Samso Search Results

Announcement Kilometre-scale anomalies identified at the Murphy West 7 October 2025 DevEx Resources Limited (ASX: DEV) has put a clear frame around the Murphy West story: first-pass soils are lighting up kilometre-scale, multi-element pathfinder halos across radiometric and structural targets on the southern margin of the McArthur Basin (Figure 1), echoing the Junnagunna orientation model where Pb–Cu–Be mark buried uranium. The update is methodical—boots-on-ground sampling to tighten anomalies now, drill permitting underway, and a defined catalyst window with shallow multi-target drilling flagged for the 2026 field season.  Figure 1: DevEx’s NT Uranium Projects surrounding the uranium-endowed margin of the McArthur Basin (source: DEV) DevEx Managing Director, Todd Ross , commented: “These early results have already highlighted several exciting large-scale uranium targets, analogous to both the Westmoreland and Alligator River uranium deposits, for further follow-up. As results continue to be received, and our targeting confidence builds, we look forward to transitioning to our first phase of drilling at Murphy West. “DevEx has a dominant footprint in the McArthur Basin – which has strong geological similarities to the world-class Athabasca Basin in Canada – home to some of the world’s biggest uranium mines. Between our district-scale Murphy West Project and advanced Nabarlek Project we are continuing to advance towards our goal of making a company-changing uranium discovery in Northern Australia.”   Highlights - The Developing Uranium Story. First-pass surface geochemistry at Murphy West has outlined several kilometre-scale multi-element anomalies  coincident with radiometric/structural targets defined by 2024 airborne surveys.  >650 soil samples collected; ~450 assays received  so far, with results continuing to arrive as follow-up sampling expands priority targets.  Pathfinder suite (Pb–Cu–Be)  observed in soils above target areas, analogous to  geochemical responses over the Junnagunna uranium deposit  at Westmoreland (Laramide Resources Limited’s (ASX: LAM).  Drill permit applications  are being prepared; shallow multi-target drilling scheduled to commence ~April 2026  (start of the 2026 field season).  The McArthur Basin —DevEx’s broader focus area— is considered highly prospective  for large-scale unconformity-type uranium systems and is compared with the Athabasca Basin (Canada)  in terms of endowment potential.   Geology & Target Model in Brief The targets sit on-strike with the same stratigraphy that hosts major uranium to the east—most notably Laramide’s Westmoreland deposit in Queensland (65.8 Mlbs U₃O₈; see Figure 2)— supporting geological continuity and prospectivity along the southern margin of the McArthur Basin . Murphy West is testing both: 1.      Unconformity-style targets  near the Westmoreland Conglomerate unconformity, commonly associated with magnetic features; and 2.      Westmoreland-style targets  within or overlying the Westmoreland Conglomerate, locally influenced by favourable fault offsets. Airborne work (2024) and first-pass soils have outlined multiple, large priority anomalies—up to ~2 km—now being ground-truthed . Figure 2: Murphy West — field investigations testing airborne radiometric anomalies. (source: DEV)   What’s new on the ground? DevEx is executing a methodical, boots-on-ground soil program  to test radiometric and magnetic anomalies generated by the 2024 airborne survey. Priority anomalies overlie flat terrains masked by surficial regolith/transported cover (Figure 3) , making soil geochemistry an effective vectoring tool where radiometric signatures can be subdued. Figure 3: Area G — first-pass soil geochemistry showing kilometre-scale pathfinder anomalies with radiometric/structural targets. (source: DEV)   Early results show coincident pathfinder responses  aligning with the company’s target models (Figure 4). Figure 4: Area A — first-pass soil geochemistry with similar pathfinder footprints. (source: DEV) Why the pathfinders matter (Junnagunna analogue)? DevEx completed an orientation soil/vegetation survey at Junnagunna (with Laramide’s support), demonstrating that although U is not anomalous in surface soils , a characteristic pathfinder halo  (including Pb, Cu, Be ) reliably marks buried uranium  (Figure 5) beneath Siegal Volcanics  and surficial cover. The same pathfinder response is now observed at Murphy West  over select targets, strengthening the analogue. Figure 5: Orientation soil geochemistry at Junnagunna pinpointing mineralisation with pathfinders (source: DEV) Taken together, the orientation work supports a covered-uranium model where pathfinder halos vector to mineralisation beneath transported cover (Figure 6). Figure 6: Junnagunna summary cross section (Polito & Kyser, 2005). (source: DEV)     Next steps & timeline October–November 2025:  Additional surface sampling to expand the coincident targets ; receipt of remaining assays and integrated review.  Regulatory:   Drill permit applications being prepared for multiple target areas.  Field Season 2026 (~April start):   Shallow, multi-target drill program  to test the highest-priority anomalies.   Samso Concluding Comments Murphy West is shaping up to be an interesting proposition for DEV. First-pass soils are mapping out kilometre-scale pathfinder footprints over radiometric and structural targets along the McArthur margin, and the Junnagunna orientation work gives the model teeth: Pb–Cu–Be can light the way where uranium itself won’t show at surface. That’s the kind of signal you want in covered terrain. For me, the near-term work is all about completing the soil coverage, tightening the anomaly geometries, and converting the best footprints into permitted collars. Management is indicating a window in the 2026 field season for shallow, multi-target drilling, while near-term catalysts are additional assays, refined target maps, and permitting updates. This is a uranium play and its early stage of exploration. Investors or potential investors need to consider the timeline is not short. With the market being so hot in gold, this will be interesting as narratives are pointing to favourable market expectations for uranium stories in 2026.     The Samso Way – Seek the Research Follow the data, verify the sources, and let evidence—not hype—shape your investment view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Discovery of the Anticancer Mechanism of (EE)-bisantrene 2 October 2025 Race Oncology Limited (ASX: RAC)   has reported a pivotal mechanistic discovery: its lead molecule (E,E)-bisantrene (RCDS1) (Figure 1) primarily exerts anticancer activity by binding and stabilising G-quadruplex (G4) structures in DNA and RNA— not  via an anthracycline-like pathway. The Company positions this as a step-change for clinical strategy, biomarker development, and partnering.   Figure 1: (E,E)-Bisantrene – Chemical Structure (source: RAC)   Bisantrene – Chemical Struct Key Highlights - An Anti-Cancer Story 1.      Primary MOA redefined:  RCDS1 binds and stabilises G4 DNA/RNA structures that regulate oncogene expression, including the master regulator MYC (Figure 2). This differentiates RCDS1 from doxorubicin-like chemotherapeutics. Figure 2: Model of RCDS1 (E,E-bisantrene) binding to the G4 DNA structure found within the promoter region of MYC. (source: RAC) 2.      Mechanistic clustering:  Across 102 cancer cell lines and 195 drugs, RCDS1 clustered with G4-binding agents (e.g., actinomycin D), not with anthracyclines (Figure 3).   Figure 3: Cluster analysis of the anticancer responses of 195 drugs across 102 cancer cell lines showing that RCDS1 (E,Ebisantrene) is similar in mechanism of action to the G4-DNA binding drug actinomycin D. (source: RAC)   3.      Downstream effects consistent with G4 binding (Figure 4): • Inhibition of topoisomerase II  and telomerase • Reduction in activity of oncogenes (e.g., MYC, c-KIT, KRAS, TERT, EGFR, BCL2, VEGF, HIF1A, MYB, PDGFA ) • Indirect increase in m6A RNA  levels (via MYC/FTO/ALKBH5 axis and G4-RNA effects on METTL3/METTL14). These collectively support anticancer efficacy and resistance modification. Figure 4: Binding of RCDS1 to G4-DNA and RNA structures causes multiple downstream anticancer effects. (source: RAC) Context on MYC:  MYC is overexpressed/dysregulated in ~70% of cancers and remains historically “undruggable”; G4-promoter targeting offers an indirect route to dampen MYC signalling (Figure 5). Figure 5: Ligand binding to the MYC gene G4 promoter region causes a downregulation of MYC expression, resulting in reduced oncogenic signalling, cancer growth and anticancer therapy resistance. (source: RAC)   5.      Direct MYC signal:  Race reports dose-dependent downregulation of MYC  shortly after RCDS1 treatment (example shown in MDA-MB-231 cells; EC50 ~322.5 nM) (Figure 6). Figure 6: Expression of the MYC gene is dose-dependently downregulated by RCDS1 in MDA-MB-231 breast cancer cells. (source: RAC) 6.      Clinical & commercial implications: • Better indication selection  and rational combinations • Biomarker  development to predict responders (MOA-linked pharmacodynamics) • Stronger regulatory  submissions (mechanism-informed) • Improved partnering  probability with large pharma. 7.      Operational update:  Race hosted a webinar on Wednesday, 8 October 2025 at 6 pm AEST to explain the discovery. 8.      m6A RNA regulation schematic:  m6A is a reader-mediated RNA mark that tunes splicing, export, translation, and mRNA stability (Figure 7). Figure 7: Levels of m6A in RNA provide multifaceted regulation of gene expression. m6A levels affect transcription, alternative splicing, alternative polyadenylation, nuclear export, cap-dependent and cap-independent translation, mRNA degradation, and mRNA stabilisation. A diverse set of reader proteins that selectively bind m6A, either directly or indirectly, mediate the many effects on gene expression. (source: RAC)   Race Oncology CEO and Managing Director, Dr Daniel Tillett,  commented: “The discovery (E,E)-bisantrene acts primarily by binding to G4-DNA and RNA structures, and not like the chemotherapeutic doxorubicin, fundamentally changes our thinking on how to best use this drug in the clinic. Bisantrene continues to surprise, and we look forward to building on this mechanism of action discovery in our future clinical and commercial plans.”   