Brisbane biotech Ceretas is seeking $8 million to take a decade of University of Queensland brain research from the lab bench to the clinic. Ceretas Limited, a Brisbane-based medical device company, is asking Australian investors to help fund the leap from promising brain research to a treatment doctors can actually use. The company wants to raise $8 million by issuing 32 million new shares at 25 cents each, and expects to begin trading on the Australian Securities Exchange (ASX) under the code CTS on or around 28 July 2026. At the offer price, the company would list with an indicative market capitalisation of about $17.8 million. The raise is being run by two Perth joint lead managers, Caravel Securities and Taurus Capital Group, and the offer period was scheduled to close on 13 July 2026. What is Ceretas actually selling? : Not a drug, but a device. The Ceretas Device is a portable, non-invasive headset that aims focused ultrasound beams through the skull at specific parts of the brain, to treat Alzheimer's disease. The technology was developed over more than a decade at The University of Queensland (UQ) and its Queensland Brain Institute, and Ceretas holds an exclusive licence to commercialise it. The company is candid in its prospectus that this is an early-stage, pre-revenue business. It has completed one small first-in-human safety trial and is about to start a larger feasibility study. It does not expect to earn meaningful revenue in the short term, and its own board describes an investment as "highly speculative." The $8 million is designed to last roughly two years. Figure 1: A demonstration of the ultrasound device developed by researchers at QBI (Source: Company Website) The technology: Ultrasound aimed at the brain, two ways Most Alzheimer's treatments are drugs that circulate through the whole body. Ceretas is taking a different route. Its device uses focused ultrasound, sound waves concentrated on a precise target, to interact directly with brain tissue. The system has three main parts: a transducer that generates the ultrasound, a fluid coupling that carries the sound efficiently from the device to the scalp, and an image-guided neuronavigation system that steers the beam using each patient's own MRI scan. The device is designed to work through two distinct mechanisms: Table 1: Ceretas Mechanism The blood-brain barrier presents a major challenge in treating brain diseases. While it shields the brain from harmful substances, it also prevents most drugs from entering. If Ceretas can safely and temporarily open this barrier, it could have significant implications beyond just Alzheimer's, although this aspect of the program is still in the laboratory phase. Management argues the device's edge is practicality. Unlike MRI-guided ultrasound systems, which treat patients inside an MRI machine, the Ceretas Device only needs a single baseline MRI scan for planning and can then be used in ordinary clinics, hospitals and aged-care settings. And unlike implanted ultrasound devices, it requires no surgery. An investment in Ceretas should be considered highly speculative and is subject to a range of risks.— Ceretas prospectus, Letter from the Chair The Ceretas IPO opportunity: A large market driven by an ageing world The commercial logic rests on scale and demographics. Alzheimer's disease affects an estimated 55 million people worldwide and is the most common form of dementia, accounting for 60% to 80% of all cases. As populations age, that number is expected to climb steeply. Ceretas points to the global dementia treatment market being worth approximately US$18 billion in 2024, projected to reach roughly US$28 billion by 2030. The company is careful to note these are at the lower end of published estimates. A particular focus is the behavioural and psychological symptoms of dementia, a large group of patients the company says are poorly served by existing treatments. Samso Caution A word of caution on these figures for investors: market-size numbers in early-stage prospectuses describe the total opportunity, not what any single company is likely to capture. Ceretas has no approved product and no sales, so the path from a US$28 billion market to actual revenue runs through years of trials, regulatory approvals and clinical adoption. The evidence so far: One completed trial, one about to begin The clinical story is genuinely early. A first-in-human Phase 1 pilot study treated 12 participants with Alzheimer's disease at the Mater Private Hospital in Brisbane. The trial met its goals of safety, feasibility and tolerability, with no dropouts. It was not designed to prove the treatment works, but an exploratory analysis found a statistically significant improvement in behavioural and psychological symptoms, a result the researchers said warranted further study. The findings were published in the journal Brain Communications in late 2025. The next step is the Company-Sponsored (CERE-CALM) Phase 2 Trial, a feasibility study in patients with mild-to-moderate Alzheimer's, which received ethics approval in May 2026. Separately, UQ is running an investigator-led Phase 2 trial in moderate-to-severe patients, funded by a $5 million Queensland Health grant, with all resulting intellectual property flowing to Ceretas. Where the money goes: Trials and device development take the lion's share Combining the $8 million raised with $1.6 million of existing cash reserves gives Ceretas IPO about $9.6 million to spend over its first two years as a listed company. More than a third is earmarked for its flagship Phase 2 trial. Table 2: Use of funds The numbers: Pre-revenue, grant-funded, and loss-making As you would expect for a company at this stage, the financial statements show losses and no product revenue. What income there is comes from a government grant and bank interest, not from selling anything. The figures below are drawn from the company's reviewed and audited historical accounts. Table 3: Income statement On the balance sheet, the picture improves markedly once the raise is factored in. As at 31 December 2025 the company held $2.89 million in cash and reported net assets of $2.26 million. On a pro forma basis, after the offer, cash rises to around $10.1 million and total assets to roughly $10.5 million. Share structure: Who owns what after listing On listing, Ceretas expects to have about 71.4 million shares on issue, alongside roughly 9.6 million options and 2.5 million performance rights held mainly by management and the joint lead managers. Table 4: Capital Structure Early backers did well on paper. Founding investors bought in at prices as low as $0.0001 per share in October 2024, rising through subsequent placements at $0.01, $0.08 and $0.16, to the $0.25 IPO price. To stop early holders selling immediately, the ASX is expected to place roughly 32% of the shares into escrow for up to 24 months. No single shareholder is expected to control the company after listing. The largest holders on admission are expected to be UniQuest (UQ's commercialisation arm) with around 8.4%, and two investor entities associated with the founders and lead manager, each holding under 6%. The people: A board with medtech exits behind it For a company this small, the board carries notable healthcare and capital-markets experience, including several people with prior ASX-listed track records. Table 5: The Board The risks: What could go wrong The prospectus devotes an entire section to risk, and the company repeatedly stresses that this is a highly speculative investment. The main themes an investor should weigh: ◆ Key risk factors flagged by the company Going concern & funding: the company needs further capital beyond this raise; that funding may not be available, or may dilute shareholders. Clinical trial risk: trials are expensive and can fail. Early results may not translate to larger studies, and the historical failure rate in drug and device development is high. Regulatory risk: there is no guarantee the device will win regulatory approval, in any market, within any timeframe. Commercialisation risk: even with approval, the device must be adopted by clinicians and patients in a competitive market. Limited operating history: Ceretas was incorporated in October 2024 and has never commercialised a product. Intellectual property risk: the business depends on a licensed patent portfolio that must be protected and maintained. Liquidity risk: with about a third of shares in escrow, freely tradeable stock is limited early on. Key dates: The road to market The bottom line: A high-risk, high-conviction science bet Ceretas offers investors a clean version of the early-stage medtech proposition: a genuinely differentiated technology backed by a decade of university research and an experienced board, wrapped around a business with no product revenue, one small completed trial, and an explicit dependence on future funding. The $8 million raise buys roughly two years of runway to turn a promising Phase 1 signal into Phase 2 evidence. If the CERE-CALM trial reads out well and the regulatory path opens up, the addressable market is large. If it does not, the company is upfront that the downside is significant. As with any speculative float, the right amount to allocate is the amount you can afford to lose. The the global dementia treatment market is lucrative however, the jury is still out on most treatments that I have read. However, this does not mean that we are being pessismictic on any new ventures, it is more a cautionary thought as serious DYOR is required. No doubt, Samso will be following this business closely. Samso has been covering this space for a while: Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.JPG) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

A first-time explorer wants to raise $6 million to hunt for gold and copper across two historic grounds of Western Australia. Gwardar Resources Limited is asking investors for at least $5 million, and up to $6 million, to list on the Australian Securities Exchange and hunt for gold and copper in Western Australia's historic gold fields. The company plans to issue 25 million shares at 20 cents each to raise the minimum, with room to accept another 5 million shares if demand is strong. If it lists, it will trade under the code GRS, with an indicative market value of roughly $5.6 million to $6.6 million on day one. The pitch is straightforward. Gwardar Resources IPO lined up the right to buy, outright, two exploration projects in Western Australia: the Doolgunna Project in the Murchison region, prospective for copper and gold, and the Kurnalpi Project in the Eastern Goldfields near Kalgoorlie, prospective for gold. Both sit in districts that have produced metal for decades. Neither has been drilled by Gwardar yet. In fact, the company was only incorporated on 17 December 2025 and has no revenue or operating history. That combination, established mining postcodes paired with a brand-new company and unproven ground, is the whole story. The rest of this article walks through the numbers, the two projects, where the money goes, who is running it, and the risks the prospectus asks you to weigh. Section 1 What is being offered- Gwardar Resources IPO The core offer is 25 million shares at 20 cents to raise $5 million before costs, which the prospectus calls the Minimum Subscription. The company can also accept oversubscriptions of up to a further 5 million shares to raise an extra $1 million, taking the maximum to $6 million (the Maximum Subscription). Applications start at $2,000, or 10,000 shares, and rise in parcels of 2,500 shares after that. Alongside the main offer sits a smaller, separate “Secondary Offer” of 2 million shares. These are not for the public. They go to the vendors who are selling the two projects to Gwardar, as part of how the company is paying for them, and are covered here so those shares can trade freely once the escrow period ends. The offer is conditional. It proceeds only if three conditions are met: the $5 million minimum is raised, the ASX agrees to admit the company, and the two project purchase agreements become unconditional. If any of these fall over, the offer does not proceed, and the application money is refunded without interest. Table 1: Key offer statistics Section 2 The two projects Everything Gwardar is raising money to do centres on two project areas, both in Western Australia, and both being bought in full from their current owners. The map below shows how far apart they are: Doolgunna sits in the Murchison, well to the north, while Kurnalpi lies out east near Kalgoorlie (Figure 1). Figure 1: Location of Gwardar’s Doolgunna and Kurnalpi projects in Western Australia. Both sit within “greenstone” belts (shown in green), the ancient rock formations that host most of the state’s gold. (Source: Gwardar Resources prospectus) Doolgunna: chasing a DeGrussa-style copper story The Doolgunna Project sits in the Murchison Mineral Field, about 750 kilometres north-east of Perth and 100 kilometres north-east of the town of Meekatharra. It is made up of four exploration licences covering roughly 372 square kilometres, or 120 graticular blocks. (Figure 2). Only one of those four licences has actually been granted; the other three are still applications, which the prospectus flags as a risk. Figure 2. The Doolgunna Project licences (outlined) in relation to the DeGrussa mine and known gold and copper occurrences (yellow and orange dots). (Source: Gwardar Resources prospectus) Geologically, this is copper-and-gold country. The area is known for what the industry calls VHMS deposits, short for volcanic-hosted massive sulphide, a type of ore body rich in copper and gold that forms around ancient underwater volcanic vents. The region’s headline example is DeGrussa, a high-grade copper deposit discovered by Sandfire Resources in 2009 that reshaped exploration across the district. Gwardar’s ground is described as prospective for the same style of mineralisation, and for structurally controlled gold as well. Prospective is the key word: it means the geology looks favourable, not that a deposit has been found. What has past drilling actually found? On the granted licence, historical reverse-circulation drilling at a prospect called Halloween West returned intercepts including 6 metres at 561.7 ppm copper, 4 metres at 0.18 g/t gold, and 6 metres at 1,029 ppm copper. These are modest, early-stage numbers that point to a mineralised system worth testing further, rather than an economic discovery. The prospectus is careful to frame Doolgunna as an early-stage project inside a mature, well-explored region. Figure 3. Regional geology and mineral occurrences around Doolgunna. The district hosts several known copper-gold (VHMS) deposits and numerous fault-controlled gold occurrences. (Source: Gwardar Resources prospectus) Table 2: Doolgunna Project Tenements Kurnalpi: under-explored ground near Kalgoorlie The Kurnalpi Project lies in the Eastern Goldfields, about 90 kilometres north-east of Kalgoorlie, reached by sealed road to Kanowna and then gravel. It covers roughly 90 square kilometres, or 29 graticular blocks, across two granted licences and one pending application. This is squarely gold country: the surrounding district is what the prospectus calls a “world-class” gold and nickel province, with major mines within 50 kilometres. Figure 4. The Kurnalpi Project (outlined) north-east of Kalgoorlie, among the well-known deposits of the Eastern Goldfields. (Source: Gwardar Resources prospectus) Here the target is orogenic gold, the classic Kalgoorlie style of gold that forms in fault and shear zones deep in the earth’s crust. Table 3: Kurnalpi Project Tenements Gwardar argues that the ground has been overlooked: it is buried under a thick blanket of younger surface material, which blunted the older, shallow sampling techniques earlier explorers relied on. In other words, previous crews may have looked, but not looked properly. “The Company considers the Project area is inadequately explored for gold using contemporary techniques.” There is something to build on. Earlier work outlined a gold-anomalous zone about 600 metres long, known as the SW003 or “Cessna 3” anomaly. A 2012 drilling program by a company called Pioneer put down 97 shallow holes for 4,309 metres, with a best result of 3 metres at 0.91 g/t gold from 15 metres depth. The company sees that anomaly as a priority worth drilling with modern methods. Figure 5. Historical gold-in-soil results and drill intercepts over the Kurnalpi (Cessna) target. Warmer colours show stronger gold-in-soil readings; labels show past drill hits such as 15 m at 0.291 g/t gold. (Source: Gwardar Resources prospectus.) Section 3 How Gwardar is buying the projects Here is a detail that matters: as at the prospectus date, Gwardar did not yet own either project. It had signed binding agreements on 3 June 2026 to acquire 100 per cent of both, but the purchases only complete (“settle”) once conditions are met, including the company successfully listing. So buyers of shares are backing a company that is acquiring its assets at the same time as it floats. The prices are small, and mostly paid in shares rather than cash. For Doolgunna, Gwardar agreed to issue 1 million shares (valued at $200,000 at the offer price) plus up to $50,000 cash, to vendors Cuvier Resources and Tasex Geological Services. For Kurnalpi, it agreed to issue another 1 million shares ($200,000) plus up to $100,000 cash to Australian Nickel Company Limited. Those 2 million vendor shares are the “Secondary Offer” mentioned earlier, and they will be subject to ASX escrow. Table 4: Project Acquisition terms Section 4 Where the money goes If the raise lands at the $5 million minimum, a little under 56 cents in every dollar goes directly into exploring the two projects. Drilling, sampling and geophysics dominate the two-year work plan. The rest covers the cost of the float itself, corporate and administration costs, the small cash portion of the acquisitions, and a working-capital buffer. Table 5: Use of funds over the next two years The exploration budget itself, about $2.86 million at the minimum raise and $3.41 million at the maximum, is spread across data review, land access and heritage work, geochemistry, geophysics and drilling. Drilling is the single biggest line item, which is what you would expect from a company whose whole reason for listing is to test whether these two areas hold something worth mining. Table 6: Two-year exploration budget by activity (minimum raise) Section 5 Who is running it Gwardar is led by a three-person, all-non-executive board, with day-to-day geology handled by a consultant principal geologist. Several of the directors hold current roles at other ASX-listed resource companies, which the prospectus presents as a sign of relevant experience. The three directors are each on $40,000 a year in fees, starting only once the company lists. Each already holds about 100,000 shares from the pre-float seed round, roughly 10 per cent each of the tiny existing share register, which shrinks to a fraction of a per cent once the new public shares are issued. All three have signalled an intention to buy more under the offer: Mr Hardcastle up to $100,000, and Mr Rovira and Mr El Sayed up to $350,000 each, subject to how the offer is allocated. Table 7: Two-year exploration budget by activity (minimum raise) Section 6 The finances, and the risks There is not much of a financial history to examine. Gwardar was incorporated in December 2025 and, to the end of that month, recorded a loss of just $5,491 and held $100 in assets. It has no revenue and does not expect to pay dividends for the foreseeable future. Table 8: Pro Forma Financial Position at Listing On a pro forma basis, that is, adjusted to show the position as if the raise and acquisitions had already happened, the company would hold roughly $5 million in cash at the minimum raise, or about $6 million at the maximum, and net assets of about $4.99 million to $5.93 million. The prospectus does not shy away from risk; it devotes a long section to it and tells readers plainly that the investment is speculative. The most important risks for a would-be investor to understand are these: No track record. The company is months old, has never explored its ground, and has no revenue. It expects to keep making losses until, and unless, it finds something valuable. It does not own the projects yet. The acquisitions must still settle. If a vendor fails to complete, Gwardar may not end up with the project, or may get it on different terms. Several tenements are only applications. Three of the four Doolgunna licences and one Kurnalpi licence are pending. They may not be granted, or only partly granted. The prospectus singles out E27/676 as facing a competing prior claim. Exploration usually fails. Most exploration ground never becomes a mine. Even a promising result may prove uneconomic to dig up. Native title and heritage. The tenements overlap registered native title claims and land-use agreements. Access, approvals and heritage surveys can delay or restrict work. More money will likely be needed. The cash is budgeted for about two years. Beyond that, Gwardar will probably need to raise again, which can dilute existing shareholders, and there is no guarantee funding will be available. Commodity prices and thin trading. Returns depend on gold and copper prices the company cannot control, and small explorers often trade in low volumes, which can make shares hard to sell at a good price. Section 7 The Samso Concluding Comments - The bottom line Strip away the geology and Gwardar Resources is a familiar kind of proposition: a small, first-time explorer raising a modest sum to test two parcels of ground in proven mining districts. The appeal, as the prospectus frames it, is a portfolio of gold and copper ground in established Western Australian provinces, an experienced board, and enough cash to run two years of exploration. The catch, which the prospectus states just as clearly, is that nothing has been found yet, the company does not formally own the projects at the point of listing, several licences are still applications, and the whole thing is expressly “highly speculative.” For a retail investor, the practical takeaway is that this is your typical mineral explorer that is really a listed vehicle for now. Some credentialed names on the Board and Karl Jupp is a experienced campaigner. The common feature of early mienral explorer with no glaring upside is to try and see if you are investing in the future and going for that "punt" or for managemnet to bring in a glory project in the coming future. The issue with the second option is that the IPO price may be "expensive" as time normally dewvalue the IPO price. Waiting and picking something up later at a market discount could be the play. However, as most of us retail players don't have the wisdom of the "purple circle" this is always hard to decide. For now, I think a wait and see is a safer option but if you feel that there is a FOMO happening, take a punt. The good news is that you can always average down if things take a turn for the worst. Cover photo: Gold bullion 1, Szaaman. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_bullion_1.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The company has released its first Pre-Feasibility Study for its namesake magnetite project in Canada's Labrador Trough, together with a maiden Ore Reserve of 3.3 billion tonnes. Iron Bear Resources Limited (ASX: IBR) released the maiden Pre-Feasibility Study (PFS) for the Iron Bear Project in Newfoundland and Labrador, Canada, and with it the project's first Ore Reserve. The headline numbers are large by any standard: A maiden Probable Ore Reserve of 3.3 billion tonnes at 29.1% iron; A post-tax net present value of USD 9.0 billion. A 44-year mine life producing 23 million tonnes per annum (Mtpa) of high-grade iron ore products. A development partner in Vale S.A., one of the world's largest iron ore producers. Table 1: Ore Reserve Summary Plain English first: what is a PFS? A Pre-Feasibility Study is the middle stage of mining project studies. It sits between a Scoping Study (a first-pass concept) and a Bankable Feasibility Study or BFS (the detailed document lenders rely on). Iron Bear's PFS has been completed to what engineers call AACE Class 4 accuracy, meaning the cost estimates carry a stated accuracy range of roughly plus or minus 30%. In other words, the numbers are considered robust enough to decide whether to keep spending money, but not yet precise enough to build from. The maiden ore reserve on a giant mineral resource The distinction between a Mineral Resource and an Ore Reserve matters more here than in most stories. A Mineral Resource is mineralisation that has been measured and modelled with reasonable prospects of eventual economic extraction. An Ore Reserve is the smaller, harder-won subset that has been put through what the JORC Code calls modifying factors: pit designs, schedules, costs, prices and processing recoveries. A reserve is a statement that this material can be mined economically under the stated assumptions. Iron Bear's overall Mineral Resource Estimate stands at 13.6 billion tonnes at 30.03% iron, using a cut-off of 12.5% magnetic iron (MagFe, the portion of the iron sitting in magnetite, the magnetic iron mineral that this style of processing recovers). Of that, 4.5 billion tonnes is in the Indicated category, and 9.1 billion tonnes is Inferred, the lowest-confidence category. Table 2: Iron Bear Mineral Resource Estimate at 12.5% magnetic Fe cut-off grade The new maiden Ore Reserve converts the Indicated material inside the designed pit into 3.3 billion tonnes of Probable Ore Reserve at 29.1% total iron and 19.8% MagFe. The reserve was signed off by TME Mine Consulting, working from the Mineral Resource prepared by Snowden Optiro, and was evaluated at a long-term 62% Fe iron ore price of USD 100 per tonne. Figure 1: Process Feed Quantities and Grade by classification (Source: ASX Announcement) Two things stand out. First, there are no Proved Reserves, only Probable. That is normal at the PFS stage and reflects the confidence level of the underlying resource. Second, and more striking, the entire 44-year mine plan draws on less than 25% of the total Mineral Resource. Table 3: Iron Bear Mineral Resource Estimate at 12.5% magnetic Fe cut-off grade The 3.4 billion tonne mill feed inventory is 95% Probable Ore Reserve and 5% Inferred material. Managing Director Paul Berend makes the implication explicit in the announcement: significantly higher production scenarios can be envisaged in future economic studies. The company is careful, as it must be, about the Inferred component. The Inferred material makes up just 4% of mill feed during the payback period and 9.4% during the first 20 years, peaking at up to 15% in some years between years 16 and 21. The cautionary statement is blunt: there is a low level of geological confidence associated with Inferred Mineral Resources and no certainty they will convert. The company's position is that the 5% inclusion is immaterial to the economics, and the reserve itself is stated to be not reliant on the Inferred material. Why the Labrador Trough location matters The Iron Bear Project sits in the Labrador Trough, a 1,600 km long belt of iron-rich rocks that has supported mining since 1954. The project comprises eleven licences totalling 11,025 hectares across 441 mineral claims in Newfoundland and Labrador, roughly 30 km northwest of the town of Schefferville and about 1,200 km northeast of Montreal. The mineralisation is described as typical Labrador Trough taconite, a hard, fine-grained rock carrying magnetite and hematite. Location is doing a lot of work in this study, in three specific ways. First, rail and port. The study assumes concentrate moves on existing heavy-haul rail infrastructure to the open-access port of Pointe-Noire, near Sept-Iles on the St Lawrence.(Figure 1). Port of Sept-Iles has an annual cargo handling capacity of 100 million tonnes, which it describes as the largest mineral port in North America. Products are planned to be sold into Rotterdam, Corpus Christi or North Africa. For a bulk commodity, not having to build a railway or a port from scratch is a major point of difference against greenfield peers. Figure 2: Connectivity of Iron Bear Project (Source: ASX Announcement) Second, power. The process plant is designed to run entirely on renewable hydropower from Churchill Falls, approximately 350 km from the mine site, delivered by three 315 kV powerlines added in step with each production stage. The highlights page quotes hydropower at a very low USD 0.0315 per kWh, while the financial model applies a delivered levelised cost of energy (LCOE) of USD 0.148 per kWh, a figure that also recovers the cost of the transmission infrastructure, assumed to be built and owned by a third party. Cheap, clean power flows through to both the cost line and the emissions line: Scope 1 emissions are estimated at 29 kg of CO2 per tonne of sales, which the company describes as among the lowest in the industry. Third, policy. The study leans on a supportive Canadian backdrop: high-purity iron ore was added to Canada's Critical Minerals list in June 2024, the Building Canada Act of June 2025 created an accelerated federal approvals pathway for projects of national significance, and in May 2026 the company applied to the Major Projects Office for that recognition. The mine plan, DR pellets and the green steel story The mining method is conventional and large: open pit, truck and shovel, 15 metre benches, electric rope shovels and 360 tonne class trucks, moving up to roughly 150 Mtpa of material at peak. The life-of-mine strip ratio, the amount of waste moved for every tonne of ore, is just 0.44 to 1. The announcement frames this as driving efficient, low-cost open pit mining, and it is genuinely low for the scale involved. Processing is staged. Three identical process trains, each rated at 8.3 Mtpa of concentrate output, are built in sequence: the first over five years, with trains two and three commissioned in years 5 and 9. Full nameplate production of roughly 24.9 Mtpa of concentrate arrives around year 11. The flowsheet is conventional for magnetite: three-stage crushing, grinding to 32 microns, and wet low-intensity magnetic separation, with a reverse flotation step on trains two and three to lift a portion of the concentrate to Direct Reduction grade. Two straight-grate pellet plants at Pointe-Noire, each with a nominal capacity of about 9.3 Mtpa, turn that DR concentrate into pellets. BF concentrate and DR pellets, decoded. Blast Furnace (BF) concentrate is a high-grade magnetite product, here 69.1% Fe with 3.5% combined silica and alumina, sold to conventional steel mills. Direct Reduction (DR) pellets are the premium product: the concentrate is upgraded to 71% Fe and just 1.2% impurities, then rolled and fired into pellets for Direct Reduced Iron (DRI) steelmaking. DRI plants replace metallurgical coal with natural gas (and eventually hydrogen), and the announcement puts their carbon footprint at half that of the blast furnace route. The catch is that DRI plants need very high-purity feed, above 67 to 68% Fe, which the study says is achievable only with beneficiated magnetite concentrate of the type Iron Bear will produce. At steady state, the product split is 4.5 Mtpa of BF concentrate and 18.4 Mtpa of DR pellets. That weighting toward pellets is the commercial heart of the study. The announcement cites independent estimates of global DR pellet demand at about 180 Mtpa in 2024, growing to 447 Mtpa by 2050 as steelmaking decarbonises, and notes that DR pellets currently command premiums of over USD 70 per tonne above the 62% Fe benchmark. It also points to a regulatory tailwind: the EU's Carbon Border Adjustment Mechanism entered its definitive phase in January 2026, progressively pricing carbon into imported steel through to 2034. One relationship is worth pausing on. Vale, Iron Bear's development partner, is the largest producer of DR pellets globally, controlling approximately 60% of the merchant DR pellet market. The partner funding the studies is also the company that knows this exact product market better than anyone. Iron Bear PFS economics: NPV, IRR and the three scenarios The Base Case financials are built on a discounted cash flow at an 8% nominal weighted average cost of capital (WACC), on an unleveraged, post-tax basis. In plain English: the value of the project's future cash flows, brought back to today's dollars, before any debt structuring, after Canadian taxes, and including tax holidays and credits available in the resource regions of Newfoundland and Labrador and Quebec. The capital and operating cost build-up is presented by stage, and the staging is the point: the study spreads USD 11.2 billion of life-of-mine production capital across three stages over 13 years, so that later trains are funded into an operating business rather than all upfront. Three scenarios, one variable at a time Rather than a single configuration, the PFS models three, each changing exactly one strategic variable so its effect can be read cleanly. Scenario 1 is the Base Case with rail transport and a wet, centreline-raised tailings facility. Scenario 2 replaces rail with a 600 km buried slurry pipeline, including a return-water loop. Scenario 3 keeps rail but swaps to filtered dry-stacked tailings. The slurry pipeline delivers the highest value (post-tax NPV of about USD 9.5 billion in Table 5) and the lowest operating costs, but requires the most capital upfront at USD 6.7 billion pre-production. The dry tailings option is framed as the most environmentally sustainable, removing the reliance on a wet tailings dam, but costs more to build and run, and notably is not covered by the reserve statement because its mine plan and modifying factors are not presented in this announcement. The Base Case is described as the most capital efficient with the lowest capital at risk. Figure 3: PFS Scenarios (Source: ASX Announcements) Who funds the Iron Bear Project? The Vale agreement explained This is the section where the project story and the company story part ways, and readers should hold both in mind at once. The company estimates USD 138 million is needed to reach Decision to Mine (DTM), the point at which construction is committed. Under the binding Development Agreement executed with Vale on 17 February 2025, that entire amount can come from Vale, in two phases. Phase 1 sees Vale contribute USD 18 million to fund the PFS, resource drilling and environmental baseline studies; the announcement notes Vale has contributed A$25.8 million (US$16.7 million) to date. If Vale elects to trigger Phase 2, a joint venture is formed, Vale takes an initial 30% interest, and funds up to a further USD 120 million of development activities including the BFS, environmental impact studies and Impact Benefit Agreements with First Nations. Here is the number that defines the corporate equation: upon conclusion of Phase 2, Vale will have earned a 75% equity stake in the Iron Bear Project, and it is Vale, not IBR, that takes the Decision to Mine. The DTM will not occur until the roughly USD 4.2 billion of pre-production capital has been secured, and the study is explicitly prepared on the assumption that this financing will leverage Vale's financial capacity. For scale, the announcement notes Vale reported capital expenditure of USD 5.5 billion in 2025 and revenues in excess of USD 38 billion. The trade is therefore clear in both directions. IBR shareholders carry a project of this magnitude to DTM with no further study funding required from the company, backed by a partner who is the world's largest DR pellet producer. In exchange, IBR's share of the project reduces to 25% if the agreement runs its full course. The announcement is equally clear about the alternative path: if Vale elects not to proceed to Phase 2, the project remains 100% IBR's, and alternative funding through debt, equity, strategic partnerships or partial divestment would need to be pursued, with no certainty of success. The cautionary statement adds that such strategies could be dilutive or could materially reduce the company's ownership of the project. What happens next: PVI, BFS, permitting and people The development plan targets DTM in four to six years, with the caveat that approvals timelines sit outside the company's control. Before the BFS begins, a Project Value Improvement (PVI) phase will chase specific upside: flowsheet optimisation and further metallurgical variability test work, higher-throughput scenarios that better sweat the rail and pipeline infrastructure, power cost trade-offs, pellet plant location alternatives, and a mine plan that brings more magnetic iron into the early years. An updated Version 2 of the PFS is expected after that work. Permitting is on the critical path. The Environmental and Social Impact Assessment for the mine, concentrator, tailings and power infrastructure is expected to take up to six years from commencement. The company will seek a National Interest designation for the rail component to streamline federal timelines, and permitting for stages 2 and 3 is planned to run in parallel with Stage 1 construction and operations. Just as critical is the social licence work. The study names the five Indigenous groups engaged since October 2024: the Naskapi Nation of Kawawachikamach, Nation Innu Matimekush-Lac John, Innu Takuaikan Uashat mak Mani-utenam, Innu Nation, and NunatuKavut Community Council. Impact Benefit Agreements with these communities are described as a critical component of the environmental approvals, and the company has committed to co-designing the operation with them, including cleaning up legacy drill sites. The PFS risk register identifies 26 project risks, 16 of them rated High, with permitting and social acceptability, groundwater and tailings, processing and infrastructure delivery, and funding among the key categories. What the PFS means for Iron Bear Resources Strip the PFS document back and three facts carry the story. The resource is enormous and now partially converted to a maiden reserve that supports 44 years of production while touching less than a quarter of the deposit. The product strategy is aimed squarely at DR pellets, the fastest-growing and highest-premium corner of the iron ore market, with cheap hydropower underwriting both the cost position and the green-steel credentials. And the funding structure means the project's fate now rests substantially on Vale's Phase 2 election and, ultimately, Vale's Decision to Mine. The company's own cautionary statement deserves the last factual word: the PFS is based on material assumptions that remain subject to refinement, there is no certainty the outcomes will be realised, approximately USD 4.2 billion of funding will likely be required, and investors should not make investment decisions based solely on the results of the study. Summary What did Iron Bear Resources (ASX: IBR) announce? The maiden Pre-Feasibility Study for the Iron Bear Project, including a maiden Probable Ore Reserve of 3.3 billion tonnes at 29.1% Fe, a post-tax NPV of USD 9.0 billion, a 15.2% post-tax IRR and a 44-year mine life producing 23 Mtpa of high-grade iron ore products. How big is the Iron Bear mineral resource? 13.6 billion tonnes at 30.03% Fe under JORC 2012, comprising 4.5 billion tonnes Indicated and 9.1 billion tonnes Inferred at a 12.5% magnetic Fe cut-off. The current mine plan draws on less than 25% of it. How much will the Iron Bear Project cost to build? Approximately USD 4.25 billion in pre-production capital for the Base Case, within USD 11.2 billion of life-of-mine production CAPEX spread across three stages, estimated to AACE Class 4 accuracy of roughly plus or minus 30%. Who is funding the Iron Bear Project? Vale S.A., under a binding Development Agreement signed in February 2025, can fund up to USD 138 million through to Decision to Mine and in doing so earn a 75% stake in the project. The study assumes the USD 4.2 billion construction bill will then leverage Vale's financial capacity. If Vale does not proceed to Phase 2, IBR retains 100% and must find alternative funding. What are DR pellets and why do they matter? Direct Reduction pellets are a very high-purity iron ore product (here made from a 71% Fe concentrate) used in Direct Reduced Iron steelmaking, which the announcement says has half the carbon footprint of the blast furnace route. The study cites forecast demand growth from about 180 Mtpa in 2024 to 447 Mtpa by 2050, with current premiums above USD 70/t over the 62% Fe benchmark. When could Iron Bear reach a Decision to Mine? The plan targets four to six years, subject to approvals. The environmental assessment alone is expected to take up to six years from commencement, and a Project Value Improvement phase plus a Bankable Feasibility Study sit between here and any construction decision. Samso Concluding Comments For shareholders, like me, this is a significant step in realising the potential of the Iron Bear story. This is what the market needs to see and I dont think there are any surprises. Iron Bear management has been telling everyone that this is a major project and the release of the PFS is prove. The startegy of tagging Vale as a partner is the reason why management got that startegy right from the start. You need a big brother to come along this journey. How many mineral resource stories have we heard that their project is Tier-1 but ther eis no realistic funding strategy. How many times have we seen great project get stalled because of funding. I think this sets a lot of doubts aside and with the DR pellet potential. the incentive for the "real" players of the iron ore industry to get along the ride should be starting to be real. Time for some serious DYOR in my opinion for those that have not taken positions. With a current market capitalisation of AUD 77M, Iron Bear Resources is way too undervalued in the scheme of things. As I always say, DYOR and do your own thorough check. Cover photo: Magnetite - Magnetite, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Magnetite_(GeoDIL_number_-_1386).