Announcement Early Works Commence at Sorby Hills Project 27 October 2025 Boab Metals Limited (ASX: BML) has officially commenced Early Works at the Sorby Hills Silver-Lead-Zinc Project in WA’s East Kimberley (Figure 1)—moving from planning into on-ground activity and marking the formal start of mine development. The program covers site access roads, processing-plant foundations, non-processing infrastructure, and an on-site accommodation camp. Boab is fast-tracking pre-wet season site prep so major packages can mobilise in April 2026. The first package is with a local contractor, and Sorby Hills is advantaged by Kununurra's proximity, sealed access to Wyndham Port, and a 75:25 Boab–Yuguang JV with an FID buy-out option. Figure 1: Location of the Sorby Hills Project (source: BML) Highlights - Creating a Silver-Lead-Zinc Mine Scope of Early Works: site access roads, processing plant foundations, non-processing infrastructure, and the on-site accommodation camp. Wet-season timing: clearing, topsoil relocation, and base material placement are underway now so that major infrastructure packages (processing plant, bulk earthworks, permanent camp) can launch efficiently after the wet season—April 2026. Local execution: first Early Works package awarded via competitive tender to a locally based contractor, aligning with the company’s regional development and community-partnership focus. Funding confidence: recent capital-raising support has enabled—and de-risked—the transition into physical construction activities. Project context: Sorby Hills sits ~50 km from Kununurra with sealed-road access to Wyndham Port (~150 km). Boab holds 75%; Henan Yuguang Gold & Lead Co. Ltd holds 25%. Boab has an option to acquire Yuguang’s interest upon Final Investment Decision. Simon Noon, Managing Director & CEO, commented: “The Early Works phase signifies the formal transition from planning and design into physical construction activities, laying the groundwork for full-scale development and ultimately, the commencement of production at Sorby Hills. The strong interest and support received from investors in the recent capital raising have provided us with both the confidence and means to commence this transition and materially de risk the project development schedule. We look forward to providing further updates as the project advances and wish to thank all stakeholders, partners, and community members for their ongoing support as the Company moves into this exciting new phase.” Site Works Initial works include essential clearing, topsoil relocation, and base-layer construction for roads and pad areas (Figure 2)—practical steps that keep momentum through the wet season and allow a clean start on larger packages at its conclusion. Figure 2: Clearing for Processing Plant with camp infrastructure in the foreground (source: BML) Next Steps (near-term focus) Complete the Early Works program (roads, pad preparation, services corridors, camp setup) through the wet-season window. Mobilise major infrastructure packages—processing plant installation, bulk earthworks, and permanent accommodation—at the conclusion of the wet season (April 2026). Continue market and community updates as the project advances. Samso Concluding Comments As Simon Noon explained, this is the point where talk becomes a reality. This project has taken a long time to get to a mine building stage, so let's hope that things will slowly step through its paces and make it happen for shareholders. Figure 3: Boab Metals share price chart as of 10th November 2025. (source: CommSec) It is not surprising to see the share price for Boab going north, and with a market value of just over AUD $114M (as of 11th November 2025), this is not a bad proposition. Silver is one of the darlings, and if you believe the market narrative, silver pricing will continue to move forward. This release is a short market update, and let's look forward to upcoming news. For investors, I think this is a good time to get in on the ride. Look back at the news and DYOR and take your time. There are still some very observable risks on the table. This is definitely not a risk-free proposition as there are still many hurdles for management to overcome. Cover photo: Galena, sphalerite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Galena,_sphalerite_1.jpg) The Samso Way – Seek the Research Read the source, track the milestones, and verify each step against the company’s formal disclosures. 