What Changed & Why It Matters Historically, bisantrene was assumed to function like anthracyclines based on early-era data; modern profiling and literature-guided experiments redirected the hypothesis to G4 targeting . This updated MOA explains clinical observations (e.g., differing toxicity profile) and gives Race a mechanism-anchored roadmap  for: selecting tumour sub-types, designing combinations (including with doxorubicin for anticancer plus cardioprotection aims), and building predictive biomarkers.   Next Steps Extend preclinical work on G4-DNA/RNA binding, efficacy, and resistance pathways. Prioritise cancer indications and rational drug combinations for clinical testing. Define commercial market opportunities and required clinical trials. Publish MOA studies (journals/conferences). Investor webinar:  8 Oct 2025, 6 pm AEST (registration link in announcement).   Samso Concluding Comments This is a reframing of the bisantrene story. Moving from an assumed anthracycline-like profile to a G-quadruplex–first MOA, with downstream m6A effects and a clear link to MYC biology, gives Race a sharper scientific narrative and a cleaner line of sight to indication selection. Mechanism clarity does not de-risk everything—but it does reduce ambiguity around why and where the drug should work. According to Race Oncology, a G4/MYC thesis naturally prioritises tumour settings where MYC programs are active and measurable, and it encourages combinations that exploit transcriptional stress or RNA metabolism. The m6A/reader engagement provides practical pharmacodynamic hooks that can be built into early trials—allowing faster “learn-and-kill” cycles rather than long, unfocused studies. As one takes a look at the share price chart for RAC, there is no doubt that the market is now embracing the approval and "acceptance" path for the Race story. Is this the start of a larger pricing movement? One will have to DYOR and compare similar stories that have come before Race Oncology. Samso has been covering the Race story for a while now, and it is exciting to see the near quadrupling of its market value over that time. As always, do your own work. I think that if Race can link this MOA to clean clinical signals and a credible path to registration, the equity story strengthens materially. Having a real solution in the anti-cancer arena is definitely worth more than the current market capitalisation of Race at AUD $746M The Samso Way – Seek the Research Do your own research: start at the source, interrogate the figures, cross-check the literature, map claims to testable milestones—and let evidence, not enthusiasm, set your conviction. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Strong Operational Momentum 2 October 2025  Category III CPT code application update  6 October 2025 Echo IQ Limited (ASX: EIQ)  has delivered a concise update showing rising clinical usage for EchoSolv™ AS, clear progress on EchoSolv™ HF’s FDA pathway, and expanding commercial channels in the US and Europe. The near-term catalysts are anchored in actual hospital integrations, validation work nearing completion, and newly appointed US key opinion leaders guiding adoption.   Chief Executive Officer, Mr Dustin Haines,  commented: “Echo IQ continues to build strong momentum across all key workstreams. Achieving a consistent growth rate of echocardiogram processing with fully integrated EchoSolv AS US customers has underpinned strong momentum to date in the American market and highlights increased usage of our technology ahead of a broader scale up and sales push across a range of qualified leads.” “At the same time, our FDA submission pathway for EchoSolv HF remains firmly on track, supported by the pending completion of our Mayo Clinic validation study in the coming weeks. This data will form an important foundation for our FDA submission, which will follow in quick succession upon completion of the trial and marks the final regulatory piece prior to FDA clearance in the coming months.” 1.0 Strong Operational Momentum 2 October 2025 - Diagnosing Heart Disease Usage inflection in the US:  Echocardiograms processed on EchoSolv AS at fully integrated US sites increased 153% from July–September 2025 . Management frames this as a major milestone ahead of broader conversion activities. Global throughput:   >90,000  echocardiograms analysed to date across trials and business development initiatives, underscoring platform scale. Regulatory path (HF):   Mayo Clinic Platform validation  is scheduled to complete this month , with FDA 510(k)  submission for EchoSolv HF to follow shortly thereafter—the final step before clearance. Commercial channels: ◽ ScImage  onboarding/integration completed; partner network spans ~1,200 US users. ◽ SARC MedIQ  beta complete; reach across ~300 facilities  and ~1,500 physicians . ANZ pilot momentum:   50,000+  retrospective echocardiograms analysed across Australia/New Zealand via a fully-funded pilot with a leading structural heart company. US KOL bench strength:  Appointments of Dr Philippe Genereux (Morristown MC; structural heart authority) and Dr Asif Ali  (University of Texas/Houston Cardiology Consultants; digital health/AI advocate) to drive adoption and integrations. EU expansion:  Final-stage negotiations with a specialist distributor and pursuit of CE Mark  to broaden the global footprint. Outcomes & economics:  Health-economic study with NEDA  underway to quantify mortality, hospitalisation, surgical trends, and system cost impacts from earlier AI-driven detection (AS/HF).   Operational Update — US Adoption & Conversion Engagement with fully integrated US hospital groups has driven a 153%  rise in processed echos (Jul–Sep 2025). Echo IQ is now advancing a conversion strategy  across qualified leads, with final demos/beta testing ongoing at large hospital groups and clinics, and expects the usage uplift to begin flowing into revenue in Q4 CY2025  ahead of a broader CY2026 scale-up.  Figure 1: Current sales & integration pipeline (source: EIQ) Regulatory — EchoSolv HF (FDA 510(k)) The Mayo Clinic Platform  validation (via Mayo Validate ) is slated to complete this month ; data will underpin the 510(k) submission within weeks , marking the final regulatory piece prior to clearance. The addressable HF market is large, with significant US burden and under-utilisation of evidence-based therapies—supporting the commercial rationale for EchoSolv HF. Commercial Channels — ScImage & SARC MedIQ ScImage  integration is complete, positioning EchoSolv within a ~1,200-user  US workflow ecosystem (with added traction via the MedAxiom network). SARC MedIQ  beta is complete, enabling access to ~300 facilities / ~1,500 physicians  and an active sales push across their network.  Advisors — Clinical Influence & Site Access Dr Philippe Genereux  (Structural Heart Program, Morristown Medical Center) and Dr Asif Ali  (UT Houston/Houston Cardiology Consultants) join as strategic advisors, supporting US integration opportunities and regulatory submissions. Negotiations for integrations tied to these appointments are advancing within large US hospitals. ANZ Pilot — Scale & Quality Focus In Australia/New Zealand, 50,000+  retrospective echos have been analysed under a fully funded medical device pilot with a leading structural heart innovator, focused on quality assurance and patient recall programs that surface at-risk patients for further review.   Europe — Market Entry & CE Mark Echo IQ is in advanced discussions with a specialist EU distributor  and is pursuing CE Mark  to enable broader regional commercialisation across AS/HF use cases. Evidence & Health Economics — NEDA Collaboration A health economic outcomes study with NEDA  is underway to quantify mortality/hospitalisation impacts, intervention trends, and cost/resource utilisation benefits from earlier AI-led detection—evidence that can support adoption decisions by payors and providers.   Next Steps Mayo validation completion  (this month) → FDA 510(k) submission (EchoSolv HF) shortly after. US integrations  via ScImage/SARC networks; ongoing demos/beta and conversion across qualified leads. EU distributor agreement  finalisation and CE Mark  engagement. NEDA health-economic study  outcomes to evidence clinical and cost benefits.   2.0 Category III CPT code application update 6 October 2025  US reimbursement update: The AMA did not  grant a Category III CPT code for EchoSolv™ AS (decision filed 3 Oct US time).   According to the company, Echo IQ will consider a reconsideration request within 14 days , continue supporting customers via Miscellaneous Code 93799 , and is engaging with the AMA on the proposed Clinically Meaningful Algorithmic Analysis (CMAA)  AI code framework, anticipated to roll out in CY2026 .     Chief Executive Officer, Mr Dustin Haines, commented : “This is a frustrating outcome, however, we respect the AMA’s decision and their current stance around AI-based technologies. Despite this decision, we are confident that ongoing engagement with the regulatory body will help ensure that EchoSolv AS remains front of mind, particularly as new frameworks for AI-based technologies, such as the proposed CMAA codes are developed.” “While more robust reimbursement remains a key factor in our commercialisation journey, the Company is continuing to advance a number of initiatives, including expanding our commercial use with Miscellaneous Code 93799, regulatory engagement with the FDA for EchoSolv HF, expanded US deployments of the EchoSolv platform and partnerships which will strengthen the commercialisation of our technology. These parallel efforts leave Echo IQ well positioned to drive adoption and unlock long term value for shareholders.”   