TABLE 01 also shows where the processing happens, and the answer is mostly not here. Of the Australian operations listed, only BHP's South Australian complex converts its own ore to finished metal in Australia. Nearly everything else ships concentrate, most of it to Asian smelters that are now working for zero processing fees, although Carnaby's tolling arrangement into Glencore's Mount Isa smelter, covered in Section 4.00, may become a notable exception. The table makes one more point worth sitting with. Sandfire aside, an ASX investor cannot buy Australian copper production at scale without buying something else as well. There is a defence for that diversification, and it is a good one. It is what has kept these companies able to fund copper growth through the price cycles that broke smaller operators. 4.00 — TIER TWO: THE AUSTRALIAN DEVELOPMENT TIER Nine deposits between resource and mine This tier is where Part 1's open questions get settled. Every headline resource below has been verified against current company disclosures. TABLE 02 carries the tier, and profiles follow for the four largest deposits an ASX investor can still reach. Caravel: the biggest number on the ASX board Caravel is a porphyry system in the Wheatbelt of Western Australia, about 150 kilometres from Perth, in farming country rather than desert. With Hillside's departure from the ASX, it now holds the largest copper resource still accessible through a listed pure-play. The resource stands at 1.28 billion tonnes at 0.24 per cent copper, which works out to 3.03 million tonnes of contained metal, with molybdenum, gold and silver alongside. The ore reserve was updated in June 2026 to 597 million tonnes at the same grade, the definitive feasibility mining study was completed in July 2026, and the environmental review resubmission is due around the middle of the year.[R6] The scale comes with conditions. The grade is the lowest on the register, and prefeasibility work contemplated development capital of A$1.6 to 1.7 billion, a large number for a company of Caravel's size. Press reports of strategic-deal discussions are circulating, and they still need verification. In a sense, Caravel tests Part 2's question more directly than any other Australian deposit. Its bulk-tonnage economics only clear at a copper price the incentive-price debate is still arguing about. FIG. 03 shows the project ground. Kalkaroo: the deposit the majors just voted for Kalkaroo sits in the Curnamona Province of northeastern South Australia, on a pastoral lease a long way from anywhere large. The resource holds 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt, and within it sits a reserve of 100 million tonnes at 0.47 per cent copper and 0.44 grams per tonne gold.[R7] In February 2026 control of the project effectively moved. Sandfire signed binding agreements to earn 80 per cent through a staged structure worth up to about A$210 million, which commits it to a new prefeasibility study and at least 20,000 metres of drilling inside two years. The transaction says something about value, because a producing mid-cap looked closely at this ground and agreed to pay developer prices for most of it, with BHP's earlier study work on the deposit already sitting on the public record. Havilah shareholders should weigh the other side of it just as carefully. They now hold 20 per cent of a project whose pace is set by someone else. FIG. 04 reproduces the partners' own map of the project and the pastoral lease that hosts it. Briggs: the tonnage bet next to the infrastructure Briggs sits in central Queensland, 60 kilometres west of the deep-water port of Gladstone. The deposit carries 2.0 million tonnes of contained copper, along with 73 million pounds of molybdenum and 16.5 million ounces of silver, at a 0.15 per cent cut-off. Most of the tonnage is inferred, 793 million tonnes at 0.20 per cent, with 137 million tonnes at 0.25 per cent already in the indicated category. Alma Metals is sole-funding a 45-hole drilling program of roughly 14,000 metres through 2026 to change that balance ahead of a prefeasibility study, earning its way to 70 per cent, with Canterbury Resources retaining the rest.[R8] Two facts shape the deposit's position on the register, and they pull in different directions. The grade sits at the Caravel end of FIG. 09, which means the mining has to be cheap and the scale has to be large. The location, on the other hand, sits closer to power, rail, port and workforce than almost any other deposit in this tier, and FIG. 05 reproduces the partners' own map of that setting. Part 1's funding test still applies to the operator. Roughly A$8.7 million in cash and investments is enough to fund drilling, and a development decision would call for capital of a different order altogether. Elizabeth Creek: the grade counterexample Elizabeth Creek sits on the margin of the Olympic province in South Australia, and it offers a useful counterpoint to the giant low-grade systems that dominate this tier. Not all of the state's copper comes in billion-tonne packages. The flagship deposit here, Emmie Bluff, holds 40.2 million tonnes at 1.27 per cent copper, with cobalt and silver alongside, and about 95 per cent of that sits in the higher-confidence indicated category. It is the largest of four deposits that together hold 65.5 million tonnes. The work program is well advanced. Prefeasibility drilling finished in early 2026, and an updated resource estimate is due to follow. The company has also been testing a chloride leach flowsheet, with the aim of producing finished copper on site rather than shipping concentrate overseas, which is the processing advantage described in Section 1.00.[R9] The flowsheet is also where the main technical risk sits. The leach process is what makes Elizabeth Creek different, and it is the part of the project that still has to prove itself at study level. The prefeasibility study now in progress will put a price on both. FIG. 06 shows the work under way, with one of the three rigs turning at Emmie Bluff in January 2026 during the final holes of the program. 5.00 — TIER THREE: THE OFFSHORE HOLDINGS ASX-listed copper beyond Australia The offshore tier holds the register's largest development project and its most instructive departure. TABLE 03 sets out the rows, and the Costa Fuego profile follows. Costa Fuego: the register's biggest development plan Hot Chili's Costa Fuego sits on the coastal range of Chile, about 600 kilometres north of Santiago, and it is the largest copper development plan an ASX investor can currently reach. The resource holds 2.91 million tonnes of copper along with 2.64 million ounces of gold. The prefeasibility study of March 2025 set out the shape of a possible mine, a 20-year operation producing about 95,000 tonnes of copper a year, with a post-tax net present value of US$1.2 billion and a maiden reserve of 502 million tonnes at 0.37 per cent copper.[R10] The project has some advantages that are not common in Chile. It sits at low elevation, where building and operating are cheaper than high in the Andes. Permitting work has been under way for more than a decade. Water, which is often the limiting factor in this part of the world, is addressed through a granted maritime concession held in a separate water business. And Glencore has taken a 9.9 per cent shareholding along with offtake rights over 60 per cent of the early concentrate, which shows a large trading house has looked closely at the ground and chosen to be involved. The risks are the ones that come with any project of this size, and Part 2 explained why they carry more weight now than usual. The capital needed to build Costa Fuego will run into the billions, while the company's market value is a small fraction of that, so a large financing task lies ahead. The definitive feasibility study is still to come. And the mine would earn its living selling concentrate in a market where smelters currently charge nothing to process it. The Glencore relationship softens that exposure but does not remove it. The main near-term development is the La Verde discovery, which is being drilled into a revised study due by the end of 2026. FIG. 07 shows the project's setting on the coastal range. 6.00 — TIER FOUR: THE EXPLORERS The hopeful tier, kept brief by design The explorer tier holds the most companies and the least defined copper, and this series treats it accordingly. These companies are at the stage where the story is a hypothesis awaiting an expensive test. Exploration is exactly that, and every deposit in the tiers above once sat here. The tools for reading this tier were built in Part 1, Section 10.00, and they remain the whole of Samso's guidance on it. Run the funding test on the latest quarterly report, keeping in mind that running costs continue through every month of waiting. Run the evidence test on the latest exploration announcement, keeping in mind that being near Olympic Dam is not evidence of an Olympic Dam. TABLE 04 lists the starter set. The spreadsheet accompanying this document carries this table on its own sheet, with an example row and space to extend it company by company during the pre-publication sweep. The rows above are a starting set. 7.00 — THE SHRINKING REGISTER What compiling the register revealed A register compiled in 2023 would have carried OZ Minerals, Rex Minerals, Xanadu Mines and MAC Copper among its most substantial rows. All four are gone now, and an 80 per cent economic interest in a fifth deposit, Kalkaroo, followed them in February 2026. FIG. 08 sets out the exits. The buyers in FIG. 08 have a lot in common. Each is a strategic, long-term holder of assets: a diversified major, an Indonesian conglomerate, a Singapore-based consortium, a South African gold house moving into copper, and a mid-cap producer securing its next decade of ore. The sellers, in every case, were ASX shareholders accepting a premium, 57 per cent for Xanadu and 98 per cent over the ninety-day average for Rex. Each transaction made sense on its own. Taken together, though, they mean the pool of copper an Australian retail investor can own is shrinking at the development end faster than discovery is refilling it. In its own way, the corporate activity repeats what Part 2's discovery-drought chart showed. FIG. 09 plots what remains, and what has left, on the axes that decide development economics. Set against Part 2's incentive-price estimates, FIG. 09 shows two kinds of project. Down and to the right sit the tonnage bets, Caravel, Costa Fuego, Briggs and, until its departure, Kharmagtai. In these deposits the copper is measured in millions of tonnes, but the grade demands bulk-mining economics, and on the register's own study numbers they need copper prices in the range the incentive-price debate is still contesting. Up and to the left sit the grade bets, Emmie Bluff, Mutooroo, Greater Duchess, and CSA before it left. These are smaller inventories that can carry higher costs for every tonne of rock mined. It is worth pausing on where the buyers have been shopping. Hillside and Kalkaroo sit in the middle of the chart, and CSA sat at the grade end. The corporate money has been buying deposits whose economics work at conservative copper prices, and that choice says something about how those buyers view the incentive-price debate. 8.00 — SAMSO TAKE Closing the series The Copper Question opened with a newspaper column about data centres and aluminium wiring. Three Parts later, the trail has run a long way from there. It has taken in copper demand forecasts that disagree by multiples, a substitution threat that turned out to be a century old and price-capped rather than fatal, mine supply that keeps missing its own guidance while smelters work for nothing, an incentive-price debate spanning a factor of two, and finally a register of ASX-accessible copper that corporate buyers have been steadily reducing from the top. This closes The Copper Question. The register in this document and its companion spreadsheet are built to be maintained rather than filed away. The tables carry their verification flags, the spreadsheet carries its sweep sheet, and the September quarter of 2026, when Nifty either pours cathode or does not, will give the series its first public test. Samso will be watching it on the record, as always. REFERENCES & SOURCES Notes on sourcing All maps, charts and tables in this document are original Samso illustrations of sourced data. The project photographs and reproduced company maps (FIG. 03 to FIG. 07) are drawn from the companies' public presentations, fact sheets and ASX announcements and are credited to their source documents in their captions. Resource figures in TABLE 02 and TABLE 03 marked as verified were checked against company disclosures in July 2026; rows marked "verify" carry a pre-publication check. Market-sensitive figures (production guidance, cash balances, deal values and currency conversions) are stated as at the cited dates and refreshed on publication day. The explorer table is deliberately a starter set pending the pre-publication sweep. [R1] Samso Insights, The Copper Question Parts 1 and 2 (July 2026), for the demand evidence, supply evidence, tests framework, incentive-price material and the Nifty case study, with their underlying references. [R2] Stockhead, "ASX Copper Tier List" (July 2025), and Hot Chili media pages, "ASX Copper Tier List: Part 2": producer output compilation; Alara, Cobre and Norfolk mentions. [R3] The Assay, "Five Largest ASX-Listed Copper Miners in 2026" (February 2026): Sandfire December quarter output; Develop Woodlawn ramp and Trafigura US$65m arrangement. [R4] The Bull (May 2026): Capstone Copper 2026 guidance 200,000 to 230,000 t and costs; South32 Sierra Gorda. [R5] Investing News Network (February 2026): Sandfire MATSA and Motheo operations; Black Butte PFS and permit history. [R6] Caravel Minerals: project page and ASX releases; Mining.com.au (July 2026) on the DFS mining study and the June 2026 reserve of 597 Mt at 0.24%; Stockhead (January 2026) on the resource of 1.28 Bt at 0.24% for 3.03 Mt, DFS progress and reported strategic discussions (verify). [R7] Havilah Resources project pages; Mining Technology and Yahoo Finance (February 2026): Kalkaroo resource and reserve; Sandfire two-stage 80% earn-in and consideration; Mutooroo resource. [R8] Canterbury Resources ASX announcement, "Major Drilling Program Commences at Briggs" (29 April 2026): MRE of 2.0 Mt Cu, 73 Mlb Mo and 16.5 Moz Ag at a 0.15% Cu cut-off (137 Mt at 0.25% indicated; 793 Mt at 0.20% inferred); 45-hole ~14,000 m program; earn-in terms; and Alma Metals releases and coverage (April to May 2026) for funding. [R9] Coda Minerals ASX announcement, "Elizabeth Creek Copper-Silver Drilling Recommences in 2026" (12 January 2026): programme status, project-wide inventory of 65.5 Mt for 725,800 t contained copper, Emmie Bluff resource detail, and the August 2025 scoping study update (pre-tax NPV7 ~A$1.3 billion, IRR 39%); with Discovery Alert (January 2026) and SMM (May 2026). [R10] Hot Chili: PFS announcement (27 March 2025) including the maiden reserve of 502 Mt at 0.37% Cu; Livewire Markets (May 2026): resource of 2.91 Mt Cu and 2.64 Moz Au, PFS economics, Glencore holding and offtake, La Verde and the revised PFS timeline; Crux Investor (April 2025) on production scale and costs. [R11] Xanadu Mines announcements and coverage: Bastion takeover unconditional (June 2025), Zijin acceptance, compulsory acquisition and TSX delisting (July 2025); Allens deal summary (~A$160m implied value); Kharmagtai 2024 PFS parameters and resource basis (Junior Mining Network, January 2025; earlier scoping MRE). [R12] Rex Minerals and Hillside: MACH Metals scheme completion (30 October 2024, A$393m); Mining.com and Australian Mining (July 2024); Rex project page (resource 337 Mt at 0.56% for 1.9 Mt Cu, Stage 1 reserve, A$854m capex); Ausenco EPCM award; Wood Mackenzie project note (May 2026). [R13] Harmony Gold announcement (24 October 2025): completion of the MAC Copper acquisition at US$1.01bn; CSA integration and life-of-mine plan timing (August 2026). [R14] Carnaby Resources coverage (October 2025): Greater Duchess consolidation, ~27 Mt at ~1.5% CuEq across twelve deposits including Trekelano; Glencore tolling and offtake agreement. [R15] KGL Resources: Northern Territory Government investment flyer on Jervois approvals, build schedule and financing dependence (verify currency of document at publication). [R16] BHP disclosures via Part 1 sources: South Australian FY25 guidance and growth studies; Escondida interest. [R17] Kamoa-Kakula context update: Ivanhoe Mines guidance announcement (3 December 2025), 2026 guidance 380,000 to 420,000 t (noted for the Part 2 record). [R18] Deal-value conversions: approximate AUD equivalents at reported-date exchange rates; verify conversions at publication. [R19] Reproduced image sources: Caravel Minerals investor presentation (February 2021); Sandfire and Havilah Resources, Kalkaroo Copper-Gold Project fact sheet (February 2026); Canterbury Resources ASX announcement (29 April 2026); Coda Minerals ASX announcement (12 January 2026); Hot Chili corporate presentation, Rule Symposium (ASX release, 7 July 2026). Cover photo: Native copper, malachite, and azurite (GeoDIL number - 895), Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper,_malachite,_and_azurite_(GeoDIL_number_-_895).