Announcement Drilling Commences at Silver-Gold Targets, Mt Carrington – 12 January 2026 (view the announcement) A silver story to keep on your watch screen. This is an interesting story that is simply all about Silver. The rising silver price is bringing in a lot of interest in the sector, so the hype will bring some interest to this story. Mt. Carrington is steeped in history with this type of mineralisation, and it will be a good source of news for Legacy. As the Samso platform is lacking coverage on silver, I am thinking that this could be one to have on the watchlist. Legacy Minerals Holdings Limited (ASX: LGM) has commenced diamond drilling at the Mascotte Silver-Gold Prospect within its flagship Mt Carrington Project in New South Wales (Figure 1). The program targets high-grade silver and gold mineralisation beneath historical workings and newly defined structural and geochemical targets, to expand the existing Mt Carrington Mineral Resource of 115 Moz silver-equivalent. Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) The Business of the Legacy Minerals: Silver Focus? Legacy Minerals is an ASX-listed explorer focused on gold, silver, copper, and base metals in New South Wales. The Company’s portfolio is anchored by the Mt Carrington Project, a large epithermal system hosting multiple deposits and prospects within a caldera-scale geological setting (Figure 2). Figure 2: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) Beyond Mt Carrington, Legacy Minerals is advancing a diversified suite of exploration assets, including nickel-cobalt exposure at Nico Young, copper-gold exploration via joint ventures, and multiple epithermal and porphyry-style targets across NSW. Highlights – Drilling Commences at Mascotte Silver-Gold Prospect A 2,000m diamond drilling program has commenced at the Mascotte Silver-Gold Prospect, targeting high-grade mineralisation beneath historical workings and new priority targets (Figure 3). Figure 3: Interpreted deep-set structure and lineaments on 3D MT conductivity (201 to 1700ohm.m) (source: LGM) The initial program comprises nine drill holes, with drilling expected to take approximately six weeks. Mascotte sits within the broader Mt Carrington Project, which hosts a 115Moz AgEq Mineral Resource at an average grade of 105g/t AgEq. Historical drilling at Mascotte was completed between 1969 and 1970, was shallow (generally less than 70m depth), and focused on a limited strike length. Best historical results include 18.3m at 237g/t Ag from 3m, including 9.1m at 394g/t Ag. Importantly, historical drill holes were not assayed for gold, leaving significant upside potential untested. Recent rock chip sampling by Legacy Minerals has confirmed elevated gold-silver mineralisation, with results of up to 11.2g/t Au and 222g/t Ag along a ~1.3km trend (Figure 4). Figure 4: Mascotte Prospect plan view showing rock chip assays, planned drilling, and historical workings (source: LGM) The Mascotte trend remains open along strike and at depth, with multiple parallel structures identified. In parallel with exploration drilling, a new Ausenco-led Scoping Study is progressing on the existing Mt Carrington deposits and is expected to be completed in early Q1 2026. Assay results from recent Battery drilling are expected by the end of January 2026. Leadership Commentary Legacy Minerals CEO & Managing Director, Christopher Byrne, commented: “The commencement of drilling at the Mascotte silver and gold Prospect represents an important step in unlocking the broader value potential of the Mt Carrington Project. Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry and extensive untested strike provide compelling evidence for a discovery opportunity. The current drilling program is targeting an area that has seen minimal modern exploration, with historical drilling both shallow and limited in extent. Importantly, drilling was never assayed for gold, with recent rock chip sampling confirming the presence of high-grade gold mineralisation along the broader trend. With mineralisation remaining open at depth and along strike, Mascotte offers clear upside potential to grow the existing Mt Carrington silver-equivalent resource base. This drilling program is being undertaken against a backdrop of both silver and gold trading at or near record prices. These market conditions further enhance the strategic importance of advancing highquality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent Mineral Resource estimate of 115Moz AgEqii . Legacy Minerals is adopting a dual-track approach to unlock the substantial value at Mt Carrington: discovery and development. We are progressing development studies through the Ausenco-led Scoping Study to demonstrate a clear pathway to realise value from the existing Mineral Resource, while in parallel pursuing discovery-driven upside through targeted drilling at Prospects such as Mascotte. This strategy provides multiple avenues to create value for shareholders, balancing near-term development optionality with the potential for new discoveries. Following our last drilling in December, the final diamond drill hole assays from the Battery drilling are expected to be received by the laboratory by the end of January. We also look forward to providing further updates as drilling progresses and as the Scoping Study continues to advance, with the expected delivery of that significant work expected early this quarter.” Near-term Milestones to Watch Completion of the nine-hole diamond drilling program at Mascotte Receipt of Battery drilling assay results by the end of January 2026 Delivery of the Ausenco-led Scoping Study in early Q1 2026 Ongoing drill updates and results from the Mascotte program Samso Concluding Comments As I mentioned, this is an introduction for the Samso Community, and I am eager to follow this story and see where things land. Silver and Gold tend to flow in the same direction, and in 2026, I do think that both will go higher. Whether silver ends up with greater value due to its industrial needs, too, is still to be debated. What I do know is that even at USD $90/oz, this may not be enough to get investors to see silver as a serious form of investment. Historically, silver has been very volatile, but looking at Figure 5, this push could be the one that takes silver to a value that the punters have been talking about for decades. Figure 5: Silver price as of 15th January 2026. (source:silverprice.org) Market Implication - The Investor Lens What does all this mean for Legacy Minerals? Well, not a lot at the moment, as you can see in Figure 6. They are still new in the journey, and as you can see, the real work seems to be only moving now. The silver play for me will bring some interesst and if they get lucky, they may actually make a difference. Figure 6: The share price chart for Legacy Minerals as of the 16th January 2026. (source: CommSec) 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 Drilling Commences at Silver-Gold Targets, Mt Carrington – 12 January 2026 (view the announcement) A silver story to keep on your watch screen. The Legacy Minerals story is one that keep Samso thinking about the "What If" scenario. The WHAT IF silver does re-establish itself as a potential wealth creating metal that has been in hibernation for decades? Legacy does have an established, sizeable silver-equivalent resource base with genuine discovery-driven upside at depth and along strike. The commencement of drilling at Mascotte highlights a disciplined strategy focused on unlocking value from historical high-grade systems that have seen minimal modern exploration, particularly for gold. Legacy Minerals Holdings Limited (ASX: LGM) has commenced diamond drilling at the Mascotte Silver-Gold Prospect within its flagship Mt Carrington Project in New South Wales (Figure 1). The program targets high-grade silver and gold mineralisation beneath historical workings and newly defined structural and geochemical targets, to expand the existing Mt Carrington Mineral Resource of 115Moz silver-equivalent. Figure 1: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) The Business of legacy Minerals: Focus – Silver and Gold Legacy Minerals is an ASX-listed explorer focused on gold, silver, copper, and base metals in New South Wales. The Company’s portfolio is anchored by the Mt Carrington Project, a large epithermal system hosting multiple deposits and prospects within a caldera-scale geological setting (Figure 2). Figure 2: Location summary of Legacy Minerals’ Projects in NSW (source: LGM) Beyond Mt Carrington, Legacy Minerals is advancing a diversified suite of exploration assets, including nickel-cobalt exposure at Nico Young, copper-gold exploration via joint ventures, and multiple epithermal and porphyry-style targets across NSW. Highlights – Drilling Commences at Mascotte Silver-Gold Prospect A 2,000m diamond drilling program has commenced at the Mascotte Silver-Gold Prospect, targeting high-grade mineralisation beneath historical workings and new priority targets (Figure 3). Figure 3: Interpreted deep-set structure and lineaments on 3D MT conductivity (201 to 1700ohm.m) (source: LGM) The initial program comprises nine drill holes, with drilling expected to take approximately six weeks. Mascotte sits within the broader Mt Carrington Project, which hosts a 115Moz AgEq Mineral Resource at an average grade of 105g/t AgEq. Historical drilling at Mascotte was completed between 1969 and 1970, was shallow (generally less than 70m depth), and focused on a limited strike length. Best historical results include 18.3m at 237g/t Ag from 3m, including 9.1m at 394g/t Ag. Importantly, historical drill holes were not assayed for gold, leaving significant upside potential untested. Recent rock chip sampling by Legacy Minerals has confirmed elevated gold-silver mineralisation, with results of up to 11.2g/t Au and 222g/t Ag along a ~1.3km trend (Figure 4). Figure 4: Mascotte Prospect plan view showing rock chip assays, planned drilling, and historical workings (source: LGM) The Mascotte trend remains open along strike and at depth, with multiple parallel structures identified. In parallel with exploration drilling, a new Ausenco-led Scoping Study is progressing on the existing Mt Carrington deposits and is expected to be completed in early Q1 2026. Assay results from recent Battery drilling are expected by the end of January 2026. Leadership Commentary Legacy Minerals CEO & Managing Director, Christopher Byrne, commented: “The commencement of drilling at the Mascotte silver and gold Prospect represents an important step in unlocking the broader value potential of the Mt Carrington Project. Mascotte sits within a highly prospective low-sulphidation epithermal gold-silver system, where historical high-grade silver intersections, strong surface geochemistry and extensive untested strike provide compelling evidence for a discovery opportunity. The current drilling program is targeting an area that has seen minimal modern exploration, with historical drilling both shallow and limited in extent. Importantly, drilling was never assayed for gold, with recent rock chip sampling confirming the presence of high-grade gold mineralisation along the broader trend. With mineralisation remaining open at depth and along strike, Mascotte offers clear upside potential to grow the existing Mt Carrington silver-equivalent resource base. This drilling program is being undertaken against a backdrop of both silver and gold trading at or near record prices. These market conditions further enhance the strategic importance of advancing highquality silver and gold assets, such as Mt Carrington, which contains a silver-equivalent Mineral Resource estimate of 115Moz AgEqii . Legacy Minerals is adopting a dual-track approach to unlock the substantial value at Mt Carrington: discovery and development. We are progressing development studies through the Ausenco-led Scoping Study to demonstrate a clear pathway to realise value from the existing Mineral Resource, while in parallel pursuing discovery-driven upside through targeted drilling at Prospects such as Mascotte. This strategy provides multiple avenues to create value for shareholders, balancing near-term development optionality with the potential for new discoveries. Following our last drilling in December, the final diamond drill hole assays from the Battery drilling are expected to be received by the laboratory by the end of January. We also look forward to providing further updates as drilling progresses and as the Scoping Study continues to advance, with the expected delivery of that significant work expected early this quarter.” About the Project The Mascotte Prospect is defined by extensive historical workings across a mineralised trend approximately 1.3km in length, with evidence for multiple parallel structures. Mapping has identified widespread silica alteration, chalcedony, and jasperoidal silica associated with epithermal veining. Recent Airborne Mobile-MT surveys have delineated a northeast-trending conductivity lineament associated with known mineralisation and historical workings, suggesting scale and depth potential consistent with the broader Mt Carrington epithermal system. Near-term Milestones to Watch Completion of the nine-hole diamond drilling program at Mascotte Receipt of Battery drilling assay results by the end of January 2026 Delivery of the Ausenco-led Scoping Study in early Q1 2026 Ongoing drill updates and results from the Mascotte program Samso Concluding Comments From Samso’s perspective, the Mascotte drilling program reflects the current market sentiment for silver. The recent pullback from its high of over USD $120 per ounce is still a lot better than it was when silver price was in the low USD $20s. There is definitely more interest in the metal today as it is transforming from a docile precious metal to a dual purpose of precious metal and industrial metal narrative in 2026. The focus on historical high-grade areas that were shallowly tested aligns with a broader industry trend of revisiting legacy mining districts using modern techniques. I don't think this is an innovative thought process by any means but it is definitely a good value pathway if Legacy was to make this a workable project. The confirmation of gold mineralisation through surface sampling is notable, given that earlier drilling programs focused almost exclusively on silver. This expands the potential metal mix and enhances the strategic importance of Mascotte within the Mt Carrington portfolio. The discussion of integrating the use of geophysics, surface geochemistry, and structural interpretation will keep the methodology on the vanilla path and gives confidence that the current drill targets are well-conceived. The identification of district-scale conductivity features further supports the potential for depth extensions and will generate future value creation for shareholders and new investors. Ultimately, Legacy Minerals is positioning Mt Carrington as both a development-ready asset and a platform for discovery-led growth. The outcomes of the Mascotte drilling and Scoping Study will be important in shaping the next phase of the Company’s strategy. Market Implications Legacy is an interesting company with a current market capitalisation of AUD $37.50M with a decent silver story in the right location. The shrae price journey is steady (Figure 5) and that is also good at this stage, in my opinion. The current resource 34.4Mt at 105g/t silver-equivalent (AuEq) – 0.7Moz Au, 24.3Moz Ag, 147kt Zn, 33kt Pb, 20kt Cu, even though it is a silver equivalent resource is a good asset to have at a time when the silver price is finally making its move (Figure 6). The recent presentation (16th February 2026) does paint a pretty picture and as I said, Mt Carrington is a good address to have if you are chasing silver in Australia. The drilling and the potential upside looks credible and a bit exciting from a spectator point of view. Figure 5: The Legacy share price chart as of 16th February 2026. (source: commsec) Where the silver price go from here will be the headline act as one would think that the recent pullback would only be temporary, If it persist to lower pricing, this would not be a good scenario of would be producers. As figure 6 clearly show, it has been a long time between drinks for silver investors and the recent rise has been welcomed by long investors. If the recent chatter of a conspiracy by major players is true, in causing the sharp pullback, the the future will be uneasy for companies such as Legacy. Here is where some serious DYOR will be required. I am hoping that the pullback will allow profit taking and the market demand for the commodity and the lack of good silver supply will naturally create a sustainable price levels for all to enjoy. What this level will be the million dollar question. Figure 6: The Silver price as of 16th February 2026. (source: Trading Economics) 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. Investors can view our three main products in Coffee with Samso, Samso News, and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing, and remember, always DYOR. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

As we move into 2025, investors are most likely looking for a fresh start with some new stories and ideas of where they can invest or "Take a Punt". Let's be honest, for us, the retail investors in this sector of the ASX (Australian Stock Exchange), we are the so-called professional participants in a roller coaster ride that is commonly compared to the Casino. For those seasoned players in the small-cap sector on the ASX, and especially those that live predominantly in the resource sector, 2025 is looking to have some fresh legs (we hope, anyway). The last two years have been hard, and there are probably still many "investors" who are still stuck in the lithium run who have not taken the hard medicine of taking the loss and looking set in other alternative stories. Personally, I am fortunate enough to have missed that run and missed out on all the wins. In hindsight, my insistence on an inability to believe the might of the premium status of lithium in the EV revolution proved to be correct; however, I have to admit that I was doubting myself for a while in the early days. In saying that, over the many decades of taking that "Punt" within the confines of the ASX, I think the might of the EV revolution is yet to come. I have noticed that when a new story develops, whether it's lithium, nickel, iron ore, etc, there is always the initial hype, which is then followed by a correction, which is then followed by the boring part of real value creation, once the dust settles. I guess, this boring value creation period is what the "real money" feast on and always seems to be the correct strategy. So What Are The Stories in 2025 As usual, Samso has been looking out for new stories, and in 2025, I think that there are some that should be on investors watchlist, and hence some good old DYOR would need to be done. There are also some old products, such, as copper, that should be back on the radar that have been forced to take a backseat as investors grapple with short-term gains against long-term glory. I think the journey of nett zero emissions and the clean energy narrative will take on a new level of interest and may begin to create a Fear Of Missing Out (FOMO) in 2025. This increase in attention may create a third certainty in life, after death and taxes. Since 2020 the ASX market has been monopolised by the lithium narrative, and as a result, everything else has been pretty much ignored and hopefully, till now. The investing community understands that investments are typically shrouded in mystique and for as long as I have been involved in the ASX, the key in defining what makes the ASX ticks is all about researching to a level that measures your own risk and reward appetite. All I hope to do here is to share my thoughts and give those interested a trigger to begin that process. 1.0 What Can We Learn From Copper ? 2.0 The Exotics of 2025 3.0 Zeotech Limited (ASX: ZEO) 3.1 Zeotech - Products 4.0 Corporate Matters 5.0 What Does this All Mean? 5.1 New Management and Advancement of Business 6.0 Samso's Final Words 6.1 Zeotech Makes Sense The need to have a balanced view is sometimes very hard to do in an industry where investors know that the rising share price is the only determining factor that measures our success. We cannot measure our success with how much or how little we know about the subject matter. Sometimes, we win knowing a lot, and other times, we know very little. What we can measure is how we got ourselves into that position to allow us the opportunity to, as they say, take that "punt". In my opinion, the need for information is to allow us to take that position so that we are in the game. 1.0 What Can We Learn From Copper ? Dr. Copper as the market calls Copper has been around since the first day the human species started to make the planet Earth their domain. I like to use Dr. Copper as a barometer on how investors should react in 2025 on the ASX. As you can see in Figure 1, the price of copper is gaining a bit of strength over the last 5 years, but the sentiment for a demand surge has been called for at least a decade, but the reality on the equities front has been far from spectacular. Figure 1: Copper price chart since 1990. (Source: Trading Economics) It's true that the ASX small-cap sector currently lacks any genuine quality players, but this presents a great opportunity to begin exploring the list. I used to believe that Cyprium Metals Limited (ASX: CYM) had real potential before the management change. If the previous management had secured funding (debt) before the interest rates began rising weekly, CYM might have been quite intriguing today. Investors should realize that finding and developing a cost-effective copper mine takes decades, but its ability to generate revenue lasts for many decades more. Some of the top-producing copper mines have been in operation for over 50 years. Why do we need all this copper, you ask? Well, look around and see what you are using that does not need copper. The simple fact is that metals such as copper are the backbone of civilisation, and the demand will not decline. What is declining is the supply, and lets leave that discussion for another time. The challenge for "punters" is to find a sustainable product that has a prolonged value and cannot be easily manufactured or generated. As we move into a world where we are more innovative in thinking and in utilisation, these "Exotics" could become a more profound feature in the investing community. 