Samso Concluding Comments The latest news is not the outcome that Echo IQ would prefer. As we all know in this sector, the line between being accepted and not accepted by the FDA can be very fine. It is also pertinent to remember that the decision does not mean that the technology is not valid. There is due process required and the company needs to do what it needs to do. Companies like EchoIQ do not present themselves to the FDA without knowing that their product holds up in concept and in practice. In regards to the story of Echo AI - Diagnosing Heart Disease, the company is continuing to highlight usage at integrated US sites is rising, the validation work for EchoSolv™ HF has defined endpoints and timing, and channel partners already touch meaningful clinical workflows. That combination— real usage + tight regulatory sequencing + existing distribution —is what typically separates intent from execution. Disregarding the setback recently, investors should keep their attention on three proof points: (1) sustained throughput growth at fully integrated sites; (2) the completion of the Mayo validation and the timing of the 510(k) submission for HF; and (3) tangible conversion from pilots and demos into paying deployments via ScImage/SARC networks. Each of these is measurable and should show up in the cadence of quarterly updates. Investors need to remember that the EchoSolv narrative is a proven concept from the company's point of view. So this may be the opportunity for shareholders to get in on the story at a market discount. Figure 2: The share price chart for EchoIQ Limited as of 14th October 2025. (source: commsec) As an investor, situations like this highlight a step in the decision-making when it comes to parting with your hard-earned money. Is this a misstep that will be recovered from is it a significant milestone that breaks the story? This is the decision that investors must make, and as I have always said, DYOR. The ANZ pilot and the NEDA health-economic work matter because adoption in cardiology isn’t won on algorithms alone; it’s won on workflow fit and clinical/economic outcomes . If EchoSolv continues to surface at-risk patients earlier and demonstrates reduced downstream costs, the conversation with providers and payers gets simpler. As always, none of this is a recommendation. Samso’s view is that the story is building the right way—evidence first, then scale. Track the milestones, read the primary documents, and DYOR . However, if you are chasing a discount, the time may be perfect for that investment strategy.   The Samso Way – Seek the Research Work through the PDF, track each milestone to completion, and map revenue recognition against integration timelines and FDA/regulatory gating items. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Production Update - Quarter ending September 2025 Kaiser Reef   Limited (ASX: KAU)  has marked its first full quarter since acquiring the Henty Gold Mine, with reconciled production reported for 1 July – 30 September 2025. Alongside the steadying of Henty as the core asset, the quarter featured renewed activity at Maldon and a strategic transition at A1, setting a clearer operational footing across the portfolio (Figure 1). Figure 1: KAU - Multi-asset Tasmanian and Victorian gold producer (source: KAU) Highlights - A Gold Mining Story. Henty Gold Mine (processed & reconciled): 68,675 t  processed (dry), 4.12 g/t  head grade, 89.1% processing recovery, 8,115 oz Au  produced.   Portfolio activities in train: Maldon drilling commenced  (results expected in October). Henty plant modifications  largely completed; detox capacity upgraded; throughput trials  to start with added crushing capacity. Henty Resources & Reserves update  progressing; release targeted for October. A1 Gold Mine  transitioning to care & maintenance . Bulk sampling  of historical material underway at the Maldon Processing Plant .     Kaiser Reef Managing Director, Jonathan Downes (Now Retired) , commented: “This has been a great quarter for Kaiser, marked by a successful first full quarter of ownership at the Henty Gold Mine, which produced well over 8,000 ounces of gold. Henty has solidified its position as our flagship production asset, and we are progressing on several fronts to realise continued upside from Henty. “Our portfolio-wide activities have progressed significantly. Exploration drilling at Maldon has recommenced, targeting zones under the Union Hill Open Pit, and we are working through multiple pathways to ensure that the Maldon Processing Plant remains operational and ready for future mining production. Whilst we have committed to transitioning the A1 Gold Mine to care and maintenance, overall, we think this will place the company in a much stronger position going forward and ensure we realise the inherent value of the historic Maldon Gold Project. With robust gold production, a strong pipeline of exploration and development opportunities and a solid balance sheet, Kaiser is well positioned to capitalise on a surging gold price. I’m very pleased with where Kaiser is now positioned, and we are well set for organic production growth. “ Operations & Activity — What’s Moving Henty (Tasmania):  Production metrics above establish Henty as the current flagship producer within the portfolio (Figure 2). Processing upgrades (including detox capacity) and imminent throughput trials indicate a practical focus on plant performance and potential rate uplift. Henty has excellent infrastructure (Figure 2), with a grid-powered 300 ktpa SAG–CIL plant (≈A$100m replacement) staffed by 150+ locals, reliable water and power, sealed-road access and workshops, plus TSF capacity approved for ~2.5 years and permitting underway for ~6 more years . Figure 2: Henty – excellent infrastructure (source: KAU) Maldon (Victoria):  Drilling has recommenced , initially targeting zones beneath the Union Hill Open Pit (Figure 3) ; historical material bulk sampling is also in progress through the Maldon plant to keep the facility operationally active ahead of future mine schedules. Results are expected in October . Figure 3: Maldon Victoria – prolific high-grade tenure (source: KAU) A1 (Victoria):  The operation is moving to care and maintenance , a decision positioned by management as strengthening the Company’s forward footing and sharpening focus on value realisation at Maldon/Henty. What To Watch Next Maldon drilling results (October).    Henty Resources & Reserves update (October).    Henty plant throughput trials  with additional crushing capacity.  Operational readiness at Maldon  via bulk sampling and plant utilisation.   About Kaiser Reef Kaiser Reef is an ASX-listed gold producer-explorer with Henty (Tasmania) , Maldon (Victoria),  including the Union Hill  mine and operating a 200,000 tpa  plant, and the A1 Gold Mine  (Victoria) is now moving to care & maintenance. Henty includes an underground operation and ~300,000 tpa  processing plant.     Samso Concluding Comments From a production lens, the headline is simple: Henty delivered a clean, reconciled quarter and now anchors Kaiser’s story. When a newly acquired asset settles quickly, it tells you two things: operational control is improving, and plant tweaks are starting to matter. The focus on practical upgrades and throughput trials points to incremental, low-risk lift rather than blue-sky promises, which is exactly what you want to see at this stage. Maldon adds the growth option that is both geologically sensible and infrastructure-aware. Drilling beneath established workings and keeping the plant “warm” via bulk sampling is a pragmatic way to shorten the path between discovery and milling—if the drill bit cooperates. The near-term cadence matters: results flagged for October will do the heavy lifting in converting potential into a pipeline, and they’ll tell us whether Maldon can step up from optionality to plan. Placing A1 into care and maintenance is a portfolio choice that is a very smart thing to do. Concentrate on what is making the money, and Henty is by far the best option. In my opinion, it is the only option at this time. What should investors track from here? First, the Henty reserves/resources update and how it squares with the production profile; Second, the outcome of plant throughput trials versus realised head grade and recovery; Third, the Maldon drill results and any follow-through targeting; and finally, balance-sheet flexibility to fund what works. My thoughts are that the reserves/resource update is going to happen, and it is going to add value to the current market capitalisation. People like Brad Valiukas are all about finding ounces, and he probably already knew where the ounces were before he took the reins of the project. Figure 4: Kaiser Reef share price chart as of 13th October 2025. (source: CommSec). The value of the company was always going to head north and figure 4 is a great example of the uplift in valuation for shareholders. My gut feeling is that this is going to happen again once the new numbers come out. With the Australian gold price at over AUD6,000/oz, someone like Brad would make a killing on the production ounces, and you will have very happy shareholders soon. With a current market capitalisation of just over AUD $181M and projecting 25,000 ounces annually, it is not that hard to see an uplift coming soon. The Samso Way – Seek the Research Start with the data, verify the claims, and let evidence—not headlines—shape your investment view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Arrakis Gold Discovery Confirmed With 54m @ 1.2g/t Au 22 September 2025 Yandal Resources Ltd (ASX: YRL)  has confirmed a new gold discovery at the Arrakis Prospect within the Caladan target area of the Ironstone Well–Barwidgee Project — a major milestone that de-risks exploration and advances the project (Figure 1). With 54m @ 1.2g/t Au from fresh rock, including 8m @ 4.7g/t Au, the result highlights scale and continuity over more than 2.2km of strike. Figure 1: Yandal Resource exploration Project locations within the Yandal Greenstone Belt. The Arrakis Prospect is located within the Caladan target area. (source: YRL) Key Highlights: Gold Discovery 54m @ 1.2 g/t Au from 108m , including 24m @ 2.1 g/t Au and 8m @ 4.7 g/t Au  from 154m to EOH (Hole 25IWBRC0040) (Figure 2). Figure 2: Yandal Resource exploration Project locations within the Yandal Greenstone Belt. The Arrakis Prospect is located within the Caladan target area. (source: YRL) Confirmation of primary mineralisation within fresh rock , demonstrating down-dip continuity below previous air-core intercepts. 6m @ 1.1 g/t Au from 180m to EOH  in 25IWBRC0041, confirming mineralised structure at depth. Mineralisation interpreted to have sub-vertical geometry with ~30m apparent width  – open along strike and at depth. Further five RC holes completed  with results pending, designed to test the 2.2km Arrakis trend. Diamond drilling planned to re-enter and extend 25IWBRC0041, supported by heritage surveys clearing drilling lines across the prospect.   