Announcement Resource grows 59Moz to 539Moz AgEq at 71g/t - 9 December 2025 Sun Silver Limited (ASX: SS1) has delivered yet another step-change in the scale of its cornerstone Maverick Springs Silver–Gold Project, located in northeast Nevada, approximately 85km from Elko and proximal to the world-renowned Carlin Trend. Figure 1: Project Location (source: SS1) The latest Mineral Resource upgrade increases the total Inferred Mineral Resource to 539Moz silver equivalent (AgEq) at 71 g/t AgEq, representing an additional 59Moz AgEq uplift from the 2025 exploration and re-assay program. This marks the third Mineral Resource upgrade delivered by Sun Silver in less than two years — a trajectory that continues to elevate Maverick Springs as one of the most strategically important undeveloped primary silver assets in the United States. The Business of the Silver: Focus – Maverick Springs Project Sun Silver is advancing the Maverick Springs Project as a large-scale silver–gold system with strong geological continuity, favourable metallurgy, and significant extensional potential. The Project hosts broad, disseminated mineralisation typical of Carlin-style and epithermal-sediment-hosted systems. With mineralisation remaining open in all directions, the system is positioned for continued growth both in grade and footprint. Highlights – Strategic Resource Growth and Uplift in Grade This upgrade is driven by three key catalysts: 2025 extensional and infill drilling, A major multi-element re-assay program, and The removal of a legacy regression applied to historic silver data. 🔷 Key Highlights (9 December 2025) • Total Maverick Springs Resource increased by 59Moz AgEq to 539Moz AgEq at 71 g/t AgEq — comprising 347.2Moz silver at 45.5 g/t Ag and 2.25Moz gold at 0.30 g/t Au (Table 1). Table 1 – Maverick Springs JORC Resource Upgrade • Silver-only Resource increased to 347.2Moz at 45.5 g/t Ag, representing an uplift in both grade and ounces. • Three Mineral Resource upgrades achieved in under two years, reflecting continuous value creation and strong geological understanding. • Maverick Springs remains open in all directions, with 2024–2025 drilling hitting some of the broadest intercepts along the Resource margins: Section Line A (Oblique Long Section) (Figure 2) High-grade intercepts occur beyond the previous MRE boundary: Drillholes such as MR25-211 (70m @ 160 g/t AgEq) and MR24-190 (71.6m @ 112 g/t AgEq) sit outside or directly on the edge of the earlier mineral resource envelope, demonstrating continuation of wide, high-grade zones along the hinge beyond historical limits. Near-surface and deeper extensions remain unmodelled and open: Multiple intercepts highlighted as “Near-Surface Intercepts Outside Mineral Resource” show mineralisation continuing vertically and laterally beyond current modelling, reinforcing open extensions both up-dip and along strike. Figure 2: Oblique Long Section Line A showing the Mineral Resource extent, near-surface mineralisation not included in this Mineral Resource upgrade (NAD83) (source: SS1) Section Line B (Oblique Long Section) (Figure 3) Broad intercepts confirm open mineralisation to the north and south: Significant hits such as MR25-230 (140.2m @ 71 g/t AgEq) and MR25-250 (102.1m @ 105 g/t AgEq) extend beyond the existing boundaries and illustrate that high-grade, thick mineralised intervals persist along the full strike length, remaining open NNW–SSE. New extensional drilling demonstrates depth continuity: Deep intercepts including MR06-167 (54.9m @ 317 g/t AgEq) and MR12-127 (114.3m @ 105 g/t AgEq), sit beyond the previous modelled volume, indicating that the mineralised system continues at depth with consistent thickness and grade. Figure 3: Oblique Long Section Line B showing the Mineral Resource extensions, near-surface mineralisation not included in this Mineral Resource upgrade (NAD83) (source: SS1) • Recent U.S. Department of the Interior listing of silver as a 2025 Critical Mineral enhances strategic importance and increases U.S.–Australian government interest. • China’s new export controls and tax changes on silver signal tightening supply conditions — elevating the relevance of large, Western-based silver projects. • Re-assay program confirms historical silver grades were underestimated by >20%, providing a strong uplift in confidence and grade accuracy (Figure 4). Figure 4: QQ Plot Comparison (source: SS1) • 2025 drilling highlights include (Figure 5): — MR25-211: 70m @ 160 g/t AgEq, including 22.4m @ 460 g/t AgEq — MR25-212: 54.1m @ 137 g/t AgEq, including 6.3m @ 506 g/t AgEq Figure 5: Plan View of Drilling (source: SS1) This combination of geological scale, increasing grade, and strategic relevance places Maverick Springs at the centre of the evolving North American silver supply chain narrative. Leadership Commentary Sun Silver Managing Director, Andrew Dornan, commented: “Delivering our third Mineral Resource upgrade in under two years highlights Maverick Springs’ emergence as one of the most strategically important undeveloped silver assets in the United States. Our 2025 drill program and extensive re-assay work have added a further 59Moz AgEq, increasing the Resource to 539Moz AgEq at a higher grade of 71g/t AgEq, an 85% increase to the size of the Mineral Resource since listing. With silver now on the U.S. Critical Minerals List and China moving to restrict exports, the need for secure Western supply has never been clearer. Maverick Springs is exceptionally positioned to support domestic U.S. supply as we continue to expand and increase confidence in a system that remains open to the north and south.” About the Project The Maverick Springs deposit is located along the southeastern extension of the Carlin Trend and is hosted in Permian limestones and dolomites, forming a broad, gently folded antiform. Mineralisation is characterised by: pervasive decalcification, varying intensities of silicification, fine-grained Ag–Au sulphide dissemination, and localised high-grade, fracture-controlled silver zones. The mineralised body extends from approximately 120m depth to over 500m and remains open along strike and down-dip. Combined modelling of silver and gold supports a large-scale, continuous silver-equivalent system (Figure 6). Metallurgical testwork from historic campaigns, combined with updated density measurements, supports a current assumption of 85% recovery for both silver and gold. Further metallurgical programs are underway using newly drilled 2025 core to refine recovery profiles across oxidation states. Figure 6: Grade Tonnage Curve of Maverick Springs 2025 Mineral Resource Upgrade (<150 g/t AgEq cutoff, ID² Estimate) (source: SS1) This figure illustrates the sensitivity of the mineral resource to varying cut-off grades and visually demonstrates the robustness of the deposit across multiple grade thresholds — reinforcing the Project’s bulk-tonnage potential within a Tier-1 jurisdiction. Near-term Milestones to Watch Sun Silver has several value-generating activities underway: Outstanding 2025 infill drilling results — to be released in coming months. Additional metallurgical testwork using 2025 core samples — to refine recovery assumptions (currently 85% Ag & Au). Resource confidence upgrades — targeting Indicated classification through increased drill density. Exploration drilling targeting north-west high-grade extensions — supported by wide, high-grade intercepts outside current modelling. Strategy updates linked to U.S. critical-mineral policy developments. How Samso Understands the Investment Memo for the Company Maverick Springs stands at the intersection of geological scale, grade uplift, and strategic supply-chain importance. The 59Moz AgEq increase — driven largely by robust re-assay work — elevates confidence in both grade continuity and metallurgical potential. The Project’s open geometry, Carlin-style characteristics, and proximity to major mining infrastructure present an opportunity for sustained resource expansion. From an investment perspective, the combination of a Tier-1 jurisdiction, rising Western critical-mineral focus, and strengthening silver demand positions Sun Silver for continued growth. Samso Concluding Comments Maverick Springs is steadily emerging as a prominent silver-gold system with the scale to contribute meaningfully to Western supply chains. The business of Silver is now creating a lot of opportunities for Sun Silver. The scalability of the project is being pushed to a "doable" level, and the geology of the system — large, continuous, and hosted within favourable carbonate lithologies — is now being looked at seriously to support a long-life development potential in a jurisdiction that is globally recognised for permitting stability and mining expertise. Strategically, the timing of this Resource upgrade is important. Silver’s elevation to a U.S. Critical Mineral and concurrent shifts in Chinese export behaviour create a backdrop in which large North American silver projects may command increasing attention from institutional, industrial, and governmental stakeholders. For Sun Silver, further drilling, metallurgical refinement, and resource confidence upgrades are the next steps in de-risking what is shaping up to be one of the most significant pre-production primary silver assets on the ASX and in the United States. Cover photo: Silver ore, Романвер. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_ore.JPG) The Samso Way – Seek the Research In markets driven by data and context, always seek the research before making decisions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Further High-Grade Rutile Results from Minta Project – 12 December 2025 (view the announcement) Lion Rock Minerals Ltd (ASX: LRM) has reported further high-grade rutile and heavy mineral (HM) results from its Minta Rutile and Monazite Project, located in central Cameroon (Figure 1). The latest drilling confirms the scale, grade, and consistency of residual and alluvial rutile mineralisation across a vast exploration footprint, while reinforcing strategic alignment with global mineral sands producer Tronox Holdings plc. Figure 1: Minta Project, located in Cameroon (source: LRM) The Business of Lion Rock Minerals: Focus – Projects Lion Rock Minerals is an Australian-listed exploration company focused on rutile, zircon, and rare-earth monazite mineralisation. Its flagship asset, the Minta Project, comprises 18 granted exploration permits and three applications covering approximately 8,800 km² in an under-explored region of Cameroon with historical rutile production and favourable geology for heavy mineral sand systems. Highlights – High-Grade Rutile Confirms Scale and Value (Figure 2) The latest drilling results continue to strengthen the investment case for the Minta Project, with multiple lines of evidence pointing to a large, high-value mineral system: Residual insitu rutile grades up to 1.8%, with previous results up to 2.2%, confirming consistency across the project area. Five drill locations recording ≥1.0% total insitu rutile, and 40 locations ≥0.5%, averaging approximately 0.7% insitu rutile. High-grade HM intercepts, including: 2.81 m at 11.34% HM from surface (residual), 5.67 m at 9.21% HM from surface (residual), 4 m at 12.5% HM from surface (alluvial), 8 m at 11.1% HM from 1 m (alluvial). Clear identification of central and northeastern Minta regions as primary value drivers, contrasting with lower-value assemblages in the southwest. Completion of first-pass