Announcement Investor Presentation October 2025 OPERATIONAL UPDATE – PRODUCTION OF MAGNESIUM OXIDE COMMENCED 25 September 2025 Latrobe Magnesium (ASX: LMG) is progressing an Australian-first pathway to produce magnesium and associated by-products from brown coal ash via a patented hydromet/thermal reduction process (Figure 1). In late September 2025, LMG confirmed first production of magnesium oxide (MgO) from its Hazelwood North Demonstration Plant. This operational milestone further de-risks the flowsheet ahead of magnesium metal commissioning. Figure 1: Ash received and stored in Ash Bunker, ready for start-up. Loading of ash into hopper (left) and deliveries of acid for start-up (right) (source: LMG) Highlights (Figure 2) First MgO produced; ramp-up underway. The Demonstration Plant completed operational start-up and is producing MgO; the team is ramping toward ~1,000 tpa steady-state operations with structured training and preventative maintenance during planned pauses. Feedstock and reagents secured. >200 t of ash was delivered for start-up; LPG, industrial gases, and acid logistics are in place; supply chains remain secure. By-products at production scale. Char, silica, iron oxide, and agricultural lime have been produced; validation trials will now support long-term offtake for Demo and future Commercial Plants. Scale-up pathway and timelines. Demo Plant: Mg metal commissioning/first ingot targeted Q1 CY2026. Commercial Plant (10 ktpa, Victoria): BFS from 2026, production targeted CY2027 H2; 100% of magnesium metal offtake contracted. International Plant (100 ktpa, Sarawak): hydropower access granted Mar 2025; FN-slag feed, low-carbon pathway. Multi-commodity revenue. By-products (SCM, iron oxide, lime, char) expected to contribute ~25% of revenue at Commercial scale, diversifying cash flows. Process advantage/emissions. Patented hydromet approach (MgO/CaO feed vs carbonates) targets >60% CO₂ reduction vs China-based magnesium producers. Figure 2: Loading of MgO into 1t bags/storage area - product readying for offtake. (source: LMG) 1) What is the Latrobe Magnesium business? LMG converts brown coal ash (and, internationally, ferronickel slag) into magnesium metal and saleable by-products using a proprietary hydromet/thermal reduction process developed over many years and protected by international patents. The approach aims to recycle a waste stream, cut emissions intensity, and create a multi-product revenue base (magnesium + SCM, silica, lime, char, hematite). Operationally, LMG is: De-risking at demonstration scale in Victoria’s Latrobe Valley (Hazelwood North/Morwell), with MgO already produced and magnesium metal commissioning targeted for Q1 CY2026. Scaling to a 10 ktpa Commercial Plant in Victoria (Figure 3) with contracted offtake for 100% of magnesium metal. Figure 3: Stage 1 Site – Morwell, Victoria (source: LMG) Advancing a 100 ktpa International Plant in Sarawak (Malaysia), leveraging hydropower (Figure 4). Figure 4: Operations Overview (source: LMG) 2) Investor Presentation (Oct 2025): Overview of the Business Strategy & Value Proposition. LMG frames itself as a near-term magnesium producer with a technology moat (patented hydromet), a clear scale-up plan (1 ktpa → 10 ktpa → 100 ktpa), and multi-commodity revenue. The Demo Plant has had A$70m invested; IP development A$20m over ~14 years with CSIRO collaboration. Commercialization Path & Flow Sheet. The Demo Plant’s flowsheet is intentionally similar to the 10 ktpa design, de-risking critical path items; MgO is leached, converted, briquetted, and reduced to 99.99% magnesium through the furnace step (Figure 5). Figure 5: Process and Flow Sheet. (source: LMG) Market Position & Emissions. Magnesium is designated a critical mineral by multiple governments; China and Russia currently dominate global supply. LMG’s feed chemistry (MgO/CaO) underpins a >60% CO₂ reduction claim versus typical Chinese routes. By-products & Diversification. Commercial Plant by-products (SCM, silica, calcium carbonate/Ag-lime, char, hematite) are depicted as ~25% of revenue, broadening customer exposure without incremental production cost (Figure 6). Figure 6: By-products with an indicative revenue mix to reinforce diversification. (source: LMG) Funding & Use of Proceeds. In October 2025, LMG tabled an A$8m equity raising (A$4m placement + A$4m entitlement offer, A$0.023/share). Proceeds support commissioning of magnesium metal production at the Demo Plant, steady-state MgO, commencement of Commercial BFS, and working capital. Project Snapshot Demo Plant (Victoria, 1 ktpa): MgO in production; magnesium metal commissioning targeted Q1 CY2026. Commercial Plant (Victoria, 10 ktpa): Of f takes covering 100% of magnesium metal; BFS from 2026; production targeted CY2027 H2. International Plant (Sarawak, 100 ktpa): FN-slag feed; hydropower access granted Mar 2025; emissions intensity guidance shown as ~4.0 t CO₂/t Mg in project assumptions. About Latrobe Magnesium Latrobe Magnesium (LMG) is commercialising a patented hydromet + thermal-reduction process to produce magnesium metal and cementitious by-products from brown-coal ash. Its Latrobe Valley Demonstration Plant has produced MgO, with magnesium metal commissioning targeted for Q1 CY2026, ahead of a 10,000 tpa Commercial Plant in H2 CY2027 (with planned long-term US offtake). LMG is also progressing a 100,000 tpa “Mega” Plant in Sarawak (PFS-A completed), positioning the business as a low-CO₂, circular-economy recycler serving automotive, aerospace, medical, and electronics demand. Samso Concluding Comments The LMG story is not something that mainstream investors have a lot of exposure to in the ASX. This has been a long journey, and from Figure 7, it has not been anywhere near being a darling for ASX investors. However, it does have a robust business model. One just needs to take time to understand. In this recent ASX release, it does appear to have ticked an important box: MgO is being produced and