Exploration Context Arrakis is part of the Caladan target area, located 60km south of Jundee (ASX: NST) and just north of the Siona discovery, within the Yandal Greenstone Belt. The current drilling program was designed to test mineralisation continuity in fresh rock  below significant air-core intercepts, which had defined a +2.2km mineralised corridor (Figure 3). Figure 3: Collar plan showing drill hole locations and interpreted Arrakis structure (source: YRL)   Geological Observations Mineralisation in 25IWBRC0040 is hosted within a strongly foliated, sheared, and altered mafic-derived unit. High-grade zones are associated with intense silica-albite-carbonate alteration , quartz veining, and up to 5% disseminated pyrite/arsenopyrite (Figure 4). Lower-grade envelopes are marked by sericite alteration with minor veining. Figure 4: Example of RC rock chips (155–160m) showing intense alteration and sulphide dissemination (source: YRL)   Yandal Resources’ Managing Director, Mr Chris Oorschot,  commented: “In a region where gold remobilisation within the regolith profile is common and complex, fresh rock tests represent a significant milestone in de-risking and progressing exploration targets. These first results demonstrate significant primary fresh rock mineralisation, confirming the discovery of a new mineralised system at Arrakis and the capacity for this system to be large in scale. Well done to the Yandal team, whose resolve and focus on executing the long-term exploration strategy have been paramount to this success. The Arrakis trend has been defined over more than 2.2km based on 400m and 800m spaced air-core lines. The impact of this discovery will be determined with further results and as exploration is progressed; however, the discovery potential is substantial when you consider the scale of the trend, and the limited and broadly spaced nature of current drilling. Our priority going forward is simple: to confirm the extent of primary fresh rock mineralisation across the 2.2km of strike. With one heritage survey complete and a second scheduled for the end of September, Yandal will soon have a significant amount of drilling positions available from which to progress the Arrakis discovery.” Next Steps Yandal has already completed one heritage survey, clearing 200m spaced lines, and has a second survey scheduled for late September to clear 100m spaced lines, giving flexibility for follow-up drilling. Immediate exploration plans include: Diamond drilling  to extend 25IWBRC0041. RC drilling on 200m spaced lines  along strike to the northwest and southeast. Integration of geological observations with assay results to refine targeting across the 2.2km trend.   Looking Ahead With a strong cash position and a fully funded program, Yandal is maintaining an aggressive exploration schedule through the remainder of 2025. Near-term news flow will include: Results from the five remaining RC holes at Arrakis. Mobilisation of a diamond rig in October. First results from AC drilling at the New England Granite target. Completion of the Gordons Gold Project sale agreement for A$2.81M in cash and shares.   Samso Concluding Comments The confirmation of a new primary gold system at Arrakis is a meaningful outcome for Yandal Resources. Fresh rock intercepts of this scale are rare, and they represent more than just a continuation of air-core success – they show that the mineralised system is robust and likely to persist at depth. From an investor perspective, this discovery sets Yandal apart in the Yandal Belt, where brownfields exploration can often be hit or miss. The continuity of mineralisation over 2.2km of strike offers leverage, and with further RC and diamond drilling on the way, the next set of assays could be a real catalyst. Geologically, the alteration style and sulphide association support the presence of a well-developed hydrothermal system. If step-out drilling continues to deliver similar grades and widths, we may be looking at the foundation of a significant resource. As with all early-stage discoveries, patience is key. Investors should watch for upcoming results, pay attention to how the geometry of mineralisation is refined, and track how Yandal systematically tests the full strike length. This is where long-term value is created.   The Samso Way – Seek the Research Always look beyond the first announcement. Discovery confirmation is only the beginning–track how Yandal Resources continues to step out along strike, extend depth continuity, and integrate geological and geophysical data into the model before forming a long-term view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR . To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Record Sales Result of $2.4m in Q1 3 October 2025 The Calmer Co. International Limited (ASX: CCO)   has reported the strongest quarter in its history with Q1 FY26 sales of $2.4 million , up 26%  on Q4 FY25 ($1.9m). Growth was broad-based across Australian retail, the USA, and B2B channels, with additional funding commitments to support inventory and expansion. Samso has been following CCO’s journey for some time, particularly its pivot toward a retail-led mix in Australia, the building momentum on Amazon US, and steady B2B demand. Today’s update sits squarely within that trajectory—showing execution across multiple channels while putting additional capital behind inventory to meet reorder cadence. Key Highlights - The Kava Business Record revenue:  $2.4m in Q1 FY26 ( +26%  vs Q4 FY25). Australia:  $1.4m ( +30% ), led by Coles and Woolworths  retail distribution.  USA:  $936k ( +20% ), supported by new Amazon US product formats .  B2B:  $290k ( +20% ), growth underpinned by partners including IMCD’s Network Nutrition .  Funding:  Secured commitments of $700k as Tranche 1  of a proposed $1.4m secured convertible note , to build wholesale inventory and support growth initiatives; management states the company remains on track to break even .   Founder and CEO, Zane Yoshida, commented: “Our lower cost and more diversified sales and marketing strategies are now delivering growth across all channels. New product launches on Amazon USA are showing pleasing signs of the potential of this market. Australian retail sales remain extremely strong and more profitable than the eCommerce-led strategy originally used to penetrate the market. Meanwhile, eCommerce in both Australia and the USA, through the Acuity platform, continues to grow at a much lower investment level. Our B2B business, which now includes market-leading extracts at higher kavalactone concentrations, has also shown exceptional growth, underpinned by increasing orders from strategic partners and IMCD’s Network Nutrition. The renewed engagement from Applied Food Sciences and their participation in our recent funding further validates our strategy and highlights the global potential of kava.” Operational & Commercial Notes Management highlights a lower-cost, diversified sales and marketing strategy . Australian retail  is described as more profitable than the earlier eCommerce-led approach; meanwhile, eCommerce in Australia and US (via the Acuity  platform) continues to grow at lower investment levels . In B2B , the company cites market-leading extracts  at higher kavalactone concentrations  and increased orders from strategic partners, including IMCD’s Network Nutrition. Funding & Outlook The Company has secured $700k  in commitments toward a two-tranche $1.4m secured convertible note  to fund wholesale inventory build  and other growth initiatives. The release states that this ensures the business is well-resourced to execute  and remain on track to break even . Participation from Applied Food Sciences  in the funding is noted as a validation point of the strategy and the global potential of kava . What to Watch Next Retail sell-through  in Coles/Woolworths and repeat orders .  Amazon US  momentum from new formats and reviews/ratings trends.  B2B orders  cadence (incl. IMCD’s Network Nutrition ) and uptake of higher-concentration extracts .  Deployment of convertible note proceeds  into inventory  and the company’s stated breakeven point .   About The Calmer Co. The Calmer Co. (ASX: CCO) is a beverage and natural products business focused on kava-based  relaxation and sleep support products, delivered globally via e-commerce  and blue-chip retail  partners through a farm-to-shelf supply chain (Figure 1 ). Brands include Fiji Kava , Taki Mai , and Danodan Hempworks , with markets across the USA, Australia, New Zealand, China, and the Pacific Islands. Figure 1: Growth beverage player expanding into global kava and broader natural products markets. (source: CCO) Samso Concluding Comments A record $2.4m quarter, with Australia retail now the profit anchor, is a good result for a company that has been struggling to make the Kava story mainstream. What is now looking like a Bread-and-butter sell-through in Coles/Woolworths rather than chasing vanity metrics online appears to be the right recipe. If that mix holds, operating leverage should improve without the heavy marketing spend that previously diluted returns. The USA e-commerce uplift —notably new formats on Amazon—adds optionality. It’s early, but if reviews, repeat rates, and Subscribe & Save adoption continue to trend up, that becomes a second engine rather than a distraction. The B2B extracts  piece is interesting: higher-concentration actives can underpin better pricing power and stickier relationships, which tends to smooth quarterly volatility. Funding matters. The $700k Tranche 1  of a proposed $1.4m secured convertible note  buys time to build inventory and meet reorders—exactly where growth companies trip if they under-stock into momentum. The flipside is balance-sheet discipline: investors should read the note terms closely, track inventory turns, and watch gross margin as the channel mix evolves. Breakeven claims are credible if the sell-through and reorder cadence keep pace with stock on hand. Figure 2: CCO share price chart as of 13th October 2025. (source: CommSec) The share price (Figure 2) has not really reflected any movement upwards but I think this is more to do with the heating up of the mineral resource sector of the ASX. I don't think that the lack of excitement has much to do with a perception of underperformance of CCO. The flow-down effect of the surging gold price and the sudden realisation of an actual shortage of certain minerals, and the ongoing geopolitical narrative are creating a surge in the popularity of any mineral resource story. Unfortunately, this will reflect the more "not so interesting" stories. The upsurge in the revenue of CCO is very encouraging for me as an investor. A market capitalisation of AUD $12M is a great place, as the proof of market traction appears to be in place. A subtle kink upwards in share price is not lost on me. I have been following this company's story since I first had a chat with Zane Yoshida. I have yet to be able to convince him to appear on Coffee with Samso, but there is time left. Execution now is simple to measure: scan retailer planograms and restock frequency, monitor Amazon rankings/reviews, and watch B2B order frequency  from groups like IMCD’s Network Nutrition. If these dials move together, the path to sustainable cash generation is in sight. If they decouple—rising inventories, softer reorders, or margin slippage—expect the market to demand tighter cost control before assigning a higher multiple.   