reconnaissance drilling across ~5,000 km², delivering results over a 3,800 km² footprint, enabling targeted Stage 2 infill drilling. Figure 2: Insitu rutile results from southern and western locations with Minta Est infill program highlighted (source: LRM). Leadership Commentary Lion Rock Chief Executive Officer, Casper Adson, commented: “The continued strengthening of Tronox’s rare-earth strategy - underpinned by its recent US$400 million debt raise and the conditional support of up to US$600 million from EFA and EXIM - is highly aligned with Lion Rock’s long-term vision for the Minta Project. As a strategic shareholder, Tronox brings globally recognised processing expertise in both mineral sands and critical minerals, and we see increasing convergence between their downstream rareearth ambitions and our emerging rutile–zircon–monazite inventory in Cameroon. “The latest drilling results across Minta - including insitu rutile grades up to 1.8%, with prior results up to 2.2%, continue to validate the reconnaissance exploration model which has identified the exceptional scale and grade potential of the Minta Project. “Our strategy remains clear: focus resources on delineating high-value rutile corridors and advancing the monazite-enriched Minta Est zone through targeted infill drilling, detailed mineralogy and in-country analytical capability. The verification of the expansive Yong river basin that is 750m wide and up to 20km long and is highly prospective for alluvial rutile, zircon and monazite mineralisation by our technical team, on a recent site visit, highlights the exciting potential at Minta as we develop both residual and alluvial targets across the Project. “The establishment of our Yaoundé laboratory will materially accelerate turnaround times, improve data quality and support rapid decision-making as we progress toward defining an economic resource. “With accelerating field programs and alignment with a globally significant strategic investor, Lion Rock is well positioned to convert the scale of the Minta system into a high-value development pathway. The Company looks forward to delivering continued exploration progress, further assay results and ongoing updates on technical and strategic work streams as we advance one of the largest under-explored rutile and rare-earth provinces globally.” About the Project The Minta Project is underlain by kyanite-bearing mica schists, a geological setting favourable for the formation of rutile through the breakdown of titanium-bearing minerals. Deep tropical weathering has released rutile, zircon, and monazite into residual soils and concentrated these minerals within extensive river basins. At Minta Est, drilling targets both: Residual soil plateaus hosting very high-grade rutile, zircon, and monazite, and Alluvial systems, where heavy minerals are naturally concentrated within river channels up to 750 m wide and extending for as much as 20 km. Independent analysis has confirmed that, subject to resource definition, these alluvial systems are suitable for potential dredge-mining development. Near-term Milestones to Watch Ongoing infill drilling at Minta Est targeting rutile, zircon, and monazite. Continued mineralogical analysis to refine high-grade rutile corridors. Completion and commissioning of the Yaoundé laboratory, with Heavy Liquid Separation (HLS) scheduled for January 2026. Progressive reporting of additional rutile and HM assay results. Samso Concluding Comments The Minta Rutile and Monazite Project is now at a stage where it is starting to become confusing for me, as I am now potentially seeing what I was doubting in the early part of the story. As a shareholder of the story, the doubt I had was that it is always difficult to confine an alluvial process into a bankable resource. I was hoping that this would be a residual deposit, and it may have the consistency of a bauxite deposit. What is emerging for me is that this is less the case as I see it now. I am not saying that this is the case, but I am happy that I have reduced my position significantly a couple of months ago. The upside of the story is that it is definitely very early stage, and the scale is not a given at this stage. I do believe that there is scale, but putting that together is going to be time-consuming. What is very positive is the alignment with Tronox, which places Lion Rock within a broader global conversation around critical minerals and supply chains. While there is no certainty around future funding outcomes, the strategic relationship itself provides validation of the geological model and mineral assemblage being defined at Minta. As infill drilling continues and in-country laboratory capacity comes online, the pace of learning should accelerate. From Samso’s perspective, Minta is steadily evolving from a large exploration story into a project with emerging technical and strategic substance. From a market perspective, and this is told through the eyes of a retail investor, I think the share price in Figure 3 speaks for itself. LRM is a complex beast, with the major shareholders, as they are all seasoned market participants. It is hard to dismiss the potential of LRM as an investment solely because of the major shareholders. Figure 3: LRM share price chart as of 31st December 2025 (source: CommSec). The marekt cap (currently AUD $91.91M) has always been an issue for me as it is on the high side for a project at this level of value. As I mentioned, you are amongst the royalty of investors in the stock, so sometimes it is best to just hang in there and hope for the best. Cover photo: Ilmenite sand, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ilmenite_sand.jpg) The Samso Way – Seek the Research Samso encourages readers to review the full ASX announcement and supporting appendices and to always DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement PromarkerD predicts risk of DKD in Aboriginal Australians - 15 December 2025 (click here to view the announcement) Proteomics International Laboratories Ltd (ASX: PIQ) has released new clinical evidence demonstrating that its PromarkerD blood test (Figure 1) has meaningful predictive value for diabetic kidney disease (DKD) in Aboriginal Australians, one of the highest-risk populations globally. The findings are based on Australian clinical cohorts and reinforce the test’s relevance in addressing a major national health challenge. Figure 1: PromarkerD Clinical Pathway (source: PIQ) Highlights – Clinical Validation of PromarkerD in High-Risk Populations PromarkerD demonstrated acceptable and clinically meaningful predictive accuracy for DKD in Aboriginal people with diabetes. A peer-reviewed study published in the Internal Medicine Journal showed no statistically significant difference in test performance between Aboriginal and non-Aboriginal participants. The test achieved an area under the ROC curve (AUC) of 0.71 in Aboriginal participants, which falls within the range considered clinically acceptable. High negative predictive values of greater than 85% indicate strong “rule-out” capability, meaning individuals with a low PromarkerD score are unlikely to experience near-term kidney decline. The study highlights the potential for PromarkerD to support better allocation of healthcare resources by identifying patients who may not require intensive intervention. National context remains critical, with the burden of diabetic kidney disease reported to be more than seven times higher in Aboriginal people than in non-Indigenous Australians. The next-generation PromarkerD test is now available to type-2 diabetes patients in Australia through multiple healthcare channels. Leadership Commentary Proteomics International Managing Director Dr Richard Lipscombe commented: “Aboriginal people bear a disproportionately high burden of diabetes and DKD, often with earlier onset and faster progression - raising both the need and the potential benefit for better prognostic tests validated in these communities.” About Proteomics International Laboratories - The Project The findings are derived from an analysis of 1,081 adults with diabetes, including 71 Aboriginal participants, sourced from the Fremantle Diabetes Study Phase II and the Aboriginal Diabetes Sub-study. The study assessed PromarkerD’s ability to predict incident DKD or rapid kidney function decline over four years. The results support the test’s role in identifying patients at low risk of progression, enabling more targeted clinical management (Figure 2). Figure 2: PromarkerD Biomarker Analysis and Risk Classification Workflow (source: PIQ) Near-term Milestones to Watch (Figure 3) Ongoing dissemination and citation of the Internal Medicine Journal publication in clinical and healthcare policy settings. Continued uptake of the next-generation PromarkerD test across Australian healthcare channels. Further engagement with clinicians and health services focused on high-risk and underserved populations. Figure 3: Near-Term Commercial and Clinical Milestones for PromarkerD (source: PIQ) Samso Concluding Comments This study adds an important layer of clinical validation for PromarkerD in a population with significant unmet medical needs. The results are grounded in peer-reviewed data rather than promotional claims. Another value-creating news to PIQ. This has been one of the easiest companies to review as the rising share price since Samso started covering the business is very clear that the business model is working. As you can see in Figure 4, the marekt seem to be liking the news coming out from PIQ. Our coverage of PIQ started on June 6, 2025 (A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis), and we have been following the journey since. Figure 4:The PIQ share price as of 31st December 2025. (source: CommSec) This recent ASX release is a great tick for the company as it tries to tackle one of the most common ailments for the Australian Indigenous people. I have always said that if technology creates a benefit in the medical arena, the business of making money will be automatic, especially with the transition to an increased reliance on technology. With a market capitalisation of just under AUD $100M, this may be a good horse to ride. The boxes are getting ticked, and the market is liking these boxes being ticked. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) The Samso Way – Seek the Research As always, Samso encourages investors and readers to review the original clinical publication and ASX announcement and form their own view based on the data. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Algorae Signs Distribution Agreement with Dr. Reddy's - 27 November 2025 (click here to view the announcement) Algorae Pharmaceuticals Limited (ASX: 1AI) has taken another step in building its commercial presence within the Australian pharmaceutical market. The Company has entered into a distribution agreement with Dr. Reddy’s Laboratories Ltd (NSE: DRREDDY), marking a strategic shift from purely into tangible near-term revenue generation. The first shipment of Capecitabine 500mg tablets is scheduled to arrive in Australia in December 2025, positioning Algorae for an accelerated commercial rollout. The Business of Algorae Pharmaceuticals Algorae operates a dual-focused business model combining: AI-driven drug-combination discovery through its proprietary platform, AlgoraeOS. Pharmaceutical commercialisation via its subsidiary AlgoraeRx, which sources, licenses, and distributes medicines across Australia and New Zealand. This model integrates research partnerships—such as ongoing oncology validation studies at the Peter MacCallum Cancer Centre—with commercial distribution agreements to increase product accessibility and create a diversified revenue pathway. Highlights – Strategic Commercial Expansion via Oncology Portfolio Distribution agreement signed with Dr. Reddy’s Laboratories Ltd, a global pharmaceutical leader with operations across generics, biosimilars, APIs, and consumer health. First shipment of Capecitabine expected in December 2025, supplying a widely used chemotherapy medicine (500 mg tablets) to the Australian market. Strengthens Algorae’s oncology commercialisation strategy, supporting near-term revenue while broader AI-driven projects mature. Second executed commercial agreement through AlgoraeRx, complementing ongoing oncology R&D at Peter MacCallum Cancer Centre, with validation results expected in Q4 2025. Provides a strategic platform for future collaborations, leveraging Dr. Reddy’s global scale and reputation. Leadership Commentary Algorae Chief Commercial Officer, Mr. Vishal Shah, commented: “Our distribution arrangement with Dr. Reddy’s for Capecitabine represents Algorae’s ongoing focus on oncology product commercialisation and provides the Company with a clear pathway to near-term revenue. We are delighted to enter into an agreement with such a reputable partner and look forward to positioning Algorae for long-term growth and future product collaborations” About the Project The Capecitabine distribution initiative forms part of AlgoraeRx’s growing portfolio of generic and specialty medicines. This agreement enhances supply channels for a key oncology drug and supports the Company’s broader objective of expanding patient access to essential treatments through reputable global manufacturers. In parallel, Algorae continues to advance oncology validation testing at the Peter MacCallum Cancer Centre, where results are expected to inform future AI-guided therapeutic development. Near-term Milestones to Watch December 2025: Arrival of the first Capecitabine shipment to Australia. Q4 2025: Results from oncology validation studies at the Peter MacCallum Cancer Centre. Additional commercial agreements: Continued expansion of AlgoraeRx’s supply channels. Pipeline development: Ongoing AI-enabled drug-combination research via AlgoraeOS. Samso Concluding Comments Algorae is steadily converting its AI-enabled drug discovery capability into commercially meaningful steps. The agreement with Dr. Reddy’s strengthens the Company’s near-term revenue outlook and demonstrates its ability to secure partnerships with global pharmaceutical groups. It shows management’s intent to generate revenue while continuing its AI-based discovery work. The combination of AI-driven R&D with a growing portfolio of distributed medicines provides strategic diversification. The introduction of Capecitabine into the Australian supply chain is a meaningful addition to AlgoraeRx’s portfolio. It positions the Company to participate in a stable oncology market segment. Investors should not underestimate the partnerships with multinational groups, as this validates the Company’s credibility in a highly competitive sector. These relationships may become valuable as Algorae progresses additional products. For investors, the next 12 months will centre on execution—particularly the delivery of the Capecitabine rollout and the outcomes of oncology validation studies. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) The Samso Way – Seek the Research Always take the time to understand the business, the strategy, and the science behind every investment. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Renewal of U.S. DoD Licenses and Secures Drawdown Facility - 22 December 2025 (view the announcement) archTIS Limited (ASX: AR9) has provided a detailed update on its progress with the United States Department of Defense (U.S. DoD), highlighting the successful production deployment of its NC Protect software within the Microsoft DoD365 environment. The update also outlines renewed licenses, customised development work, and new non-dilutive funding aimed at accelerating U.S. market penetration. The core activities are centred in the United States, with archTIS headquartered in Canberra, Australia. The Business of archTIS Limited: Software archTIS operates as a global provider of data-centric security software designed for secure collaboration of sensitive information across government, defence, and regulated industries (Figure 1). The Company’s flagship product, NC Protect, applies real-time attribute-based access control (ABAC) directly to data, aligning with Zero Trust security architectures mandated by U.S. defence authorities. The Company also continues to integrate Spirion following its acquisition, broadening its product suite and U.S. market reach. Figure 1: archTIS Product Portfolio (source: AR9) Highlights – Advancing from Pilot to Mission-Critical Deployment Production Deployment Achieved: NC Protect has been successfully deployed into the U.S. DoD’s Microsoft DoD365 production environment, validating its ability to protect live production data under authorised conditions. 1,000 Production Licences Renewed: A U.S. DoD systems integrator has renewed 1,000 NC Protect licences for a six-month term valued at US$38,500, supporting ongoing active mission operations across the warfighter network. Customised Enhancements Underway: The U.S. DoD has procured customised software enhancements for NC Protect to meet interoperability and scalability requirements, with delivery expected by mid-January 2026 (Figure 2). Figure 2: Q1 FY26 Highlights – U.S. Focus & DoD Progress (source: AR9) Enterprise Licence Discussions Re-engaged: Enterprise licence negotiations have recommenced following delays caused by the U.S. Government shutdown, with future licence blocks expected to start at approximately 8,000 users and potentially scale to several hundred thousand users. Spirion Integration Delivering Cost Synergies: Integration with Spirion (Figure 3) has generated initial annualised cost synergies of approximately A$4.5 million, supporting cross-sell campaigns in the U.S. market. Figure 3: Spirion Acquisition (source: AR9) Non-Dilutive Funding Secured: archTIS has established an A$8 million senior secured drawdown debt facility to accelerate product integration and U.S. market expansion without shareholder dilution. Leadership Commentary Mr Daniel Lai, CEO and Managing Director of archTIS, commented: “The production deployment and license renewal represent a major milestone forward in our U.S. DoD sales opportunity. It demonstrates the U.S. DoD’s intention and continued investment to deploy our product within authorised DoD environments. Not many Australian companies achieve this. Additionally, the recent announcement by the U.S. Department of Defense Chief Information Officer, Katherine Arrington, mandates that all DoD branches, Military Services and Combat Commands, must achieve target Level Zero Trust as a ‘non-negotiable’ requirement before September 2027. This directive potentially positions archTIS at the forefront of the U.S. DoD’s strategy for enforcing Zero Trust in DOD365, presenting a significant opportunity.” About the Project NC Protect is designed to enforce real-time, data-centric ABAC policies directly on sensitive information within cloud and hybrid environments. Its deployment within DoD365 confirms compliance with U.S. DoD Zero Trust objectives and marks a transition from pilot testing to sustained, mission-supporting operations (Figure 4). The Company is also delivering contracted customised development and integration services alongside defence partners, further embedding NC Protect into operational workflows. Figure 4: U.S. DoD Zero Trust framework and allied interoperability across DoD365. (source: AR9) Near-term Milestones to Watch Delivery of customised NC Protect enhancements by mid-January 2026 Progression of enterprise licence negotiations following resumption of U.S. federal procurement Continued execution of the 100-day Spirion integration plan and expansion of U.S. cross-sell activities Samso Concluding Comments The progression of archTIS’ NC Protect from evaluation and pilot stages into an authorised production environment within the U.S. Department of Defense is a meaningful milestone. The fact that AR9 has entry into DoD365 production is already a big step, as it requires compliance with strict security, interoperability, and operational standards that few vendors successfully meet. From Samso’s perspective, this transition confirms validation of both the product architecture and the Company’s ability to operate within highly controlled defence environments. The renewal of 1,000 licences, while modest in absolute revenue terms, is strategically more important than the dollar value alone suggests. It confirms ongoing operational use rather than a one-off trial and demonstrates continuity of engagement during a period affected by U.S. Government administrative disruption. The fact that customised enhancements have been commissioned further indicates that NC Protect is being shaped to meet broader operational needs, a characteristic often seen before wider enterprise adoption in large government systems. The resumption of enterprise licence discussions following the U.S. Government shutdown is another point worth noting. Large defence procurement processes are inherently slow, process-driven, and susceptible to external delays, making persistence and alignment critical. The reference to future licence blocks starting at approximately 8,000 users and scaling higher frames the opportunity in terms of system-wide applicability rather than isolated deployments, which materially changes how the long-term commercial potential can be assessed. Finally, the establishment of a non-dilutive A$8 million debt facility and the delivery of early Spirion integration synergies suggest the Company is actively positioning itself for execution rather than expansion at any cost. Cost discipline, integration progress, and balance sheet flexibility matter in markets where sales cycles are long, and validation precedes scale. For Samso, this announcement reflects steady, process-driven progress in a complex and demanding market, where credibility is earned incrementally, and outcomes are determined over time rather than quarters. Market Implications AR9 has been on the Samso radar since August 2025, and they have been watching from a distance as the story develops. There was a spike in its share price in June 202,5 and it now looks like it may be consolidating with what appears to be investors taking good profit since the June spike (Figure 5). From a business point of view, having a client like the DoD is the ultimate in working with a cash "diansaur". They don't move quickly, and their methodology feels and looks archaic, but they have an endless supply of cash. Figure 5: The share price chart for AR9 as of 2nd December 2025. (source: CommSec) Let's put the conversation in a simpleton mannet, to be considered as a potential supplier is a win, to be considered as a repeat supplier is being invited into dinner with the inner sanctum. To be considered for concepts to make the product better is to be asked to sit at the table, which is not at the back of the room. A company with a market capitalisation of AUD $57M, which is being considered a "supplier" for the DoD, is definitely worthy of anyone's watchlist. Could the pullback in share price be the discount that investors have been gifted? Cover photo: Code on computer monitor (Unsplash), Markus Spiske markusspiske. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Code_on_computer_monitor_(Unsplash).jpg) The Samso Way – Seek the Research Always go back to the primary ASX announcement, understand the deployment context, and assess progress against stated milestones before forming an investment view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement US patent secured for PromarkerEso diagnostic test for EAC - 17 December 2025 (view the announcement) The Proteomics International story has been one of revelation for the Samso platform. We first covered the company story on June 6th, 2025 (A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis) when we started to learn and understand the potential of the PIQ story. One of the fascinating parts of developing the Samso News platform is that we are constantly learning about the other parts of the ASX that are making advances in their own field. From an investor's point of view, the art of providing a medical solution is noble and extremely lucrative. Since following this story, PIQ has had a stellar run on the ASX. Proteomics International Laboratories Ltd (ASX: PIQ), based in Perth, Western Australia, has announced a major intellectual property milestone with the granting of a United States patent for its PromarkerEso diagnostic test (Figure 1). The patent strengthens the Company’s position in the world’s largest healthcare market and supports the commercialisation pathway for a first-in-class blood test targeting esophageal adenocarcinoma (EAC), a cancer with poor survival outcomes when detected late. Figure 1: Promarker®Eso Project Overview (source: PIQ) The Business of Proteomics International: PromarkerEso Proteomics International is a precision diagnostics company specialising in proteomics, the large-scale study of proteins and their role in disease. The Company develops and commercialises blood-based diagnostic tests designed to address significant unmet medical needs. PromarkerEso forms part of PIQ’s growing portfolio of proprietary diagnostic technologies aimed at improving early disease detection and patient outcomes. Highlights – US Patent Strengthens Global Commercial Pathway US Patent Granted: The United States Patent Office has granted a patent for PromarkerEso, protecting the Company’s proprietary blood test for early diagnosis of esophageal adenocarcinoma until 28 February 2036. Multi-Jurisdiction IP Coverage: PromarkerEso is now protected across Australia, China, Hong Kong, Europe, and the USA, providing broad global intellectual property coverage. Commercial Significance of the US Market: Securing patent protection in the United States underpins direct sales, partnership opportunities, and future licensing strategies in the world’s largest healthcare market. Addresses a Major Unmet Clinical Need: Approximately 90% of EAC cases are undetected until late stage, with a median survival time of less than one year and a five-year survival rate below 20%. Patient-Friendly Alternative to Endoscopy: Current gold-standard screening relies on invasive endoscopy procedures costing approximately US$2,750 in the US, whereas PromarkerEso offers a blood-based, less invasive diagnostic pathway. Early-stage diagnostic strength: Promarker®Eso has demonstrated high accuracy in detecting early-stage esophageal adenocarcinoma (Stages I and II), with strong AUC values and high specificity, supporting its role in addressing the challenge of late EAC diagnosis and poor survival outcomes (Table 1). Table 1 - Promarker®Eso Performance – early-stage EAC detection (source: PIQ ASX Release 19 September 2025) Leadership Commentary Proteomics International Managing Director Dr Richard Lipscombe commented: “This is a significant achievement because the USA is the largest and most advanced healthcare market in the world. Securing patent protection for our diagnostic technology there is a key step in our commercialisation pathway and provides a strong foundation for potential partnerships, licencing, and regulatory advancement.” About the Project PromarkerEso is a first-in-class blood test (Figure 2) that uses a panel of four serum glycoprotein biomarkers—alpha-1-antitrypsin, alpha-1-antichymotrypsin, complement C9, and plasma kallikrein—combined with patient clinical factors such as age, sex, and body mass index. These inputs are analysed using a proprietary algorithm to generate a clear “traffic light” risk score, classifying patients as low, moderate, or high risk for EAC. Patients identified as high risk are recommended to consult a gastroenterologist. Figure 2: Promarker®Eso – Clinical Rationale, Validation and Commercial Status (source: PIQ) Near-term Milestones to Watch Progression of PromarkerEso commercialisation activities in the United States Advancement of regulatory and partnership discussions enabled by US patent protection Continued clinical validation and awareness initiatives addressing EAC and GERD-related risks How Samso Understands the Investment Memo for the Company From Samso’s perspective, the US patent materially de-risks the PromarkerEso commercial pathway by securing long-term intellectual property protection in a critical market (Figure 3). The announcement reinforces PIQ’s strategy of building defensible diagnostic assets that address large, unmet healthcare needs with scalable global potential. Figure 3: Promarker®Eso – Addressable Market and GERD Screening Funnel (source: PIQ) Samso Concluding Comments The significance of this announcement lies not just in the patent itself, but in what it enables. The United States represents the largest healthcare market globally, and securing intellectual property protection there provides a credible foundation for revenue-generating activities. EAC remains a disease with poor outcomes largely due to late diagnosis. A blood-based test that improves early detection has clear clinical relevance and potential health-economic benefits, particularly when compared with the cost and invasiveness of current screening methods. From an investor perspective, the breadth of patent coverage across multiple jurisdictions reduces competitive risk. It also extends the commercial lifespan of the PromarkerEso asset through to 2036 in the US. Samso sees this update as consistent with PIQ’s long-term strategy of translating proteomics research into practical diagnostic solutions with global reach. Market Implications As we have mentioned in our last Samso News on PIQ (Proteomics International Laboratories - PromarkerD Demonstrates Predictive Value for Diabetic Kidney Disease in Aboriginal Australians - May be time to get on this Horse), the market looks like it is liking the progress (Figure 4). This latest ASX release will support the story, so it looks like happier times are ahead. Figure 4: The PIQ share price chart as of 9th January 2025. (source: CommSec) I am sure that the Proteomics International PromarkerEso product will be bringing in more highlights for the PIQ journey. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) 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. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Adisyn Achieves Key Technical Milestone in Graphene Deposition Process - 17 November 2025 (view the announcement) Adisyn strategic review outcome - 23 December 2025 (view the announcement) Adisyn Confirms Successful Low-Temp Deposition Process - 6 January 2026 (view the announcement) This is the first time we have taken an interest in Adisyn Limited, and it does feel that the timing could be perfect. The company is reevaluating its purpose and direction, and it is a very interesting path. As we all know, the word semiconductor has been conjuring up waves of excitement in the equity markets for a few years already. When the word semiconductor is used, I am thinking of NVIDIA, Qualcomm, AMD, Broadcom, and ARM - manufacturers and foundries such as TSMC, Intel, Samsung, SK Hynix, and equipment and materials providers like ASML, Applied Materials, and Lam Research, which are all crucial for powering AI, data centers, smartphones, and automotive tech. These companies have been creating news on the stock market for decades, but it is the recent AI rush that has made them household names. When I came across AI1, I was thinking, let's get into the company, and let's go deeper into what they can offer investors who have not been on the board of this train as yet. Adisyn Ltd (ASX: AI1) is advancing a graphene-based semiconductor technology platform through its wholly owned subsidiary, 2D Generation (2DG), supported by international research collaborations across Israel, Europe, and the United States. The Company’s core development work focuses on low-temperature graphene deposition processes designed for compatibility with existing semiconductor manufacturing environments, while its legacy Adisyn Services business provides managed IT and cybersecurity services to Australian SMEs. The Business of Adisyn Limited: A Semiconductor Business Adisyn operates across two distinct business units: 2D Generation (2DG) – a graphene-based semiconductor technology platform developing a patented low-temperature Atomic Layer Deposition (ALD) process aimed at enabling direct graphene growth on semiconductor wafers. Adisyn Services – a managed IT, cloud, cybersecurity, and AI services business servicing Australian SMEs. Following a comprehensive strategic review completed in December 2025, the Company has identified its semiconductor business as the primary value driver and is assessing options to unlock value from Adisyn Services. Highlights – Graphene Technology and Strategic Progress (Nov 2025 – Jan 2026) 🔹 17 November 2025 – Pre-Clean Process Validation Achieved Adisyn confirmed successful validation of a critical sub-process within the pre-clean stage of its low-temperature graphene deposition workflow. The pre-clean stage is designed to prepare wafer surfaces for atomic-scale graphene growth and is a foundational step in the overall deposition sequence (Figure 1). Validation confirms that Adisyn’s process architecture is operating as designed and is ready to progress into broader deposition trials. Development is supported by international collaborations with Tel Aviv University, imec (Belgium), and the EU Connecting Chips Initiative. Technical Progress: Initial Pre-Clean Step Created Figure 1: Process sequence for Phase 1 development activities (source: AI1) 🔹 23 December 2025 – Strategic Review Refocuses Capital on Semiconductors Adisyn completed a strategic review of its asset portfolio, including 2DG and Adisyn Services. The review identified opportunities to improve scale and unlock value by reallocating capital toward the graphene semiconductor business. The Company is assessing strategic alternatives for Adisyn Services, including potential transaction or change-of-control outcomes, with inbound interest received during the review process. No binding agreements have been entered into at this stage. 