bagged. The ramp—punctuated by scheduled pauses for training and preventative maintenance—reads like a typical operation that is trying to build run-hours without breaking the plant. The next catalyst is to switch on the magnesium metal section and hit the Q1 CY2026 commissioning target. With the Demo flowsheet intentionally mirroring the 10 ktpa Commercial design, each successful step should be a de-risking scale-up, and the Commercial Plant already has 100% of magnesium metal offtake in place. Management is doing its best to ride the business curve by diversifying. The by-products are flagged at ~25% of Commercial revenue, which is a significant part of the balance sheet, and LMG has started validation trials now that the product exists at production scale. If those trials translate to firm contracts, that’s another leg under the revenue stool. Figure 7: Latrobe Magnesium share price chart as of 27th October 2025. (source: CommSec) What should investors look out for? I think a steady-state MgO and first sales, the metal commissioning window, and BFS momentum for the 10 ktpa plant are important. The value case strengthens if LMG can turn today’s MgO success into consistent plant availability and on-spec magnesium ingots—backed by offtake into the US market already flagged in the deck. Cover photo: Pretty Rocks, Mary Lewandowski. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Drilling_occurred_at_Pretty_Rocks_in_2018._Core_samples_from_the_drilling_indicate_how_much_ice_underlies_this_part_of_the_(db7aa7dd-5660-41f2-8ced-0f001b7f2a6f).jpg) The Samso Way – Seek the Research Always go back to the primary documents—read the operational update and the latest investor deck in full before forming a view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Stabl-Im technology and Private Placement 16 October 2025 TrivarX Limited (ASX: TRI) announced a binding option to acquire Stabl-Im™, a stable-isotope MRI platform intended to enable early, repeatable, non-invasive detection and monitoring of brain tumours and metastases—an area with high unmet clinical need and limited safe imaging options. The transaction is paired with a $4.2m placement cornerstone by Dr Daniel Tillett (founder/CEO of Nucleics and MD/CEO of Race Oncology, ASX: RAC), signalling both technical belief and strategic alignment. Highlights - Neurological Diagnostics Strategic acquisition: TRI secures an exclusive option over 100% of Stabl-Im™ IP and associated stable-isotope cancer diagnostic IP from Nucleics Pty Ltd. Clinical thesis: Stabl-Im labels replicating cells and reads them on standard MRI, aiming to detect tumour activity before lesions reach the 2–3 mm visibility threshold typical of surveillance MRI. No ionising radiation; designed for safe, repeatable monitoring. Unmet need & market: Brain metastases affect up to ~20% of adult cancer patients; survival in advanced disease remains poor. TRI frames neuro-oncology imaging as a >US$2.5bn by 2030 opportunity, while the broader brain-metastases therapeutics market is projected to US$8.82bn by 2035. Clinical path: Phase 1 first-in-human planned for CY26, focused on safety, imaging precision, and reproducibility, followed by multi-site expansion. Funding & runway: $4.2m placement at $0.008/share (≈30% discount to 15-day VWAP $0.0116), with Directors $200k (subject to approval) and lead-manager options; use of funds spans IP completion, manufacturing & QC, regulatory engagement, and TRI’s existing AI/diagnostics programs. People & validation: Cornerstone support from Dr Tillett and ongoing technical input to TRI’s preclinical/clinical setup adds credibility and execution depth. What Is Stabl-Im™? Healthy adult neurons rarely replicate. Tumour growth reactivates cellular replication. Stabl-Im proposes to label those replicating cells with safe, stable isotopes and then use conventional MRI to detect the signal, providing a non-invasive read-out of tumour activity that can be repeated for surveillance without radiation or surgery. If validated, this could pull detection earlier than morphology-only MRI (which typically registers lesions ≥2–3 mm), enabling timelier intervention and finer-grained response monitoring. Nucleic’s Founder and CEO, Dr Daniel Tillett, commented: “We developed the Stabl-Im IP with the vision to transform how clinicians can detect and monitor metastatic brain tumours – safely, non-invasively, and earlier than ever before. This agreement with TrivarX marks an important next step in bringing this vision to life. TrivarX's experience and commitment to diagnostics and precision neuro-medicine make them the ideal partner to advance this breakthrough technology and take it to the clinic. I feel fortunate to be able to support TrivarX as both a cornerstone investor and ongoing collaborator. Stabl-Im has the potential to deliver a step-change in neuro-oncology care and I look forward working with TrivarX to see patients and shareholders benefit from this exciting technology.” TrivarX’s Non-executive Chairman, David Trimboli, commented: “This transaction marks an important evolution for TrivarX, firmly strengthening our position in the neurological diagnostics sector, while providing exposure to the fast-growing brain cancer imaging market. The addition of Stabl-Im alongside the Company’s existing technology suite establishes a very powerful platform, for objective, data-driven diagnostics across mental health and neurology.” “Alongside this agreement, the Company has secured new funding to rapidly advance clinical development initiatives for Stabl-Im providing a strong foundation for clinical development. Securing cornerstone participation from Dr Tillett, adds further validation ot the Company’s pending strategy and I would like to take this opportunity to thank him, as well as existing shareholders for their ongoing support. We look forward to working alongside Daniel to deliver meaningful advancements in noninvasive diagnostics in the years ahead.” Why This