Announcement REE Intersections Accumulate in the West Arunta 16 October 2025 Encounter Resources Limited (ASX: ENR) has reported multiple intersections of rare earth element (REE) fluorocarbonate minerals (including bastnaesite, synchysite, and parasite) from untargeted diamond drilling at the Green carbonatite, alongside a new near-surface REE hit at the Juan prospect, ~10 km from existing niobium-REE deposits in the West Arunta. The results add further evidence that Aileron hosts district-scale niobium–REE potential across several large carbonatite systems (Figure 1). Figure 1: Aileron Project: REE trends (1VD Magnetic). (source: ENR) Highlights - Carbonatites Province? (Figure 1) REE fluorocarbonates intersected in fresh rock at Green during a diamond hole (EAL1370) originally drilled for metallurgical samples. Multiple primary REE intervals were logged across the interpreted basal contact. Photo 1 – EAL1370 – 266.25m – 266.52m – coarse red REE fluorocarbonate minerals in drillcore (1.1% TREO) New prospect “Juan”: first-pass, wide-spaced aircore returned 6 m @ 0.86–0.90% TREO from 48 m (to end-of-hole), with additional anomalism (>0.1% TREO) along line. District scale: REE mineralisation now intersected in multiple carbonatite complexes >40 km apart (Crean, Green, Emily, Hurley). Prior Aileron intercepts (selected): Crean: 7 m @ 6.3% TREO within 49.3 m @ 1.5% TREO from 90.7 m to EOH; 16 m @ 3.3% TREO from 81 m within 52 m @ 1.7% TREO; 4 m @ 3.9% TREO from 67 m within 32 m @ 1.8% TREO to EOH; 4 m @ 2.1% TREO from 98 m within 46 m @ 1.2% TREO from 81 m. Green: 19 m @ 1.7% TREO from 46 m; 5 m @ 2.7% TREO within 13 m @ 1.4% TREO from 46 m; 8 m @ 1.3% TREO within 32 m @ 0.7% TREO. Additional outside-MRE hits include 18 m @ 1.6% TREO from 64 m and 2 m @ 2.1% TREO from 41 m. Emily: 12 m @ 2.1% TREO from 48 m; 6 m @ 1.2% TREO from 40 m. Hurley: 6 m @ 1.2% TREO from 64 m. Aileron MRE (includes REE content): 19.2 Mt @ 0.65% TREO, incl. 3.5 Mt @ 1.05% TREO at Crean; Dy/Tb concentrations compare favourably with leading Australian REE projects (per ENR). Ongoing programs: REE exploration runs in parallel with infill and extensional niobium drilling; metallurgical testwork on EAL1370 composites to commence in Q4 2025; follow-up drilling at Juan planned for 2026. Figure 2: Green Deposit: REE trends (1VD Magnetic). (source: ENR) Executive Chairman, Will Robinson, commented: “REE mineralisation is consistently being intersected in untargeted drilling within the large carbonatite complexes of the West Arunta. Zones of high-grade rare earth and niobium mineralisation are often found proximal to one another within mineralised carbonatite complexes. This is true at the world’s largest niobium deposit at Araxá in Brazil and at the Mt Weld rare earth deposit in Australia that has a niobium deposit proximal to its high-grade rare earth mine. Given the frequency of REE intersections in untargeted drilling in the West Arunta, focussed exploration has a high probability of identifying high-grade REE zones. Accordingly, there’s probably no better place in Australia right now to be exploring for rare earths than the large, recently discovered carbonatites of the West Arunta”. West Arunta: Niobium–REE system emerging ENR notes that many large global carbonatites host both niobium and REE, often spatially adjacent (e.g., Araxá, Brazil; Mt Weld, Australia). In Aileron, carbonatite complexes containing both commodities have now been identified over >40 km. The latest observations at Green point to geological processes that form high-grade, primary REE mineralisation in fresh rock, complementing prior niobium-rich zones. Green: Fresh rock REE fluorocarbonates confirmed Diamond hole EAL1370 (421 m) intersected multiple intervals of REE-rich fluorocarbonates (bastnaesite, parasite, synchysite) within dolomitic/calcitic carbonatite and fenite-altered rocks toward the southern basal margin of the complex. Independent micro-analytical methods (ECORE LIBS, TORNADO Micro-XRF, TIMA) confirmed mineralogy and coarse grain size (>100 μm in ~80% of grains; ~50% >250 μm), considered positive for processing. Reported spot intervals include: 1.19 m @ 1.22% TREO from 260 m 0.34 m @ 1.77% TREO from 299.75 m 0.27 m @ 1.41% TREO from 317 m 0.45 m @ 1.67% TREO from 321.22 m (plus multiple 0.5–1.1% TREO hits nearby) ENR emphasises the carbonatite–fenite contact as a key control (analogous to Mountain Pass, USA), noting that these REE-fertile contacts at Green extend beyond the currently drilled niobium-dominant zones and remain largely untested. With >3 km strike at Green, this creates a large search space for high-grade REE. Photo 2 – EAL1370 – 266.25m – 266.52m - ECORE LIBS Analysis (1.1% TREO) completed by AXT PTY LTD, Perth. Photo 3 – EAL1370 – 266.25m – 266.52m - TORNADO Micro-XRF (1.1% TREO) completed by Portable Spectral Services, Perth. Juan prospect: New near-surface REE hit A reconnaissance aircore line across an interpreted structure at Juan delivered 6 m @ ~0.86–0.90% TREO from 48 m (EOH at 58 m) in hole EAL1108, with multiple adjacent holes returning anomalous REE (>0.1% TREO). This supports the targeting model and opens a new zone of near-surface mineralisation ~10 km from existing niobium-REE deposits. Heavy REE character and context Prior shallow drilling across Crean, Green, and Emily shows elevated Dy/Tb proportions relative to several major Australian REE projects (per ENR comparisons). The cause of this relatively higher heavy-REE ratio is under mineralogical investigation. Resource and technical notes (Aileron & Tyrell) Aileron Inferred MRE (niobium with REE content reported by ENR): resource constrained by pit shells; reported above 0.25% Nb₂O₅ cut-off, with a subset above 1% Nb₂O₅; figures rounded. Tyrell Copper Oxide MRE (for context): pit-constrained, reported >0.25% Cu cut-off; figures rounded. JORC Table 1 details sampling, QA/QC, assay methods (e.g., ALS ME-MS81hD fusion ICP-MS; over-limits by ME-XRF30), drilling methods, recoveries, and data handling. No metal equivalents reported. Reported intervals are length-weighted with 0.5% TREO lower limit and up to 4 m internal dilution. True widths not yet known. Next steps Metallurgy: testwork on EAL1370 composites to begin Q4 2025. Exploration: focused REE targeting at Green (particularly along carbonatite–fenite contacts) and follow-up drilling at Juan in 2026, alongside ongoing infill/extensional niobium drilling across Aileron. About Encounter Encounter Resources (ASX: ENR) is focused on discovering major copper and niobium/REE deposits in Tier-1 jurisdictions. Aileron (West Arunta) remains a core asset within a broader critical-minerals portfolio. Samso Concluding Comments Potential investors can take heart in understanding that it is not just that REE minerals are present, but that they are in the geological structures and in the "Province". Coarse fluorocarbonates along a defined contact are features that can translate into cleaner metallurgy and clearer targeting. A fresh near-surface mineralisation at a new prospect, and the geological vector is showing multiple targets across a broad system. There are still obvious risks. Carbonatites are heterogeneous; grade can flicker, and continuity needs to be earned with metres, not memes. Market sentiment around REE and niobium can also swing, so timelines and funding discipline matter. The counterbalance is that district-scale footprints give you optionality—more places to find thickness, grade, and geometry that work. Some important steps for investors to keep an eye on: (1) follow-up drilling defining strike and thickness along the carbonatite–fenite contact at Green, (2) step-outs at the new prospect to see if near-surface mineralisation persists, and (3) first metallurgy from the diamond composites. These are simple steps that even ChatGPT will list, but the most important thought is that time will test the extent and the viability of an economical definition. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Always go back to the tables, assay methods, and JORC notes before drawing conclusions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement icetana AI secures its largest-ever Australian sale 23 October 2025 icetana Limited (ASX: ICE) has landed its largest Australian sale to date—a five-year SaaS order via Millennium Services Group, a national security and cleaning operator in which SoftBank Robotics holds a controlling stake. The deal totals A$376,000 and is slated for initial deployment next quarter, with licensing expected to commence in the March 2026 quarter. The end user is a major shopping centre in northeast Queensland (~107,000 m² GLA; 345 shops), reinforcing icetana’s footprint in the shopping-mall security segment. The Company indicates the contract will add A$75,200 to ARR on a SaaS basis. Highlights - An AI Video-Analytics Narrative Largest Australian sale to date for icetana AI’s security software. New partner: Millennium Services Group, a national security & cleaning operator (majority-owned by SoftBank Robotics). Contract value: A$376,000 on a 60-month SaaS term; adds A$75,200 to ARR. End user: a large retail shopping centre in northeast Queensland (~107,000 m², 345 shops). Timing: initial deployment expected next quarter; licensing anticipated to begin in the March 2026 quarter. Payment terms: five years in advance (initial payment due 30 days from invoice). Chief Executive Officer Kevin Brown commented: “We welcome Millennium Services Group as a new partner in our home market of Australia and look forward to a fruitful on-going relationship. This sale is further evidence of our ability to leverage our partnership with SoftBank Robotics into new sales and ARR growth. Our go-to-market is focussed on security integrators servicing large shopping malls, and this later deployment will further cement our reputation in this segment.” Commercial Terms & Revenue Shape Contract value: A$376,000 + GST over 60 months (SaaS). ARR impact: A$75,200 per annum added. Billing & cash: Five years in advance, first payment due 30 days from invoice. Start/implementation: Licensing to commence following implementation, anticipated March 2026 quarter; initial deployment expected next quarter. Renewal: Revenue beyond the initial period is subject to customer renewal; the company cautions that actual revenue may not extend beyond the initial order. Five-year prepaid SaaS that becomes ARR once licensing starts in Mar-Q 2026; cash up front, revenue recognised post-implementation, with renewal the swing factor—watch deployment timing, collections on a new relationship, and whether this flagship mall seeds a repeatable integrator pipeline. Customer & Use-Case Context The end user is a major retail shopping centre in northeast Queensland—~107,000 m² of gross leasable area with 345 shops—a classic large-format, multi-camera environment where self-learning anomaly detection can reduce operator load and sharpen incident response. icetana flags this as its largest Australian sale, delivered via Millennium Services Group, a national security & cleaning operator in which SoftBank Robotics holds a majority/controlling stake. This integrator pathway already services 100+ shopping centres across Australia and New Zealand. Why This Matters It is icetana’s largest Australian sale, reinforcing traction in the shopping-centre vertical. The ARR uplift (A$75.2k) and upfront billing structure provide visibility on contracted revenue over the 60-month term (subject to implementation/licensing commencement as scheduled). The Millennium / SoftBank Robotics linkage suggests a partner-led expansion pathway within a large mall footprint across Australia & New Zealand. Net-net: this announcement pins down icetana’s biggest local mall win with clear ARR math (+A$75.2k) and five years’ cash paid up front, but the real proof will be smooth implementation and licensing in the March-2026 quarter—and turning this Millennium/SoftBank Robotics channel into repeatable deployments while managing renewal and credit risk. Timeline Snapshot Announcement date: 23 Oct 2025. Initial deployment: Next quarter (post-announcement). Licensing start: Anticipated March 2026 quarter (post-implementation). Who Is Icetana Limited? icetana Limited (ASX: ICE) is a Perth-based software company that sells AI video analytics for large CCTV networks. Its self-learning system plugs into existing video management platforms, learns what “normal” looks like for each camera, and flags unusual behaviour in real time to help security teams focus on critical events across sites like shopping centres, campuses, and smart-city projects. It’s offered as SaaS and is used at dozens of sites globally. Samso Concluding Comments What I like about a business like icetana is that small-sized wins, such as the one on this Samso News, make a difference to the bottom line, as it is a single, sizeable Australian deployment prepaid over five years and tied to a national integrator. Time paid is important, and a client that has scale is the perfect type of customer—a clean SaaS contract with clear ARR math once licensing starts. The steps moving forward are simple, licensing expected to commence in the March 2026 quarter. Execution from here is the key, gett the rollout right, and the ARR shows up as planned. As like in the movies, "Built It and They Will Come". Figure 1: ICE share price chart as of 3rd November 2025. (source: CommSec) If icetana and Millennium convert this site into a repeatable pattern, the channel could do the heavy lifting. For now, the focus is simple—deliver the install, confirm collections, and let the results tell the story. If those boxes tick, the narrative shifts from a “largest Australian sale” moment to a platform for repeatable growth. DYOR. Cover photo: An office table and computers (Unsplash), Patryk Sobczak patryksobczak. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:An_office_table_and_computers_(Unsplash).jpg) The Samso Way – Seek the Research As always, go to the primary source—read the announcement, note the dates, terms, and risks—and do your own research (DYOR). Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Near Surface Exploration Target of 64Kt to 114Kt CuEq defined within Southern Porphyry Target Zone Cannindah Resources Limited (ASX: CAE) has outlined a near-surface Exploration Target at the Monument prospect within the Southern Porphyry Target Zone at Mt Cannindah (Qld) (Figure 1), interpreting skarn mineralisation as the upper expression of a deeper, pencil-style porphyry. The work compiles historical drilling, recent mapping, rock chips, and trench/channel results into a coherent near-surface Cu-Mo model that opens new drill targets toward depth. Figure 1: Mt Cannindah Cu/Au Project, Queensland (source: CAE) About Cannindah Resources Limited Focus: Queensland copper–gold explorer/developer. Flagship Mt Cannindah project (granted mining leases) with an updated JORC MRE: 14.5Mt @ 0.72% Cu, 0.42 g/t Au, 13.7 g/t Ag (1.09% CuEq); contains ~158kt CuEq. Secondary asset: Piccadilly gold project. Current activity: Ongoing drilling across the Mt Cannindah breccia and larger porphyry targets (Southern & Eastern), aiming to expand resources and test deeper “pencil” porphyry centres. Recent funding: Oversubscribed ~A$4.5m entitlement offer to advance drilling; program described as “potentially transformational.” Highlights - A Porphyry Story Begins (Figure 2) Exploration Target (conceptual, JORC 2012): 25–30 Mt @ 0.2–0.3% Cu and 100–150 ppm Mo, equating to ~64–114 kt CuEq within an ~850 m × 700 m mineralised footprint at Monument. Note: insufficient drilling for a Mineral Resource at this stage. System geometry: Outcropping skarn Cu-Mo is interpreted as the high-level signature of possible higher-grade porphyry centres at depth (vectoring particularly toward Appletree–Dunno and a NW target). Mineralisation remains open to the west, south, and east. High-grade vectors: Modelled zones of +0.5% Cu and +200 ppm Mo occur on the eastern margin near Appletree–Dunno and in the NW (data-limited) area. These features support pencil-porphyry targeting beneath the skarn blanket. Surface & trenching (Appletree): Previously reported channels include 61 m @ 1.28% CuEq (0.94% Cu, 0.22 g/t Au, 141 ppm Mo), 46 m @ 0.81% CuEq, 51 m @ 0.46% CuEq, plus other intervals; precious-metal credits are indicated but Au/Ag not yet fully incorporated due to incomplete assays. Rock chips & textures: Mapping and sampling record peaks to 12.28% Cu, 9.94 g/t Au, 1.24% Mo, with porphyry-style veining preserved (Photo 1) and magnetite-garnet skarn textures consistent with fluid flow from a porphyry source. Photo 1: LS25013 7269174N 325965E Cu 0.56%, Au 0.24gt, Ag 4gt, Mo 157ppm (source: CAE) Program status: Scout drilling to ~320 m is planned to test combined geochem + IP chargeability + magnetics + geology criteria, following ongoing activity at the Mt Cannindah Breccia (5 holes completed; at the time of the release, first assays anticipated within weeks). Figure 2: Mt Cannindah Project with near surface Exploration Target, MRE, and Target Areas. (source: CAE) Chairman Mr. Michael Hansel commented: “Our work programs continue to upgrade the mineral potential of Mt Cannindah. It is my understanding that the development of skarn mineralisation identified here is frequently typical of the upper or overlying level of many of these porphyry systems. The delivery of this exploration target is an exciting and significant result not only in consolidating the target but also verifying the transformational potential at depth of this significant project. Our exploration teams continue to rapidly advance the current drill program and we look forward the delivery of results.” What’s been defined — the Monument Exploration Target Cannindah delineates a near-surface skarn envelope within the Southern Porphyry Target, integrating 34 historical holes and recent surface datasets. The model shows continuous low-grade skarn (>0.1% Cu) with localized higher-grade cores and an eastern +0.5% Cu / +200 ppm Mo cluster contiguous with Appletree–Dunno (Figure 3). Figure 3: Cross-sections (W→E) showing skarn continuity and higher-grade development toward Appletree–Dunno. (source: CAE) The Company highlights this as vectoring toward internal porphyry centres, prioritising Appletree–Dunno for drilling while flagging a NW target for follow-up (Figure 4). Exploration Target statements are conceptual per JORC 2012 and not Mineral Resources. Figure 4: Drill-hole plan over Monument wireframe and trench locations. (source: CAE) Why it matters — vectoring to porphyry The Cu and Mo distributions act as pathfinders. In Appletree–Dunno, coincident Cu–Mo highs suggest proximity to a centre; in the NW, Mo appears halo-like, possibly encircling a Cu-Au core yet to be tested. This pattern (plus IP chargeability highs and magnetite development) supports the “pencil porphyry beneath skarn” concept, a classic exploration trajectory for porphyry systems where skarn caps mark fluid outflow above intrusives. Copper Distribution (Figure 5) Figure 5: Cu isosurfaces (>0.5% Cu cores) within the Monument model (isometric view). (source: CAE) Molybdenum Distribution (Figure 6) Figure 6: Mo isosurfaces (>200 ppm Mo) highlighting large, significant zones. (source: CAE) Interpretation of Cu Mo distribution (Figure 7) Figure 7: Cu–Mo coincidence at Appletree–Dunno and halo-like NW association (isometric view). (source: CAE) Project context — existing CuEq and broader target pipeline Mt Cannindah Breccia MRE: 14.5 Mt @ 1.09% CuEq for ~158 kt CuEq (Measured + Indicated + Inferred), with structurally controlled high-grade zones open along strike and multiple high-grade Au veins yet to be specifically targeted. This breccia body sits on the outer periphery of the porphyry system and remains a growth and extension drill focus. Southern Target (regional footprint): A 1.4 km × 0.1–0.4 km geochemical anomaly with coherent Cu–Au–Mo anomalism, supported by IP/magnetics, mapping, and trenching—now anchored by the Monument Exploration Target and Appletree–Dunno vector. Eastern Target: A largely undercover corridor with the largest IP response (coherent >100 mV/V), variable magnetics, and shallow anomalous skarn hits; further work is planned. Put simply, the modelled metal footprint backs the call and speaks to system-scale. Next Steps Drill ~320 m scouts at Appletree–Dunno to test the Cu–Mo coincidence. Probe the NW target along chargeability highs. Finalise Au/Ag assays and update CuEq/zoning. Integrate new holes with IP/mags + mapping and rank follow-ups. Plan deeper tests beneath >0.5% Cu / >200 ppm Mo pods; publish assays + 90-day plan to the ASX. Samso Concluding Comments This ASX release is setting the path for a long journey for Cannindah Resources. Chasing porphyry is a bold move with a big prize if successful. The geological data is promising, and it does look like the mineralised porphyry does exist. A target is one thing, but defining that into an economical porphyry is another matter. Management will need to keep abreast of the bank balance and looking at the share price chart for Cannindah Resources; shareholders are liking the news (Figure 8). Figure 8: The share price chart for Cannindah Resources as of the 10th November 2025. (source: commsec) CAE does have a market capitalisation of over AUD $57M and that would make this a risky punt for the average penny stock investor. However, if the project develops to being a monster, which commonly happens to well mineralised porphyry projects, the present market valuation will be very cheap. Our Synopsis for the Investment milestones: Thesis: If drilling extends mineralisation beyond the current breccia resource and vectors into porphyry centres, Mt Cannindah could scale meaningfully in a copper-tight market. What they own/sell: Exploration rights at Mt Cannindah (Cu-Au-Ag; JORC resource in place) plus Piccadilly (Au). Value inflection is driven by drill results and resource growth. Traction & signals: Resource upgrade (July 2024) now embedded in investor materials; active 2025 drilling; fresh capital secured to execute. Catalysts (6–12 months): drill results at breccia and porphyry targets, MRE update, metallurgy (including Cu recovery options), and any scoping-level study signals. Key risks: Exploration risk (geology/assays), permitting & logistics, need for ongoing funding if results/timelines extend, and copper price volatility. (Sector-standard risks summarised from company disclosures.) The points above are very typical and are not anything that is mind-blowing in terms of what will trigger success. What I can say is that the capital raise in September is going to be well used, and there will be another raise coming soon if drilling keeps getting good results. Capital raises are good when it is coupled with good results, so investors should be patient in taking positions. As usual, take your time, DYOR, and have fun. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) The Samso Way – Seek the Research Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Proteomics International receives $2.2m in R&D tax incentive 12 November 2025 (click here to view the announcement) Proteomics International Laboratories Ltd (ASX: PIQ) has received $2.2 million in R&D tax incentive refunds for the 2024–25 financial year, reinforcing its financial position as the Company advances multiple diagnostic products towards commercialisation. Based in Perth, Western Australia, the Company continues to develop next-generation diagnostic tools built on its proprietary Promarker® technology platform, with applications across chronic disease detection, women’s health, oncology, and sports science. The Business of Proteomics International Laboratories Proteomics International operates a dual-stream model supported by: Ground-breaking diagnostic R&D based on its Promarker® proteomics platform. Bio-analytical testing services for biopharmaceutical and life science partners, generating recurring revenue to partially offset R&D expenditure. The Company’s diagnostics portfolio includes (Figure 1): Promarker®D – predictive test for diabetic kidney disease. Promarker®Endo – diagnostic test for endometriosis. Promarker®Eso – diagnostic test for oesophageal cancer. OxiDx – oxidative stress test for elite sports training. Promarker® pipeline extensions across asthma, COPD, and diabetes-related complications. Figure 1: Promarker® Test Pipeline (source: PIQ) Highlights – Strengthening the R&D Engine Behind Commercialisation R&D Incentive Delivers Strategic Funding PIQ received $2,241,476 in R&D rebate, reflecting $5.15 million in eligible R&D expenditure undertaken across the Group in FY2024–25. The Federal R&D tax incentive provides a 43.5% rebate, supporting Australian innovation. The additional $2.2 million cash boost strengthens PIQ’s reserves ahead of commercial roll-outs for its diagnostics suite. The funding directly supports late-stage development of flagship tests such as Promarker®D, Promarker®Endo, and Promarker®Eso. About the Project (WA) – A Perth-Based Global Diagnostics Innovator Proteomics International is headquartered in Nedlands, Western Australia (Figure 2), operating as a medical technology leader specialising in proteomics—the industrial-scale analysis of protein structure and function. The Company’s mission is to build diagnostic tools that improve disease detection, treatment pathways, and long-term patient outcomes. Figure 2: PIQ Facility State-of-the-art facilities at the Harry Perkins Institute of Medical Research in Perth, WA (source: PIQ) Near-term Milestones to Watch Support ongoing development and commercial readiness for flagship Promarker® tests. Continued investment in the Promarker® pipeline across chronic diseases and women’s health. Advancement of the OxiDx platform into broader sports and health applications. Ongoing provision of bio-analytical services to sustain revenue during R&D progression. How Samso Understands the Investment Memo for the Company Proteomics International is building a diagnostics ecosystem where proteomic insights form the foundation for predictive and early-stage disease detection. The Company’s funding base—supported by R&D incentives—reduces development risk and enhances long-term commercialisation potential. With multiple tests progressing simultaneously, the platform approach positions PIQ as a diversified diagnostics player in a market increasingly favouring precision medicine. Samso Concluding Comments The R&D tax incentive will allow Proteomics International to leverage external funding to maintain momentum across its innovation portfolio. This is also a non-dilutive capital to add essential funding for diagnostics companies approaching their commercial tipping points. The size of the rebate also reflects the scale of scientific activity within the organisation. This level of expenditure highlights the seriousness of PIQ’s ambitions and the depth of its product pipeline. From an investor lens, a strengthened cash position provides continuity in R&D while reducing the pressure to raise capital unnecessarily. It also signals an operational rhythm that is consistent with companies preparing for market expansion. PIQ operates in a sector driven by accuracy, validation, and long-term adoption, and continued R&D investment underpins both credibility and future value creation. PIQ has a market capitalisation of just under AUD $55M and the market seems to be reacting in a steady state. There is no major movement either up or down for its share price, which is good to see, as there is no hype in the story (Figure 3). Figure 3: PIQ share price chart as of 24th November 2025 (source: CommSec) Like all of the biotech stocks on the ASX, the slow and steady path in the early part of the journey is one that investors have to decide as a point of entry or wait for the major ticks which is prove of concept. For me, with a market cap of AUD $50M+ is one that should be worthy of a DYOR. When Samso started following Race Oncology (ASX: RAC) on the 27th August 2025, Who is Race Oncology (ASX: RAC)? DYOR on Anti-Cancer Innovation and Heart Protection. We highlighted the unique potential if things go right for the company. If you look at that time, the share price was flattening and had a market capitalisation of AUD $206M and they are now hovering around AUD $504M (Figure 4), which peaked around the AUD $800M level. Figure 4: RAC share price chart as of 24th November 2025 (source: CommSec) The current share price of AUD $3.05 may seem high for RAC but in hindsight, the price at the time we wrote on RAC is even cheaper. The key here is to understand the business of PIQ and then bet on the potential. Good old DYOR is what is going to undermine investors' thoughts on the merits of putting money on this story. 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 Always understand the science, follow the milestones, and let the data guide your investment thinking. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement CSIRO Research Paper Publication 12 November 2025 (click here to view the announcement) OD6 Metals Limited (ASX: OD6) has announced the publication of a peer-reviewed scientific paper detailing three years of advanced geological and geochemical work at the Company’s flagship Splinter Rock Rare Earth Project in Western Australia (Figure 1). The research—undertaken by CSIRO, Murdoch University, Monash University, and OD6—provides a technical, science-backed understanding of how rare earth elements (REE) occur, concentrate, and can be extracted from this large clay-hosted system. Figure 1: Location of Splinter Rock Rare Earth Project in Western Australia (source: OD6) The Business of the Company: Focus – Projects OD6 Metals is developing two critical mineral projects: Splinter Rock (WA) — one of Australia’s largest high-grade clay-hosted REE deposits, supported by a detailed Mineral Resource Estimate released in 2024. Gulf Creek (NSW) — a copper-zinc VMS system with historical high-grade production and modern geophysical targeting underway. Highlights – A Peer-Reviewed Advancement in REE Geological Understanding (Figure 2) Figure 2: The CSIRO publication on Splinter Rock Clay-Hosted REE Rare Prospect (source: OD6) The newly published research, titled “Multi-disciplinary characterisation of the Splinter Rock clay-hosted REE prospect, Western Australia”, provides several technical outcomes: Three years of multi-institutional collaboration involving CSIRO, Murdoch University, Monash University, and OD6 Metals. Landscape evolution, mineralogy, geophysics, and geochemistry were integrated to explain REE enrichment pathways. Three major regolith units were identified — saprock, saprolite, and transported — with the highest REE grades concentrated in saprolite. AEM conductivity changes and hyperspectral kaolinite crystallinity successfully mapped key regolith interfaces. Mineralogical work identified REE-bearing phases, including REE phosphates, Al-REE phosphates, and REE carbonates. The publication provides a peer-reviewed foundation for development decisions, helping OD6 assess extraction pathways, scale, and project economics with greater scientific confidence (Figure 3). Figure 3: Summary figure of the regolith units or analytical workflow from the paper (source: OD6) Leadership Commentary Brett Hazelden, Managing Director, commented: “OD6 continues to work closely with Australia’s leading research institutions to build a deep scientific understanding of the Splinter Rock Rare Earth Project and develop advanced technologies for REE discovery and extraction. We are proud to be one of the few companies globally that base development decisions on such detailed, peer - reviewed science. The collaboration with CSIRO, Murdoch and Monash has provided valuable insights into how and where rare earths occur at Splinter Rock. In the current geopolitical environment, and as one of Australia’s largest and highest-grade clay-hosted REE deposits, Splinter Rock provides governments and industry with a project based on real science, plus in-depth