🔹 6 January 2026 – Independent Verification of Low-Temperature Deposition Adisyn confirmed successful low-temperature deposition of an sp²-based carbon layer using an ALD system, achieving deposition below 300 °C (Figure 2). The milestone was independently verified by Professor Yoram Selzer of Tel Aviv University, in accordance with the Share Sale and Purchase Agreement (SPA) for 2DG. Raman spectroscopy confirmed material structure through the identification of characteristic G and D bands consistent with sp² carbon bonding. This milestone represents a material de-risking step toward integration within semiconductor manufacturing thermal limits (<450 °C). Figure 2: Atomic Layer Deposition (ALD) Machine (source: AI1) Leadership Commentary Adisyn Non-Executive Chairman Kevin Crofton commented: “The achievement of Milestone 1 represents a meaningful step in the development of the 2DG technology. Importantly, this outcome has been independently verified by a suitably qualified academic, providing the Board with confidence in the technical progress achieved to date. Low-temperature deposition is a critical requirement for semiconductor applications, and this achievement establishes a solid foundation as the Company continues to advance the development program over the coming year.” About the Project Adisyn’s graphene technology targets one of the key challenges in advanced semiconductor manufacturing: the performance limitations of copper interconnects at sub-2 nm process nodes. As chip dimensions shrink, copper becomes increasingly resistive and thermally inefficient. The Company’s patented low-temperature ALD approach aims to enable direct graphene growth on semiconductor wafers at temperatures compatible with existing fabrication environments. Successful implementation has the potential to support faster, smaller, and more energy-efficient chips for AI, computing, and communications applications. Near-term Milestones to Watch Expansion of graphene deposition trials using multiple precursor compounds Continued refinement of remaining pre-clean sub-processes Optimisation of deposition parameters (plasma power, gas flow, pressure, temperature) Material characterisation for structure, crystalline quality, and electrical performance Progression from coupon-level testing toward wafer-level evaluation Samso Concluding Comments The AI1 story is one that is well positioned in the "Let's Get Excited" category, as the way the speculative ASX sector that the company is in at the moment will love the word semiconductor. The Samso platform has not looked into the business in great details and that will come as we introduce the company story into our platform. From a market implication or a market "punting" position with little understanding of the details, the potential for positioning is not bad. The company has a market capitalisation of just under AUD n$44M at the moment, and from Figure 3 below, the share price chart looks reasonable as it has not had any spikes. The flattening on a new support level is encouraging. Figure 3: The AI1 share price chart as of 9th January 2026. (source: CommSec) This is in no way an endorsement for any investment, but it is a good start. As we move into 2026, look out for more Samso News on Adisyn Limited, and let's hope that will aid our DYOR process. Cover photo: Silicon wafer researcher, U.S. Department of Energy. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silicon_wafer_researcher.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. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Pancreatic and Ovarian Cancer Early Detection Blood Testing – 9 December 2025 (view the announcement) BCAL AGM Presentation – 28 November 2025 (view the announcement) Here is another one of those non-mineral resource stories that compelled me to have it on Samso News. As more readers will know, the Samso News platform was only created in May 2025, and the transition for Samso into non-mining stories has brought a greater appreciation of ASX stories such as BCAL. Like all new stories for Samso, there is always deep research, and for BCAL Diagnostics Limited (ASX: BDX), that will come with more content being generated in the future. As for our introduction, the two announcements listed above have given us a real insight into what the potential of success will do for a company like BDX. One of the most compelling learnings for Samso since venturing outside of our mineral resource sector, is that fact that stories like BDX are revenue-generating and if the product works and catches on, there is no limit to the number of customers. It's like the saying about the funeral business. Nobody negotiates, and it's a valid business for prepaying your own funeral. This works in the way of the medical sector. Let's face it, who negotiates a "better price" to get better if you are sick, and who would not guarantee a payment for a surgery to save your life? BCAL Diagnostics Limited (ASX: BDX) is transitioning from a long-standing research-led organisation into a commercial early cancer diagnostics company, with laboratory operations based in Sydney and expanding national reach across Australia. The Company’s FY25 Annual General Meeting and its 9 December 2025 ASX announcement collectively outline a business now focused on scaling commercial adoption following the launch of its first diagnostic product and the upcoming national rollout of additional early-detection tests. The Business of BCAL Diagnostics: Early Cancer Detection Australian healthcare company focused on the development, validation, and commercialisation of blood-based diagnostic tests for early cancer detection. Core technology built on in-house lipidomic science, supported by more than 15 years of research and clinical validation. Flagship commercial product BREASTESTplus™, a rule-out blood test designed to be used alongside mammography for women with dense breasts (Figure 1). Figure 1: Digital Patient Education Supporting Clinical Engagement (source: BDX) Commercial launch of BREASTESTplus™ in Sydney in March 2025, supported by NATA accreditation and ISO15189 laboratory standards. Ownership of a substantial biobank of ~45,000 aliquots, collected under rigorous ethical and clinical protocols, underpins current and future product development. Strategic partnership with ClearNote Health to expand the portfolio into ovarian, pancreatic, and future multi-cancer early detection tests (Figure 2). Figure 2: ClearNote Health Partnership Broadening BCAL’s Diagnostic Offering (source: BDX) Exclusive rights to distribute Avantect® ovarian and pancreatic cancer tests in Australia and New Zealand (Figure 3). Figure 3: Avantect Tests Address High-Risk Patient Populations (source: BDX) Business strategy focused on scaling clinician adoption, expanding national access, and building diversified revenue streams across multiple cancer indications. Highlights – National Expansion of Early Cancer Detection (9 December 2025) BCAL announced that Avantect® pancreatic and ovarian cancer early-detection blood tests (Figure 4) will be available to Australian clinicians and patients from 19 January 2026, marking a significant expansion of the Company’s commercial offering beyond breast cancer diagnostics. Figure 4: Avantect Multi-Cancer Program Advancing Through Clinical Validation (source: BDX) Nationwide access will be facilitated through Sonic Healthcare’s Australian pathology network, enabling broad geographic reach while leveraging BCAL’s North Ryde laboratory and ClearNote Health’s CLIA-certified facility in San Diego. The Avantect tests are based on epigenomic and genomic analysis of circulating DNA, supported by artificial intelligence and machine learning algorithms, and have demonstrated strong predictive value in early-stage cancers where traditional protein-based tests often fail (Figure 5). Figure 5: Comparative Performance Against Existing Screening Programs (source: BDX) Patient consultations for Avantect testing will commence at the Sydney Breast Clinic from 19 January 2026, providing an immediate clinical entry point for adoption and physician engagement. Leadership Commentary BCAL CEO, Shane Ryan, commented: “For the first time, Australians will be able to access vital early-detection blood tests across the country. Pancreatic and ovarian cancers are considered ‘silent killers’ because they are often detected too late. Through early detection, physicians have a wider array of treatment options that can lead to profound increases in survival rates, so we are proud to have brought Avantect to the Australian market so quickly.” About the Project BCAL’s current commercial focus centres on BREASTESTplus™, a rule-out blood test designed to be used alongside mammography for women with dense breasts. The test was commercially launched in Sydney in March 2025 and is supported by NATA accreditation and ISO15189 laboratory standards. The Company’s partnership with ClearNote Health (Figure 6) expands BCAL’s portfolio to include Avantect pancreatic and ovarian tests, with exclusive distribution rights in Australia and New Zealand. These tests are already in clinical use internationally, with regulatory approvals in the US and UK and reimbursement arrangements in place in the United States. Figure 6: ClearNote Health (source: BDX) Near-term Milestones to Watch (Figure 7) Commencement of Avantect ovarian and pancreatic patient testing from January 2026. Expansion of BREASTESTplus™ into Melbourne and Brisbane, with a planned regional rollout. Integration of BREASTESTplus™ into Best Practice GP management software nationally. Commercial launch of BREASTESTplus™ V2. Targeting minimum BREASTESTplus™ sales volumes of 150 tests per month by Q4. Achieving full-year Avantect test revenue of $300,000 Figure 7: 2026 delivery roadmap (source: BDX) Samso Concluding Comments As I read it, the BDX is now just starting to roll out its core business as we speak, and if you look at the share price (Figure 8), the timing for an entry to position an investment looks good. With a market capitalisation of AUD $36.8M (as of 9th January 2025), it feels that there is more upside in the coming future. Figure 8: The share price chart for BDX as of 9th January 2025. (source: CommSec) As this is our first read of the BDX business, what I gather from face value is that it is a company that has been in research for a long time, and the business is now being rolled out. If I take that as gospel, this is not a bad business if you think about how they have researched the business and are beginning the revenue stream. Not a bad time to get on board, as the risk is now more about revenue rather than a test of the concept. The business of BCAL Diagnostics with the Early Cancer Detection narrative will stir interest, and as cancer treatment is by far the most easily understood by the general investing community, traction will happen when results are released. This is the reason I would put this as a SamsoDYOR tick of approval for readers to do some homework on the company. Let's see how this goes for the short to medium term and follow this journey. I think the volatility of the last two years is a good sign that there is indeed interest in the stock. Any entry into the stock from here will be a good range that has lasted for nearly 2.5 years. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement US Patent Granted for Galidesivir in filoviridae viruses – 7 January 2026 (view the announcement) The Island Pharmaceutical story is another new one for the Samso News platform as we look to expand our coverage in the health sector. The business of keeping human beings healthy and monitoring for potential medical issues is probably one of the best form on revenue generation. Recently, I saw a post on LinkedIn where someone mentioned that the monitoring for ovarian cancer does not exist. As humanity struggles with the need to maintain a longer life, it is often forgotten that the obstacles required to make that a reality. In terms of ASX businesses, I am now understanding why the high-risk biotech sector exists and continues to attract risk capital. Since establishing Samso News in 2025, we have been covering several companies that we feel are worth some good old DYOR. Island Pharmaceuticals Limited (ASX: ILA) is advancing its antiviral strategy through the clinical development of Galidesivir, a broad-spectrum antiviral targeting high-consequence viral threats, including Marburg and Ebola. The program is positioned within a global biosecurity and public health framework, with regulatory engagement centred on the United States Food and Drug Administration (FDA) and potential inclusion in government stockpiles. The Business of Island Pharmaceuticals: Galidesvir Antiviral Programs Island Pharmaceuticals is focused on two clinical-stage antiviral assets (Figure 1): Figure 1: Two clinical-stage antiviral assets (source: ILA) Galidesivir – A broad-spectrum antiviral with activity demonstrated (Figure 2) across more than 20 RNA viruses, including Category A biothreats such as Marburg and Ebola, supported by extensive non-human primate (NHP) efficacy data and Phase 1 human safety studies. Figure 2: Broad-spectrum antiviral with activity demonstrated (source: ILA) ISLA-101 – A repurposed small-molecule antiviral targeting dengue and other mosquito-borne diseases, with a well-established human safety profile and completed Phase 2a/b dengue trial. The Company’s strategy is underpinned by regulatory pathways that prioritise speed to approval for unmet medical needs, including the FDA’s Animal Rule. How Island Pharmaceuticals Galidesivir Antiviral Strategy Works Galidesivir (also known as BCX4430) is a broad-spectrum antiviral designed to stop viruses from replicating once they enter human cells. The core mechanism: Galidesivir tricks the virus during replication. Many dangerous viruses (like flaviviruses and filoviruses) copy themselves using an enzyme called RNA-dependent RNA polymerase (RdRp). Galidesivir is a nucleoside analogue—a synthetic molecule that closely resembles one of the natural RNA building blocks. When the virus tries to copy its RNA, Galidesivir gets inserted into the growing viral RNA chain instead of the correct building block. Once inserted, it halts or fatally disrupts RNA synthesis, preventing the virus from completing replication. No replication → no spread inside the body. Why this matters Broad-spectrum: Because many RNA viruses rely on RdRp, Galidesivir has activity against multiple viruses rather than just one. Early-stage intervention: It’s most effective when given early, before viral load escalates. Host-independent: It targets a viral process, not human DNA or RNA, reducing off-target toxicity risk. Viruses studied with Galidesivir Research has shown activity against: Yellow fever Zika Dengue Ebola Marburg Other RNA viruses with conserved replication machinery Highlights (7 January 2026): US Patent Grant Strengthens Galidesivir IP Position US Patent No. 12,508,266 granted, covering the use of Galidesivir for the treatment of filoviridae viruses, including Marburg and Ebola. Patent protection extends through October 2031, materially strengthening the commercial and strategic framework of the Galidesivir program. The patent aligns directly with Island’s clinical focus on Marburg, following confirmation of the FDA Animal Rule pathway for approval in November 2025. The approval represents another successful conversion within the Galidesivir patent portfolio acquired by Island, reinforcing ongoing execution of its IP expansion strategy. Leadership Commentary CEO and Managing Director, Dr David Foster, commented: “This latest patent grant highlights that our IP footprint continues to go from strength to strength, and further validates the vigour of the patent portfolio that we gained full ownership rights of as part of the Galidesivir acquisition.” “What is particularly pleasing about this patent is that it provides IP protection over a broad range of claims in the application of Galidesivir to treat filoviruses, in direct alignment with detailed clinical development pathway for the treatment of Marburg – a member of the filoviridae virus family.” “As we continue to advance the study design in close consultation with the FDA, this patent approval provides a strong framework to further expand our IP footprint alongside our clinical progress.” About the Project: Galidesivir Program Galidesivir is a clinical-stage, small-molecule antiviral with demonstrated activity against more than 20 RNA viruses across multiple virus families, including filoviridae, flaviviridae, and coronaviridae. Historical non-human primate studies showed: 94% overall survival in Marburg-infected primates, with 100% survival when dosed up to 48 hours post-infection. 100% survival in Ebola models (Figure 3) when Galidesivir was administered immediately or within 48 hours post-infection, with reduced but meaningful survival at later dosing intervals. Figure 3: Ebola Non-Human Primate Study Summary” (source: ILA) These results form the basis of Island’s regulatory engagement under the FDA Animal Rule (Figure 4). Figure 4: FDA Animal Rule: A Proven Regulatory Pathway with Significant Strategic and Commercial Precedent (source: ILA) Near-term Milestones to Watch (Figure 5) Preparation of the New Drug Application (NDA) for Galidesivir under the FDA Animal Rule – Q1 CY2026. Filing of the NDA with the US FDA for approval of Galidesivir as a treatment for Marburg viral infection – Q2 CY2026. Continued expansion of the Galidesivir patent portfolio alongside regulatory progression. Figure 5: Near-term Milestones – Galidesivir (source: ILA) Samso Concluding Comments As discussed in the beginning of this blog, our association with the company business is still early. What we have learnt is that Island Pharmaceuticals continues to methodically build a defensible antiviral platform anchored by Galidesivir. The combination of clinical data, regulatory alignment, and now strengthened IP coverage reflects hard work and less headline-driven momentum. The 7 January 2026 patent grant adds tangible depth to the Galidesivir story. Intellectual property remains the main purpose when engaging with regulators, partners, and government procurement agencies. Market Implication From an investment strategic perspective, ILA is just starting to move in terms of share price (Figure 6) and is in the process of revenue generation. I feel that is reasonably placed at AUD $123.70M that may be reflecting more about the stage the business is at, rather than its value - that is the way I see it in my equity valuation thinking. The valuation of all companies that are publicly listed is beholden to the moods of the market. As valuation is simply the number of shares multiplied by the price, it is easily able to move up or down via the market fluctuations. Does a share price drop (other than a material reason) in a market sell off a reflection of the individual prospects? Figure 6: ILA share price charts as of 15th January 2026. (source: CommSec) For me, the journey for Samso News to look at the ins and outs of Island Pharmaceuticals will be exciting to share with the Samso community. For now, as we all say, DYOR. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.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 nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement ReNerve receives approval in Malaysia – 15 January 2026 (view the announcement) ReNerve AGM Presentation - 27 Nov 2025 (view the announcement) ReNerve Limited was on our IPO Review in June 2025, and I was really interested in the business of "fixing' nerve damage. As anyone who has had a "Pinched Nerve" diagnosis of any degree, we all will appreciate the ability to fix that in terms of the pain experienced. When I worked through the research putting together the IPO review for the ReNerve narrative, I was instantly interested in what this ASX company has instored for your average retail investor like me. This Samso News is really a follow-up to that first coverage back in June 2025. Samso News is leading today with ReNerve Limited (ASX: RNV) announcement confirming market registration approval in Malaysia for the NervAlign® Nerve Cuff (Figure 1), a meaningful regulatory step in the Company’s Asia-Pacific expansion strategy. Figure 1: NervAlign® Nerve Cuff (source: RNV) Malaysia represents a strategically important healthcare market within the region, not just for its population size, but for its interconnected hospital networks that often operate across multiple Asia-Pacific jurisdictions. For ReNerve, this approval adds to existing clearances in Hong Kong and Thailand, reinforcing a pattern of steady regulatory execution rather than a one-off event. Importantly, the approval was granted following a positive assessment of the Company’s clinical evaluation report, further validating the robustness of ReNerve’s clinical data package as it continues to pursue approvals in additional countries. Leadership Commentary Dr Julian Chick, CEO & Managing Director of ReNerve, commented: Our approval in Malaysia is part of our regional strategy and is another major piece of validation, showing the strong clinical data package and clear benefit patients receive when the ReNerve Nerve Cuff is used in peripheral nerve repairs. We look forward to growing our presence in Malaysia and beyond that within the Asia-Pacific region." The ReNerve Limited Peripheral Nerve Injury Story Samso has previously covered ReNerve as part of its expanding focus on ASX companies operating outside the traditional resources space, particularly where progress is driven by clinical data, regulatory execution, and commercial discipline rather than exploration outcomes. ReNerve Limited is an Australian medical device company focused on peripheral nerve injury (PNI) solutions, addressing a clinically underserved area of surgery with products designed to support nerve repair, regeneration, and patient recovery. What is Peripheral Nerve Injury (PNI)? Peripheral nerve injury (PNI) refers to damage to nerves outside the brain and spinal cord (the peripheral nervous system) (Figure 2). These nerves are responsible for carrying movement commands, sensory information, and autonomic signals between the central nervous system and the rest of the body. Figure 2: The central and peripheral nervous systems. The peripheral nervous system branches outward from the spinal cord and brain to reach every part of your body. (source: Cleveland Clinic) What happens in a peripheral nerve injury? Peripheral nerves are like electrical cables (Figure 3). When they’re injured, signals can be slowed, distorted, or completely blocked. Figure 3: Peripheral nerve anatomy and classification of peripheral nerve injuries. (source: Ni, Lingmei & Yao, Zhao & Zhao, Yifan & Zhang, Tianfang & Wang, Jie & Li, Siyue & Chen, Zuobing. (2023). Electrical stimulation therapy for peripheral nerve injury. Frontiers in Neurology. 14. 1081458. 