Matters Clinical gap: Despite advances in systemic therapies, prognosis in brain metastases remains poor, and imaging windows can arrive too late for optimal management. A safe, repeatable, activity-based modality would be clinically meaningful if it reliably brings forward detection and tracks early treatment response. Economic frame: TRI references a >US$2.5bn neuro-oncology imaging market by 2030 (CAGR >7%) and a therapeutics market growing toward US$8.82bn by 2035—adjacent spaces where better diagnostics can influence patient flow, therapy selection, and monitoring. Next Steps Near-term: IP finalisation; manufacturing and QC validation of stable-isotope compounds; FDA and EU pre-submission activities; external regulatory/medical consultants engaged. Dr Tillett to provide ongoing support through preclinical/clinical set-up. Clinical path: Phase 1 in CY26, readouts centered on safety, imaging precision, and reproducibility, with interim data used to advance into broader multi-site trials. Stabl-Im complements TRI’s mental-health diagnostics (MEB-001; single-lead algorithm ECG for cMDE screening). Financing Overview Placement: $4.2m via 525m shares @ $0.008, in two tranches (T1 within LR 7.1 capacity ≈14% of SOI; T2 subject to shareholder approval around early December). ~30% discount to 15-day VWAP ($0.0116). Lead manager 6% fee; 20m options at $0.015 (3-year expiry) subject to approval. Directors $200k (approval required). Use of funds: IP completion & DD, Stabl-Im development, TRI’s AI/diagnostics programs, working capital & admin. Acquisition mechanics: A$250k option fee for a 90-day exclusive option. If exercised, no upfront cash/equity, but deferred consideration via performance shares: Class A (250m) → converts 1:1 upon successful Phase 1 within 4 years. Class B (500m) → converts 1:1 upon successful Phase 2 within 4 years. Success definitions specified (Phase 1: safe/well-tolerated; Phase 2: statistically significant efficacy vs placebo/SOC on primary endpoint, acceptable safety). 150m options to Ora Capital Pty Ltd and Twenty1 Corp Pty Ltd (50/50), subject to approval, for introducing/facilitating the acquisition. Samso Concluding Comments What I like here is a message—earlier, safer surveillance of brain tumours—and a technical path that fits existing MRI workflows. If Stabl-Im™ can reliably tag replication and show a clean, repeatable signal, clinicians get a timelier window to act. That’s a meaningful clinical proposition, not a marketing slogan. And this is a good investable story. If management can execute well, then manufacturing consistency, protocol discipline, and transparent engagement with regulators will tell us if this can move beyond a neat laboratory story. Looks like Phase 1 (safety, signal quality, reproducibility) is the first box that needs to be ticked, as the study design will matter as much as the data. It looks like the first three points to watch would be: (1) validated QC of the labelled compounds, (2) the imaging endpoints and how they’re measured, and (3) the cadence of readouts. Markets tolerate time; they punish silence and drift. The cornerstone backing helps, and the platform logic across TRI’s programs is sensible. I think we can all agree that from here, it’s about turning intent into clinical proof. As Samso always encourages—do your own work: read the filings, track the trial registry, and weigh the evidence when it lands. Cover photo: Neurons (Purkinje cells), Lennart Rikk. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Neurons_(Purkinje_cells).jpg) The Samso Way – Seek the Research Read the source announcement, track clinical protocols as they’re registered, and cross-check claims against trial readouts and regulatory interactions. 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 Tronox Strategic Partnership to Accelerate Minta Project 15 October 2025 Lion Rock Minerals Limited (ASX: LRM) has secured a strategic placement and technical partnership with Tronox Holdings plc (NYSE: TROX)—one of the world’s largest vertically-integrated titanium dioxide and zircon producers. This is not just funding; it’s an alignment with an operator that mines, upgrades, and markets titanium feedstocks (including rutile) and rare earth-bearing monazite at an industrial scale. The move signals an intention to fast-track drilling, resource definition, and metallurgy at Minta (Cameroon), with in-country lab capability also on the agenda. Figure 1: Tronox and LRM executives in Cameroon on the Minta Rutile & Monazite Project (source: LRM). Lion Rock Chief Executive Officer, Casper Adson, commented: “We are delighted to welcome Tronox as a strategic investor and development partner in the Minta Monazite and Rutile Project. Tronox’s senior leadership team has visited site, met with key government stakeholders and completed initial due diligence before committing to this investment. “Their participation provides both capability and immediate cash - creating a foundation for collaboration in rare earth and titanium feedstock development, processing and market access. This partnership aligns LRM’s high-quality resource base with Tronox’s established technical and operational expertise, including its strategic consideration in the downstream rare earth value chain. “With Tronox’s support, Lion Rock is positioned to accelerate the development of one of the most significant undeveloped monazite and rutile projects globally, delivering value for shareholders and contributing to secure, sustainable supply chains of critical minerals.” Tronox Chief Executive Officer, John Romano, commented: “The Lion Rock Project represents an opportunity for Tronox to advance its critical mineral strategy in rare earths and high-grade rutile. Our investment in Lion Rock reflects the exciting opportunity we see in the project’s potential to create meaningful value. We look forward to working with the Lion Rock team to assist with their development of this important resource as we continue