Samso Search Results

Announcement Viking Acquires Extensive Historical Data for Linka Project – 22 January 2026 (view the announcement) The tungsten show has begun, and you are now going to start seeing a lot of companies showcasing tungsten as the metal to look for, and they are not wrong. However, I will caution that not all tungsten projects are made the same. Tungsten projects are notoriously hard to develop into an economical deposit. With this in mind, the market hype will be even greater, and if the general public fully understands the reality of a supply crunch on the actual tungsten metal, the market hype will be even greater. It is at this point that potential investors will either ride the hysteria or take caution and position in a good, solid project. Viking Mines Limited – Building Geological Clarity at the Linka Tungsten Project, Nevada (USA) Viking Mines Ltd (ASX: VKA)  has completed the acquisition of an extensive historical technical dataset covering its Linka Project in Nevada, USA (Figure 1). The dataset provides a high-resolution technical framework that supports faster geological understanding, early targeting, and validation drilling aimed at future JORC compliance. Figure 1: Example of historical outcrop geology map showing drillhole locations and cross sections (source: VKA). Samso’s coverage of Viking Mines reflects a focus on execution and technical progression rather than short-term news flow. This update is relevant as it builds geological confidence and improves time efficiency by using existing data instead of surface-led exploration. The acquisition of historical datasets supports faster project evaluation while controlling capital use. Highlights – Converting Historical Knowledge into Immediate Technical Leverage Viking has acquired a comprehensive historical dataset representing approximately 2,816 metres of drilling  across 68 drillholes , including 8 diamond and 60 percussion holes , covering the Linka, Hillside, and Conquest  targets.  The dataset was acquired for US$35,000 (~A$50,000) , with the Company estimating a replacement cost in excess of A$1.0 million  at current market rates.  High-quality scans of late-1970s cross sections and geological maps  identify known high-grade zones and underground workings, reducing the need to re-establish historical mineralisation (Figure 2). Figure 2: Zoomed section of outcrop geology map illustrating detailed drillhole locations, cross sections, and mapped geology (source: VKA).   The information enables rapid 3D geological modelling , providing a technical shortcut that could save months of fieldwork and reduce exploration capital requirements.  The dataset supports the immediate planning of validation (“twin-hole”) drilling , a key step toward bringing historical results up to modern JORC standards .   Leadership Commentary Viking Mines MD & CEO Julian Woodcock  commented: “Sourcing this extensive dataset substantially shortcuts the time required to advance the Linka Project, reduces the capital outlay required and reduces the exploration risk. “We are extremely fortunate to have been able to source this information and have commenced with converting the information into digital format to bring into 3D geological modelling software. “Upon completion of the airborne survey at the Project we will have the necessary ground features to accurately georeference the historical maps and sections to allow us to extract the drillhole collar information and build a drillhole database. “I look forward to interrogating the data and releasing to market as we complete the digitisation process.”   Near-term Milestones to Watch Completion of georeferencing  using high-resolution airborne survey data currently being collected. Digitisation  of historical drill logs, maps, and sections into a 3D geological environment.  Finalisation of drill targeting  to support a Notice of Intent (NOI) submission to U.S. Federal agencies.  Release of digitised data in three tranches , covering Linka first, followed by Hillside and Conquest.   Samso Concluding Comments From a project perspective, the Linka dataset provides Viking with a rare level of historical detail that is often unavailable at early exploration stages. The ability to reference mapped geology, underground workings, and historical drilling allows for more informed targeting. The stated plan to validate historical results through twin-hole drilling aligns with accepted industry practice. This approach prioritises data quality and regulatory alignment rather than speculative expansion. The emphasis on 3D geological modelling suggests the Company is positioning Linka for structured advancement rather than incremental exploration. This is a step that often precedes more capital-intensive programs. As always, the value of this update will be measured by execution. Investors will be watching how quickly Viking converts this historical advantage into validated, modern datasets. Market Implication - The Investor Lens In the current state of the ASX market or any equity markets, if you are not a gold producer, you are missing out on probably one of the greatest bull runs that has come from a commodity. As we write this blog, gold is testing USD $5,000 per ounce. So if you don't have the first prize, one has to look for at least a second prize, and that is looking like tungsten at the moment. In that regard, Viking Mines Limited, venturing into the tungsten sector, has the right commodity in terms of engaging with the broader market, and the historical data will help them establish a beachfront. Figure 3: Viking Mines share price chart as of 23rd January 2026. (source: CommSec). The market capitalisation of Viking is presently AUD $16.99M, and looking at Figure 3, there has not been too much hype. Whether this is a good or bad sign is anybody's guess at the moment. When you make commentary from the outside of the "purple circle" or "inner management", it is always hard to know, as in a market that is well known for purposeful mixed messages. If we take the information on face value, I think the lack of response from the market now would be a good sign to think about taking a position for potential uplift that may come. I, for one, will be very keen to see the dataset as it will give a good indication of the potential of the project. So keep an eye on this company as they make releases in the coming months. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 144m at 1.0g/t AuEq intercepted at the Dam Deposit – 8 January 2026   ( view the announcement ) 2nd Hole Returns 142m at 1.01g/t AuEq at the Dam Deposit – 14 January 2026 (view the announcement) 3rd Hole Returns 130m at 1.0g/t AuEq at the Dam Deposit – 20 January 2026 (view the announcement) It is nice to see some drilling results coming out from LinQ, as the last time we covered LinQ was at its IPO in June 2025. As I mentioned in that review, this is not a greenfield project that has not had any historical work. It is a proven mineral system, and from our Samso perspective, the question is more about how fertile it is. I have taken a liking to the story, and with the three ASX releases showing evidence that there is some mineralisation, the story is building momentum. With surging gold, silver, and copper prices, I think the LinQ pricing will be good to watch. Introduction – Thick Gold-Copper Intercepts Strengthen the Southern Zone at Gilmore. LinQ Minerals Limited (ASX: LNQ)  has reported a second consecutive, thick gold-equivalent drill intercept from the Dam deposit within its 100%-owned Gilmore Gold-Copper Project, located between West Wyalong and Temora in central-west New South Wales. The latest diamond hole, TDRCD002, returned 142 metres at 1.01 g/t Au Eq from 121 metres , reinforcing the continuity of a shallow, higher-grade gold-copper core positioned approximately 600 metres south of the historical Gidginbung open pit, within a recognised Macquarie Arc porphyry province. The Business of LinQ Minerals Limited: Gold and Copper. (Figure 1) LinQ Minerals Limited  is advancing its 100% owned Gilmore Gold-Copper Project  in central-west New South Wales. The project is located between West Wyalong and Temora , within the Macquarie Arc , Australia’s premier porphyry gold-copper province. Gilmore hosts multiple porphyry and epithermal systems , with geological analogues to Cadia, Cowal, and Northparkes . The Company controls approximately 597 km² of contiguous tenure , covering a ~60 km mineralised belt . The tenure package includes 20+ prospects  and six defined mineral resource deposits . The Gilmore Project hosts a global JORC Mineral Resource Estimate of 516 Mt , containing approximately 3.7 Moz of gold  and 1.2 Mt of copper  (Au + Cu). Figure 1: Regional Geological setting of the Gilmore Project (Green shade represents Macquarie Arc volcanics) (source: LNQ) Highlights – Thick Shallow Porphyry Gold-Copper Intercepts at the Dam | 8 January 2026 LinQ intersected 144 metres at 1.00 g/t Au Eq from 84 metres  in drill hole TDRCD001, the first hole completed at the Dam during the current program (Figure 2). Figure 2: Gidginbung/ Dam plan image illustrating the location of drilling results and pending assays. (source: LNQ) (source: LNQ) TDRCD001 significantly extends the thickness of shallow gold and copper mineralisation and confirms continuity of high-grade porphyry mineralisation adjacent to Gidginbung (Figure 3). Figure 3: Dam cross-section illustrating the results from hole TDRCD001 (local northing 8880N) (source: LNQ) The hole was a 110 metre step-out south  of historical hole DD93GB45, which previously returned 167 metres at 1.87 g/t Au Eq , demonstrating consistent mineralisation along strike.   Results verify a 300 metre strike length exceeding 100 gram-metres Au Eq , reinforcing the scale and continuity of the Dam system (Figure 4). Figure 4: Dam long section illustrating the results from hole TDRCD001. (source: LNQ)   All four holes drilled at the Dam intersected visible porphyry-related quartz-sulphide stockwork veining before passing through the Dam Footwall Fault, which defines the western boundary of mineralisation.   Assay results for the remaining holes (TDRCD002, TDRCD003, and TDRC004) are pending and expected within the coming weeks.   