10.3389/fneur.2023.1081458.) Depending on the nerve involved, PNI can affect: Movement → weakness or paralysis Sensation → numbness, tingling, pain, burning Autonomic function → sweating, temperature regulation, blood flow Common causes of PNI Trauma (cuts, fractures, crush injuries) Surgery-related nerve damage Compression (carpal tunnel syndrome, herniated discs) Stretching or traction injuries Ischaemia (loss of blood supply) Toxins, infection, or metabolic disease (e.g., diabetes) Types of peripheral nerve injury (severity-based) Clinicians often describe PNI by how badly the nerve structure is damaged: Neuropraxia (mild) Temporary conduction block No structural damage Recovery: days to weeks Axonotmesis (moderate) Axon damaged, connective tissue intact Nerve can regrow Recovery: months Neurotmesis (severe) Complete nerve disruption Often requires surgery Recovery may be incomplete ReNerve Core Business At the core of the business is NervAlign®, ReNerve’s flagship nerve protection technology: A bioabsorbable nerve cuff used in peripheral nerve repair procedures. Designed to protect repaired nerves during the critical post-surgical healing phase (Figure 4). Naturally absorbed within approximately six months, removing the need for additional surgery. FDA-cleared in the United States, forming the clinical and regulatory foundation for global expansion. Figure 4: The comparison of pain scores between the two cohorts of patients – Patient Pre & Post Surgery Pain Score (source: RNV) Clinical performance is a key part of the ReNerve story. A recently reported clinical study showed that patients treated with the NervAlign® Nerve Cuff experienced materially lower post-surgical pain scores compared with standard-of-care nerve repair, reinforcing the product’s clinical relevance. Building a Multi-Product Platform with Global Commercial Foundations Beyond the nerve cuff, ReNerve is building a broader, platform-style portfolio rather than relying on a single product: Nerve conduit and nerve guide matrix products targeting more complex nerve repair scenarios. Dermal and amniotic tissue product ranges used in reconstructive, orthopaedic, and wound-healing applications. A development pipeline that spans products already on the market through to next-generation nerve repair technologies (Figure 5). Figure 5: Product Development Pipeline (source: RNV) From a commercial standpoint, ReNerve has already established sales, logistics, and distribution infrastructure in the US, supported by a growing network of distributors. This US base provides both revenue traction and a clinical data platform that the Company is now leveraging to support ex-US approvals and market entry, including Asia-Pacific, India, and the Middle East. Near-term Milestones to Watch Initial commercial rollout of NervAlign® in Malaysia. Further regulatory approvals across Asia-Pacific, including India. Progress from the ongoing “Align” clinical study during 2026. Expansion of the nerve repair product portfolio. Continued growth of US sales and distributor coverage. Samso Concluding Comments My take on the current stage for ReNerve Limited Peripheral Nerve Injury Story is all about establishing the market, and I guess it is a matter of time, or it is a matter of a bridge too far. As Richard Branson once said, the line between success and failure is very thin. I like the concept of the ReNerve business and I said the same in our first Samso News back in June 2025 (ReNerve Limited (ASX: RNV) — Transforming Nerve Repair Through Science - A Medical Tech Story.), this is a business that should be at the forefront of any medical needs, nerves don't regenerate and once you have damaged them, there is no cure. From a marketing point of view, patience may be a virtue, but in business, patience is really measured by the size of your wallet, which is directly correlated to your sustenance power to maintain a position as an ASX company. One must never forget that to stay in the ASX is an expensive proposition. I think this will be something that ReNerve will soon have to face, as I don't know if revenue is flowing in a quick fashion. According to a presentation slide (Figure 6) I found in the November Annual General Meeting in November 2025, it does paint a booming sector. As I have mentioned previously, it does not take a genius to figure out the potential size of the market. Figure 6: ReNerve Limited market potential. (source: ReNerve) Is time what RenErve needs? Market Implication - The Investor Lens Looks like the market is on the fence with ReNerve, as there has not been much movement on the station in terms of the share price direction for ReNerve (Figure 7). With a market capitalisation of just under AUD $17M, this is a very promising "punt"; however, I would probably want to understand the business a bit more before contemplating taking any position here. Figure 7: ReNerve Limited share price chart as of 15th January 2025. (source: CommSec) Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.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 nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share PortfolioA lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Successful Clinical Results Achieved under Special Access – 13 January 2026 (view the announcement) This Samso News on NeuroScientific Biopharmaceuticals Limited is about creating awareness and reminding the community of a story that is making some developments. As I have mentioned previously, the aim for Samso is to start widening our coverage and showcasing other investing opportunities on the ASX. For the NeuroScientific release, as I read the release, I am reminded of the real cases needed for solutions in the medical field. The rate of success and the cost of investments are typically not insignificant, and hence, it is genuinely interesting to watch the progress of new innovations. I am drawn to this recent NeuroScientific update not because I believe that it is now an investable story in the ASX but more about wanting to know more about what they are up to now and the potential in the coming future. Stories like how the narrative is now about transitioning from early-stage development into real-world clinical validation, for me, is where you can start feeling the lesser amount of developmental risk. The journey for Neuroscientific, I feel, is now at a tangible inflection point, where clinical efficacy, regulatory engagement, and manufacturing readiness begin to converge around a scalable therapeutic platform. NeuroScientific Biopharmaceuticals Limited (ASX: NSB) is an Australian biotechnology company focused on immune-mediated inflammatory diseases. On 13 January 2026, the Company announced successful clinical outcomes from patients treated with its patented StemSmart™ mesenchymal stem cell (MSC) therapy under the Australian Therapeutic Goods Administration (TGA) Special Access Scheme (SAS) for fistulising Crohn’s disease. What are Mesenchymal stem cells (MSCs) (Wikipedia) Mesenchymal stem cells (MSCs), also known as mesenchymal stromal cells or medicinal signaling cells, are multipotent stromal cells that can differentiate into a variety of cell types, including osteoblasts (bone cells), chondrocytes (cartilage cells), myocytes (muscle cells), and adipocytes (fat cells, which give rise to marrow adipose tissue).[1][2][3][4] The primary function of MSCs is to respond to injury and infection by secreting and recruiting a range of biological factors, as well as modulating inflammatory processes to facilitate tissue repair and regeneration. Extensive research interest has led to more than 80,000 peer-reviewed papers on MSCs.[5] The treatment program was conducted in Australia under compassionate-use conditions, targeting patients with severe disease and limited effective treatment alternatives. The reported outcomes provide real-world clinical data that directly inform NSB’s planned later-phase clinical development pathway. The Business of NeuroScientific Biopharmaceuticals Limited: Platform Cell Therapy for Immune-Mediated Inflammatory Diseases NeuroScientific Biopharmaceuticals is developing patented mesenchymal stem cell technologies targeting chronic inflammatory and immune-mediated conditions with high unmet medical need. The Company’s lead asset, StemSmart™, is a differentiated MSC platform produced through a patented manufacturing process designed to enhance therapeutic activity, consistency, and clinical response (Figure 1). NSB’s strategy centres on advancing StemSmart™ through regulated clinical pathways, initially in Crohn’s disease, while maintaining optionality across additional inflammatory indications, including transplant immune tolerance, lung inflammatory disease, and graft-versus-host disease. Figure 1: StemSmart™ Technology for Refractory Crohn’s disease (source: NSB). Highlights – Clinical Validation Achieved Under Special Access Program Three of four patients treated in Cohort 1 of the Special Access Program for fistulising Crohn’s disease achieved a successful Clinical Response following StemSmart™ treatment. The fourth patient demonstrated a partial clinical response, with improvement observed and further assessments ongoing. Clinical Response was defined as either closure of at least 50% of fistula openings or a reduction in fistula discharge of at least 50%, as assessed by the treating physician or investigator. These outcomes provide real-world validation of the StemSmart™ MSC platform in patients with severe disease and limited treatment options. Data generated from the Special Access Program will directly inform the design of later-phase clinical trials, planned to commence in the second half of 2026. Phase 2 start-up activities are already underway, including commercial manufacturing preparation, clinical trial development, and regulatory planning. The results support NSB’s positioning within the global Crohn’s disease market, forecast to exceed US$13 billion by 2026. Leadership Commentary NSB Chief Executive Officer, Mr Nathan Smith, commented: “These treatment results provide critical validation of the StemSmart™ MSC platform in presenting a potential therapeutic solution to patients with debilitating fistulising Crohn’s disease that have limited effective treatment options. This data, along with our previous clinical trial results in refractory Crohn’s disease, provides a strong foundation for our commercialisation plans for StemSmart™ moving forward. Together, these early outcomes allow us to advance the development of a novel therapeutic in a responsible, informed, and patient-centred fashion as it supports and accelerates our progress toward clinical trial work later this year.” NSB Chief Medical Officer, Dr Cathy Cole, commented: “The response rate to StemSmart™ MSC treatment seen in these patients in a realworld setting is exceptional, given the serious, debilitating and long-standing adverse nature of their condition. If you consider that for these fistula patients treated with StemSmart™, About the Project The Special Access Program was conducted under the TGA’s SAS Category B pathway, which allows access to unapproved therapies for patients with serious or life-threatening conditions where conventional treatments have failed or are unsuitable. StemSmart™ is derived from adult human donor bone marrow-sourced MSCs and produced using a patented manufacturing process. The program evaluated patients with non-healing fistulas, with treatment administered weekly over four weeks and clinical assessment conducted at 8–10 weeks post-treatment. Near-term Milestones to Watch (Figure 2) Ongoing clinical assessment of the partial-response patient from Cohort 1. Integration of Special Access Program data into the final Phase 2 trial design. Progression of manufacturing technology transfer