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn't built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The company is moving to acquire the advanced Ciclón Copper Project in Chile for US$50 million, supported by a proposed A$100–120 million capital raising. Ciclón hosts a JORC 2012 Mineral Resource of 11.8Mt at 2.88 Norfolk Metals Limited (ASX: NFL) has entered into a binding agreement to acquire 100% of the Ciclón Copper Project in northern Chile for US$50 million. The acquisition positions the company around an advanced polymetallic copper asset that now carries an 11.8Mt JORC 2012 Mineral Resource Estimate at 2.88% copper equivalent. Under the agreement with Pampa Camarones SpA, Norfolk will pay US$45 million in cash and US$5 million in Norfolk shares for the Ciclón project. The transaction is being accompanied by a proposed A$100 million to A$120 million public offer at A$0.10 per share, with the raising intended to fund the acquisition, exploration programs and Norfolk's re-compliance with ASX admission requirements. The scale of the transaction is significant relative to Norfolk's existing position. The company's June 2026 quarterly report reported a cash balance of A$0.8 million at June 30, while confirming plans for the prospectus and capital raising associated with the transaction. Importantly, the technical position of Ciclón has also moved on since the acquisition was first announced on June 11. At the time of the acquisition announcement, Ciclón carried a foreign NI 43-101 estimate of 10.1Mt at 2.97% CuEq. Norfolk subsequently announced on June 19 a JORC 2012 Mineral Resource Estimate of 11.8Mt at 2.88% CuEq, following independent review and validation by Omni Geox Pty Ltd. Key Highlights Norfolk has entered into a binding agreement to acquire 100% of the Ciclón Copper Project. Purchase consideration for Ciclón totals US$50 million, comprising US$45 million cash and US$5 million in Norfolk shares. Ciclón now hosts a JORC 2012 Mineral Resource of 11.8Mt at 2.88% CuEq. The resource contains average grades of 0.93% Cu, 2.20% Zn, 0.81% Pb, 58ppm Ag and 0.22ppm Au. Norfolk plans to raise A$100 million to A$120 million at A$0.10 per share. The transaction involves a change in the nature and scale of Norfolk's activities and requires shareholder approval and ASX re-compliance. Ciclón has received environmental approval covering underground mining, processing facilities and supporting infrastructure. Norfolk is proposing approximately 30,000 metres of drilling at Ciclón and a further 19,500 metres at the La Encantada porphyry target over the first two years following completion. Norfolk reported A$0.8 million cash at June 30, 2026. What Norfolk Metals is Acquiring Norfolk has agreed to acquire all of Eco Earth Elements SpA and Don Gabriel SpA, the entities holding the Ciclón Copper Project. The consideration comprises a US$500,000 non-refundable deposit, US$44.5 million payable on completion and 71,428,571 Norfolk shares representing US$5 million of consideration at a deemed A$0.10 issue price. Ciclón is located in northern Chile's Domeyko Cordillera Eocene-Oligocene Porphyry Copper Belt, which also hosts major copper operations including Collahuasi, Chuquicamata, La Escondida, El Abra and El Salvador. The project is approximately 55km northeast of CODELCO's El Salvador copper mine and around 50km east of the Franke copper mine. The project comprises 55 exploitation mining concessions and three pending mining concession applications covering the Ciclón and Exploradora historical mining trend. Figure 1: Norfolk Project Locations — the project map contained in the quarterly report shows the location of Ciclón within northern Chile and its relationship with Norfolk's broader Chilean project portfolio (Source: ASX Announcement) A JORC Resource Now Sits Behind the Transaction One of the more material developments since the acquisition was first announced has been the conversion of the previous foreign estimate into a JORC 2012 Mineral Resource. The current global resource is: Source: Norfolk Metals June 2026 Quarterly Activities Report. Norfolk said Omni Geox completed the technical review and validation required to support reporting the resource under the JORC Code. The existing model was not rerun as part of the conversion, but was re-reported using updated metal prices and metallurgical recoveries after review of the underlying drilling, QAQC, geological modelling and estimation procedures. That distinction is worth retaining: this is a conversion and re-reporting of the existing resource model rather than a new resource generated from a new drilling campaign. Environmental Approval Already in Place Ciclón received a favourable Environmental Qualification Resolution from Chile's Environmental Assessment Service in December 2025. The approval covers underground mining operations at Ciclón and Exploradora, construction and operation of a processing plant, waste-rock dumps, filtered tailings storage and associated power, water, roads, camp and supporting infrastructure. The approved processing configuration provides for up to 0.60Mtpa of sulphide ore and 0.34Mtpa of oxide ore. Norfolk specifically cautioned that these plant capacities are technical specifications within the environmental approval and are not production forecasts. Exploration Remains a Major Part of the Plan While Ciclón already hosts a defined resource, Norfolk's proposed work program places considerable emphasis on further exploration. The company plans approximately 30,000 metres of diamond drilling at the Ciclón Copper Project over two years, comprising about 19,000 metres of infill and extensional drilling in Year 1 and a further 11,000 metres of infill, extensional and new-target drilling in Year 2. Another major component is the La Encantada porphyry target, immediately east of the Ciclón-Exploradora trend. Norfolk proposes approximately 19,500 metres of diamond drilling at La Encantada, including about 7,500 metres during the first year and 12,000 metres in Year 2. The existing Ciclón resource itself also remains open in several areas. The quarterly highlighted Ciclón Deeps, where historical drilling included 8.16m at 1.70% CuEq from 692.74m, while Exploradora Deeps recorded 8.82m at 1.99% CuEq from 504.08m. Norfolk has also identified several less-tested targets including Ciclón Norte, Portezuelo, Exploradora Norte, Atacama, Ignacia and Nevada. Figure 2: Ciclón Copper Project Drillhole Plan (Source: ASX Announcement) The Broader Chile Transaction Ciclón is not the only asset included in Norfolk's proposed Chilean expansion. The company has separately agreed to acquire Condor Peak Pty Ltd, which holds the Lily, Kika and Claudia exploration projects in Chile. The portfolio comprises 93 exploitation mining concessions, with the three project groups covering approximately 26,900 hectares in total. Consideration for Condor Peak is 71,428,571 Norfolk shares, representing US$5 million at the same deemed A$0.10 issue price, together with a 2% gross revenue royalty applying to specified properties outside the mining properties hosting the existing Ciclón resource. Following completion, Norfolk intends to focus its exploration program primarily on Ciclón while also advancing La Encantada, Condor Peak and its existing Carmen Copper Project. A$100M–A$120M Raising is Central to the Transaction The acquisition is conditional on Norfolk receiving binding commitments to raise at least A$100 million. The proposed public offer will issue between 1.0 billion and 1.2 billion new shares at A$0.10 each, raising between A$100 million and A$120 million before costs. Funds are intended to support the cash consideration for Ciclón, ASX re-compliance and the company's post-transaction activities. Proposed Executive Chairman Anthony McClure intends to subscribe for up to A$2 million of shares and proposed Non-Executive Director Andrew Bray for up to A$8 million, while existing director Ben Phillips intends to subscribe for up to A$100,000. The transaction also requires shareholder approval and Norfolk to re-comply with Chapters 1 and 2 of the ASX Listing Rules. ASX retains discretion over whether the company is re-admitted to the Official List and its shares reinstated to quotation. Norfolk's July quarterly subsequently confirmed that a notice of meeting had been dispatched in relation to the Ciclón acquisition, with the transaction forming part of the company's broader corporate restructuring and capital raising process. The Financial Context The June quarterly provides important context around the scale of what Norfolk is proposing. Norfolk finished June with A$0.8 million in cash. During the quarter it spent A$23,000 on exploration and evaluation across Ciclón, Carmen Copper, Roger River and Orroroo, while A$791,000 went towards staff, corporate and administration expenditure, costs associated with the Ciclón transaction and management of the company's corporate requirements. No mining production or development expenditure was recorded during the quarter. The acquisition and proposed capital raising therefore represent a substantial change in both the scale and focus of Norfolk's activities — a point also recognised formally through the ASX re-compliance process required for the transaction. Samso Concluding Comments This is one of those transactions where the headline numbers immediately change the conversation around a company. Norfolk is proposing to move from a company that reported A$0.8 million in cash at the end of June into one seeking to raise at least A$100 million and acquire an advanced Chilean project for US$50 million. That is a very different corporate proposition. For Samso, the most relevant part of the Ciclón story is that investors are not being presented with exploration potential alone. There is now a JORC 2012 resource of 11.8Mt at 2.88% CuEq, environmental approval covering an underground mine and processing infrastructure, historical drilling, and a defined program aimed at testing both extensions to the existing mineralisation and the larger La Encantada porphyry opportunity. But this transaction should also be viewed in its entirety. The A$100 million to A$120 million raising is not a side issue; it is fundamental to completing the acquisition and financing the proposed strategy. The number of new shares required at A$0.10 is substantial, and the acquisition remains tied to shareholder approvals, completion conditions and ASX re-compliance. That means there are really two questions for investors. The first is whether Ciclón is a sufficiently compelling copper asset to justify the scale of the transaction. The second is whether Norfolk can use the substantially larger capital base to turn the existing resource, environmental approvals and exploration targets into a commercially meaningful mining business. The geological ingredients are now much easier to identify than they were before the acquisition announcement. The next phase will be about execution: completing the transaction, funding the company appropriately and then generating the technical work required to determine what Ciclón can ultimately become. For us at Samso, that is where the story becomes worth following. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The Canadian explorer arrived on the ASX with a funded drilling program, an unusually large conceptual Exploration Target and a market reception that lifted the company’s implied equity value by approximately A$141 million in its first three trading sessions. WhiteRock Lithium Corp (ASX: WLC) began normal trading on the ASX on August 24, 2026 after completing an initial public offering of 1,846,154 CHESS Depositary Interests (CDIs) at A$3.25 each. The Canadian explorer raised the maximum A$6 million contemplated by its offer, including the available oversubscription capacity, and listed with 86,198,094 Shares/CDIs on issue and an indicative market capitalisation of approximately A$280.1 million. The market did not leave the valuation there for long. WhiteRock closed its first trading day at A$4.40, a 35.4% premium to the issue price. It advanced again to A$4.80 on August 25 and finished August 26 at A$4.90 (Figure 1). Figure 1: WLC share price chart (Source: ASX) That placed the company 50.5% above the IPO price after only three sessions and implied an equity value of approximately A$421.5 million based on the issued capital disclosed before quotation. That is an emphatically positive reception. It is also why this story needs to be viewed through the Samso lens: the share-price performance tells us what the market currently believes, but it does not establish a Mineral Resource, prove economic viability or remove the normal risks of developing a remote lithium project. WhiteRock has given investors a sizeable geological proposition, early high-grade drilling, preliminary metallurgical encouragement, a well-funded work program and a management team with genuine lithium experience. In return, investors have already awarded the company a substantial valuation. The next phase of the story will be about converting geological promise into resource confidence. IPO Snapshot - WhiteRock Lithium (ASX: WLC) Item Detail ASX code WLC Security CDI over one underlying WhiteRock common share, 1:1 IPO price A$3.25 CDIs issued under the offer 1,846,154 Gross IPO proceeds A$6.0 million Shares/CDIs at admission 86,198,094 Indicative market capitalisation at IPO price A$280.1 million Disclosed funds available at admission A$32.052 million First trading day August 24, 2026 Debut close A$4.40, up 35.4% from the IPO price August 25 close A$4.80 August 26 close A$4.89, up 50.5% from the IPO price Implied equity value at A$4.89 Approximately A$421.5 million This Was More a Listing Event Than a Funding Rescue The A$6 million headline raise does not tell the full funding story. Before the IPO, WhiteRock completed a Canadian charity flow-through financing in March and April 2026. That financing raised C$25 million, equivalent to approximately A$25.51 million at the prospectus exchange rate. The company also received further cash from the exercise of options and warrants. As a result, WhiteRock disclosed existing cash reserves of A$26.052 million at the prospectus date. When the A$6 million IPO proceeds are added, total funds available were stated at A$32.052 million before applying the remaining offer costs and planned expenditures. This matters because WhiteRock was not asking ASX investors to fund the first few holes into an untouched