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 838.7Mt Gallium Resource Estimate at Mt Ridley Project 28 October 2025 Mount Ridley Mines Limited (ASX: MRD) has declared a maiden Inferred Gallium Mineral Resource Estimate (JORC 2012) of 838.7Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃) at a 25 ppm Ga cut-off across three blocks at the Mt Ridley Project, ~55 km NE of Esperance, WA (Figure 1). Mineralisation is shallow, flat-lying and clay/saprolite-hosted, with strong associations to HREE and scandium—particularly in the central and northern corridors. The resource is supported by 732 holes for 30,112 m, extends >25 km in strike with a ~70 km² mineralised footprint, and sits inside a 575 km² tenure where ~70% remains untested. Figure 1 – Regional Location Map showing the major Infrastructure such as Esperance Port, Road, and Rail (source: MRD) Highlights - Gallium (Figure 2) Global MRE: 838.7Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃) for 24,584 t contained Ga (cut-off 25 ppm Ga). Block 1 – Central Gallium Corridor (incl. Keith’s HREE): 164.1Mt @ 29.8 ppm Ga (40.0 ppm Ga₂O₃) for 4,888 t Ga; strong correlation with HREE and scandium; shallow, flat-lying saprolite. Block 2 – Northern Extension (incl. Winston’s HREE): 372.2Mt @ 30.3 ppm Ga (40.7 ppm Ga₂O₃) for 11,288 t Ga; continuation of the same clay profiles hosting REE/HREE. Block 3 – Mia + Eastern Zone: 302.5Mt @ 27.8 ppm Ga (37.4 ppm Ga₂O₃) for 8,408 t Ga; overlays the Mia REE MRE of 168Mt @ 1,201 ppm TREO. Geometry & Depth: Mineralisation from ~4 m to ~60 m depth; shallow, broad lenses in saprolite/laterite; >25 km strike and up to ~6 km width. Work to Date: 732 drillholes / 30,112 m; domain modelling and ID² / kriging grade checks; densities applied by regolith unit; top cut 45 ppm Ga; parent blocks 50×50×1 m. Scale & Positioning: Among the largest known gallium resources globally; logistics advantaged by proximity to Esperance Port, road, and power. Figure 2: Mount Ridley Gallium Topographic Location Map highlighting the MRE Zones (source: MRD) Mount Ridley Mines Non-Executive Director Mr Pedro Kastellorizos commented: “The timing of our maiden gallium resource could not be more significant,” said Mount Ridley Mines Director, Pedro Kastellorizos. “With Australia and the United States now formally aligning on criticalminerals supply chains, the Mt Ridley Project represents one of the few new gallium discoveries outside of China, and it sits within an established rare-earth system. This resource establishes Mount Ridley as a serious participant in Australia’s emerging critical-minerals sector. Immediate focus will be on highvalue zones rich in gallium and heavy rare earths as we advance metallurgical testwork and partnership discussions to define a viable development pathway” Geology & Mineral System (Why It’s There) Host & Setting: Clay/saprolite-hosted Ga within the weathered profile across parts of the Grass Patch Complex (Blocks 1–2) and Biranup Complex granitoid gneiss (Block 3). Controls: Spatial association with alkali-enriched gabbroic/plutonic dykes visible in aeromagnetics; highest grades near redox fronts in lower saprolite and at saprolite–fresh transition. REE/HREE Link: Re-assay of legacy pulps confirms coincident Ga–REE enrichment; Keith’s (Block 1) and Winston’s (Block 2) show scale/continuity of HREE-rich clays. The Mineral Resource areas known as Blocks 1, 2 & 3 are situated in the vicinity of Mt Ridley and Lake Halbert region of Western Australia (Figure 3,4 & 5). Figure 3: Block 1 (source: MRD) Figure 4: Block 2 (source: MRD) Figure 5: Block 3 (source: MRD) Table 1 presents the new JORC 2012 Resource Estimate (JORC 2012) for the Inferred category, applying at a >25 ppm Ga cut-off, the JORC 2012 Inferred MRE totals 838.7 Mt @ 29.3 ppm Ga (39.5 ppm Ga₂O₃)—placing Mt Ridley among the world’s largest known gallium resources. The 575 km² tenure hosts a ~69.9 km² mineralised footprint across three MRE zones, with >70% of the project still untested and slated for systematic drilling. Table 1 - Mount Ridley Global Gallium Deposits Inferred Mineral Resource Estimate by Blocks (using a >25 ppm Ga cut-off) Development Path (How It Could Advance) Metallurgy: Concept is a mixed rare-earth carbonate as the primary product with gallium (and other critical elements) as secondary recoveries; testwork to include acid leach and hydrometallurgy (solvent extraction/ion exchange). Program Design: Targeting zones most amenable to acid-leach processing; flow-sheet design underway; legacy pulp re-assays and re-logging to refine HREE/Sc targets. Advisory Build-Out: Engagement with Australian & international processing/supply-chain experts (including U.S.–Australia critical minerals context). Forward Plan & Near-Term Priorities (Figure 6) Extensional drilling SW of Block 1 along ~11 km × ~6 km corridor. Infill drilling across the 3 km corridor between Blocks 1 & 2. Step-outs east (~4.35 km) and west (~4.3 km) of Block 2 resource. Block 3 extensions NE (~5.3 km) plus ~3 km E and ~4 km SW untested zones. Drill extensions along alkali-rock corridors associated with better Ga intersections. Metallurgical studies to confirm optimal acid-leach domains and refine the flow sheet. Define requirements to deliver an Indicated Resource sufficient to support capex studies. Figure 6: Location map showing the 3 MRE Zones, showing multiple untested zones over Interpreted Total Magnetic Intensity Images (source: MRD) Market & Strategic Context (Why It’s Timely) Supply Concentration: China has produced >98% of global Ga, historically as a by-product of bauxite/zinc refining; export controls and geopolitics have tightened supply. Allied Policy Tailwinds: On 20 Oct 2025, the U.S.