and clinical trial supply readiness. Commencement of later-phase clinical trials in fistulising and refractory Crohn’s disease in 2H 2026. Figure 2: Key Milestones (source: NSB). Samso Concluding Comments StemSmart™ is beginning to demonstrate what platform cell therapy can look like when clinical data, regulatory engagement, and manufacturing readiness move in parallel. This announcement does not change the inherent risks of biotechnology development, but it materially improves the quality of the discussion around probability rather than possibility. Fistulising Crohn’s disease is one of the most challenging manifestations of inflammatory bowel disease, and success here carries implications beyond a single indication. The outcomes reinforce StemSmart™’s positioning as a therapy suited to high-inflammation conditions where conventional treatments struggle. Fistulizing Crohn's Disease - What is Fistulizing Crohn’s Disease? (Crohn's & Colitis) Fistulizing Crohn’s disease may present in patients with Crohn’s disease over their lifetime and can occur anywhere along the GI tract, affecting portions such as the small intestine, colon, rectum, or the anus. It is common for people with fistulas to feel stress, anxiety, and other mental and emotional concerns about body image and intimacy. If you are experiencing these concerns, speak with your healthcare team to discuss options for connecting with a mental health professional who can provide helpful coping strategies. The Foundation’s support programs can also offer connection to others who may have similar experiences. Importantly, the Company has framed these results within a disciplined development pathway. The focus on informing Phase 2 trial design, rather than overstating commercial timelines, reflects a grounded approach to value creation. For investors, this is a moment to reassess NeuroScientific through the lens of platform validation rather than pipeline aspiration. As always, it remains a Definite #SamsoDYOR, but the clinical signal is now clearly on the table. Market implications NSB is currently valued at just under AUD$50M, and for a company that sits in the "biotech" sector, that is reasonably low. I have learnt that biotech companies that have a market capitalisation of less than AUD $100M to $150M is typically at a stage that is still carrying, what I call, developmental or concept risk. In some way, if I consider where the company is now, it is at a real-world testing stage, and if patients show positive reactions, then that is proof of concept. The share price chart also in some way is reflecting this stage (Figure 3). Figure 3: The share price chart for NSB as of the 20th January 2026. (source: CommSec). The ASX release in the blog may be a good start to understanding where NSB could become or is becoming with what appears to the untrained person a positive start to showing the market the validity of its narrative. We all know that in the world of investing, there are no sure things, and in many cases, positive results can turn for the worse. However, for now, I do think that NSB is worthy of a place in my watchlist. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement IMV Strategic Commercial Agreement Investor Briefing – 15 January 2026 (view the announcement) IMV Strategic Partnership Investor Presentation – 15 January 2026 (view the announcement) Vitrafy Enters Strategic Commercial Agreement with IMV – 15 January 2026 (view the announcement) The Vitrafy Life Sciences story was last on our radar when we reviewed their progress after their IPO on the 25th of June 2025 - Vitrafy Life Sciences Limited (ASX: VFY) — Turning Cryopreservation Innovation into Market Reality - Animal and Human Health Solutions. This was a first for Samso as we started to increase our coverage on the ASX. From a Samso perspective, this announcement gives us additional interest to feature on the Samso platform because it demonstrates partner-led commercial validation rather than speculative market positioning. Aligning with a global incumbent like IMV Technologies materially reduces execution risk and confirms that Vitrafy’s technology is being tested in real-world, scaled operating environments. Vitrafy Life Sciences Limited – Strategic Partnership Update (15 January 2026). Vitrafy Life Sciences Limited (ASX: VFY) released a market update on 15 January 2026 outlining a strategic commercial agreement with global animal reproduction leader IMV Technologies. The agreement positions Vitrafy’s cryopreservation technology within IMV’s global product and distribution platform, marking a material step in Vitrafy’s commercial execution strategy following Samso’s earlier IPO coverage of the Company. About IMV Technologies (IMV) IMV Technologies is a global leader in reproductive biotechnologies and animal reproduction technologies, with a legacy of innovation dating back to 1963 when founder Robert Cassou developed the revolutionary “French Straw” for semen storage and artificial insemination. The company operates worldwide, designing, manufacturing, and distributing equipment, consumables, software, and solutions that support the entire reproductive process for farm animals, including semen collection, analysis, preservation, storage, insemination, and pregnancy diagnosis. The “French Straw” — What It Is and Why It Was Revolutionary The “French Straw” is a small, sealed plastic tube developed in the early 1960s by Robert Cassou, founder of IMV Technologies, to store, freeze, transport, and use animal semen for artificial insemination (AI). At the time, semen was stored in glass ampoules or bulky containers, which were fragile, inconsistent in volume, difficult to label, and unreliable during freezing and thawing. The French Straw changed all of that. Core Focus & Innovation Innovation “For Life”: Research and development are central to IMV’s mission, with a dedicated R&D team of veterinarians, biologists, engineers, cryobiologists, and others driving new technologies and improvements. They invest a significant portion of their revenues into innovation and hold hundreds of patents. Broad Expertise: Their technological developments cover equipment for collecting, analyzing, preserving, and packaging reproductive cells—as well as advanced data processing software that helps partners make informed decisions every day. Customer Collaboration: IMV works closely with customers—breeders, veterinarians, insemination centers, and researchers—to develop solutions that meet real-world needs and continuously improve outcomes. The Business of Vitrafy Life Sciences Limited: Cryopreservation Technology Platforms Vitrafy Life Sciences is a cryopreservation technology company delivering nitrogen-free freezing and thawing solutions across regulated and unregulated life sciences markets. The Company’s platform integrates proprietary hardware, software, and managed services, designed to improve post-thaw cell viability and operational consistency. Core applications span animal reproduction, aquaculture, blood platelets, and cell and gene therapies, providing multiple commercial pathways. Vitrafy’s strategy focuses on partner-led scale in animal reproduction while advancing human health market expansion in North America. Highlights – IMV Strategic Commercial Agreement (15 January 2026) Exclusive 12-month strategic commercial agreement with IMV Technologies, the global leader in animal reproduction (Figure 1). Figure 1: IMV Strategic Partnership overview (source: VFY) IMV (Figure 2) supports over 500 million animal inseminations annually across operations in 128 countries, providing immediate access to scale. Figure 2: IMV Technologies: Global Leader in Animal Reproduction (source: VFY) Agreement designed to integrate Vitrafy’s next-generation cryopreservation technology into IMV’s globally recognised product suite (Figure 3). Figure 3: Agreement scope and validation pathway (source: VFY) Vitrafy to receive up to approximately A$480,000 in recurring monthly fees over the initial term. Additional milestone payments of up to approximately A$450,000, linked to successful technical and commercial outcomes. Structured pathway toward a long-term commercial agreement, subject to validation and integration milestones. Leadership Commentary Upon execution of the Agreement, Managing Director and CEO, Brent Owens, commented: “This agreement with IMV Technologies represents a significant step in Vitrafy’s commercialisation strategy. By partnering with the global leader in animal reproduction, we accelerate the validation and adoption of our cryopreservation technology at scale. This Agreement creates immediate revenue opportunities but also positions Vitrafy for longterm growth through global market access, while we continue to advance our human health strategy in North America.” CEO of IMV Technologies, Oliver Kohlhaas, commented: “Vitrafy’s unique nitrogen-free cryopreservation technology has the potential to improve post-thaw cell viability. We are excited to collaborate with Vitrafy to offer even better solutions for our customers.” Near-term Milestones to Watch Completion of species-specific validation testing across aquaculture and livestock segments. Integration outcomes between Vitrafy’s technology and IMV’s existing product platforms. Achievement of commercial and technical milestones linked to additional payments. Progression toward a long-term commercial agreement beyond the initial term. Samso Concluding Comments When Samso first reviewed Vitrafy during its IPO, the core idea was simple. The company needed to show that its lab-based cryopreservation results could work the same way in everyday commercial use. The partnership with IMV supports this aim by placing Vitrafy’s technology into a large, established animal reproduction platform. This provides a practical setting to test performance, reliability, and integration. The commercial terms are also structured in a controlled way. Regular fees provide income while milestone payments depend on results being achieved. From a Samso view, this release acts as a progress check rather than a change in direction. Vitrafy is continuing to follow the path set out at IPO, making this a clear #SamsoDYOR reminder focused on delivery. Market Implication - The Investor Lens Vitrafy is an interesting company for the Samso platform as it has a decent market cap of AUD $121M and its share price is looking steady. For me, this means that the value has not really been unlocked. For me, the market cap makes me feel that there is value in the business and not just a prospective ground that may have potential to become mineralised or later an economical business. Figure 4: Vitrafy share price chart as of 23rd January 2025. (source: CommSec) A business like Vitrafy is for the population of the globe, and the market is projected to be in the USD $17-18 billion by 2034-2035 and at a GAR of 8% over the decade. A fraction of that will be sufficient, and I am sure the market capitalisation of Vitrafy will be more than the current AUD $121M. The most important thing is that the business works and there is market capture, which is still unknown at this stage. With positive news such as that release on the ASX update, one can only hope that the wheels are turning and shareholders will be hoping that it is going to turn faster soon. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.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 nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.