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The company is consolidating 226 claims across seven project areas in Nevada OD6 Metals Limited (ASX: OD6) has completed the acquisition of the Quinn Fluorspar Project in Nevada, United States, through its wholly owned subsidiary US Fluorspar LLC. The acquisition follows the exercise of an exclusive option announced on 9 June 2026 and shareholder approval at an Extraordinary General Meeting held on 20 July 2026. The project sits roughly 220km north of Las Vegas, in what the company describes as a highly prospective epithermal fluorite district. Epithermal means the mineralisation formed from hot fluids circulating at relatively shallow depths in the Earth's crust, which is why so much of this system is visible at the surface. Fluorite is the mineral. Fluorspar is the commercial name for the rock when it is mined and sold. The acquisition itself covered 48 State of Nevada mining claims. Since March 2026, OD6 has staked a further 178 claims around them. The company now holds 226 claims covering approximately 1,890 hectares, or 4,670 acres, across seven separate project areas. Those areas are Mammoth, Horseshoe, Dress Circle, Bonanza, Bruno, El Cortez and Blue Bell (Figure 1). Figure 1: Quinn Fluorspar Project, district claim position and project areas, Nevada USA. (Source: OD6 ASX Release) A quick sense check on that ground position is useful. A standard United States lode mining claim is 600 feet by 1,500 feet, which works out to about 8.4 hectares. Multiply that by 226 claims, and you get roughly 1,890 hectares. The Vocabulary, If you are new to fluorspar, these are the terms that will keep appearing. Fluorspar (CaF₂) is the commercial name for the mineral fluorite, calcium fluoride. It is the feedstock for hydrofluoric acid, which in turn feeds refrigerants, semiconductor etching chemicals, battery electrolytes, uranium enrichment and a long list of defence applications. Grade is expressed as a percentage of CaF₂ in the rock. Producing fluorspar projects are generally considered viable above about 20% CaF₂, and some operators cite figures as low as 8% CaF₂. Acidspar is the premium product and requires more than 97% CaF₂. It is what the chemical industry buys. Metspar is the lower-grade product, typically in the 60% to 85% CaF₂ range, used as a flux in steelmaking. Beneficiation is the processing step that upgrades run-of-mine rock into a saleable concentrate. Optical sorting is one method, using cameras to separate mineralised rock from waste before any chemistry is applied. Flotation is another, using chemical reagents and air bubbles to float the target mineral away from waste. Channel sampling means cutting a continuous groove across an exposed rock face and assaying the material. It gives a grade over a measured width, which is more informative than a single rock chip, but it still only samples the surface. A mining claim in the United States is a right to the minerals on a defined piece of federal land, maintained by annual fees. It is roughly the American equivalent of an Australian exploration licence, but claims are much smaller and are staked individually. A JORC Mineral Resource is a formally estimated tonnage and grade, classified as Measured, Indicated or Inferred according to how confident the geologist is. Quinn does not have one. TREO stands for Total Rare Earth Oxide, the measure used for OD6's Splinter Rock rare earth project in Western Australia. VWAP is the volume-weighted average price, an average share price over a period weighted by how many shares traded at each price. It is commonly used to set an issue price so that a single day's trading cannot distort the value. FAST-41 is a United States federal permitting framework that gives eligible infrastructure and critical minerals projects a coordinated timetable across agencies. Eligibility is applied for, not automatic. What Was Actually Paid OD6 states a total consideration of A$200,000, being A$100,000 in cash and A$100,000 in shares. On completion, OD6 paid the A$100,000 cash to the vendors and issued 700,706 fully paid ordinary shares to them at a deemed value of A$100,000. That works out to approximately A$0.143 per share, based on the 10-day VWAP prior to the option exercise date. OD6 also issued 1,500,000 fully paid ordinary shares to Sapphire Beginnings Capital Pty Ltd, or its nominees, described as the final tranche of facilitation consideration. Facilitation consideration is a fee paid to whoever introduced or brokered the transaction. Applying the same A$0.143 per share reference used for the vendor shares, those 1,500,000 facilitation shares carry an implied value of about A$214,500. That is Samso's arithmetic, not company guidance, and the company has not put a value on those shares in this release. Two observations follow from that. First, the fee to get the deal done was larger in value terms than the consideration paid to the people selling the asset. Second, the all-in cost at completion is closer to A$415,000 than to A$200,000, once the facilitation shares are counted. Neither of those is a criticism. Facilitation fees are normal, and the amounts involved are small in the context of any exploration program. But investors reading the A$200,000 headline should know that it is the vendor consideration, not the total cost of the transaction. From 48 Claims to 226 OD6 acquired 48 claims. It has staked 178 more, taking the holding to 226. Managing Director Brett Hazelden describes the project as having expanded almost fivefold during the option period, and by claim count that description holds up. Alongside the expansion, the company reports more than 20 fluorspar occurrences across the enlarged position, which it says supports a future hub-and-spoke development strategy. Hub-and-spoke means building one central processing plant and trucking ore to it from several smaller deposits, rather than building separate infrastructure at each one. It is a sensible model for a district with many small high-grade occurrences, and it is also a model that depends entirely on there being enough tonnes in aggregate to justify the hub. The work completed during the option period, as listed by the company, covers verification of historical drill and channel results, confirmation of an 8km mineralised corridor, definition of multiple drill targets from mapping, fluorine geochemistry and structural interpretation, collection of metallurgical samples, commencement of environmental baseline and archaeological studies, and advancement of a permitting strategy targeting FAST-41 eligibility. The grades reported through that period, as titled in the company's own ASX releases listed in this announcement, include up to 53.2% CaF₂ at Mammoth on 7 April 2026, a continuous 12m at 40.8% CaF₂ on 9 April 2026, and channel sampling up to 75% CaF₂ at Horseshoe on 15 April 2026. A further Horseshoe release on 8 July 2026 reported continuing grade and width. Set against a general economic threshold of around 20% CaF₂, these are high numbers. The company also notes low impurity levels, which is the quiet technical point that carries a lot of weight. Fluorspar buyers care about silica, calcite and sulphur content, because impurities determine whether a concentrate can reach Acidspar specification of more than 97% CaF₂ or is limited to Metspar. Low impurities widen the product options. They do not guarantee them, because that still depends on the beneficiation testwork now underway. Management Commentary Brett Hazelden framed the completion as a transition point rather than an endpoint. He described the project as having evolved from an acquisition opportunity into what the company believes is a district-scale critical minerals project, pointing to the expansion of the ground, the identification of multiple mineralised systems, and the progress on permitting and metallurgy. He also made a claim about position, stating that OD6 now controls one of the largest consolidated fluorspar exploration positions in the United States. That is a claim Samso has not independently verified, and it is worth noting that the United States fluorspar exploration sector is small, which makes the bar for such a statement lower than it would be in a larger commodity. "What began as an acquisition opportunity has rapidly evolved into what we believe is a district-scale critical minerals project. During the option period we not only confirmed exceptional historical grades but expanded the project almost fivefold, identified multiple new mineralised systems, advanced permitting and metallurgy, and generated numerous high-priority drill targets." — Brett Hazelden, Managing Director, OD6 Metals Limited, ASX Release, 4 August 2026 The Market Backdrop Fluorspar is designated a critical mineral in the United States. The announcement states that the country is 100% import reliant, with approximately 62% of global supply sourced from China, citing the United States Geological Survey 2024 data. Figure 2: Global Fluorspar production by country That figure is worth pausing on, because it moves around. The highlights section of this announcement says approximately 63%. The About OD6 section of the same document says more than 60%. Samso's own May 2026 coverage of the Big Jim rediscovery used approximately 68%. The differences are not material to the argument, and the argument holds under all three versions. China supplies the majority of the world's fluorspar, and the United States supplies none of its own. Nevada is also a genuinely favourable place to be doing this. The company cites the Fraser Institute 2025 Mining Attractiveness Index, which ranked Nevada second globally. Samso has not independently checked that ranking against the source publication. What Samso Is Watching, and the Case Against Quinn has never been drilled by OD6. Every grade published to date comes from surface work, historical records or historical drilling by others. Channel samples and rock chips tell you what is at the surface. They do not tell you whether mineralisation continues at depth, over what width, or with what continuity. Drilling is the test, and the maiden drilling program is still listed under next steps. There is no JORC Mineral Resource. Without one, there is no tonnage figure, no grade estimate at a stated confidence level, and no basis for any economic study. Everything downstream of that, including hub-and-spoke development, depends on a resource that does not yet exist. The historical results are historical. Grades of 94.6%, 96% and 98.6% CaF₂ from Big Jim come from a 1947 report. They are consistent with modern surface observations, but they were not generated under JORC and cannot be relied upon as current. Permitting is a real timeline. The company is preparing drilling and bulk sample approvals and pursuing FAST-41 eligibility. FAST-41 eligibility is applied for, not granted by default. Federal land permitting in the United States takes as long as it takes, and it is outside the company's control. Beneficiation is unproven at Quinn. Reaching Acidspar specification of more than 97% CaF₂ requires the metallurgical flowsheet to work on this specific ore. Optical sorting and flotation testwork is described as advancing, which means it is not finished. Fluorspar is a small and opaque market. It does not trade on a transparent exchange the way copper or gold does. Pricing is negotiated, and a new producer needs an offtake agreement with a real buyer. None has been announced. OD6 is running three projects at once. Splinter Rock rare earths in Western Australia, Gulf Creek copper-zinc in New South Wales, and now Quinn. Each one wants capital. A junior explorer with three assets and one balance sheet has to choose, and the choice usually shows up as dilution. The gold is early. The announcement flags potential gold upside from soil sampling across Mammoth, Horseshoe and Dress Circle, with detail in the 29 July 2026 release. Soil anomalies and rock chips are the very first step in a gold exploration sequence, and most of them do not become deposits. Near-Term Milestones to Watch The company's own list of next steps gives a clear sequence to track. Receipt and interpretation of pending assay results Completion of geological modelling and drill targeting Ongoing detailed geological and structural mapping Expanded field programs Integration of results into permitting activities Progress on metallurgical testwork, including optical sorting and beneficiation Lodgement of bulk sample permit applications Preparation of a maiden drilling program Resource definition Development studies Of those, the two that will move the story furthest are the bulk sample permit and the maiden drilling program. A bulk sample gives real metallurgical data on a representative quantity of ore rather than a few kilograms. Drilling gives depth. Everything else is preparation for those two. Samso Concluding Comments The 4 August 2026 announcement is an administrative milestone and a reminder of the exploration results over the preceding five months. The key here is ownership. OD6 now holds the ground outright rather than under option, which removes a condition that has sat over the story since March. This marks the "start" of the project, and markets behave differently on ground that is owned outright. Market perception is what this business is all about, and for investors, the risk that sat over an optioned asset, the risk that the option lapses before it delivers anything, is now negated. As OD6 moves forward, that ownership also gives investors some assurance that the spending on drilling, permitting and metallurgy carries real intent. The money going into the ground now has more meaning, because investors can take part knowing the project is actually going forward. The next twelve months should therefore look different in pace to the last five. On the price, my view is that A$200,000, or A$415,000 including the facilitation shares, is a small number for what has been assembled. It is also a number that tells you something. Nobody sells a proven high-grade critical minerals district for A$200,000. What OD6 bought was a well-documented historical district with excellent surface grades and no modern drilling. The vendors were selling optionality, and OD6 was buying the right to spend money finding out. What that all means in the scheme of things is that the vendors and OD6 are partners and what the end result will look like is kind of anyone's guess, but this is the business of finding an economically viable mineral deposit. The grades are the reason to keep watching. Surface channel results in the 40% to 75% CaF₂ range are several times the threshold at which fluorspar projects are generally considered economic. If those grades persist at depth over meaningful widths, the arithmetic of a small high-grade domestic supplier becomes interesting quickly, particularly with a customer base that currently imports every tonne it uses. The other upside we have not talked about, though it has been mentioned, is that the project may not be a single commodity. Management have mentioned the potential of a mineral-rich epithermal system. Should shareholders and potential investors be excited? This is still a pre-drilling exploration project, and the single most important data set has not been collected, but as investors, this is what will drive value creation. With a market capitalisation of A$35M (as of 5 August 2026), there is room for improvement. As usual, DYOR. About OD6 Metals Limited OD6 Metals Ltd (ASX: OD6) is an Australian critical minerals exploration and development company with projects across fluorspar, rare earth elements and copper in the United States and Australia. The Quinn Fluorspar Project in Nevada now comprises 226 mining claims over approximately 1,890 hectares, hosting the Horseshoe, Mammoth and Big Jim deposits among more than 20 fluorspar occurrences. Figure 3: Location of OD6 Metals' Quinn Fluorspar Project (Source: ASX Announcement) The Splinter Rock Rare Earth Project in Western Australia is 100% owned and hosts a Mineral Resource Estimate of 119Mt at 1,632ppm TREO in the Indicated category and 563Mt at 1,275ppm TREO in the Inferred category. Indicated means the geologist has enough data to be reasonably confident in tonnage and grade. Inferred means the estimate rests on limited sampling and has lower confidence. OD6 is advancing a processing flowsheet using heap leaching, nanofiltration and ion exchange, targeting approximately 75% overall recovery of neodymium and praseodymium and a mixed rare earth carbonate or hydroxide product of approximately 56% to 59% TREO. The Gulf Creek Copper-Zinc VMS Project in New South Wales sits in a historically high-grade copper district, with recent drilling and geophysics identifying targets along more than 10km of prospective strike. Cover photo: Cristallo di fluorite di Zogno, Bramfab. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cristallo_di_fluorite_di_Zogno.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Tusker Minerals Ltd (ASX: TSK) has entered a binding agreement with AuKing Mining Limited (ASX: AKN) for the proposed sale of 100% of the Machinga Rare Earth Elements Project in southern Malawi. The project comprises two exclusive prospecting licences, EPL 0529 and EPL 0705, held by Green Exploration Limited, a wholly owned Malawian subsidiary of Tusker. The total consideration is stated as up to A$4 million. Tusker frames the proceeds as non-dilutive funding, meaning money that comes in without the company issuing new Tusker shares and diluting existing holders. The stated purpose is to redirect capital to the rutile and heavy mineral sands portfolio in Cameroon and Malawi. The Vocabulary, in Plain English Rare earth elements (REE) are a group of seventeen metals used in permanent magnets, electronics and defence hardware. TREO stands for Total Rare Earth Oxide, the standard way of expressing rare earth grade. Heavy rare earth elements (HREE) are the scarcer subset, including dysprosium, terbium and yttrium. They command far higher prices than the light rare earths because supply is concentrated in very few places. Rutile is a naturally occurring titanium dioxide mineral. It is the premium feedstock for titanium pigment and titanium metal, and it commands a higher price than ilmenite, the more common titanium mineral. Heavy mineral sands (HMS) deposits contain rutile, ilmenite and zircon in loose sand or weathered material, which usually makes them cheap to mine. An exclusive prospecting licence (EPL) is the Malawian equivalent of an Australian exploration licence. It gives the holder the exclusive right to explore a defined area. Transferring one to a new owner requires regulatory approval. A JORC-compliant inferred Mineral Resource is the lowest confidence category of formally estimated tonnage and grade under the Australian reporting code. Inferred means the estimate is based on limited sampling and geological inference. It is the first formal resource milestone an explorer reaches. A cut-off grade is the minimum grade at which material is counted in a resource estimate. A resource of 10Mt at 0.65% TREO applying a 0.5% TREO cut-off means only material grading above 0.5% TREO is included in that tonnage. Performance shares are securities that convert into ordinary shares only if a defined milestone is achieved. Until then they carry no value and no dividend. VWAP is the volume weighted average price, an average share price over a stated period weighted by the volume traded at each price. It is used so that a single day's trading cannot set the value of a share issue. Voluntary escrow is an agreement not to sell shares for a stated period. Escrowed shares cannot be turned into cash while the restriction applies. Non-dilutive funding means funding raised without issuing new shares in the company receiving it. It says nothing about how quickly that funding arrives, or in what form. The Terms, Broken Into Four Pieces The announcement sets out the consideration in four parts. Splitting them by certainty and by timing is the most useful thing an investor can do with this document (Table 1). Table 1: Machinga consideration, sorted by form, timing and certainty. Component Amount Form Timing Certainty Cash at completion A$750,000 Cash At completion Conditional on completion AuKing ordinary shares A$750,000 (30,000,000 shares) Equity, 12-month escrow At completion Conditional on completion and any AKN shareholder approval Deferred cash A$1,250,000 Cash 12 months after completion Conditional on completion AuKing performance shares A$1,250,000 (50,000,000 performance shares) Contingent equity Within 3 years, on a resource milestone Contingent on exploration success Total A$4,000,000 Three observations follow. First, the cash at completion is A$750,000. That is a little under a fifth of the headline. A further A$1.25 million in cash follows twelve months later. Both are real, and together they make up the cash half of the deal. They simply arrive at different times, which is worth keeping in mind for a company planning exploration spend over the next year. Second, the equity is held rather than spent. The 30,000,000 AuKing ordinary shares carry a 12-month voluntary escrow, so they cannot be sold during