–Australia framework to secure critical minerals and rare earth supply chains highlighted WA projects as priorities, aligning with MRD’s path. Samso Concluding Comments Mount Ridley’s maiden inferred gallium resource gives the project tangible scale and, importantly, demonstrates a multi-element regolith system where Ga, HREE, and Sc appear to co-locate within shallow, lateritic/saprolitic horizons. The Block 1–2 corridor is the immediate focus, given its HREE-rich character and continuity; Block 3 adds leverage via the Mia REE MRE already in place. How the deposit moves from here will largely be dependent on metallurgy and infill drilling, which will provide consistent leachability, scalable hydromet flowsheets, and enough drill density to uplift portions to Indicated. The published forward plan is appropriately calibrated to those aims. Like all projects, whether it is a mineral or non-mineral project, a favourable logistical path (proximity to Esperance), and a current supported policy backdrop are going to be very constructive for Mount Ridley. As we have learnt over the last couple of years, clay-hosted critical-mineral systems live or die by extraction efficiency, impurity management, and unit costs. Those data points will ultimately define commerciality. For investors tracking gallium exposure aligned with HREE/Sc optionality, this is now a defined system with scale and a clear work program to de-risk the flow sheet and grow resource confidence. DYOR, as the sector is just being thrown back into the spotlight. How long this remains in a favourable position is going to be tightly bound to the tenure of President Trump. Market Influence There is no doubt that the release of the resource has sparked great interest in the share price of MRD. As it's clearly shown in Figure 7, the market has taken notice, but the challenge for new investors and shareholders looking to top up is when to do that. Figure 7: The share price chart for Mount Ridley as of 14th November 2025. (source: CommSec) The Gallium "talk" is one that I am not really in tune with, as the main "producer" of the metal comes as a byproduct of the bauxite refinery. The recent news that the US government and the Australian government are in talks to support Alcoa to make a refinery that will treat their Gallium makes me think that there will be no space for the lone rangers, like Mount Ridley. I would suggest reader DYOR and do it well :-) 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 Go to the source, interrogate the figures and methods, and build conviction from facts—not narratives; 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 Exceptional Results from Validation Study for EchoSolv HF 24 November 2025 (click here to view the announcement) Echo IQ Limited (ASX: EIQ) is pushing its cardiology decision-support platform into the heart failure space, with its EchoSolv HF algorithm now validated through the Mayo Clinic Platform’s independent “Validate” program in the United States. The Company, based in Sydney with operations anchored out of Western Australia, has completed what it describes as the final clinical requirement ahead of a planned FDA 510(k) submission for EchoSolv HF – a heart failure decision-support solution trained and tested on large-scale echocardiography datasets. In practical terms, this announcement sits at the intersection of clinical AI, US hospital workflows, and a very large, underserved heart failure market. Echo IQ is positioning EchoSolv HF as a tool that can slot into existing cardiology pathways and help clinicians detect heart failure earlier and more reliably, particularly in a US system where rehospitalisation and misdiagnosis remain material issues. The Business of the Echo IQ: Focus – Projects Echo IQ is an AI and medical technology company focused on improving decision-making in cardiology through proprietary, software-based tools. Its core activities and projects, as reflected in this announcement, can be summarised as follows: Core focus: AI-driven decision support software for cardiology, built around echocardiogram interpretation. Key product in this release: EchoSolv HF, a heart failure clinical decision support tool intended to support clinicians in identifying patients with heart failure more accurately and earlier. Partnership setting: Validation undertaken with Mayo Clinic Platform’s Validate program, leveraging independent US clinical data (~17,000 echocardiograms) to test model performance. Regulatory pathway: EchoSolv HF is being prepared for FDA 510(k) clearance, which would allow the solution to be marketed and used as a clinical decision support tool in the US. Geographic footprint: Head office presence in Australia (Claremont, WA, and Sydney) with a growing commercial footprint in the United States, including a dedicated US Head of Commercial. Highlights – EchoSolv HF Validated on 17,000 Mayo Clinic Echocardiograms Final clinical requirement completed: Echo IQ has successfully completed a clinical validation study of EchoSolv HF under Mayo Clinic Platform’s Validate program – described as the final clinical requirement prior to FDA 510(k) submission. Model performance exceeded internal expectations: Sensitivity: 99.5% – effectively identifying true positives (patients with heart failure). Specificity: 91.0% – accurately identifying true negatives (patients without heart failure). Independent, large-scale dataset: The validation used an independent dataset of approximately 17,000 individual