Drilling is scheduled to resume shortly at both the Dam and Gidginbung areas. Highlights – Thick Gold-Copper Intercepts Extend the Dam System | 14 January 2026 142m @ 1.01 g/t Au Eq from 121m  intersected in diamond hole TDRCD002 at the Dam deposit (Figure 5). Figure 5: Gidginbung/ Dam plan image illustrating the location of drilling results and pending assays. (source: LNQ) Confirms continuity of a shallow, high-grade (>100 gram-metre Au Eq) gold-copper core within the southern strike of the system (Figure 6). Figure 6: Dam cross-section illustrating the results from hole TDRCD002 (local northing 8930N). (source: LNQ) Reinforces results from nearby holes (Figure 7): DD93GB45: 167m @ 1.87 g/t Au Eq TDRCD001: 144m @ 1.00 g/t Au Eq from 84m Figure 7: Dam long section illustrating the results from Linq holes TDRCD001 & TDRCD002, along with historical hole DD93GB45. (source: LNQ) Demonstrates strong grade coherence across >100 metres of strike where limited historical drilling existed. Results pending from two additional Dam holes (TDRCD003 and TDRC004), with further news flow anticipated in coming weeks. Leadership Commentary LinQ Minerals Executive Chair, Clive Donner, commented: “TDRCD002 reflects another high value result in the Southern Zone which, coupled with TDRCD001 and DD93GB45, significantly extends the grade and thickness of shallow gold and copper mineralisation. There are multiple assays pending and we anticipate further news flow this month.” Highlights – Consistent High-Grade Core Strengthens Southern Zone Confidence | 20 January 2026 Update TDRCD003  returned 130m @ 1.0g/t Au Eq from 108m , including (Figure 2): 67m @ 1.40g/t Au Eq from 171m . Figure 2: Dam cross-section illustrating the results from hole TDRCD003 (local northing 9040N). (source: LNQ).   The result confirms continuity of a shallow, high-grade gold-copper core . A consistent >100 gram-metre Au Eq core  is now defined over ~300m of strike  at The Dam (Figure 3). Figure 3: Dam long section illustrating the results from Linq holes TDRCD001, TDRCD002, TDRCD003 & TDRC004 along with historical holes DD93GB45 & DD94GB72. (source: LNQ) . Comparable intercepts include: 144m @ 1.00g/t Au Eq (TDRCD001) 142m @ 1.01g/t Au Eq (TDRCD002) 167m @ 1.87g/t Au Eq (DD93GB45 – historical) 85m @ 1.58g/t Au Eq (DD94GB72 – historical) Mineralisation remains open at depth and along strike . Wide drill spacing to the north leaves scope for additional high-grade cores .   Leadership Commentary LinQ Minerals Executive Chair, Clive Donner,  commented: “We are highly encouraged by our maiden drilling campaign at the Dam deposit and the latest hole TDRCD003 has again confirmed and extended the strike of the higher-grade thick intersections of shallow gold and copper mineralisation. The Southern Zone is shaping up to be a significant mineralised district. There are currently assays pending and we anticipate further news flow this month.”   Near-term Milestones to Watch Receipt of pending assays from Gidginbung and Mandamah . Resumption of drilling at The Dam and Gidginbung  deposits. Further step-out drilling to test depth and strike extensions of the high-grade core. Ongoing refinement of geological understanding across the Southern Zone. Samso Concluding Comments As I mentioned in the introduction, LinQ Minerals is incrementally building a clearer picture of the Southern Zone through drilling, and it is good to see that it is not just headline-driven exploration. The Dam deposit now shows multiple intercepts that align in thickness, grade, and geometry. The gold-copper association is important as it underpins the Au Eq calculations used throughout the program. Both metals contribute meaningfully to the reported intercepts, reducing reliance on a single commodity. However, I am not a fan of the Au Eq scenario as it is really about sugar coating results. I know that people will argue that it is a way of representing a unit that everybody understand but I am not a proponent of this view. The consistency of results across several holes and historical data is a good sign, but if I were to highlight negatives (to balance my views), the drilling is not really creating new areas. That is not saying it is bad; it's just not bringing anything new to the table. I can say this because I would have anticipated decent results already with an understanding of the historical data presented previously. What it may show is that it suggests the potential presence of a system that may support scale if the continuity continues to be confirmed. As drilling resumes and pending assays are released, attention will remain on whether additional high-grade cores can be identified. This will be key to understanding the broader potential of the Southern Zone.   Market Implication - The Investor Lens The market capitalisation of LinQ has reached AUD $112.4M since the release of the drilling results, and the market is without doubt liking the situation (Figure 4). This is a great situation for mineral explorers, as the need for market appreciation of good drilling results is long overdue. Figure 4: LinQ share price chart as of 13 January 2025. (source: CommSec) The challenge for the company now is to make sure that the mineralisation will extend with strike and increase the potential strike of the resource. I would think that the probability of getting more of the same good news in the area will be good for the company as they move forward with more drilling in the coming months. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Canadian patent secured for PromarkerEso test for EAC – 16 January 2026 (view the announcement) Samso News continues to follow Proteomics International with the latest ASX update on the expansion of PromarkerEso’s patent coverage into Canada, strengthening the Company’s North American positioning and supporting its broader multi-test commercial rollout strategy. Proteomics International and the Precision Diagnostics storyhave featured heavily on the Samso platform over time, and it is good to see that the stock has been appreciating in value since late November. For those in the Samso community who did take a position, it is looking good with this latest ASX update. The Business of Proteomics International: Precision Diagnostics Commercialisation Proteomics International (ASX: PIQ)  is a precision diagnostics company focused on the development and commercial launch of first-in-class blood-based diagnostic tests  targeting diseases that are often detected late and are costly to manage (Figure 1). The Company operates a platform-based model , combining proprietary biomarkers, validated clinical data, accredited laboratories, and a digital sales pathway to support direct sales and future licensing across multiple tests and jurisdictions. Figure 1: Proteomics International’s business model, where several first-in-class diagnostic tests are supported by shared clinical validation, intellectual property, and commercial systems. (source: PIQ) Highlights – Canadian Patent Secures IP for PromarkerEso in a High-Need Market Canadian patent granted  for PromarkerEso, protecting intellectual property until November 2035.   PromarkerEso is a first-in-class blood test  designed to detect esophageal adenocarcinoma, including early-stage disease. Figure 2: PromarkerEso (source: PIQ) Patent coverage now spans Australia, Canada, China, Hong Kong, Europe, and the United States , supporting global commercialisation.  Esophageal adenocarcinoma has a five-year survival rate of less than 20% , with up to 90% of cases undetected until late stage,  using current screening approaches.  The patent underpins PIQ’s North American strategy , enabling direct sales, partnerships, and future licensing opportunities.    Near-term Milestones to Watch (Figure 3) Continued commercial ramp-up  of PromarkerEso following launches in Australia and planned expansion in North America.  Progress toward US regulatory and reimbursement pathways , including PLA code applications.  Growth in direct sales and strategic partnering discussions  for Promarker diagnostic tests.  Advancement of licensing opportunities as tests gain market traction Figure 3: Milestones – Multiple Value Drivers Achieved & Ahead (source: PIQ) Samso Concluding Comments This ASX update is all about the Canadian patent strengthening the protection around PromarkerEso in a key healthcare market. It would be logical that PIQ will want to extend the geographic reach of the Company’s intellectual property portfolio. The future of the business is all about having the upper hand against any competition. With the rising market interest recently, this should add more to the value creation journey. Esophageal adenocarcinoma remains difficult to detect early using current methods, and PromarkerEso is designed to address this gap with a blood-based approach. I am now a big proponent to whole ASX medical sector as this is starting to make a lot more sense than the hit and miss world of small-cap mineral explorers. Market Implication - The Investor Lens The increased market attention that has moved the share price of PIQ in late November is hopefully something that is simply setting the stage for bigger and better things for shareholders. Figure 4: PIQ share price chart as of 23rd January 2026. (source: CommSec) With a current market capitalisation of AUD $119.5M, I think there is still a way to go in terms of a sustained market valuation. The global precision diagnostics and medicine market was valued at ~USD 122.6 billion in 2024. According to Global Market Insights , it is expected to expand significantly toward ~USD 448 billion by 2034 at a ~13.5% CAGR. Precision diagnostics (which includes blood-based diagnostics) is a multi-hundred-billion-dollar market with strong growth prospects , driven by oncology testing, personalized medicine, and molecular assays. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1.      Exceptional Results from Validation Study for EchoSolv HF- 24 November 2025 ( view the announcement)   2.      