research and development, sourced from a stable jurisdiction.” About the Splinter Rock Project (WA) The Splinter Rock Project contains a Mineral Resource Estimate (MRE) reported in the OD6 Presentation dated 5 November 2025, comprising: 119Mt @ 1,632ppm TREO (Indicated – Inside Centre)• 563Mt @ 1,275ppm TREO (Inferred across Centre, Centre NW, Scrum, Prop and Flanker) A combined 682Mt @ 1,338ppm TREO at a 1,000ppm cut-off, with ~22.9% MagREO, equivalent to 307ppm MagREO and an estimated 209kt of contained magnetic rare earths The Company has selected an innovative processing flowsheet incorporating heap leaching, nanofiltration, and ion-exchange, delivering: ~75% Nd & Pr recovery• High-quality MREC/H product grading ~56–59% TREO Very low impurity levels (Al, Fe, P, Si) Extremely low U + Th concentrations (<0.001%) Splinter Rock demonstrates the geological scale, grade distribution, and metallurgical performance consistent with the foundations of a potential long-life clay-hosted rare earth development. Near-Term Milestones to Watch Integration of peer-reviewed geological findings into ongoing resource modelling. Application of new geophysical and hyperspectral insights to refine future drilling programs. Further metallurgical optimisation aligned with regolith profiles identified in the publication. Progressing project development pathways with updated technical datasets. How Samso Understands the Paper. This publication is not a casual update—it is a strategic de-risking event. Peer-reviewed scientific work strengthens confidence in key assumptions underpinning mineralisation, extraction, and project continuity. For a clay-hosted system of this scale, the integration of AEM, regolith science, and mineralogy provides a map for future investment decisions.OD6 is positioning Splinter Rock not just as a resource but as a well-studied geological system capable of long-term, stable REE supply. Samso Concluding Comments The release of a peer-reviewed research paper is a strong signal that OD6 has created a sense of technical credibility. In a market where REE processing is paramount for market news, a paper like this is good for confidence in the market. The Splinter Rock project already has scale, but what matters now is clarity on how and why REE concentrations occur. This paper directly addresses these points. Investors should view this as more than an academic milestone; it is a step in reducing geological uncertainty. Companies that make decisions on science tend to avoid costly missteps. As the market shifts toward secure REE supply chains, projects with robust technical foundations will attract the attention of policymakers and industry groups seeking long-term partners. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Good decisions come from understanding the science behind the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement MRD Expands Rare Earth and Gallium Tenure 12 November 2025 (click here to view the announcement) Mount Ridley Mines Limited (ASX: MRD) has announced a significant expansion of its tenure at the Mount Ridley Gallium and Rare Earth Project, located north of Esperance, Western Australia (Figure 1). The new Exploration Licences now consolidate the entire Grass Patch Complex — a distinctive geological domain marked by gravity and magnetic highs, interpreted to be associated with mafic intrusions, and recognised as a primary source of gallium and heavy rare earth enrichment. Figure 1: Regional Location Map showing new Mount Ridley Tenements and major infrastructure associated with the project. (source: MRD) The Business of Mount Ridley Mines - A Potential Gallium Player Mount Ridley is progressing a multi-commodity critical minerals strategy centred on gallium, scandium, and heavy rare earth elements (HREEs). The Company’s landholding now exceeds 1,069 km² and encompasses the entire interpreted corridor hosting three major mineralised blocks — including Blocks 1 and 2, which hold the majority of the Company’s maiden gallium resource estimate. The consolidated position provides continuity over a 68km-long and 12.5km-wide mineralised system. Highlights – Expansion Establishes One of Australia’s Largest Clay-Hosted Critical Minerals Provinces • Tenure expanded to more than 1,069 km², securing 100% control of the Grass Patch Complex. • Consolidated footprint covers 68 km of strike and 12.5 km width, with ~80% of the area untested by drilling. • New licence applications extend MRD’s holding 31 km southwest of Block 1 and 15.6 km northeast of Block 2 (Figure 2). Figure 2: Gravity image showing the distinct Grass Patch Comp[lex gravity high and expanded Mount Ridley tenement position. (source: MRD) • Blocks 1 and 2 host defined Gallium Mineral Resource Estimates and have intersected significant HREE mineralisation. • Grass Patch remains largely underexplored for gallium, scandium, and HREEs — historical drilling mostly targeted base metals. • Expansion gives MRD control of one of the largest clay-hosted REE and gallium provinces in Australia. Leadership Commentary Chief Executive Officer, Allister Caird commented, “This strategic expansion cements Mount Ridley’s dominant position across the Grass Patch Complex, a geological domain that continues to reveal exceptional critical mineral potential, which, to date, includes gallium and heavy rare earths. With most of the area yet to see any modern drilling, we are positioned to unlock substantial new growth beyond the existing resources across Blocks 1, 2 and 3.” About The Mount Ridley Project (WA) The Grass Patch Complex is interpreted to represent a deep-seated mafic intrusive system expressed as a strong gravity and magnetic high. This geophysical signature correlates with the enrichment of gallium and heavy rare earths observed within the overlying regolith. To date, only 20% of the interpreted corridor has been tested, predominantly through shallow aircore programs. Systematic drilling, including deeper penetration, is expected to further delineate mineralised zones. Mount Ridley’s current resource inventory includes: Gallium Resource (Table 1): 838.7 Mt @ 29.3 ppm Ga (Inferred) across Blocks 1–3 Total REE Resource (Table 2): 168 Mt @ 1,201 ppm TREO (Inferred) at the Mia Prospect, including 25% MagREO. Table 1: Global Total Gallium Inferred Mineral Resource Estimation Table 2: Global Total REO Inferred Mineral Resource Estimation Near-term Milestones to Watch • Completion of modern geophysical data review across the Grass Patch Complex. • Re-assay of historical pulps to refine gallium and rare earth distribution. • Scandium resource potential assessment across priority zones. • Focused evaluation of HREE mineralisation across Blocks 1 and 2. • Drill targeting and prioritisation for step-out resource expansion drilling. How Samso Understands the Investment Memo for the Company This announcement reinforces Mount Ridley’s strategic consolidation play. Full control of a geophysically distinct and mineralogically favourable corridor provides a strong platform for sustained resource growth. The Company’s systematic approach — geophysics, re-assays, and targeted step-outs — indicates a disciplined pathway toward expanding both gallium and REE resources. The underexplored nature of the region, combined with existing resource definition across multiple blocks, positions MRD as a developing story in Australia’s clay-hosted critical minerals space. Samso Concluding Comments The Mount Ridley story, with its headline Gallium story, is what is captivating this journey. In its previous life, MRD was promoting a clay rare earth project. The consolidation of the Grass Patch is a good way to build what could be a resurgence of the clay rare earth sector, with OD6 Metals and Co. making new claims to extract the rare earths with a sense of profitability. From a geological point of view, there will be technical success, but as we have learnt, this sector is now all about delivering the products. There is no doubt that projects in this area will have the potential