The Samso Way – Seek the Research Always verify growth claims, funding terms, and channel sell-through against primary disclosures.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Presentation RRS Gold Coast Investor Presentation - September 2025 DevEx Resources Limited (ASX: DEV)   is leaning hard into the Northern Territory uranium thesis with a 2025 program that moves from mapping to gravity-constrained drilling across Nabarlek’s Big Radon and KP prospects (Figure 1)—two kilometre-scale radon anomalies now tied to fault architecture by new ground gravity. Heritage clearances are being finalised, and the NT Government has tipped in $160k  to co-fund the maiden holes, a tidy endorsement at this stage.  Figure 1: DevEx’s uranium ground. (source: DEV)   The second runway is the Angularli Fault Corridor—Sandfire and Spitfire—on trend from Deep Yellow’s Angularli (32.9 Mlbs @ 1.09% U₃O₈), with gravity, surface geochem, and drill permits already in motion. A third leg, Murphy West, brings scale via ~2 km radiometric uranium anomalies now being ranked for first collars. With $7.1m cash (30 Jun 2025) and a ~$39.3m market cap (8.9c, 12 Sep 2025), DEV is executing a “Right Rocks + Right Structures = Right Targets” plan aimed at a Jabiluka/Ranger-style find.   Highlights 2025 drill focus locked in at Nabarlek (Figure 2):  gravity surveys completed across Big Radon  and KP  to define drill targets beneath kilometre-scale Radon Track Etch anomalies; NT Government co-funding of $160k  secured for maiden drilling at both prospects. Heritage surveys being finalised. Figure 2: Several large Radon Track Etch anomalies recognised from the +25,000 samples collected at Nabarlek. (source: DEV) Angularli Fault Corridor (Figure 3) now live:  gravity completed (Aug) at Sandfire  & Spitfire ; RC and diamond drilling permits lodged. The corridor sits along strike from Deep Yellow’s Angularli deposit (32.9 Mlbs @ 1.09% U₃O₈).  Figure 3: Angularli Fault Corridor — Sandfire/Spitfire (source: DEV). Murphy West emerging:  new airborne radiometrics/magnetics define multiple uranium anomalies up to ~2 km ; surface geochemistry now underway to rank drill collars. Early interpretation supports both unconformity-type  and Westmoreland-type uranium systems (Figure 4). Figure 4: Murphy West Project - An emerging uranium asset (source: DEV). Strategy + capacity:  DEV is the dominant uranium explorer in the NT  (~16,000 km² where uranium mining is permitted) with a clear model—“Right Rocks + Right Structures = Right Targets”—seeking a Jabiluka/Ranger-style  discovery within its 100%-owned Nabarlek Uranium Project primely located on the NW margin of the McArthur Basin, in the Alligator Rivers Uranium Province, NT (Figure 5). Figure 5: Murphy West Project - An emerging uranium asset (source: DEV).   Cash $7.1M (30-Jun-25) ; Market cap ~$39.3M (12-Sep-25 @ 8.9c) ; Chairman Tim Goyder  holds 19.58% .   Project snapshot & location Nabarlek Uranium Project (100%, NW McArthur Basin, NT):  Tier-1 province hosting historical Nabarlek Mine ( 24 Mlbs @ 1.84% U₃O₈ ). DEV has multiple high-grade intercepts from 2023–2024 and is mapping the Nabarlek  and U40 Fault Corridors, plus the Angularli  corridor to the southeast (Figure 6). Aim: position Nabarlek- or Jabiluka-host rocks against the controlling structures to define new ore lenses beneath cover. Figure 6: Nabarlek & U40 Fault Corridors (key intercepts) (source: DEV). What’s new on the ground? (Figure 7) Nabarlek (Big Radon & KP):  Ground gravity completed; radon geochem defines large, high-order anomalies with alteration footprints in the overlying sandstones— classic undercover Jabiluka-style vectors . Heritage approvals being finalised; co-funded maiden drilling  is next. Angularli corridor (Sandfire/Spitfire):  Gravity complete to map basement faults; permits lodged for RC/diamond drilling. Proximity to known high-grade systems (Angularli, Sandy Creek South, Aurari) is a key de-risking feature. Murphy West:  Surface geochem is live to ground-truth airborne uranium anomalies (to ~2 km). Targets sit near the McArthur Basin unconformity and along faulted offsets in the Westmoreland Conglomerate— two distinct uranium models  to test. Figure 7: DEV Exploration Portfolio Map (source: DEV).   The Exploration Model (Why uranium?) DEV is applying an Athabasca-style  approach to the McArthur Basin , focusing on radon anomalies, alteration halos, and gravity-defined structures to pinpoint structure–host rock intersections  under shallow cover. The aim is to replicate the discovery mechanics of the Ranger/Jabiluka district in a largely underexplored NT footprint.  With the supply shortfall forecast to grow ~200% by 2040 and prices well above pre-2021 levels (Figure 8), DEV’s assets are aligned to strengthening uranium fundamentals. Figure 8: DEV’s assets are aligned with a strong resurgence (source: DEV). Capital, board & capacity to execute Capital:  Shares 441.69M ; Options/PRs 10.85M ; Cash $7.1M  (30-Jun-25). Market cap ~A$39.3M  at 8.9c (12-Sep-25). Investments include Lachlan Star (26.16%)  and entX (4%) . Top-20 holds 52.74% . Led by a proven team:   Tim Goyder (Chair) , Todd Ross (MD) , Brendan Bradley (Technical Director) , Stacey Apostolou (GM Corporate) —a team with uranium and capital-markets depth aligned to a targeted NT campaign.   Near-term newsflow to watch Nabarlek (Big Radon/KP):  Heritage completion → kick-off drilling. Angularli corridor (Sandfire/Spitfire):  Permit outcomes → drill timing. Murphy West:  Surface geochem results → rank ~2 km radiometric anomalies into drill targets. Targeting refinement:  Ongoing core re-logging to sharpen the “Right Rocks vs Right Structures” model. REE option value (Queensland) Kennedy REE Project (100%) (Figure 9):   150 Mt @ 1,000 ppm TREO (470 ppm TREO-CeO₂) Inferred , shallow, unconsolidated “non-swelling” clays; preliminary metallurgy indicates rapid desorption in ~30 minutes at pH~4 with low acid consumption ; adjacent to highway & infrastructure. A complementary “energy metals” asset as uranium exploration advances.  Figure 9: Kennedy Project location (source: DEV)   Samso Concluding Comments DevEx is lining up fertile host rocks in the NT, clear structural corridors (Nabarlek/U40 and Angularli), and multi-scale vectoring—using techniques from radon and radiometrics to gravity, allowing a narrowing of the search space beneath cover. A well-used recipe that has worked in other Tier-1 uranium provinces. The path is simple: first convert anomaly maps into gravity-constrained collars and then let the drill bit (The Truth Machine) answer grade, thickness, and continuity. Angularli (Sandfire/Spitfire) provides genuine adjacency to known high-grade uranium, which is the kind of de-risking investors should want at this stage. Murphy West adds scale and optionality: large, coherent radiometric features with dual models (unconformity and Westmoreland-style) broaden the chance of a discovery “type.” If Nabarlek/Angularli is the near-term quality shot, Murphy West is the leverage. Summarising the execution risk will come in these three levers: (1) timely heritage and permitting, (2) "lucky" drill design with the help of a gravity/structure story, and (3) timely assay results for the market. Investors should be ready for potential early wins that are not monster hits. What will be the reality is potentially alteration, structure, and pathfinder geochemistry aligned with gravity lows, allowing exploration to progress with some confidence. The market cap of DEV is probably a bit high with being at over AUD $61M but there are very interesting shareholders in the company, and I would never bet against them. When FireFly took over the Green Bay project, they had a market capitalisation of over AUD $100M and they are not nearly AUD $1B. All I can say is keep your eyes on this, or take a position and go about your normal daily lifestyle. As usual, the next phase of work is proof of concept, and if there are legs in the results, uranium is not a bad commodity to be in with what I feel is a uranium rush. A rush may not be the ultimate journey, but there will be a lot of interest in this sector post-2025.   The Samso Way – Seek the Research Always triangulate claims with maps, methods, and numbers —then let the drill-bit test the thesis. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Algorae Signs Exclusive License Agreement with Sakar  23 September 2025 Algorae Pharmaceuticals Ltd (ASX: 1AI)  takes a step towards establishing a commercial presence in the Australian and New Zealand markets. The Company has entered into an exclusive licensing agreement  with global pharmaceutical manufacturer Sakar Healthcare Limited  (NSE: SAKAR, BSE: 538377) (Figure 1) to launch five oncology medicines across the region. Figure 1: Sakar Healthcare (source: Sakar Healthcare )  This move strengthens Algorae’s position as an AI-enabled pharmaceutical company and complements its research and development initiatives, including the ongoing high-throughput validation program at the Peter MacCallum Cancer Centre (Figure 2) . Figure 2: Peter MacCallum Cancer Centre, Australia’s leading cancer treatment, education and research institute. (source: Victorian Comprehensive Cancer Centre ) Key Highlights - Beginning the Oncology Business. Exclusive Commercial Licensing Agreement  – Algorae secures rights to launch five oncology medicines into the Australian and New Zealand markets. Addressable Market  – The combined annual market opportunity for these products is estimated at ~A$10 million . Regulatory Pathway Underway  – Algorae has commenced planning for TGA registration  to enable timely commercialisation. Strategic R&D Complement  – The deal aligns with the ongoing 21 oncology drug target validation program  at Peter MacCallum Cancer Centre, with results expected in Q4 2025.   