Formal lodgement of FDA submission for EchoSolv HF - 15 December 2025 (view the announcement) As we release this Samso News on Echo IQ Limited, the market has taken a liking to the recent news. Samso has been following the Echo IQ Limited story as it advances AI-based clinical decision support tools through formal regulatory pathways. This update reflects news across two key steps: independent clinical validation and formal FDA submission. I have now understood that a submission to the FDA is done with a great level of confidence that all the boxes have been ticked and approval is on the higher chance of success. Together, these milestones move the Company from development into the regulatory review phase, which is a recognised inflection point for medical technology businesses targeting the US market. Echo IQ Limited – EchoSolv HF and the Path to US Market Entry Echo IQ Limited (ASX: EIQ)   is an Australian AI and medical technology company focused on improving decision-making in cardiology. Its lead product, EchoSolv HF, is a heart failure clinical decision support software designed to assist clinicians in detecting heart failure using echocardiogram data. The Company’s recent announcements outline the completion of clinical validation with the Mayo Clinic Platform and the subsequent formal lodgement of an FDA 510(k) submission in the United States.   Highlights – Clinical Validation Milestone | 24 November 2025 Echo IQ Limited announced the successful completion of a clinical validation study for EchoSolv HF in collaboration with the Mayo Clinic Platform’s Validate program, marking the final clinical requirement before FDA submission. The validation study assessed EchoSolv HF on an independent dataset of approximately 17,000 patient echocardiograms  sourced from the Mayo Clinic Platform. EchoSolv HF met its primary endpoint, delivering a sensitivity of 99.5%  in identifying heart failure cases and a specificity of 91.0%  in identifying non-heart failure cases. The Mayo Clinic Platform’s Validate program provides an independent, objective assessment of AI performance, accuracy, and susceptibility to bias. Completion of this study represented the final clinical step required before advancing to a formal FDA 510(k) submission. The Company confirmed that the FDA submission process was being finalised, with lodgement expected in the coming weeks. Management highlighted that potential FDA clearance would enable EchoSolv HF to be marketed in the US, where heart failure accounts for 17% of healthcare expenditure  and represents a US$60 billion total addressable market .   Highlights – FDA 510(k) Submission Lodged | 15 December 2025 Echo IQ Limited confirmed the formal lodgement of its FDA 510(k) premarket notification for EchoSolv HF, advancing the product into the regulatory review phase in the United States. The FDA submission incorporates results from the completed Mayo Clinic Platform validation study, including performance data from the 17,000-echo dataset. EchoSolv HF demonstrated 99.5% sensitivity  and 91.0% specificity , supporting claims of substantial equivalence under the FDA’s 510(k) framework. FDA clearance, if obtained, would allow EchoSolv HF to be marketed and distributed in the US for its cleared indications for use. The Company reiterated that only around 50% of heart failure cases are currently accurately diagnosed , highlighting the clinical need for improved decision support tools. Heart failure is described as the leading cause of rehospitalisation in the US and is estimated to affect one in four Americans over their lifetime . Echo IQ noted that FDA clearance would unlock a significant commercial opportunity within the US healthcare system, which accounts for 17% of national healthcare spending.     Leadership Commentary Chief Executive Officer, Mr Dustin Haines,  commented: “We are pleased to have completed the formal submission process for EchoSolv HF via the FDA’s 510(k) clearance pathway. The lodgement of the submission is a testament to the hard work and disciplined execution of Echo IQ’s operations team alongside our key industry partners including Mayo Clinic.” “With the submission process complete, we will continue to work with our broad network of industry partners across both product development and distribution, ahead of an expected FDA decision in the coming months. The ongoing advancement of our healthcare technology suite positions the Company for another momentum driven year ahead, leveraging our proprietary technology to deliver improved healthcare solutions, and we look forward to updating our investors on key progress initiatives early in the new year.” Near-term Milestones to Watch FDA review process for the EchoSolv HF 510(k) submission Regulatory feedback or requests for additional information from the FDA Potential FDA clearance decision Continued engagement with US healthcare and distribution partners ahead of commercial rollout Samso Concluding Comments The November and December announcements together outline the path toward US market access for EchoSolv HF. Clinical validation with the Mayo Clinic Platform addressed the final technical requirement before regulatory submission. The December lodgement confirms that Echo IQ Limited has moved into the FDA review phase, which is a critical step for any medical technology seeking US commercialisation. The process is governed by defined regulatory standards and timelines, which remain outside the Company’s control. Heart failure represents a large and well-documented healthcare burden in the US, and Echo IQ’s disclosures consistently reference underdiagnosis as a key problem the software aims to address. However, regulatory clearance is required before any commercial claims can be realised. From an investor perspective, attention now shifts away from development milestones toward regulatory outcomes and execution readiness. The next phase will be shaped by FDA engagement, clearance timing, and the Company’s ability to translate approval into market uptake.   Market Implication - The Investor Lens As we write this Samso News, the market capitalisation of EIQ is now approaching AUD $305M, and the share price is doing the vertical dance (Figure 1), which would be pleasing to all shareholders. When we released the first Coffee with Samso with EIQ ( Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ) , the share price was around the AUD $0.17 mark, and as of the 23rd January 2026, that is at AUD $0.52, which would relate to a rise of 3X in value. This is a great outcome for management, and I would assume that the journey ahead is looking bright. Dustin Haines, who is the CEO of EIQ, was very optimistic about this outcome, and I am sure he will be eagerly awaiting to update the market with pending news. Figure 1: EIQ share price chart as of 23rd January 2026. (source: CommSec) Is this a bad time for investors to get in on the story? Now, if one looks at the potential market value, the simple answer is yes. A market capitalisation of AUD $300M is going to look cheap when you compare it with the ASX companies like ResMed and Mesoblast, in which I was an investor in the early stages. Racura Oncology, which we covered on Samso News before they went on a 4-time multiple recently, is another reason for readers to do some serious DYOR. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Paterson Exploration Review Update – 20 January 2026 (view the announcement) We have just recently covered the capital raise and the value proposition of Cyprium Metals Limited to potential shareholders, and I have help back this review because I think the exploration part of the company story is not really a factor in the overall part of the Cyprium Metals Limited story. The make-or-break for Cyprium Metals Limited will be if they are able to convince the market that they are able to make the extraction and production an economically viable proposition. The immediate concerns for management after the raise will be to get the technicals on track and make the operation profitable. I don't know if the recent raise of AUD $41M is sufficient, but time will tell us that outcome. The exploration upside is secondary to the main show; however, I think once the operations show that it is spinning our millions of profits, the exploration upside will become significant. Cyprium Metals Limited – Reading the Signals at Rainbow Copper Prospects (Paterson Province, Western Australia) Cyprium Metals Limited (ASX: CYM)  has provided an update on its Paterson Exploration Project in Western Australia, following the completion of a first-pass review of exploration data returned after regaining full control of the tenement package. The review focuses on the Rainbow and Rainbow South areas, located north of the Nifty Copper Complex, where historic drilling, geophysics, and surface data are being used to refine copper targets and guide upcoming exploration programs (Figure 1). Figure 1: Cyprium Paterson tenement holding and deposits, prospects, and targets (source: Cyprium Metals Limited) The Business of Cyprium Metals Limited: Copper Development and Exploration in Western Australia Cyprium Metals Limited is an ASX-listed Australian copper company with a focus on redevelopment, near-term production, and exploration growth. The Company’s core asset is the Nifty Copper Complex in the Paterson Province of Western Australia, supported by existing infrastructure, permits, and a long operating history. Alongside Nifty, Cyprium Metals Limited controls a large exploration portfolio in the Paterson and Murchison Provinces, targeting sediment-hosted and intrusion-related copper systems. The Paterson Exploration Project provides longer-term growth optionality, with exploration designed to potentially leverage processing infrastructure at Nifty if economic deposits are defined.   Highlights – Paterson Exploration Project Data Review Unlocks Multiple Drill-Ready Targets First-pass review of exploration data from IGO is complete , following Cyprium Metals Limited regaining 100% control of ~2,000km² of Paterson tenements. Review confirms multiple copper targets across both Lamil Group and Broadhurst Formation host rocks, including NL04b, NL05a, NL01a, Rainbow South (NB02a), and MB01. Strong potential identified to extend known copper mineralisation at the Rainbow and Rainbow South prospects, supported by historic drill intercepts including: 54m at 0.28% Cu from surface (Rainbow, 1996) Multiple short, higher-grade copper-silver intercepts from 2018 RC drilling at both Rainbow and Rainbow South (Figure 2). Figure 2: Copper in Surface Samples and Early Interpretations of Rainbow by MLX (source: Cyprium Metals Limited) Silver appears as a consistent by-product at Rainbow, with historic assays up to 93g/t Ag over 1m, and recent re-assays confirming silver presence. Additional copper intersections at Stirling, NL04b, and MB01 highlight under-tested targets requiring follow-up drilling. A strong late-time airborne EM anomaly at NL05a, more than 5km from any historic drilling, has been pegged for drill testing in the upcoming dry season.   