patient echocardiograms, which provides scale and diversity in testing EchoSolv HF’s real-world performance. Regulatory inflection point approaching: FDA 510(k) submission is being finalised, with lodgement expected in the coming weeks, according to the Company. FDA clearance would formally enable US marketing and clinical use of EchoSolv HF as decision-support software in heart failure detection. Large unmet need in the US heart failure market: Only ~50% of heart failure cases are accurately diagnosed in current practice. Heart failure is the leading cause of rehospitalisation in the US and accounts for around 17% of US healthcare expenditure. The total addressable market for heart failure is cited as US$60 billion. It is estimated that 1 in 4 Americans will develop heart failure in their lifetime. Commercial preparation and investor engagement: Echo IQ intends to leverage its existing US footprint to drive EchoSolv HF uptake, subject to regulatory clearance. A webinar is scheduled for Wednesday, 26 November 2025 at 11:00am AEDT, featuring CEO Dustin Haines and US Head of Commercial Nick Lubbers, to discuss the validation results and US strategy. Leadership Commentary Chief Executive Officer, Mr Dustin Haines, commented: “Completion of this clinical validation study represents a major milestone in the commercialisation of EchoSolv HF. The independent confirmation of our model’s accuracy and reliability through the Mayo Clinic Platform’s Validate program have exceeded internal expectations and provides strong objective evidence supporting the clinical utility of EchoSolv HF in real-world settings, particularly compared to existing diagnostic tools being utilised across the US. This clinical validation sets Echo IQ on a path to deliver category leading evidence for supporting clinicians in diagnosing heart failure accurately, earlier and more confidently.” With this final clinical requirement now complete, our focus shifts to lodging the formal FDA submission in the coming weeks. Gaining clearance will enable clinicians across the US to use EchoSolv HF as a powerful decision support software to improve the early and accurate detection of heart failure – a condition that remains significantly under-diagnosed and under-treated. We look forward to advancing this next phase and to working closely with healthcare partners as we prepare for a full commercial rollout.” About the Project – EchoSolv HF Clinical Validation with Mayo Clinic Platform The project outlined in the announcement is a clinical validation exercise for EchoSolv HF – Echo IQ’s heart failure decision support tool – carried out under Mayo Clinic Platform’s Validate program. The key characteristics are: Objective: To evaluate the ability of the EchoSolv HF model to detect heart failure on an independent dataset of ~17,000 echocardiogram studies from the Mayo Clinic Platform. Study design and endpoint: The primary endpoint was to confirm that EchoSolv HF can accurately identify patients with and without heart failure. The model achieved 99.5% sensitivity and 91.0% specificity, meeting and exceeding the primary endpoint. Role of Mayo Clinic Platform Validate: The Validate program is described as an in-market AI evaluation program that generates an independent and objective report on: Accuracy Efficacy Susceptibility to bias for AI-based decision software such as EchoSolv HF. Regulatory significance: Completion of this study is explicitly stated as the final clinical requirement prior to submitting a formal FDA 510(k) application for EchoSolv HF. Near-term Milestones to Watch From this announcement, the near-term milestones appear to be: FDA 510(k) lodgement: Finalise documentation and lodge the 510(k) submission in the coming weeks. FDA review and clearance decision: Progress through the FDA review process, where timing and outcome remain subject to regulatory assessment and are not guaranteed. Commercial rollout planning in the US: Prepare clinical adoption strategies, leveraging existing US footprint and the newly-appointed US Head of Commercial. Stakeholder engagement and education: Deliver the 26 November 2025 investor webinar, update investors on validation outcomes and US commercial plans, and continue outreach to hospitals and insurers. Samso Concluding Comments - Understanding the Investment Memo IF we look at this announcement and look at the details, t Echo IQ has now delivered a piece of independent clinical evidence that supports the EchoSolv HF story. The validation through the Mayo Clinic Platform is a third-party dataset confirming that the tool performs at the level required for the next regulatory step. That matters because clinical decision-support software must live or die by evidence, not ambition. From an investment lens, this update appear to de-risks the clinical validation leg of the thesis. The sensitivity and specificity numbers are strong, and they appear to hold up across a large, diverse dataset. That gives Echo IQ a firmer foundation as it moves towards the FDA 510(k) process. However, investors should remember that regulatory clearance is still a hurdle, and the Company is right to emphasise that timing and outcomes remain outside its control. What is important