Building a Commercial Presence This agreement represents Algorae’s first commercial deal  in the region and provides an immediate pathway to revenue generation. By partnering with Sakar, a globally recognised manufacturer with EU-GMP and WHO-GMP certified facilities, Algorae strengthens its ability to deliver high-quality oncology medicines. Algorae’s on-site due diligence in Ahmedabad, Gujarat, India, confirmed Sakar’s production capacity, quality systems, and regulatory compliance. The partnership is designed to enhance patient access  to trusted therapies while positioning Algorae for long-term growth .   Management Commentary Algorae Chairman, Mr David Hainsworth,  stated: “Our licensing agreement with Sakar is a significant milestone as Algorae expands its commercial footprint, enhances patient access to trusted therapies, and positions the Company for long-term growth. This partnership allows us to leverage Sakar’s established manufacturing capabilities, and we are delighted to be working alongside Mr Sanjay Shah and his team.” Algorae Chief Commercial Officer, Mr Vishal Shah, commented: “The Sakar license agreement represents Algorae’s first commercial deal for the Australian and New Zealand markets with six key generic oncology medicines. These products will be marketed under the Algorae brand, and we are delighted to partner with Sakar on this exciting commercial opportunity that strengthens both companies’ growth ambitions.” Sakar Managing Director, Mr Sanjay S. Shah,  stated: “We are pleased to partner with Algorae Pharmaceuticals in a licensing agreement for the Australian and New Zealand markets. This collaboration combines Sakar’s proven manufacturing expertise with Algorae’s commercial focus, supporting greater access to high-quality oncology medicines in the region .     About Sakar Healthcare Founded in 2004 and headquartered in Ahmedabad, India, Sakar Healthcare  is a vertically integrated pharmaceutical group with a strong focus on oncology. The company manufactures APIs and finished dosage forms, including sterile injectables, oral liquids, tablets, and emerging dosage forms, and exports to more than 60 countries across Europe, Asia, Africa, and Latin America.   About Algorae Pharmaceuticals Algorae Pharmaceuticals (ASX: 1AI)  is an AI-enabled drug discovery company pioneering the identification of synergistic drug combinations to address unmet medical needs. Its proprietary platform, AlgoraeOS , uses machine learning and deep neural networks to generate fixed-dose combination (FDC) drug candidates, leveraging existing clinical and scientific data to accelerate development and reduce costs (Figure 3). Figure 3: AlgoraeOS (source: 1AI) By combining commercialisation opportunities with a growing pipeline of AI-predicted therapies, Algorae is positioning itself as a key player at the intersection of AI and biopharma innovation .   Samso Concluding Comments This announcement is a step forward for Algorae, shifting it from a purely R&D-driven narrative to one with a near-term commercial pathway . The partnership with Sakar provides credibility, manufacturing strength, and a tangible route to revenue. The most interesting aspect for investors is the dual-track approach : while commercialisation of generic oncology medicines provides cash flow potential, the AI-enabled oncology drug discovery pipeline  could unlock higher-value, differentiated opportunities over time. This deal effectively de-risks Algorae’s entry into the market while keeping its innovation pipeline intact. As results from the Peter Mac validation program come through in late 2025, the market will have more data to assess the long-term value of AlgoraeOS. The AI + Pharma  theme is a growing theme on the ASX, and this will be an interesting company for Samso News to follow. Currently, 1AI has a market capitalisation of just under AUD $16.9M and the share price chart below is indicating a good base for investors to take stock and do some good old DYOR. Figure 3: The share price chart for 1AI as of 13th October 2025. (source: CommSec) The Samso Way – Seek the Research Follow Algorae’s TGA approvals, track launch timelines, and watch Q4 2025 R&D results for the bigger picture. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement AuMEGA Identifies Major New Anomaly at the Cape Ray Project 2 October 2025 AuMEGA Metals Limited (ASX: AAM)   has reported a standout result from its July airborne time-domain EM survey over Cape Ray: the work both maps known mineralisation at Central Zone and—critically—defines a large, previously untested conductor just 500 m to the southeast that mirrors Central Zone’s geophysical signature (Figure 1). With a fully funded drilling program slated for Q4 2025, the discovery pipeline at Cape Ray continues to expand. Figure 1: AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure (source: AAM) Key Highlights - A Gold Story With a Changing Journey. (Figure 2) Major, untested anomaly 500 m SE of Central Zone : ~1,000 m strike, ~500 m width; open along strike beyond the survey edge; same conductive host (graphitic schist in Windsor Point Group) as Central Zone; never drill-tested . Central Zone “lights up” : EM conductivity tightly matches the gold-bearing host rocks, validating EM as a vectoring tool at Cape Ray. Historic ultra-high-grade clue : nearby heavy-mineral concentrate sample assayed 111.5 g/t Au  (1988), proximal to the new EM source. Multiple new targets : Additional EM conductors (incl. “Anomaly B, C, D”) align with second- and third-order structures off the Cape Ray–Valentine Shear Zone (CRSZ), with geochemical support in places. Near-term catalysts : Crews on the ground for till geochem, mapping, and sampling now; drilling before year-end 2025 . Figure 2: Major EM Anomaly Southeast of the Central Zone deposits (source: AAM) AuMEGA Metal’s Managing Director and CEO, Sam Pazuki,  commented: “The EM survey delivered exactly what we wanted – clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies. Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature. It’s a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray. “With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada.” What’s New — Survey Takeaways The 930 line-km  airborne EM program delineated conductive zones beneath cover (graphite/sulphide-rich horizons) that correlate with gold at Central Zone, while revealing several unrecognised trends (Figure 3). The survey confirms the Central Zone is hosted in graphitic schist within the Windsor Point Group , and it shows multiple open-ended conductors along strike and at depth beyond current resource limits. Figure 3: Electromagnetic anomalies adjacent to the Central Zone resource areas. (source: AAM) The New SE Anomaly — Why It Matters Scale & Signature:  Conductivity strength, geometry, and orientation are comparable to Central Zone—Cape Ray’s largest deposit. The anomaly extends ≥1 km  long by ~500 m  wide and remains open along strike. Structure:  Coincident with a north-to-east trending fold, truncated by a second-order CRSZ splay—an architecture consistent with gold emplacement at Cape Ray. Evidence Under Cover:  Area is largely concealed; the Central Zone access road passes through it; historical work is sparse, but a standout 111.5 g/t Au  HMC sample sits near the EM source. No drilling has ever tested this target. Next Step:  Elevated to high-priority drilling  status in Q4 2025 after current till geochem/mapping.   Additional Conductors — Broadening the Pipeline (Figure 4) Major EM Anomaly (south of Window Glass Hill Granite):  Within Windsor Point Group sediments—same host sequence for most resources—300–1,500 m along strike from historical drilling; analogous structural setting to Central Zone. Anomaly B (Cape Ray West):  On the interpreted SE boundary of the Windsor Point Group; strong EM response (graphitic schist) plus favourable structure; first-pass mapping/geochem completed in July 2025; assays pending. Anomaly C (east of Central Zone):  Historic drilling likely tested the wrong horizon; gold-in-soil anomalism aligns directly with the EM response—an immediate follow-up target. Anomaly D (SW edge of survey):  ~800 m strike; minimal prior work; supported by a 550 m  gold-in-till anomaly and a 2023 float sample grading 4.38 g/t Au, 49 g/t Ag, 1.38% Cu (MR001585) . Figure 4: Several EM Anomalies Identified at Cape Ray (source: AAM) Field Programs & Near-Term Work (Figure 5) Till & Rock Geochem:   1,082 till  and 91 rock samples collected at Cape Ray West in August 2025. Historical datasets show a strong correlation between till anomalies and known deposits. Pending assays will be integrated with EM/magnetics for a multi-layered targeting model ahead of drilling. Planned Activities (2025):  Priority surficial geochem over key conductors, detailed mapping/rock sampling to tighten controls, and RC/diamond drilling  to test the highest-priority targets. Figure 5: Cape Ray West Till and Rock Sampling Program (source: AAM)   Resource & Context Cape Ray currently hosts ~420 koz Au (Indicated)  and ~141–160 koz Au (Inferred)  on resource statements under a US$1,750/oz  gold price assumption (see 30 May 2023 reference). The broader land position spans ~110 km  along the CRSZ, with strategic backing that includes B2Gold . The company is also active in the Hermitage Flexure  and holds an option on Blue Cove Copper .   