The combined drilling, geophysics, and surface mapping indicate that the Rainbow Prospect sits within an anticlinal structure where the crest has been eroded. Plan views and drill sections show copper lag anomalies aligned with this structure, with historic drilling and MLX interpretations outlining stacked copper mineralisation along the fold architecture (Figures 3 – 6 below). Figures 3: Conceptual Regional Cross Section from MLX 2018 (source: Cyprium Metals Limited) Figures 4: Rainbow Lag Copper Anomaly and Historic Drillholes (source: Cyprium Metals Limited) Figures 5: Interpreted Rainbow Drill Section A-A’ (source: Cyprium Metals Limited) Figures 6: Interpreted Rainbow Drill Section B-B’ (source: Cyprium Metals Limited)     Leadership Commentary Cyprium Executive Chairman Matt Fifield commented:   “Cyprium recently regained control of ~2,000km2 of exploration ground that previously was subject to a Joint Venture and Farm-In Agreement with IGO. Our exploration ground lies adjacent to the Nifty Copper Complex and Maroochydore Copper-Cobalt Project along the western margin of the Yeneena Basin in the Paterson province, an area that is highly prospective for base metals and possibly more. These re-acquired tenements are accompanied by significant exploration data from legacy exploration programs, including $24 million of exploration expenditure undertaken by IGO. The compiled exploration data package of which we have now completed our first pass review, comprises over 900,000 meters of drilling, tens of thousands of geochemical sampling points, and regional and local electromagnetic and gravity surveys, providing Cyprium with millions of data points. The Paterson Exploration Project provides significant potential to leverage exploration data into meaningful developments for Cyprium, as we continue to build Australia’s next great copper company.” Near-term Milestones to Watch Detailed evaluation and ranking of Rainbow and Rainbow South drill targets. Design and execution of geophysical surveys over priority areas. Drill planning and execution at Rainbow and selected regional targets. Dry-season drilling of the NL05a EM anomaly. Fieldwork commencement across other priority targets, including Stirling, NL04,b, and MB01 in 1H 2026. Samso Concluding Comments As I have already mentioned, this announcement does not change Cyprium’s broader strategy, but it does add clarity to its exploration optionality. The Paterson Project now sits on a large, consolidated dataset generated over several decades and accelerated by the IGO’s recent work. The Rainbow and Rainbow South prospects show repeated copper intersections across different drilling campaigns. That consistency is what justifies further drilling rather than broad regional speculation. Other targets, such as NL04b and MB01, remain early-stage but technically interesting. The presence of copper intercepts and untested EM conductors provides clear next steps rather than open-ended exploration. Overall, this is a significant move for CYM to understand the potential of its other prospects. It shows Cyprium moving from data compilation to drill planning, which is the point where exploration stories either advance or fade. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Cazaly Achieves First Milestone at Goongarrie Gold Project – 20 January 2026 (view the announcement) Cazaly Resources Limited is another new story for the Samso platform as it tries to work on their Goongarrie story that is slowly developing since doing a decent raise late 2025. I tas interesting to see that a placement that raised AUD $3.5M in November 2025 ( Strongly Supported Placement To Accelerate RC Drilling ) to set drilling underway at the project was supported with promising results released at the end of December showing near surface intercepts of gold ( High Grade Gold from Surface in Drilling at Goongarrie ) . As most geologists who have been working for decades, especially in WA, the Goongarrie area is one that has always held good historical potential but in my 3 decades in the industry not much has happened that had substance. Hence, I am curious with the noise that is currently being created. I wonder what it will bring out in terms of value for the shareholders and what it could mean for potential shareholders. Cazaly Resources Limited – Goongarrie Gold Project, Eastern Goldfields, Western Australia Cazaly Resources Limited (ASX: CAZ)   has achieved its first earn-in milestone at the Goongarrie Gold Project, located approximately 90 kilometres north of Kalgoorlie in Western Australia’s north-eastern goldfields (Figure 1). The update confirms completion of the Phase 1 farm-in expenditure, securing an initial 25% interest in the project and advancing exploration along a gold-mineralised structural corridor. Figure 1: Goongarrie Gold Project location map – Eastern Goldfields, 90km north of Kalgoorlie (source: Cazaly Resources Limited).   The Business of Cazaly Resources Limited: Gold Exploration and Project Advancement Australian-focused exploration company targeting gold opportunities in established mining districts Current focus on advancing the Goongarrie Gold Project via a staged farm-in joint venture Strategy centred on early geological understanding, structural targeting, and scalable discovery potential Exploration activities include RC drilling, aircore drilling, and surface sampling to define mineralised trends   Highlights – Phase 1 Farm-In Completed and Mineralised Trend Confirmed Cazaly Resources Limited has secured an initial 25% interest  in the Goongarrie Gold Project by completing the $1 million Phase 1 farm-in expenditure within nine months. The Company retains the right to increase its interest to 51% by September 2027  and 80% by March 2029  through further staged exploration expenditure. Exploration drilling and surface sampling have identified anomalous gold mineralisation greater than 1g/t over a 1.3 kilometre strike length. Mineralisation extends from Goongarrie Lady to Jenny’s Reward , highlighting continuity along the Menzies Shear corridor (Figure 2). Drilling programs comprised 18 RC holes for 1,914 metres  and 298 aircore holes for 10,315 metres  during the initial earn-in period. Notable intercepts include 19m at 1.5g/t gold (including 4m at 4.7g/t)  at the Duchess prospect and 6m at 10.3g/t gold  and 10m at 5.7g/t gold  at Duke of York. A surface costean sample returned 1m at 10.8g/t gold  at Mason’s Flat, scheduled for follow-up drilling. Figure 2: Anomalous gold results from AC and RC drilling along the Goongarrie trend   (source: Cazaly Resources Limited). Leadership Commentary Cazaly Resources Limited Managing Director, Tara French,  commented: “We are very pleased to have met the initial farm-in expenditure to acquire our first 25% of the Goongarrie Gold project. The initial drilling campaigns undertaken in 2025 successfully identified continuous gold mineralisation >1g/t gold along the Menzies Shear corridor over 1300m and highlighted several new high grade targets for follow up drilling. We now look forward to commencing the next RC drilling campaign later this quarter, targeting the gold mineralisation at depth”   Near-term Milestones to Watch Commencement of the planned Q1 2026 RC drilling campaign Testing of the 1.3-kilometre mineralised trend at depth along the Menzies Shear Follow-up drilling at Mason’s Flat and priority prospects, including Duchess and Duke of York Continued progression toward the 51% earn-in milestone  through staged exploration   Samso Concluding Comments Cazaly Resources Limited has met its first farm-in milestone at Goongarrie within the agreed timeframe and confirms execution against the joint venture structure. The drilling completed to date appear to outlined a continuous mineralised trend. What this is providing is a clear technical basis for the next phase of work. The staged earn-in allows capital to be deployed progressively ultimately limiting early risk while keeping long-term upside open. Planned drilling at depth will test the strength of the system. These results will help guide future exploration decisions. The divestment of the non-core assets looks like the company is gearing to lighten the load and focus on gold as would make perfect sense. The market sentiment is all gold now and anything else will be a distraction and carry not much leverage. Market Implication - The Investor Lens The rise in share price from January (Figure 3) will most likely be related to the placement that occurred in late November and the ASX release of "good" surface results in late December. The lack of volume in those trades caution me to internal excitement but that is not critical. Figure 3: Anomalous gold results from AC and RC drilling along the Goongarrie trend   (source: CAZ). A market capitalisation of AUD $17.4M as of the 2nd February 2026 is not high and can be accepted, although, you have companies like Miramar Resources Limited (ASX: M2R) who are sitting at a market cap of AUD $5M drilling as we speak. So for those looking for a ride, Cazaly will be a very early story and volatility will be the name of the game. Personally, I will be watching as the geology in this part of the woods will be very patchy but there is a gold mine nearby, so that will the carrot for Cazaly. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Salazar Project Delivers Major 263Mt Gallium Resource – 22 January 2026 (view the announcement) The West Cobar Limited Gallium Salazar story is one that has graced the pages of Samso for a long time. We have spent a lot of time talking to Matt Szwedzicki over the years and I am not surprised that the company is still able to sell the Salazar story. When I first came across Salazar, my first thought was that this is not your ordinary deposit. The quantum of metals and the variable metal content can make this into a never ending story and it looks like it making magic. The Gallium potential, even though I am not sure how it will be told, is fascinating. The potential value proposition is very clear, there is an absolute demand vs supply deficit and then you throw the East vs. West component and you have the perfect storm. However, I am not sure if the ASX market is entirely versed on the potential value. We all know that the market fully understand fear and the run of the bull, but in this case, I think the time required to figure this story out is simply too much while the market has several bulls running, namely, gold, silver, copper, lithium, tungsten and iron ore ( the defiance of the so call glut coming out as the Simandou iron ore project begins shipping its iron ore). For this reason, I am very keen to follow this story as it develops because if the theoretical narrative gains traction, this will be a good ride for shareholders. Salazar Critical Minerals Project – A Large Clay-Hosted Multi-Commodity System in WA The Salazar Critical Minerals Project is located approximately 120km north-east of Esperance, Western Australia , and comprises the Newmont and O’Connor deposits  across a large saprolite-dominated clay system (Figure 1). Salazar is already recognised as one of Australia’s most advanced clay-hosted critical minerals projects, hosting significant rare earth, scandium, titanium dioxide, alumina, and now gallium Mineral Resources.   Figure 1: West Cobar’s tenements and neighbouring Esperance district tenure (source: West Cobar Limited). Samso continues to follow West Cobar Metals  Ltd (ASX: WC1)  as it builds a diversified critical minerals profile anchored by resource definition, metallurgy, and by-product optionality rather than single-commodity exposure. This update adds a gallium Mineral Resource into an already established rare earths, scandium, titanium dioxide, and alumina system, reinforcing Salazar as a multi-product clay-hosted project with strategic relevance.   West Cobar Metals – A Major Gallium Resource Added to the Salazar Basket   Initial Inferred Gallium Mineral Resource Estimate of 263Mt at 26ppm Ga (35ppm Ga₂O₃) defined at the Salazar Critical Minerals Project using a 20ppm Ga cut-off , covering the Newmont and O’Connor deposits (Figure 2). Figure 2: Salazar Project – tonnes of >20ppm Ga versus TREO cut-off employed (source: West Cobar Limited) Gallium resource is constrained to saprolitic clay-hosted mineralisation  that sits within the existing ≥300ppm TREO rare earth envelope , supporting its classification as a potential by-product of REE and scandium extraction (Table 1). Unweathered bedrock gallium mineralisation was excluded  from the MRE, despite similar grades, due to improved leachability and economic potential within saprolitic clays (Figure 3). Figure 3: Newmont Deposit section showing gallium distribution relative to >300ppm TREO block model (source: West Cobar Limited) Metallurgical test work indicates gallium may be recoverable alongside rare earths and scandium , with further work underway to confirm recovery and processing performance. The gallium resource adds to Salazar’s existing multi-commodity inventory , which already includes defined Mineral Resources for rare earth elements, scandium, titanium dioxide, and alumina. Clear potential identified to expand gallium resources  at both the Newmont and O’Connor deposits through additional air-core drilling programs (Figure 4). Figure 4: Salazar Project drill hole collar positions with reported gallium assays and magnetic amphibolite trends (source: West Cobar Limited). Additional gallium intersections recorded at regional prospects , including Glenmorangie and Talisker, highlight broader system-scale upside beyond the current MRE footprint (Figure 5). Figure 5: Selected significant gallium intersections at the Newmont Deposit showing >300ppm TREO envelope (source: West Cobar Limited).   Leadership Commentary West Cobar Managing Director, Matt Szwedzicki,  commented: “We are pleased to report a very large initial Mineral Resource estimate for gallium as a by-product at the Newmont and O’Connor deposits in addition to rare earth elements, titanium dioxide, scandium, and alumina. Gallium is a high-value critical mineral (the current gallium oxide price 3 is circa US$284/kg), which has the potential to enhance the overall project economics. Historical metallurgical testwork undertaken by Nagrom shows that the Salazar clays are amenable to leaching with the recovery of REEs, Sc, and Ga concentrates. Testwork demonstrates that excellent leaching recoveries are achievable at atmospheric pressure and could enable competitive extraction costs. Importantly, the unusual mineralogy points to the application of comparatively straightforward processing technologies. Metallurgical and beneficiation test work is moving ahead rapidly to develop a viable multi-product extraction pathway. The export restrictions on gallium products imposed by China highlight the vulnerability of Western markets, with the potential for supply shortages that impact global production of computer chips and semiconductors, used in smartphones, computers, EVs, military applications, and other electronic devices. The recent inclusion of gallium in Australia’s planned Critical Minerals Strategic Reserves is further evidence of the mineral’s importance in the current geopolitical climate. West Cobar has published JORC Resources for each of the strategic resource commodities (antimony, gallium, and rare earths) as prioritised by the Australian Government for the strategic reserve.    Near-term Milestones to Watch The Company plans to continue advancing metallurgical and beneficiation test work  to develop a viable multi-product processing flowsheet (Figure 6). Further air-core drilling  is expected to test extensions to gallium mineralisation at Newmont South, Matilda South, around O’Connor, and at the Glenmorangie and Talisker prospects . Figure 6: Conceptual process testwork flowsheet (source: West Cobar Limited). Samso Concluding Comments The declaration of a 263Mt gallium resource does not change Salazar overnight, but it does broaden its strategic profile. Gallium becomes another lever that could add value within a shared processing pathway. This update does indicate that the resource is not speculative surface material. It is built on existing drilling, re-analysis, and defined geological controls. WC1 has been consistent in framing gallium as a by-product, which is important as this approach keeps the story away from a single commodity outcome. As further drilling and test work progress, Salazar remains a project where optionality is steadily being converted into defined inventory. For Samso, this is a clear case of watching how system understanding translates into development choices. Market Implication - The Investor Lens West Cobar is an ASX stories that seem to have been resilient enough to wade through the last few years and still be intact with a similar story. The Salazar deposit is morphing itself into a beast while changing colour like a chameleon as it went from a REE play to a potential Scandium and now a Gallium monster. Whatever it is, the market is still cool with its direction (Figure 7) and there does not seem to be any bull in sight. Figure 7: West Cobar share price as of 2nd February 2026. (source: commsec). In saying that, the low market capitalisation of West Cobar does make it attractive for leverage. A current value of just over AUD $7M is good for the putners trigger point however, we all know that in reality, that is just a number. The real value of a story is whether this could make an economical story or is it good enough for a "serious investor" to make a "hot" story for the market. Gallium is a new commodity to the scene and I have yet to fully understand what are the matrix of numbers that will make the story sizzle. Time will tell and with some good old DYOR, hopefully, we can figure it out. The West Cobar Metals Gallium story may just be on the verge of moving, assuming the market does not turn backwards and reset itself. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Lake Hope High Purity Alumina (HPA) Project Update – 9 January 2026 (view the announcement) Acquisition of the Huonville gold district at Broken Hill - 23 January 2026 ( view the announcement ) The narrative that is driving the Impact Minerals Limited HPA has been an interest to the Samso platform since we first covered the story in May 2023 ( Impact Minerals Limited (ASX: IPT) - A Low Cost HPA story in Western Australia. ) with a Coffee with Samso. This has been a long process, like most mineral resource projects, for Impact Minerals and this recent update has prompted Samso News to take a look. The second ASX update in regards to consolidating its position at the Broken Hill project is very logical for Impact minerals as the market sentiment is now clearly focussing back on the core metals group of gold, copper and base metals. The management of Impact Minerals do appear to have a stronger lean towards the traditional metals so the new focus could be a key component for shareholders and potential investors. I do like that fact that Impact Minerals appear to be focussing back onto its metals projects but it will be interesting if the HPA story continue to go through its paces over time. Impact Minerals Limited (ASX: IPT) has released an update on its Lake Hope High Purity Alumina (HPA) Project in Western Australia (Figure 1), reporting strong technical progress achieved during the first 12 months of its A$2.87 million Cooperative Research Centres Projects (CRC-P) programme . The update highlights advances in membrane technologies applied to Impact’s patented three-stage HPA process, with emerging implications for lower operating costs, improved water efficiency, and meaningful potash by-product opportunities . Figure 1: Lake Hope Project (source: Impact Minerals Limited) The Business of Impact Minerals Limited: The HPA Chapter Lake Hope HPA Project (80% owned)  in Western Australia. Development of a patented, low-cost, low-carbon three-stage HPA process . CRC-P programme conducted in partnership with CPC Engineering  and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University . Focus on integrating membrane technologies to enhance economics, sustainability, and by-product recovery. Benchmark production scale referenced in the PFS: 10,000 tonnes per annum of HPA .   