to expand our presence in the rare-earths value chain.” Highlights - A New Narrative - Rutile and Monazite A$8.6m placement for ~5%: Tronox to invest A$8.6m via placement at A$0.056 per share (153,195,857 new shares); settlement expected 15 Oct 2025. Strategic partner with operating depth: Tronox brings mine-to-pigment know-how across titanium feedstocks (rutile) and monazite (rare earths), plus downstream processing expertise and market access. Use of proceeds—rapid technical work: Funds to accelerate drilling, resource definition, metallurgical testwork/flowsheet validation (monazite & rutile), product qualification, and to establish in-country analytical capacity in Cameroon. On-ground validation: Tronox senior leadership visited site in Cameroon and met key stakeholders before committing. Right to maintain: LRM will seek an ASX waiver to allow Tronox to maintain its holding in future raises (while ≥2.5%). What this partnership actually means This is a potential marriage of funding and an off-taker. Is it a rutile and monazite menu ? . For Minta project, it will mean a faster conversion of geological potential into metallurgical reality and, critically, product qualification—a key de-risking step for both rutile and monazite-derived rare earth streams. For Tronox, it’s a foothold in high-grade rutile and an expansion vector in the rare earth value chain. Transaction details at a glance Placement: 153,195,857 fully paid ordinary shares @ A$0.056; issued under LR 7.1; Tronox ~5% on completion. Timing: Settlement expected 15 Oct 2025. Commercial & Technical Services Agreement: Tronox to provide services to support development. Proceeds: Drilling, resource definition, metallurgy, flowsheet validation (rutile & monazite), product qualification, in-country lab, working capital. Who is Tronox (and why that matters) Tronox is a global TiO₂ and zircon heavyweight with ~6,500 employees across six continents, operating mines in South Africa and Australia, plus eight pigment plants worldwide. The business integrates mining, upgrading (high-grade feedstocks), chlorination, separation, and downstream products—including monazite handling—and is actively expanding in rare earths. That operating breadth and process IP are directly relevant to Minta’s rutile and monazite flowsheets. Project snapshot — Minta (Cameroon) Tenure: 18 granted exploration permits + 3 under application across ~8,800 km² in a rutile-bearing province of central Cameroon. Commodity mix: Rutile (fine + large angular nuggets), monazite, zircon; alluvial & residual styles with little to no overburden in places. Why it’s interesting: The presence of large, angular rutile nuggets across broad areas suggests an additional rutile source that may materially lift total Valuable Heavy Mineral (VHM) grade in target horizons. Other occurrences: Zones of very high-grade zircon at Minta Est; plus alluvial and hard-rock gold in the NE, coincident with a geophysical anomaly linked to granitic intrusions. Figure 2: Minta Rutile Project (source: LRM). What to watch next Drilling cadence & scope: Whether LRM broadens drill coverage to convert areas with rutile nuggets and fine rutile into reportable resources. Metallurgy & flowsheet: Bench/variability testwork across rutile and monazite domains; clarity on recoveries, impurities, and product specs. Product qualification: Progress on bulk samples and off-take-style qualification pathways, especially for chlorination-grade rutile and monazite-derived REE feed. In-country lab: Build-out and commissioning milestones for Cameroon-based analytical capacity (turnaround times and QA/QC). ASX waiver outcome: Confirmation of Tronox’s right to maintain ownership in future raisings (≥2.5% condition). Samso Concluding Comments Tronox stepping onto the register is an operator's vote of confidence that narrows the gap between intriguing geology and saleable product. Tronox is also indicating that the monazite is not a by-product. Is this a change in the focus of the narrative? Is this now a monazite narrative with some good ruitle numbers? Well, I think with the Rare Earth momentum starting to come back, in my opinion, this is what I am reading. This is not a negative change in direction; I think this is merely a shift in labeling. The value creation from both products is what shareholders should be focusing on. The confidence in Tronox becoming a shareholder of their potential feed source is a very good part of the Lion Rock journey. For Minta, the hurdle to create the value proposition is now tied to how quickly Lion Rock can convert surface evidence (rutile nuggets, fine-grained rutile, monazite) into defined resources and a defensible flowsheet. Product qualification will be the market’s litmus test. There is never a better period of the Lion Rock pathway where execution now matters more than narrative. Investors will want drilling results, mineral assemblages (only because that is what the investor's understanding is seeking), and some form of read on the future potential recoveries/impurities, and clear pathways on timing for the news. If the in-country lab comes online and shortens turnaround times, this will help in answering the previous questions, and that should be the management focus for this period. Figure 3: Lion Rock share price chart as of 25th October 2025 (source: CommSec). Don't forget that the usual risks still apply for any form of investing thoughts into Lion Rock. The Tronox partnership is a very good sign and this may lead to pressure to chase, but I caution this thinking. The recent share price devaluation (Figure 3) since this ASX release is worrying for the less informed retail space. As always, DYOR and keep an eye on the news coming out. Cover photo: Ilmenite sand, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ilmenite_sand.jpg) The Samso Way – Seek the Research Read the original announcement and track subsequent updates before forming conclusions. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Algorae Signs Binding Term Sheet with Cadila Pharmaceuticals 20 October 2025 Algorae Pharmaceuticals Ltd (ASX: 1AI) has executed a binding term sheet with Cadila Pharmaceuticals Limited for a proposed license and supply agreement covering Australia and New Zealand. The partnership would see Algorae launch two generic medicines targeting cardiovascular and metabolic disorders, with next steps focused on finalising a definitive agreement and preparing for TGA registration. Highlights - A Solution for Cardiovascular and Metabolic Disorders Binding term sheet signed with Cadila Pharmaceuticals, one of India’s largest privately held pharma companies. Scope covers two generic medicines for Australia and New Zealand, aimed at cardiovascular and metabolic markets. Parties will now work toward a definitive License & Supply Agreement (LSA) to formalise operations. Post-LSA, Algorae will commence TGA registration planning and documentation and update shareholders on approval timelines and anticipated revenue contributions as the program advances. Cadila operates facilities accredited by US FDA, EU, MHRA (UK), WHO, and TGA, supplying 100+ countries with a 9,000+ workforce; Algorae reps recently met Cadila’s senior/technical teams in Ahmedabad. Company & Partner Snapshot Algorae Pharmaceuticals (ASX: 1AI) — An AI-enabled pharmaceutical development company leveraging its AlgoraeOS platform (machine learning, deep learning, neural networks) to identify synergistic drug combinations addressing unmet medical needs, progressing candidates with research and pharma partners. Cadila Pharmaceuticals Limited — A vertically integrated pharma with APIs, finished formulations, CRAMS, and global accreditations (US FDA, EU, MHRA, WHO, TGA). Markets products across Asia, Africa, Europe, the Americas; 9,000+ staff; 350+ R&D scientists across respiratory, cardiometabolic, GI, oncology, anti-infective, and pain. Founded in 1951, led by Dr Rajiv Modi, mission of “affordable innovation.” Cadila Pharmaceuticals Chief Commercial Officer, Mr Vishal Shah, commented: “This partnership represents an important step in executing our commercial strategy and expanding our product portfolio through a partner,” “Our focus now is on finalising the definitive agreement and preparing for regulatory submissions.” What’s Being Agreed & Why It Matters Scope: License and supply for two generics in AU/NZ aligned to large, chronic therapeutic areas (cardiovascular, metabolic). Rationale: Expands Algorae’s commercial footprint via a world-class manufacturing partner with global regulatory track record. Operationalisation: Execution of a definitive LSA will set the operational framework; TGA submissions to follow. Near-Term Work Program & Catalysts Definitive LSA execution (operational terms locked). TGA registration planning & documentation initiation after LSA execution. Shareholder updates on approval timelines and anticipated revenue contributions as the program advances. Samso Concluding Comments The ASX release by Algorae Pharmaceuticals reporting the signing of a binding term sheet with a credible manufacturer to progress two AU/NZ generics in the cardiometabolic sector is a very good step forward. It lays down the commercial framework without overpromising and making shareholders and potential investors have confidence in the path forward. The value proposition is simple. The partner leverage—global regulatory accreditations and scale, and paired with Algorae’s push to expand a near-term product portfolio, is obvious. This is all about creating capability and a pathway rather than immediate volumes. The near-term check boxes are simple. It is to execute the definitive LSA, then move into TGA documentation. Those milestones turn intent into process and will anchor more specific timelines and market detail. For now, one can assume that the groundwork completed. Hopefully for the company, the LSA signature will materialise and hence lead to TGA progress. The rest of the news will become the branches of a revenue-making business. DYOR is a very important aspect, as is the Samso way. Cover photo: Amneal Pharmaceuticals ibuprofen tablets, Mx. Granger. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Amneal_Pharmaceuticals_ibuprofen_tablets.jpg) The Samso Way – Seek the Research Always read the source announcement end-to-end (including the forward-looking statements) before forming a view—and keep an eye out for the definitive LSA and TGA milestones in forthcoming updates. 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 Diona-1 Operations Update 8 October 2025 Diona-1 - 23m Net Pay Confirmed - Testing to Follow 14 October 2025 Diona-1 Well Program Update 22 October 2025 Xstate Resources Limited (ASX: XST) has provided an operations update for Diona-1 within the Diona block, ATP 2077, in the Surat–Bowen Basin, Queensland (Figure 1). As at the time of writing, the well had reached 2,479 m MD, intersected its Jurassic primary target (non-hydrocarbon-bearing), and on entering the Permian encountered an ~181 m hydrocarbon-prone sequence with a significant overpressured gas column. Drilling is continuing to a planned ~2,530 m TD, with wireline logging to follow immediately after completion. Figure 1: Location of the Diona Block (source: XST) Managing Director, Andrew Bald, commented: “The Diona-1 well has proven the presence of (moveable) hydrocarbons across an unanticipated 180m+ (gross) column of the Permian section of this well. We cannot rule out that Diona-1 has intersected the updip edge of the Taroom Basin Centred Gas play, which, if present, could offer us the opportunity to prove up a significantly larger unconventional resource. The strategy of targeting a multi-stacked play has paid dividends and early signs are that this could be a remarkable outcome for the team and the Company. It is a credit to the geologists and geophysicists who have identified the opportunity. We are all very excited and looking forward to