2.0 The Exotics of 2025 I have coined the term "Exotics" to describe a few products that are being promoted as essential items to complement the no-emission narrative. While I am not a believer that the pricing of lithium will recover to being a premium product, I am definitely a believer in products that will be aimed at narrating the reduction of the emission story. This is not to say that lithium is not part of that narrative; I just feel that lithium is now just one of the components and is no longer the "superstar". I feel that the age of post-COVID is all about reduction in emissions. The journey is not about whether you are pro global warming or not; the reality is that the path to a reduction of emissions is the main game. The serious nature of this sentence is clearly identifiable with the Australian government having established a full-time department to facilitate this topic, the Department of Climate Change, Energy, the Environment and Water. The quote below is straight out from the department: Australia and the world are undergoing the biggest and fastest economic transformation since the industrial revolution. Action to reduce emissions will help prevent the worst impacts of climate change, but will also create a boom in new jobs and new industries. The government’s ambition for a future made in Australia will form a comprehensive, coordinated and practical strategy to seize these opportunities. As the path to net zero will require innovation and investment across all sectors, the Australian Government is continuing to take major steps to realise the opportunities of an efficient, productive, high-wage net zero economy and make Australia a renewable energy superpower. - Department of Climate Change, Energy, the Environment and Water. The government has set up a Net Zero emission plan and is 100% serious in making this a focus. This is why I say the age of the Exotics is just being made known to the investing world. I am not saying that the traditional metals are to be ignored, but if we, the retail investors, are to have a chance in getting closer to the front seats in this game, we need to think more exotic. Figure 2: Australia's energy-related emissions and net-zero carbon budget, BNEF's Economic Transition Scenario and New Zero Scenario. (Source: Mining.com.au) Whether we are talking about the transition to a cleaner energy or to a reduction in emissions, I see great opportunities as this timing is like moving from horse carriages to automobiles. We are still early in the conversation, and the new "Super Products" are coming on, and like all new products, the promotions are coming in quick and fast. The introduction of exotic commodities to tackle the reduction in sending "nasties" to our atmosphere is what we are talking about, so let's take this journey here on Samso and get informed. 3.0 Zeotech Limited (ASX: ZEO) Late last year I came across Zeotech Limited (ASX: ZEO), a mineral resource company that, according to the website, is developing advanced materials for a sustainable future. We are developing sustainable processes to produce advanced materials and investigating the application of their unique properties to deliver positive global impact. - Zeotech Limited I admit that when I first came across the company, I had a hard time understanding the business of the company. Apart from knowing the CEO, James Marsh, I was and am still learning the business. As I looked more into the business of Zeotech, I became aware that this is like a Resource Tech story. I have yet to approach James to get a closer understanding (Work in Progress), but looking at the business from afar, this is a bit of an industrial minerals play with a bit of technology that seems to be the theme of another company that we will have a chat about as well. Let's have a look at the announcement on the 10th December 2024 - Methane Control Field Trial Deliver Promising Results. Figure 3: Simulated landfill configurations located at Griffith University. (Source Zeotech Limited ASX release.) That release on the 10th of December highlights that the the company’s two zeoteCH₄® showed in tests with Griffith University a reduction in methane emissions with an average (mean) efficiency of 70-85%. The development is still too early to have conclusive proof of its efficiency, but one can see the potential of the product. From what I can understand, the implementation of the zeoteCH₄® is akin to putting a topsoil over areas such as landfills to filter out methane release (Figure 4). Figure 4: Diagrammatic representation of how the zeoteCH₄® product will be used. (source: www.zeotech.com.au) 3.10 Zeotech - Projects Zeotech lists the following projects on the website, which makes this company more about products than mineral resource projects. Methane Emissions Control Soil Carbon Sequestration and Nutrient Management Carbon Capture and Utilisation By-product Treatment and Utilisation Kaolin Projects Toondoon Kaolin Project Abercorn Kaolin Project The company website does give a good brief of each project. As far as I understand, Zeotech has a unique Kaolin product that has been tested to show they have properties that are allowing them to create their own proprietary products that are used in the business of capturing the emission of carbon. I will not go into the technical aspect of the project at this stage but when and if I get a chance to get James Marsh on a Coffee With Samso, I am sure, James will be able to articulate that with more accurately. James is no stranger to the Samso Platform so it will be great to have him back to communicate about Zeotech. 4.0 Corporate Matters At the writing of this blog, Zeotech is sitting at a market capitalisation of AUD81.56M with a share price of AUD $0.044. This would give the company about 1.8B shares on issue. Figure 5: The Zeotech Limited share price chart. (source: Commsec) On the 19th of August 2024, Zeotech announced the appointment of James Marsh as the Chief Executive Office (CEO), effective 9th September 2024. James Marsh gave a good presentation at the recent Noosa Mining Conference on the 15th of November 2024 which outlined the business of Zeotech. Here are some notable news releases from Zeotech: 10th December 2024 - Methane Control Field Trials Deliver Promising Results 19th November 2024 - QLD Govt Funding Secured for Metakaolin Feasibility Study 28th October 2024 - Zeotech Executes MOU with Holcim Australia 3rd July 2024 - Bulk Zeolite Sample Sent to Protekta North America 22nd April 2024 - High Reactivity Metakaolin to Advance Low Carbon Cement 30th January 2024 - Methane Control Trials Advance Infield to Cleanaway Landfill 13th November 2023 - Trials Deliver Promising Methane Oxidation Efficiency 1st September 2022 - Completion of Toondoon Project 31st August 2022 - Commencement of Legal Proceedings against Zeotech 12th April 2022 - Opportunities for Zeolite-Based Greenhouse Gas Mitigation 30th November 2021 - Pilot Program Update - First Continuous Closed-Loop Circuit 6th September 2021 - Griffith University Delivers Promising Agronomic Results 23rd August 2021 - ZEO Acquires High-Grade Kaolin Project within Approved ML 16th February 2021 - Zeolite Pilot Plant Program Commences 1st December 2020 - Change of Name and ASX Code 28th October 2020 - Commercial Grade Zeolite Produced from Li Process Residue 8th July 2020 - Board Restructure and Chair Appointment 9th June 2020 - Early market interest in Synthetic Zeolite Technology 21st May 2020 - Zeolite Technology Intellectual Property Protection Filing 7th April 2020 - Exclusive Licence Agreement to Produce Synthetic Zeolite 7th April 2020 - Board Restructure and Executive Appointment 17th October 2019 - Acquisition of Abercorn High Purity Alumina Project Complete 13th August 2019 - Metalsearch to Acquire High Purity Alumina Project The list of notable news releases broadly gives a summary of the journey of Zeotech as the company transitioned from 2019 to the current management. There are a lot more items which are listed in the Investor Information section of the website. 5.0 What Does this All Mean? The Zeotech story is not a new concept, as we remember there was EcoGraf Limited (ASX: EGR) and FYI Resources Limited, which is now called Cadoux Limited (ASX: FYI) back in 2021. The vertical integration pathway is popular with ASX companies, but I feel the investor patience still needs a process of hand-holding and a lot of patience. My experience in the ASX tells me that the inner circle, the "purple circle", is very much informed, and the companies that have the support are going to have a lot of traction, but to convince the general investor, the retail sector, and investors like myself, there is still a lot of work to be done. The retail market is generally impatient, and most investors are not used to the long gestation periods that are required with projects such as the one Zeotech is selling. The whole Zeotech story started in 2019, and the value created came in the heights of the 2020 bull run (Figure 5) and has since slowed and had a consistent decline with the general state of the bearish sentiment. In terms of market capitalisation (MC), I am guessing that most small-cap investors will not like the AUD81M number. I have to agree as there are many great "Punts" which have MC at sub-AUD5M which makes a great position to take on any appreciation. However, for a product like Zeotech, if they do get it right and the timing has arrived, AUD81M is very cheap. My thinking is that the new world order of clean energy and all the clean products that we are embracing, a product that can reduce carbon emission would be like the beginning of the computer age. The key for investors is to watch the space and talk to management. What I have learnt over the last 5 years of Coffee With Samso is that management do want to engage and they are doing everything they can to engage with all forms of investors. They all know that the core supporters, from founding shareholders to the significant shareholders can only take them so far and the holistic engagement with the investing community is still the holy grail. 5.1 New Management and Advancement of Business The new management and the recent release of the findings with the Methane, government funding, and the MOU with Holcim do give me a sense that there is more than a good speech for the Zeotech story. I am guessing that the combination may seem to have sparked a renewed interest with a recent jump in share price movement. What that translates to is anybody's guess, but if the latest Noosa presentation by James Marsh is an indicator of things to come, there may be a good reason to start the DYOR process on Zeotech. James did do wonders for the initial share price movement for Andromeda Metals Limited (ASX: ADN), however, history is clear that the Andromeda story has not ended well (Figure 6). Figure 6: The share price chart for Andromeda Metals Limited. (source: Commsec). How or who was responsible for the decline is not something we retail investors will ever have an answer to. Personally, I did not follow the entire story, but what I know is that it is never about what it seems. 6.0 Samso Concluding Thoughts As I am looking at Zeotech, I cannot help but be reminded of the likes of EcoGraf Limited (ASX: EGR) and Cadoux Limited (ASX: CCM), formerly FYI Resources Limited. One could go as far as comparing it to companies such as Blackstone Minerals Limited (ASX: BSX) with their vertical integration of their nickel sulphide project in Vietnam. The value creation journey for EcoGraf (Figure 7) and Cadoux (Figure 8) is not a great role model for investors looking at Zeotech, but sometimes, timing is critical. You could have a great idea or a great product but if you are too early or late, that is not a good thing. Figure 7: Share price chart for EcoGraf Limited. (source: Commsec) If you look at the share price chart for Andromeda, EcoGraf, and Cadoux, the three share price chart are almost in perfect symmetry, so it looks like the three companies caught the same bug. As investors, we must always remember that the market is always changing, and there is definitely less market understanding for this type of commodity/story. It is not like gold or copper or lithium, where the investing community can easily understand the fundamentals. Figure 8: Share price of Cadoux Limited (formerly FYI Resources Limited). (source: Commsec) Projects such as that Zeotech are promoting, are all going to take time and the triggers for success are normally subtle to start, especially for the retail side, and with time it will lead to larger news. Selling this type of story is not easy and may approach the level of very hard, but it is not impossible. This is not your typical mineral resource project that is widely promoted on the ASX. I am not saying that it is not a good project; in fact, I am taking the time to write because I like the concept. In fact, James Marsh with Andromeda was looking to do something like this as well, but as I said, how, what, and why the Andromeda story ended up in tears could be solely a case of timing. There will be much commentary on the reasons, but I have seen some significant disasters turn into a gem and vice versa. 6.1 Zeotech Makes Sense I don't think the Zeotech story is comparable to that of Andromeda, EcoGraf, or Cadoux, but it is the same pathway. It appears that Zeotech has more merits with the backing of government funding and the collaboration with the University. I am a big fan of thinking outside the norm, so I am very skewed in my thinking for taking that extra risk when it comes to predicting future pathways for all aspect of my life. As you read through the news release, you will start to see the runs on the board and the proof of concept being announced by the company. All these steps take time, and the great news is that it has been done. I did mention that this story has been on the move since 2019, and that is now nearly 6 years of work that has been completed, meaning that the boring hard work that takes time has been done. Commercialisation or monetisation of the Zeotech concept may be just around the corner, and the market cannot deny that the clean energy and no-carbon or less-carbon-emission train will only gain traction as we go beyond 2025. Planet Earth is building solar and wind farms as if they were the only energy source available. It is not a revelation that I feel the reduction of carbon emission space will be the next "Flavour"; however, I am not sure if the timing is 2025 or 2030. All projects require the balance of funding and storytelling, and the combination will be the telling factor for the survival of Zeotech and the other companies in this space. To conclude, Zeotech may or may not happen as an investment for investors, but as I mentioned in the start of this discussion, one needs to take an alternative look at investments, otherwise we will just be another sheep in the herd. History tells me that when I am in that situation, I do feel that I am completely at a lost of my investment entry and exit decisions. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Announcement AusPozz Project Preliminary Feasibility Study Zeotech Limited (ASX: ZEO) Zeotech Limited (ASX: ZEO) has released a Preliminary Feasibility Study (PFS) for its AusPozz™ Project, underpinned by its Toondoon Kaolin Project in Queensland (Figure 1), confirming the strong technical and economic potential of Australia’s first metakaolin manufacturing facility for the production of low-carbon concrete additives. The study marks a major milestone for Zeotech’s ambition to support Australia’s decarbonisation efforts and transform the construction materials landscape. Figure 1: Toondoon Kaolin Project map (source: ZEO) Zeotech, Chief Executive Officer, James Marsh commented: “We are excited by the positive outcomes of the AusPozz™ Project PFS, which presents a compelling business case for establishing Australia’s first manufacturing facility dedicated to producing a world-class high-reactivity metakaolin. This advanced supplementary cementitious material (“SCM”) product offers both significant environmental and technical benefits, making it a key enabler in accelerating the transition to low-carbon concrete across a broad range of applications.” “AusPozz™ is well-positioned to become a game changer in Australia’s building and construction materials sector, with the potential to make a substantial contribution to the nation’s net-zero carbon emission targets. We eagerly look forward to advancing the DFS and continue driving sustainable innovation.” What is AusPozz™ Metakaolin? AusPozz™ is a high-reactivity metakaolin, a supplementary cementitious material (SCM) that enhances strength, reduces shrinkage, and improves durability in concrete (Figure 2). It is made by calcining ultra-high purity kaolin from Zeotech’s Toondoon Kaolin Deposit in Queensland. “AusPozz™ is well-positioned to become a game changer in Australia’s building and construction materials sector, with the potential to make a substantial contribution to the nation’s net-zero carbon emission targets. We eagerly look forward to advancing the DFS and continue driving sustainable innovation.” Figure 2: Zeotech's AusPozz™ high-reactivity metakaolin. (source: ZEO) Unlike traditional SCMs such as fly ash (Figure 3) or slag, AusPozz™ is designed to be low-carbon, high-performance, and domestically produced. The proposed facility at the Port of Bundaberg will process 6.23 Mt of kaolin feed over the mine life, supported by nearby infrastructure, utilities, and export routes. Figure 3: Traditional SCM from coal fly ash. (source: ZEO) Key Project Highlights for Zeotech Limited The AusPozz™ PFS outlines a project with robust economics and clear sustainability credentials: Project Cashflow: $1,014 million (after-tax) EBITDA: $1,604 million over the 20-year Life of Mine Net Present Value (NPV8): $406 million after-tax Internal Rate of Return (IRR): 42% Payback Period: 2.1 years Initial Capital Cost: $115 million, with early DSO sales reducing funding needs to ~$95 million Importantly, early revenue from Kaolin Direct Shipping Ore (DSO) reduces upfront capital needs and accelerates the project’s payback. The PFS also confirms AusPozz™ production capacity of 300,000 tonnes per annum, underpinned by a JORC-compliant Measured and Indicated Resource of 10.87 Mt of high-purity kaolinite and plastic clay. From a commercial standpoint, Zeotech has secured strong early interest: 65 active sales/specifier leads MOUs with major industry players: Holcim Australia (for AusPozz™ trials and potential offtake) MSI China (for 950,000 tonnes of Kaolin DSO over five years) Environmentally, AusPozz™ offers a 1-for-1 cement replacement, potentially reducing emissions by 229,800 tonnes CO₂-e per year at nameplate production, equivalent to removing 53,600 petrol-powered cars or powering over 30,860 homes annually. The Road Ahead: DFS and Beyond to a Low-Carbon Concrete Company. With the PFS now complete, Zeotech is preparing to launch a Definitive Feasibility Study (DFS) in Q3 2025, to reach Final Investment Decision in Q1 2026 and achieve full-scale production by Q1 2029. The DFS will advance: Resource definition and expansion drilling Binding offtake agreements Detailed engineering and vendor trials Environmental approvals and Port infrastructure agreements Zeotech also unveiled “Horizon 2” downstream opportunities, including: zeoteCH₄®, a proprietary zeolite targeting landfill methane emissions Animal feed supplements aimed at preventing milk fever in cows These initiatives highlight Zeotech’s long-term vision of becoming a diversified green materials technology company. Next Steps – Summary ✅ Strong Business Case: AusPozz™ offers low-cost, low-risk production with strong market demand and attractive project margins. ✅ High-Quality Resource: The Toondoon Kaolin Deposit contains ultra-high purity kaolinite (>90%), ideal for DSO and metakaolin production. ✅ Scalable Production: The proposed 300,000 tpa AusPozz™ Manufacturing Facility at the Port of Bundaberg is supported by robust infrastructure, with potential for future expansion (Train 2). ✅ Market Readiness: Zeotech has secured 65 active sales leads and MOUs with Holcim (for AusPozz™) and MSI (for Kaolin DSO), signalling strong commercial interest. ✅ Environmental & Social Alignment: The Project supports low-carbon cement alternatives while promoting regional job creation and economic development. ✅ Execution Pathway: DFS to commence in Q3 2025 Final Investment Decision (FID) targeted for Q1 2026 Full-scale AusPozz™ production expected by Q1 2029 Samso Concluding Comments Zeotech’s Preliminary Feasibility Study for AusPozz™ should command investor attention. Seasoned investors will always agree that numbers speak volumes—strong margins, a quick payback period, and scalable market applications. I like that there is an alignment with a global shift toward greener infrastructure. At a time when governments and industries are actively seeking alternatives to traditional cement, Zeotech is positioning itself at the forefront of that transition. The Company’s emphasis on commercial readiness—with active leads and MOUs—reinforces the Project’s viability, not just from a technical perspective but from a real-market demand lens. The backing of Holcim Australia is particularly notable, offering strong third-party validation. In addition, the Project’s location at Bundaberg and its connection to regional development goals enhance its long-term social and economic sustainability. From the market perspective, a market capitalisation of AUD $127M is not a bad place for investors to consider a position. If Zeotech can make this happen, I would see much bigger valuations and numbers in the 8 numbers will easily be achieved. I think the narrative is that Zeotech is not a kaolin play. It’s a transformative move into advanced materials with purpose—one that touches everything from housing to infrastructure, and even animal health in the longer term. That’s a rare blend in today’s resource sector. The Samso Way – Seek the Research At Samso, we always say the best stories are the ones that show the homework. Zeotech (ASX: ZEO) has done exactly that—through validated testwork, independent resource reviews, and detailed planning for both commercial and environmental success. With a strategic product like AusPozz™ and the groundwork in place, this is a story for those seeking growth with substance. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Zeotech Executes LOI with Bisley 18 November 2025 (click here to view the announcement) Zeotech Limited (ASX: ZEO) has taken another step forward in advancing the commercial pathway for its high-reactivity metakaolin product, AusPozz™ (Figure 1), through the execution of a non-binding Letter of Intent (LOI) with global industrial materials distributor Bisley & Company. The collaboration spans domestic and selected international markets, providing Zeotech with an expanded platform to develop market reach and distribution capability. Figure 1: AusPozz™- high-reactivity metakaolin (source: ZEO) The Business of Zeotech Limited: Focus – Projects - Creating Green Industrial Environmental Solutions Zeotech Limited (ASX: ZEO) is building a future-focused advanced materials business centred on its wholly owned high-grade kaolin resources. The Company is developing high-reactivity metakaolin for the low-carbon concrete sector, alongside advanced zeolite-based materials aimed at greenhouse gas mitigation, including technologies targeting fugitive methane control. These projects reflect Zeotech’s broader strategy to supply practical, science-driven solutions that support both industrial performance and environmental improvement. Highlights – LOI with Bisley Strengthens Commercialisation Pathway Non-binding LOI with Bisley, a multinational marketer and distributor of industrial raw materials with more than 70 years of operating history and a strong presence across APAC, the Middle East, and North America. Shared capability collaboration, combining Bisley’s distribution and technical marketing capability with Zeotech’s AusPozz™ product suite and associated performance data. Preliminary market assessment to be conducted by Bisley with customer engagement support from Zeotech, aimed at identifying commercial opportunities for AusPozz™. Complementary product alignment, with Bisley already holding deep experience in metakaolin technology and sales. Existing pipeline of demand, with numerous domestic and overseas customers already having tested and approved AusPozz™ for use, represents a near-term commercial opportunity. Joint development of a commercialisation and distribution framework, covering pricing, logistics, customer support, and market structure for potential distribution in Australia and selected international markets. Leadership Commentary Zeotech Chief Executive Officer, James Marsh, commented: “We are pleased to be partnering with one of Australia’s leading distributors of industrial raw materials, with a strong technical capability and global market reach. This LOI establishes a framework for Zeotech and Bisley to work together in progressing the significant commercial opportunity presented by AusPozz™ and in evaluating pathways to build a robust marketing and distribution platform to support future large-scale adoption.” Bisley Operations Director Australia and New Zealand, Matt Henry, commented: “Bisley is pleased to commence this collaboration with Zeotech to progress the development of a marketing and distribution framework for AusPozz™ across Australia and selected international markets. We see AusPozz™ as a highly promising industrial product, and Bisley will undertake a detailed market assessment and customer engagement program, leveraging our technical expertise and established supply-chain capabilities to identify and develop key distribution opportunities.” About The AusPozz Project The AusPozz™ Project is Zeotech’s core initiative to commercialise its high-reactivity metakaolin as a low-carbon, high-performance alternative for the concrete sector. Developed from the Company’s wholly owned high-grade kaolin resources, AusPozz™ is designed to cut embodied carbon, enhance strength with less cement, and improve long-term durability. Its technical advantages—including reduced shrinkage, elimination of concrete cancer, improved fire resistance, lower chemical use, and the replacement of imported minerals—position the project as a practical solution for industries seeking both economic and environmental benefits (Figure 2). Figure 2: AusPozz™: Technical Advantages Supporting Low-Carbon Concrete (source: ZEO) Near-term Milestones to Watch Completion of Bisley’s preliminary market assessment. Outcomes of customer engagement programs and feedback from potential users of AusPozz™. Development of a commercialisation and distribution framework, including pricing structures and logistics pathways. Progress toward a binding distribution agreement, subject to mutual evaluation over the six-month LOI period. How Samso Understands the Investment Memo for the Company This announcement strengthens Zeotech’s commercial pathway by introducing a technically aligned, globally capable distribution partner. With existing customer approvals already in hand, the collaboration with Bisley appears well-positioned to accelerate market penetration for AusPozz™ and broaden Zeotech’s exposure in key industrial sectors. Samso Concluding Comments From a Samso point of view, this announcement is another small but practical step in Zeotech’s move from technology development towards commercial reality. The focus remains on AusPozz™ and how it can find a place in the low-carbon concrete supply chain. Bringing Bisley into the picture adds a partner with real distribution and technical marketing experience in the industrial materials space. That combination of product and channel is often where projects either gain traction or stall. The fact that AusPozz™ has already been tested and approved by a number of prospective customers gives this LOI more substance than a purely conceptual agreement. There is at least some early market pull to work with. What happens over the next six months will be important. If the market assessment, customer engagement, and framework workstreams lead to a binding agreement, investors may start to see a clearer line between Zeotech’s project pipeline and potential revenue pathways. Market Expectations Since this ASX release, the share price has pretty much settled. If readers are wondering about the business of Zeotech, the share price chart tells a pretty good story of how ZEO has come to be a company that has a market capitalisation of just over AUD $164M and in the third quarter of 2023, ZEO was under 2c, and it is now around 8.3c as of 1st December 2025. Figure 3: The share price chart for Zeotech Limited as of 1st December 2025. (source: Commsec) The business of ZEO has been a long struggle to gain traction, and I think this is now happening in earnest. The proof of concept can now be considered as history, but what remains uncertain, only due to its infancy stage, is the commercialisation part of the business. Can ZEO make this a business that has scale? For me, this is almost a no-brainer. Although we all know that there is no certainty in investing, I will say that it is a candidate for some serious DYOR. The Samso Way – Seek the Research Always take the time to understand the facts behind the announcement. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Independent Expert Peer Review Validates AusPozz Performance 25 November 2025 (click here to view the announcement) Zeotech Limited (ASX: ZEO) has released the findings of an independent expert peer review examining the performance of its high-reactivity supplementary cementitious material, AusPozz™ (Figure 1), across a comprehensive program of concrete mix trials conducted over 12 months. The review was undertaken by BG&E Pty Ltd, an engineering consultancy with a long-standing reputation across Australia’s infrastructure and structural engineering sectors. Figure 1: AusPozz™ - High Reactivity Metakaolin (source: ZEO) The Business of the Zeotech Limited: Focus – Low-Carbon Concrete Zeotech is advancing a portfolio of low-carbon concrete materials and advanced environmental applications (Figure 2) derived from its high-grade kaolin resources. The AusPozz™ program is a central pillar of the company’s broader strategy to: Develop high-reactivity metakaolin for sustainable concrete markets. Provide solutions for GHG mitigation, including zeolite-based technologies. Position AusPozz™ as a compliant and technically validated SCM aligned with Australian standards. Figure 2: AusPozz™ - Significantly lower carbon footprint and multiple performance benefits (source: ZEO) Highlights – Independent Review Validates High-Performance Concrete Outcomes The BG&E peer review confirms AusPozz™ as a high-performance SCM based on the following outcomes: Superior Strength Performance: Across all mix designs assessed over 12 months, AusPozz™ consistently delivered higher strength results. In some trials, strength increases exceeded 130% compared with control mixes. Reduced Drying Shrinkage: An average 30% shrinkage reduction after 56 days was recorded, supporting improved dimensional stability and reduced cracking risk. ASR Mitigation: At 25% cement replacement, all materials transitioned from reactive to non-reactive status, meaning AusPozz™ can effectively mitigate Alkali–Silica Reaction. Workability Maintained: Plastic properties (bleed, air content, consistency) behaved similarly to mixes incorporating other SCMs, reinforcing suitability for commercial-scale batching. Thermal Advantages: AusPozz™ reduced peak temperatures compared with cement, reducing thermal cracking risks and supporting lower-cost concrete designs. Silica Fume Replacement: In high-strength concretes, AusPozz™ delivered performance comparable to silica fume, providing additional cost and handling advantages. Leadership Commentary Zeotech Chief Executive Officer, James Marsh, commented: “Independent expert validation confirms AusPozz™ as a high-performance building material with the capability to materially decarbonise concrete across both infrastructure and commercial applications and deliver technical advantages. The demonstrated benefits in strength, shrinkage control, ASR mitigation, and the potential for cost savings position AusPozz™ as a highly compelling solution for the built environment. Importantly, BG&E’s independent review provides industry stakeholders with confidence that AusPozz™ meets rigorous technical standards and can consistently deliver both sustainability and performance outcomes. This milestone reinforces Zeotech’s commitment to advancing innovative, low-carbon materials that support the transition to sustainable construction while delivering tangible economic and operational value for our partners." About the Project – Independent Peer Review by BG&E Zeotech engaged BG&E to conduct a full technical peer review across a broad suite of concrete mix trials, including: Precast Bulk-fill Abrasion-resistant mixes High-performance concrete The methodology included standardised benchmarking against control mixes to evaluate the effect of AusPozz™ as a cement replacement SCM. The review was led by: Greg van Rooyen, Senior Associate & Team Leader – Materials (QLD), Chartered Professional Engineer and current National Vice-President of the Concrete Institute of Australia. BG&E is recognised for: National and international engineering leadership Material durability expertise Compliance with Australian standards (AS 3852.4:2022) Near-term Milestones to Watch According to the announcement, Zeotech is progressing multiple next-step activities: Expansion of the durability assessment program to support broader market adoption. Additional testing of high-performance concrete mixes to strengthen technical validation. Ongoing work with Queensland Transport and Main Roads to secure AusPozz™ inclusion in approved product lists. Continued advancement of commercial engagement across infrastructure and construction markets. How Samso Understands the Investment Memo for the Company From a Samso perspective, the independent peer review provides the kind of third-party technical validation that is essential in materials science commercialisation. AusPozz™ now sits in a stronger position with respect to compliance, technical performance, and market readiness. The investment lens highlights several key points: Validation reduces technical risk. Independent confirmation supports the credibility of AusPozz™ across multiple performance categories. Market adoption depends on evidence. Concrete producers and infrastructure clients typically require multi-year, consistent data before integrating new SCMs. This process is underway and strengthened by these findings. Regulatory alignment supports scalability. The confirmation of alignment with AS 3852.4:2022 is a critical enabler for future tenders and approvals. Expansion of testing is value-accretive. While in the early stages, the broadened testing program directly addresses industry requirements and de-risks future commercial rollouts. This is still an early part of the commercialisation curve, but the foundations continue to strengthen. Samso Concluding Comments The release of an independent peer review is always an important milestone for any emerging technology, and in this case, it provides Zeotech with a substantial layer of technical credibility. The concrete industry is built on standards, performance benchmarks, and evidence that can withstand scrutiny. BG&E’s review does exactly that — it delivers a detailed assessment of AusPozz™ across a range of real-world mix designs, confirming repeatable results rather than isolated laboratory outcomes. Strength improvements exceeding 130%, shrinkage reductions of 30%, and the ability to transition ASR-affected materials to non-reactive classification all point to a product that is genuinely additive to the performance of concrete. These are measurable improvements that matter to structural designers, precast manufacturers, and civil engineering teams managing long-term durability risks. The study also shows that AusPozz™ behaves predictably alongside existing SCMs. This is a key factor for commercial adoption, as concrete producers demand reliable workability, batching behaviour, and alignment with established mix protocols. The confirmation that AusPozz™ maintains plastic properties comparable to current SCMs lowers the practical risk for early adopters and sends a strong message that the material can slot into existing operational workflows without disruption. While this validation strengthens the foundation, it is equally clear that Zeotech still has a pathway of continued testing, approvals, and broader engagement ahead. The industry will expect long-term durability datasets and large-scale field applications, and Zeotech has acknowledged this by expanding its testing program. Nonetheless, this peer review marks a significant step forward — a moment where the narrative shifts from potential to demonstrated performance, giving the market a clearer sense of what AusPozz™ can deliver. The Market Perspective Figure 3: The share price chart for Zeotech as of 15th December 2025 (source: CommSec) The market acceptance is a clear indication that the company's story is heading in the right direction (Figure 3). ZEO currently has a market valuation around the AUD $160M mark, and for me, that is not a bad level for taking a position. There is now a clear indication that the product does work, and one has to remember that Alpha HPA Limited took a long time to get to a market capitalisation of AUD $800M (see link below for our Samso News on the company). Exploring the Potential of High Purity Alumina: A Review of Alpha HPA Limited (ASX: A4N) The HPA journey, or in this case, for Zeotech, the low-carbon concrete journey, is taking small but positive steps. One has to remember that this has been jouney measured in multiple years. The Samso Way – Seek the Research Every insight begins with evidence, and every conclusion is grounded in the data you can verify. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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.

Murga's Low Iron Scandium Enters Metallurgical Testing as Simpler Leaching Route Could Reshape the Deposit's Economics Samso News | ASX: RIM | Critical Minerals | Scandium — Fifield District, NSW Rimfire Pacific Mining Ltd (ASX: RIM) occupies a specific and differentiated position within Australia's scandium landscape. Samso has taken a liking to Rimfire because of the potential possibilities of the Murga Scandium Deposits with its low iron content. Over the years, I have learnt that to look out for these small things that make a lot of difference in terms of understanding the potential of a mineral resource story. Lightning Storm (Source: Rimfire Pacific Mining Limited) Currently, the narrative is that it is approximately 16% Fe compared to 34% Fe at neighbouring deposits, which, according to the company, opens the possibility of Atmospheric Tank Leaching or Vat Leaching rather than the more capital-intensive and technically complex High Pressure Acid Leaching (HPAL) route that other Fifield District operators are contemplating. If that simpler leaching pathway proves economically viable, it materially changes the capital intensity equation for Murga relative to its peers. The metallurgical study now underway at Simulus Laboratories is the test that will determine whether that advantage is real. With a total global scandium resource inventory of 10.6Kt Sc across Melrose, Currajong, and Murga and the Malamute Prospect offering additional regional upside. From a Samso perspective, Rimfire has assembled a resource base that positions it among the most significant scandium players in Australia's most prospective scandium district. The metallurgical question at Murga is the next pivotal variable the market should track. Bottle Roll Testing Commences at Murga as Rimfire Investigates Whether Low Iron Scandium Can Be Extracted Without High-Pressure Acid Leaching Samso News | ASX: RIM | Source: Rimfire Pacific Mining Limited ASX Release, 12 May 2026 Introduction Rimfire Pacific Mining Limited has announced the commencement of a metallurgical study on low iron scandium mineralised material from its Murga Scandium Deposit in the Fifield District of central New South Wales. The study, being conducted by Simulus Laboratories in Perth under the guidance of the company's Metallurgical Process Consultant, Boyd Willis, is designed to determine whether Murga scandium can be economically recovered at atmospheric pressures — a question with significant implications for the deposit's capital intensity relative to other scandium projects in the district. The central distinction at Murga is its iron content. The deposit carries an average iron grade of approximately 16% Fe, materially lower than comparable scandium deposits in the Fifield District. Rio Tinto's Burra Scandium Deposit, for example, holds a combined Mineral Resource iron grade of 34% Fe. That difference in iron content is commercially significant because high-iron scandium deposits typically require High Pressure Acid Leaching (HPAL) which is a metallurgical process that is both capital-intensive and technically complex. If Murga's lower iron content allows the use of Atmospheric Tank Leaching or Vat Leaching, the capital requirements for bringing the deposit into production would be substantially lower. The metallurgical study now underway is the first systematic test of that hypothesis using Murga material. Figure 1: Aircore drilling operations at Rimfire's Fifield project in central NSW — the same drilling technique used across the Murga Scandium Deposit to generate the resource inventory now underpinning the metallurgical study. Source: (Rimfire Pacific Mining Limited). Stage 1 of the study involves bottle roll leach testing at atmospheric pressures on two representative samples of laterite/clay and saprolite-hosted low iron scandium mineralised material. Initial findings from Stage 1 are expected by late June 2026. The outcome of that stage will determine the pathway for Stage 2, which may involve agitated leach or vat leach testing depending on particle size results. Stage 2 completion is anticipated potentially as early as the September 2026 quarter. In parallel with the metallurgical study, the company's Inferred Mineral Resource at Murga now stands at 56.1Mt at 138ppm Sc for 7,760t Sc, contributing to a total Fifield scandium resource inventory of 10.6Kt Sc across the company's three deposits. Rimfire Pacific Mining Limited Murga Scandium Project - Highlights Management Commentary David Hutton, Managing Director and CEO of Rimfire Pacific Mining, framed the commencement of bottle roll testing as a step toward realising what the company regards as Murga's key point of difference within the Fifield District. Hutton pointed to the low iron character of the mineralisation as a potential technical breakthrough relative to competing scandium projects in the district, which are contemplating HPAL — a significantly more capital-intensive process. He confirmed the company's primary corporate objective remains building a globally significant scandium resource inventory at Fifield, and expressed confidence that further drilling success at both Murga and the Malamute Prospect could substantially grow the inventory beyond its current level. " Murga's low iron scandium represents a potential technical breakthrough and is a key point of difference to the other scandium deposits in the area." — David Hutton, Cheif Executive Officer, Rimfire Pacific Mining Limited Hutton also contextualised the study within the company's broader resource-building trajectory, noting that the total Sc Oxide resource base of more than 16Kt across the Fifield portfolio places Rimfire in a strong position within the district. The metallurgical study is presented as complementary to, rather than separate from, the resource growth strategy — the logic being that a confirmed lower-cost processing pathway at Murga would materially enhance the commercial case for the deposit's development alongside the inventory-building work that continues at Malamute. Near-Term Milestones to Watch What Investors Should Monitor Following This Metallurgical Study Announcement Near-Term Milestones to Watch Figure 2A: Fifield aircore drilling. (Source: Rimfire Pacific Mining Limited) Figure 2B: Rimfire geologists on the ground at Fifield. (Source: Rimfire Pacific Mining Limited) Samso Concluding Comments The Rimfire story is probably at a stage where interested investors may want to take some notice. This may not be the timing to jump in but the 12 May 2026 announcement from Rimfire Pacific Mining is pretty much the commencement of a study that will answer a binary question: can Murga's scandium be economically extracted without High Pressure Acid Leaching? This is effectively the key quesiton for the Rimfire Story. The keya spect of this discussion is that currently HPAL is the dominant proposed processing route for comparable scandium deposits in the Fifield District. The take away for those that are new to this story is that the HPAL process carries a substantially higher capital cost and technical complexity than atmospheric leaching alternatives. IF bottle roll testing and subsequent stages confirm that Murga's low iron mineralisation responds adequately to atmospheric conditions, the deposit's development economics would be fundamentally different from those of its neighbours. IF