concept. Mobilisation for the 2026 field season was already occurring, drilling deposits had been paid, and the company intended to deploy two helicopters and up to four diamond rigs through October. The IPO therefore served several purposes beyond the A$6 million itself. WhiteRock sought access to Australia’s mining-focused capital markets, greater financial flexibility, a liquid market for its securities and the profile associated with an ASX listing. For a Canadian-incorporated company with a Québec lithium project and senior executives known to Australian resource investors, the logic is understandable. The offer was also small relative to the company’s capital structure. The 1.846 million new CDIs represented only about 2.1% of the 86.198 million Shares/CDIs on issue at admission. This is a very different setup from an IPO in which the public offer creates most of the listed capital. Reading the Market Reception Properly There is no ambiguity in the first conclusion: WhiteRock’s debut was strong. The A$4.40 first-day close produced an immediate A$1.15 gain over the A$3.25 offer price. Further advances to A$4.80 and A$4.89 extended the cumulative premium to 50.5%. On the disclosed issued capital, the difference between the offer-price valuation and the August 26 valuation was approximately A$141.4 million. The performance is even more interesting because broader ASX lithium names weakened on August 26 as Chinese lithium carbonate futures fell. WhiteRock still finished higher. That suggests the early trading was being driven by company-specific demand and listing dynamics, rather than simply rising with the sector. However, the volume needs to sit beside the price. Approximately 78,420 WLC securities traded on the first day, about 210,630 on the second and 32,323 on the third. Combined turnover of roughly 321,000 securities represented only about 0.37% of issued Shares/CDIs. A rising price on limited turnover remains a valid market price, but it does not carry the same depth of price discovery as millions of shares changing hands across a broad shareholder base. The pre-quotation disclosure also showed that the top 20 holders controlled approximately 76.1% of issued capital. About 38.0 million Shares/CDIs—roughly 44% of the issued total—were subject to ASX escrow for 12- or 24-month periods, in addition to escrow affecting some zero-exercise-price options. WhiteRock had 443 holders at admission. These details create two competing interpretations. The positive interpretation is that existing shareholders remain strongly exposed to the outcome, a large portion of early capital cannot immediately be sold and demand for a limited supply of tradeable securities has been strong. The more cautious interpretation is that a relatively tight market can amplify price moves. The first three days demonstrate enthusiasm, but a longer trading history and higher turnover will be needed before investors can judge the depth and durability of that enthusiasm. That is not a criticism of WhiteRock. It is simply the correct way to separate market reception from project validation. What Is the Banana Lithium Project? WhiteRock was established in 2022 and its principal asset is the Banana Lithium Project in northern Québec. The project comprises 1,360 contiguous exclusive exploration rights covering approximately 67,245 hectares. It lies about 87 kilometres northwest of Brisay within the Archean Superior Province of the Canadian Shield (Figure 2). Figure 2: Location map (Source: Company Website) The district is important. Eeyou Istchee James Bay and Nunavik have become major areas for hard-rock lithium exploration, and Québec combines an established mining code with access to predominantly hydroelectric power. WhiteRock identifies the all-season Trans-Taïga Road approximately 30 kilometres from the project and the Laforge-2 hydroelectric facility approximately 50 kilometres away. The C$4.7 billion La Grande Alliance infrastructure framework between the Québec Government and the Cree Nation provides further regional context, although investors should not assume that every proposed infrastructure benefit will automatically accrue to Banana (Figure 3). Figure 3: Project infrastructure (Source: Company Website) Geologically, the known mineralisation occurs in lithium-caesium-tantalum pegmatites. Spodumene is the principal lithium-bearing mineral identified to date, with the pegmatites interpreted as multiple subparallel, shallow-dipping sheets or dykes. The exploration story began with surface work. Mapping and channel sampling during 2023 identified mineralised pegmatites at Spodumene Mountain and helped define further prospects. WhiteRock followed with its maiden diamond drilling campaign in 2024, completing 7,844.3 metres in 29 holes across Spodumene Mountain, Isabella, Marine and Roloh. Every hole intersected lithium-mineralised pegmatite. Selected reported downhole intervals included (Figure 3): 79.3 metres at 2.00% Li₂O from 1.7 metres in ZS-24-003 at Spodumene Mountain; 64.7 metres at 2.14% Li₂O from 43.2 metres in ZS-24-006; 74.2 metres at 1.75% Li₂O from 56.9 metres in ZS-24-024, including 16.2 metres at 2.98% Li₂O; 60.4 metres at 1.86% Li₂O from 78 metres in ZI-24-017 at Isabella; and 38.0 metres at 2.17% Li₂O from 142.2 metres in ZI-24-022, including 15.8 metres at 3.07% Li₂O. Figure 4: Drill results (Source: Company Website) Those results explain why the project has attracted attention. The combination of substantial reported intervals, grades above 1% Li₂O and mineralisation at or near surface in several holes is technically encouraging. But the distinction between encouraging drilling and a defined resource is central to the investment case. The Large Number That Is Not Yet a Resource Cube Consulting prepared an independent JORC 2012 Exploration Target of 190–275 million tonnes at 1.2–1.6% Li₂O. The target comprises: Table 1: Exploration Target Target area Tonnage range Li₂O grade range Spodumene Mountain 70–100 Mt 1.2–1.6% Isabella 110–160 Mt 1.2–1.6% Marine 10–15 Mt 1.2–1.5% Total 190–275 Mt 1.2–1.6% If drilling ultimately supports something approaching that scale and grade, Banana would be a very significant hard-rock lithium discovery. That possibility is plainly one of the reasons the market has given WhiteRock a valuation well beyond that of an ordinary greenfields explorer. Nevertheless, the mandated caution is not a technical footnote to be skimmed over. The Exploration Target is conceptual. There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further work will produce one. The 2024 drill spacing was designed to test outcropping pegmatites rather than establish the geological and grade continuity required for resource classification. Cube considered the information sufficient for an Exploration Target, but not sufficient for a Mineral Resource estimate. This means the market is currently valuing the probability that a meaningful portion of the target can be converted into a resource. Investors are not yet valuing a measured inventory of tonnes that has passed through mining, processing and economic studies. That difference is the heart of the WhiteRock proposition. Metallurgy: Encouraging, but More Work Is Required Preliminary heavy-liquid-separation testwork at SGS Lakefield assessed ten drill-core samples from Spodumene Mountain and Isabella. The objective was to test the potential to produce a spodumene concentrate above 6% Li₂O and below 1% Fe₂O₃. Six Spodumene Mountain samples generally produced potential global lithium recoveries to a 6% concentrate of 77.0–87.3%, apart from one sample at 62.6%. Most Isabella samples returned potential recoveries of 62.4–85.4%. One Isabella sample performed poorly at 13.1%, which the technical report linked to finer spodumene grain size that may require flotation. This is a useful early result because coarse spodumene capable of responding to dense-media separation can support a simpler processing concept than an entirely flotation-dependent flowsheet. It is not, however, a completed process design. The variability between samples shows why broader, representative metallurgical programs will be necessary as the geological model matures. The Samso point is straightforward: metallurgy should be treated as a workstream, not a slogan. “Up to 87% recovery” is attractive; the full range of results and the representativeness of the samples are what ultimately matter. Where the Money Is Going WhiteRock’s pre-quotation statement allocated the A$32.052 million of disclosed available funds over the 24 months following admission as follows: Table 2: Use of Funds Intended use A$ million Share of funds Exploration work program 26.043 81.3% Corporate administration 3.281 10.2% Working capital 1.548 4.8% Remaining costs of the offer 1.180 3.7% Total 32.052 100.0% Within the technical program, the prospectus budgeted A$19.342 million for drilling, A$1.292 million for assays and A$4.758 million for geological work. Smaller amounts were allocated to permitting, environmental and social work, resource estimation and technical studies. The proposed field plan included 18,000–25,000 metres of drilling at Spodumene Mountain between July and October 2026, followed by a similarly sized campaign during 2027. The 2026 work is designed to infill the known mineralisation, test extensions to the north and south and improve the company’s understanding of continuity. LiDAR, high-resolution imagery and regional surface exploration are intended to generate additional targets across the wider property. WhiteRock is targeting a maiden Mineral Resource Estimate in the first half of 2027, subject to the results. That is the next defining milestone. A Team the Australian Lithium Market Recognises Executive Chairman and Chief Executive Officer Simon Hay previously served as chief executive of Galaxy Resources and managing director of Leo Lithium. Non-Executive Director Alan Rule is a former chief financial officer of Galaxy Resources and has served as a director of Leo Lithium. Non-Executive Director Ron Mitchell has held senior roles at Tianqi Lithium and is chief executive of Firebird Metals. Co-founders Dustin Nanos and Drew Nanos remain substantial shareholders and directors. Chief Operating Officer Tom Blackwell brings project-delivery experience from the Goulamina lithium project, while Vice-President Geology and Exploration Patrik Schmidt has Québec lithium experience and was involved with the discovery teams at PMET Resources and WhiteRock. The team matters because Banana is moving from discovery drilling toward resource definition. That transition requires more than promotional reach. It requires seasonal logistics, drilling discipline, geological modelling, community engagement, metallurgy, capital management and an understanding of how technical decisions affect future development options. Management experience does not guarantee success, but it lowers one category of risk: investors are not asking an entirely new group to learn the lithium sector from first principles. Capital Structure, Alignment and Dilution At admission, WhiteRock had 86,198,094 Shares/CDIs, 1,928,863 zero-exercise-price options and 11,840,751 warrants. Assuming all options and warrants were exercised, the prospectus showed 99,967,708 securities on a fully diluted basis. The founders’ positions are material. On the prospectus assumptions, Dustin Nanos and associated holdings represented approximately 22.1% of issued capital after the maximum offer, while Drew Nanos and associated holdings represented about 20.5%. Kingslane Pty Ltd held approximately 8.2%. The pre-quotation top-20 list subsequently confirmed a concentrated register, with the 20 largest holders accounting for 76.1%. Large founder ownership can produce alignment: those who established the company retain considerable exposure to the result. It can also produce concentration and governance considerations, making the role of independent directors and transparent related-party processes important. Investors also need to account for the warrants and incentive securities when thinking about future ownership and valuation. Exercise may bring cash into the company, but it can increase the security count. At A$4.89, the simple implied value using the prospectus fully diluted total would be approximately A$488.8 million, although that calculation does not deduct exercise proceeds and should not be confused with an enterprise valuation. The Risks That Deserve More Than a Passing Mention WhiteRock’s opportunity is substantial, but the prospectus correctly describes the investment as highly speculative. The first risk is geological conversion. A large Exploration Target is not a Mineral Resource, a Mineral Resource is not an Ore Reserve, and an Ore Reserve is not a profitable mine. Drilling must establish continuity, geometry and grade. Later studies must address recoveries, mining method, infrastructure, capital expenditure, operating costs and approvals. The second risk is valuation. WhiteRock did not list as a lightly valued micro-cap explorer. It entered at approximately A$280 million and reached an implied A$421.5 million equity value within three sessions. The higher the starting valuation, the more geological success is required merely to justify what the market has already priced. The third risk is lithium-market exposure. WhiteRock is years away from any potential production, and lithium prices, project financing conditions and investor appetite can change considerably during that period. A technically successful project can still struggle if commodity pricing and capital markets are unfavourable. The fourth risk is funding. The company is well funded for its stated two-year program, but the prospectus says further capital will be required for work beyond that program. Any future development would require substantially more funding, potentially through equity, debt, strategic investment or a partnership. The fifth risk is location and execution. Northern Québec offers jurisdictional and power advantages, but the project remains remote. Helicopter-supported programs, short field seasons, weather, forest fires, equipment availability and skilled personnel can affect timing and cost. The sixth risk is permitting and Indigenous engagement. WhiteRock holds an authorisation for impact-causing exploration activities that runs to April 2028, but future work and any eventual development will require further approvals and consultation. Constructive relationships with Cree and Inuit communities are not peripheral to the project; they are fundamental to its ability to advance. Samso Concluding Comments WhiteRock Lithium has achieved something that many new listings fail to achieve: it arrived with work already underway, enough money to execute a meaningful program and a geological proposition large enough to matter if drilling validates it. The ASX reception has recognised those strengths. A 50.5% premium after three trading days cannot reasonably be described as anything other than a successful debut. But the share price has now raised the standard by which the company will be judged. At approximately A$421.5 million of implied equity value, WhiteRock is no longer being priced as an unknown explorer with a few interesting pegmatite outcrops. The market is assigning a meaningful probability to Banana becoming a large, high-grade lithium resource and to the management team advancing it successfully. That may prove correct. The 2024 drilling gives the thesis genuine substance: all 29 holes intersected mineralised pegmatite, several intervals were both thick and high grade, and preliminary metallurgy suggests that parts of the mineralisation may respond well to a relatively simple concentration route. Yet the defining word remains preliminary. The next body of drilling must show that the impressive intervals connect into coherent, predictable mineralised domains. The maiden resource must establish how much of the 190–275 Mt Exploration Target can be converted, at what grades and in which confidence categories. Metallurgical work must explain variability rather than merely advertise the best recovery. Environmental, access and community work must advance in parallel with geology. For existing IPO participants, the early gain has been substantial. For investors considering the stock after the debut, the question is different. They are no longer deciding whether A$3.25 was an attractive entry point. They are deciding what evidence is required to support a valuation above A$400 million for a company that does not yet have a Mineral Resource. That is where Samso believes the research should focus. The listing is complete. The reception has been strong. Now the drill rigs have to turn market expectation into geological fact. Cover photo: Spodumene - Spodumene, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Spodumene_(GeoDIL_number_-_1621).