Samso Concluding Comments There is a saying that I have kept in my memory bank, and that is Good geology will always deliver, and Cape Ray is the classic case of that methodology. What AuMega is doing, and all credit to management, is that they are looking at the dataset and allowing the geology to guide their exploration. The large, untested conductor just 500 metres to the southeast is the kind of near-mine target that can change the growth profile quickly if drilling connects. From here, it is all execution. Till geochem and mapping will tighten the vectors; then the drill bit answers the only question that matters—are these EM features also gold systems of scale? The geometry, host rocks, and structural position tick the right boxes, but we still need intercepts to translate potential into value. Investors should anchor expectations to tangible catalysts: assay results from current surface work, drill collar selection, and first drilling outcomes in the next campaign. Keep an eye on how the company sequences targets along the CRSZ splays and whether early holes demonstrate continuity, width, and grade comparable to Central Zone. Figure 6: The share price chart for AuMega Metals Limited (ASX: AAM) as of 13th October 2025. (source: CommSec) The share price reaction (Figure 6) is a testament to both the market sentiment and the investors following the AuMega story. I am a big fan of the management of AuMega and the geology that they have in Cape Ray. With a market capitalisation of just over AUD$30M, I do feel that there is still a lot of room for improvement. Don't forget that AUD $30M is including over 800,00 ounces of gold. Gold at the heights of over USD4,000 an ounce is going to change the dynamics of AuMega very soon. I think there are exciting times ahead, and it would be good for readers to check out the Coffee with Samso that we did in June 2024. Coffee with Samso: AuMega Metals Limited (ASX: AAM) - Large Scale Gold Exploration in Newfoundland, Canada. As always, do your own work—read the technical notes, examine the figures, and understand the limits of geophysical inference. Funding runway, seasonal windows in Newfoundland, and service availability are practical variables that can shape timelines. If AuMega Metals can convert one or more of these conductors into meaningful gold intercepts, the Cape Ray story moves from validation to acceleration. The Samso Way – Seek the Research Always go to the source—read the full PDF, scrutinise figures and assumptions, cross-check history and tenure, map results to geology, track catalysts against cash and execution, and decide only after DYOR. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement DY6 Advances Metals Portfolio 2 October 2025 DY6 Metals Ltd (ASX: DY6)   has delivered a practical operational update across its Malawian projects (Figure 1), completing follow-up surface sampling at Tundulu and commencing a new grid-based program at Machinga. The work targets high-value mineralisation in gallium (Ga), rare earth elements (REEs), niobium (Nb), and phosphate, with assays in preparation for SGS Randfontein. Figure 1: Location of Malawian Projects (source: DY6) DY6 Metals CEO, Cliff Fitzhenry, commented: "We are extremely pleased with the progress being made across our Malawian assets. The completion of follow-up sampling at Tundulu marks another important milestone in advancing what we believe is a highly strategic project, with significant exposure to gallium, rare earth elements, and phosphate. Early results and historical data continue to highlight the outstanding grade profile and scalability of Tundulu, and we see clear potential to define a globally relevant gallium and REE resource. With only a fraction of the project area tested to date, the upside opportunity remains substantial. At the same time, our new sampling program at Machinga is targeting high-priority anomalies and building on recent successful drilling. The strong geological continuity we’re observing gives us growing confidence in the potential to expand mineralisation and unlock further value. DY6 Metals is systematically advancing a critical metals portfolio that aligns with global demand trends for clean energy and advanced technologies. We are excited by the momentum building across our projects and remain focused on delivering meaningful exploration results that drive shareholder value." Key Highlights - The search for Gallium - Phosphate - REE - HREE - Niobium. Tundulu sampling completed:  90 soil & rock-chip samples collected over 11 north–south lines (50 m line spacing; 50–100 m station spacing) focusing on known and prospective high-grade REE and gallium zones (Figure 2).  Historical high-grade context at Tundulu:  prior drilling includes intercepts such as 25 m @ 64.63 g/t Ga₂O₃ & 1.03% TREO from 45 m , including 9 m @ 81.85 g/t Ga₂O₃ from 61 m  (TU008), and spot grades up to 310.46 g/t Ga₂O₃ & 5.68% TREO  at 97–98 m (TU043).  Under-tested upside:  only ~40% of the most prospective area has been drill-tested to date, leaving scope for scale and extensions.  Machinga program underway:  a 116-sample  grid (400 m × 200 m) is targeting a strong radiometric anomaly and following up maiden RC/DD results; mineralised zones show strong correlation with radiometric highs, supporting systematic targeting.  Assays pending  from both programs; samples being prepared in Zomba before dispatch to SGS Randfontein (South Africa) . Figure 2: Tundulu Project Location Map and Historical Drill Hole locations over Nathace Hill. (source: DY6) Project Update — Tundulu: REE – Phosphate – Gallium The completed work at Tundulu focused on Nathace Hill, where carbonatite units (sovite, bastnäsite/synchysite-bearing carbonatite, apatite-sovite, agglomerates, and syenites) host REE–P mineralisation with gallium potential. The current surface grid partially twins historical data points to validate earlier results while opening up previously untested ground (~60%). DY6 emphasizes the strategic nature of Tundulu, given the intersection of  REE, Ga,  and phosphate  in one intrusion within the Chilwa Alkaline Province. Figure 3: Nathace Hill at Tundulu Project Hill showing sampled points. (source: DY6) 📌 Why this matters:  Tundulu continues to screen as a multi-commodity carbonatite with high-grade Ga hits alongside meaningful TREO/phosphate. Confirmation sampling plus pending assays could tighten vectors for follow-up drilling and potential resource definition work.  Project Update — Machinga: HREE & Niobium At Machinga (southern Malawi), DY6 has mobilised for a 116-station soil/rock-chip program on a 400 m × 200 m grid. The targeting relies on a pronounced radiometric anomaly that correlates with previously observed mineralisation from the maiden RC/DD campaign, increasing confidence in stepping out towards higher-grade areas. The company frames Machinga as significantly under-explored  with HREE and Nb upside. Operational Momentum & Next Steps   Laboratory workflow:  Samples are being prepped in Zomba and dispatched to SGS Randfontein for ICP-MS (Na fusion) and XRF analyses; QA/QC will include blanks and certified standards. Data integration:  Pending assays from both Tundulu and Machinga will be layered over radiometrics, lithology mapping, and historical datasets to refine drill targets and validate historical high-grade gallium zones at depth. Follow-up drilling:  Validation drilling over key Tundulu positions is identified as a logical next step following assay results.   Samso Concluding Comments It is good to see that DY6 is doing exploration here in Malawi. It was here that first brought me to look at DY6. In fact, it was the releases on the projects in Malawi created my awareness of DY6. The chase for the Gallium - Phosphate - REE - HREE - Niobium suite of commodities is going to be the focus. Tundulu remains the standout — REEs, gallium and phosphate within a carbonatite system—with only a fraction of the footprint meaningfully drilled. Machinga adds leverage on HREE and niobium with a sensible radiometric-led target definition. Near-term value hinges on assay quality and correlation. If SGS results confirm the historical high-grade gallium/TREO signatures at Tundulu and align with radiometric highs at Machinga, DY6 earns the right to drill with precision. If they don’t, the work still tightens vectors, saves metres later, and clarifies the next round of targeting. Either way, the program is set up to be decision-rich. This is a very early stage exploration story, but as much as the jurisdiction is in question, this is also a place for great discoveries for DY6. As they say, No Pain No Gain. Figure 4: The share price chart for DY6 Metals Limited as of 13th October 2025. (source: CommSec). For investors, the outstanding assays will be the first milestone and the rest is a matter of funding and luck. Drilling and looking for the potential carbonatite is going to be the key highlight, and the next stage of exploration activities will determine the fate of the company. The Company is still an AUD$20M market capitalised company, and as Figure 4 shows, there is still a fair bit of value left from the last boost in May 2025. The key for DY6 is to start advanced exploration and get some numbers to wave their hands around. I think with some solid discovery news, it could be at least nearer the AUD $100M mark based on the levels of market speculation observed lately on the ASX. Lion Rock has a market value of AUD $145M at the time of writing, so it is feasible for DY6 to get close to that level with some good numbers. I have recently been told that the cornerstone investors are very supportive and are very "sticky" shareholders. These are good points for allowing DY6 management to get stuck into the rigours of mineral exploration. Post 2025, I feel that the global markets and thus investors will start to have an appreciation of the level of scarcity of these critical commodities. The geopolitical situation does not look like it's going to settle down anytime soon, so as long as the uncertainty is present, there is going to be a critical nature to the Gallium - Phosphate - REE - HREE - Niobium suite of commodities.   The Samso Way – Seek the Research As always, investors should cross-reference this summary with the source announcement, examine JORC Table 1 details, and track subsequent assay disclosures to validate thesis strength and target evolution. #SamsoDYOR Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Change of Company Name to Terra Critical Minerals Limited 23 September 2025 High grade silver up to 400 g/t identified at Silent Grove 23 September 2025 Terra Critical Minerals Limited (ASX: T92)  recently confirmed a new high-grade silver discovery at the Silent Grove Prospect within its 100%-owned Mole River Project in New South Wales (Figure 1). This update represents an important step forward in unlocking the polymetallic potential of the Mole Granite district, an area already known for tin, tungsten, and silver-rich systems. Figure 1: Location of Mole River and the Silent Grove Prospect (source: T92)     Key Highlights - A High-Grade Silver News Strategic Positioning and Regional Context Silent Grove is part of Terra’s larger New England exploration portfolio (Figure 2), which includes the Ottery Tin Mine , Castle Rag Silver Deposit , and Glen Eden (NSW’s largest tungsten deposit). The project area is located along the margins of the Permo-Triassic Mole Granite , a geological unit historically hosting over 350 tin operations, with associated wolfram, bismuth, silver, and molybdenum occurrences. Mineralisation styles in the district are polymetallic, with silver typically occurring in hydrothermal quartz lodes  associated with cassiterite and base-metal sulphides – often as argentite or within Pb-Zn-Ag sulphides. Figure 2: Regional Map of T92 Project Areas around Mole Granite (source: T92) High-Grade Silver Discovery The company reported standout surface sample results (Figure 3), including: 400 g/t Ag, 6.09% Pb, 4% Zn, 0.55% Sn  (Sample G94/095) 203 g/t Ag (Sample 070926-2) 165 g/t Ag (Sample 070926-4) 148 g/t Ag and 0.62 g/t Au (Sample 070926-1) Figure 3: Sample Locations with Satellite Background (source: T92) These results confirm that Silent Grove hosts silver grades significantly above regional background levels, adding a new high-grade zone just 7.5 km from previously announced Mole River mineralisation (>30 g/t Ag across 24 outcrops, up to 147 g/t Ag with Pb-Zn association. Table 1 below summarises the key surface rock chip results from Silent Grove, highlighting the standout silver, lead, and tin assays that underpin the potential for a polymetallic system. Table 1. Surface sample results. (source: T92) Geology and Exploration Pathway The geological setting and historic production records suggest that the Mole River district is underexplored for silver-rich polymetallic mineralisation at depth. Terra has commenced: Reviewing historical datasets (including NSW DIGS data) Undertaking literature and open-file geophysics reviews Progressing access approvals and planning a comprehensive exploration program  focused on follow-up sampling, infill drilling, and depth extensions to define mineable zones.   