resources required for the market. The key is if the compnaies can extract profitably. Figure 3: The share price chart for Mount Ridley Mines as of 25th November 2025. (source: CommSec) The Gallium story is obviously the prize, as we can see in Figure 3, with the market fully embracing the release of the Gallium resource. I think that whether Gallium will ever see the light of day from a processing manner, the market sentiment will drive more value creation. Currently with a market capitalisation of just under AUD $58M (as of 25th November 2025), it does feel a bit heavy for a punt. Some people would argue that the value is in a Gallium resource, which I am not denying, but can this Gallium be processed as historically, and in fact, currently, there are no primary Gallium facilities. The recent Alcoa deal that has the support of the US government is talking about Gallium from Bauxite ores. The upside for MRD is that there is always a new path that will deal with a primary processing plant, which I think is potentially where an AUD $58M market cap will be considered cheap. I think if there are more retreating of the share price, MRD could well be a good one to take a position. The hope is that the selling will come as we approach the holiday season. For investors, it is pertinent to remember that this growth in critical minerals does not always come from new discoveries. Sometimes, the value lies in securing the right geology, consolidating key positions, and having a product that is amenable to being extracted in a cost-efficient manner. Cover photo: Bauxite - Bauxite, Saline County, Arkansas, Mike Davis. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Bauxite_(GeoDIL_number_-_244).jpg) The Samso Way – Seek the Research Always look beyond the headline — understand the geology, the scale, and the strategy. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Critica's MREP Flowsheet Achieves 63% Gallium Leach Recovery 10 November 2025 (click here to view the announcement) Jupiter Delivers Impressive High Grade (84% TREO) MREP 28 October 2025 (click here to view the announcement) Critica Limited (ASX: CRI) has released two major updates that strengthen the technical and strategic credentials of the Jupiter Project, located in Western Australia (Figure 1). Figure 1: Location of The Jupiter Project in Tier-1 Western Australia (source: CRI) The Company has successfully produced its first high-grade Mixed Rare Earth Product (MREP) and, in parallel, delivered confirmation that gallium can be recovered as a valuable by-product within the same beneficiation-first flowsheet. Both developments form part of Critica’s staged, disciplined derisking program as the company transitions from explorer to developer. The Business of Critica Limited: Focus — Gallium - REE -Projects Critica is rapidly advancing the Jupiter clay-hosted rare-earth Project, which stands today as: Australia’s largest clay-hosted rare earth resource. A globally significant magnet-REE dominant system (Nd, Pr, Dy, Tb). A project with exceptionally low uranium and thorium impurities. Jupiter’s flowsheet design is anchored in beneficiation-first (Figure 2), allowing mass rejection of ~95% and strong grade uplift prior to hydrometallurgy — a key differentiator among clay-hosted REE deposits. Figure 2: Jupiter beneficiate-first flow sheet now with MREP and Gallium byproduct streams (source: CRI) Highlights – First Mixed Rare Earth Product (MREP) Produced (28 October 2025) First MREP successfully produced from Jupiter concentrate, assaying 84% TREO.78% recovery achieved to Mixed Rare Earth Oxide (MREO), demonstrating high leach extraction (Figure 3). Figure 3: Initial Mixed Rare Earth Product (oxide) 84% TREO (source: CRI) Standard acid-bake process validated; parallel optimisation underway at ANSTO and Minutech-AMML. Very low impurities — uranium and thorium well below transport thresholds. 3,000 kg closed-circuit pilot plant at GAVAQ (Hanoi) now in commissioning (Figure 4). Figure 4: GAVAQ Pilot Plant – cold commissioning of Pilot Plant (source: CRI) Beneficiation continues to achieve ~95% mass rejection with a 6–10× grade uplift. Reinforces Jupiter’s magnet-REE bias (~23% of total REO) — critical for EVs, AI, renewables, and defence systems. Leadership Commentary Critica’s CEO, Jacob Deysel, commented: “This first unoptimised Mixed Rare Earth Product is a pivotal step for Critica. Our metallurgical results confirm that beneficiated Jupiter concentrate can be successfully leached using conventional, scalable processing to produce a high-grade oxide product. With beneficiation proven, MREP achieved, and pilot commissioning underway, we are moving decisively from explorer to developer. Our focus now is optimisation, product specification, and engagement with prospective offtake and strategic partners as we continue building a credible, low-cost, Western-aligned rare earth supply chain anchored in one of the world’s largest and cleanest clay-hosted deposits.” Highlights – Gallium Confirmed as Valuable By-Product (10 November 2025) Jupiter’s 1.8 Bt resource averages ~39 ppm Ga₂O₃, representing ~70,000 tonnes of contained gallium (Figure 5). Figure 5: Resource Model – showing Ga₂O₃ grade distribution across the resource model (source: CRI) Metallurgical testwork confirms ~63% gallium recovery to leach solution within Critica’s existing REE flowsheet (Figure 6). Figure 6: Schematic of GAVAQ MREO Flowsheet - standard acid-bake and gallium recovery pathway (source: CRI) Gallium upgrade factor of ~1.2× in flotation concentrate; recovery achieved without altering process scope. Gallium is hosted in both clay and REE phosphate minerals, demonstrating predictable leach behaviour. Critical market context: China controls >98% of global gallium supply. Additional co-product potential now under evaluation: scandium, germanium, and iron. Confirms integrated REE–gallium value pathway within the same process circuit. Leadership Commentary Critica’s CEO, Jacob Deysel, commented: “Jupiter continues to deliver scale, simplicity and strategic value. Metallurgical results indicate a clear line-of-sight to by-product recovery of gallium within the same process circuit that produced our first Mixed Rare Earth Product (MREP). Achieving ~63% gallium extraction into solution marks an important step in demonstrating coproduct potential from within our existing process, without changing scope or strategy. This is not a pivot — it is a logical progression of Critica’s systematic flowsheet de-risking program. The strategic imperative for the West remains unchanged: it is no longer enough to access critical minerals — we must secure custody of supply. By proving the ability to recover gallium alongside rare earths, Critica strengthens its position within a Western-aligned, low-risk and technically validated supply chain.” About the Project (Western Australia) The Jupiter Project is located in the Murchison region of Western Australia and represents: A 1.8 Bt clay-hosted REE system, with a strong magnet-REE profile. Resource grades (Table 1): 1,700 ppm TREO at 1,000 ppm cut-off. ~39 ppm Ga₂O₃ average gallium oxide. Table 1: Jupiter clay-hosted REE and Ga Resource at preferred TREO lower cut-offs Hosted within deeply weathered clay and saprolite overlying an alkaline granitoid intrusion. Low impurity levels (U, Th) allow favourable handling and transport characteristics. Metallurgical testwork on a Jupiter intermediate concentrate has confirmed strong upgrade factors for TREO and defined the basis for the reported ~63% gallium extraction to leach solution (Table 2). Table 2: Jupiter intermediate concentrate used to produce the reported Gallium extraction. Near-term Milestones to Watch Q4 2025 – H1 2026 Operate the 3,000 kg closed-circuit pilot plant at GAVAQ. Bake and leach optimisation across GAVAQ, ANSTO, Minutech-AMML. Selective precipitation trials for gallium, plus screening for germanium and scandium co-products. H1 2026 Finalise MREP/MREO product specifications. Feed pilot data into the