the results are inconclusive or negative, the company would need to reassess its processing approach. Figure 3: Core cutting at one of Rimfire's Fifield project drill programs. The HQ quarter core samples now being tested at Simulus Laboratories in Perth were collected from diamond drillhole FI2679 at the Murga Scandium Deposit. Source: Rimfire Pacific Mining.Schematic diagram of the multi-stage metallurgical study process — Stage 1 bottle roll testing through to Stage 2 agitated or vat leach testing — illustrating the study pathway from commencement to economic viability assessment Murga's average iron grade of approximately 16% Fe compares with 34% Fe at Rio Tinto's Burra deposit. According to the managmeent ethos, that gap is the difference between a deposit that may be amenable to surface-condition leaching and one that requires an autoclave-based high-pressure process. The capital cost of an HPAL facility, inclusive of the autoclave circuit, materials-handling infrastructure, and the operational complexity of managing high-temperature, high-pressure acid conditions, is one of the primary reasons that high-grade scandium deposits globally have been slow to reach commercial production despite strong pricing fundamentals for the metal. A viable atmospheric leaching route at Murga would remove that barrier, at least in principle. This study now underway is designed to test whether the mineralogy supports that outcome. Figure 4: A diamond drill rig at one of Rimfire's NSW project sites. Diamond drilling at Murga — including drillhole FI2679, the source of the metallurgical test samples — has provided the HQ core now being assessed for atmospheric leaching potential at Simulus Laboratories. (Source: Rimfire Pacific Mining Limited) The resource inventory context is also worth holding in mind. Rimfire's 10.6Kt Sc total inventory at Fifield, which is spread across three deposits is a material holding in a district that has attracted significant attention from major operators. The Murga deposit alone contributes 7,760t Sc, which accounts for the majority of that inventory. If the study results indicate that there is a win for Rimfire, then one can start factoring some potential upside with the Malamute Prospect, which located 40km to the north and not yet included in any resource estimate. While the company aim to participate in the Scandium story with a globally significant scandium resource base at Fifield is defintely more than intertesting. For the moment, the metallurgical work now underway at Murga will be what the industry is awaiting. Previous Samso News Coverage Samso has followed Rimfire Minerals across multiple ASX releases. The following represents our prior published coverage of the company: April 14, 2026 - April 6, 2026 - About Rimfire Pacific Mining Limited Rimfire Pacific Mining is an ASX-listed critical minerals explorer focused on building a globally significant scandium resource inventory in Australia's Fifield Scandium District, located approximately 70km northwest of Parkes in central New South Wales. The company's scandium portfolio comprises three deposits — Melrose, Currajong, and Murga — together delivering a combined global resource inventory of 10.6Kt Sc (16.2Kt Sc Oxide). The Murga Scandium Deposit, the most recently updated, holds an Inferred Mineral Resource of 56.1Mt at 138ppm Sc for 7,760t Sc. Murga is notable within the Fifield District for its relatively low average iron content of approximately 16% Fe, which creates the possibility that its scandium could be extracted using Atmospheric Tank Leaching or Vat Leaching — simpler and less capital-intensive techniques than the High Pressure Acid Leaching (HPAL) methods being considered by operators of higher-iron deposits in the same district. A metallurgical study to investigate this pathway is now underway. The company also holds the Malamute Scandium Prospect approximately 40km north of Murga on its 100%-owned Rabbit Trap Project, offering regional resource growth optionality. 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 insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Argentina has long been one of those jurisdictions that sits in the investor’s peripheral vision, not being ignored, but was never fully committed to as a "safe or aprropriate jurisdiction. For close to three decades, the global mining industry has watched the country with a mix of interest and hesitation. The reason is not difficult to understand. Argentina hosts ground that would be considered first-order by most geologists, sitting within the Andean Copper Belt and the Lithium Triangle, yet the level of production has consistently lagged the geological potential (Figure 1). Figure 1: Summary of mineral deposits in Argentina. (source: Canning House) That gap has historically had little to do with what sits below surface. It has been shaped by what happens above it. Currency controls, shifting royalty structures, and an often fragmented alignment between federal and provincial governments have made long-term planning difficult. For mining companies — particularly those accountable to public markets — uncertainty in policy translates directly into uncertainty in capital allocation. When the rules are not stable, modelling long-term returns becomes an exercise in risk management rather than project development. The election of Javier Milei in December 2023 marks a shift in that narrative. The policy direction has moved decisively toward attracting investment, with early signs that structural reform is being implemented rather than simply discussed. For an industry that operates on multi-decade timelines, that change in direction is meaningful, but it does not remove the need for careful observation. Figure 2: President Javier Milei during his election win in 2023. (source: El Orden Mundial) This Samso Insight takes a step back from the noise and lays out the moving parts. The political environment is evolving, new regulatory incentives are being introduced, and the resource base remains as compelling as it has always been. At the same time, the structural risks that have defined Argentina over the past three decades have not disappeared. The intention here is not to form a view on whether Argentina deserves investor capital. It is to provide a clear, factual map of the jurisdiction as it stands today — particularly in the context of ASX-listed companies already operating in the country or considering entry. In markets like Argentina, understanding the balance between opportunity and execution risk is what ultimately shapes outcomes. Contents 1.1 Javier Milei and the Reform Agenda 1.2 Federal Structure and Provincial Dynamics 2.0 The RIGI - Argentina's investment Incentive Regime 2.1 What RIGI Is 2.2 Why the Forex Provision Matters 2.3 Early Uptake 2.4 Limitations and Criticisms 3.0 Australian Companies In Argentina 3.1 Copper 3.2 Gold THE OPERATING MINES IN CONSTRUCTION IN DEVELOPMENT — ADVANCED THE OPERATING PROJECTS 3.3 Lithium IN DEVELOPMENT — ADVANCED SAMSO THOGHTS 3.4 Silver THE OPERATING MINES THE BLOCKED DEPOSIT IN DEVELOPMENT — ADVANCED THE ASX-CONNECTED SILVER PIPELINE SAMSO THOUGHTS Samso Concluding Thoughts 1.1 Javier Milei and the Reform Agenda The election of Javier Milei was not a routine political transition. It marked a clear break from Argentina’s recent economic history. Milei came into office positioning himself as a libertarian economist, with a mandate built around fiscal contraction, deregulation, and a deliberate unwinding of what he described as an overextended state. Figure 3: Javier Milei elected as President of Argentina with an inflation rate of over 200% in 2023. (source: Google) He inherited an economy under significant strain. Inflation had moved beyond 200% annually — a level that removes any real visibility for long-term planning. For the mining sector, that type of macro environment makes it difficult to commit capital, regardless of geological quality. Milei’s initial response was direct. Public spending was cut, subsidies were reduced, and the reliance on monetary financing of the deficit was effectively stopped. The adjustment phase was not without consequence. Through 2024, the social impact was visible, with poverty levels rising as the economy reset. By late 2025, however, the macro indicators began to stabilise. Inflation moderated from peak levels of around 211% to closer to 30% by year-end, with further declines projected if fiscal discipline is maintained (Figure 4). At the same time, GDP, which had contracted through 2023 and 2024, showed signs of recovery, with growth forecasts approaching 5% for 2025. Figure 4: Javier Milei as President has lowered the inflation rate to 5% but underlying the dramatic inflation miracle, is the underlying tone of a rise in unemployment, poverty and growing discontent. Is this a real economic turn-around or will it just prove to be another false dawn for Argentina and also are there any lessons for the UK economy? (source: OECD) The October 2025 midterm elections became an important checkpoint. Milei’s party, La Libertad Avanza, performed better than expected, strengthening his legislative position. While he does not hold a full congressional majority, the outcome provides enough support to defend key policies and continue pushing reform. For investors, this matters. It suggests that, at least in the near term, the policy direction is not being reversed. 1.2 Federal Structure and Provincial Dynamics Argentina’s federal system is one of the more important factors in understanding how its mining sector actually functions. While national policy sets the broader direction, the practical side of mining, such as titles, permits, and environmental approvals, sits with the provinces (Figure 5). Figure 5: An important distinction of how regulations in the mining industry sector works in Argentina is that the Provincial authorities control the important component s of a mining project, the titles, permits, and environmental approvals (source: Google) Each province operates with a degree of independence. There is no single permitting framework across the country. Provinces such as San Juan and Salta (Figure 6)have built a reputation as pro-mining jurisdictions, with established pathways for project development. Others, including Mendoza and Chubut, have taken a more restrictive approach, particularly around open-pit mining and certain processing methods. Figure 6: View of a mine in San Juan and the Salta lithium Solars, Argentina. (source: Google) What this creates is variation. A supportive national policy environment does not guarantee smooth execution at the project level. The interaction between federal incentives — such as RIGI — and provincial control over approvals becomes a key part of the operating landscape. For companies on the ground, this is not theoretical. It directly influences timelines, capital requirements, and ultimately project viability. 1.3 Political Continuity — What to Watch From an investment perspective, the question is not whether policy has changed — it clearly has. The more relevant question is how long that change will hold. The 2025 midterm result provides some short-term confidence. Milei’s improved position in Congress (Figure 7) reduces the immediate risk of key legislation being unwound, particularly the RIGI framework that underpins much of the current investment narrative. It gives the government enough support to maintain direction, even without full control of the legislature. Figure 7: The seats in the Chamber of Deputies in the Argentine National Congress. The longer-term view is less certain. The 2027 presidential election will be a more definitive test of policy durability. Argentina has a history of policy resets when administrations change, and that remains part of the risk profile. What is worth noting is how global capital is responding. Major mining companies such as BHP, Rio Tinto, and Glencore have committed significant capital to Argentine projects under the current framework. These are long-cycle investments, typically measured in decades rather than years. Their participation suggests that, at a minimum, the current direction is being taken seriously. Figure 8: Rio Tinto's $2.5B Rincon Lithium Project is one of the long-cycle investments in Argentina. Do we follow the leader? For ASX investors, this becomes the balance to understand. The policy environment is improving, capital is moving in, and the geology has always been there. The variable that remains is continuity — and in jurisdictions like Argentina, that is often the factor that determines whether potential translates into outcome. 2.0 The RIGI - Argentina's investment Incentive Regime Like all jurisdiction, the opportunities in mining will be driven by what the investment arena perceives the risk - reward structure of the location. Argentina is not a new regime and it is definitely not thought of as a cowboy nation. Over my 30 years in the industry, Argentina has always been in the conversation, however, I have never looked into the details. The region has always been the playground of the North American mining fraternity and the bold Australians. When I came up with this topic for a Samso insight, I thought this will be a great reason to dig deeper into the ins and outs of doing a mining business in Argentina. 2.1 What RIGI Is The Regime for the Incentivisation of Large Investments — commonly referred to as RIGI — is the central policy mechanism introduced under Javier Milei to reposition Argentina as a destination for large-scale capital. Approved by Congress in July 2024 and implemented in October of the same year, RIGI is designed with a clear objective. It is aimed at attracting long-term investment into capital-intensive sectors such as forestry, tourism, infrastructure, mining, technology, steel, energy, and the oil and gas sector. The framework applies to projects with a minimum capital commitment of US$200 million. What distinguishes RIGI is not a single incentive, but the combination of measures that attempt to remove the historical friction points that have defined Argentina’s investment narrative. At its core, the regime offers a reduction in corporate tax from 35% to 25%, alongside a phased reduction in dividend taxes after seven years of operation. More importantly, it introduces a 30-year stability framework covering tax and foreign exchange conditions. For investors used to policy volatility, this is the element that carries the most weight. Additional provisions include exemptions on import tariffs for capital equipment and key inputs, the ability to access export revenues in foreign currency, and access to international arbitration mechanisms rather than relying solely on domestic courts. Individually, these are not unique in a global context. In combination, they represent an attempt to align Argentina with jurisdictions that compete for the same pool of mining capital. Southern Pulse has a LinkedIn post that gives a good summary of what RIGI is all about. The biggest concern for observers is that the political lifespan since 2011 has been one term and there has been a history of false promises and a change in political agendas. According to El Pais, a prominent Spanish newspaper, all is not well with the Javier Milei government. According to El Pais, public sentiment in Argentina is showing that all is not well with the Javier Milei administration a combination of concerns for the economy and the political scene. The most commonly cited issues are corruption (43.3%), unemployment (42.2%), inflation (35.3%), the weakening of democracy (31.4%), and the broader economic situation (29.6%). Recent polling across the country shows a mixed but consistent trend in support for Javier Milei. Some surveys indicate approval levels around 40%, while others point to disapproval closer to 50%. According to the paper, local Isasi-Burdman polling firm reports that the President approval ratings has declined to 46%, however, the President current standing remains stronger than that of previous presidents at a similar stage in their terms. Other data suggests a more cautious outlook. Synopsis Consultores reports a disapproval rating of 56% and approval at 35%. El Pais reports that the decline in support since December 2025 is likely to be linked to ongoing economic pressures, including wages falling behind inflation, weak consumption recovery, and continued job losses. 2.2 Why the Forex Provision Matters For mining companies, the ability to generate revenue is only part of the equation. The ability to move that revenue is equally important. Under previous administrations, companies operating in Argentina could export commodities and generate foreign earnings, but often faced restrictions when attempting to repatriate those funds. The result was a structural imbalance. Capital was effectively trapped within a depreciating currency environment, reducing real returns to shareholders. RIGI directly addresses this issue. Projects that qualify under the regime are given progressively greater access to foreign currency, with restrictions easing over time and materially improving after the initial years of operation. From an investor perspective, this is one of the more practical changes within the framework. It shifts Argentina from being a jurisdiction where value could be created but not easily realised, to one where capital mobility is at least partially restored. 2.3 Early Uptake The early response to RIGI provides some indication of how the market is interpreting the policy shift. By late 2025, around 20 projects had applied for inclusion under the regime, representing an estimated US$30 billion in potential investment. The majority of these applications sit within the mining sector, with copper projects alone accounting for approximately US$16 billion of that pipeline. One of the more visible early approvals has been the expansion of Rio Tinto’s Rincón lithium project in Salta Province, a development valued at US$2.7 billion. This is not a small-scale commitment. It reflects a long-term view on both the resource and the policy environment. Government projections suggest that, if the current pipeline progresses, mining investment could reach approximately US$22 billion between 2026 and 2029. Whether that figure is realised will depend on execution, but the direction of capital flow is becoming clearer. 2.4 Limitations and Criticisms While RIGI has been positioned as a pro-investment framework, it has not been without opposition. One of the more consistent criticisms has come from Argentina’s domestic manufacturing sector. The exemption of import tariffs on capital equipment allows project developers to source machinery and inputs internationally without additional cost. Local producers argue that this creates an uneven playing field, where domestic suppliers are disadvantaged relative to imported alternatives. These concerns are not purely economic. They carry political weight. Industrial stakeholders have argued that the regime may undermine local production capacity by favouring external supply chains for major projects. For investors, this introduces a secondary consideration. Policy frameworks do not exist in isolation. Where there is domestic resistance, there is always the potential for political response over time. RIGI addresses many of the historical barriers to investment, but it also introduces new dynamics that will need to be monitored as the policy environment evolves. In practical terms, RIGI represents a structured attempt to reduce sovereign risk in Argentina’s mining sector. It does not remove that risk entirely. What it does is change the balance — and for capital-intensive industries, that shift is often enough to move projects from the sidelines into active consideration. 3.0 Australian Companies In Argentina To give some context to the activities of ASX companies in Argentina as of April 2026, I did a "comprehensive" search of ASX-listed companies with active operations, projects or joint venture interests in Argentina. To add some form of an attempt for structure, I have tried to sort the list by commodity followed by the stage the projects are at, as of April 2026. I will add that I have not entirely verified the details so please DYOR and don't take my list as gospel. I hope at best, it would help your search, assuming you wanted to do that :-) The list of companies qualify for the list where Argentina represents a material part of their current or planned operations. JV structures and partner relationships are noted where relevant. The statistics showing ASX companies in Argentina and the status of projects related to these companies. In a recent paper by the Ministerio de Economica Republica Argentina, I found some great information in regards to the status of projects (Figure 9). This isa good highlight of the existing mineral resource projects in country. Figure 9: Status of mineral resource projects in Argentina. (source: Ministerio de Economica Republica Argentina) The upcoming section is split up in commodities to help structure the Samso Insight, so the list of ASX compnaies will be within the sections. 