that period. That is a normal feature of a deal like this, and it also signals that Tusker intends to stay a holder rather than an immediate seller. The practical effect is that of the A$2.75 million not contingent on exploration success, A$750,000 is available to fund work in the next twelve months. Third, the last A$1.25 million is tied to exploration success. The 50,000,000 performance shares convert on publication, within three years of their issue, of a JORC-compliant inferred Mineral Resource for Machinga of at least 10Mt at 0.65% TREO, applying a 0.5% TREO cut-off. Machinga has no resource today, so reaching that milestone requires AuKing to fund and complete a drilling program, assay it, model it and publish it inside the three-year window. That is a normal sequence of work for an explorer, and it is also the part of the consideration with the widest range of outcomes. Staged and contingent consideration is standard practice when an explorer sells an undrilled project to another explorer, and there is nothing unusual in this structure. The headline is accurate. It is just worth reading alongside the detail, because "up to A$4M" and "A$2.75 million payable on completion, of which A$750,000 is cash on the day" describe the same transaction from different ends. The Performance Share Cap Runs One Way On satisfaction of the resource hurdle, AuKing will issue ordinary shares with a value of A$1,250,000, calculated using the 90-day VWAP of AuKing shares at the date the hurdle is satisfied, subject to a maximum of 50,000,000 ordinary shares. Divide A$1,250,000 by 50,000,000, and you get A$0.025 per share. That is Samso's arithmetic, and it sets the point at which the cap starts to matter. If AuKing's 90-day VWAP is above A$0.025 when the hurdle is met, Tusker receives fewer shares but the full A$1.25 million of value. If AuKing's VWAP is below A$0.025, the cap engages, Tusker receives the maximum 50,000,000 shares, and those shares are worth less than A$1.25 million. The same A$0.025 reference sits behind the completion equity. The deal values 30,000,000 AuKing shares at A$750,000, which is also A$0.025 per share. Same Buyer, Same Country, Same Regulator This is Tusker's second sale to AuKing in four months. The Tundulu Rare Earth Project was sold under a binding agreement announced on 17 April 2026 for a total consideration of up to A$5.55 million. This one was with Auking too. The Tundulu experience is directly relevant to how investors should read the Machinga timetable, and it is the piece of context the announcement does not supply. In early June 2026, AuKing had lodged all documentation required for the transfer of the Tundulu exploration licence to its subsidiary with Malawi's Mining and Minerals Regulatory Authority, and the transfer remained under review. To keep exploration moving in the meantime, AuKing and Tusker entered an earn-in agreement in early June 2026, giving AuKing contractual authority to explore the licence and an alternative pathway to acquire 100% of it if the formal transfer process were delayed further. The consideration for Tundulu was paid, and AuKing has been drilling. The licence transfer, which is the legal core of the transaction, took longer than the parties planned and needed a contractual workaround. Machinga is subject to approval from the same regulator, for two licences rather than one. The word "binding" in the headline refers to the agreement between the two companies. It does not bind the Malawian mining authority to anything. The Strategic Case, and the Question It Raises The rationale Tusker gives is coherent. The company holds district-scale rutile and heavy mineral sands ground in Cameroon and Malawi; it believes that is where near-term value creation sits, and it does not want to fund rare earth exploration at the same time. Selling to a dedicated owner lets Machinga be advanced by somebody whose primary business it now is, at no further cost to Tusker. The rutile portfolio has been producing results. In July 2026 the company reported a JORC exploration target at the Diwong South deposit within the Douala Basin project in Cameroon, and in March 2026 it reported high-grade rutile from reconnaissance sampling at Mzimba in northern Malawi. Samso covered the Mzimba result in March. Those figures come from the relevant company releases and secondary reporting, not from the announcement under discussion here. "This proposed transaction builds on the successful divestment of our Tundulu project and reflects our disciplined approach to capital allocation and portfolio optimisation. It enables Tusker to prioritise advancement of its high-grade rutile and heavy mineral sands assets in Cameroon and Malawi, where we see the strongest near-term value creation, while retaining meaningful exposure to rare earth sector upside through our equity position in AuKing." — Cliff Fitzhenry, Chief Executive Officer, Tusker Minerals Ltd, ASX Release, 4 August 2026 Cameroon Portfolio During the June quarter, Field activities advanced across the Cameroon Central Portfolio, with hand-auger drilling undertaken at the Bounde and Nganda licences along the historically mapped high-grade rutile corridor. Systematic soil sampling was also completed at Yaoundé West, supported by the Company’s in-country Yaoundé heavy mineral sands laboratory. Within the Douala Basin, a JORC (2012) Exploration Target of 2.1–2.6 billion tonnes at 2.1–2.3% total heavy minerals has been established. This includes indicative grades of 0.3–0.35% rutile and 0.06–0.07% zircon, positioning Douala as a globally significant emerging rutile-bearing mineral sands system. Table 2: Douala Basin HMS Project - JORC Exploration Target The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it remains uncertain whether further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the JORC Code. Figure 2: Map of Cameroon Tusker's interests in Cameroon (Source: ASX Announcement) Malawi Portfolio – Mzimba Rutile Project The Company completed the first modern, systematic rutile exploration programme across the approximately 710 km² Mzimba Project on time and within budget. The programme generated the project’s first project-wide, rutile-focused geochemical dataset. Figure 3: Mzimba Project in Malawi ( Source ASX Announcement) The exploration work included regional mapping, six exploration pits, 31 channel samples and 159 soil samples. Well-developed regolith, mottled clays and visible rutile grains observed at surface and in panned concentrates support the potential for a large-scale residual rutile system. Samples are currently being processed through Tusker’s in-country infrastructure in Malawi, with initial rutile assay results expected in the coming weeks. The Company remains fully funded for this phase of exploration. Near-Term Milestones to Watch Execution of the definitive transaction documentation Any AuKing shareholder approval required for the share issue Malawian mining authority approval for the transfer of EPL 0529 and EPL 0705 Completion, and receipt of the A$750,000 cash Tusker's next quarterly cash flow report, which will show what actually arrived and what the cash position is The deferred A$1.25 million cash payment twelve months after completion AuKing's exploration and drilling program at Machinga, which determines whether the performance shares ever convert Assay and drilling results from Mzimba and the Douala Basin, which is where the redirected capital is supposed to go Samso's Concluding Comments Taken at face value, this is a junior explorer passing a project it has chosen not to fund to a buyer that has already taken on its neighbour, on staged terms. That is a common and sensible transaction in this part of the market, and it lets both companies put their money where their conviction is. Tusker gets funding without issuing shares. AuKing gets a second Malawian rare earth asset alongside the one it is already drilling. What we would be watching for are: Conditions still to clear. Definitive documentation, several categories of approval and Malawian regulatory sign-off for two licence transfers all sit between the announcement and completion. None of that is unusual for a cross-border sale. The Tundulu experience does suggest the regulatory step is worth allowing time for. The buyer’s funding. AuKing is a small explorer. It raised A$3 million in April 2026 in connection with Tundulu and is now drilling there. Machinga adds A$2 million of cash obligations on top. How AuKing funds that is a matter for AuKing, and the company has raised capital for the first transaction already. The timing of the deferred A$1.25 million is still the item Tusker shareholders will want to see land. No grade for Machinga in this release. The announcement describes it as a heavy rare earth prospect with demonstrated potential through prior exploration activities. It carries no assay result, no drill intercept and no resource estimate. That is a reasonable choice for a transaction announcement rather than an exploration one. It does mean a reader relying on this document alone cannot form a view on whether A$4 million is a fair price, and would need to go back to the earlier Machinga releases to do so. What non-dilutive means here. The term is accurate. No Tusker shares are being issued, and existing holders are not diluted. It describes the form of the funding rather than its speed, so it is worth pairing with the timing set out above when thinking about what is available to spend in Cameroon in the near term. The retained exposure sits with one company. Tusker will hold AuKing shares and AuKing performance shares from two separate transactions. That gives it continued leverage to rare earths, as the company says. The exposure runs through a single small ASX explorer rather than the sector as a whole, so it will move with AuKing’s own progress and share price. Jurisdiction. Malawi and Cameroon are both frontier exploration jurisdictions, and Samso has made that point about this company before. It cuts both ways. Frontier ground is where under-explored, district-scale positions are still available at reasonable cost, and it is also where approvals and timelines are harder to predict. The Tundulu licence transfer is a useful worked example of the second half of that. The case in favour. Focus is worth a great deal to a company this size. Two years ago this was a six-project explorer in Malawi. It is now a rutile and heavy mineral sands company with a defined exploration target in Cameroon and a laboratory of its own in Yaoundé. That is a clearer proposition to fund and a clearer one to explain to a market. Shareholders who bought this as a rare earth story have a fair question to ask about the change. Shareholders who wanted the company to concentrate on one thing and finish it have had their answer. About Tusker Minerals Ltd Tusker Minerals Ltd (ASX: TSK), formerly DY6 Metals Ltd, is an African-focused explorer advancing critical mineral assets across Cameroon and Malawi. Its projects comprise the Central Rutile Project and Douala Basin HMS Project in Cameroon, and the Mzimba Rutile and Salambidwe Projects in Malawi. The company's Malawian rare earth portfolio has been progressively divested during 2026, with Tundulu sold to AuKing Mining under a binding agreement announced on 17 April 2026 and Machinga the subject of the binding agreement announced on 4 August 2026. Cover photo: Ilmenite sand, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ilmenite_sand.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Bronwyn Barnes steps into the Executive Chair role as Rimfire raises $2.3 million and separates its corporate and technical leadership functions. Rimfire Pacific Mining Limited (ASX: RIM) has moved to strengthen its leadership and funding position as the company continues to advance its scandium portfolio in New South Wales (Figure 1). The company has appointed experienced mining executive Bronwyn Barnes as Executive Chair from 1 September 2026, alongside a $2.3 million capital raising at $0.008 per share. Current Chairman Ian McCubbing will move to a Non-Executive Director role, while Managing Director and CEO David Hutton will become Technical Director. The changes come as Rimfire moves beyond resource definition and exploration into a period where metallurgical studies, additional drilling, funding discussions and potential strategic partnerships are increasingly running alongside the geological work. That makes the structure of the new leadership team worth noting. Hutton will continue to lead expanded exploration, resource development and technical studies, including metallurgical and engineering work and preparation towards feasibility study readiness. Barnes, meanwhile, will lead the company's strategic, commercial and funding initiatives. It creates a clearer separation between progressing the projects technically and building the corporate pathways around them. Figure 1: Location of Rimfire's Projects (Source: RIM Presentation) Experience Beyond Exploration Barnes brings more than three decades of resources-sector experience covering project development, corporate finance, mergers and acquisitions, capital markets, government engagement and corporate strategy. She is currently Executive Chair of Indiana Resources Limited (ASX: IDA), Non-Executive Chair of Finder Energy Limited (ASX: FDR) and Non-Executive Chair of Freedom Metals Acquisition Corporation (NASDAQ: FDMM). There is also an interesting thread in her recent corporate history. Barnes previously served as President and CEO of High Power Exploration (HPX). HPX identifies its major shareholder and technology provider as I-Pulse Inc., the US company founded and chaired by Robert Friedland. During Barnes' time leading HPX, the company was progressing major iron ore and infrastructure developments in Guinea and Liberia, involving project development, corporate strategy and government engagement. It is useful context rather than a comparison between companies. Rimfire's scandium portfolio is at a very different stage and scale, but Barnes comes into the role having worked in an environment where the corporate, funding and strategic elements of project development sat alongside the technical work. That experience appears consistent with the role Rimfire has now created for her. Outgoing Chairman Ian McCubbing said Barnes had a track record of building strategic partnerships, securing funding and delivering commercial outcomes, while Rimfire said her experience covered taking projects from resource definition through technical development and into commercial execution. Funding Next Stage The leadership changes have been accompanied by a $2.3 million placement, with 287.5 million new shares to be issued at $0.008 per share. Barnes and McCubbing have each committed $200,000 to the raising, with other directors and management contributing a further $185,000. The placement price represents a 27% discount to Rimfire's $0.011 closing price on 31 July 2026 and the five-day VWAP to that date. Placement participants will also receive one free attaching unlisted option for every new share, exercisable at $0.015 and expiring on 31 August 2029, subject to shareholder approval. The funding will be directed towards ongoing metallurgical work, drilling programs and working capital. The timing is relevant because Rimfire ended the June quarter with $585,000 in cash and $193,000 held in earn-in bank balances. The placement therefore provides additional capacity for a work program that was already beginning to expand. Murga Remains at the Centre - Rimfire's Scandium Exploration Rimfire's primary focus remains building a critical mass of scandium within the Fifield district of central New South Wales (Figure 2). The Murga Scandium Deposit currently contains an Inferred Mineral Resource of approximately 11,900 tonnes of scandium oxide. Figure 2: Fifield project locations showing Rimfire (red blocks) and Rio Tinto (blue), Sunrise Energy Metals (green) and Australia Mines (pink) (Source: RIM ASX Announcement). During the June quarter, Rimfire reported results from its first 14-day bottle-roll metallurgical tests on low-iron scandium mineralisation from Murga. The early test work indicated that, if the extraction rate recorded during those tests were maintained over a longer and more commercially realistic period, scandium recoveries of between 60% and 90% could potentially be achieved. Rimfire specifically notes that this remains subject to confirmation through longer-duration testing. Two Stage 2 bottle-roll tests are now underway over a substantially longer 160–180 day period. There is also further drilling being prepared across the portfolio. Rimfire has outlined approximately 2,500 metres of air-core drilling at Malamute, around 2,500 metres aimed at expanding Murga and a proposed 5,000-metre program across Kars and other Avondale targets, subject to approvals and the relevant joint-venture processes. The Commercial Work Has Already Started The appointment of Barnes also follows another development from the June quarter that sits alongside Rimfire's technical work. The company engaged UK-based Xcelsior Capital Advisors to assist with potential funding and engagement with strategic partners, OEMs, governments, international financial institutions and potential offtake partners. Xcelsior is an investment partner of Wogen, a specialist metals and minerals trading group with more than 50 years of experience in critical mineral markets, including scandium. That mandate provides some context for the leadership changes now being made. Rimfire still has substantial technical work ahead of it. The longer-duration metallurgical program is underway, resources are targeted for expansion and further drilling is being prepared. At the same time, the company is beginning to put more resources around the funding, strategic-partner and commercial side of the business. Barnes' appointment adds another layer to that process. The Scandium Market Backdrop The strategic logic behind consolidating scandium ground becomes clearer against the backdrop of how the metal's market actually works. Scandium sits in an unusual category — a market that is tiny in tonnage but disproportionately high in strategic value. Global scandium oxide production has been running at only around 40 tonnes a year, with annual consumption estimated in the range of roughly 15 to 25 tonnes (Figure 3). In a market measured in tens of tonnes, Samso notes that a single credible project can shift the entire supply narrative. Figure 3: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (Source: Samso) That value comes from function rather than volume. Adding a fraction of a percent of scandium to aluminium produces alloys that are lighter, stronger, more weldable and more heat- and corrosion-resistant - properties prized in aerospace, defence and advanced manufacturing -while scandium-bearing ceramics also play a role in solid oxide fuel cells used in clean-energy systems. Scandium appears on the critical minerals lists of Australia, Canada, the European Union and the United States. Supply, however, is highly concentrated, with China dominating primary production and refining, and most output historically recovered only as a by-product. Samso points to rising Western interest in securing alternative supply, including reported moves by the U.S. Defence Logistics Agency to buy scandium oxide for strategic stockpiles. Against that picture, New South Wales has emerged as Australia's most concentrated scandium province - described by Samso as the country's scandium hotspot, or the "Kalgoorlie of scandium" - hosting projects spanning exploration through to construction-ready assets, including those of Sunrise Energy Metals, Scandium International Mining and Rimfire. Samso Concluding Comments For Rimfire, in my opinion, this may be a transformational change. I have known Browyn Barnes for a few years, and she was on Coffee with Samso several times when she was the Executive Chair for Indiana Resources Limited (see below). Browyn comes with a lot of accolades in the industry and her trail of success is well captured in the media. I think the future pathway for Rimfire is looking more than interesting. Samso has taken up some shares from the market since the announcement, and I am looking forward to some more compelling news. David Hutton remains closely involved and moves into a position specifically focused on exploration, resource growth, metallurgy, engineering and technical studies. According to management, Bronwyn Barnes takes responsibility for the corporate, strategic and funding work around those activities. Meanwhile, Xcelsior has already been mandated to engage with potential funding groups, governments, OEMs, strategic partners and offtake parties. These are developments occurring while Rimfire continues the work of determining what its scandium portfolio can ultimately become. The company itself describes the strategy as expanding and upgrading the scandium resource base while progressing the technical, metallurgical and engineering work required for future development, alongside the pursuit of commercial opportunities and strategic partnerships. The latest announcement puts people and capital behind that stated strategy. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The first new underground development at Maldon in almost eight years moves Kaiser Reef beyond refurbishment and gives the company a platform to test several of the historic goldfield’s largely untested reef positions. Kaiser Reef Limited (ASX: KAU) has kicked off new underground development at the Union Hill Gold Mine within its Maldon Gold Project in Victoria, taking the first cut of the Northern Drill Drive and marking the first new development at the site in almost eight years. The development is significant because it is not being undertaken simply to rehabilitate old workings. It is designed to establish an underground drill position capable of testing areas north of the existing Union Hill workings, including extensions of the Eaglehawk and Linscott's Reefs and the parallel Ladies and Sailor's Reefs. For Kaiser, the milestone moves Maldon from refurbishment into active underground development and provides a clearer pathway towards determining whether the historic goldfield can deliver additional resources and, ultimately, support expanded production. Figure 1: Jumbo at the face, Northern Drill Drive (Source KAU ASX Announcement) The work also comes with some important context. Kaiser entered the September quarter with A$37.0 million in cash and A$0.2 million in bullion, having produced 6,000 ounces of gold across Henty and Maldon during the June quarter. The company has also reaffirmed production guidance of 32,000 ounces for the coming financial year from the two operations. That balance sheet gives the Maldon program a different complexion from a typical junior exploration campaign. Kaiser is funding development and exploration from within an operating gold business rather than relying solely on the promise of future discoveries. From Refurbishment to Development During the June quarter, refurbishment of the existing Union Hill decline had already commenced. The initial program was focused on establishing a northern underground drilling platform while stripping sections of the decline where necessary to provide a full-sized profile suitable for future life-of-mine haulage. The first development cut now takes that work a step further. Kaiser is no longer simply reopening access to historic workings. The company is creating new underground infrastructure specifically intended to improve its ability to test the geological system around Union Hill. The plan accompanying the August announcement shows the proposed drill position relative to the Eaglehawk, Linscott's, Ladies and Sailor's reef corridors, with substantial portions of those interpreted mineralised trends remaining untested (Figure 2) Figure 2: Union Hill North with proposed development and drill position to target untested sections of the Eaglehawk, Linscott’s, Ladies and Sailor’s Reefs (Source: KAU ASX Announcement) That is the central point of the announcement. Maldon has a long mining history, but Kaiser is attempting to use modern exploration from underground positions that can provide better access to parts of the system that have received relatively limited modern drilling. Managing Director Brad Valiukas described Maldon as a district-scale opportunity, noting that the field has historically produced approximately 1.75 million ounces of gold at 28g/t, despite numerous mines and lines of working remaining substantially underexplored. Figure 3: Maldon Gold Project (Source: KAU ASX Announcement) “Crucially, Maldon offers more than just historical pedigree and exploration upside. It is supported by a fully permitted and operating processing plant, a fully permitted mining lease and an existing decline that will allow both access for exploration and potential future production," said Valiukas Historical production alone does not establish the scale of what remains, but it provides the geological rationale for testing the extensions of these old reef systems more systematically. Underground Drilling Adds Another Dimension The Northern Drill Drive forms part of a broader exploration effort already underway across Maldon. Kaiser had approximately 4,350 metres of initial surface drilling planned at the end of the June quarter, with drilling expected to continue through the remainder of 2026. The first-round program includes Union Hill North, Nuggetty South, Nuggetty and additional targets being generated from mapping, soil sampling and planned geophysical work. Figure 4: Nuggetty Long Section showing 170m untested area in between successful drilling. (Source: KAU ASX Announcement) At Union Hill North, surface drilling is already intended to test the northern extensions of Eaglehawk Reef mineralisation ahead of, and beyond, the planned underground program. The new underground platform should therefore complement rather than replace the surface campaign. From an exploration perspective, the advantage is access. Underground drilling allows Kaiser to position the drill closer to the structures it wants to test and potentially drill reef orientations and extensions that may be difficult or inefficient to investigate from surface. That becomes particularly relevant in a mature goldfield where the obvious near-surface mineralisation has already attracted more than a century of mining attention. Existing Infrastructure Changes the Maldon Equation Another important part of the Maldon story is the infrastructure that already exists around the exploration opportunity. Kaiser describes Maldon as having a fully permitted and operating 200ktpa CIL processing facility, existing underground access and high-grade exploration potential. The company also holds the infrastructure and permits required to continue advancing the project within Victoria's historic Golden Triangle. Valiukas stated: “It’s a milestone for both the Maldon Gold Project and Kaiser to have jumbo development underway beneath Union Hill, establishing this new drill platform for exploration. We have been stripping some narrow sections at the top of the decline already, with a view to future haulage, but it’s good to now be taking cuts and breaking new ground at the Union Hill Gold Mine." This does not remove the need to demonstrate economic mineralisation. It does, however, mean that Kaiser is not starting with an isolated discovery requiring an entirely new mine, processing plant and access network. The company is simultaneously preparing sections of the Union Hill decline for potential future haulage while using that same underground access to establish exploration drill positions. Kaiser has said underground drilling forms part of its strategy to both define resources and clear the way for the next stage of development. That dual-purpose investment is worth noting. If drilling does not deliver sufficient mineralisation, the project still faces the usual exploration risk. If drilling is successful, however, some of the physical infrastructure required to advance the project is already being put in place. A Producing Business Funding Growth The June quarterly also provides useful perspective on Kaiser's ability to continue spending at Maldon. The company produced 5,563 ounces from Henty and 437 ounces from Maldon, for total quarterly production of 6,000 ounces, while closing the period with A$37.2 million in cash and bullion. “Kaiser is a profitable gold miner with a robust balance sheet and a strong pipeline of exploration and development opportunities. We are well-positioned to both capitalise on a strong gold price and add significant further value to our assets with targeted investment.” Kaiser also continued to reinvest across the business. During the quarter, the company spent approximately A$1.6 million on strategic land purchases at Maldon and A$1.4 million on Maldon exploration and set-up, alongside infrastructure investment at Henty, debt reduction and environmental bonding commitments. That expenditure helps explain the importance of the latest announcement. The Northern Drill Drive is the physical outcome of a broader program that has already been funded, commenced and progressively advanced. Rather than announcing an intention to eventually return underground at Maldon, Kaiser now has development equipment operating at the face. What Comes Next The next stage of the Maldon story will increasingly depend on what the drilling reveals. The first development cut does not, by itself, add ounces to Kaiser's resource base, nor does it establish that the untested reef positions will ultimately support commercial mining. It improves Kaiser's ability to answer those questions. For investors, that shifts the focus from rehabilitation progress towards exploration results from areas that have been difficult to test effectively from surface. Maldon's historical production of 1.75Moz at 28g/t provides the geological pedigree. The processing plant, underground access and permits provide infrastructure. Kaiser's producing Henty operation and cash position provide financial support. The missing piece remains the geology. With new development now underway beneath Union Hill, Kaiser is putting itself in a better position to determine how much of that historic gold system remains to be found. Samso Concluding Comments There is a tendency in the exploration market to wait for drill results because drill results give us the numbers everyone wants to analyse. In this case, I think the more useful observation is what Kaiser is doing before those numbers arrive. The June quarterly told us that the Union Hill decline was being refurbished. The latest announcement tells us that Kaiser has moved beyond refurbishment and started breaking new ground. That is a small distinction in wording, but a much larger distinction operationally. The new development is being built to create access to parts of Eaglehawk, Linscott's, Ladies and Sailor's that remain poorly tested. At the same time, surface drilling is working across a broader collection of Maldon targets. The attraction of the story is therefore not simply the historical 1.75Moz at 28g/t headline. History alone does not create a modern resource. The more relevant question is whether modern exploration, using access that previous miners never had or never properly exploited, can demonstrate that meaningful high-grade gold remains around those old workings. Kaiser now has an operating gold mine at Henty, cash on the balance sheet, processing infrastructure at Maldon and a development jumbo working underground at Union Hill. The next part of the story should increasingly become about what that investment discovers. For investors, that is probably the part worth watching. About Kaiser Reef Limited Kaiser Reef Limited (ASX: KAU) is an Australian gold producer operating the Henty Gold Mine in Tasmania while advancing the Maldon Gold Project in Victoria. Henty is supported by a 199koz Ore Reserve and a processing facility with capacity above 300ktpa. Maldon provides the company's Victorian growth option through its existing underground access, permitted 200ktpa CIL processing plant and high-grade exploration potential. Cover photo: Gold panning on Jack Wade Creek (24785190007), BLM Alaska. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Gold_panning_on_Jack_Wade_Creek_(24785190007).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Visible gold has been logged at approximately 18 metres and 40 metres below the existing pit surface, placing the latest discovery directly within the area Aureka Limited is evaluating for potential early production. Aureka Limited (ASX: AKA) has reported two occurrences of visible gold in diamond hole NED035 at the St Arnaud-Comstock Gold Project in Victoria. The first occurrence was logged at 21.7 metres downhole, approximately 18 metres vertically below the existing Walkers pit surface. Multiple visible gold grains measuring between one and two millimetres were observed within a bedding-parallel quartz vein. A further 13 visible gold grains were logged at 61.2 metres downhole, approximately 40 metres below the pit surface. These grains measured between 0.5 and two millimetres and were hosted within a three-centimetre-thick quartz vein associated with a larger en-echelon extension vein set (Figure 1). Laboratory assays are expected within three to five weeks. This is the first visible gold reported by Aureka from the Walkers Shear, a secondary mineralised structure branching southeast from the main Comstock Shear. Previous visible gold occurrences at Comstock have largely been associated with the main structure. Figure 1: St Arnaud Comstock – Walkers Shear: visible gold - NED035 61. 2m down hole (Source: AKA ASX Announcement) Key Highlights Visible gold was observed at two shallow positions in diamond hole NED035. The occurrences sit approximately 18 metres and 40 metres vertically below the current Walkers pit surface. This is Aureka’s first reported visible gold within the Walkers Shear. NED035 forms part of an approximately 1,100-metre infill and historical drilling validation program. Laboratory assay results are expected within three to five weeks. Comstock contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold. Aureka has a binding toll-milling agreement with the Wedderburn Gold Mill, while the licensing process for its proposed early-production strategy remains underway. Why the Location Matters For Aureka, the significance is not simply that visible gold has appeared in the drill core. It is where that gold has been observed. Both occurrences are shallow and sit beneath a previously mined pit within the area being assessed as part of Aureka’s nearer-term production strategy. This gives NED035 greater strategic relevance than a deeper exploration result detached from existing access and infrastructure. The Walkers Shear is also separate from the better-known Comstock Shear. Establishing mineralisation within this secondary structure could improve Aureka’s understanding of how gold is distributed throughout the broader Comstock system (Figure 2). Figure 2: Plan View of the Walkers sub-pit and the Walkes main Shear with legacy drill intercepts projected to pit floor surface9 . Red/yellow star indicates visible gold intercepts reported in this release (Source: AKA ASX Announcement) Managing Director James Gurry said he was impressed to see Comstock “delivering again”, particularly because the visible gold had been encountered within the pit targeted for potential first production. Aureka drilled seven diamond holes at Comstock during 2025, with six returning what the company described as significant gold and/or silver results. The latest visible gold occurrences add another geological data point, but the pending assays will be needed before their grade significance can be assessed. Gurry added: "We drilled seven diamond holes at Comstock in 2025 with significant gold and/or silver results in six of these holes – this repeated success in a previously mined pit demonstrates the value we have at Comstock in the high-grade St Arnaud goldfield where, within 2km of our drill rig location, there is a history of mining 400koz of gold at 15g/t.” An Infill Program with a Defined Purpose NED035 is part of a 13-hole diamond drilling program (Figure 3) comprising approximately 1,100 metres. The holes have an average planned depth of less than 100 metres. The program has three principal objectives: Validate historical drilling results. Increase drill density within the current resource. Collect material for metallurgical testing. Figure 3: Diamond Drilling within the Walkers pit at the Comstock Gold Project. Picture taken June 2026 and shows rig targeting shallow depth drilling on the Walkers stockwork vein area and utilising the existing pit access ramp (Source: AKA ASX Announcement) If the drilling supports the historical data and demonstrates sufficient geological continuity, Aureka may be able to seek the reclassification of part of Comstock’s current 100 per cent Inferred Mineral Resource into a higher-confidence category. That would be an important step, but it would not constitute a mining decision. Aureka has explicitly noted that resource reclassification would be necessary, but not sufficient, for any future Scoping Study. Metallurgical, geotechnical, hydrogeological, environmental, regulatory, social and capital-cost work would still be required before a compliant Production Target or financial forecast could be established. Connecting the Drilling to the Production Strategy The Comstock deposit currently carries a JORC Inferred Mineral Resource of 56,000 ounces of gold grading 1.21g/t. It is located within a previously mined pit and approximately two kilometres north of the township of St Arnaud. The project also sits within reach of existing processing infrastructure. In July 2026, Aureka announced a binding toll-milling agreement with the Wedderburn Gold Mill. That agreement potentially gives the company a processing pathway without first having to build a standalone plant. The combination of an existing pit, shallow drilling, nearby processing capacity and a defined toll-milling arrangement explains why Comstock is being positioned as Aureka’s potential first-production asset. (Figure 4). Figure 4: Aureka’s projects relative to the Wedderburn Gold Processing Mill, owned by Core Prospecting Pty Ltd, with which a milling partnership has been signed. (Source: AKA ASX Announcement) However, the licensing process remains underway, and Aureka has not announced a compliant Production Target or forecast financial outcome. The toll-milling agreement provides a potential processing route; it does not remove the need for resource confidence, metallurgy, approvals and economic studies. Jozef Story, Exploration Manager, said: “It’s remarkable to see multiple visible gold intercepts from our infill and reaffirmation program along on the Walkers Structures, and so proximal to the pit floor surface. The near-surface visual occurrences of gold reinforce our targeting confidence to deliver additional shallow mineralised intercepts on the pathway of our vision of first up small-scale production here at Comstock.” Historical Results Provide the Context The Walkers pit has a history of shallow, high-grade drilling. Previously reported historical results (Figure 5) include: 14 metres at 7.2g/t gold from 18 metres. 3.1 metres at 17.24g/t gold from 22.5 metres. 2.2 metres at 27.4g/t gold from 63.2 metres. 2 metres at 11.30g/t gold from 68 metres Figure 5: St Arnaud Comstock Project showing previously reported drilling and intercepts outside current JORC Resource (Source: AKA ASX Announcement) These historical intersections help explain why Aureka is directing short, closely spaced diamond holes into the area. The current program is intended to test whether those results can be validated using modern drilling, geological logging and sampling procedures. NED035 has provided encouraging visual evidence, but the laboratory results and the broader drilling program will be needed to establish continuity. Visible Gold Is Not an Assay Result Aureka has cautioned investors that visible mineralisation should never be treated as a substitute for laboratory analysis. The two mineralised intervals in NED035 were logged from 21.5 to 21.8 metres and from 61.1 to 61.5 metres. In both cases, the visual abundance of gold was recorded at less than one per cent. Visible gold confirms that gold is present. It does not establish the grade of the surrounding interval, its true width or whether the result can be repeated across the structure. Those questions will only begin to be answered when the assays are returned. What Comes Next The immediate catalyst will be the assay results from NED035, expected within three to five weeks. Beyond those assays, investors will be watching for: Results from the remaining Comstock infill holes. Confirmation or otherwise of the historical high-grade intersections. Evidence of continuity along the Walkers Shear. Metallurgical testwork from the new core. Any proposed upgrade to the current Inferred Mineral Resource. Progress with licensing and the proposed toll-milling pathway. Aureka is also continuing diamond drilling at its Irvine Project near Stawell, where the Resolution deposit contains an Inferred Mineral Resource of 398,000 ounces of gold. About Aureka Limited Aureka Limited is a Victorian gold company with total reported Inferred Mineral Resources of approximately 455,000 ounces Its flagship Irvine Project in the Stawell Corridor contains an Inferred Mineral Resource of 398,000 ounces and is located approximately 16 kilometres from the operating Stawell Gold Mine. The St Arnaud-Comstock Gold and Silver Project contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold and is being evaluated as Aureka’s potential nearer-term production opportunity. Aureka’s portfolio also includes the Jubilee Gold Exploration Project near Ballarat, the Morning Bill Gold and Base Metals Project and critical-minerals exploration opportunities within the greater St Arnaud area. Samso Concluding Comments The photographs of visible gold are the hook. The shallow location, the design of the drilling program and the potential connection to existing processing infrastructure are the substance. The assays are the test. For Aureka, the latest result is well placed. The visible gold occurs beneath an existing pit, within the secondary Walkers structure and inside the area being evaluated for potential early production. That makes NED035 relevant to more than exploration targeting. It may help Aureka test the historical drilling, improve confidence in the resource and collect the technical information needed to advance Comstock. However, visible gold does not establish an economic deposit. The investment significance will depend on the assays, the consistency of the remaining drilling and whether the program ultimately supports higher resource confidence and a credible development case. Comstock now has a clearly defined sequence of work ahead of it. The next step is to see whether the numbers support what can presently be seen in the core. Cover photo: Cetate open-pit gold mine, István Mihály. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Cetate_open-pit_gold_mine.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Every tier, producer to explorer, and a register that is shrinking Part 1 tested the demand headwinds. Part 2 examined the supply side and asked what copper price it would take to fix it. This closing Part brings the two together in the place they were always heading, a register of the copper deposits and operations an ASX investor can actually reach, from the producers down to the explorers, with each row read through the tests the series developed along the way. Compiling it revealed something worth knowing on its own. Corporate buyers have been removing copper companies from the ASX faster than new ones are arriving. WHAT THIS PIECE COVERS 1.00 HOW TO READ THE REGISTER A short recap of the tests built in Parts 1 and 2. 2.00 THE REGISTER AT A GLANCE Two maps and a count, covering the whole register. 3.00 TIER ONE: THE PRODUCERS Where the tonnes actually are, including inside the majors. 4.00 TIER TWO: THE AUSTRALIAN DEVELOPMENT TIER Nine deposits sitting between a resource and a mine. 5.00 TIER THREE: THE OFFSHORE HOLDINGS ASX-listed copper beyond Australia, including the largest project on the register. 6.00 TIER FOUR: THE EXPLORERS The hopeful tier, kept brief on purpose. 7.00 THE SHRINKING REGISTER The companies that have left the register since 2023, and what that says. 8.00 SAMSO TAKE Closing the series, from a newspaper column to a register. 1.00 — HOW TO READ THE REGISTER A recap of the tests from Parts 1 and 2 This final Part leans on ideas built earlier in the series, so a short recap comes first, before the tables begin. Part 1 set out two checks that can be run on any company from its own documents. The first is funding: whether the cash in the latest quarterly report covers the planned work, after allowing for normal running costs of roughly A$70,000 to A$100,000 a month. The second is evidence: how much support the geology gives the company's story. Production history and drill results carry the most weight, untested geophysical targets carry less, and closeness to somebody else's mine carries the least. Part 2 covered the price side. Estimates of the copper price needed to justify building a new mine start at about US$12,000 a tonne, and one academic study puts the requirement much higher. That gives a simple question to ask of each development project below: do its study numbers still work under current conditions? Part 2 also covered processing. Concentrate is scarce enough that smelters agreed to process it for no fee in 2026, so projects that can produce finished copper on site, or that sit near an existing smelter, are in a better position than projects that must ship concentrate overseas. 2.00 — THE REGISTER AT A GLANCE Two maps and a count The two maps below carry the whole register. FIG. 01 places the Australian side of it, the producing operations, the development-tier deposits and the two smelters, with the deposits that have left the ASX shown in grey. FIG. 02 then adds the ground held offshore by ASX-listed companies, which stretches from Spain to Botswana to Chile to Montana, with one grey marker in Mongolia for the departure there. Behind the two maps sit thirteen producing operations or complexes that can be bought through the ASX, with Nifty counted among them on the strength of its September quarter first-cathode target. The development tier adds nine Australian deposits and four offshore projects. The explorers follow in Section 6.00, and three deposits have left the register since 2023. Figures in the tables are stated as at their cited dates, and the market-sensitive ones will be refreshed on the day of publication. 3.00 — TIER ONE: THE PRODUCERS Where the tonnes actually are, including the majors The producing tier is where the copper is, and most of it sits inside diversified balance sheets. That fact shapes the choice for investors more than any other in this section. Anyone wanting ASX copper exposure at scale is really choosing among companies where copper shares the balance sheet with iron ore, gold, zinc or aluminium, while the pure-play exposure lives further down the table, in the smaller rows where the operating risk is higher. TABLE 01 sets out the tier. TABLE 01 also shows where the processing happens, and the answer is mostly not here. Of the Australian operations listed, only BHP's South Australian complex converts its own ore to finished metal in Australia. Nearly everything else ships concentrate, most of it to Asian smelters that are now working for zero processing fees, although Carnaby's tolling arrangement into Glencore's Mount Isa smelter, covered in Section 4.00, may become a notable exception. The table makes one more point worth sitting with. Sandfire aside, an ASX investor cannot buy Australian copper production at scale without buying something else as well. There is a defence for that diversification, and it is a good one. It is what has kept these companies able to fund copper growth through the price cycles that broke smaller operators. 4.00 — TIER TWO: THE AUSTRALIAN DEVELOPMENT TIER Nine deposits between resource and mine This tier is where Part 1's open questions get settled. Every headline resource below has been verified against current company disclosures. TABLE 02 carries the tier, and profiles follow for the four largest deposits an ASX investor can still reach. Caravel: the biggest number on the ASX board Caravel is a porphyry system in the Wheatbelt of Western Australia, about 150 kilometres from Perth, in farming country rather than desert. With Hillside's departure from the ASX, it now holds the largest copper resource still accessible through a listed pure-play. The resource stands at 1.28 billion tonnes at 0.24 per cent copper, which works out to 3.03 million tonnes of contained metal, with molybdenum, gold and silver alongside. The ore reserve was updated in June 2026 to 597 million tonnes at the same grade, the definitive feasibility mining study was completed in July 2026, and the environmental review resubmission is due around the middle of the year.[R6] The scale comes with conditions. The grade is the lowest on the register, and prefeasibility work contemplated development capital of A$1.6 to 1.7 billion, a large number for a company of Caravel's size. Press reports of strategic-deal discussions are circulating, and they still need verification. In a sense, Caravel tests Part 2's question more directly than any other Australian deposit. Its bulk-tonnage economics only clear at a copper price the incentive-price debate is still arguing about. FIG. 03 shows the project ground. Kalkaroo: the deposit the majors just voted for Kalkaroo sits in the Curnamona Province of northeastern South Australia, on a pastoral lease a long way from anywhere large. The resource holds 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt, and within it sits a reserve of 100 million tonnes at 0.47 per cent copper and 0.44 grams per tonne gold.[R7] In February 2026 control of the project effectively moved. Sandfire signed binding agreements to earn 80 per cent through a staged structure worth up to about A$210 million, which commits it to a new prefeasibility study and at least 20,000 metres of drilling inside two years. The transaction says something about value, because a producing mid-cap looked closely at this ground and agreed to pay developer prices for most of it, with BHP's earlier study work on the deposit already sitting on the public record. Havilah shareholders should weigh the other side of it just as carefully. They now hold 20 per cent of a project whose pace is set by someone else. FIG. 04 reproduces the partners' own map of the project and the pastoral lease that hosts it. Briggs: the tonnage bet next to the infrastructure Briggs sits in central Queensland, 60 kilometres west of the deep-water port of Gladstone. The deposit carries 2.0 million tonnes of contained copper, along with 73 million pounds of molybdenum and 16.5 million ounces of silver, at a 0.15 per cent cut-off. Most of the tonnage is inferred, 793 million tonnes at 0.20 per cent, with 137 million tonnes at 0.25 per cent already in the indicated category. Alma Metals is sole-funding a 45-hole drilling program of roughly 14,000 metres through 2026 to change that balance ahead of a prefeasibility study, earning its way to 70 per cent, with Canterbury Resources retaining the rest.[R8] Two facts shape the deposit's position on the register, and they pull in different directions. The grade sits at the Caravel end of FIG. 09, which means the mining has to be cheap and the scale has to be large. The location, on the other hand, sits closer to power, rail, port and workforce than almost any other deposit in this tier, and FIG. 05 reproduces the partners' own map of that setting. Part 1's funding test still applies to the operator. Roughly A$8.7 million in cash and investments is enough to fund drilling, and a development decision would call for capital of a different order altogether. Elizabeth Creek: the grade counterexample Elizabeth Creek sits on the margin of the Olympic province in South Australia, and it offers a useful counterpoint to the giant low-grade systems that dominate this tier. Not all of the state's copper comes in billion-tonne packages. The flagship deposit here, Emmie Bluff, holds 40.2 million tonnes at 1.27 per cent copper, with cobalt and silver alongside, and about 95 per cent of that sits in the higher-confidence indicated category. It is the largest of four deposits that together hold 65.5 million tonnes. The work program is well advanced. Prefeasibility drilling finished in early 2026, and an updated resource estimate is due to follow. The company has also been testing a chloride leach flowsheet, with the aim of producing finished copper on site rather than shipping concentrate overseas, which is the processing advantage described in Section 1.00.[R9] The flowsheet is also where the main technical risk sits. The leach process is what makes Elizabeth Creek different, and it is the part of the project that still has to prove itself at study level. The prefeasibility study now in progress will put a price on both. FIG. 06 shows the work under way, with one of the three rigs turning at Emmie Bluff in January 2026 during the final holes of the program. 5.00 — TIER THREE: THE OFFSHORE HOLDINGS ASX-listed copper beyond Australia The offshore tier holds the register's largest development project and its most instructive departure. TABLE 03 sets out the rows, and the Costa Fuego profile follows. Costa Fuego: the register's biggest development plan Hot Chili's Costa Fuego sits on the coastal range of Chile, about 600 kilometres north of Santiago, and it is the largest copper development plan an ASX investor can currently reach. The resource holds 2.91 million tonnes of copper along with 2.64 million ounces of gold. The prefeasibility study of March 2025 set out the shape of a possible mine, a 20-year operation producing about 95,000 tonnes of copper a year, with a post-tax net present value of US$1.2 billion and a maiden reserve of 502 million tonnes at 0.37 per cent copper.[R10] The project has some advantages that are not common in Chile. It sits at low elevation, where building and operating are cheaper than high in the Andes. Permitting work has been under way for more than a decade. Water, which is often the limiting factor in this part of the world, is addressed through a granted maritime concession held in a separate water business. And Glencore has taken a 9.9 per cent shareholding along with offtake rights over 60 per cent of the early concentrate, which shows a large trading house has looked closely at the ground and chosen to be involved. The risks are the ones that come with any project of this size, and Part 2 explained why they carry more weight now than usual. The capital needed to build Costa Fuego will run into the billions, while the company's market value is a small fraction of that, so a large financing task lies ahead. The definitive feasibility study is still to come. And the mine would earn its living selling concentrate in a market where smelters currently charge nothing to process it. The Glencore relationship softens that exposure but does not remove it. The main near-term development is the La Verde discovery, which is being drilled into a revised study due by the end of 2026. FIG. 07 shows the project's setting on the coastal range. 6.00 — TIER FOUR: THE EXPLORERS The hopeful tier, kept brief by design The explorer tier holds the most companies and the least defined copper, and this series treats it accordingly. These companies are at the stage where the story is a hypothesis awaiting an expensive test. Exploration is exactly that, and every deposit in the tiers above once sat here. The tools for reading this tier were built in Part 1, Section 10.00, and they remain the whole of Samso's guidance on it. Run the funding test on the latest quarterly report, keeping in mind that running costs continue through every month of waiting. Run the evidence test on the latest exploration announcement, keeping in mind that being near Olympic Dam is not evidence of an Olympic Dam. TABLE 04 lists the starter set. The spreadsheet accompanying this document carries this table on its own sheet, with an example row and space to extend it company by company during the pre-publication sweep. The rows above are a starting set. 7.00 — THE SHRINKING REGISTER What compiling the register revealed A register compiled in 2023 would have carried OZ Minerals, Rex Minerals, Xanadu Mines and MAC Copper among its most substantial rows. All four are gone now, and an 80 per cent economic interest in a fifth deposit, Kalkaroo, followed them in February 2026. FIG. 08 sets out the exits. The buyers in FIG. 08 have a lot in common. Each is a strategic, long-term holder of assets: a diversified major, an Indonesian conglomerate, a Singapore-based consortium, a South African gold house moving into copper, and a mid-cap producer securing its next decade of ore. The sellers, in every case, were ASX shareholders accepting a premium, 57 per cent for Xanadu and 98 per cent over the ninety-day average for Rex. Each transaction made sense on its own. Taken together, though, they mean the pool of copper an Australian retail investor can own is shrinking at the development end faster than discovery is refilling it. In its own way, the corporate activity repeats what Part 2's discovery-drought chart showed. FIG. 09 plots what remains, and what has left, on the axes that decide development economics. Set against Part 2's incentive-price estimates, FIG. 09 shows two kinds of project. Down and to the right sit the tonnage bets, Caravel, Costa Fuego, Briggs and, until its departure, Kharmagtai. In these deposits the copper is measured in millions of tonnes, but the grade demands bulk-mining economics, and on the register's own study numbers they need copper prices in the range the incentive-price debate is still contesting. Up and to the left sit the grade bets, Emmie Bluff, Mutooroo, Greater Duchess, and CSA before it left. These are smaller inventories that can carry higher costs for every tonne of rock mined. It is worth pausing on where the buyers have been shopping. Hillside and Kalkaroo sit in the middle of the chart, and CSA sat at the grade end. The corporate money has been buying deposits whose economics work at conservative copper prices, and that choice says something about how those buyers view the incentive-price debate. 8.00 — SAMSO TAKE Closing the series The Copper Question opened with a newspaper column about data centres and aluminium wiring. Three Parts later, the trail has run a long way from there. It has taken in copper demand forecasts that disagree by multiples, a substitution threat that turned out to be a century old and price-capped rather than fatal, mine supply that keeps missing its own guidance while smelters work for nothing, an incentive-price debate spanning a factor of two, and finally a register of ASX-accessible copper that corporate buyers have been steadily reducing from the top. This closes The Copper Question. The register in this document and its companion spreadsheet are built to be maintained rather than filed away. The tables carry their verification flags, the spreadsheet carries its sweep sheet, and the September quarter of 2026, when Nifty either pours cathode or does not, will give the series its first public test. Samso will be watching it on the record, as always. REFERENCES & SOURCES Notes on sourcing All maps, charts and tables in this document are original Samso illustrations of sourced data. The project photographs and reproduced company maps (FIG. 03 to FIG. 07) are drawn from the companies' public presentations, fact sheets and ASX announcements and are credited to their source documents in their captions. Resource figures in TABLE 02 and TABLE 03 marked as verified were checked against company disclosures in July 2026; rows marked "verify" carry a pre-publication check. Market-sensitive figures (production guidance, cash balances, deal values and currency conversions) are stated as at the cited dates and refreshed on publication day. The explorer table is deliberately a starter set pending the pre-publication sweep. [R1] Samso Insights, The Copper Question Parts 1 and 2 (July 2026), for the demand evidence, supply evidence, tests framework, incentive-price material and the Nifty case study, with their underlying references. [R2] Stockhead, "ASX Copper Tier List" (July 2025), and Hot Chili media pages, "ASX Copper Tier List: Part 2": producer output compilation; Alara, Cobre and Norfolk mentions. [R3] The Assay, "Five Largest ASX-Listed Copper Miners in 2026" (February 2026): Sandfire December quarter output; Develop Woodlawn ramp and Trafigura US$65m arrangement. [R4] The Bull (May 2026): Capstone Copper 2026 guidance 200,000 to 230,000 t and costs; South32 Sierra Gorda. [R5] Investing News Network (February 2026): Sandfire MATSA and Motheo operations; Black Butte PFS and permit history. [R6] Caravel Minerals: project page and ASX releases; Mining.com.au (July 2026) on the DFS mining study and the June 2026 reserve of 597 Mt at 0.24%; Stockhead (January 2026) on the resource of 1.28 Bt at 0.24% for 3.03 Mt, DFS progress and reported strategic discussions (verify). [R7] Havilah Resources project pages; Mining Technology and Yahoo Finance (February 2026): Kalkaroo resource and reserve; Sandfire two-stage 80% earn-in and consideration; Mutooroo resource. [R8] Canterbury Resources ASX announcement, "Major Drilling Program Commences at Briggs" (29 April 2026): MRE of 2.0 Mt Cu, 73 Mlb Mo and 16.5 Moz Ag at a 0.15% Cu cut-off (137 Mt at 0.25% indicated; 793 Mt at 0.20% inferred); 45-hole ~14,000 m program; earn-in terms; and Alma Metals releases and coverage (April to May 2026) for funding. [R9] Coda Minerals ASX announcement, "Elizabeth Creek Copper-Silver Drilling Recommences in 2026" (12 January 2026): programme status, project-wide inventory of 65.5 Mt for 725,800 t contained copper, Emmie Bluff resource detail, and the August 2025 scoping study update (pre-tax NPV7 ~A$1.3 billion, IRR 39%); with Discovery Alert (January 2026) and SMM (May 2026). [R10] Hot Chili: PFS announcement (27 March 2025) including the maiden reserve of 502 Mt at 0.37% Cu; Livewire Markets (May 2026): resource of 2.91 Mt Cu and 2.64 Moz Au, PFS economics, Glencore holding and offtake, La Verde and the revised PFS timeline; Crux Investor (April 2025) on production scale and costs. [R11] Xanadu Mines announcements and coverage: Bastion takeover unconditional (June 2025), Zijin acceptance, compulsory acquisition and TSX delisting (July 2025); Allens deal summary (~A$160m implied value); Kharmagtai 2024 PFS parameters and resource basis (Junior Mining Network, January 2025; earlier scoping MRE). [R12] Rex Minerals and Hillside: MACH Metals scheme completion (30 October 2024, A$393m); Mining.com and Australian Mining (July 2024); Rex project page (resource 337 Mt at 0.56% for 1.9 Mt Cu, Stage 1 reserve, A$854m capex); Ausenco EPCM award; Wood Mackenzie project note (May 2026). [R13] Harmony