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Coffee with Samso — with Dr Tobias Schlegel, Senior Research Scientist, CSIRO We're back at Samso HQ at the University Club, on the UWA campus in Crawley, and this is a conversation that has been a few years in the making. I first came across Tobias Schlegel at an IOCG workshop in Adelaide. He was up the front talking about how these deposits actually form, and I remember thinking, I need to talk to that guy. It has taken two or three years, but here we are. Tobias is a Senior Research Scientist at CSIRO, where he has spent close to seven years, and he has been working on Iron Oxide Copper Gold (IOCG) systems since around 2009 — including his doctoral work on Prominent Hill. If you want someone who has spent well over a decade staring at the rocks behind Australia's most important copper story, he is the man. "Geochemistry Isn't the Silver Bullet" Why this conversation with a CSIRO Scientist matters Copper is on everyone's lips. Investors want to know where the next tonne is coming from. And in Australia, the answer keeps pointing back to IOCGs. Globally, porphyries are the elephant in the room — Tobias puts them at roughly 60% of world copper supply. But IOCGs are where Australia lives. In South Australia and Queensland, they are the dominant copper producer. And they carry a quiet advantage: where porphyries typically run somewhere around 0.4–0.6% copper, IOCGs tend to scrape around 1%, particularly the hematite-dominated ones. When you are exploring undercover — as we increasingly are in this country — that grade difference matters. The thing that stopped me in my tracks Here is the part of the conversation that I keep coming back to. We spend our entire exploration lives assaying for metals. Copper. Gold. Rare earths. That's what we want to find, so that's what we measure. Tobias's point is that the metals are only half the story. Metals travel in a fluid as cations — copper plus, iron two plus. But a fluid cannot just dump cations into a rock and walk away. Something has to balance the charge. So the anions come along too: chlorine, hydroxide, sulfur, phosphate. And when that fluid hits the rock, it doesn't only deposit metal — it also rebuilds the mineralogy, turning feldspars into hydrous minerals like chlorite and muscovite. You may have thirty metals sloshing around in the system. But they are charge-balanced by a handful of anions. And as Tobias puts it, the signature of the anions is sometimes far clearer than the signature of the metals. Which means the alteration mineralogy can be telling you something your assay sheet simply cannot. From geochemistry to mineralogy This is why, over the last five or six years, Tobias has drifted away from whole-rock geochemistry and towards mineralogy — measuring surface chemistry with automated SEM-based systems and translating it into minerals, sample by sample, down a drill hole. What emerges is not the presence or absence of some magic indicator mineral in a single sample. It is the systematic change in mineral abundance through space. And it tends to behave predictably: broadly speaking, the bigger and more intense the alteration zone, the better the copper intersection at the end of it. He is careful — and I respect him for it — not to sell this as a silver bullet. Geochemistry is still the method of choice, still the thing companies use to publish a resource, and it works especially well in homogeneous host rocks like granites. But when the host rock gets messy, and when the first hole finds smoke rather than fire, this is where the toolbox needs to get deeper. What else we covered Why IOCGs are complex — but not as chaotic as they look. Olympic Dam, Prominent Hill and Oak Dam West sit in completely different host rocks, of different ages, yet the alteration zoning tells a strikingly similar story: a hematite-quartz core, with the copper wrapped around it. Hematite versus magnetite. Why the hematite-dominated systems in South Australia carry the chalcocite, bornite and chalcopyrite everyone wants, while magnetite-dominated systems tend to run lower grade with more pyrite. The breccia debate. Were these bodies blown apart, or are they structural jogs that later became plumbing for mineralising fluids? At Prominent Hill, Tobias argues the breccia was there first. Rare earths as a clue. The unusual lanthanum and cerium signature in South Australian IOCGs, and cerium's role in the magnetite-to-hematite transformation. The carbonatite question. With the Arunta throwing up hybrids, is there a real link between carbonatites and IOCGs? The idea has been around for about 25 years. Work at Carrapateena with the Geological Survey of South Australia shows carbonates replacing chlorite at depth — and the copper grade going up where they do. A hint, Tobias says, not a proven link. AI in exploration. A refreshingly honest answer, and a warning worth writing on the wall: if we feed the system what we already know, we will tend to find what we already know. Exploration is not a data-rich space. Advice for the next generation. Stay curious. The learning doesn't stop at graduation. The takeaway Geochemistry is not just about the element itself. It's about how that element moves through the system, and what it leaves behind on the way. The assay tells you what arrived. The mineralogy tells you how it got there — and, if you read it properly, which way to point the next hole. And if you're stuck? Tobias's parting thought was simple: reach out. CSIRO, the universities, the geological surveys — they are there to help industry solve exactly these problems. Grab a coffee. This one is worth your time. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 225 | The Copper Is Hiding in the Minerals, Not the Assays — CSIRO's Tobias Schlegel on IOCG Vectoring | Adelaide | South Australia Audio Podcast Coffee with Samso - Episode 219 | Everyone Assays for Metals. This CSIRO Scientist Says You're Measuring the Wrong Half. | Adelaide | South Australia Chapters 00:00 Start 00:31 Introduction 02:12 Why geochemistry for you? Why did you focus on it — and from an industry point of view, why do we think geochemistry is such a big part of what we do? 04:26 IOCGs are complex — Olympic Dam, Carrapateena and Prominent Hill are already diverse in chemistry despite wearing the same tag. Do you share the view that they're complex, or more complex than other deposit types? 07:30 The amount of magnetite differs between deposits (Olympic Dam vs Prominent Hill, which sits near iron mines). Is that distribution province-related or deposit-related? 08:38 IOCGs have a strong affinity with global copper supply. Can you describe their potential role in addressing future copper supply? 09:40 Is being a minor global producer a function of them being hard to find, or are they simply rarer than porphyries? 10:43 Porphyries feel dramatic — almost volcanic — while IOCGs seem more subdued, occurring in large breccia bodies. Is that fair, or is it just a function of where they're discovered and preserved? 12:09 Can you give viewers a systematic methodology for exploring IOCGs — geophysics to target, then drilling — and how does geochemistry help with the final vectoring? Is geochemistry the thing that "clears the smoke" at the end? 15:49 There's talk that certain rare earth spikes mean you're closer to a Prominent Hill or Olympic Dam. Can explorers use that signature — especially on the near-misses — to map themselves toward a potential discovery? 18:12 Ernest Henry in Queensland differs from the South Australian IOCGs, and Kiruna differs again. If you had to generalise across all IOCGs globally, are there real similarities, or are they distinct to where they sit? 20:59 In the Arunta, explorers chasing IOCG signatures are finding carbonatites. Do you see a chain or gradient between IOCGs and carbonatites? What are your thoughts on that line of thinking? 25:51 Based on what we understand today, and looking across Australian provinces, do you see where someone should be looking for IOCGs — or where there's already evidence of IOCG-type mineralisation? 28:46 From your years working with geochemistry, can we template it? Is there a repeatable process — ratios and so on — that could be transferred to other metals or deposit types, or is it still back to basics? 32:39 (On the mineralogy/anion approach) Is this something new that people are starting to look at? 35:46 Have there been examples where it worked in one place but not another? And if you take rock samples across a project and look at the mineralogy, can you make sense of it — or does it all depend on where the sample sits relative to the resource? 37:11 Are we talking about our ability to understand grade, or the potential to use this to vector to discoveries? 38:14 If you compiled historical core-library and assay data and brought "Mr AI" into the game, would that help — or is the training data still the problem? 39:48 The Problem with Ai 41:40 What would you advise the younger generation coming through who want to go down your path? 43:12 Tobias Words of Wisdon 44:44 Conclusion jkfghkjhfkhjgk The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new 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. 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.

Saudi Arabia’s Vision 2030 is transforming the Kingdom into one of the world’s emerging mineral exploration destinations, and Australian companies are increasingly becoming part of that transformation. Saudi Arabia has long been viewed almost entirely through the lens of oil, but Vision 2030 is beginning to change that perception. The Kingdom is attempting to diversify an economy that has historically depended heavily on hydrocarbons, and mining has been identified as one of the industries capable of helping drive that transition. The Saudi government has been progressively opening the Arabian Shield to international exploration, improving access to geological information, awarding exploration licences through competitive tenders and putting financial incentives behind its desire to attract foreign mining expertise. Figure 1: A Decade of Growth in KSA's Mining Sector (Source: Ministry of Industry and Mineral Resources ) What was once largely an aspirational mining strategy is now starting to become something much more tangible, because companies are acquiring ground, conducting geophysics, generating drill targets and, increasingly, putting drill rigs into the field. The common thread is the Arabian Shield and the enormous amount of capital Saudi Arabia is now directing towards unlocking it. Why Saudi Arabia Matters Saudi Arabia estimates that its mineral wealth is worth approximately US$2.5 trillion, The centre of the exploration opportunity is the Arabian Shield, a vast Precambrian geological province extending across much of western Saudi Arabia and forming part of the larger Arabian-Nubian Shield (Figure 2) . It hosts geological environments considered prospective for gold, copper, zinc, silver and other base and critical metals, and many of those geological concepts are familiar to Australian exploration teams that have spent decades working in comparable ancient terranes. Figure 2: General geologic map of the Arabian shield showing major tectonostratigraphic terranes, ophiolite belts, sutures, fault zones, and post-accretionary basins in the Arabian shield of western Saudi Arabia ( Source: Harbi et al ) What makes Saudi Arabia particularly interesting is not that the geology has suddenly appeared, but that modern systematic exploration is now being applied much more aggressively. Western Australia, for example, has been repeatedly explored over many decades. Entire mineral provinces have been mapped, flown with geophysics, sampled and drilled several times over as exploration technologies have improved. Saudi Arabia certainly has a long history of mining, but parts of the Arabian Shield have not experienced anything approaching that density of modern exploration. For a junior explorer, that creates potential information asymmetry. There may still be mineral systems that are either poorly understood, inadequately tested or recognised in historical datasets but never followed with the type of exploration intensity that would now be considered normal in Australia. Saudi Arabia appears determined to change that. Vision 2030 Is Creating the Exploration Platform One of the reasons the Saudi story deserves serious attention is that the government is doing considerably more than simply making tenements available. Saudi Arabia has been developing its National Geological Database and conducting large-scale geological, geochemical and geophysical programs across the Arabian Shield. The objective is to improve the amount and quality of information available to explorers before private capital is committed to drilling. That has an important economic consequence. Early-stage exploration is expensive because companies often have to spend substantial amounts of money simply determining where not to drill. Regional geological interpretation, geophysical programs, mapping and surface geochemistry can consume meaningful amounts of capital before a company generates its first serious target. When governments conduct some of that regional work, private explorers can potentially begin their programs further down the exploration funnel. Saudi Arabia has also introduced exploration incentives, including programs designed to contribute towards qualifying exploration expenditure, while successive licensing rounds have released increasingly large areas to domestic and international companies. None of this removes exploration risk, but it can improve the environment in which exploration takes place. That is where the ASX becomes particularly relevant. Australia possesses one of the world's most sophisticated ecosystems for financing early-stage geological risk. Junior companies routinely raise capital around geological concepts that may initially consist of little more than prospective geology, geophysical anomalies and historical exploration results. The successful companies progressively reduce that uncertainty through drilling until the market can begin evaluating something more tangible. Saudi Arabia has prospective geology and substantial government backing. Australia has the exploration expertise and capital-market structure. Those two things are starting to meet. 1. Almasar Minerals Limited ASX: AMK The Pure Saudi Exploration Play Almasar Minerals is perhaps the cleanest ASX exposure to Saudi exploration because the company has essentially been constructed around that opportunity. The company commenced trading on the ASX on 31 August 2026, having raised up to A$12 million through its IPO at A$0.20 per share. Its portfolio consists of five granted Saudi exploration licences covering approximately 420 km², with four licences located within the Nabitah-Ad Duwayhi mineral belt and another within the Nuqrah-As Safra belt (Figure 3) Figure 3: Five granted Saudi exploration licences covering approximately 420 square kilometres ( Source : AMK ASX Announcement) For investors, the attraction is the purity of the exposure. There is no established producing asset generating cash elsewhere and no large unrelated project dominating the valuation. If Almasar makes a meaningful Saudi discovery, investors have a relatively direct way of participating in that success. The opposite, of course, is equally true, because if exploration disappoints, there is little else within the company to insulate shareholders from that outcome. That makes Almasar a classic early-stage exploration proposition. At this point, what the company owns is geological potential rather than a defined mineral inventory. There is no JORC Mineral Resource, and the value proposition therefore depends upon management being able to take the existing geological information, prioritise the most prospective areas and progressively convert them into drill targets. That process may involve geochemical sampling, geophysics, geological mapping, structural interpretation and ultimately drilling. Each stage should reduce uncertainty and allow investors to judge whether the original geological hypothesis is strengthening or weakening. This is why I think Almasar should be viewed less as a bet on Saudi Arabia itself and more as a bet on whether a well-funded exploration team can turn Saudi Arabia's new geological opportunity into a discovery. What I Would Watch The most important development will be Almasar's transition from licence ownership into a clearly defined exploration program capable of producing quality drill targets. As those targets emerge, investors should begin receiving much better information about what the company actually has rather than what the regional geology suggests might be present. 