3.1 Copper Copper is arguably the most well known commodity that aligns itself with investors in this region. Chile is the most well know of what I call the tiology of copper porphry deposits in South America. The other nations are Peru and Argentina. (Figure 10 ) Figure 10: Copper projects in Argentina. (source: Ministerio de Economica Republica Argentina) As far as I know, Chile is the world's leading copper producer, accounting for roughly 30% of annual global production. It also holds the largest copper reserves worldwide, estimated at over 200 million tonnes. In terms of giant deposits, I would say that Northern Chile is home to some of the world's largest, most prolific porphyry deposits, including Escondida (the world's largest), Chuquicamata, and El Teniente. Around 80% of Chilean copper production comes from porphyry copper-gold deposits. Geologically, Chile's northern regions are part of a massive Andean metallogenic belt that contains multiple parallel, porphyry-rich belts formed between the Cretaceous and Pliocene eras. The paper that I found while researching for this Samso Insight by Osvaldo Rabbia is a good run down on the endowment of the region and the need to discover more copper to fee the green energy transition. Table 1: Companies in Argentina that are working on copper projects. As for Argentina, it is regarded as an emerging, top-tier global destination for porphyry copper deposits, sharing the same highly fertile Andean geological belt as Chile and Peru (Figure 9). It boasts massive, world-class assets, notably the Vicuña district and Josemaría, with significant potential for further discoveries in less-explored areas. Table 1 above covers some of the companies that are in copper and its obvious that the main player will be BHP. Belararox are still in the exploration territory. The Vicuña district (filo del sol, Josemaría) is among the largest copper-gold-silver deposits globally (Figure 11). Other key projects include Agua Rica, Altar, and the mature Bajo de la Alumbrera. From an exploration perspective, compared to northern Chile, Argentina is less explored, providing higher potential for new discoveries within the same productive belt. Figure 11: Location of the Josemaría porphyry copper-gold deposit in the late Oligocene-Miocene volcanic belt of northern Chile and contiguous Argentina, showing the age assignment of the main porphyry and epithermal deposits. Insets show the location of the flat-slab portion of the subducted Nazca plate (contours from Cahill and Isacks, 1992) and position of Figure 1a in South America. b. More detailed geology of the Josemaría area and vicinity. Volcanic rocks compiled mainly from Maksaev et al. (1984), Mpodozis et al. (1995), Fauqué (2001), Panteleyev and Cravero (2001), Zappettini et al. (2001, 2008), SERNAGEOMIN (2003), Sanguinetti (2006), Martínez et al. (2015a), Mpodozis et al. (2018), and C. Mpodozis (writ. commun., 2018). The age of older volcanic rocks west of the Los Helados fault is uncertain, but between Paleocene and Oligocene. Deposit age assignments based on Sillitoe et al. (1991, 2013, 2016), Kay et al. (1994), Mpodozis et al. (1995), Bissig et al. (2001), Mpodozis and Kay (2003), Perelló et al. (2012), Maydagán et al. (2014), Cáceres (2015), Y. Kapusta inRode et al. (2015), Yoshie et al. (2015), Holley et al. (2016), Astorga et al. (2017), and NGEx Resources Inc. (unpub. data). Background shaded-relief image from Esri (2014 version). (source: Richard H. Sillitoe, Fionnuala A.M. Devine, Martin I. Sanguinetti, Richard M. Friedman; Geology of the Josemaría Porphyry Copper-Gold Deposit, Argentina: Formation, Exhumation, and Burial in Two Million Years. Economic Geology 2019;; 114 (3): 407–426. doi: https://doi.org/10.5382/econgeo.4645) The region, particularly the Frontal Cordillera in San Juan, hosts numerous porphyry centres with copper, gold, and molybdenum. While Chile currently leads significantly in production, the central Andes-Argentina arc segment is one of the most fertile porphyry belts globally. As we have discussed, the upside for Argentina is that it's mining sector has seen substantial growth, with mining exports in 2025 reaching record highs. What is interesting is that Argentina’s porphyries often feature significant gold and silver content alongside copper. Here are some samples where this gold-silver-copper associations are observed. 1. Filo del Sol (San Juan) Significance: Known as one of the largest copper-gold-silver deposits currently under development (Figure 11). Gold/Silver Content: The project hosts a massive high-grade "by-product" resource of over 4.6 million ounces of gold and nearly 160 million ounces of silver. Latest Resource: As of May 2025, it reported 32 million ounces of measured and indicated (M&I) gold and 659 million ounces of M&I silver, alongside 13 million tonnes of copper. (source: Australian Resources and Investments) 2. Josemaria (San Juan) Significance: A major porphyry copper-gold deposit that was 100% owned by Lundin Mining before a 50% acquisition by BHP in early 2025 (Figure 11). Gold/Silver Content: The project features a Feasibility Study highlighting a major porphyry Cu-Au system. Resource Data: Part of the Vicuña district along with Filo del Sol, which holds a total of 13 million tons of copper, 32 million ounces of M&I gold, and 659 million ounces of M&I silver. (source: Australian Resources and Investments) 3. Taca Taca (Salta) Figure 12: The location of the Taca Taca Deposit in Argentina. (source: First Quantum) Significance: First Quantum's flagship project in Argentina, a massive, high-quality porphyry copper-gold-molybdenum deposit (Figure 12). Gold/Silver Content: The 2025 technical report outlines a proven and probable mineral reserve containing 8,429 kt of copper and over 5.5 million ounces of gold. Production Focus: It is expected to produce significant quantities of gold and silver alongside copper over a 35-year mine life. (source: First Quantum) 4. Agua Rica (Catamarca) Significance: A major porphyry Cu-Mo-Au deposit located in the Farallon Negro region, close to the previous Alumbrera mine. Characteristics: Known for complex porphyry copper centres (Quebrada Seca-Trampeadero and Melcho) which are heavily enriched with gold. (source: PorterGeo) 5. Altar (San Juan) Significance: A significant porphyry copper-molybdenum-gold deposit (Figure 11). Gold/Silver Content: While sometimes lower in gold compared to Chilean counterparts, it still contains a notable porphyry Cu-Au system, with gold often associated with early stockwork veining and late-stage veins. (source: [26]) 6. Los Azules (San Juan) Significance: A large-scale porphyry copper deposit located in the San Juan province, known as one of the top undeveloped copper projects (Figure 11). Characteristics: Features significant gold and silver credits in addition to copper. (source: Wikipedia) 3.2 Gold Gold is Argentina's dominant mining export, accounting for approximately 68% of total mineral export earnings in 2024 at US$3.14 billion. In the gold sector, Argentina reports 138.4 million ounces in resources and 33.6 million ounces in reserves, with active operations including Cerro Vanguardia, Cerro Negro, Veladero, Lindero and Don Nicolás (Figure 13). Figure 13: Gold projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) THE OPERATING MINES Cerro Negro — Newmont Corporation | Santa Cruz Province Cerro Negro is Argentina's highest-profile gold operation and one of the world's highest-grade underground gold mines. Operated by Newmont (NYSE: NEM) in Santa Cruz Province within the Deseado Massif (Figure 13). The mine has three high-grade underground operating mines, Eureka, Mariana Central and Mariana Norte and two underground deposits, Emilia and San Marcos, which is currently being developed. The company expects higher production in 2026 driven by increased throughput from ongoing productivity initiatives, with five other deposits in late-stage evaluation for development to expand existing operations. Cerro Negro produced 278,000 ounces of gold in 2025. In February 2026, Newmont committed approximately US$800 million to extend the life of Cerro Negro beyond 2035 under the Cerro Negro Expansion 1 (CNE1) project, funded by a record US$7.3 billion in 2025 free cash flow. Both Newmont and the government of Santa Cruz Province described the initiative as "strategic," noting it will require US$800 million over six years, with the infrastructure programme key to maintaining production levels and extending operations beyond 2035. Veladero — Barrick Mining / Shandong Gold (50/50 JV) | San Juan Province Veladero has been in operation since 2005 and is Argentina's largest gold exporter by volume (Figure 13). In its 20th year of production, Veladero produced 503,000 ounces of gold in 2024 and has proposed an expansion initiative targeting an additional 1.6 million ounces of gold, with a capital expenditure of approximately US$400 million deployed between 2025 and 2028, submitted under the RIGI framework. The project is projected to add US$3.8 billion in export revenue through 2033. The Veladero mine currently employs 3,800 people, with 91% of the workforce from the local San Juan province. Located at elevations of 4,000 to 4,850 metres above sea level, approximately 374 kilometres northwest of San Juan city, Veladero is operated by a 50/50 joint venture between Barrick and Shandong Gold. Cerro Vanguardia — AngloGold Ashanti (92.5%) | Santa Cruz Province Cerro Vanguardia, in which AngloGold Ashanti holds a 92.5% stake with Argentine state company Fomicruz holding the remaining 7.5%, is a gold-silver operation with multiple small open pits and multiple narrow-vein underground mines that has been operated since 1998 (Figure 13). In the third quarter of 2025, Cerro Vanguardia produced 43,000 ounces of gold at a total cash cost of US$1,139 per ounce, with year-to-date production to September 2025 of 137,000 ounces at US$1,253 per ounce — a 6% increase year-on-year driven by higher recovered grades and an increase in ore tonnes treated. The mine is a long-life Deseado Massif epithermal operation with multiple pit and underground sources contributing to production. Lindero — Fortuna Mining Corp (100%) | Salta Province Fortuna acquired the fully permitted, shovel-ready Lindero development project in July 2016 and made a positive construction decision in September 2017 (Figure 13). Mass earthmoving began in 2018, with first gold pour in October 2020. The Lindero deposit is a gold-rich porphyry system hosted within diorite to monzonite porphyritic stocks. Fortuna's 2026 guidance for Lindero is 92,000 to 102,000 ounces of gold at an AISC of US$1,520 to US$1,655 per ounce. In Q1 2026 Fortuna commenced a 7,000-metre exploration programme at the Cerro Lindo gold prospect, 70 kilometres from the Lindero mine in Salta Province, as part of the company's brownfield exploration programme. Lindero was the first operating metallic mine in Salta Province. Don Nicolás — Cerrado Gold | Santa Cruz Province Cerrado Gold owns the Minera Don Nicolás mine (MDN), located in Santa Cruz Province, Argentina (Figure 13). The Minera Don Nicolás mine is a producing high-grade gold mine with significant expansion and exploration potential. Cerrado Gold reported Q1 2026 production results from MDN in April 2026. Don Nicolás is a smaller-scale Deseado Massif epithermal operation contributing to Argentina's gold production profile alongside the larger mines. IN CONSTRUCTION Calcatreu — Patagonia Gold (TSXV: PGDC) | Río Negro Province Calcatreu represents the newest addition to Argentina's gold production roster. Upon receipt of all provincial permits in Q4 2024, construction commenced in Q1 2025, with mining activities beginning in August 2025 and the first blast in September 2025. Leaching operations commenced at Calcatreu on March 31, 2026, with over 91,300 tonnes of ore amassed, 73,300 tonnes crushed and 18,800 tonnes stacked on the leach pad. The Calcatreu deposit is a low-sulphidation epithermal gold and silver system with indicated mineral resources of 690,000 ounces of gold and inferred resources of 343,000 ounces. Patagonia Gold secured a US$40 million investment in 2025, with the investor receiving a 40% interest in the project, allowing the company to accelerate development while maintaining operational control. IN DEVELOPMENT — ADVANCED Gualcamayo — Minas Argentinas / Aisa Group | San Juan Province Gualcamayo's ambitious development plan includes the construction of a new mine (Carbonatos Profundos), a pressure oxidation plant and a 50MW solar park. The company predicts annual output of 120,000 ounces of gold from 2029, with an estimated 17-year lifespan and potential exports worth US$400 million per year. The mine possesses 3 million ounces of economically viable gold reserves, a fraction of the 5 million ounces of certified resources discovered on just 3% of a 40,000-hectare property. In August 2025, Gualcamayo was pursuing a US$665 million redevelopment under RIGI, and in December 2025 the RIGI committee approved the project — the tenth approval under the scheme. Table 2: ASX compnaies with Gold projects in Argentina. As you can see, Argentina's gold sector in 2026 is is attracting new capital commitments indicating a genuine confidence in the jurisdiction's long-term direction. Here are three signs that gives me the confidence to say that things in the gold sector may be leading the pact in new capital. First, Newmont's US$800 million Cerro Negro expansion commitment — announced in February 2026 and backed by Argentina's Economy Minister, so that will represent that the world's largest gold company choosing to extend a flagship Argentine operation through to at least 2035. Second, the Barrick/Shandong Gold RIGI application for US$400 million at Veladero demonstrates that a 20-year-old mine with maturing reserves can still attract major life extension capital under the right regulatory framework. Third, Calcatreu's progression from construction permit to first leaching in under 18 months illustrates that permitting and execution timelines in Argentina can, under the right provincial and federal conditions, be internationally competitive. For ASX companies operating in Argentina's gold space such as Challenger Gold Limited (ASX: CEL), Austral Gold Limited (ASX: AGD), NewPeak Metals Limited (ASX: NPM) and Pursuit Minerals Limited (ASX: PUR), are not pioneers but this is not saying that working in Argentina will be a walk in the park. The sector's credibility may be underwritten by the operating track record of the mines above, but discovering and having a handle of expenditure will be challenging. The presence of the global majors do provide a jurisdiction backdrop that reduces the perceived risk premium for smaller operators in the same country, but raising money is a problem for small companies and Argentina is a long way from Australia. It should not be forgotten that the global majors operating in Argentina did not just occur. There has been decades of passage and the global names have changed over time as well. 3.3 Lithium For anyone that was invested in the Lithium bull run a couple of years ago, you would be very familiar with Argentina being the land of Solars. Hence it is not surprising that one would find that Lithium is Argentina's fastest-growing mining export and its most structurally significant commodity for the decade ahead. In the first eight months of 2025, lithium exports totalled US$494 million, representing year-on-year growth of 32% in value and 56% in volume, making lithium the country's second most-exported mineral at 14% of total mining exports. Argentina, the world's fifth-largest lithium producer, expected to produce 130,800 tonnes of lithium carbonate equivalent in 2025 and that is a 75% increase from 2024 which is primarily driven by new operations in Salta and expansions in Catamarca and Jujuy (Figure 14). Figure 14: Lithium projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) Over the past decade, mining companies have invested over US$7.6 billion to bring production capacity to 183,700 tonnes of LCE (Lithium Carbonate Equivalent). Private-sector estimates suggest launching 17 of the 30 registered new projects would require an additional US$12.8 billion in investment, enough to raise Argentina's productive capacity to 580,000 tonnes of LCE and if eight additional planned processing plants come online alongside the seven already in operation, Argentina could become the world's single largest lithium producer. That is the macro framing. What follows is a factual account of where the sector's major projects stand as at April 2026. An important terminology that some readers need to understand in the lithium industry is DLE Technology: Direct Lithium Extraction (DLE) is a set of technologies designed to extract lithium directly from brine sources—such as underground solar brines, geothermal brines, or oilfield wastewater—without relying on the traditional, slow method of solar evaporation ponds. DLE acts like a "smarter filter," using chemical or physical processes to capture lithium ions while leaving behind other components, which allows for significantly faster, more efficient, and more sustainable production. Hence, I thought I post this here so that it is easier to get through the details below. The DLE technology is something that was talked about in the past but is now pretty much mainstream conversation among the lithium "Want To Be Producers". THE OPERATING PROJECTS (as of April 2026) Cauchari-Olaroz — Lithium Argentina / Ganfeng Lithium | Jujuy Province Cauchari-Olaroz is Argentina's largest single lithium operation, located in the Olaroz-Cauchari salar system in Jujuy Province at altitude. Lithium Argentina holds a 44.8% interest in the operation through its equity stake in Minera Exar, with Ganfeng Lithium holding the majority of the balance and the Jujuy provincial government holding 8.5% through JEMSE. Full-year 2025 production totalled approximately 34,100 tonnes of lithium carbonate, achieving the high end of annual guidance of 30,000 to 35,000 tonnes. Record quarterly production of approximately 9,700 tonnes was achieved in Q4 2025, with an average operating rate of 97% of nameplate capacity. Cash operating costs are expected to be below US$6,000 per tonne for Q4 2025, reflecting continued operational optimisation. 2026 production guidance has been set at 35,000 to 40,000 tonnes. In December 2025, Cauchari-Olaroz submitted environmental permit and RIGI applications for a Stage 2 expansion of 45,000 tpa of additional lithium carbonate production capacity. A 5,000 tpa DLE demonstration plant continues engineering in China, with installation in Argentina targeted for 2026. The PPG regional project — consolidating Ganfeng's Pozuelos-Pastos Grandes with Lithium Argentina's Pastos Grandes and Sal de la Puna interests — targets up to 150,000 tpa of LCE across three phases, with a scoping study reporting an after-tax NPV of US$8.1 billion and an IRR of 33% at US$18,000 per tonne of lithium carbonate. Fénix (Salar del Hombre Muerto) — Rio Tinto (via Arcadium) | Catamarca Province The Fénix project, owned by Livent before being acquired through Arcadium, currently has a production capacity of 20,000 metric tonnes of lithium carbonate in situ and another 9,000 metric tonnes of lithium chloride from an external plant in the town of Güemes in Salta. Fénix is one of Argentina's two longest-operating lithium plants and has provided the technical foundation for further development at Hombre Muerto. Rio Tinto's overall lithium business reported 57,000 tonnes of LCE production in 2025, of which 46,000 tonnes were directly attributable to the company, reflecting the completion of the Arcadium Lithium acquisition in March 2025. The Fénix 1B expansion, with capacity for 10,000 tonnes per year of LCE, has completed construction and is advancing through commissioning, currently 60% complete, with delivery scheduled for the second half of 2026 backed by US$700 million in committed investment. Olaroz — Rio Tinto / Toyota Tsusho / JEMSE | Jujuy Province The Olaroz brine operation produces 43,000 mt per year of LCE. In Jujuy, the Olaroz lithium operation runs as a joint venture between Rio Tinto (66.5%), Toyota Tsusho (25%) and the Jujuy provincial government through JEMSE (8.5%). Olaroz has been in operation since 2015 and represents the model by which Argentina's brine extraction industry has been validated at scale over a decade of continuous operation. The project produces battery-grade lithium carbonate through conventional solar evaporation and remains one of the lower-cost operations in the global lithium supply chain. Centenario-Ratones — Eramet / Tsingshan | Salta Province The Centenario-Ratones deposit is one of the most attractive salars in Argentina, with drainable mineral resources of more than 15 million tonnes of LCE at an average concentration of 407 mg/L of lithium, supporting further capacity expansion. At full capacity, the Centenario Phase 1 plant will produce 24,000 tpa of battery-grade lithium carbonate equivalent. The project is owned by Eramet (50.1%) and Zhejiang Tsingshan (49.9%). The inauguration of Centenario-Ratones as the fourth lithium production plant in Argentina and the first in Salta Province marked a significant milestone, with the Argentine Chamber of Mining Companies noting that production potential had tripled from 37,500 tonnes of LCE in 2022 to 136,500 tonnes. Centenario-Ratones also holds the distinction of being Argentina's first DLE-based commercial lithium operation. Mariana — Ganfeng Lithium (100%) | Salta Province Mariana is a lithium-potassium salt lake project located in the Salar de Llullaillaco in Salta Province, operated by Ganfeng's 100% owned subsidiary Litio Minera Argentina. Total lithium resources reach approximately 8.12 million tonnes of LCE. The project carries an investment of around US$600 million to produce 20,000 tonnes of lithium chloride — or approximately 17,300 tonnes of LCE — per year. Ganfeng inaugurated the Mariana lithium project during Q1 2025, with initial cash flow from the project anticipated thereafter. Mariana is a wholly Chinese-owned lithium operation, representing the first independently operated Chinese lithium project in Argentina's Lithium Triangle. Tres Quebradas (3Q) — Zijin Mining | Catamarca Province Zijin Mining's Tres Quebradas lithium project in Catamarca holds 8.54 million tonnes of LCE resources. Phase 1 construction enabling 20,000 tonnes of LCE production capacity was completed, with the project targeting progression towards Phase 2. Once fully developed, the project has the capacity to produce 40,000 to 60,000 tonnes of LCE per year. Zijin Mining began operations at Tres Quebradas in Catamarca Province, targeting production of 20,000 tonnes of LCE. The Tres Quebradas deposit is characterised by an average lithium concentration of 786 mg/L — one of the highest grades of any brine project in Argentina — and sits within a single contiguous resource that Zijin acquired from Neo Lithium Corp in 2022 for US$770 million. IN DEVELOPMENT — ADVANCED Rincón — Rio Tinto (100%) | Salta Province Rio Tinto's Rincón project is the most discussed lithium development in Argentina in 2026, and for good reason. Rincón has completed its first commercial export — 200 tonnes of battery-grade lithium carbonate shipped from the Port of Buenos Aires to Shanghai in March 2026 — and is backed by US$2.5 billion in committed capital to expand to 60,000 tpa, supported by a US$1.175 billion project loan from IFC, IDB Invest, Export Finance Australia and JBIC. First production from the expanded facility is expected in 2028 over a 40-year mine life. Rincón and Galan Lithium's Hombre Muerto West are the only two lithium projects in Argentina to have received formal RIGI approval. Sal de Vida — Rio Tinto (100%) | Catamarca Province Sal de Vida is a lithium brines project located in the Eastern Subbasin of Salar del Hombre Muerto, Catamarca. Nominal annual LCE capacity is designed to reach 45,000 tonnes in two stages, with Stage 1 providing 15,000 tonnes of LCE from brine extracted from the East Wellfield. Construction of the first three pond complexes is complete and brine pumping for concentration has begun. Pre-commissioning and commissioning activities are expected by H1 2026, with first production expected in H2 2026. Sal de Vida has completed construction and is 40% through commissioning, with US$700 million