is to see the market being receptive to the news (Figure 1) in the form or a rising share price. I have always like this story and for those who have missed the Coffee with Samso with Dustin Haines check it out here: An AI Solution to a Cardiovascular Problem | Echo IQ Limited (ASX: EIQ). Figure 1: The share price chart for EIQ as of 25th November 2025. (source: commsec) The commercialisation narrative is now entering a more demanding phase. The US heart failure market is large and structurally complex. Hospitals are cautious adopters, and AI-based tools must demonstrate not only accuracy, but workflow fit, economic justification, and operational ease-of-use. Echo IQ is signalling that it has a commercial plan in place — a US head of commercial, early engagement, and a growing footprint — but meaningful traction will depend on converting clinical merit into practical adoption. In short, this announcement strengthens the technical and regulatory credibility of EchoSolv HF, but the investment case still hinges on Echo IQ proving that it can navigate the realities of US healthcare procurement. The evidence is building, but the next phase requires disciplined execution, clear communication, and a strong focus on early commercial wins that validate the broader opportunity. Cover photo: Sonography Machine Donation from Raleigh Radiology-21, waketechcc. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sonography_Machine_Donation_from_Raleigh_Radiology-21.jpg) The Samso Way – Seek the Research As always, investors should read the full Echo IQ ASX release, examine the underlying clinical references on heart failure, and consult independent advice before making any investment 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 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 Institutional Placement Accelerates EMD National Expansion 20 November 2025 (click here to view the announcement) Emyria Limited (ASX: EMD) has taken another step toward building a national network of intensive, evidence-based mental health services in Australia. The Company has secured funding through an $8 million institutional placement and exercised a key option with Avive Health, paving the way for its first Empax Clinic in Victoria. At the same time, insurer-funded treatments have commenced at the Brisbane Empax Clinic, adding a second reimbursed site to the existing Empax Centre in Perth. These developments mark a transition from early validation to multi-state execution for Emyria’s capital-light Empax clinic model, underpinned by growing private and government reimbursement frameworks. The Business of the Company: Focus – Mental Health Projects Emyria develops and delivers new treatments for mental health and select neurological conditions using an integrated model that combines direct clinical services with treatment development: Emyria Healthcare provides evidence-based treatment for patients who have not found relief from conventional care, including assisted therapy for PTSD and treatment-resistant depression. Emyria Data captures robust, ethically sourced real-world data from patients to refine therapy programs and support drug-development activities. Emyria’s Pipeline focuses on new psychedelic-assisted therapies and drug treatments for mental health and selected neurological diseases. The Empax Clinics sit at the centre of this model, delivering psychiatrist-supervised, therapist-assisted care while continuously generating clinical data to inform future programs. Highlights – Institutional Placement and Avive Partnership Accelerate National Expansion 1. Mornington Option Exercised – First Empax Clinic in Victoria Emyria has exercised the “Mornington Option”. Secures a six-month exclusive right to negotiate an Empax Clinic within Avive Health’s flagship mental-health hospital on the Mornington Peninsula. Mornington is expected to become Emyria’s first Empax Clinic in Victoria. The site is intended to be a cornerstone East Coast hub, expanding reimbursed treatment beyond Western Australia and Queensland. 2. Exclusive Rights to Roll Out Empax Clinics Across Avive Health Agreement with Avive Health expanded to provide Emyria exclusive rights to negotiate Empax Clinics across: All existing Avive-operated hospital sites; and All future Avive-operated hospital sites. Avive currently operates four clinics nationally, with two more under construction. This framework offers a scalable, capital-efficient pathway for national deployment of Empax services. 3. Brisbane Empax Clinic Commences Insurer-Funded Treatments Insurer-funded treatments have commenced at the Brisbane Empax Clinic. The clinic is located within Avive Health’s licensed private hospital in Queensland. Now generating reimbursed revenue and validating the scalability and repeatability of Emyria’s treatment model across jurisdictions. Psychiatrists and therapists have shown “overwhelming” interest, reinforcing Emyria’s position as a clinical leader in medication-assisted psychotherapy. 