2. Sierra Nevada Gold Limited ASX: SNX The Exploration Story That Has Already Reached the Drill Bit Sierra Nevada Gold represents a more advanced stage of the Saudi exploration cycle because the company has already completed substantial drilling at its As Safra Project (Figure 4). Figure 4: Location of As Safra Project in the vicinity of other major projects ( Source : SNX Website) That makes SNX particularly interesting because investors are no longer relying entirely on surface indications, historic work or geophysical interpretation. Modern drilling has started producing information that can be used to evaluate the scale and continuity of mineralisation. Historical exploration at As Safra had already indicated copper and gold potential, but Sierra Nevada's own drilling has provided the more important modern confirmation. The company has reported copper mineralisation extending across more than 800 metres through its Central Copper Zone, with intersections including 16 metres at 1.49% copper from 160 metres and 38 metres at 0.54% copper from 118 metres, including 9 metres at 1.67% copper. Elsewhere within the project, Sierra Nevada has also encountered polymetallic mineralisation, including an interval of 11 metres at 1.15g/t gold, 108.7g/t silver, 0.21% copper, 4.64% zinc and 1.88% lead from 49 metres. These are significant exploration observations because they demonstrate that the mineralisation is not merely theoretical. The remaining question is whether those intercepts form part of a system with enough continuity and scale to support something economically meaningful. That is now the critical phase of the SNX story. Interesting drill holes attract attention, but resources are created by demonstrating that mineralisation connects in three dimensions. Investors therefore need to understand the geometry of the system, whether the higher-grade zones can be linked, what happens at depth and whether sufficient tonnage can ultimately be defined. Sierra Nevada is planning a much larger second phase of drilling exceeding 25,000 metres, which should provide considerably more information. This is why I regard SNX as perhaps the most mature of the current ASX Saudi exploration stories. The company has moved beyond simply securing ground and identifying targets. It is now in the much more important process of discovering whether As Safra can become a genuine mineral asset. What I Would Watch The key word is scale. The company has already demonstrated mineralisation. The next task is to demonstrate whether the system is large, continuous and coherent enough to eventually support a Mineral Resource and, beyond that, a project capable of surviving economic assessment. 3. Peako Limited ASX: PKO Large Ground Position With the Drill Test Still Ahead Peako offers another type of Saudi exposure, with the company assembling interests across ten granted exploration licences grouped into six project areas covering approximately 862km² within Saudi Arabia's Central Arabian Gold Region (Figure 5). Figure 5: Peako’s six project areas in the Central Arabian Gold Region: Sukhaybarat South, Wadi Ash Shuwayla, Jabal Jumaymah, Ad Dirabi, Wadi Jarir and Bulghah East (Source: Peako Webiste) The size of the portfolio immediately attracts attention, but land area on its own tells us relatively little. A large exploration licence only becomes valuable when geological evidence identifies places where the probability of discovery becomes materially better than the surrounding ground. Peako therefore needs to progressively turn its 862km² portfolio into a much smaller number of high-quality targets. That process is already underway. Reconnaissance sampling has returned selected high-grade gold values, including individual assays of up to 41.5g/t gold at Wadi Jarir, 22.9g/t at Sukhaybarat Matar and 11.4g/t at Ad Dirabi. Historical drilling within parts of the portfolio has also returned encouraging gold intersections. These results provide evidence that mineralising processes have operated within the project areas, but they should not be interpreted as evidence of an economic deposit. Selected rock-chip samples in particular can produce spectacular grades while telling investors almost nothing about continuity, width or tonnage. What they do provide is a reason to continue exploring. Peako has subsequently commenced UAV magnetic surveys designed to improve its understanding of the structures and geological controls beneath those surface anomalies, with drilling expected to provide the first meaningful modern test. This is the stage of exploration I often find particularly interesting because there is enough geological evidence to create a credible hypothesis, but the drill results have not yet arrived to resolve it. That means the uncertainty remains high, but so does the potential information gain from the next exploration program. What I Would Watch Peako's first serious Saudi drilling program should be the defining catalyst. The surface geochemistry and historical exploration have generated the targets, while geophysics should help refine them. The question the drill rig now needs to answer is whether those high-grade indications persist beneath the surface and form part of a larger mineralised system. 4. Resource Minerals International ASX: RMI Testing What the Geophysics Is Telling Us Resource Minerals International entered Saudi Arabia through the acquisition of interests previously held by AuKing Mining and now has exposure to projects including Shaib Marqan and Wadi Salamah (Figure 6). RMI is interesting because much of the current investment thesis revolves around target generation and geophysical interpretation. At Shaib Marqan, high-resolution magnetic work has identified major structural trends and several areas considered worthy of follow-up. Previous surface sampling has also produced individual high-grade gold assays, including a reported result of 40.35g/t gold. Figure 6: RMI's Saudi Arabian Portfolio ( Source: RMI Webiste) The important task now is determining whether those surface observations correspond with a broader mineralised structural system. Wadi Salamah presents a potentially different geological proposition. Geophysical surveying has identified deeper anomalies covering an interpreted area of approximately 16 km², which RMI believes may indicate a porphyry-style copper-molybdenum system. If correct, that would potentially introduce an entirely different scale proposition because porphyry systems can become very large. However, geophysical anomalies should always be treated as hypotheses rather than discoveries. Magnetics can identify geological contrasts, structures and intrusive bodies, but a magnetic anomaly does not automatically mean copper, gold or molybdenum. There are many geological reasons why an anomaly can exist. This is why drilling matters so much. The first holes provide physical geological information that can then be used to calibrate the geophysical interpretation. Sometimes that confirms the model, while on other occasions it forces the company to rethink it entirely. Both outcomes are part of legitimate exploration. What I Would Watch For RMI, I want to see the geophysical targets drilled. If the anomalies correspond with alteration, sulphides and meaningful mineralisation, the company may have something that deserves considerably more attention. If the drilling does not support the interpretation, the geological model needs to change. The drill bit should begin resolving that uncertainty. 5. Perseus Mining Limited ASX: PRU The Strategic Saudi Option Perseus Mining is deliberately different from the other four companies because it is not a Saudi-focused junior explorer. It is an established African gold producer with operating mines, financial capacity, technical expertise and a demonstrated ability to take mining projects through development and into production. Its relevance to Saudi Arabia comes through its cooperation agreement with Ajlan & Bros Mining and Metals, which provides a framework for the parties to investigate mining investment opportunities both within Saudi Arabia and across Africa. The relationship potentially allows Perseus to consider opportunities ranging from earlier-stage exploration projects through to assets that have already reached pre-feasibility or definitive-feasibility stages. At present, Saudi Arabia should therefore be viewed as strategic optionality within the broader Perseus story rather than as the company's core investment thesis. That could change quickly if Perseus becomes attached to a meaningful Saudi project. The reason I have included PRU in this group is that Vision 2030 will eventually need companies capable of doing much more than exploration. Finding an orebody is only the beginning of the mining process. Saudi Arabia will eventually require companies capable of funding projects, completing technical studies, developing infrastructure, constructing processing plants and operating mines. That is where a company such as Perseus brings a very different capability. The junior explorers provide higher leverage to discovery. Perseus potentially provides lower-risk exposure to the later stages of the Saudi mining development cycle. What I Would Watch The key development would be the cooperation agreement producing a specific project. Until then, Saudi Arabia remains an option rather than a material part of Perseus's valuation. If the company eventually acquires or develops a significant Saudi asset, that relationship could take on much greater importance. Five ASX Companies at Different Points on the Same Curve in Saudi Arabian Mining The five ASX companies therefore sit at very different positions along the exploration and development spectrum in Saudi Arabia's mining landscape. Company ASX Saudi Position Current Stage The Main Question Almasar Minerals AMK Direct exploration Early stage Can the Saudi pure play generate quality discoveries? Sierra Nevada Gold SNX Direct exploration Active drilling Does As Safra have the scale required for a meaningful resource? Peako PKO Direct exploration Target generation / pre-drilling Do the surface gold indications continue below ground? Resource Minerals International RMI Direct exploration Geophysics / pre-drilling Do the identified targets represent substantial mineral systems? Perseus Mining PRU Strategic exposure Opportunity selection Does its Saudi partnership eventually produce a major project? What comes next? We are now reaching an interesting stage in the evolution of the Saudi ASX story because several companies are approaching exploration programs capable of materially changing what the market knows about their projects. Sierra Nevada's expanded drilling program should give investors much more information about the scale and continuity of As Safra. Peako's drilling should begin testing whether the encouraging surface and historical gold results extend beneath the ground. RMI should begin determining whether its geophysical anomalies correspond with significant mineral systems. Almasar must now convert its newly listed status and substantial exploration funding into a coherent program capable of generating discoveries. Perseus represents the longer-dated corporate question, with investors watching to see whether its relationship with Ajlan & Bros eventually leads to a specific Saudi project. That means the narrative is slowly changing. The early phase of the Saudi mining story was about government ambition and access to ground. The next phase will increasingly be about results. That is a much healthier place for investors to be because drill results are harder to romanticise than national strategies. Samso Concluding Comments Saudi Arabia's Vision 2030 has created one of the more intriguing new mineral exploration opportunities I have seen emerge in recent years, but I think investors need to be careful not to allow the size of the national ambition to overwhelm the fundamentals of exploration. The US$2.5 trillion mineral-wealth estimate makes an impressive headline, and the Arabian Shield undoubtedly contains geological environments capable of hosting significant mineral systems. The Saudi government is also doing many of the things exploration companies would want to see from an emerging jurisdiction, including improving geological data, opening prospective ground, offering incentives and welcoming international investment. However, none of that determines whether an individual ASX company will succeed. That is why I think looking at the opportunity through these five companies is useful. Almasar Minerals provides arguably the purest listed Saudi exploration exposure and now needs to demonstrate what its portfolio actually contains. Sierra Nevada Gold is further down the exploration path and has already produced drill results that justify a much larger follow-up program. Peako has assembled a substantial Saudi gold portfolio and is moving towards the stage where drilling can begin testing whether its surface indications have genuine depth and continuity. Resource Minerals International is attempting to convert geophysical interpretations into discoveries and could become particularly interesting if its deeper copper targets prove to represent the systems management believes may be present. Perseus Mining provides a very different proposition, offering investors exposure to a well-funded gold producer that could potentially participate in larger Saudi development opportunities without depending on Saudi Arabia for its existing business. What makes this theme worth following is that these companies collectively show the progression of a new mining jurisdiction almost in real time. We can see companies entering. We can see ground being awarded. We can see geophysical programs being completed. We can see drilling beginning. And eventually we will see whether any of these companies can turn Saudi Arabia's enormous geological promise into something economically meaningful. For investors, that final part remains the most important. Vision 2030 can open the door, provide the data and encourage the capital, but the real value will ultimately be determined by the geology underneath each individual project. That is why the next stage of this Saudi mining story should be far more interesting than the first. The narrative has already been established. Now we get to test it. Cover photo: ISS030-E-5350 - View of Saudi Arabia, Earth Science and Remote Sensing Unit, Lyndon B. Johnson Space Center. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:ISS030-E-5350_-_View_of_Saudi_Arabia.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent 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. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Wednesday, September 16, 2026 | 4 pm AEST Australian shares regained some ground on Wednesday, but the recovery now faces an overnight test from US consumer spending figures, inflation indicators and the Federal Reserve’s interest-rate decision. The ASX 200 finished around 8,696, up approximately 0.3%, recovering less than a third of Tuesday’s decline. Smaller companies showed greater improvement: the Small Ordinaries gained 0.63% to 3,357.20, recovering from its morning low of 3,313.60. The sector picture improved after midday. Energy rose 2.19%, and Materials gained 1.28%, while Communication Services added 0.46%, Industrials 0.36% and Information Technology 0.30%. Technology’s positive finish marked a reversal of its lunchtime weakness. Buying remained selective, however. Consumer Staples fell 1.15%, Real Estate declined 0.57%, Financials lost 0.37%, and Consumer Discretionary slipped 0.35%. Healthcare finished just 0.08% higher. The heavyweight miners provided meaningful support, with BHP gaining 1.60%, Rio Tinto rising 1.06% and Fortescue advancing 1.97%. Woodside added 2.84%, Santos 2.11% and Ampol 2.46%, extending energy’s strength. Banks continued to restrain the index. Commonwealth Bank fell 0.63%, NAB lost 0.52%, and ANZ slipped 0.30%, while Westpac gained 0.23%. James Hardie dropped 5.23%, contrasting with Reliance Worldwide’s 3.46% gain following its Brookfield takeover agreement. Resources buying also reached Pantoro, up 9.30%, EQ Resources, up 8.14%, and BCI Minerals, up 7.48%. International commodity trading offered some relief. Brent eased to around US$108.02 and WTI to US$104.73 following a reported US crude inventory build, although Saudi supply disruptions remained unresolved. Later Wednesday quotations showed gold at US$4,326.83 an ounce and silver at US$64.59, both higher. Miners have been having a field in the UK, making significant gains as metal prices recoup. Attention now turns to US August retail sales and import/export prices at 10.30 pm AEST. Forecasts anticipate retail sales rising 0.8% and import prices increasing 0.4%. Strong spending alongside firmer prices could reinforce expectations of further monetary tightening. US petroleum inventories follow at 12.30 am Thursday, ahead of the Fed decision at 4 am and press conference at 4.30 am AEST. The projected rate path will be particularly important alongside the anticipated quarter-point increase. For me, today’s improvement in miners and small caps is worth watching. Whether it develops into a sustained recovery will depend partly on how tonight’s releases change expectations for demand, inflation and borrowing costs. Wednesday, September 16, 2026 | Midday update The Australian market edged higher by midday, although an early rally had lost momentum. The ASX 200 gained 11.3 points, or 0.13%, to 8,683.80, after reaching 8,705.60 and subsequently slipping below Tuesday’s close to 8,668.10 before recovering. The Small Ordinaries was almost unchanged at 3,337.10, up 0.9 points, having recovered from a morning low of 3,313.60. Buyers had returned after the initial selling, but neither index had established a convincing advance following Tuesday’s 0.88% decline, when Materials lost 2.21%. Energy provided the clearest sector strength, with Industrials also positive. Utilities and Communication Services edged higher, while Healthcare, Materials and Financials hovered closer to flat. Information Technology, Real Estate and Consumer Staples showed the most pronounced weakness, with Consumer Discretionary also lower. That split was reflected in individual stocks. Woodside gained 3.42%, Viva Energy rose 3.11%, Ampol added 2.52%, and Santos advanced 2.40%. Among mid-cap energy names, Karoon gained 2.96%, and Beach Energy rose 2.59%. The buying followed Brent’s overnight rise to US$108.75 a barrel, although oil eased slightly in early Asian trading. Suspended Saudi crude loadings and disrupted deliveries continued to underpin supply concerns, while investors awaited the Federal Reserve’s decision, with a quarter-point increase widely anticipated. Elsewhere, the latest overnight commodity readings remained mixed: copper rose 0.6% to US$14,084 a tonne, while gold eased to approximately US$4,293 an ounce and iron ore slipped to US$95.20 a tonne. These were overnight readings rather than midday prices. Beyond energy, Infratil gained 4.12%, and Codan rose 3.91%, while ResMed added 1.98%. Healthcare’s relatively steady sector reading concealed a sharp reversal in Telix, down 5.75%, following its earlier regulatory-driven gains. Technology also surrendered ground after Tuesday’s recovery. Life360 fell 6.68%, WiseTech declined 2.81%, and Megaport lost 2.38%. James Hardie dropped 5.31%, while lithium names Elevra, Liontown and PLS fell 5.80%, 4.57% and 2.58%, respectively. Among mid-cap gainers, PNR rose 6.98%, EQ Resources advanced 5.23% and Reliance Worldwide gained 4.27%. EQ Resources traded approximately 44.93 million shares. Smaller stocks remained volatile. BEL gained 70%, PRM rose 50% and HIQ added 37.50%. CVB advanced 22.73% and JAV gained 21.95%, each trading approximately 8.32 million shares. Conversely, KFM fell 35.90%, while BNL, CAN, CMO and PPY each lost 20%. For me, this remains a tentative recovery. Energy is providing support, but renewed weakness in technology and several consumer-facing sectors shows how selective the buying remains ahead of the Fed. Wednesday, September 16, 2026 | 9.30 am AEST The Australian market is pointing towards a modest recovery this morning, although the anticipated rebound has narrowed. At 9.30 am AEST, the Australia 200 indicator was up 14.3 points, or 0.16%, at 8,686.3, having recovered from an overnight low of 8,596.6 before levelling out below 8,690. That leaves a cautious opening ahead after Tuesday’s 77.4-point decline to 8,672.50, the ASX 200’s lowest close in 11 weeks. Six sectors finished lower, with Materials and Financials weighing heavily. BHP, Rio Tinto and Fortescue declined alongside all four major banks, while healthcare names CSL, ResMed and Sonic Healthcare provided support. Zip advanced after commencing its $50 million buyback, and Telix extended its gains following US approval for Pixclara. Overnight backdrop for ASX The challenge for today’s recovery is that the overnight backdrop offered little relief. The Dow fell 0.6%, the S&P 500 lost 0.4% and the Nasdaq declined 0.8%, while the US 10-year Treasury yield touched 5.04% before finishing near 5%. Rising borrowing costs remain a pressure point for both business earnings and share valuations. Oil added to that pressure. Brent climbed 2.9% to US$108.75 a barrel, with WTI above US$105, as disruption to Saudi Arabia’s East-West pipeline continued to threaten supply. The pipeline provides an alternative to the Strait of Hormuz, making its prolonged closure particularly significant for physical shipments and inflation expectations. Elsewhere in commodities, gold eased 0.2% to approximately US$4,293 an ounce, while copper recovered 0.6% to US$14,084 a tonne. Iron ore slipped 0.2% to US$95.20, thermal coal declined 1.4% to US$146.40, and coking coal held at US$271. The Australian dollar edged down to US71.31 cents. China’s figures offered a mixed signal for resources demand: industrial production growth accelerated to 5.2%, but retail sales increased just 0.4%, and fixed-asset investment contracted 7.2% over the year to date. Technology also remained divided. Nvidia recovered 0.6%, and AMD gained 2.2%, while Bitcoin fell approximately 4.2% to US$75,920 after the US Senate failed to advance cryptocurrency legislation. For me, today’s test is whether banks and miners can attract enough buying to sustain the indicated recovery. The larger event arrives at 4 am AEST Thursday, when the Federal Reserve announces its decision. With a quarter-point increase widely anticipated, its guidance on subsequent moves may matter more than the increase itself.

Thursday, September 17, 2026 | 4:30 pm Australian shares posted a second consecutive gain on Thursday, although a strong opening rally faded as investors weighed the prospect of further interest-rate increases. The S&P/ASX 200 closed up 35.90 points, or 0.41%, at 8,732.40. The All Ordinaries added 36.40 points, or 0.41%, to 8,910.90. Smaller stocks lagged, with the Small Ordinaries rising 6.30 points, or 0.19%, to 3,363.50. Financials led the recovery, gaining 1.42%, while the banks index climbed 1.91%. Healthcare added 0.98%, real estate rose 0.66% and industrials gained 0.57%. Only four of the 11 sectors finished higher. Energy fell 1.10%, technology lost 0.98% and materials declined 0.38%. Utilities slipped 0.23%, with consumer discretionary, consumer staples and communication services also lower. The All Ordinaries Gold index dropped 1.98%. NAB led the major banks, advancing 3.16%, followed by ANZ’s 2.08%, Commonwealth Bank’s 1.63% and Westpac’s 1.16%. Dyno Nobel was another standout, jumping 7.77% following upbeat earnings projections. Defence names DroneShield, Electro Optic Systems and Austal also featured among the stronger performers. Among smaller companies, Latrobe Magnesium finished 35.71% higher at 1.9 cents, with about 58.7 million shares traded. The company received a non-binding US$15 million financing indication for a feasibility study into its proposed South Carolina magnesium plant. Funding remains conditional, including on securing another US$15 million. Commodity markets offered a mixed backdrop. Brent crude extended its decline to US$103.95 a barrel and WTI fell to US$100.66 as Saudi Arabia offered additional shipments through Oman, easing immediate supply concerns. Spot gold recovered 1.2% to US$4,314.64 an ounce, despite local gold producers finishing lower. In afternoon reporting, copper was around US$14,202.50 a tonne, down 0.2%, while Singapore iron ore futures gained 0.2% to US$96. Aluminium eased 0.5% and nickel rose 0.4%. The recovery remained uneven: banks carried the benchmark while most sectors retreated. Attention now turns to RBA governor Michele Bullock’s parliamentary appearance on Friday for the domestic response to renewed inflation and interest-rate pressure. Thursday, September 17, 2026 | 12.30 pm update The Australian market has defied the weaker opening anticipated this morning, with the ASX 200 gaining 30.9 points, or 0.36%, to 8,727.40. However, the benchmark had surrendered much of its early advance after reaching 8,787.10. The All Ordinaries rose 0.34% to 8,904.60, while the Small Ordinaries added just 0.05% to 3,358.80. Unlike Wednesday’s stronger small-cap recovery, today’s improvement was more evident among the larger companies. Financials and Healthcare provided support, while Materials and Energy faced selling pressure, reversing the pattern that drove yesterday’s gains. Morning market coverage identified banks as a principal source of index strength. By midday, Bendigo and Adelaide Bank had gained 2.54%, NAB was up 2.17% and ANZ had risen 2.05%. ASX Limited advanced 4.04%, while Telix recovered 4.15% after Wednesday’s decline. The buying came despite the Fed’s overnight rate increase and signals of further tightening. Locally, the IMF added to that discussion, warning that persistent inflation could require additional Australian interest-rate increases. The bank rally therefore should not be read as an easing of the broader interest-rate outlook. Resources told a different story. Santos fell 3.04%, Beach Energy lost 4.17% and Karoon declined 4.09%, following oil’s retreat. Brent’s overnight settlement was US$105.83 a barrel, with WTI at US$102.43, as expectations of restored Saudi supplies eased immediate concerns. Gold miners also weakened: Capricorn fell 3.89%, Ramelius lost 3.73%, Genesis declined 3.36%, and Westgold dropped 3.25%. Predictive Discovery fell 7.10% and Pantoro lost 6.74%. West African Resources declined 7.89%, and South32 fell 4.69%, although both traded ex-dividend today. Their respective 20-cent and 7.5-cent distributions account for part of those price falls. Gold itself had recovered in Thursday trading, with spot bullion up more than 1% to US$4,310.49, alongside gains in silver, platinum and palladium. That recovery had not translated into broad buying across local gold shares. Among mid-caps, DroneShield rose 6.92%, Electro Optic Systems gained 5.62% and Austal added 4.84%. EQ Resources fell 4.30% on 51.48 million shares. Small-cap activity remained selective. Latrobe Magnesium gained 42.86% on 44.36 million shares, while ATC rose 50%, LIO gained 45.45% and MQR added 42.86%. Conversely, AYT fell 33.33%, ATT lost 31.25% and ENV declined 20%. For me, the distinction is clear: banks are supporting the index, but resources weakness and an almost-flat Small Ordinaries show that the recovery remains uneven. Thursday, September 17, 2026 | 9 am AEST Wednesday’s recovery faces an immediate test, with ASX 200 futures down 0.7% to 8,626 overnight after the Federal Reserve raised interest rates and signalled that further increases could follow. The Australian dollar slipped to US70.88 cents, while US bond yields rose despite a retreat in oil prices. The Fed unanimously increased its benchmark rate by 25 basis points to 3.75–4.00%, its first rise since 2023. The more significant message came from its projections: 16 of 18 policymakers expect at least one further increase before year-end. For me, that is the issue markets now have to absorb—how much more tightening follows this widely anticipated move. The economic releases ahead of the decision reinforced that concern. US retail sales rose 1.2% in August, with the control measure used in GDP calculations increasing 1.4%. Import prices also climbed 0.7%, showing that inflation pressure extends beyond domestic spending. Retail sales are measured in dollars rather than inflation-adjusted volumes, but the figures still showed considerable spending resilience. Wall Street reversed earlier gains. The Dow dropped 631.21 points, or 1.2%, to 51,461.90, the S&P 500 fell 0.4% to 7,551.81, and the Nasdaq finished almost unchanged at 25,978.42. The US two-year Treasury yield rose to 4.74%, while the 10-year moved back above 5%. That leaves a difficult backdrop for the ASX after Wednesday’s approximately 0.3% recovery. Energy and Materials had provided the strongest sector support, with Woodside, Santos and Ampol advancing alongside BHP, Rio Tinto and Fortescue. Commonwealth Bank, NAB and ANZ remained lower, while Westpac edged higher. Commodity movements now present a different mix. Brent fell 2.7% to US$105.83 a barrel, while WTI declined more than 3% to around US$102, as expectations of a partial restart of Saudi Arabia’s East-West pipeline eased immediate supply concerns. Gold fell 0.7% to approximately US$4,264 an ounce, but copper gained 1.1% to US$14,232 a tonne and iron ore rose 0.4% to US$96.35. Firmer industrial metals could support miners, while lower crude may temper enthusiasm for energy shares. The next releases include US jobless claims, the Philadelphia Fed manufacturing survey and housing figures, alongside the Bank of England’s decision and New Zealand’s June-quarter GDP. My focus today is whether stronger copper and iron ore can help Australian miners withstand the weaker overseas lead. Lower oil offers some cost relief, but rising bond yields and the prospect of further rate increases remain obstacles to a sustained sharemarket recovery.