Highlights – Membrane Technology Unlocking Potash and Cost Reduction Pathways | 9 January 2026 Significant technical progress achieved in the first 12 months of the A$2.87M CRC-P programme , supporting the Lake Hope Pre-Feasibility Study outcomes. High-purity sulphate of potash (SOP >94%) successfully produced via direct membrane crystallisation  as a Stage 1 by-product (Figure 2). High water recovery achieved from SOP brine, producing high-purity reusable water , reducing operating costs and environmental footprint. Identification of a magnesium-potash (Mg-potash) pathway , enabling potential premium fertiliser products. Emergence of a potential low-cost iron removal method  from the hydrochloric acid circuit in Stage 2 (Direct Iron Extraction Method). Identification of a new standalone potash and acid production pathway , independent of the HPA flowsheet, with potential for an additional mining project at Lake Hope. Evaluation of Eutectic-Freeze Crystallisation technology  to further enhance potash recovery and wastewater management options. Figure 2: Crystals of high-purity Sulphate of Potash (K2SO4) produced by direct membrane crystallisation, offering lower Capex and Opex compared to conventional SOP crystallisers. (source: Impact Minerals Limited)   Leadership Commentary   Impact’s Managing Director, Dr Mike Jones , commented: “The first year of CRC-P work has achieved notable technical progress, significantly boosting the value of the Lake Hope project. Our teams at ECU and CPC Engineering are demonstrating clear pathways to lowering operating costs, enhancing water efficiency, and producing high-value fertiliser byproducts—especially high-purity SOP and Mg-potash. As our understanding of potash crystallisation deepens, we have recognised a much larger potash opportunity that could develop alongside the Lake Hope Project. Additionally, we have identified a brine freezing technology that may further enhance the economics of potash production. These outcomes, based around elegant membrane technologies, strongly support the advantages of our patented HPA process for producing low-carbon, low-waste HPA and also highlight the potential to fully realise the commercial opportunities of the Lake Hope project. We are very excited to see what further discoveries we can make in 2026 as we receive results from our ongoing extensive testwork”.   Mineral Recovery Research Centre’s Leader and CRC-P Lead Investigator, Associate Prof. Amir Razmjou , said: We are pleased with the strong progress to date in integrating membrane technologies into the HPA production flowsheet. The results are promising in reducing the water footprint and environmental impact, while enabling high-purity SOP production and recovering waste energy to minimise overall energy input. In 2026, we expect further advances in membrane integration across the flowsheet, alongside pilot-scale development and optimisation of the key process steps.   About the Project Impact’s patented HPA process is structured as a three-stage metallurgical flowsheet (Figure 3): Stage 1:  Alkaline leaching using potassium hydroxide (KOH), producing SOP-rich brine as a valuable by-product. Stage 2:  Hydrochloric acid leach producing aluminium chloro-hexahydrate (ACH). Stage 3:  Calcination of ACH to produce high-purity alumina. Membrane technologies are being assessed across multiple points in the flowsheet, including water reuse, mineral recovery, acid recovery, and waste management , with Stage 1 potash recovery being the primary focus of current work. Figure 3: Patented metallurgical flowsheet for Impact’s 3-stage HPA process. Stage 1 is shown in detail, with Stages 2 and 3 simplified for this report. (source: Impact Minerals Limited) Highlights – Huonville Consolidates Impact’s Control at Broken Hill | 23 Jan 2026 Impact Minerals has acquired a 100% interest in the 55 km² Huonville tenement (EL8024) , covering most of the historic Huonville gold district, 25 km southeast of Broken Hill, NSW . The acquisition expands Impact’s Broken Hill landholding to ~1,800 km² , almost fully surrounding the Broken Hill lead–zinc–silver deposit (Figure 4). Figure 4: Regional magnetic image showing the Broken Hill Line of Lode, EL8024 Huonville, and Impact’s surrounding licences .  (source: Impact Minerals Limited) Huonville is considered prospective for copper and copper-gold mineralisation , based on a new exploration model developed during Impact’s participation in the BHP Xplor program . Historical shallow workings returned high-grade legacy rock chip gold results (Figure 5), with assays reported up to ~83 g/t gold , accompanied by silver, bismuth, and copper. Figure 5: Huonville goldfield showing legacy gold assays and interpreted gold trends. (source: Impact Minerals Limited) The metal association is consistent with iron-oxide copper-gold (IOCG) systems , and Huonville has been identified as a potential IOCG target in government-supported prospectivity modelling. Historical drilling was limited and shallow , with a full data review now underway, integrating results from a recent ground magnetotelluric survey .  Impact Minerals Limited’s Managing Director, Dr Mike Jones , commented: “Huonville is the final piece of the jigsaw at Broken Hill, where we have spent the past decade assembling the largest ground-holding in the region, surrounding one of the world’s great mines. Although gold production was limited, the extent of the vein systems and the associated silver-bismuth and copper indicate they could form the upper sections of a much larger system at depth or nearby. The area was identified as a potential iron-oxide-copper-gold (IOCG) target in publicly available prospectivity mapping conducted by well-respected consultants Kenex, and we are eager to see the results of our recent magnetotelluric surveys completed nearby to explore what might lie at depth.”   Near-term Milestones to Watch Lake Hope (WA):  Progress membrane and crystallisation testwork, including scale-up preparation for Stage 1 alkaline leaching, SOP recovery, water reuse, and evaluation of iron removal and potash pathways. Huonville (NSW):  Complete integration of legacy exploration data with recent ground magnetotelluric survey results to prioritise copper–gold and IOCG-style targets. Portfolio-wide:  Advance target definition across both projects to support next-stage technical work and future drilling decisions , subject to data validation and approvals.   Samso Concluding Comments I like it that Impact Mineral continues to look at the Lake Hope HPA Project with the recent test work with the outlook of making the concept work. The membrane work builds on the existing flowsheet and does not alter the published Pre-Feasibility Study assumptions. How this will eventually work is another thing but with my view that the mineral resource sector just starting to gain momentum, I think Impact Minerals should consider all value creating avenues. This update does indicate that the potash recovery at Lake Hope has moved from concept toward a more defined process pathways. While acknowledging the project is still at bench scale, the work does highlight how by-products may offset operating costs if future steps confirm scale and quality. For the other parts of the company portfolio of projects, the Huonville acquisition adds scale and continuity to Impact’s Broken Hill position. The ground covers historic gold workings and sits within an area already flagged as prospective for copper–gold and IOCG-style systems. Across both projects, for shareholders, it does look good that Impact is advancing work that improves understanding before committing additional capital. Market implications The recent news loo to be making creating a positive vibe for the share price chart of Impact Minerals (Figure 6). A sharp spike on the 9th of January, potentially on the back of the HPA update will be good news to all stakeholders as 2026 does start to look promising for metals, The recent major pull back of the Silver and Gold price on the 30th January may be dramatic but if it comes back, this could be a resetting of the run. Kind of the market taking a rest and resetting itself for continued growth. Figure 6: Share price chart for Impact Minerals Limited as of 2nf February 2026. (source: commsec) The copper price look like its making a sideways movement since the beginning of January which may mean a period of consolidation. Nickel did have some decline but in the scheme of its rise from the bottom, it was probably a good pull back. The more volatile Gold and Silver pricing was the highlight of that dramatic day. Figure 7: Price chart for Gold, Silver, Copper and Nickel. (source: Trading Economics) Disregarding the focus on the metal pricing, the general consensus in market chatter is that metal pricing will continue to move upward for at least the first half of 2026. The share price of Impact has shown that the market does like the updates and hence, a focused DYOR process will be highly encouraged. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try to write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Further Cu-Au mineralised area identified at Glava Project – 20 January 2026 (view the announcement) The South Harz Potash Limited story is one that has intrigued me from the first time I came across their story late 2025. Over the decades that I have been in this industry, I have not come across many ASX companies going to the Scandinavian regions. I know that the region is prospective and they have some solid mining operations happening, however, there have been few that have ventured there and had a great deal of success I think. I am always keen to look at what companies are doing and this was the first reaction I had in late 2025. This update is all about what the company has identified and I suspect the drilling part of the story telling will be soon. South Harz Potash Limited - Glava Project: Early-Stage Copper-Gold Exploration in Sweden Samso continues to follow South Harz Potash (ASX: SHP)  as it expands beyond its original potash focus into early-stage base and precious metals exploration. This update is relevant as it moves the Glava Project from historical context into modern field validation, with multiple datasets now pointing to scale, continuity, and follow-up drill potential (Figure 1). Figure 1: Project Location Map (source: South Harz Potash Limited) Highlights – Fieldwork Confirms New Copper-Gold Zone and Expands Exploration Footprint Initial fieldwork at the Glava Project in Sweden identified a new potentially mineralised copper-gold zone , located approximately 300 metres from known historic workings . Rock chip sampling returned high-grade results , including a standout assay of 9.88 g/t gold and 2.88% copper , confirming strong localised mineralisation (Figure 2). Figure 2: Rock chip geochemical sample location map (source: South Harz Potash Limited)   Geochemical results show a consistent and positive copper–gold correlation across samples, supporting system coherence. Ground magnetic surveying highlighted north–south structural trends , consistent with interpreted controls on mineralisation and extending towards newly applied licence areas (Figure 3). Figure 3: Ground magnetic interpretation over Glava 100 (source: South Harz Potash Limited) Reconnaissance sampling also identified rare earth element (REE) mineralisation , including a result of 9,513 ppm total REEs  with a favourable ~30% Nd-Pr ratio , adding optionality. Waste dump sampling around historic pits returned elevated copper, gold, and silver grades , consistent with historical data and reinforcing system strength (Figure 4). Figure 4: Waste dump geochemical sampling map (source: South Harz Potash Limited) The combined datasets support an epithermal-style copper-gold system and justify follow-up work and drill testing (Figure 5). Figure 5: Sodium alteration geochemistry map (source: South Harz Potash Limited) This model summarises how copper-gold mineralisation at Glava may be controlled by north–south structures linked to deeper intrusive activity (Figure 6). It provides a framework to guide follow-up exploration and drill targeting. Figure 6: Conceptual geological model for the Glava epithermal system (source: South Harz Potash Limited)   Leadership Commentary South Harz Executive Chairman Mr Len Jubber commented: “The initial program both confirms the historic grades recently reported and strengthens our hypothesis that Glava is potentially an epithermal-style mineral system. The newly identified mineralisation at the southern boundary is evidence of the exploration upside and highlights the value of the recent contiguous exploration licence applications. Additionally, the anomalous rare earths result near the southern boundary of the permit may present significant optionality and justifies follow-up exploration to identify further occurrences. We are encouraged by these early results and therefore progressing with the design of our initial drill program, planned for the June 2026 quarter.”   Near-term Milestones to Watch Follow-up geological mapping and expanded rock chip sampling Extension of ground magnetic surveys to refine structural targets Further assessment of REE potential alongside copper-gold targeting Integration of geophysics, geochemistry, and geology into a refined model Maiden drill program planning for the June Quarter 2026 Samso Concluding Comments This is a greenfield project with some interesting rock chips and geophysical interpretation. One of the aspects of Scandinavian projects is the lack of transported materials. There are some glacial tills but generally, what you see is simply rocks unlike Australia where most of the work is done undercover. In terms of what was in the update, the numbers are good but the investors need to know that if you see the minerals in hand specimen and you send it for analysis, you are going to get high numbers. Hence, it is always good to take information in the context that it represent. Time will be needed and patience will be required. Market Implication - The Investor Lens With a market capitalisation of under AUD $4M as of the 3rd February 2026, you will have plenty of runway to decide on taking a position or not. The share price chart is not inspiring and is pretty flat. One would think that is ok as things are just starting to build. A consideration for SHP is that these projects could well be put in to keep things clicking along while the company is looking for something more realistic? I don't think there is any hurry to position in this story for now. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Drill Results Extend Titanium, REE & Niobium Mineralisation - 27 January 2026 (view the announcement) Enova Mining Limited is a story that has not been featured on the Samso platform and this Samso News article is an attempt to look at what the company is doing in Brazil. The titanium story has really been done by Lion Rock Minerals Limited (ASX: LRM), previously Peak Minerals Limited (ASX: PUA) and Tusker Minerals Limited (ASX: TSK), also previously DY6 Metals Limited (ASX: DY6). I think the titanium story is no longer a marketable narrative on the ASX. The Heavy Mineral price has taken a direction southwards and the main issue for ASX investors, in my opinion, is that it is very hard to quantify what is a good titanium project. LRM tried to make a go of it but I think it was simpler to understand that they have a lot of monazite than to figure out the "in-situ" proportion of the HM sample that is Rutile which is X% titanium...etc. I wanted to take a look at what Enova Mining Limited has to offer in this release, so lets get started. Introduction Enova Mining Limited – CODA East Project, Minas Gerais, Brazil Enova Mining Ltd (ASX: ENV) has reported further results from its auger drilling program at the CODA East Project in Minas Gerais, Brazil (Figure 1). The program continues to define broad zones of near-surface titanium oxide, rare earth elements, and niobium mineralisation hosted within saprolitised kamafugite of the Patos Formation. Results from auger holes CDE-AD-006 to CDE-AD-009 confirm lateral continuity of mineralisation, with all holes ending in mineralisation due to auger depth limitations, leaving the system open at depth. Figure 1: CODA Project tenement map, Minas Gerais, Brazil (source: ENV) Highlights – Broad Near-Surface Multi-Element Mineralisation Confirmed at CODA East Additional auger drilling at CODA East has further confirmed widespread, near-surface titanium, rare earth element, and niobium mineralisation, extending the interpreted mineralised horizon across the CODA region (Figure 2). Figure 2: CODA East auger hole collars with significant TiO₂ and TREO results (source: ENV) Strong titanium oxide mineralisation has been intersected from surface in multiple auger holes, reinforcing the lateral extent of the saprolite-hosted system and demonstrating consistency across drill lines (Figure 3). Figure 3: Schematic cross-section (WSW–ENE) illustrating TiO₂ continuity and mineralisation open at depth (source: ENV) Consistently elevated rare earth and anomalous niobium results were recorded alongside titanium mineralisation, supporting interpretation of a broad, multi-element mineralised horizon rather than isolated zones (Figure 4). Figure 4: Auger drilling at CODA East CDE-AD-0006 (source: Enova Mining Limited) Anomalous to high niobium oxide values were intersected from surface, with multiple holes returning extended Nb₂O₅ intervals, adding another critical-metal component to the CODA East mineralisation profile.   All auger holes were terminated in mineralisation due to depth limitations, indicating potential vertical continuity and supporting further drill testing beyond auger depth (Figure 5). Figures 5: Auger drill chip libraries and magnetic susceptibility images showing saprolite-hosted mineralisation (source:  Enova Mining Limited)   Leadership Commentary   CEO / Executive Director Eric Vesel  commented: “The auger drilling program continues to demonstrate the scale and consistency of near-surface mineralisation across CODA East, with titanium, rare earth and niobium grades intersected from surface in multiple holes. These results are providing a clearer understanding of the saprolite-hosted system and are helping to prioritise areas for follow-up drilling. Metallurgical test work is progressing to better define processing pathways as the project advances.” Near-term Milestones to Watch Ongoing auger drilling at CODA XN to further expand the mineralised footprint across the CODA tenement package Continued metallurgical characterisation and beneficiation test work for titanium and rare earth elements Integration of auger drilling results into planning for future infill and step-out drilling across CODA East, Central, and XN Progress on transfer of CODA tenements to Enova Mining Ltd   Samso Concluding Comments The CODA East results show a broad, near-surface mineralised system with multiple critical metals present. The consistency of mineralisation across auger holes look like it supports geological continuity rather than isolated zones. All holes ending in mineralisation highlight the potential narrative of a system that may be endowed. The key will be future work which will allow the company to understand the depth potential. The presence of titanium, rare earths, and niobium in the same saprolite horizon adds technical interest. It may provide optionality as metallurgical work advances. From an early mineral exploration point of view, this update will add data density and improves confidence in the CODA East geological model. The good news is that it remains an early-stage system, but one that will be more enlightening as it gets defined. Market Implication - The Investor Lens The market capitalisation of Enova Mining Limited is just under AUD $16M and there does not appear to be much activity (Figure 6) which may be reflecting the losing focus on titanium as a story. There was a moment 6 months ago when the mention of a potential titanium discovery would bring some interest, however, I think that moment appear to be missing now. Figures 6: Enova share price chart as of 3rd February 2026 (source: commsec) For me, I think the market is currently doing what it does the best, and that is focussing on the immediate "hotness" of gold, silver (although this seems to be more directed at a limited range of project development), copper and the potential recovery of lithium. It will be hard for the "other" metals to gain traction for investors. Longer term investors will be most likely putting their risk in silver as it builds momentum and as I mentioned previously, it is hard to find a primary silver story as there are not many companies that at dealing with a pure silver deposit. If we are to find a place to put your position risk play, I don't think titanium is the place to be unless you have a compelling case for a mature project that is already developing an economical case. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement New MD Appointed as Semiconductor Strategy Accelerates ( Announcement ) I am thinking now that our coverage with Adisyn Limited may have been good timing. There is little material change since our publication ion the 13th of January 2026 and it looks like the upgrading of the CEO to the managing Director role makes good sense. It is good to remember that the business the company is in is with the word "Semiconductor". From an investor's point of view, this is a good space to be in with our every need to be a technological future. Adisyn Ltd (ASX: AI1 ) is an ASX-listed technology company positioned at the intersection of advanced materials and semiconductor innovation. The business is increasingly centred on the development and commercialisation of semiconductor intellectual property, with a strategic focus on graphene-based technologies designed to address performance and efficiency constraints in next-generation semiconductor applications. The Company’s strategy reflects a transition toward a more semiconductor-led platform, aligning technical development, commercial engagement, and leadership with its core intellectual property following the acquisition of specialist semiconductor assets. This structure supports progression from technology development toward commercial relevance, while retaining supporting operations that provide operational breadth and market engagement.  The Business of Adisyn Limited: A Semiconductor Business Adisyn operates across two distinct business units: 2D Generation (2DG)  – a graphene-based semiconductor technology platform developing a patented low-temperature Atomic Layer Deposition (ALD) process aimed at enabling direct graphene growth on semiconductor wafers. Adisyn Services  – a managed IT, cloud, cybersecurity, and AI services business servicing Australian SMEs. Following a comprehensive strategic review completed in December 2025, the Company has identified its semiconductor business as the primary value driver and is assessing options to unlock value from Adisyn Services. Introduction – Leadership Aligned with a Semiconductor-Focused Business Adisyn Limited has announced the appointment of Arye Kohavi as Managing Director, effective immediately, marking a leadership transition aligned with the Company’s strategic evolution into a semiconductor-focused technology business following the acquisition of 2D Generation. Highlights – Managing Director Appointment and Strategic Direction Arye Kohavi, previously a Non-Executive Director of Adisyn and Chief Executive Officer of 2D Generation, has been appointed Managing Director with immediate effect. The appointment follows a strategic review completed in December 2025, which identified Adisyn’s evolution toward being primarily a semiconductor technology business. Former Managing Director Blake Burton transitions to Executive Director, maintaining continuity in strategy execution and corporate development. The leadership change is positioned as a step to accelerate technology development, commercial partnerships, and market engagement in semiconductors. Leadership Commentary Non-Executive Chairman Kevin Crofton stated that the Board views the appointment as aligned with Adisyn’s next phase as a semiconductor-focused technology company. He highlighted Mr Kohavi’s technical and commercial experience and his leadership role at 2D Generation as key reasons for the appointment. The Business of the Company – What the Appointment Signals The appointment of Arye Kohavi signals a clearer operational and commercial focus on Adisyn’s semiconductor technology platform. With the acquisition of 2D Generation described as a transformational milestone, leadership is now directly tied to the semiconductor IP and development roadmap. This transition suggests Adisyn is positioning its executive leadership closer to its core technology assets, reinforcing its stated intention to prioritise semiconductor technology development, commercialisation pathways, and industry engagement. The continued involvement of Blake Burton as Executive Director indicates a focus on execution continuity while the Company advances its semiconductor growth agenda. Near-term Milestones to Watch Integration and advancement of the 2D Generation semiconductor IP portfolio Progress in technology development linked to graphene-based semiconductor applications Development of commercial partnerships and market engagement in the semiconductor sector Samso Concluding Comments This announcement reflects a leadership change aligned with Adisyn’s stated strategic direction rather than a shift in business focus. The Managing Director appointment follows a period of structural change for the Company, particularly after the acquisition of semiconductor intellectual property and the repositioning toward a more semiconductor-led business model. The leadership transition consolidates executive responsibility closer to the Company’s core technology assets. This may assist with internal alignment across technology development, commercial engagement, and strategic execution, but it does not in itself change the underlying technical or commercial risks associated with early-stage semiconductor innovation. Adisyn continues to operate across both advanced semiconductor technology development and supporting technology services. The balance between these activities, and the pace at which the Company progresses its semiconductor platform, will remain dependent on execution, industry engagement, and external market factors. From a Samso perspective, this update provides context on governance and operational structure rather than an indicator of future outcomes. The Company’s business direction is clearer in intent, but progress will ultimately be determined by delivery rather than leadership change alone. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try to write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please get in touch with me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Actinogen secures $4.3m of non-dilutive R&D tax funding - 27 January 2026 (view the announcement) Here is a story that Samso continues to follow, Actinogen Medical Limited as they continue to focus on late-stage clinical execution in Alzheimer’s disease and its disciplined approach to funding. This Samso News update is relevant as it strengthens the Company’s balance sheet without shareholder dilution while supporting the final stages of a pivotal clinical program. The ability to extend cash runway while maintaining trial momentum is a key consideration for investors monitoring clinical-stage biotechnology companies. Introducing Actinogen Medical Limited– Advancing Xanamem Through Late-Stage Alzheimer’s Development Actinogen Medical Limited (ASX: ACW) is progressing its lead drug candidate, Xanamem (emestedastat), through the XanaMIA Phase 2b/3 Alzheimer’s disease clinical trial being conducted across Australia and the United States. The Company is developing Xanamem as a once-daily oral therapy targeting cortisol regulation in the brain, to slow disease progression in patients with mild to moderate Alzheimer’s disease. Highlights – Non-Dilutive Funding Strengthens Clinical Delivery Pathway Actinogen Medical Limited secured $4.3 million  as a second tranche of non-dilutive funding from Endpoints Capital, backed by the Company’s forecast FY26 Research and Development Tax Incentive (RDTI) rebate.  The funding forms part of a previously announced overall facility of up to $13.8 million , originally disclosed on 30 June 2025.  Proceeds will support the XanaMIA Phase 2b/3 Alzheimer’s disease trial , which is now fully enrolled with 220 patients across 35 sites  in Australia and the United States.  Funding will also support the commencement of the open-label extension (OLE) of the XanaMIA trial, expected to begin during the current quarter.  Additional funds will be allocated to general working capital , extending Actinogen’s cash runway to mid-2026 .     Leadership Commentary Actinogen Chief Financial Officer, Mr Will Souter,  commented: “The funding secured today as part of our agreement with Endpoints Capital further strengthens our balance sheet as we rapidly approach the interim analysis for our Alzheimer’s phase 2b/3 clinical trial and progress the trial through to final topline results in November, and reaffirms our cash runway out to mid-2026.” Near-term Milestones to Watch Interim analysis of the XanaMIA Phase 2b/3 Alzheimer’s disease trial, expected in late January 2026 . Commencement of the XanaMIA open-label extension (OLE)  in Q1 2026 . Final topline results from the XanaMIA trial, expected in November 2026 .   Samso Concluding Comments This up is all about Actinogen Medical Limited getting cash in the bank for work rather than new clinical results. Funding is always important for businesses and this is no different for Actinogen as it creates visibility at an important stage of development. The XanaMIA program remains the Company’s core value driver and with enrolment complete, the next phase is data-driven rather than operational. The commencement of the open-label extension provides a longer-term safety and exposure pathway for patients. This may also support future regulatory discussions. For investors, this update reinforces the importance of upcoming trial readouts. As always, progress will ultimately be assessed through clinical outcomes rather than funding announcements alone. Market Implication - The Investor Lens The market journey for Actinogen Medical Limited has been very interesting over the last 12 months. Looking at Figure 1, you can see the up and down of investors interest in the stock. The last six months is what I am more interested in as this looks like a nice momentum being created. Figure 1: The share price chart for Actinogen as of the 10th February 2026. (source: commsec) Samso has been writing on this journey and apart from the last month where there has been a devaluation of the share price, I think the potential of what Actinogen could bring with more positive results out weight the potential negatives. In saying that, we will have to always consider that a good old DYOR is required as there are no such thing as a sure thing when it comes to investments. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story.   Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR.  To support our independent nature of our work, please head over to our   Support Page   and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   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.