Corporate Update In parallel with this announcement, the Company confirmed that Terra Uranium Limited has officially changed its name to Terra Critical Minerals Limited , effective 24 September 2025. The ASX code remains T92 .   Samso Concluding Comments The geological history of the Mole River district has always been an intriguing part of NSW. This update from Terra Critical Minerals should not be surprising for investors. The Mole Granite has a long history of producing tin and tungsten, and silver tends to occur with those systems in structurally controlled lodes. The upside for Silent Grove is that it is showing a potential footprint of silver mineralisation up to 7.5 km, which means Terra is in the district-scale play. This kind of step-out discovery is often how small explorers add value quickly — by proving that mineralisation is not isolated but part of a broader, repeatable system. The caution here for readers is that this is an area that has a long history of base metals play. While it is promising, one has to pull the brakes on and look at the science first. I do realise that the market is super hot at the moment, but if you want to be in this game for a few more decades (assuming you are a person whose age allows for decades more of investing :-) on the ASX), you have to remember that these parts of the world are notorious for land access issues. While there are obstacles, there are also opportunities when the stars are aligned. Figure 4: The T92 share price chart (source: CommSec). Market acceptance for T92 is very important (Figure 4), and this current narrative is consistent with the broader story. As the market continues to go through its paces, the critical mineral, or what I call the essential mineral story, is not looking to pause. The need for tungsten is now at an all-time high, with real shortages being felt globally. There are now pricing coming out of China being quoted at over USD $620/mtu, and this is backed by narratives that there is just not enough tungsten, so if T92 gets its stars aligned, this is going to be an interesting ride. The optimistic view is that early-stage exploration results should be viewed as the first data points in a longer narrative. The next phase — historical data consolidation, structural interpretation, and follow-up drilling — will determine whether these grades persist at depth and across strike. Success here could transform the Mole River project from a collection of prospects into a coherent, potentially mineable resource base or an M&A opportunity. Ultimately, this is a story that is still in its early chapters. If Terra can demonstrate continuity of presence of economical mineralisation, then Mole River might become an asset that complements its tin and tungsten portfolio and positions the company as a diversified critical minerals explorer. That’s the kind of optionality the market tends to reward when the results continue to back up the thesis.   The Samso Way – Seek the Research Always look beyond the headline grades. High silver assays are a great start, but the next step is proving continuity and volume. Track how Terra designs its exploration program and whether it prioritises near-surface, high-grade zones or deeper polymetallic shoots. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1.       2 September 2025 – First Hong Kong Site Activated for RC220 Trial 2.       16 September 2025 – Race Breakthrough Composition of Matter IP Discovery 3.      17 September 2025 – Hong Kong Investor Lunch Briefing Details When Race Oncology Limited’s (ASX: RAC)  share price doubled at the start of last week, many investors were left asking the same question: What just happened?  The answer, as is often the case with biotech catalysts, lies in a combination of significant scientific developments, strong IP positioning, and a clear signal to the market that management is preparing for the next stage of value creation. Key Highlights — Anti-Cancer Solution Breakthrough Composition of Matter IP Race announced a landmark discovery that bisantrene – their flagship anticancer drug – consists of three photoisomers, with only the (E,E)-bisantrene isomer having significant anticancer activity (Figure 1). Race has now filed three patent applications  covering: The chemical structure  of (E,E)-bisantrene. Manufacturing and formulation processes  to deliver pure active isomer. Use patents  to ensure protection across future clinical and commercial applications. If granted, these patents reset the IP clock, providing up to 20 years of the strongest protection possible , potentially extended under patent term extension rules until 2045. This is not just a technical milestone – it fundamentally changes the commercial prospects of both RC110 and RC220, Race’s key formulations. For pharmaceutical partners, long-life composition of matter IP is the gold standard and is often the trigger for serious licensing discussions. Figure 1. Interconversion between the different bisantrene isomers by visible light or heat. (source: RAC) Minimising Risk and Maximising Value Race emphasised that all current and past clinical trials – including the Sheba Phase 2 AML studies and the ongoing RC220 cardioprotection trial – used pure (E,E)-bisantrene , not the mixed isomer formulations of the 1980s. This provides two key benefits: Clinical consistency  – ensuring every patient receives the same active dose. Commercial defensibility  – regulators will not approve generic versions with variable levels of active API, effectively preventing competition. Figure 2: Example of cis/trans isomers (source: RAC)   Investor Engagement and Hong Kong Briefing On 17 September, Race announced a special investor lunch briefing in Hong Kong for 14 October 2025. Dr Pete Smith (Executive Chairman) and Dr Daniel Tillett (CEO) will present an update on clinical development plans and discuss the significance of the newly opened Hong Kong trial sites – a key step in Race’s global program expansion. This face-to-face investor engagement, combined with fresh patent news, has likely fuelled renewed market confidence and positioned RAC as an attractive story for both institutional and retail biotech investors. Figure 3: Share price chart showing sharp rise as of 7th October 2025 (source: CommSec).   Market Context – Why the Share Price Moved The doubling of RAC’s share price is likely a combination of: Perceived de-risking  – strong IP protection until 2045 removes a major commercial uncertainty. Pipeline clarity  – confirmation that both RC110 (AML) and RC220 (cardioprotection/solid tumours) are protected and could advance independently into pivotal trials. Investor awareness  – Hong Kong briefing and international site openings bring fresh attention from a new investor base. Next Steps Race will hold its webinar on 18 September 2025  to discuss the significance of the discovery in detail. The market will also be watching closely for updates on: Progress towards partnering or licensing deals. Timelines for a potential pivotal Phase 3 AML trial with RC110. RC220 clinical readouts as recruitment continues. Samso Concluding Comments Race Oncology’s announcement has given the market a very strong reason to re-rate the company. The fact that they now hold composition of matter IP over the active (E,E)-bisantrene isomer until 2045 is a milestone that many small biotechs never achieve. This is not just a scientific curiosity – it is the cornerstone of commercial defensibility and a key enabler for licensing discussions.  The near quadrupling of the share price at the start of September tells us that the market sees this as a transformational event. Importantly, it also reflects confidence that Race management is positioning the company for the next stage of growth. Opening clinical trial sites in Hong Kong and scheduling an investor briefing there signals a strategy to attract global attention. With a share price now at AUD $4.01, investors need to understand that the appreciation is coming from good execution. As the majority of my experience in the share market has a strong bend from the mineral resource sector, where speculation is king. A business like RAC is a welcome relief with sound fundamentals. Will Race be able to convert this IP into a major partnership or funding deal? Can they advance RC220 while preparing RC110 for a pivotal Phase 3 trial in AML? These are the value catalysts that could take RAC to the next level. As always, remember that IP protection, while powerful, is only part of the story. Clinical data, regulatory approval, and commercial strategy will determine whether this price momentum holds over the long term.   The Samso Way – Seek the Research Always look beyond the share price spike. Treat this move as a validation point , not the final destination. Track management’s ability to convert IP strength into commercial outcomes, watch for follow-on announcements, and consider how this positions Race within the global oncology landscape. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.