seeing the outcome of the wireline logging.” Highlights — 8 October 2025 (Operations Update) 2,479 m (MD) drilled; primary and secondary targets intersected. ~181 m Permian-to-basement hydrocarbon-prone sequence with a significant overpressured gas column; kick controlled via mud-weight increases and circulation. Wireline logging is pending after reaching ~2,530 m TD. Figure 2 shows a controlled flare from circulating gas from Diona-1 well. Figure 2: Controlled flare of circulating gas from Diona-1 well (source: XST) Project overview - A Developing Gas Producer Story The Diona project lies between the Silver Springs Gas Processing Facility and the Waggamba Gas Field, adjacent to the Waggamba–Silver Springs gas pipeline. Diona-1 targets three proven reservoirs — Showgrounds, Tinowon, Wallabella — with early signs of flowing hydrocarbons in the lower two formations. Crucially, a pipeline is <100 m from the pad, with a valve tie-in ~1 km away, indicating a potentially rapid path to market if commerciality is established. Xstate owns 51% of ATP 2077; Elixir Energy (ASX: EXR) retains 100% beneficial ownership of Blocks A & B. Diona-1 spudded 27 September 2025. What’s new? LWD indicates several Permian hydrocarbon-bearing sandstones warranting additional logging and testing. Drilling continues to ~2,530 m before a wireline program acquires the dataset required for final interpretation. Preliminary observations are encouraging pending wireline confirmation. Why this matters - Diona Prospectivity Diona-1 is testing a low-risk four-way dip closed anticlinal structure at Showgrounds, Tinowon, and Wallabella levels, with stratigraphic pinch-outs to the west in Tinowon/Wallabella (Figure 3). The structure sits on a prominent nose plunging east into the Permian source kitchen, providing a credible charge model for gas (and possibly oil). Combined with evidence of overpressure and multiple sandstones, the play concept remains compelling, subject to reservoir quality and deliverability to be confirmed by logs/tests. Figure 3: Tinowon depth map highlighting structural closure and westward pinch-out—key trap geometry. (source: XST) Highlights — 14 Oct 2025 ASX update (wireline results) 23 m net gas pay (116 m gross) across three Permian intervals: Bandanna/Black Alley (13 m), Tinowon (1 m), Wallabella (9 m); avg. porosity ~10% (max up to ~14% by interval). Wallabella upside: part of the interval wasn’t fully logged due to downhole constraints; LWD/mud logs indicate additional pay potential. Well reached TD 2,479 m, then cased to ~2 m of TD and cemented; testing program to be finalised (perforate/stimulate each zone independently). Wireline logs at Diona-1 confirm three intervals of net gas pay in Permian sandstones, consistent with LWD and mud-log data. Downhole conditions limited full tool coverage over the Wallabella Sandstones, leaving that unit only partially evaluated. Net-pay figures were derived using cut-offs aligned with ERCE-Sproule’s contingent resource methodology applied to Elixir’s nearby tight-gas permits. Table 1: Pay Zones (ERCE–Sproule Cut-offs) Managing Director, Andrew Bald, commented: “These are extremely encouraging results for Diona-1. We now need to flow test each of the Permian reservoirs and we are very optimistic that we could see more upside from the unlogged Wallabella formation. Production testing will confirm flow rates from what could be a new gas discovery. Highlights — 22 Oct 2025 deck (program & context) Drilled, cased & suspended (Oct 2025); significant gas shows over ~181 m; net pay 23 m over 3 zones; avg. porosity 10%. Figure 4: Ventia Rig 101 at Diona 1 (source: XST) Gas kick at base not fully covered by logs suggests an additional partially evaluated gas zone; gas safely flared at wellsite. Formations intersected: Bandanna, Tinowon, Wallabella (Permian). Figure 5: DIONA -1 Pay on Wireline Logs (source: XST) BCG angle: Large continuous pay interval suggests basin-centred gas potential beyond mapped closures; testing to determine flow rates. Figure 6: Closure & pinch-out suggesting BCG potential (source: XST) Location advantage reaffirmed: <100 m to Waggamba pipeline, ~1 km to tie-in, ~15 km to Silver Springs plant (see Figure 1). Next steps Formalise the Operations Committee and finalise the completion & testing plan. Perforate (and possibly stimulate) each of the three Permian pay zones independently to obtain clean, zone-specific data. Execute flow tests to determine deliverability and pressures; management explicitly flags flow-testing of each reservoir. Assess the partially logged Wallabella interval for additional pay indicated on LWD/mud logs during testing/design. Update resource estimates and forward work program based on measured test results; planning contemplates revisions after data acquisition. If results support it, progress tie-in options leveraging proximity to pipeline (<100 m) and valve (~1 km). About Xstate Resources Limited Xstate Resources (ASX: XST) is an ASX-listed oil & gas company focused on its Diona project in Queensland, where it owns 51% of ATP 2077 (with Elixir Energy retaining 100% beneficial ownership of Blocks A & B). The Company spudded Diona-1 on 27 September 2025 and also holds exploration assets in the Sacramento Basin, California. Samso Concluding Comments This is our first Samso News for the Oil & Gas sector, and deciding to cover Xstate is based on my uptake of some IPO shares. I liked the concept and the understanding that this investment is a bet on the outcome of the drilling. My limited understanding of the outcome, at that time, was purely a binary result; however, the more I read into the sector, I see similarities in the thinking, but the way the information is presented is the main difference. For an investor that is not attuned to the oil and gas sector, my decision to sell or buy more was solely dependent on the reaction of the market. What that means is I was just going to follow the market. However, as I learned more about the reasons behind management optimism was all about the Taroom Trough. The Taroom Trough is why management is openly entertaining basin-centred gas at the up-dip edge. That is not a claim of scale — it’s a vector for upside, pending data. My assessment of Risk is now based on whether the pressure from the drilled hole is sufficient to sustain any flow. If the logs are supportive and testing proceeds, the proximity to the pipeline is the key to the difference in a mineral mining scenario and one that is just about the ability to connect a pipe to the main line — a valuable advantage in any development scenario. Cover photo: Oil Platform Crew Transfer, GuavaTrain. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Oil_Platform_Crew_Transfer.jpg) The Samso Way – Seek the Research Always read the primary ASX release in full and wait for the wireline/test updates before forming a view. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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, or 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 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 Medibank Expands Funding Agreement to Support Eligible Patients at Emyria’s Brisbane Clinic 15 October 2025 Company Presentation for Sharewise Webinar 15 October 2025 Medibank Private has expanded its multi-year funding agreement with Emyria Limited (ASX: EMD) to support screened and eligible customers accessing Empax programs for Treatment-Resistant Depression (TRD) and Post-Traumatic Stress Disorder (PTSD) at Avive Clinic Brisbane (Figure 1). Clinic fit-out and regulatory preparations are underway, with treatment commencement targeted for Q4 CY2025. This marks Emyria’s first insurer-backed program on Australia’s east coast and advances the Company’s national growth strategy. Figure 1: Avive Clinic (QLD) (source: EMD) Emyria Executive Chairman, Greg Hutchinson, commented: “We’re pleased to extend our agreement with Medibank and bring our insurer-funded Empax programs to Queensland. This represents an important step forward for patients, clinicians, and the broader health system. Our goal has always been to make world-class, evidence-based mental health care accessible to every Australian who needs it. By integrating insurer funding into high-quality hospital programs, we’re significantly reducing financial barriers that have historically limited access to comprehensive trauma and mood disorder treatments. With funded programs now operating across two states, Emyria is demonstrating that our data-driven model of care can scale nationally. This expansion will enable more Australians to access effective treatment for complex mental health conditions while contributing valuable data to help modernise and strengthen Australia’s healthcare system.” Highlights - A Mental Health Solution (Figure 2) Funding now covers Brisbane (first east-coast site): Eligible Medibank customers admitted to Avive Clinic Brisbane can access Empax’s psychiatrist-led programs for TRD and PTSD under a 24-month agreement (standard 90-day termination clause). Treatments are hospital-delivered, insurer-backed, and designed to reduce out-of-pocket barriers. Go-live targeted for Q4 CY2025. Program scale and depth: Similar courses of care delivered by Emyria are typically valued between A$20,000–A$30,000 per patient, reflecting structured, multidisciplinary care delivered in licensed hospital settings. Proven clinical model with durable outcomes: In Emyria’s real-world PTSD program, >60% of patients no longer met diagnostic criteria at follow-up, ~80% achieved clinically significant improvement, and the program recorded 0% drop-out—comparable to Phase 3 benchmarks out to 6 months. A work-related PTSD cohort recorded a 10/10 return-to-work rate at 6 months. Market opportunity: Addressable segments include adults with difficult-to-treat PTSD (~585k SAM; indicative ~A$33k per treatment) and TRD (~411k SAM; indicative ~A$22k per treatment). Early target cohorts span privately insured patients, veterans, and workers’ compensation pathways. Operational moat taking shape: Emyria reports progress across insurer funding, hospital partners, fit-for-purpose facilities, authorised prescribers, trained therapists, and secure drug supply—key delivery barriers that support scaling. National growth track: Perth programs are active and Brisbane is being established; the rollout plan anticipates capacity expansion (beds and dosing days per week) and additional east-coast sites under consideration. Figure 2: Emyria at a glance (source: EMD) What’s new on the ground (Brisbane) Scope: Medibank funding now applies at Avive Clinic Brisbane for eligible TRD and PTSD patients under the Empax model. Timing: Fit-out and regulatory prep underway; treatments expected before year-end (Q4 CY2025). Significance: Validates the scalability of Empax across multiple hospital partners and jurisdictions using insurer-backed frameworks. Clinical Model (Figure 3) Empax combines hospital-based dosing with ~90 hours of supervised psychotherapy per PTSD course (delivered across screening, multi-day dosing cycles, and structured follow-up). Emyria reports a per-cycle cost framework (~A$10,000 per cycle; PTSD typically three cycles) and shows case-study trajectory improvements on PCL-5 beyond 6 months. Figure 3: Treatment model flow (source: EMD) Demand context (PTSD & TRD) PTSD: ~1.5m adults; ~585k estimated serviceable for MDMA-AT; indicative ~A$33k per full course (3 cycles). Early targets: privately insured patients, veterans, and workers’ compensation. Figure 4: Treatment model flow (source: EMD) TRD: ~1.1m adults with major depression; ~411k estimated serviceable for psilocybin-AT; indicative ~A$22k per full course (2 cycles). Figure 5: Treatment model flow (source: EMD) System spend: Large payors (private insurers, DVA, workers’ comp) collectively outlay significant sums annually on mental-health-related care, highlighting the need for scalable, evidence-based