Gold announcement (24 October 2025): completion of the MAC Copper acquisition at US$1.01bn; CSA integration and life-of-mine plan timing (August 2026). [R14] Carnaby Resources coverage (October 2025): Greater Duchess consolidation, ~27 Mt at ~1.5% CuEq across twelve deposits including Trekelano; Glencore tolling and offtake agreement. [R15] KGL Resources: Northern Territory Government investment flyer on Jervois approvals, build schedule and financing dependence (verify currency of document at publication). [R16] BHP disclosures via Part 1 sources: South Australian FY25 guidance and growth studies; Escondida interest. [R17] Kamoa-Kakula context update: Ivanhoe Mines guidance announcement (3 December 2025), 2026 guidance 380,000 to 420,000 t (noted for the Part 2 record). [R18] Deal-value conversions: approximate AUD equivalents at reported-date exchange rates; verify conversions at publication. [R19] Reproduced image sources: Caravel Minerals investor presentation (February 2021); Sandfire and Havilah Resources, Kalkaroo Copper-Gold Project fact sheet (February 2026); Canterbury Resources ASX announcement (29 April 2026); Coda Minerals ASX announcement (12 January 2026); Hot Chili corporate presentation, Rule Symposium (ASX release, 7 July 2026). Cover photo: Native copper, malachite, and azurite (GeoDIL number - 895), Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Native_copper,_malachite,_and_azurite_(GeoDIL_number_-_895).jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn't built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The company is moving to acquire the advanced Ciclón Copper Project in Chile for US$50 million, supported by a proposed A$100–120 million capital raising. Ciclón hosts a JORC 2012 Mineral Resource of 11.8Mt at 2.88 Norfolk Metals Limited (ASX: NFL) has entered into a binding agreement to acquire 100% of the Ciclón Copper Project in northern Chile for US$50 million. The acquisition positions the company around an advanced polymetallic copper asset that now carries an 11.8Mt JORC 2012 Mineral Resource Estimate at 2.88% copper equivalent. Under the agreement with Pampa Camarones SpA, Norfolk will pay US$45 million in cash and US$5 million in Norfolk shares for the Ciclón project. The transaction is being accompanied by a proposed A$100 million to A$120 million public offer at A$0.10 per share, with the raising intended to fund the acquisition, exploration programs and Norfolk's re-compliance with ASX admission requirements. The scale of the transaction is significant relative to Norfolk's existing position. The company's June 2026 quarterly report reported a cash balance of A$0.8 million at June 30, while confirming plans for the prospectus and capital raising associated with the transaction. Importantly, the technical position of Ciclón has also moved on since the acquisition was first announced on June 11. At the time of the acquisition announcement, Ciclón carried a foreign NI 43-101 estimate of 10.1Mt at 2.97% CuEq. Norfolk subsequently announced on June 19 a JORC 2012 Mineral Resource Estimate of 11.8Mt at 2.88% CuEq, following independent review and validation by Omni Geox Pty Ltd. Key Highlights Norfolk has entered into a binding agreement to acquire 100% of the Ciclón Copper Project. Purchase consideration for Ciclón totals US$50 million, comprising US$45 million cash and US$5 million in Norfolk shares. Ciclón now hosts a JORC 2012 Mineral Resource of 11.8Mt at 2.88% CuEq. The resource contains average grades of 0.93% Cu, 2.20% Zn, 0.81% Pb, 58ppm Ag and 0.22ppm Au. Norfolk plans to raise A$100 million to A$120 million at A$0.10 per share. The transaction involves a change in the nature and scale of Norfolk's activities and requires shareholder approval and ASX re-compliance. Ciclón has received environmental approval covering underground mining, processing facilities and supporting infrastructure. Norfolk is proposing approximately 30,000 metres of drilling at Ciclón and a further 19,500 metres at the La Encantada porphyry target over the first two years following completion. Norfolk reported A$0.8 million cash at June 30, 2026. What Norfolk Metals is Acquiring Norfolk has agreed to acquire all of Eco Earth Elements SpA and Don Gabriel SpA, the entities holding the Ciclón Copper Project. The consideration comprises a US$500,000 non-refundable deposit, US$44.5 million payable on completion and 71,428,571 Norfolk shares representing US$5 million of consideration at a deemed A$0.10 issue price. Ciclón is located in northern Chile's Domeyko Cordillera Eocene-Oligocene Porphyry Copper Belt, which also hosts major copper operations including Collahuasi, Chuquicamata, La Escondida, El Abra and El Salvador. The project is approximately 55km northeast of CODELCO's El Salvador copper mine and around 50km east of the Franke copper mine. The project comprises 55 exploitation mining concessions and three pending mining concession applications covering the Ciclón and Exploradora historical mining trend. Figure 1: Norfolk Project Locations — the project map contained in the quarterly report shows the location of Ciclón within northern Chile and its relationship with Norfolk's broader Chilean project portfolio (Source: ASX Announcement) A JORC Resource Now Sits Behind the Transaction One of the more material developments since the acquisition was first announced has been the conversion of the previous foreign estimate into a JORC 2012 Mineral Resource. The current global resource is: Source: Norfolk Metals June 2026 Quarterly Activities Report. Norfolk said Omni Geox completed the technical review and validation required to support reporting the resource under the JORC Code. The existing model was not rerun as part of the conversion, but was re-reported using updated metal prices and metallurgical recoveries after review of the underlying drilling, QAQC, geological modelling and estimation procedures. That distinction is worth retaining: this is a conversion and re-reporting of the existing resource model rather than a new resource generated from a new drilling campaign. Environmental Approval Already in Place Ciclón received a favourable Environmental Qualification Resolution from Chile's Environmental Assessment Service in December 2025. The approval covers underground mining operations at Ciclón and Exploradora, construction and operation of a processing plant, waste-rock dumps, filtered tailings storage and associated power, water, roads, camp and supporting infrastructure. The approved processing configuration provides for up to 0.60Mtpa of sulphide ore and 0.34Mtpa of oxide ore. Norfolk specifically cautioned that these plant capacities are technical specifications within the environmental approval and are not production forecasts. Exploration Remains a Major Part of the Plan While Ciclón already hosts a defined resource, Norfolk's proposed work program places considerable emphasis on further exploration. The company plans approximately 30,000 metres of diamond drilling at the Ciclón Copper Project over two years, comprising about 19,000 metres of infill and extensional drilling in Year 1 and a further 11,000 metres of infill, extensional and new-target drilling in Year 2. Another major component is the La Encantada porphyry target, immediately east of the Ciclón-Exploradora trend. Norfolk proposes approximately 19,500 metres of diamond drilling at La Encantada, including about 7,500 metres during the first year and 12,000 metres in Year 2. The existing Ciclón resource itself also remains open in several areas. The quarterly highlighted Ciclón Deeps, where historical drilling included 8.16m at 1.70% CuEq from 692.74m, while Exploradora Deeps recorded 8.82m at 1.99% CuEq from 504.08m. Norfolk has also identified several less-tested targets including Ciclón Norte, Portezuelo, Exploradora Norte, Atacama, Ignacia and Nevada. Figure 2: Ciclón Copper Project Drillhole Plan (Source: ASX Announcement) The Broader Chile Transaction Ciclón is not the only asset included in Norfolk's proposed Chilean expansion. The company has separately agreed to acquire Condor Peak Pty Ltd, which holds the Lily, Kika and Claudia exploration projects in Chile. The portfolio comprises 93 exploitation mining concessions, with the three project groups covering approximately 26,900 hectares in total. Consideration for Condor Peak is 71,428,571 Norfolk shares, representing US$5 million at the same deemed A$0.10 issue price, together with a 2% gross revenue royalty applying to specified properties outside the mining properties hosting the existing Ciclón resource. Following completion, Norfolk intends to focus its exploration program primarily on Ciclón while also advancing La Encantada, Condor Peak and its existing Carmen Copper Project. A$100M–A$120M Raising is Central to the Transaction The acquisition is conditional on Norfolk receiving binding commitments to raise at least A$100 million. The proposed public offer will issue between 1.0 billion and 1.2 billion new shares at A$0.10 each, raising between A$100 million and A$120 million before costs. Funds are intended to support the cash consideration for Ciclón, ASX re-compliance and the company's post-transaction activities. Proposed Executive Chairman Anthony McClure intends to subscribe for up to A$2 million of shares and proposed Non-Executive Director Andrew Bray for up to A$8 million, while existing director Ben Phillips intends to subscribe for up to A$100,000. The transaction also requires shareholder approval and Norfolk to re-comply with Chapters 1 and 2 of the ASX Listing Rules. ASX retains discretion over whether the company is re-admitted to the Official List and its shares reinstated to quotation. Norfolk's July quarterly subsequently confirmed that a notice of meeting had been dispatched in relation to the Ciclón acquisition, with the transaction forming part of the company's broader corporate restructuring and capital raising process. The Financial Context The June quarterly provides important context around the scale of what Norfolk is proposing. Norfolk finished June with A$0.8 million in cash. During the quarter it spent A$23,000 on exploration and evaluation across Ciclón, Carmen Copper, Roger River and Orroroo, while A$791,000 went towards staff, corporate and administration expenditure, costs associated with the Ciclón transaction and management of the company's corporate requirements. No mining production or development expenditure was recorded during the quarter. The acquisition and proposed capital raising therefore represent a substantial change in both the scale and focus of Norfolk's activities — a point also recognised formally through the ASX re-compliance process required for the transaction. Samso Concluding Comments This is one of those transactions where the headline numbers immediately change the conversation around a company. Norfolk is proposing to move from a company that reported A$0.8 million in cash at the end of June into one seeking to raise at least A$100 million and acquire an advanced Chilean project for US$50 million. That is a very different corporate proposition. For Samso, the most relevant part of the Ciclón story is that investors are not being presented with exploration potential alone. There is now a JORC 2012 resource of 11.8Mt at 2.88% CuEq, environmental approval covering an underground mine and processing infrastructure, historical drilling, and a defined program aimed at testing both extensions to the existing mineralisation and the larger La Encantada porphyry opportunity. But this transaction should also be viewed in its entirety. The A$100 million to A$120 million raising is not a side issue; it is fundamental to completing the acquisition and financing the proposed strategy. The number of new shares required at A$0.10 is substantial, and the acquisition remains tied to shareholder approvals, completion conditions and ASX re-compliance. That means there are really two questions for investors. The first is whether Ciclón is a sufficiently compelling copper asset to justify the scale of the transaction. The second is whether Norfolk can use the substantially larger capital base to turn the existing resource, environmental approvals and exploration targets into a commercially meaningful mining business. The geological ingredients are now much easier to identify than they were before the acquisition announcement. The next phase will be about execution: completing the transaction, funding the company appropriately and then generating the technical work required to determine what Ciclón can ultimately become. For us at Samso, that is where the story becomes worth following. Cover photo: KENNECOTT MINE IS THE LARGEST OPEN-PIT COPPER OPERATION IN THE WORLD, Bruce McAllister. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:KENNECOTT_MINE_IS_THE_LARGEST_OPEN-PIT_COPPER_OPERATION_IN_THE_WORLD_-_NARA_-_544789.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The Canadian explorer arrived on the ASX with a funded drilling program, an unusually large conceptual Exploration Target and a market reception that lifted the company’s implied equity value by approximately A$141 million in its first three trading sessions. WhiteRock Lithium Corp (ASX: WLC) began normal trading on the ASX on August 24, 2026 after completing an initial public offering of 1,846,154 CHESS Depositary Interests (CDIs) at A$3.25 each. The Canadian explorer raised the maximum A$6 million contemplated by its offer, including the available oversubscription capacity, and listed with 86,198,094 Shares/CDIs on issue and an indicative market capitalisation of approximately A$280.1 million. The market did not leave the valuation there for long. WhiteRock closed its first trading day at A$4.40, a 35.4% premium to the issue price. It advanced again to A$4.80 on August 25 and finished August 26 at A$4.90 (Figure 1). Figure 1: WLC share price chart (Source: ASX) That placed the company 50.5% above the IPO price after only three sessions and implied an equity value of approximately A$421.5 million based on the issued capital disclosed before quotation. That is an emphatically positive reception. It is also why this story needs to be viewed through the Samso lens: the share-price performance tells us what the market currently believes, but it does not establish a Mineral Resource, prove economic viability or remove the normal risks of developing a remote lithium project. WhiteRock has given investors a sizeable geological proposition, early high-grade drilling, preliminary metallurgical encouragement, a well-funded work program and a management team with genuine lithium experience. In return, investors have already awarded the company a substantial valuation. The next phase of the story will be about converting geological promise into resource confidence. IPO Snapshot - WhiteRock Lithium (ASX: WLC) Item Detail ASX code WLC Security CDI over one underlying WhiteRock common share, 1:1 IPO price A$3.25 CDIs issued under the offer 1,846,154 Gross IPO proceeds A$6.0 million Shares/CDIs at admission 86,198,094 Indicative market capitalisation at IPO price A$280.1 million Disclosed funds available at admission A$32.052 million First trading day August 24, 2026 Debut close A$4.40, up 35.4% from the IPO price August 25 close A$4.80 August 26 close A$4.89, up 50.5% from the IPO price Implied equity value at A$4.89 Approximately A$421.5 million This Was More a Listing Event Than a Funding Rescue The A$6 million headline raise does not tell the full funding story. Before the IPO, WhiteRock completed a Canadian charity flow-through financing in March and April 2026. That financing raised C$25 million, equivalent to approximately A$25.51 million at the prospectus exchange rate. The company also received further cash from the exercise of options and warrants. As a result, WhiteRock disclosed existing cash reserves of A$26.052 million at the prospectus date. When the A$6 million IPO proceeds are added, total funds available were stated at A$32.052 million before applying the remaining offer costs and planned expenditures. This matters because WhiteRock was not asking ASX investors to fund the first few holes into an untouched concept. Mobilisation for the 2026 field season was already occurring, drilling deposits had been paid, and the company intended to deploy two helicopters and up to four diamond rigs through October. The IPO therefore served several purposes beyond the A$6 million itself. WhiteRock sought access to Australia’s mining-focused capital markets, greater financial flexibility, a liquid market for its securities and the profile associated with an ASX listing. For a Canadian-incorporated company with a Québec lithium project and senior executives known to Australian resource investors, the logic is understandable. The offer was also small relative to the company’s capital structure. The 1.846 million new CDIs represented only about 2.1% of the 86.198 million Shares/CDIs on issue at admission. This is a very different setup from an IPO in which the public offer creates most of the listed capital. Reading the Market Reception Properly There is no ambiguity in the first conclusion: WhiteRock’s debut was strong. The A$4.40 first-day close produced an immediate A$1.15 gain over the A$3.25 offer price. Further advances to A$4.80 and A$4.89 extended the cumulative premium to 50.5%. On the disclosed issued capital, the difference between the offer-price valuation and the August 26 valuation was approximately A$141.4 million. The performance is even more interesting because broader ASX lithium names weakened on August 26 as Chinese lithium carbonate futures fell. WhiteRock still finished higher. That suggests the early trading was being driven by company-specific demand and listing dynamics, rather than simply rising with the sector. However, the volume needs to sit beside the price. Approximately 78,420 WLC securities traded on the first day, about 210,630 on the second and 32,323 on the third. Combined turnover of roughly 321,000 securities represented only about 0.37% of issued Shares/CDIs. A rising price on limited turnover remains a valid market price, but it does not carry the same depth of price discovery as millions of shares changing hands across a broad shareholder base. The pre-quotation disclosure also showed that the top 20 holders controlled approximately 76.1% of issued capital. About 38.0 million Shares/CDIs—roughly 44% of the issued total—were subject to ASX escrow for 12- or 24-month periods, in addition to escrow affecting some zero-exercise-price options. WhiteRock had 443 holders at admission. These details create two competing interpretations. The positive interpretation is that existing shareholders remain strongly exposed to the outcome, a large portion of early capital cannot immediately be sold and demand for a limited supply of tradeable securities has been strong. The more cautious interpretation is that a relatively tight market can amplify price moves. The first three days demonstrate enthusiasm, but a longer trading history and higher turnover will be needed before investors can judge the depth and durability of that enthusiasm. That is not a criticism of WhiteRock. It is simply the correct way to separate market reception from project validation. What Is the Banana Lithium Project? WhiteRock was established in 2022 and its principal asset is the Banana Lithium Project in northern Québec. The project comprises 1,360 contiguous exclusive exploration rights covering approximately 67,245 hectares. It lies about 87 kilometres northwest of Brisay within the Archean Superior Province of the Canadian Shield (Figure 2). Figure 2: Location map (Source: Company Website) The district is important. Eeyou Istchee James Bay and Nunavik have become major areas for hard-rock lithium exploration, and Québec combines an established mining code with access to predominantly hydroelectric power. WhiteRock identifies the all-season Trans-Taïga Road approximately 30 kilometres from the project and the Laforge-2 hydroelectric facility approximately 50 kilometres away. The C$4.7 billion La Grande Alliance infrastructure framework between the Québec Government and the Cree Nation provides further regional context, although investors should not assume that every proposed infrastructure benefit will automatically accrue to Banana (Figure 3). Figure 3: Project infrastructure (Source: Company Website) Geologically, the known mineralisation occurs in lithium-caesium-tantalum pegmatites. Spodumene is the principal lithium-bearing mineral identified to date, with the pegmatites interpreted as multiple subparallel, shallow-dipping sheets or dykes. The exploration story began with surface work. Mapping and channel sampling during 2023 identified mineralised pegmatites at Spodumene Mountain and helped define further prospects. WhiteRock followed with its maiden diamond drilling campaign in 2024, completing 7,844.3 metres in 29 holes across Spodumene Mountain, Isabella, Marine and Roloh. Every hole intersected lithium-mineralised pegmatite. Selected reported downhole intervals included (Figure 3): 79.3 metres at 2.00% Li₂O from 1.7 metres in ZS-24-003 at