in committed investment. Hombre Muerto West (HMW) — Galan Lithium (ASX: GLN) | Catamarca Province Galan Lithium's Hombre Muerto West project is discussed in detail in the ASX Company Profiles section of this Insight, but it merits inclusion here for context. Phase 1 construction is complete as at April 2026, with a 10,000 tonne LCE brine inventory accumulated in evaporation ponds and wet commissioning of the nanofiltration plant underway. First lithium chloride concentrate is targeted in H1 2026 with first shipment in H2 2026. HMW Phase 1 is among the near-term milestones in Catamarca that will advance the province's installed lithium capacity alongside Fénix 1B. Pozuelos-Pastos Grandes (PPG) — Ganfeng (67%) / Lithium Argentina (33%) | Salta Province PPG consolidates three adjacent projects — Ganfeng's Pozuelos-Pastos Grandes, Lithium Argentina's Pastos Grandes, and the jointly-held Sal de la Puna — into a single regional development programme. The consolidated PPG project hosts a 15.1 million tonne LCE measured and indicated resource. A comprehensive scoping study reports an after-tax NPV of US$8.1 billion and an IRR of 33% at US$18,000 per tonne. Initial capital cost for Stage 1 is estimated at US$1.1 billion. The development approach targets 150,000 tpa of LCE across three phases, utilising a hybrid DLE flowsheet. Environmental permit for Stage 1 has been secured from the Government of Salta following a 14-month review. RIGI applications for Cauchari Stage 2 and PPG are being prepared. SAMSO THOGHTS It appears that the lithium scene in Argentina has changed materially since the lithium bull run three years ago. The country has moved from two operating plants and a large pipeline to seven operating facilities spanning three provinces, with multiple projects at various stages of commissioning, development and feasibility. The operator base has grown to a global deck of comapnies such as Rio Tinto, Ganfeng, Zijin, Eramet, Toyota Tsusho and Lithium Argentina represent capital from Australia, China, France, Japan, Canada and the United States. For investors looking at the Argentinian space, it seems that even with the global downturn for lithium projects, Argentina's Lithium Triangle is doing well and is now no longer just a regional story but a globally competed supply position. Another change that my research is indicating is that DLE technology is becoming a commercial reality in Argentina rather than a theoretical alternative. Centenario-Ratones was the first commercial DLE operation in the country, Rio Tinto uses DLE at Rincón, and both Galan and Cauchari-Olaroz are advancing DLE demonstration or expansion pathways. Argentina is also entering a new expansion phase in its lithium industry, with over 30 registered projects and a development timeline stretching to 2033. Industry leaders have drawn the analogy that "lithium is the next Vaca Muerta" — Argentina's prolific shale oil and gas province — suggesting patience and sustained capital are the ingredients required to unlock the full endowment. (Lithium Argentina) Table 3: ASX companies in the Argentinian Lithium sector. For the ASX companies that are listed in Table 3, it seems that the competition has indeed heated up. The real players are all taking sights and are locked on to take as many slices as they can from the Lithium space here in Argentina. The small caps that were enjoying value creation during the lithium bull run will have to start getting their act together. 3.4 Silver When I think of silver mining, I normally think of Mexico and the Andes. Hence, this Samso Insight is a good learning experience for me to start getting a better handle of the silver mining story since my recent Coffee with Samso with John Anderson and Investigator Silver Limited. Check out the Samso content below. With the rising price of silver, it has pushed the thinking about silver further into the mainstream "punters" on the ASX. The recent pullback of precious metal pricing is a good thing, in my opinion. This should be the time for investors to take stock and start to think about what is actually a good project to back. Did you know that Argentina is named after the Latin word for silver — argentum — and while the country's silver industry no longer carries the symbolic weight of colonial-era discovery, the Deseado Massif of Patagonia and the Puna Plateau of the northwest remain genuinely significant addresses in the global silver landscape (Figure 14). Silver is produced both as a primary metal — from operations including San José (Hochschild Mining) in Santa Cruz and Puna Operations (SSR Mining) in Jujuy — and as a by-product from gold mining centres such as Cerro Vanguardia, Cerro Moro and Cerro Negro in Santa Cruz and Veladero in San Juan. Figure 14: Silver projects as presented by the Ministerio de Economica Republica Argentina. (source: Ministerio de Economica Republica Argentina) Argentina reports 3,839 million ounces of silver in total resources. The sector's near-term trajectory is upward — high silver prices in 2025, an active pipeline of near-production development projects, and a regulatory environment that has improved markedly under RIGI all point in the same direction. THE OPERATING MINES Cerro Moro — Pan American Silver (100%) | Santa Cruz Province Cerro Moro is Argentina's most significant primary silver-gold underground operation in production as at 2026. Located in the Deseado Massif within Santa Cruz Province, the Cerro Moro operation consists of several open pit and underground mines, producing doré through a conventional leaching and Merrill-Crowe process. In Q4 2025, Cerro Moro produced 27,600 ounces of gold and 0.92 million ounces of silver, representing year-on-year growth of 22.7% and 10.6% respectively. For 2026, Pan American Silver expects silver production from Cerro Moro to be 2.80 to 3.00 million ounces, indicating a 16% year-on-year increase at the mid-point, driven by mine sequencing into higher silver grade ores at the underground zones. Importantly, the project's mine life is being actively extended. A 2025 drilling campaign at Cerro Moro executed 34,764 metres focused on converting inferred resources to higher confidence categories, delineating new zones and assuring operational continuity — including at the Bahía Laura sector, the Nini zone and Vein 4, all of which returned high-grade intercepts that will be incorporated in future resource updates. Santa Cruz Province's Ministry of Mining confirmed the results of that campaign as highly positive and cited the likely significant extension of the mine's operating life. San José — Hochschild Mining (51% operator) / McEwen Mining (49%) | Santa Cruz Province San José is one of Argentina's longest-operating silver-gold underground mines, having commenced production in 2007. The San José silver-gold mine is located in Santa Cruz Province, 1,750 kilometres south-southwest of Buenos Aires, operated by Hochschild Mining as the controlling 51% partner, with McEwen Mining holding the remaining 49%. In 2025, McEwen Mining's attributable production from San José was 58,120 gold equivalent ounces, from 37,700 gold ounces and 1,776,000 silver ounces, using a gold-to-silver price ratio of 86:1 for the year. The mine operates multiple underground epithermal vein systems — Huevos Verdes, Frea and Kospi among them — within a 2,781 square kilometre property package, providing ongoing exploration optionality beyond the current active mining areas. During H1 2025, San José delivered 4.4 million silver equivalent ounces. The operation recorded higher throughput tonnage compared to H1 2024, though this was partially offset by the mining of lower-grade border areas of the veins, reflecting the type of grade variability common in narrow-vein epithermal systems. San José has been one of the defining operations of the Deseado Massif and the technical template from which many subsequent Argentine silver-gold discoveries have been evaluated. Puna Operations — SSR Mining (100%) | Jujuy Province Puna Operations is Argentina's primary silver-lead-zinc operation, located at high altitude in Jujuy Province in the northwest of the country. The Puna Operations comprise the Chinchillas mine, which is a silver-lead-zinc open pit deposit that achieved commercial production in December 2018 and the Pirquitas processing facilities, which process ore transported 40 kilometres from Chinchillas and produce a silver-lead concentrate and a zinc concentrate shipped to international smelters. The Pirquitas facilities have been in commercial production since 2009. SSR Mining's 2025 guidance for Puna was 8.00 to 8.75 million ounces of silver, with throughput targeted at approximately 5,000 tonnes per day. Exploration at the Cortaderas target was advancing ahead of an initial economic evaluation, alongside work to evaluate potential mineral reserve conversion at Chinchillas to extend the mine life. Puna is the only major silver operation in the Jujuy-Salta-Catamarca Puna plateau that is currently in production, and its continued operations provide important context for the feasibility of high-altitude Argentine silver production. THE BLOCKED DEPOSIT Navidad — Pan American Silver (100%) | Chubut Province Navidad deserves inclusion in any factual account of Argentina's silver sector, even though it is not in production and no production timeline can currently be defined. Pan American Silver owns 100% of the Navidad project, one of the world's largest undeveloped silver deposits. The Navidad properties are located in north central Chubut Province and comprise eight individual mineral deposits in three separate mineralised trends. The Province of Chubut passed Law 5001 in 2003, which prohibits open pit mining and the use of cyanide in mineral processing across the entire province, effectively preventing the development of Navidad. As of mid-2025, that law remains in place. Pan American Silver's activities at Navidad are currently guided by a maintenance investment plan focused on satisfying the legal requirements necessary to maintain property interests under current mining law. The Navidad story is instructive for Samso Insight readers in two ways. First, it illustrates what the provincial variation risk discussed in the earlier part this Samso Insight looks like in practice. A world-class deposit blocked not by geology, economics or permitting failure but by a provincial law that the national government cannot override. This also provides a measure of how much latent silver value Argentina holds that is not being extracted. Navidad is estimated to contain approximately 1 billion ounces of silver equivalent across its combined resource — a figure that contextualises the gap between geological endowment and actual production output. IN DEVELOPMENT — ADVANCED Diablillos — AbraSilver Resource Corp (TSX: ABRA) | Salta / Catamarca Border Diablillos is the most significant undeveloped primary silver-gold project in Argentina currently moving toward a construction decision. Diablillos stands out among Argentina's silver projects, ranking among the top 10 undeveloped silver projects in Latin America. An updated mineral resource estimate released on May 6, 2026 reported measured and indicated resources of 232 million tonnes containing approximately 248 million ounces of silver and 2.54 million ounces of gold — totalling 454 million ounces of silver equivalent. This represents a 25% increase in M&I silver, a 48% increase in gold and a 30% increase in silver equivalent versus the July 2025 estimate, incorporating 170,368 metres of drilling from 790 drill holes. RIGI approval for Diablillos was confirmed by Argentina's Minister of Economy Luis Caputo in February 2026. The approval is among the first silver projects to receive this designation. Both Salta and Catamarca Provinces, where the project is located, have opted into the regime. The Definitive Feasibility Study is expected in Q2 2026, with design and engineering substantially complete for a 9,000 tonne per day tank leach processing plant. The environmental approval from the Government of Salta Province — the DIA (Declaración de Impacto Ambiental) was received in early 2026, representing the principal environmental permit required for mining projects to advance to construction in the province. AbraSilver is targeting a construction decision in the second half of 2026, with the project anticipated to produce approximately 7.6 million ounces of silver and 72,000 ounces of gold annually at full production, from a total capital investment of approximately US$544 million. THE ASX-CONNECTED SILVER PIPELINE Beyond the projects profiled above, the Deseado Massif of Patagonia hosts a growing cluster of ASX-connected silver exploration and development positions that are directly relevant to the Samso Insight. Unico Silver (ASX: USL) holds the 232 million ounce silver equivalent Cerro Leon and Joaquin district position in Santa Cruz Province — profiled in full in the ASX Company Profiles section of this Insight. Pursuit Minerals (ASX: PUR) holds the Sascha Marcelina gold-silver project in the Deseado Massif, currently in its maiden drill programme targeting depth extensions below historical shallow drilling. Both companies are exploring in the same geological province that hosts the operating mines described above, using the established ore deposit models of San José, Cerro Moro and Cerro Vanguardia as geological templates for target selection. SAMSO THOUGHTS Argentina rants in the bottom end of the top 10 silver producers with Mexico being the clear leader but reading my research, this looks prospective with a lack of expenditure. I am assuming the porphyry nature of the silver mineralisation will mean that not too many companies will be spending "Porphyry Money" What is interesting is that the level of activity for current operators are showing signs of vibrancies as projects like Cerro Moro's 2025 drilling campaign with 34,764 metres executed to extend mine life. The reported production guidance for 2026 confirm that the existing Deseado Massif operations has potential to extend mine life. The government looks like it is indeed promoting the mining sector with the Diablillos project's receiving RIGI approval and Salta DIA environmental approval. The project May 2026 resource update to 454 million ounces of silver equivalent helps the construction decision and will likely represent the largest new primary silver mine to enter production in Argentina in over a decade. ON the other side of the promising rise in mining activities, the Navidad deposit, while it is a reminder that Argentina's silver endowment significantly exceeds what is currently being developed, it is also an indication that provincial policy settings can be as consequential as national regulatory frameworks in determining which deposits move from resource to operation. For ASX investors, the silver sector in Argentina represents an opportunity but, the geological style of the silver mineralisation is probably a reason that the silver opportunity is not going to drive exploration to focus on the metal. Table 4: ASX companies that have a silver project in Argentina. Samso Concluding Thoughts This has been a very interesting Samso Insight. I have never thought of Argentina as a sole mining jurisdiction. It has always been a South American assets. It was the northern region, being Columbia area, Brazil and then the Peru/Chile/Argentina region. I don't think it has ever been a thought about Argentina as a jurisdiction. The research that has gone into this blog has really made me feel that Argentina is new. I know its not new but it does give me the thinking that this is a place that still has a lot to give. As I have not worked in this region before, it is hard to anticipate what is required to make a project work in Argentina. Having spoken to Aaron Revelle from Pursuit Mining Limited, I do get a sense that things happen. The logistics and the infrastructure are manageable and there are enough skilled labour to allow a flow of work. The range of companies and the range of commodities that are of a global scale makes good the thinking of finding a economical mining project in Argentina. I hope readers get some good value from the Samso Insight. For more detailed reading, check out our Samso Insight page: References Cahill, T., and Isacks, B.L., 1992, Seismicity and shape of the subducted Nazca Plate: Journal of Geophysical Research: Solid Earth, v. 97, p. 17,503–17,529. Carrapa, B., Adelmann, D., Hilley, G.E., Mortimer, E., Sobel, E.R., and Strecker, M.R., 2005, Oligocene range uplift and development of plateau morphology in the southern central Andes: Tectonics, v. 24, TC4011 Maksaev, V., Moscoso, R., Mpodozis, C., and Nasi, C., 1984, Las unidades volcánicas y plutónicas del Cenozoico superior en la Alta Cordillera del Norte Chico (29°-31°S): Geología, alteración hidrotermal y mineralización: Revista Geológica de Chile, no. 21, p. 11–51. Mpodozis, C., Cornejo, P., Kay, S.M., and Tittler, A., 1995, La Franja de Maricunga: síntesis de la evolución del Frente Volcánico Oligoceno-Mioceno de la zona sur de los Andes Centrales: Revista Geológica de Chile, v. 21, p. 273–313. Fauqué, L., 2001, Hoja geológica 2969-I Pastillos, La Rioja y San Juan. 1:250,000: Servicio Geológico Minero Argentino [SEGEMAR] Boletín 316 (preliminar) Panteleyev, A., and Cravero, O., 2001, Faja del Potro and Cordón de la Brea ore deposits, La Rioja and San Juan. Radiometric dating, analytical results and sample documentation: Servicio Geológico Minero Argentino (SEGEMAR), Serie Contribuciones Técnicas, Recursos Minerales 11, 56 p. Zappettini, E., Miranda Angeles, V., Rodrigues, C., Palacios, O., Cocking, R., Godeas, M., Uribe-Zeballos, H., Vivallo, W., Paz, M.M., Seggiaro, R., Heuschmidt, B., Gardeweg, M., Boulangger, E., Koreniewski, L., Mpodozis, C., Carpio, M., and Rubiolo, D., 2001, Mapa metalogénico de la región fronteriza entre Argentina, Bolivia, Chile y Perú (14°S y 28°S), escala 1:1,000.000: Buenos Aires, Servicio Geológico Minero Argentino [SEGEMAR] , Publicación Geológica Multinacional 2, 222 SERNAGEOMIN, 2003, Mapa geológico de Chile, versión digital: Servicio Nacional de Geología y Minería, Publicación Digital 4 (CD-ROM, versión 1.0, 2003). Sanguinetti, M.I., 2006, Geología del sector El Potro y Los Helados, Cordillera Frontal (28°20’, 69°30’), Provincias de La Rioja y Copiapó, Argentina y Chile: Buenos Aires, Universidad de Buenos Aires, unpub. Tesis de Licenciatura, 138 p. Martínez, F., Peña, M., and Arriagada, C., 2015a, Geología de las áreas Iglesia Colorada-Cerro del Potro y Cerro Mondaquita, Región de Atacama. Escala 1:100,000: Servicio Nacional de Geología y Minería, Carta Geológica de Chile, Serie Geología Básica 179–180, 67 p. Mpodozis, C., Clavero, J, Quiroga, R., Droguett, B., and Arcos, R., 2018, Geología del área Cerro Cadillal-Cerro Jotabeche, región de Atacama. Escala 1:100,000: Servicio Nacional de Geología y Minería, Carta Geológica de Chile, Serie Geología Básica 200 , 94 Sillitoe, R.H., McKee, E.H., and Vila, T., 1991, Reconnaissance K-Ar geochronology of the Maricunga gold-silver belt, northern Chile: Economic Geology , v. 86, p. 1261–1270. Sillitoe, R.H., Tolman, J., and Van Kerkvoort, G., 2013, Geology of the Caspiche porphyry gold-copper deposit, Maricunga belt, northern Chile: Economic Geology , v. 108, p. 585–604. Sillitoe, R.H., Burgoa, C., and Hopper, D.R., 2016, Porphyry copper discovery beneath the Valeriano lithocap, Chile: Society of Economic Geologists Newsletter 106, p. 1, -15–20. Mpodozis, C., Cornejo, P., Kay, S.M., and Tittler, A., 1995, La Franja de Maricunga: síntesis de la evolución del Frente Volcánico Oligoceno-Mioceno de la zona sur de los Andes Centrales: Revista Geológica de Chile , v. 21, p. 273–313. Bissig, T., Lee, J.K.W., Clark, A.H., and Heather, K.B., 2001, The Cenozoic history of volcanism and hydrothermal alteration in the Central Andean flat-slab region: New 40Ar-39Ar constraints from the El Indio-Pascua Au (-Ag, Cu) belt, 29°20′–30°30′S: International Geology Review , v. 43, p. 312–340. Mpodozis, C., and Kay, S.M., 2003, Neogene tectonics, ages and mineralization along the transition zone between the El Indio and Maricunga mineral belts (Argentina and Chile 28°-29°S) [abs.]: Congreso Geológico Chileno, 10th, Concepción, 2003, CD-ROM , 1 p. Perelló, J., Sillitoe, R.H., Mpodozis, C., Brockway, H., and Posso, H., 2012, Geologic setting and evolution of the porphyry copper-molybdenum and copper-gold deposits at Los Pelambres, central Chile: Society of Economic Geologists Special Publication 16, p. 79–104. Maydagán, L., Franchini, M., Chiaradia, M., Dilles, J., and Rey, R., 2014, The Altar porphyry Cu-(Au-Mo) deposit (Argentina): A complex magmatichydrothermal system with evidence of recharge processes: Economic Geology , v. 109, p. 621–641. Cáceres, M., 2015, Nuevos antecedentes geocronológicos del Distrito Casale, sur de la Franja Maricunga, Región de Atacama, Chile [ext. abs.]: Congreso Geológico Chileno, 14th, La Serena, 2015, Extended Abstracts , v. 2, p. 44–47. Rode, M., Guitart, A., Sanguinetti, M., and Richard, F., 2015, El depósito tipo pórfido Cu-Au de Los Helados, III Región, Atacama, Chile [ext. abs.]: Congreso Geológico Chileno, 14th, La Serena, 2015, Extended Abstracts , v. 2, p. 373–376. Astorga, D., Crosato, S., Gallardo, M., Griffiths, S., Guerra, R., Jorquera, C., and Plasencia, C., 2017, Alturas: A unique discovery within a mature district through integrating sound geological practices, multidisciplinary expertise and leading technology, in NewGenGold 2017, Case histories of discovery : West Perth, Paydirt Media Pty Ltd., p. 219–235. Yoshie, T.Otsubo, T., Oku, N., and Ueda, Y., 2015, Exploration and resource estimation of the Caserones porphyry Cu-Mo deposit in III Region, Chile: Shigen-Chishitsu , v. 65, p. 53–79 (in Japanese with English abs.). Holley, E.A., Bissig, T., and Monecke, T., 2016, The Veladero high-sulfidation epithermal gold deposit, El Indio-Pascua belt, Argentina: Geochronology of alunite and jarosite: Economic Geology , v. 111, p. 311–330. Osvaldo Rabbia, Metal endowment and fertility of Andean porphyry-copper belts, Ore Geology Reviews, Volume 190, 2026, 107153, ISSN 0169-1368 Richard H. Sillitoe, Fionnuala A.M. Devine, Martin I. Sanguinetti, Richard M. Friedman; Geology of the Josemaría Porphyry Copper-Gold Deposit, Argentina: Formation, Exhumation, and Burial in Two Million Years. Economic Geology 2019;; 114 (3): 407–426. doi: https://doi.org/10.5382/econgeo.4645 Carmen Zwahlen, Stefania Cioldi, Thomas Wagner, Roger Rey, Christoph Heinrich; The Porphyry Cu-(Mo-Au) Deposit at Altar (Argentina): Tracing Gold Distribution by Vein Mapping and LA-ICP-MS Mineral Analysis. Economic Geology 2014;; 109 (5): 1341–1358. doi: 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.