4. DVA Creates World-First Government Funding Framework On 3 November 2025, the Department of Veterans’ Affairs (DVA) began funding medication-assisted psychotherapy for eligible veterans. Establishes the world’s first government-payer reimbursement framework for this treatment class. Around 17% of veterans experience PTSD, and 11% have treatment-resistant depression, underscoring the scale of need. DVA funding complements Emyria’s existing Medibank agreement. Together, they create Australia’s first combined private and government-funded pathway for medication-assisted psychotherapy (Figure 1) Figure 1: Federal Minister for Veterans’ Affairs Hon. Matt Keogh MP (l) with Emyria Executive Chairman Greg Hutchinson (r) at the Empax Centre in Perth (source: EMD). 5. Strong Support for $8m Institutional Placement Emyria has completed an $8 million institutional placement at $0.06 per share. Approximately 133.3 million new shares issued under existing placement capacities. Issue price represents: 9.09% discount to the last closing price of $0.066; and 9.49% discount to the 15-day VWAP. Placement strongly supported by: Specialist life sciences and healthcare-aligned institutional investors; Existing shareholders; and New strategic investors, with bids scaled due to demand. Use of funds will include: East Coast clinic expansion through CY2026; Workforce and infrastructure growth across the Empax network. Preparatory work for community-based programs for DVA veterans and workers’ compensation patients; General working capital. Leadership Commentary Emyria Executive Chairman, Greg Hutchinson, commented: “We’re pleased to exercise the Mornington Option and expand our agreement with Avive Health, enabling the establishment of new funded Empax Clinics across additional states, strengthening our national rollout pathway. These developments increase our access to aligned clinical infrastructure and support our mission to make high-quality, evidence-based mental-health care more accessible to Australians with unmet mental health needs.” “With insurer-funded programs now operating in Western Australia and Queensland, and with the DVA now actively supporting treatment for eligible veterans, we are demonstrating that our model of care can scale nationally. The strong backing for our $8 million Placement positions us to accelerate site development, grow our clinical workforce and expand treatment availability for patients living with complex mental-health conditions.” Avive Health’s Co-CEO, Mark Sweeney, commented: “By integrating Empax Clinics into both our Brisbane and Mornington Peninsula hospitals – Queensland and Victoria’s first hospital-based services of its kind – we offer patients the reassurance of hospital-level care throughout their medication-assisted psychotherapy journey. Avive is focused on carefully scaling a national network of clinician-led mental health hospitals and clinics, beginning with Brisbane and the Mornington Peninsula and extending to Adelaide and additional sites over time.” About the Project – Empax Clinics and the Avive Health Network The Empax clinic model is designed to deliver structured, psychiatrist-supervised, therapist-assisted care in a capital-light format. Under the expanded Avive Health agreement: Emyria holds a six-month exclusive right to negotiate an Empax Clinic at the Mornington hospital under its operational protocols. A nationwide negotiation option extends first-refusal rights across all current Avive sites and future Avive hospitals, subject to commercial terms and approvals. The capital-light structure means no material up-front capital expenditure is required to exercise negotiation options, with commitments triggered only upon site conversion and commencement of operations. The Brisbane Empax Clinic, now treating insurer-funded patients, serves as a blueprint for East Coast deployment. It demonstrates operational efficiency and portability, and provides an additional reimbursed revenue stream alongside the Perth Empax Centre. The dual-payer framework – private insurer support through Medibank and government funding through DVA – strengthens demand visibility, clinic economics and revenue diversity as the network scales. Near-Term Milestones to Watch Finalising Mornington Peninsula Empax Clinic: Negotiation of detailed commercial terms and operational readiness for the first Victorian Empax Clinic within Avive’s flagship mental-health hospital. Further Avive Site Conversions: Progress on deploying Empax Clinics across existing and new Avive hospitals, including Adelaide and additional sites flagged by Avive Health’s growth plans. Expansion Through CY2026: East Coast footprint growth supported by placement proceeds, with new clinics expected to add reimbursed treatment capacity. Community-Based Programs: Preparatory work during CY2026 for community-based treatment programs targeting DVA veterans and workers’ compensation cohorts. Scaling Clinical Workforce and Data Systems: Recruitment and training of clinicians and therapists, and ongoing integration of real-world data to refine and support therapy and drug-development programs. How Samso Understands the Investment Memo for the Company From an investment memo perspective, this announcement frames Emyria as entering a new execution phase: Defensible First-Mover Position: The Company now operates insurer-funded Empax programs in both Western Australia and Queensland and is preparing for