Scoping Study. H2 2026 Commence Pre-Feasibility Study. Ongoing Offtake and downstream engagement with Western-aligned partners. How Samso Understands the Investment Memo for the Company Critica is building a rare-earth processing pathway that balances scale, simplicity, and strategic alignment. The Company’s model is based on a beneficiation-first approach that reduces mass early, lowers capital intensity, and enables higher-quality hydromet feed. The new confirmation of gallium recovery adds a further dimension to the value proposition and may materially enhance project economics. The Company is now positioned in a globally relevant segment — magnet rare earths + critical by-products — with a technically validated flowsheet that is progressing toward feasibility-level robustness. Samso Concluding Comments Many clay-hosted rare earth stories show promise at the laboratory scale, but struggle when asked to demonstrate integration across larger, more representative programs. Jupiter is moving through this sequence in a steady, evidence-based manner. Beneficiation has now been proven several times over, delivering repeatable mass rejection and grade uplift. Hydrometallurgy has shown that this upgraded material converts into a high-quality oxide product. And now, with gallium extraction validated within the same circuit, the flowsheet is showing signs of forming a multi-commodity pathway without additional complexity. Gallium brings a strategic layer that should not be understated. In a market where more than 98% of global supply sits within a single jurisdiction, the ability to source gallium from a Western-aligned project anchored in a Tier 1 jurisdiction is significant. What matters most is that Critica has not pursued gallium as a separate exercise — the recovery emerged naturally from the same leach solution used to produce its MREP. This speaks to the underlying mineralogy and the integrity of the integrated flowsheet. If future optimisation improves recovery or defines a clear commercial product, gallium could become a genuine by-product contributor rather than a marginal value add. From an investor perspective, Jupiter now presents a combination that is rare in the clay-REE space: scale, metallurgical simplicity, and jurisdictional strength. The ability to beneficiate clay-hosted material upfront is not common, and it sets the project apart in terms of capital intensity and downstream optionality. The 3,000 kg pilot plant is an important next step, as it will provide the operating data, product volumes, and engineering basis needed for meaningful Scoping Study inputs. As these datasets accumulate, the market will gain more clarity on the cost structure, product specification, and long-term margin potential of the project. Looking ahead, the next 12–18 months will be formative for Critica. Pilot-scale results, ongoing hydromet optimisation, and the definition of final MREP specifications will shape the project’s position in the Western rare-earth supply chain landscape. These developments are occurring against a backdrop of increased interest in magnet-REE supply security, AI-driven hardware demand, and the global re-balancing of strategic minerals. If Critica maintains its current momentum, Jupiter may emerge as one of the few clay-hosted magnet-REE projects advancing toward a credible development case supported by both scale and technical validation. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Always explore the data behind the story — that is where the real value lies. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Race Clinical Program Update 17 November 2025 (click here to view the announcement) Race Oncology Limited (ASX: RAC) has announced the expansion of its clinical strategy with two new programs centred on Acute Myeloid Leukaemia (AML) and EGFR-mutated Non-Small Cell Lung Cancer (NSCLC) (Figure 1). Figure 1: EGFR-mutated (EGFRm) Non-small Cell Lung Cancer (NSCLC) (source: RAC) These programs build directly on the newly characterised mechanism of action of (E,E)-bisantrene (Figure 2) and position RC220 for accelerated clinical validation across major oncology markets. Figure 2: The Science Behind (E,E)-bisantrene (source: RAC) The Business of the Company: Focus – Projects Race Oncology is a Phase 3 clinical biopharmaceutical company focused on advancing its proprietary formulation RC220, a next-generation delivery form of (E,E)-bisantrene. The company aims to address high-value oncology areas through: Phase 3 AML bridging program to align RC110 and RC220 Phase 1a/b EGFRm NSCLC program targeting TKI resistance Phase 1a/b RC220 + doxorubicin cardioprotection program Pipeline expansion opportunities via MYC silencing and G4 stabilisation biology Highlights – Expansion of Clinical Programs in AML and EGFRm NSCLC 1. New Phase 3 AML Trial: Bridging RC110 to RC220 Race has established a cost-efficient pathway to potential regulatory approval through a two-part Phase 3 design incorporating (Figure 3): A PK/PD bridging stage to demonstrate clinical equivalence between RC110 and RC220 Biomarker generation assessing MYC gene silencing Alignment with US FDA Project Optimus Figure 3: Phase 3 Pathway to Approve RC220 in r/r AML (source: RAC) 2. New EGFRm NSCLC Trial Targeting TKI Resistance A Phase 1a/b program (HARNESS-1) will evaluate RC220 + osimertinib in patients with detectable ctDNA to delay or prevent resistance (Figure 4). Key points: All preclinical data, KOL engagement, protocols, and CRO contracts completed Ethics submission made to Bellberry HREC (29 Sept 2025) Five major Australian oncology sites secured Figure 4: HARNESS-1 Phase 1a/b Trial Overview (source: RAC) 3. Cardioprotection & Solid Tumour Opportunity Race continues its ongoing Phase 1a/b trial of RC220 in combination with doxorubicin to explore dual benefits: Mitigation of doxorubicin cardiotoxicity Enhanced anticancer activity 4. Program Funding & Readiness Planning is highly advanced across all programs Execution timing tied to conversion of $1.25 piggyback options (expiry May 2026) Cash position: $11.3m as of 30 Sept 2025 Leadership Commentary Race Oncology CEO and Managing Director, Dr Daniel Tillett, commented, “It is an exciting milestone for Race Oncology to translate the mechanism of action of (E,E)-bisantrene into tangible clinical programs. The opportunity to use RC220 to delay, or even prevent, TKI resistance across a range of cancers is a compelling opportunity. The scale of the opportunity is enormous, with more than US$10 billion of EGFRm TKIs sold every year for lung cancer alone. I want to especially thank the Race Oncology preclinical and clinical teams for their extraordinary effort in moving from the initial discovery of the mechanism of action of (E,E)-bisantrene to a full clinical trial program in lung cancer in under 9 months.” About the Project While Race Oncology’s programs operate nationally, the broader portfolio reflects collaborations across leading research institutes in Australia and international cancer centres.RC220’s development leverages preclinical work conducted in partnership with institutions such as: University of Wollongong University of Newcastle UNC School of Medicine Sheba City of Health (Israel) The Company is also actively exploring partnerships, licence agreements, or commercial mergers and acquisitions to accelerate access to RC220 for patients with cancer worldwide. Near-term Milestones to Watch Q1 2026: First patient recruited in HARNESS-1 Phase 1a/b NSCLC trial 2026: AML Phase 3 bridging stage initiation (pending funding) Completion of ctDNA screening across multiple sites Regulatory interactions and responses from Bellberry HREC Ongoing MYC biomarker data development Further conversion of piggyback options to support program roll-out How Samso Understands the Investment Memo for Race Oncology Samso’s interpretation is that Race Oncology is positioning RC220 as a highly differentiated oncology asset capable of influencing major cancer treatment markets. The Company’s focus on TKI