Samso News | September 18, 2026 Market snapshot | 5 pm AEST Australian shares finished a volatile week slightly lower, with oil prices, rising bond yields and interest-rate expectations weighing on the broader market. Beneath the headline indices, however, smaller companies and gold producers recorded stronger performances. The S&P/ASX 200 closed Friday at 8,731.20, down 1.20 points, or 0.01%, for the session. Over the week, the benchmark lost 15.30 points, or 0.17%, recording its third consecutive weekly decline. The All Ordinaries finished at 8,922.70, down 4.40 points, or 0.05%, over five days. The S&P/ASX Small Ordinaries was the standout, closing at 3,412.50 after gaining 43.10 points, or 1.28%, for the week. Its performance placed it 1.45 percentage points ahead of the ASX 200, with Friday’s close remaining near the session high of 3,415.60. Key Highlights ASX 200 records a third weekly decline: The benchmark lost 0.17% despite recovering from Tuesday’s sell-off. Small Ordinaries advances 1.28%: Smaller companies outperformed the large-cap benchmark. Gold producers finish strongly: The All Ordinaries Gold Index rose 3.9% on Friday. Oil and bond yields shape sentiment: Brent crude traded above US$107 a barrel during the week, while the US 10-year Treasury yield breached 5%. RBA comments keep rates in focus: Governor Michele Bullock’s inflation warning accompanied the reversal of Friday’s opening gains. Oil and Bond Yields Set the Tone The week began with a modest 0.1% gain for the ASX 200 on Monday before conditions weakened sharply on Tuesday. The benchmark fell 0.88% to 8,672.50, a three-month low, following a rise in oil prices and US government bond yields. Brent crude moved above US$107 a barrel, while the US 10-year Treasury yield exceeded 5%. These developments intensified concerns about persistent inflation and the prospect of further interest-rate increases. The Australian market recovered some ground over the following two sessions. Energy and mining stocks supported a 0.27% gain on Wednesday, before a rally in the major banks helped the benchmark advance another 0.41% on Thursday. By Friday morning, the market had recovered much of Tuesday’s decline, although the final session brought another change in direction. RBA Warning Accompanies Friday’s Reversal The ASX 200 initially extended its recovery on Friday, reaching 8,771.60 shortly after the opening bell. That advance faded as investors assessed Reserve Bank governor Michele Bullock’s warning that upside inflation risks were beginning to materialise. Expectations of a September rate increase strengthened, with the possibility of a further move in November also entering market calculations. The benchmark surrendered its opening gain of approximately 39 points and fell to an intraday low of 8,717 before recovering to finish almost unchanged. Friday’s result left the ASX 200 modestly lower for the week, despite three consecutive sessions of gains between Wednesday and Friday’s opening trade. Small Caps Finish the Week Ahead The Small Ordinaries’ weekly gain provided a different perspective on the Australian market. After falling towards 3,315 during Tuesday’s sell-off, the index recovered over the remainder of the week. Friday delivered the strongest move, carrying it above 3,400 and leaving it close to its intraday high at the close. Its 1.28% weekly advance contrasted with the ASX 200’s 0.17% decline. The stronger finish was accompanied by gains across selected resources, technology and healthcare companies. On Friday, medical-imaging company 4DMedical rose 13.42%, Develop Global gained 11.84%, IperionX advanced 10.29% and Megaport added 7.60%. These individual movements illustrated the opportunities attracting attention outside the largest index constituents, although they did not represent a uniform advance across the smaller-company market. Gold Producers Lead Friday’s Gains Gold stocks were a prominent source of strength at the end of the week. The All Ordinaries Gold Index rose 3.9% on Friday, while the broader materials sector gained 1.6%. Greatland Resources closed 5.54% higher, Vault Minerals gained 5.49% and Genesis Minerals advanced 5.26%. PDI Gold rose 7.51%, while Ora Banda Mining added 7.37%. The spread of gains across several producers distinguished gold as one of the stronger areas of Friday’s market, even as most major sectors finished lower. Banks and Energy Restrain the Broader Market Only three of the 11 major sectors advanced on Friday, highlighting the concentration of the session’s gains. Real estate investment trusts declined 1.31%, energy lost 1.1% and consumer staples fell 1.04%. Financial stocks retreated 0.59%, with all four major banks giving back part of Thursday’s advance. Oil prices eased towards US$103–104 a barrel as concerns about Middle Eastern supply disruption moderated. The retreat placed additional pressure on energy producers after higher oil prices had been a defining feature earlier in the week. The result was a market in which gains in gold and selected smaller companies were offset by weakness across several larger sectors. What to Watch Next Week Interest-rate expectations will remain central to the domestic outlook following the RBA governor’s comments. Oil prices and bond yields will also warrant attention after their influence on this week’s trading. Within equities, the question is whether the Small Ordinaries can build on its stronger finish and whether buying extends across a broader range of companies. Gold producers will remain another area to monitor after Friday’s gains, alongside the major banks following their reversal in the final session. Samso Concluding Comments This week’s market deserves a closer reading than the ASX 200’s modest decline might suggest. The benchmark finished lower for a third consecutive week, but smaller companies gained ground and gold producers ended the period strongly. That divergence is worth following. It indicates that investors continued to find reasons to buy selected companies despite uncertainty around inflation and interest rates. However, with only three sectors advancing on Friday, the strength remained concentrated. For investors researching small caps, the next step is to examine what sits behind the individual share-price movements. A sustained improvement in a company’s prospects should become visible through its announcements, funding position, operational progress or commercial results. Continued buying over subsequent sessions would add context to this week’s performance. Gold producers require the same discipline. A supportive gold price can improve potential margins, but production consistency, operating costs and capital commitments determine how much of that opportunity reaches shareholders. From a Samso perspective, the weekly result provides a useful research agenda. The smaller-company market showed resilience, gold attracted support, and the broader market remained sensitive to the cost of money. Understanding how those conditions affect each business is where the more valuable work begins. Samso News | September 18, 2026 Market snapshot | 1 pm AEST Australian shares surrendered their early gains on Friday, although strength in gold producers and smaller companies left parts of the market trading firmly higher. Just after mid-day trade, the S&P/ASX 200 was down 7.9 points, or 0.09%, at 8,724.50. The benchmark had reached 8,771.60 earlier in the session, placing it 47.1 points below its intraday high. The S&P/ASX Small Ordinaries presented a different picture. it was up 48 points, or 1.43%, at 3,411.50, trading close to its session high of 3,415.60. The All Ordinaries was broadly unchanged at 8,911.30, having earlier reached 8,955.40. The divergence was the defining feature of the afternoon snapshots: weakness among several larger companies weighed on the headline market, while gold stocks and selected smaller names continued to advance. Key Highlights ASX 200 loses its opening gains: The benchmark slipped 0.09% below its previous close. Small Ordinaries holds near its session high: The index gained 1.43%, substantially outperforming the ASX 200. Gold producers feature prominently: Greatland Resources, Genesis Minerals and Vault Minerals were among the strongest large-cap movers. Larger stocks show mixed performance: Falls in Xero, James Hardie and National Australia Bank contrasted with gains in NEXTDC and Telix Pharmaceuticals. Junior share-price movements require context: Several substantial percentage gains occurred among companies trading from very low price bases. Gold Producers Feature Among the Leaders Gold companies accounted for much of the strength in the supplied large-cap advancers table. Greatland Resources led with a 4.92% gain, followed by rare-earths producer Lynas Rare Earths, which advanced 4.65%. Genesis Minerals rose 4.50%, and Vault Minerals gained 4.33%. The positive performance extended across the gold sector, with Evolution Mining up 3.01%, Capricorn Metals gaining 2.98% and Ramelius Resources advancing 2.74%. South32 also moved higher, adding 2.38%. These gains followed a stronger overnight session for metals, including a rebound in gold and a 2.4% increase in copper. Outside resources, NEXTDC rose 2.80%, and Telix Pharmaceuticals gained 2.52%, showing that buying extended to selected companies elsewhere in the market. Smaller Companies Record Strong Percentage Gains The Small Ordinaries’ advance was accompanied by substantial movements across a separate group of junior companies. Skin Elements and Triton Minerals each gained 50%, while Altech Batteries rose 33.33%. Codeifai and Sultan Resources advanced 25% apiece. Arcadia Minerals gained 20.37%, while HyTerra, Lincoln Minerals and Savannah Goldfields each rose 20%. These movements illustrate the strength in selected smaller stocks, although they should be considered alongside their starting prices. At very low share prices, a small absolute movement can produce a substantial percentage change. The junior mover table also needs to be distinguished from the Small Ordinaries index. Individual gains across the broader small-cap market do not, by themselves, establish which companies contributed to the index’s advance. Weakness Across Larger Companies Weighs on the Benchmark Several larger companies moved lower as the session progressed. Xero declined 3.39%, while building-products manufacturer James Hardie Industries fell 3.36%. Coal producers also featured among the weaker performers, with Whitehaven Coal down 3.19% and Yancoal Australia losing 2.41%. CAR Group retreated 2.17%, REA Group declined 2.00% and Sonic Healthcare fell 1.96%. Aristocrat Leisure was down 1.92%, Dyno Nobel lost 1.56% and National Australia Bank slipped 1.40%. The sector snapshot showed materials, information technology and utilities higher, while energy, financials, consumer sectors, communication services and real estate traded lower. There were meaningful differences within sectors. NEXTDC’s advance alongside Xero’s decline demonstrated why the sector result alone could obscure the performance of individual companies. What to Watch Into the Close The immediate question was whether smaller companies could retain their advantage through the remainder of the session. Holding near its intraday high would leave the Small Ordinaries with a strong relative performance, particularly if the ASX 200 remained below its previous close. The breadth of the gains would also matter: continued participation across smaller companies would provide more evidence of sustained buying than a handful of sharp individual movements. Gold producers were another area to monitor, given their prominence among the afternoon’s stronger performers. Samso Concluding Comments From a Samso perspective, this session highlights the limits of using the ASX 200 as a description of the entire market. A slightly negative headline index can sit alongside meaningful gains in resources and smaller companies. The divergence is consistent with selective buying, although these snapshots alone cannot establish that a lasting rotation into small caps is underway. That interpretation would need support from subsequent sessions, trading turnover and a broader spread of advancing companies. For investors researching the junior end of the ASX, a large percentage gain is a starting point for investigation. The useful questions concern what changed: whether the company released a material announcement, whether the volume represents meaningful dollar turnover, and whether the development improves its funding position or progress towards a commercial milestone. The same discipline applies to gold producers. A favourable commodity backdrop can support share prices, but production, operating costs, capital requirements and delivery against guidance determine the benefit to the business. Friday afternoon offered an interesting difference between the headline index and the opportunities attracting attention beneath it. The next step is to examine the evidence behind each company’s movement and assess whether that evidence changes the investment case. Samso News | September 18, 2026 | Market snapshot 11am AEST The Australian share market traded higher on Friday morning, with financials, healthcare and mining stocks advancing after lower oil prices and easing US bond yields supported an overnight recovery on Wall Street. At around 11 am AEST, the S&P/ASX 200 was up 0.3% at 8,758 points, extending Thursday’s 0.4% gain. The Australian dollar was slightly firmer at US71.17 cents, while energy shares came under pressure as crude prices retreated. The stronger opening came as Reserve Bank governor Michele Bullock appeared before a parliamentary committee, warning that inflation risks identified in August were beginning to materialise. Energy costs, global investment in artificial intelligence and weather-related pressures remained central to the discussion. Key Highlights ASX 200 advances: Banks, healthcare and miners supported the morning gain. Oil eases: Improving expectations for Saudi supply helped crude retreat from recent highs. Wall Street recovers: Technology led the rebound following the Federal Reserve’s rate increase. Inflation remains in focus: The RBA warned that persistent input costs were increasingly flowing through to customers. Japan’s decision approaches: Investors awaited the Bank of Japan’s policy announcement and guidance. RBA: Persistent Costs Are Reaching Consumers Appearing before the House of Representatives Standing Committee on Economics, Bullock identified the prolonged Middle East conflict, the global AI investment boom and extreme weather as sources of upward pressure on prices. Her comments highlighted the importance of how long these pressures remain in place. With elevated fuel prices lasting longer than initially anticipated, businesses were increasingly passing higher costs through to customers. Housing conditions had softened, although