Spodumene Mountain; 64.7 metres at 2.14% Li₂O from 43.2 metres in ZS-24-006; 74.2 metres at 1.75% Li₂O from 56.9 metres in ZS-24-024, including 16.2 metres at 2.98% Li₂O; 60.4 metres at 1.86% Li₂O from 78 metres in ZI-24-017 at Isabella; and 38.0 metres at 2.17% Li₂O from 142.2 metres in ZI-24-022, including 15.8 metres at 3.07% Li₂O. Figure 4: Drill results (Source: Company Website) Those results explain why the project has attracted attention. The combination of substantial reported intervals, grades above 1% Li₂O and mineralisation at or near surface in several holes is technically encouraging. But the distinction between encouraging drilling and a defined resource is central to the investment case. The Large Number That Is Not Yet a Resource Cube Consulting prepared an independent JORC 2012 Exploration Target of 190–275 million tonnes at 1.2–1.6% Li₂O. The target comprises: Table 1: Exploration Target Target area Tonnage range Li₂O grade range Spodumene Mountain 70–100 Mt 1.2–1.6% Isabella 110–160 Mt 1.2–1.6% Marine 10–15 Mt 1.2–1.5% Total 190–275 Mt 1.2–1.6% If drilling ultimately supports something approaching that scale and grade, Banana would be a very significant hard-rock lithium discovery. That possibility is plainly one of the reasons the market has given WhiteRock a valuation well beyond that of an ordinary greenfields explorer. Nevertheless, the mandated caution is not a technical footnote to be skimmed over. The Exploration Target is conceptual. There has been insufficient exploration to estimate a Mineral Resource, and there is no certainty that further work will produce one. The 2024 drill spacing was designed to test outcropping pegmatites rather than establish the geological and grade continuity required for resource classification. Cube considered the information sufficient for an Exploration Target, but not sufficient for a Mineral Resource estimate. This means the market is currently valuing the probability that a meaningful portion of the target can be converted into a resource. Investors are not yet valuing a measured inventory of tonnes that has passed through mining, processing and economic studies. That difference is the heart of the WhiteRock proposition. Metallurgy: Encouraging, but More Work Is Required Preliminary heavy-liquid-separation testwork at SGS Lakefield assessed ten drill-core samples from Spodumene Mountain and Isabella. The objective was to test the potential to produce a spodumene concentrate above 6% Li₂O and below 1% Fe₂O₃. Six Spodumene Mountain samples generally produced potential global lithium recoveries to a 6% concentrate of 77.0–87.3%, apart from one sample at 62.6%. Most Isabella samples returned potential recoveries of 62.4–85.4%. One Isabella sample performed poorly at 13.1%, which the technical report linked to finer spodumene grain size that may require flotation. This is a useful early result because coarse spodumene capable of responding to dense-media separation can support a simpler processing concept than an entirely flotation-dependent flowsheet. It is not, however, a completed process design. The variability between samples shows why broader, representative metallurgical programs will be necessary as the geological model matures. The Samso point is straightforward: metallurgy should be treated as a workstream, not a slogan. “Up to 87% recovery” is attractive; the full range of results and the representativeness of the samples are what ultimately matter. Where the Money Is Going WhiteRock’s pre-quotation statement allocated the A$32.052 million of disclosed available funds over the 24 months following admission as follows: Table 2: Use of Funds Intended use A$ million Share of funds Exploration work program 26.043 81.3% Corporate administration 3.281 10.2% Working capital 1.548 4.8% Remaining costs of the offer 1.180 3.7% Total 32.052 100.0% Within the technical program, the prospectus budgeted A$19.342 million for drilling, A$1.292 million for assays and A$4.758 million for geological work. Smaller amounts were allocated to permitting, environmental and social work, resource estimation and technical studies. The proposed field plan included 18,000–25,000 metres of drilling at Spodumene Mountain between July and October 2026, followed by a similarly sized campaign during 2027. The 2026 work is designed to infill the known mineralisation, test extensions to the north and south and improve the company’s understanding of continuity. LiDAR, high-resolution imagery and regional surface exploration are intended to generate additional targets across the wider property. WhiteRock is targeting a maiden Mineral Resource Estimate in the first half of 2027, subject to the results. That is the next defining milestone. A Team the Australian Lithium Market Recognises Executive Chairman and Chief Executive Officer Simon Hay previously served as chief executive of Galaxy Resources and managing director of Leo Lithium. Non-Executive Director Alan Rule is a former chief financial officer of Galaxy Resources and has served as a director of Leo Lithium. Non-Executive Director Ron Mitchell has held senior roles at Tianqi Lithium and is chief executive of Firebird Metals. Co-founders Dustin Nanos and Drew Nanos remain substantial shareholders and directors. Chief Operating Officer Tom Blackwell brings project-delivery experience from the Goulamina lithium project, while Vice-President Geology and Exploration Patrik Schmidt has Québec lithium experience and was involved with the discovery teams at PMET Resources and WhiteRock. The team matters because Banana is moving from discovery drilling toward resource definition. That transition requires more than promotional reach. It requires seasonal logistics, drilling discipline, geological modelling, community engagement, metallurgy, capital management and an understanding of how technical decisions affect future development options. Management experience does not guarantee success, but it lowers one category of risk: investors are not asking an entirely new group to learn the lithium sector from first principles. Capital Structure, Alignment and Dilution At admission, WhiteRock had 86,198,094 Shares/CDIs, 1,928,863 zero-exercise-price options and 11,840,751 warrants. Assuming all options and warrants were exercised, the prospectus showed 99,967,708 securities on a fully diluted basis. The founders’ positions are material. On the prospectus assumptions, Dustin Nanos and associated holdings represented approximately 22.1% of issued capital after the maximum offer, while Drew Nanos and associated holdings represented about 20.5%. Kingslane Pty Ltd held approximately 8.2%. The pre-quotation top-20 list subsequently confirmed a concentrated register, with the 20 largest holders accounting for 76.1%. Large founder ownership can produce alignment: those who established the company retain considerable exposure to the result. It can also produce concentration and governance considerations, making the role of independent directors and transparent related-party processes important. Investors also need to account for the warrants and incentive securities when thinking about future ownership and valuation. Exercise may bring cash into the company, but it can increase the security count. At A$4.89, the simple implied value using the prospectus fully diluted total would be approximately A$488.8 million, although that calculation does not deduct exercise proceeds and should not be confused with an enterprise valuation. The Risks That Deserve More Than a Passing Mention WhiteRock’s opportunity is substantial, but the prospectus correctly describes the investment as highly speculative. The first risk is geological conversion. A large Exploration Target is not a Mineral Resource, a Mineral Resource is not an Ore Reserve, and an Ore Reserve is not a profitable mine. Drilling must establish continuity, geometry and grade. Later studies must address recoveries, mining method, infrastructure, capital expenditure, operating costs and approvals. The second risk is valuation. WhiteRock did not list as a lightly valued micro-cap explorer. It entered at approximately A$280 million and reached an implied A$421.5 million equity value within three sessions. The higher the starting valuation, the more geological success is required merely to justify what the market has already priced. The third risk is lithium-market exposure. WhiteRock is years away from any potential production, and lithium prices, project financing conditions and investor appetite can change considerably during that period. A technically successful project can still struggle if commodity pricing and capital markets are unfavourable. The fourth risk is funding. The company is well funded for its stated two-year program, but the prospectus says further capital will be required for work beyond that program. Any future development would require substantially more funding, potentially through equity, debt, strategic investment or a partnership. The fifth risk is location and execution. Northern Québec offers jurisdictional and power advantages, but the project remains remote. Helicopter-supported programs, short field seasons, weather, forest fires, equipment availability and skilled personnel can affect timing and cost. The sixth risk is permitting and Indigenous engagement. WhiteRock holds an authorisation for impact-causing exploration activities that runs to April 2028, but future work and any eventual development will require further approvals and consultation. Constructive relationships with Cree and Inuit communities are not peripheral to the project; they are fundamental to its ability to advance. Samso Concluding Comments WhiteRock Lithium has achieved something that many new listings fail to achieve: it arrived with work already underway, enough money to execute a meaningful program and a geological proposition large enough to matter if drilling validates it. The ASX reception has recognised those strengths. A 50.5% premium after three trading days cannot reasonably be described as anything other than a successful debut. But the share price has now raised the standard by which the company will be judged. At approximately A$421.5 million of implied equity value, WhiteRock is no longer being priced as an unknown explorer with a few interesting pegmatite outcrops. The market is assigning a meaningful probability to Banana becoming a large, high-grade lithium resource and to the management team advancing it successfully. That may prove correct. The 2024 drilling gives the thesis genuine substance: all 29 holes intersected mineralised pegmatite, several intervals were both thick and high grade, and preliminary metallurgy suggests that parts of the mineralisation may respond well to a relatively simple concentration route. Yet the defining word remains preliminary. The next body of drilling must show that the impressive intervals connect into coherent, predictable mineralised domains. The maiden resource must establish how much of the 190–275 Mt Exploration Target can be converted, at what grades and in which confidence categories. Metallurgical work must explain variability rather than merely advertise the best recovery. Environmental, access and community work must advance in parallel with geology. For existing IPO participants, the early gain has been substantial. For investors considering the stock after the debut, the question is different. They are no longer deciding whether A$3.25 was an attractive entry point. They are deciding what evidence is required to support a valuation above A$400 million for a company that does not yet have a Mineral Resource. That is where Samso believes the research should focus. The listing is complete. The reception has been strong. Now the drill rigs have to turn market expectation into geological fact. Cover photo: Spodumene - Spodumene, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Spodumene_(GeoDIL_number_-_1621).jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Coffee with Samso — with Dr Tobias Schlegel, Senior Research Scientist, CSIRO We're back at Samso HQ at the University Club, on the UWA campus in Crawley, and this is a conversation that has been a few years in the making. I first came across Tobias Schlegel at an IOCG workshop in Adelaide. He was up the front talking about how these deposits actually form, and I remember thinking, I need to talk to that guy. It has taken two or three years, but here we are. Tobias is a Senior Research Scientist at CSIRO, where he has spent close to seven years, and he has been working on Iron Oxide Copper Gold (IOCG) systems since around 2009 — including his doctoral work on Prominent Hill. If you want someone who has spent well over a decade staring at the rocks behind Australia's most important copper story, he is the man. "Geochemistry Isn't the Silver Bullet" Why this conversation with a CSIRO Scientist matters Copper is on everyone's lips. Investors want to know where the next tonne is coming from. And in Australia, the answer keeps pointing back to IOCGs. Globally, porphyries are the elephant in the room — Tobias puts them at roughly 60% of world copper supply. But IOCGs are where Australia lives. In South Australia and Queensland, they are the dominant copper producer. And they carry a quiet advantage: where porphyries typically run somewhere around 0.4–0.6% copper, IOCGs tend to scrape around 1%, particularly the hematite-dominated ones. When you are exploring undercover — as we increasingly are in this country — that grade difference matters. The thing that stopped me in my tracks Here is the part of the conversation that I keep coming back to. We spend our entire exploration lives assaying for metals. Copper. Gold. Rare earths. That's what we want to find, so that's what we measure. Tobias's point is that the metals are only half the story. Metals travel in a fluid as cations — copper plus, iron two plus. But a fluid cannot just dump cations into a rock and walk away. Something has to balance the charge. So the anions come along too: chlorine, hydroxide, sulfur, phosphate. And when that fluid hits the rock, it doesn't only deposit metal — it also rebuilds the mineralogy, turning feldspars into hydrous minerals like chlorite and muscovite. You may have thirty metals sloshing around in the system. But they are charge-balanced by a handful of anions. And as Tobias puts it, the signature of the anions is sometimes far clearer than the signature of the metals. Which means the alteration mineralogy can be telling you something your assay sheet simply cannot. From geochemistry to mineralogy This is why, over the last five or six years, Tobias has drifted away from whole-rock geochemistry and towards mineralogy — measuring surface chemistry with automated SEM-based systems and translating it into minerals, sample by sample, down a drill hole. What emerges is not the presence or absence of some magic indicator mineral in a single sample. It is the systematic change in mineral abundance through space. And it tends to behave predictably: broadly speaking, the bigger and more intense the alteration zone, the better the copper intersection at the end of it. He is careful — and I respect him for it — not to sell this as a silver bullet. Geochemistry is still the method of choice, still the thing companies use to publish a resource, and it works especially well in homogeneous host rocks like granites. But when the host rock gets messy, and when the first hole finds smoke rather than fire, this is where the toolbox needs to get deeper. What else we covered Why IOCGs are complex — but not as chaotic as they look. Olympic Dam, Prominent Hill and Oak Dam West sit in completely different host rocks, of different ages, yet the alteration zoning tells a strikingly similar story: a hematite-quartz core, with the copper wrapped around it. Hematite versus magnetite. Why the hematite-dominated systems in South Australia carry the chalcocite, bornite and chalcopyrite everyone wants, while magnetite-dominated systems tend to run lower grade with more pyrite. The breccia debate. Were these bodies blown apart, or are they structural jogs that later became plumbing for mineralising fluids? At Prominent Hill, Tobias argues the breccia was there first. Rare earths as a clue. The unusual lanthanum and cerium signature in South Australian IOCGs, and cerium's role in the magnetite-to-hematite transformation. The carbonatite question. With the Arunta throwing up hybrids, is there a real link between carbonatites and IOCGs? The idea has been around for about 25 years. Work at Carrapateena with the Geological Survey of South Australia shows carbonates replacing chlorite at depth — and the copper grade going up where they do. A hint, Tobias says, not a proven link. AI in exploration. A refreshingly honest answer, and a warning worth writing on the wall: if we feed the system what we already know, we will tend to find what we already know. Exploration is not a data-rich space. Advice for the next generation. Stay curious. The learning doesn't stop at graduation. The takeaway Geochemistry is not just about the element itself. It's about how that element moves through the system, and what it leaves behind on the way. The assay tells you what arrived. The mineralogy tells you how it got there — and, if you read it properly, which way to point the next hole. And if you're stuck? Tobias's parting thought was simple: reach out. CSIRO, the universities, the geological surveys — they are there to help industry solve exactly these problems. Grab a coffee. This one is worth your time. In the words of Samso, get your favourite beverage and sit and listen to another great insight from Coffee with Samso. Coffee with Samso - Episode 225 | The Copper Is Hiding in the Minerals, Not the Assays — CSIRO's Tobias Schlegel on IOCG Vectoring | Adelaide | South Australia Audio Podcast Coffee with Samso - Episode 219 | Everyone Assays for Metals. This CSIRO Scientist Says You're Measuring the Wrong Half. | Adelaide | South Australia Chapters 00:00 Start 00:31 Introduction 02:12 Why geochemistry for you? Why did you focus on it — and from an industry point of view, why do we think geochemistry is such a big part of what we do? 04:26 IOCGs are complex — Olympic Dam, Carrapateena and Prominent Hill are already diverse in chemistry despite wearing the same tag. Do you share the view that they're complex, or more complex than other deposit types? 07:30 The amount of magnetite differs between deposits (Olympic Dam vs Prominent Hill, which sits near iron mines). Is that distribution province-related or deposit-related? 08:38 IOCGs have a strong affinity with global copper supply. Can you describe their potential role in addressing future copper supply? 09:40 Is being a minor global producer a function of them being hard to find, or are they simply rarer than porphyries? 10:43 Porphyries feel dramatic — almost volcanic — while IOCGs seem more subdued, occurring in large breccia bodies. Is that fair, or is it just a function of where they're discovered and preserved? 12:09 Can you give viewers a systematic methodology for exploring IOCGs — geophysics to target, then drilling — and how does geochemistry help with the final vectoring? Is geochemistry the thing that "clears the smoke" at the end? 15:49 There's talk that certain rare earth spikes mean you're closer to a Prominent Hill or Olympic Dam. Can explorers use that signature — especially on the near-misses — to map themselves toward a potential discovery? 18:12 Ernest Henry in Queensland differs from the South Australian IOCGs, and Kiruna differs again. If you had to generalise across all IOCGs globally, are there real similarities, or are they distinct to where they sit? 20:59 In the Arunta, explorers chasing IOCG signatures are finding carbonatites. Do you see a chain or gradient between IOCGs and carbonatites? What are your thoughts on that line of thinking? 25:51 Based on what we understand today, and looking across Australian provinces, do you see where someone should be looking for IOCGs — or where there's already evidence of IOCG-type mineralisation? 28:46 From your years working with geochemistry, can we template it? Is there a repeatable process — ratios and so on — that could be transferred to other metals or deposit types, or is it still back to basics? 32:39 (On the mineralogy/anion approach) Is this something new that people are starting to look at? 35:46 Have there been examples where it worked in one place but not another? And if you take rock samples across a project and look at the mineralogy, can you make sense of it — or does it all depend on where the sample sits relative to the resource? 37:11 Are we talking about our ability to understand grade, or the potential to use this to vector to discoveries? 38:14 If you compiled historical core-library and assay data and brought "Mr AI" into the game, would that help — or is the training data still the problem? 39:48 The Problem with Ai 41:40 What would you advise the younger generation coming through who want to go down your path? 43:12 Tobias Words of Wisdon 44:44 Conclusion jkfghkjhfkhjgk The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.