resistance, MYC gene targeting, and biomarker-led clinical design suggests a strategy grounded in science, commercial relevance, and regulatory alignment. The dual AML and NSCLC programs collectively offer pathways that could support accelerated value creation if clinical outcomes validate the mechanism. Samso Concluding Comments Race Oncology’s strategic expansion arrives at a key junction for precision oncology. The industry has been grappling with therapy resistance, particularly in EGFRm NSCLC, where, despite billions in annual TKI sales, real-world outcomes remain constrained by subclone emergence and bypass signaling. RC220’s mechanistic positioning — targeting G-quadruplex structures and MYC silencing — could mark a substantial shift in how resistance biology is approached clinically. The AML pivotal trial pathway is equally notable, leveraging regulatory precedents and orphan drug frameworks. By bridging RC110’s historical clinical data with RC220’s modern formulation under a Project Optimus-aligned design, Race is pursuing an approval strategy that is both pragmatic and scientifically grounded. This reduces uncertainty associated with dosing, variability, and historical comparator alignment. The integration of ctDNA as a patient selection and response metric is also an important direction for modern oncology trials. It provides measurable, early indicators of therapeutic effect and allows for more efficient trial conduct. This position aims to generate data that is directly relevant to clinicians and regulators who are increasingly seeking biomarker-anchored trial designs. Overall, Race Oncology appears to be shaping a pipeline that leverages deep molecular insight, commercially significant disease settings, and realistic pathways to regulatory approval. The next 12–24 months will be critical as these programs move from planning into execution. Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.JPG) The Samso Way – Seek the Research Always take the time to understand the science, the data, and the path that companies choose to create value for shareholders. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement $4.5M Arcemy Order from the Largest Shipbuilder in the USA AML3D Limited (ASX: AL3) will supply two custom ARCEMY® systems to Newport News Shipbuilding, extending its footprint in US naval supply chains. The order value is ~A$4.5m, reinforcing momentum after multiple ARCEMY® deployments into the US Navy’s Maritime Industrial Base. The Company expects the units to be installed and operational in Q2 2026. Highlights - Shipbuilding for the US Navy ~A$4.5 million order for two custom ARCEMY® systems to Newport News Shipbuilding (NNS), a division of HII. HII is the largest military shipbuilder in the US (aircraft carriers & submarines). These units will be the 9th and 10th ARCEMY® systems supporting the U.S. Navy Maritime Industrial Base. Install/operational target: Q2 CY2026. Spec uplift: based on large-scale ARCEMY® X with a 10,886 kg positioner for heavy-capacity builds. Purpose: accelerate lead times and provide alternatives to casting/forging, with lower waste & environmental impact. AML3D CEO Sean Ebert commented: “During my recent visit to our US operations it was clear AML3D had a huge opportunity to build on our success supporting the US Navy submarine program and expand into US Navy shipbuilding and munitions as part of US Government’s ‘Make Shipbuilding Great Again’ initiatives. These custom large capacity ARCEMY®X systems, are similar in scale to the ARCEMY® X that we recently brought online for another US Defense shipbuilding prime contractor. It is pleasing to see demand for our technology across the US and other globally, significant defense markets is continuing to accelerate. In parallel, we are making progress on our strategic goal to access additional non-defense sectors. Our US operations recently delivered a large capacity ARCEMY X to the Tennessee Valley Authority, the largest public utility in the USA. Having an established US manufacturing base means AML3D is advantaged when supporting US customers as the US Government’s tariff policy evolves. AML3D is also well positioned to leverage our US playbook to accelerate our entry into the UK and other European Defense markets and expand our defense and non-defense work in Australia. Facts Depth in US defense: The NNS order represents systems 9th and 10th tied to the US Navy ecosystem, evidencing repeat adoption and stickiness in critical programs. Bigger, faster parts at point-of-need: The ARCEMY® X platform, configured with a 10,886 kg positioner, is designed for heavy shipbuilding applications, targeting faster delivery of certified parts compared to traditional routes. Process advantages: AML3D highlights lead-time reduction, waste minimisation, and ESG benefits versus casting/forging/billet machining. What will NNS use it for? NNS plans to use the custom systems across a variety of shipbuilding applications. While specific part families aren’t listed, the heavy-capacity configuration indicates intent to address large, structurally demanding components where schedule resilience is key. Samso Concluding Comments From an investor’s seat, this order is less about the headline ~$4.5m and more about “where” it lands: Newport News Shipbuilding, the core of America’s carrier and submarine build programs. That’s the credibility dividend AML3D has been working toward—placing ARCEMY® capacity inside the highest-bar, schedule-sensitive end of shipbuilding. Each placement lowers friction for the next, and it compounds service, software, and consumables revenue over the lifecycle. A large-scale ARCEMY® X with a ~10.9-tonne positioner signals real intent to transition from prototyping into production-relevant parts. If the commissioning hits the Q2 CY2026 window, the narrative shifts from “can it qualify?” to “how quickly can it scale across the business family?”. Investors should watch for commissioning updates, first-article milestones, and any disclosure on repeatability/quality metrics that unlock broader deployment inside the yard. Strategically, this is AML3D leaning into the US maritime industrial base while keeping non-defense optionality alive (e.g., utilities and heavy industry). That mix is important: defense offers sticky programs; non-defense can smooth order cadence and showcase total addressable market beyond shipyards. Management’s signalling on UK/EU and Australia suggests the US playbook is portable—execution will determine whether that becomes another leg of growth or just near-term noise. The share price journey for AL3 is an indication that the market has liked the recent news and is slowly digesting its steps. The valuation of the Company for its potential is very reasonable, from the view of an investor, wanting to take a position in the developing story with just over AUD $104M. Figure 1: The AL3 share price chart as of 30th October 2025. (source: CommSec) Key risks remain the usual trio: delivery/commissioning on time, proof of throughput at quality, and the company’s ability to scale support as the installed base grows. If AML3D converts this install into dependable output and follow-on orders, we get operating leverage and a more predictable aftermarket. If timelines slip, the share price will likely mark time. As always, DYOR—focus on milestone cadence, customer breadth, and evidence of parts flowing through ARCEMY® into critical programs. Cover photo: 31st MXS metals shop new 3D printing capability will save man hours, money (8529140), U.S. Air Force photo by Staff Sgt. Heather Ley. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:31st_MXS_metals_shop_new_3D_printing_capability_will_save_man_hours,_money_(8529140).jpg) The Samso Way – Seek the Research Always go back to primary sources—ASX releases, technical appendices, and commissioning milestones—verify the numbers, and DYOR beyond the headlines. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement 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.