prices remained around 50% above early-2020 levels. Household savings buffers and the relatively small number of borrowers in negative equity continued to limit financial stability concerns. For the September policy discussion, the persistence of inflation and the extent of further cost pass-through remained key considerations. Wall Street Recovers as Technology Leads US equities rebounded on Thursday following the sell-off triggered by the Federal Reserve’s first interest-rate increase in more than three years. The Dow Jones Industrial Average gained 0.6% to 51,778.04, the S&P 500 rose 1.1% to 7,637.76 and the Nasdaq Composite advanced 1.7%. Lower oil prices and Treasury yields accompanied the recovery. Technology was the strongest S&P 500 sector, with semiconductor and gold-mining shares each gaining more than 3%. Intel rose 7.7%, Advanced Micro Devices added 6.4% and Nvidia gained 2.5%. Generac was another prominent mover following news of an agreement to supply backup generators for Amazon’s data centres. Its shares surged more than 20%, with the agreement reportedly capable of generating around US$8 billion in sales. US initial unemployment claims also declined, falling by 10,000 to 196,000. The result was below expectations of 207,500 and the lowest reading since July. Oil Retreats, While Copper Attracts Buyers Oil prices touched a one-week low following reports that Saudi Arabia was seeking to partially restore flows through its East-West pipeline within days. Additional crude supplied to Asian refiners for collection outside the Strait of Hormuz also helped ease immediate concerns about availability, although regional disruption remained a factor. Brent crude settled 1% lower at US$104.82 a barrel overnight, while West Texas Intermediate also declined. The overnight commodity figures showed a stronger session for copper, which rose 2.4% as Chinese buyers returned following the recent sell-off. Aluminium gained 0.3%, gold futures advanced 0.3% to US$4,400 an ounce and iron ore finished flat at US$97.42 a tonne. These overnight figures should be distinguished from subsequent morning quotes. At around 11am AEST, ABC’s snapshot showed Brent futures at US$103.70 a barrel, spot gold at US$4,359 an ounce and iron ore at US$96.30 a tonne. Bitcoin was trading near US$76,521, up approximately 0.9%. Europe Advances as the Bank of England Holds European equities also moved higher as oil eased and the global bond sell-off paused. London’s FTSE 100 gained 1.2% to 10,820.14, Germany’s DAX rose 0.7% to 25,724.35 and France’s CAC 40 added 0.6% to 8,186.93. The FTSEurofirst 300 advanced 0.9%. The Bank of England voted six to three to maintain its benchmark rate at 3.75%, with the three dissenting members favouring an increase to 4%. The central bank warned that a prolonged energy shock could create more persistent inflation through business pricing and wage decisions. Its projections indicated that UK inflation could move slightly above 4% in the first quarter of 2027, depending on energy prices. Japan’s Interest-Rate Decision in Focus Japanese equities advanced ahead of the Bank of Japan’s announcement, with the Nikkei 225 gaining around 0.8% to 64,646 in early trading. Chip-related companies led the move. Lasertec rose 5.3% and Advantest gained 3.9%, following the stronger performance of US technology shares. Markets were anticipating an increase in Japan’s policy rate to 1.25%, which would take it to its highest level in more than three decades. Governor Kazuo Ueda’s guidance would also be closely watched for its implications for the yen and investment positions funded through borrowing in the Japanese currency. Australia’s Population Growth Moderates Australia’s population reached 27.9 million at the end of March, with annual growth slowing to 1.4%. Net overseas migration contributed 292,100 people over the year, compared with 309,500 in the previous 12 months. Natural increase—the difference between births and deaths—added another 100,600 people. Western Australia recorded the strongest annual population growth at 2.1%, followed by Victoria and Queensland at 1.6%. Bonds, Currencies and the Next Economic Signals US Treasury yields eased overnight, with the 10-year yield falling seven basis points to 4.93% and the two-year yield declining six basis points to 4.67%. The Australian dollar gained 0.3% overnight to US71.10 cents before edging higher during the local morning. The euro rose 0.1% to US$1.1477, while the yen strengthened 0.2% to 155.95 per US dollar. Locally, the RBA’s parliamentary appearance remained the immediate focus. In Asia, attention centred on Japan’s policy decision, while US industrial production and the Conference Board Leading Economic Index were among the next scheduled indicators. Samso Concluding Comments From a Samso perspective, the useful question is how the movement in oil translates into business conditions over the coming months. A sustained decline in energy costs would provide relief across transport, mining and other fuel-intensive industries. However, a single session of lower crude prices provides limited evidence about the costs companies will face through the remainder of the year, particularly while supply routes remain disrupted. The RBA’s comments bring that issue back to the company level. Investors need to understand which businesses can absorb higher costs, which can pass them on, and where margins are becoming more vulnerable. Those differences can matter considerably more to an individual investment than the direction of the index on any given morning. For ASX resources investors, the same discipline applies to commodity prices. Stronger copper or gold prices can improve the revenue outlook for producers, but operating costs, funding requirements and delivery against guidance still determine how much of that benefit reaches shareholders. For explorers and developers, cash reserves and the cost of reaching the next meaningful milestone remain central. The renewed interest in AI infrastructure also deserves examination beyond the technology sector. Power generation, electrical equipment and the materials required to build that infrastructure offer tangible areas for research, although each company’s actual commercial exposure needs to be established. Friday’s opening provided some relief after a volatile week. The more useful work remains understanding which companies can continue making progress while energy prices, inflation and borrowing costs remain uncertain.

Monday, September 21, 2026 | 4:30 pm Australian shares finished virtually unchanged on Monday as gains across the major banks offset weakness in technology, resources and smaller companies. The S&P/ASX 200 closed 0.70 points higher at 8,731.90, recovering from an early decline of almost 0.6%. The All Ordinaries eased to around 8,917, while the Small Ordinaries fell 14 points, or 0.41%, to 3,398.50. Key Highlights ASX 200: Finishes marginally higher after recovering early losses. Banks advance: All four major lenders gain. Technology weakens: Sector touches its lowest level since April. Ramelius rallies: Shares rise 6.2% following an upgraded production outlook. Perpetual tumbles: Shares fall 15% as EQT negotiations end. Oil retreats: WTI falls below US$100 a barrel. Banks and healthcare provide support Financials helped stabilise the benchmark. ANZ gained 0.9%, NAB rose 0.7%, Westpac added 0.6% and Commonwealth Bank advanced 0.4%. Macquarie Group climbed 1.2%. Healthcare also provided support, with CSL gaining 1.5% to $178.30. The recovery came despite Australia’s 10-year government bond yield remaining near 5.29% in late-afternoon trading, keeping borrowing costs and the prospect of another RBA increase in focus. Technology and resources remain under pressure Xero fell 4.3%, extending its five-session decline beyond 11%, while the technology sector touched a five-month low. Resources also weakened. BHP declined 0.4% to $60.78 and Lynas Rare Earths lost 2.6%. Resolute Mining remained under pressure after reducing its production guidance following operational constraints at Syama in Mali. Ramelius moved against the trend, closing 6.2% higher at $3.80. Its updated plan forecasts FY2030 production of 560,000–610,000 ounces, 11% above its previous outlook. The company said its expansion plans were fully funded. Corporate deals dominate company news Perpetual fell 15% to $16.66 after rejecting EQT’s revised $22.50-a-share proposal. The board cited undervaluation and execution risks, bringing negotiations to an end. Telix also declined after announcing its agreement to acquire Germany’s ITM for US$1.65 billion upfront, plus potential milestone payments of US$700 million. The proposed transaction includes issuing 105.8 million shares. Elsewhere, Helloworld agreed to acquire Crown Currency Exchange for $135 million. Among smaller companies, Orthocell reported its first commercial Remplir sales in Thailand. Oil falls, copper strengthens Late-afternoon commodity indications put Brent around US$102 a barrel and WTI near US$98.24 as expectations improved for restored Saudi supplies. Copper gained approximately 0.7% to US$6.66 a pound, while gold retreated towards US$4,352 an ounce. Iron ore futures were around 714 yuan a tonne. The Australian dollar traded near US71.29 cents. Monday, September 21, 2026 | Midday update Australian shares recovered their opening losses by midday, with financials and real estate providing support while takeover developments drove sharp falls in Perpetual and Telix. Key Highlights ASX 200: Edges higher to 8,732.00 after recovering from early losses. Small Ordinaries: Falls 0.35% to 3,400.70. Sector support: Financials, property and healthcare among five sectors advancing. Corporate moves: Perpetual drops 13.72%; Telix falls 6.55%. Resources standouts: Ramelius gains 6.56%; White Cliff jumps 21.74%. Commodities: Brent eases towards US$103.68; gold trades near US$4,370. Financials and property steady the market The S&P/ASX 200 was up 0.80 points at 12.10pm AEST, recovering from around 8,683 shortly after the open. The Small Ordinaries remained weaker, down 11.80 points at 12.12pm. Financials, real estate, healthcare, consumer staples and industrials traded higher. Technology, energy, materials, consumer discretionary, communication services and utilities declined. Bendigo and Adelaide Bank gained 1.54%, ASX Ltd rose 1.28% and AMP added 1.19%. Cochlear advanced 3.02%, while JB Hi-Fi climbed 2.26%. Technology remained under pressure, with Xero down 3.73%, WiseTech Global losing 2% and NextDC falling 1.58%. Perpetual and Telix fall on deal announcements Perpetual dropped 13.72% after rejecting EQT’s revised $22.50-a-share proposal and ending negotiations. The board cited undervaluation and unacceptable transaction execution risks. Telix fell 6.55% following its agreement to acquire Germany’s ITM Isotope Technologies Munich for US$1.65 billion upfront, with potential milestone payments of US$700 million. The transaction requires shareholder approval. New Hope declined 7.13%, partly reflecting its shares trading ex-dividend for a 30-cent distribution. Resources offer gains and setbacks Ramelius Resources rose 6.56% and Capricorn Metals added 1.99%, while Resolute Mining fell 9.04% and Bellevue Gold lost 3.87%. Among smaller companies, Energy Transition Minerals jumped 42.22%, Altech Batteries gained 33.33% and Corazon Mining advanced 26.32%. White Cliff Minerals rose 21.74% on almost 69.7 million shares traded after reporting visually identified copper mineralisation at Bornite Hills in Canada. Laboratory assays remain pending. Wildcat Resources fell 12.50%, with about 10.4 million shares changing hands. Oil retreats as supply prospects improve Oil surrendered its early gains as investors assessed prospects for restored Saudi supplies. Monday’s Asian trading update put Brent near US$103.68 a barrel and WTI around US$100.02, while gold eased towards US$4,370 an ounce. Friday’s indicative copper and iron ore prices were US$6.62 a pound and US$97.57 a tonne. Samso Concluding Comments The benchmark’s recovery has steadied the session, but weaker small caps and six declining sectors show that buying remains selective. Company announcements continue to explain some of the day’s largest moves. Monday, September 21, 2026 | 9 am Australian shares face a cautious start after renewed Middle East tensions pushed oil higher, adding to pressure from rising bond yields and expectations of further interest-rate increases. The latest available SPI indication points to a 57-point, or roughly 0.7%, decline. That would take the S&P/ASX 200 towards 8,674, close to last Tuesday’s three-month low. The Australian dollar was around US71.11 cents. ASX Smaller stocks enter the week ahead The ASX 200 finished Friday at 8,731.20, losing 0.17% across its third consecutive declining week. The All Ordinaries slipped 0.05% to 8,922.70. The Small Ordinaries gained 1.28% to 3,412.50. Whether that buying interest survives another weak opening will be worth watching, particularly among smaller resources companies. Saudi attacks reverse oil’s retreat Oil’s Friday decline has given way to renewed supply concerns after Houthi missile and drone attacks on Riyadh over the weekend. In early Monday trading, Brent rose 0.78% to US$104.68 a barrel and West Texas Intermediate gained 0.76% to US$101.06. The rebound changes the immediate outlook for Woodside and Santos, potentially cushioning energy shares while maintaining cost pressure on transport, manufacturing and consumers. Saudi Arabia’s share market fell 0.3% on Sunday, although Aramco gained 1.3%. Higher yields keep Wall Street divided The US 10-year Treasury yield returned to 5% on Friday. The S&P 500 gained 0.2% to 7,650.50, and the Nasdaq added 0.4% to 26,522.54, while the Dow fell 0.2% to 51,682.64. Most S&P 500 companies declined. Coinbase jumped 11.66%, Robinhood gained 9.12%, and SanDisk advanced 10.99%. Nucor fell 6.32% after disappointing profit guidance. Bitcoin traded near US$80,300 during the weekend. Gold firms as regional markets diverge Gold futures rose about 0.6% on Friday to US$4,386 an ounce, recording a 0.5% weekly gain. Silver gained 3.1% across the week, while indicative Friday prices put copper near US$6.62 a pound and iron ore around US$97.57 a tonne. Europe retreated, with the FTSE 100 and CAC 40 each losing 1.5% and Germany’s DAX falling 1.6%. Japan’s Nikkei gained 1.4%, Shanghai rose 0.9%, and Hong Kong added 0.6%. Bullock warning sharpens the domestic focus RBA governor Michele Bullock warned on Friday that inflation risks were materialising, including pressure from the Middle East conflict and the global AI investment boom. Further tightening remains under consideration. China has kept its one-year and five-year loan prime rates at 3% and 3.5%. Australia’s August employment report follows on Thursday, September 24, providing another test of the domestic interest-rate outlook.