High-Grade, Near-Surface HMS Confirmed at Douala Basin as JORC Exploration Target and Infill Drilling Program Take Shape Samso News | ASX: TSK | Source: Tusker Minerals Limited ASX Release, 8 May 2026 At a time when global demand for rutile, zircon, and ilmenite is part of the energy transition, we are keeping an eye on one ASX rutile - titanium stories that are still in the realm of everyday retail investors, Tusker Minerals Limited (ASX: TSK). The critical minerals portfolio that Tusker Minerals is building in Cameroon and Malawi is definitely on our watch screen. The Douala Basin HMS Project is an early-stage exploration with indication of potential high-grade, surface-starting mineralisation and is direct proximity to deep-water port infrastructure. The historical drilling was conducted by Eramet, a leading French multinational mining and metallurgy group, recognized as the world's second-largest producer of manganese ore and a major player in nickel and mineral sands extraction, is good credibility for the dataset that Tusker is now building upon. African-Focused Critical Minerals Explorer Advancing HMS and Rutile Assets in Cameroon and Malawi Having the project close to a port which is within 50km of the project removes one of the most significant capital and logistical risks that typically burden African mineral sands development projects, if not globally. The engagement of Mineral Technologies to deliver a JORC-compliant Exploration Target is a transition that provides investors with a measurable near-term catalyst to track. The ASX announcement dated 8 May 2026 outlining the high-grade, near-surface Heavy Mineral Sands (HMS) potential of its Douala Basin project in coastal Cameroon is what has sparked this Samso News. The ASX release consolidates the historical drilling dataset generated by Eramet and the engagement of independent mineral sands specialists Mineral Technologies to deliver a JORC (2012)-compliant Exploration Target over the high-grade HMS zones. Doula Basin Summary This is an interesting step as this will move the narrative from an early explorer to one that has a "resource" that means something. There will be targets to follow up as well which will hopefully expediate the process of exploration. The company has also confirmed plans for targeted infill drilling commencing in the third quarter of 2026 to validate and extend the mineralised zones identified by historical work. The Douala Basin HMS Project covers 2,580km² of coastal sedimentary terrain in western Cameroon. It sits within 50km of the deep-water Port of Douala (Figure 1). The geological setting is a thick sequence of Cretaceous to Quaternary marine and aeolian sands, which are the host geology for palaeo-placer HMS deposits. Figure 1: Figure: Map of Cameroon showing Tusker Mineral’s Central Rutile Project in green, and the Douala Basin Project in blue, encompassing +11,000km2 of highly prospective tenure of highly prospective tenure. (source Tusker Minerals Limited) Eramet's historical program comprised 60 sonic drill holes totalling 1,080 metres and 39 hand-auger holes totalling 190 metres. That work confirmed consistent heavy mineralisation from surface across the project area, including the presence of rutile and zircon within the valuable heavy mineral suite. Heavy Mineral Sands projects are typically assessed by the market on two primary variables, firstly the grade (Rutile % is the one that makes good sense) and logistics, are you able to move this to the market at an economical manner). The Douala Basin intercepts, which commence from surface and carry meaningful rutile and zircon values, address the grade question directly from the historical record. The port proximity addresses the logistics question. Management Commentary Cliff Fitzhenry, Chief Executive Officer of Tusker Minerals, addressed both the quality of the existing dataset and the next steps the company is taking to advance it. He characterised the Douala Basin project as a compelling second-front opportunity within the company's Cameroon portfolio, noting that the historical intercepts demonstrate surface-starting mineralisation with meaningful rutile and zircon values in close proximity to port infrastructure. Cliff Fitzhenry described the project as one the company intends to quickly quantify and de-risk through the JORC Exploration Target process and planned infill drilling — framing the near-term work program as directed specifically at converting qualitative prospectivity into market-disclosed resource data. " With historical intercepts already demonstrating thick, surface-starting mineralisation with meaningful rutile and zircon values close to port infrastructure, this project is a compelling second-front opportunity within our Cameroon portfolio." — Cliff Fitzhenry, Cheif executive Officer, Tusker Minerals Limited Near-Term Milestones to Watch What Investors Should Monitor Following This Douala Basin Announcement Near-Term Milestones to Watch Samso Concluding Comments Putting the Mount Sinai Deployment in Context The 8 May 2026 ASX release from Tusker Minerals is best understood as a dataset presentation combined with a forward work program disclosure. The company is not announcing a new discovery — the historical drilling by Eramet is the dataset, and it was first disclosed to the market through the April 2025 acquisition announcement. What the 8 May release does is consolidate that dataset into a single investor-facing document, frame its significance in the context of the project's logistics advantage, and announce the two next steps: a JORC Exploration Target and an infill drilling program. The commercial and investment significance of this announcement, therefore, lies primarily in those next steps rather than in the historical intercepts themselves, which were previously disclosed. The quality of the historical data is relevant to assess. Eramet is a credible prior operator — a French industrial and mining major with a long track record in mineral sands and high-performance alloys. Its dataset was generated using sonic drilling, which is a well-regarded method for mineral sands sampling and typically produces reliable results for THM grade estimation. The intercepts themselves — best grades of 5.0% THM and 4.7% THM from surface, with multiple holes ending in mineralisation — are objectively strong by mineral sands industry standards. Surface-starting mineralisation is a meaningful characteristic for project economics: it implies minimal to no pre-stripping requirement, which directly supports the low strip ratio and low-cost development pathway thesis the company is advancing. The presence of rutile specifically — confirmed in multiple intercepts — is also significant, as rutile is the highest-value pigment mineral in the HMS assemblage and commands a price premium over ilmenite. The logistics advantage deserves its own consideration. A mineral sands project located within 50km of a deep-water port on the African continent is not a common configuration. Port proximity in mineral sands is not a minor operational convenience — it directly determines the viability of bulk commodity export economics. Many African mineral sands projects have faced extended development timelines or commercial constraints specifically because of port distance or inadequate port infrastructure. The Port of Douala is a functioning deep-water facility with established trade routes. The coastal location also provides access to road and power infrastructure, which reduces two further capital line items from any future development study. None of this replaces the need for a confirmed resource and a properly constructed feasibility study, but it means that if the grade and tonnage case is established by the Exploration Target and infill drilling program, the logistics variables are already materially addressed. The open question at this stage is scale. The Exploration Target, when delivered, will provide the first quantified assessment of how large the high-grade HMS zones are and at what average grade they present. That number — whether it is tens of millions of tonnes or hundreds of millions of tonnes of material — will define whether this is a project capable of supporting a standalone mining operation or whether it is better considered in the context of a broader development structure. The infill drilling program will then refine and extend that estimate. Investors tracking the company should note that neither the JORC Exploration Target timeline nor the infill drilling results timeline has been precisely specified in the 8 May announcement. The Q3 2026 date refers to drilling commencement, not results delivery. The Exploration Target timeline is not disclosed. These are the data points to watch as Tusker progresses its Douala Basin work program in the periods ahead. Previous Samso News Coverage Samso has followed Tusker Minerals across multiple ASX releases. The following represents our prior published coverage of the company: March 29, 2026 - March16, 2026 - December 19, 2025 - October 15, 2025 - September 30, 2025 - September 26, 2025 - September 19, 2025 - September 8, 2025 - August 17, 2025 - July 10, 2025 - About Tusker Minerals Limited Tusker Minerals Limited (ASX: TSK) — African-Focused Critical Minerals Explorer Advancing HMS and Rutile Assets in Cameroon and Malawi Tusker Minerals Limited (ASX: TSK) is an African-focused explorer advancing a portfolio of critical mineral assets across Cameroon and Malawi. In Cameroon, the company holds the Central Rutile Project (its flagship asset) and the Douala Basin Heavy Mineral Sands (HMS) Project. Together the projects encompass more than 11,000km² of prospective tenure. In Malawi, Tusker holds the Machinga Heavy Rare Earth Element (HREE) Project and the Mzimba Rutile Project. The company operates an in-house Heavy Mineral Sands laboratory in Yaoundé, Cameroon, providing on-the-ground analytical capability. The Douala Basin HMS Project covers 2,580km² of coastal sedimentary terrain within 50km of the deep-water Port of Douala, and hosts historical sonic drilling results confirming thick, high-grade mineralisation from surface across a palaeo-placer dune system. The target mineral assemblage includes rutile, zircon, ilmenite, and possible monazite — all critical minerals with established industrial and energy transition demand. ASX: TSK Tusker Minerals Limited | High-Grade, Near-Surface HMS Potential at Douala Basin, Cameroon | ASX Release 8 May 2026 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 insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

EchoSolv AS Enters Mount Sinai Health System: A Deployment Inside One of the United States' Leading Cardiovascular Networks Samso News | ASX: EIQ | Source: Echo IQ Limited ASX Release, 28 April 2026 Samso has been following the Echo IQ since September 2025. The research that went into preparing for the first Coffee with Samso with Dustin Haines was the eye opener for myself. It became very clear that this was a business that just needed validation and the first was the FDA submission which I now understand is not something that is caually done. The proecess and the acceptance of the request for approval in itself was a strenous process and is almost a tick of approval on acceptance for the requrest. It was at that stage that my thoughts was that this is a matter of time and not a need for pprove of concept. The acceptance for partnership or acceptance of their product into the Mayo Clinic and now the Mount Sinai system is the ebst validation that I can think of, in my humble opinion anyway. The product targets severe aortic stenosis — a condition that carries meaningful consequences when it goes undetected. The commercial model is predicated on integration into existing echocardiography workflows rather than requiring new infrastructure, which reduces the barrier to adoption inside hospital systems. The Mount Sinai engagement confirms that leading cardiovascular institutions are willing to put this software into active clinical use. Echo IQ Limited (ASX: EIQ) has confirmed the deployment of EchoSolv AS into Mount Sinai Health System, a major healthcare network based in New York, United States. This announcement represents the company's most significant US institutional placement to date. Mount Sinai Health System operates seven hospitals, more than 400 outpatient practices, and over 3,760 beds across its campuses. Its affiliate, the Icahn School of Medicine at Mount Sinai, is a globally recognised medical school. Mount Sinai Hospital The system services millions of patient interactions each year and is consistently positioned among the top hospital networks in the United States across multiple clinical specialties, with cardiology and heart surgery among its most prominent areas. The significance of this deployment is grounded in the specific ranking of Mount Sinai Fuster Heart Hospital at The Mount Sinai Hospital. According to U.S. News & World Report's 2025–26 Best Hospitals rankings, it holds the No. 1 position in New York and No. 2 in the nation for Cardiology, Heart and Vascular Surgery. For a company commercialising AI-based decision support software for the assessment of severe aortic stenosis, placing that product inside the second-ranked heart hospital network in the United States is a measurable step in its stated US commercial strategy. Severe aortic stenosis is a condition in which narrowing of the aortic valve restricts blood flow from the heart. It can go undetected or be inconsistently assessed in high-volume clinical environments, and when left untreated, patients cannot benefit from the therapeutic options available. EchoSolv AS is designed to operate as an adjunct within existing echocardiography workflows, providing a measurement-based second review to assist physicians in identifying cases that may otherwise be missed. The software is not intended to replace physician judgment but to augment the assessment process. Echo IQ Limited Mt Sinai Health System Highlights of the Echo IQ Asx Release - 28th April 2026 EchoSolv AS finds hidden cases Management Commentary - Echo IQ and EchoSolv AS What the Company's Leadership Said About the Mount Sinai Deployment Nick Lubbers, US President and General Manager of Echo IQ, addressed the strategic context of the deployment. He described the engagement as an important step in the company's US commercial growth, noting that it reflects increasing interest from cardiologists in tools that can support assessment within routine echocardiography workflows. Lubbers characterised EchoSolv AS as a practical, measurement-based second look for physicians assessing severe aortic stenosis, and stated the company intends to demonstrate the product's utility at scale through its work with Mount Sinai Health System. He also framed the Mount Sinai engagement as consistent with Echo IQ's broader trajectory of building partnerships with leading hospitals and expanding access to AI-enabled decision support in cardiology. "Mount Sinai is the kind of institution that helps set the standard for clinical excellence and innovation." — Nick Lubbers, US President and General Manager, Echo IQ Limited Clinical commentary was provided by Dr. Stamatios Lerakis MD, PhD, Director of the Cardiovascular Imaging Program and Imaging for Structural and Valve Interventions for Mount Sinai Health System. Dr. Lerakis noted that EchoSolv AS can highlight cases of aortic stenosis that may otherwise be under-diagnosed and remain untreated, meaning affected patients would not benefit from the therapeutic advances available in the management of aortic valve disease. He described the software as an adjunct for the echocardiographer, confirming that the physician retains final interpretive authority, and stated that the product would strengthen patient care. "This product can highlight patients with aortic stenosis that can be otherwise under-diagnosed, remain untreated and as a result, not benefit from the tremendous therapeutic advancements in the space of aortic valve diseases." — Dr. Stamatios Lerakis MD, PhD, Director Cardiovascular Imaging Program, Mount Sinai Health System Disclosure noted in the ASX release: Dr. Stamatios Lerakis serves as a paid key opinion leader, speaker, and advisory board member for Echo IQ Limited. Near-Term Milestones to Watch What Investors Should Monitor Following This Deployment Announcement Near-Term Milestones to Watch Map illustrating Mount Sinai Health System's New York footprint across its seven hospitals and outpatient practices. Samso Concluding Comments Putting the Mount Sinai Deployment in Context To say that the deployment of EchoSolv AS into Mount Sinai Health System is a significant step for Echo IQ would be an understatement. The relevance of the institution is well documented in the medical profession and the narrative of importance whenever you hear thatat some person of significance has been admited to a Mt. Sinai hospital, To the intiated, this hospital system may be ranked second in the nation for cardiology and heart surgery by U.S., however to the "nomral people, the everday population, the mention of Mt. Sinai represents the upper tier of the US without stipulating the cardiovascular landscape. For Echo IQ Limited with a product designed specifically for cardiologists operating within echocardiography workflows, gaining access to a system of this standing reflects the product's ability to meet the standards required by a top-level clinical institution. Shareholders should be sitting back rubbing their hands already knowing that the ASX release uses the language of deployment, which denotes active clinical use. For now, I think that Echo IQ Limtied is enjoying the spotlight of good compnay stories on the ASX. Previous Samso News Coverage Samso has followed Echo IQ across multiple ASX releases. The following represents our prior published coverage of the company: April 16, 2026 - Echo IQ – AI Diagnostics, Mayo Clinic & Hypergrowth March 26, 2026 - Echo IQ – Mayo Clinic Agreement Expands Commercial Pathway for EchoSolv HF After FDA Clearance January 30, 2026 - Echo IQ Limited — FDA 510(k) Submission Lodged Following Mayo Clinic Validation - Catalyst for Market Acceptance ? - Time to get On Board the EIQ Train December 15, 2025 - EchoIQ (ASX:EIQ) — New Clinical Data Reinforces Market Potential of EchoSolv™ AS November 26, 2025 - Is this A for Gift Shareholders of Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform – Lining Up for FDA 510(k) Submission October 25, 2025 - Echo IQ (ASX: EIQ): Strong Operational Momentum & Regulatory Milestones. Recent Setback May Be A Discount Opportunity for Investors - Diagnosing Heart Disease. September 7, 2025 - Coffee with Samso - An AI Solution to a Cardiovascular Problem | EchoIQ Limited (ASX: EIQ). About Echo IQ Echo IQ Limited (ASX: EIQ) — AI-Driven Decision Support in Cardiology Echo IQ is a Sydney-based AI and medical technology company. Its lead product, EchoSolv AS, is an AI-based decision support software indicated as an adjunct to echocardiography for the assessment of severe aortic stenosis. The software is designed to be used by qualified healthcare professionals alongside existing clinical tools, providing a measurement-based review to assist physicians in identifying cases of severe aortic stenosis that may otherwise go undetected. EchoSolv AS holds FDA 510(k) clearance in the United States. The company's commercial strategy centres on deploying the software at high-volume cardiovascular institutions and cardiology practices across the US market. 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 insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. . ---