Victoria, backed by exclusive rollout rights across Avive’s network. This structure supports a defensible first-mover advantage in medication-assisted psychotherapy delivered within hospital environments. Capital-Light National Rollout: The Avive agreement and the negotiation options allow Emyria to expand without material upfront capital expenditure at the option stage. Capital is deployed at the point of site conversion, which may offer improved capital efficiency as the network grows. Dual-Payer Revenue Model: The combined Medibank and DVA reimbursement pathways create diversified, recurring revenue streams and may improve clinic-level economics as patient throughput increases. Institutional Support and Balance Sheet Strength: The strongly supported $8 million placement, led by specialist life-science and healthcare investors, provides the funding platform for near-term expansion and signals market interest in the Company’s strategy. Samso Concluding Comments Emyria’s latest announcement is about rolling out the plan to scale. With insurer-funded treatments now operating in both Perth and Brisbane, the model is proving it can scale across jurisdictions. The Mornington Option introduces a meaningful foothold in Victoria, supported by exclusive negotiation rights across all Avive Health hospitals. This creates a structured pathway for national expansion without heavy upfront capital. The introduction of DVA funding is particularly significant. A government-backed reimbursement framework places medication-assisted psychotherapy on firmer ground and expands the addressable patient base beyond private insurer cohorts. With an $8 million placement secured and demand from clinical partners rising, the focus now will be on converting these opportunities into operational clinics that can deliver consistent, reimbursed treatment at scale. What Does All This Mean To the Retail Investor EMD currently has a market capitalisation of just over AUD $40M and the recent share price movements have all been supportive (Figure 2). The recent ASX releases have been good news for shareholders, and the rise from the middle of 2025 is a very encouraging sign for the company. Figure 2: The share price chart for Emyria Limited as of 21st November 2025 (source: CommSec). The uplift in shareholder support is more clearly appreciated in Figure 3, as we can see the changing mood of investors in regards to the Company's journey to creating scale and getting the business model forward. Figure 3: The share price chart for Emyria Limited between 2024 and as of 21st November 2025 (source: CommSec). The share appreciation between May 2025 and 21st November 2025 has seen a more than doubling of the share price, which, as I have mentioned, is a great endorsement of management. The EMD business is one that I feel has a lot of potential, as the diagnosis of mental health has been increasing globally. Australia is not immune, and if one is on social media, one would have been inundated with all forms of mental health information. At a market cap of AUD $40M, this is far from a horse that has bolted. In fact, I think this is ripe for a good old DYOR and almost a certain #SamsoDYOR. Cover photo: Apparaat voor electrocoagulatie 2, Mx Lucy. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Apparaat_voor_electrocoagulatie_2.jpg) The Samso Way – Seek the Research As always, readers should review Emyria’s full ASX announcement and related disclosures, and undertake their own independent research before making any investment decision. 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 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 $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 Investor Presentation 22 August 2025 Outstanding 61m @ 1.08% CuEq Trench result in Southern Target Zone 16 October 2025 Cannindah Resources Limited (ASX: CAE) has reported standout trenching results from the Southern Target Zone (Appletree–Dunno) at Mt Cannindah, Queensland (Figure 1). The work outlines a 500 m × 100 m corridor of high-order Cu-Au-Mo geochemistry coincident with IP chargeability and magnetic highs—and crucially, an untested target at the lowest topographic level within the mining leases, consistent with a preserved porphyry system. Figure 1: Location of the Appletree–Dunno prospect areas (source: CAE) Highlights - Searching for Porphyry High-grade, broad trench intercepts (open-ended): 61 m @ 1.08% CuEq (0.94% Cu, 0.22 g/t Au, 141 ppm Mo) from 0 m (AT_T01) 46 m @ 0.64% CuEq (0.52% Cu, 0.19 g/t Au, 98 ppm Mo) from 0 m (AT_T02) 51 m @ 0.42% CuEq from 0 m (AT_T03) 58 m @ 0.35% CuEq from 0 m (DNO_T01) (CuEq includes Cu, Au, Ag; Mo not yet included pending recovery data; several trenches end in mineralisation). Mineralised intrusives identified: Appletree trench channel samples from intrusive phases average 0.52% Cu, 0.08 g/t Au, 141 ppm Mo (n=28), supporting a “pencil porphyry” model. Layered geophysical + geochemical support: A strong IP chargeability anomaly is modelled ~200 m below surface and is coincident with a magnetic high directly under trench mineralisation. Untested discovery setting: Appletree and Dunno have never been drill-tested; RC scout drilling to ~250–320 m is scheduled