Black Swan Processing Hub Refurbishment Funded and Underway: Maritana Minerals Limited Presents Its Pathway to Standalone Gold Production in the WA Goldfields Samso News | ASX: MRT | Source: Maritana Minerals Limited - Investor Presentation - Mining Forum Europe , 15 April 2026 Maritana Minerals Limited (ASX: MRT) was Horizon Minerals Limited (ASX: HRZ) before a name change announced on the 10th April 2026. The company was on a Coffee with Samso in August 2025, where Grant Haywood, the Managing Director and CEO, shared with us the business that was to become what is now called Maritana Minerals Limited. My interest in the story stems from the fact that at that time, this was a gold-producing story that was pretty much "undervalued" in terms of a business that was pretty much producing gold. For those who remember, the gold price was "surging" at that time at USD $3200 per ounce. It reached a high of USD $5,600 and is now currently sitting at USD $4,600 per ounce. Similarly, the share price of Maritana Minerals rose from AUD $0.67 to a high of AUD $1.51 and with the falling gold price, the share price is now at AUD $0.75 with a market capitalisation of AUD $277M. At the time we published the Coffee with Samso, the market capitalisation of Maritana (then Horizon Minerals Limited) was around AUD $100M. The increase in market capitalisation has increased with an aggressive capital raise since that time. Is it time to have a relook at this opportunity? The Business of Maritana Minerals Limited Maritana Minerals operates in a space where the key risk variables for a development-stage gold company are resource definition, processing infrastructure, funding, and permitting. In the strict terms of being a gold producer, Maritan is not quite there yet, and for those that have been following their story, is this a case of on-risk or de-risking situation? From a Samso point of view, the potential positives are that Maritana Minerals' Black Swan Processing Hub is now 100%-owned with the potential of a 2.2Mtpa processing facility that removes the need to build a new plant from the ground up, cutting both capital requirements and development timelines relative to a greenfield approach. The company's A$175M equity raise has been completed, placing the project in a funded position ahead of construction. The study results have been published, FEED is underway, major approvals are in place, and long lead items have been ordered. For a development-stage company, the number of open variables is potentially materially lower than is typical at this stage. The Black Swan refurbishment approach is a model that Samso considers worth tracking as the company moves toward its mid-2027 first gold production target. Maritana Minerals Limited (ASX: MRT) — West Australian Gold Developer Targeting Standalone Production via Refurbished Processing Hub - The Facts. Maritana Minerals is a West Australian gold developer that holds a 1,167km² land package centred around the Kalgoorlie and Coolgardie regions of Western Australia, underpinned by a 1.9Moz Mineral Resource at 1.7g/t Au. Its cornerstone asset is the Black Swan Processing Hub — a 2.2Mtpa processing facility currently in care and maintenance, located approximately 50km northeast of Kalgoorlie. The company's stated strategy is to refurbish Black Swan and convert it to gold processing, using a hub-and-spoke model to draw ore from multiple deposits across its landholding. A feasibility study supports an operation producing an average of approximately 102,000 ounces of gold per year over a five-year mine plan, with first gold targeted for mid-2027. The company is fully funded for plant refurbishment and mine development, having completed an A$175M equity raise in February 2026. In addition to its gold assets, Maritana holds the Nimbus Silver-Zinc deposit located 44km from Black Swan, which contains 20.2Moz of silver and 104kt of zinc. Introducing the Presentation Maritana Minerals Limited presented its April 2026 investor presentation at the Mining Forum Europe, setting out the current status of the Black Swan Processing Hub development and the company's pathway to first gold production. The presentation consolidates the key milestones reached since the company's rebrand from Horizon Minerals and details the funded position, study results, resource base, and construction timeline that underpin the company's stated plan to become a standalone West Australian gold producer by mid-2027. The core of the presentation is the Black Swan Processing Hub, a 2.2Mtpa facility currently in care and maintenance, located approximately 50km northeast of Kalgoorlie. The company's strategy is to refurbish and convert this plant to gold processing, avoiding the cost and timeline associated with a new build. The study results support a project-level pre-tax NPV of approximately A$631M at an 8% discount rate and an IRR of 83%, using a base case gold price of A$5,500 per ounce. At the time of the presentation, spot gold was reported at A$7,300 per ounce. Pre-production capital has been estimated at A$160.5M, with a capital intensity of approximately A$1,500 per ounce, and payback of 18 months from plant commissioning at the base case gold price. The company completed an A$175M equity raise in February 2026, with a further A$4.65M raised through a Share Purchase Plan, placing the project in a fully funded position for plant refurbishment and mine development. Front End Engineering Design (FEED) is underway, the Final Investment Decision (FID) is expected in the second quarter of 2026, and plant construction is scheduled to begin in the third quarter of 2026. The company has also reported that major environmental and regulatory approvals are in place, and that long lead items — including motors and variable speed drives — have been ordered. Ore stockpiling at Boorara has commenced, with 460,000 tonnes at 1.21g/t gold reported as a de-risked startup inventory ahead of plant commissioning. Highlights Highlights of the Maritana Minerals Business - April Investor Presentation - Mining Forum Europe - 15th April 2026 The Balck Swan Processing Hub Strategy. (souce: Maritana Minerals Limited) Management Commentary Grant Haywood, Managing Director and CEO of Maritana Minerals, has framed the Black Swan Processing Hub as the foundation of the company's plan to become a standalone West Australian gold producer. The investor presentation positions the project as a low capital intensity, expedited pathway to production, with Haywood and the board pointing to the use of existing processing infrastructure as the key differentiator relative to a greenfield development. "All elements in place to support aspirational target to become a ~100kozpa GOLD producer." — Maritana Minerals Limited, April 2026 Investor Presentation The presentation highlights that the project benefits from key approvals already being in place, long lead items having been ordered, and FEED studies being underway. Maritana Minerals Limtied has communicated that construction is expected to commence from mid-2026, with commissioning in early 2027 and first gold production by mid-2027. The board and management team, which includes a Project Director and Project Manager in addition to executive leadership, has been presented as having operational experience relevant to mine development and production in the Western Australian goldfields. On the subject of project economics, the company has highlighted that the base case study was run at A$5,500/oz gold and that the spot price at the time of the presentation was A$7,300/oz. The company has not presented updated economics at the spot price, but has included a sensitivity analysis showing that gold price is the most significant variable affecting NPV — with a 20% increase in the gold price producing an optimistic NPV materially above the A$631M base case figure. The Maritana Minerals Limited Business Model. (source: Maritana Minerals Limited) Near-Term Milestones to Watch Key Delivery Points Between Now and First Gold Production at Black Swan Near-Term Milestones to Watch Key Milestones and Timing (source: Maritana Minerals Limited) Samso Concluding Comments Putting the Black Swan Development in Context Despite the recent fall in share price which is consistent with the gold price pulling back, Maritana Minerals, as of April 2026 is still a story that a number of development-stage gold companies in Western Australia have sought but fewer have reached at this point in the cycle. Maritana has published feasibility study, a funded balance sheet, major approvals in place, long lead items ordered, and a concrete construction timeline. Readers should remember that the Black Swan Processing Hub does represent an estimated replacement value of over A$200M. The company is acquiring access to that asset for a refurbishment capital cost of approximately A$101M. The pre-production capital total of A$160.5M, which includes mining capital, is funded without debt from the capital raise completed in February 2026. Refurbishment versus new build comparison table (cost, timeline, approvals, sustainability (source: Maritana Minerals Limited) The current mine plan is for five years and 546,000 ounces. The Burbanks high-grade underground mine, with its 465,500-ounce Mineral Resource and historical production grade of 22.7g/t, is not included in that plan and while it sits as a real potential to add ounces, this is still a work in progress. I would probably prefer to keep this as a pie in the sky for now. A Mineral Resource for Burbanks upgrade is scheduled for mid-2026 and is expected to be incorporated into a combined pre-feasibility study and updated life of mine plan. If that process proceeds on the stated timeline, investors should have a clearer picture of the mine life beyond the initial five years by the end of 2026. The Black Swan site itself has also been identified as carrying gold prospectivity that has not been systematically tested. Grnt did mention this as early as the Coffee wiht Samso that only 5% of historical drill assays at the site tested for gold, and a 6.5km gold trend has been identified adjacent to the existing infrastructure. Neither of these represents a confirmed resource addition at this stage, but both represent additional optionality within the existing landholding. Black Swan exploration potential map showing North, East, West, and South gold anomalies with soil results and the Mt Monger Fault (source: Maritana Minerals Limited) The economics presented in the feasibility study are based on a gold price of A$5,500 per ounce. The spot gold price at the time of the investor presentation was reported at A$7,300 (Currently AUD $6300) per ounce, so at the current state of the market, this has to be considered. The AISC of A$3,353/oz at base case, against a spot price of A$7,300/oz, did represent a margin that was meaningful to track as construction capital is committed and cash costs are refined through FEED. Study outcomes chart showing closing cash position by financial year and gold produced (koz) alongside the NPV sensitivity tornado chart. (source: Maritana Minerals Limited) With the changing dynamics that is always full of surprise, if the view is that the gold price will continue to move upwards with time, then this may be a situation of a second chance to get in on the story; however, if the gold price did move further downwards, then waiting may be the right mvoe for investors. In the space of mining, the details are important. Previous Samso News Coverage Samso has followed Maritana Minerals (formerly Horizon Minerals) across multiple ASX releases. The following represents our prior published coverage of the company: October 8, 2025 - Horizon Minerals (ASX: HRZ) — Burbanks drilling returns spectacular grades - The Early Steps to Build a Gold Mining Story. September 2, 2025 - Horizon Minerals (ASX: HRZ) – Advancing the Black Swan Pre-Feasibility Study - A Gold Mining Hub. August 21, 2025 - Horizon Minerals Expands Strategic Footprint Near Black Swan with Gordons Dam Acquisition - Creating a Gold Mining Hub. August 1, 2025 - Coffee with Samso - An Emerging Gold Mining Story | Horizon Minerals Limited (ASX: HRZ) July 27, 2025 - Horizon Minerals Limited (ASX: HRZ) – 2025 Growth Strategy in Action - An Undervalued Gold Miner Story ? June 29, 2025 - Horizon Minerals: Strategic Pivot Towards Standalone Gold Production 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 insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. . ---

In this edition of Samso Insights, we revisit Horizon Minerals Limited (ASX: HRZ), a Western Australian gold mining company embarking on a new chapter. Horizon aims to become an independent, cash-generating gold producer, taking control of its destiny. What stands out is not just the scale of Horizon’s portfolio but also the assets, many of which are largely unseen by investors. Horizon Minerals Limited (ASX: HRZ) share price chart as of 12th June 2025. (Commsec) Current Market Position of Horizon Minerals Horizon currently has a market cap of $125M AUD. The share price trajectory shown in the graph indicates a significant disconnect from its potential, especially with the gold price exceeding USD $3,382 as of June 13, 2025. To complicate the situation, it is priced at AUD $5,177, which reveals an astonishing margin for any gold producer. Gold Price as of 29th of June 2025. (Trading Economics) For comparison, Meeka Metals Limited (ASX:MEK) boasts a market cap of over AUD $352M but is still at the commissioning stage. Meanwhile, Horizon is in the process of hauling ore for sale in the coming months, indicating an outlook for increased production. Over the years, many companies have circled Kalgoorlie, each with ambitions of building a sustainable pipeline. However, the strategy Horizon is outlining appears different. It represents a realignment of asset strategy supported by operational cash inflows that lend credibility to its approach. Navigating the Competitive Landscape What is critical to Horizon's advancement is its cautious and incremental approach. The company is making smart moves that could strengthen its position in a competitive region. The Horizon Snapshot: Numbers and Narrative of Gold Mining Gold Resource Base: - 1.8 million ounces across 30.5Mt @ 1.84 g/t Au. - Covers multiple deposits within a 1,309 km² tenure across WA’s Goldfields. Processing Infrastructure: - 2.2Mtpa Black Swan facility (100%-owned, currently under care & maintenance). - Located ~40km north of Kalgoorlie with grid power, water, and permitting in place. Current Operations Generating Cash: - Boorara and Phillips Find are producing under ore sale and toll milling agreements. - Estimated ~$30M in free cash flow from Boorara (ASX: 6 May 2024). Financial Position (as of 31 Mar 2025): - Cash and cash equivalents: $9.1M and a recent capital raise of $30M. - Debt: $8.0M. - Market capitalization: $122M (share price $0.057 as of 6 May 2025). - Enterprise value: ~$120.9M. Exploration Strategy: - ~50,000m of drilling planned for FY25/26. - Key targets include Burbanks, Kalpini, Penny’s Find, Greater Boorara, and Wilsons. Short-Term Production Outlook: - Gold produced from Boorara and Phillips Find. - First gold from Black Swan targeted by the end of 2026. At a glance, Horizon presents a compelling resource-rich story. The early cash inflows, particularly from Boorara and Phillips Find, are funding upcoming exploration and feasibility work. This self-sustaining strategy is rare among junior companies. Very few juniors can claim their market capitalization mirrors cash inflows into their accounts. Figure 1: Horizon Minerals – At A Glance (Source: Horizon Minerals Investor Presentation, May 2025) The early-stage revenue generation without substantial dilution is a defining characteristic of Horizon. There are inherent risks, but the rising gold price is expected to support demand for HRZ. It's surprising to see this company under the radar, raising questions about market awareness. Strategy with Teeth: Black Swan as a Foundation The recent acquisition of the Black Swan processing facility, through the completed takeover of Poseidon Minerals, positions Horizon to control a 2.2Mtpa processing plant located just 40km north of Kalgoorlie. Currently under care and maintenance, Horizon plans a cost-effective refurbishment of the plant for future gold production. Studies are projected for completion by the end of 2025. Figure 2: Black Swan Processing Facility (Source: Horizon Minerals Investor Presentation, May 2025) This facility, estimated to hold a replacement value exceeding $150M, could initially support throughput of 1.0–1.5Mtpa, with room for expansion. GR Engineering has assumed responsibility for running the engineering studies for conversion. This includes adding a CIL circuit to the existing flotation configuration. In discussions with Grant Haywood, the Managing Director of Horizon Minerals, we talked about optimal strategies for the Poseidon plant. There is considerable scope for growth, especially as the costs of manufacturing and construction continue to rise. Refurbishing the plant appears to be the most cost-effective path forward. A Regional Presence with Real Resource Depth Horizon’s consolidated position includes multiple established and advancing projects, all within trucking distance to the Black Swan hub: Boorara Project First gold pour: Jan 2025. Ore sale agreement (1.24Mt) to the Paddington mill through Q2 2026. First parcel produced: 1,163oz @ A$4,256/oz → Revenue: ~$4.95M. Current gold price exceeds A$5,000/oz. Figure 3: Boorara Gold Project (Source: Horizon Minerals Investor Presentation, May 2025) Phillips Find JV A low-risk joint venture with BML Ventures. First pour: Feb 2025, generating ~$7.9M. Further ore treatment contracts secured for late 2025. Additional ore treatment capacity of 80kt available. Figure 4: Phillips Find JV Project (Source: Horizon Minerals Investor Presentation, May 2025) Both projects serve as cash flow contributors and are priming the funding runway for the Black Swan refurbishment. This aspect is of particular importance to investors looking for growth that does not overly depend on dilution. Exploration: Sharpening the Drill Bit Horizon’s 30Mt of existing gold resources includes a 50,000m drilling program planned for FY25/26 (Figure 5): Burbanks (465.5koz @ 2.8 g/t Au). Wilsons. Greater Boorara. Coote-Crake. Penny’s Find. Kalpini. Figure 5: Strong Pipeline Supporting Black Swan (Source: Horizon Minerals Investor Presentation, May 2025) Burbanks Project: Scale, Grade, and Untested Depth The Burbanks project is particularly intriguing. Situated on a granted mining lease 9km from Coolgardie, Burbanks features a large open-pit resource along with a high-grade underground target (167.9koz @ 4.4 g/t Au). Currently, only 30% of the upper 500m has been tested, with 20,000m of the upcoming drill program devoted to this asset. Figure 6: Burbank's Project – Mineral Resource Estimate (Source: Horizon Minerals Investor Presentation, May 2025) After three decades in this industry, I’ve realized that successful mining businesses focus on simplicity in their operations. Each project must be evaluated on its own merits. Projects in proximity to each other can be integrated, while distant projects must be assessed independently. Burbanks stands out as a major highlight for Horizon. The existing resource presents a strong case, but the real allure lies in the unexplored regions. If Horizon executes its exploration strategy effectively, the entire narrative surrounding Burbanks could change rapidly. Penny’s Find: Small Footprint, High Margin Penny’s Find is one of the few WA juniors actively developing underground mining. The project shows strong financial promise, with a Pre-Feasibility Study (PFS) already completed: Life-of-mine: ~23 months. Total ore reserve: 329.9kt @ 3.2 g/t Au. Recovery: 88.9% → 29.8koz of gold. Free cash flow projected at $24M (at A$3,600/oz). Figure 7: Penny’s Find (Source: Horizon Minerals Investor Presentation, May 2025) This project has received all necessary approvals, which significantly reduces the risks associated with its development. Infrastructure Advantage: Unlocking Regional Potential Horizon’s core message emphasizes the importance of controlling processing infrastructure, a growing competitive asset in WA’s Goldfields. With over 1Moz of stranded gold resources in the region lacking processing solutions, Horizon is positioning itself as a regional facilitator. This can take the form of joint ventures, toll milling, or ore purchase arrangements. Figure 8: Platform for Regional Consolidation (Source: Horizon Minerals Investor Presentation, May 2025) Such strategies could evolve into secondary revenue streams or avenues for growth through corporate partnerships. As discussions progress, Horizon remains focused on maintaining optionality. Management and Board Grant Haywood – Managing Director Over 30 years of mining engineering experience. Previously held operational roles with Saracen, Phoenix Gold, and Goldfields Ltd. Proven track record transitioning projects from feasibility to production. Stephen Guy – Chief Geologist Over 25 years in exploration and production. Experience with BHP, FMG, Newcrest, Gindalbie Metals. Background includes multiple commodities: gold, copper, base metals, iron ore. Julian Tambyrajah – CFO & Company Secretary Over 30 years of finance expertise within resource companies. Experienced in project evaluation, feasibility, operations, and logistics. Chartered Company Secretary, Certified Practising Accountant. Ashok Parekh – Non-Executive Chairman Chartered Accountant with over 40 years in Kalgoorlie. Recipient of the Centenary Medal; awarded the Meritorious Service Award by the Institute of Chartered Accountants. Warren Hallam – Non-Executive Director Both a metallurgist and mineral economist with 25 years of experience. Previous roles at Metals X and Westgold; currently on the board of Poseidon Nickel. Rob Waugh – Non-Executive Director Over 35 years in gold and base metals exploration and development. Former Managing Director of Musgrave Minerals (acquired by Ramelius for $200M in 2023) and held senior roles at BHP and WMC Resources. Samso Concluding Comments It's surprising that the Horizon story has not been on my radar since I discovered its existence several years ago. Investors looking for opportunities on the ASX often have limited options to follow, especially with restricted funding. When I revisited Horizon, I was intrigued by its low market capitalisation as a gold mining entity. The undervaluation likely stems from market perceptions regarding Horizon's Enterprise Valuation compared to its gold resources. To put it simply, at the end of the day, what defines the company is its ability to produce as promised. Enterprise value comparisons seem like justifications for analysts’ existence. Considerations for Investors For retail investors, the goal should be to focus on the company's future resources. Yet this line of thought can feel intangible, leading to a dilemma: to believe in what the company projects or not. Horizon Minerals is navigating a path that many aspire to but few succeed—transitioning from asset holder to independent producer. The company’s strategy revolves around real cash flow from its operations that are channeled into exploration and infrastructure. This avoids reliance on speculative forecasts and aims for a methodical approach rooted in current operations. For observers of the WA gold sector, the Black Swan facility represents a strategic opportunity. As the cost of constructing a new plant rises, refurbishing seems increasingly viable. Discussions with Grant indicate that these options have been considered. With processing infrastructure in its possession, Horizon has an effective lever to unlock value, not only from its own assets but also from potential third-party opportunities throughout the region. Such assets are becoming scarce, and their inherent value as a regional solution may become increasingly crucial. If you are an investor seeking rational progress in gold development, Horizon is a company to watch. The coming 12–18 months will challenge its ability to transform planning into actual production, particularly as refurbishment studies are finalized and drilling targets advance. These pivotal moments can truly differentiate companies. Ultimately, this story is about patience and execution. For investors preferring short-term gains, Horizon likely won’t meet their needs. However, the lack of overpromising is refreshing. With the combination of producing ounces and owned infrastructure, they are building a strong case for their standalone future. Still, there’s work to be done. What’s currently unfolding is grounded and incremental—traits that often indicate longer-term success. The Samso Way - Seek the Research At Samso, we pride ourselves on providing independent content for investors, informed by over three decades of industry experience. We constantly ask questions that may seem simple but are often the most insightful. Our mission is straightforward: cut through noise, spotlight genuine narratives, grounded insights, and real opportunities. We only create well-researched content if we see merit in discussing a company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News. Success in investing takes many paths, but a common attribute among achievers is their commitment to informed decision-making. Equip yourself with knowledge, and you're on your way to achieving financial success. Understand your risk-reward balance. Never take on what you cannot handle. As the saying goes, "Rome wasn’t built in a day," and the Great Wall took centuries to construct. The Samso Philosophy: Stay curious. Stay sharp. Digging deeper unveils real value. In life, there’s no such thing as a free lunch. Happy Investing! Remember, the only four-letter word you need to know is DYOR. Support Page 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 your specific investment objectives, financial situation, risk profile, tax position, and unique needs and constraints. Read full Disclaimer. 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