as the rig moves on from breccia resource drilling. Scale upside vs. known resource: The trenching lies within the Southern Target (up to 1.5 km strike footprint); together with the Eastern Target (up to 1.7 km × 0.4 km on the Kalpowar Fault), these areas represent the larger porphyry system footprint beyond the current breccia resource (14.5 Mt @ 1.09% CuEq). Chairman Mr. Michael Hansel commented: “As the understanding and potential of this mineral system continues to evolve, our Mt Cannindah Project continues to deliver exceptional results. The recent recognition of the significance of these trench results is testament to the potential of this project. Our most recent update includes the recognition that this target is located at the lowest topographical elevation within the granted Mining Leases. It is clear that the topographic level has a significant impact in relation to the exposure level of this system. These results verify the pencil porphyry concept and bode well for the development of other preserved porphyry systems in higher elevations (RL’s – relative levels above sea level) beneath other high-order geological, geochemical, and geophysical anomalies.” Project Context (Mt Cannindah) Mt Cannindah hosts multiple Cu-Au-Mo occurrences adjacent to the Triassic Monument Intrusive Complex, with deposit styles including porphyry-related breccias, skarns, stockworks, and late-stage Au-As veins. Figure 2: Location of Mt Cannindah Project (source: CAE) Current Resource (Cannindah Breccia): 14.5 Mt @ 1.09% CuEq (Measured/Indicated/Inferred) With copper, gold, and silver credits, mineralisation remains open along strike north and south and at depth. Conclusion (Geology & System) Preserved porphyry signature: Fine-grained dyke-like intrusives, upper-level alteration, pyrite veinlets/disseminations, and quartz micro-fractures/disseminations—all typical of upper porphyry levels—are recorded at surface.This supports vertical continuity potential beneath trenches. Vectoring to a “pencil” core: The 500 m × 100 m intrusive-skarn corridor with strong Cu-Au-Mo geochemistry overlies coincident IP + magnetic highs—a classic vector to a compact, higher-grade “pencil porphyry” centre. System scale remains largely untested: Historical drilling around Southern/Eastern targets is mostly shallow (30–60 m; only several holes to ~200–300 m). Deep testing akin to porphyry vertical extents (>1,000–1,800 m) has not been undertaken outside the breccia area. Near-Term Work Program & Catalysts RC scout drilling to test below the trench corridor (~250–320 m), targeting the coincident IP/magnetic response under Appletree–Dunno. Ongoing surface geochem/rock-chip work to the east of current lines, where soil anomalism remains open. Breccia resource extensions (north/south and at depth) to add scale and potentially improve project economics alongside metallurgy options (e.g., HydroFloat). Why This Matters Grade × width at surface with open-ended trenches is uncommon this early in a porphyry target and provides direct drill vectors. The system-scale footprint (Southern + Eastern targets) significantly exceeds the current resource envelope (~5% of interpreted system explored), preserving Tier-1 style upside if a compact high-grade core is confirmed. Untested depth beneath a strong IP + magnetic overlap makes the incoming scout holes technically pivotal. Detailed Trench results include: Table 1: Appletree - Dunno Trench Results All four trenches (AT_T01, AT_T02, AT_T03, DNO_T01) terminated while still above the >500 ppm Cu cut-off—so each remains open—and DNO_T02 also stays open to the northeast (see Figure 3). Figure 3: Location of the Appletree and Dunno trench’s (source: CAE) Samso Concluding Comments These trench results simplify the picture. Mineralisation at surface, continuous above threshold, and coincident geophysics give a clean vector for first-pass drilling. All this makes good geological sense, but it does not do much more for investors. For investors, the question is now “depth and is there continuity,” not “is there something here?” The scout holes beneath the trench corridor will answer that. Grade × width at surface is encouraging, but drill metres decides the value. Remember the pathway: verify the target below the trenches, follow the system down-plunge, then frame scale and metallurgy. Each step de-risks the story; none can be skipped. As always, DYOR and keep your senses on. Porphyry targets are notorious for being expensive, and it always takes a long time to materialise. Do your own work, read the source figures and tables, and keep position sizes sensible until the drill bit speaks. Projects like these are good to have on your watch screen, and it is always good to be prepared to get on these stories if the facts are piling up and making convincing evidence for a position. Cover photo: Teghut Mine - open pit closeup, Serouj. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Teghut_Mine_-_open_pit_closeup.jpg) The Samso Way – Seek the Research Always read the original ASX releases, figures, tables, and appendices before forming a view—then map the geophysics, geochem, and geology against the drill plan. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.