models. Operations & Rollout Moat: Third-party funding, licensed hospital environments, authorised prescribers, trained therapists, secure drug supply. Figure 6: Operational Moat (source: EMD) Capacity build: Perth clinic expansion (beds × days/week), Brisbane beds in preparation; additional east-coast partners being assessed. Milestones: Expanded funded programs to include Depression treatment; revenues from private-health funding have commenced. Governance & Team Emyria’s board includes clinical-services leadership, biopharma development, health-IT strategy, and payer/policy expertise, aligning with its hospital-integrated, insurer-backed care model. Samso Concluding Comments Emyria’s Brisbane expansion under the Medibank agreement is a good next step in translating insurer-backed, hospital-delivered mental health programs beyond WA. The value proposition is the funded access pathways, a structured clinical model with reported real-world outcomes, and a national footprint that is now forming east-coast-first. The near-term catalyst is execution—clinic readiness and commencement in Q4 CY2025—followed by utilisation ramp and additional site partners. Figure 6: The EMD share prices chart as of 27th October 2025 (source: commsec) From an investing point of view, EMD is looking promising, and the market is looking to be supporting the path forward (Figure 6). The theory is straightforward: a payer-validated model expanding into a second state, with near-term delivery milestones and a national rollout thesis to test. Keep an eye on this story as it's only an AUD $40M market capitalisation company. Success in this area will no doubt be worth a lot more. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) The Samso Way – Seek the Research Read the source document, verify every figure, cross-check context, and make your own call—DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Critica's MREP Flowsheet Achieves 63% Gallium Leach Recovery 10 November 2025 (click here to view the announcement) Jupiter Delivers Impressive High Grade (84% TREO) MREP 28 October 2025 (click here to view the announcement) Critica Limited (ASX: CRI) has released two major updates that strengthen the technical and strategic credentials of the Jupiter Project, located in Western Australia (Figure 1). Figure 1: Location of The Jupiter Project in Tier-1 Western Australia (source: CRI) The Company has successfully produced its first high-grade Mixed Rare Earth Product (MREP) and, in parallel, delivered confirmation that gallium can be recovered as a valuable by-product within the same beneficiation-first flowsheet. Both developments form part of Critica’s staged, disciplined derisking program as the company transitions from explorer to developer. The Business of Critica Limited: Focus — Gallium - REE -Projects Critica is rapidly advancing the Jupiter clay-hosted rare-earth Project, which stands today as: Australia’s largest clay-hosted rare earth resource. A globally significant magnet-REE dominant system (Nd, Pr, Dy, Tb). A project with exceptionally low uranium and thorium impurities. Jupiter’s flowsheet design is anchored in beneficiation-first (Figure 2), allowing mass rejection of ~95% and strong grade uplift prior to hydrometallurgy — a key differentiator among clay-hosted REE deposits. Figure 2: Jupiter beneficiate-first flow sheet now with MREP and Gallium byproduct streams (source: CRI) Highlights – First Mixed Rare Earth Product (MREP) Produced (28 October 2025) First MREP successfully produced from Jupiter concentrate, assaying 84% TREO.78% recovery achieved to Mixed Rare Earth Oxide (MREO), demonstrating high leach extraction (Figure 3). Figure 3: Initial Mixed Rare Earth Product (oxide) 84% TREO (source: CRI) Standard acid-bake process validated; parallel optimisation underway at ANSTO and Minutech-AMML. Very low impurities — uranium and thorium well below transport thresholds. 3,000 kg closed-circuit pilot plant at GAVAQ (Hanoi) now in commissioning (Figure 4). Figure 4: GAVAQ Pilot Plant – cold commissioning of Pilot Plant (source: CRI) Beneficiation continues to achieve ~95% mass rejection with a 6–10× grade uplift. Reinforces Jupiter’s magnet-REE bias (~23% of total REO) — critical for EVs, AI, renewables, and defence systems. Leadership Commentary Critica’s CEO, Jacob Deysel, commented: “This first unoptimised Mixed Rare Earth Product is a pivotal step for Critica. Our metallurgical results confirm that beneficiated Jupiter concentrate can be successfully leached using conventional, scalable processing to produce a high-grade oxide product. With beneficiation proven, MREP achieved, and pilot commissioning underway, we are moving decisively from explorer to developer. Our focus now is optimisation, product specification, and engagement with prospective offtake and strategic partners as we continue building a credible, low-cost, Western-aligned rare earth supply chain anchored in one of the world’s largest and cleanest clay-hosted deposits.” Highlights – Gallium Confirmed as Valuable By-Product (10 November 2025) Jupiter’s 1.8 Bt resource averages ~39 ppm Ga₂O₃, representing ~70,000 tonnes of contained gallium (Figure 5). Figure 5: Resource Model – showing Ga₂O₃ grade distribution across the resource model (source: CRI) Metallurgical testwork confirms ~63% gallium recovery to leach solution within Critica’s existing REE flowsheet (Figure 6). Figure 6: Schematic of GAVAQ MREO Flowsheet - standard acid-bake and gallium recovery pathway (source: CRI) Gallium upgrade factor of ~1.2× in flotation concentrate; recovery achieved without altering process scope. Gallium is hosted in both clay and REE phosphate minerals, demonstrating predictable leach behaviour. Critical market context: China controls >98% of global gallium supply. Additional co-product potential now under evaluation: scandium, germanium, and iron. Confirms integrated REE–gallium value pathway within the same process circuit. Leadership Commentary Critica’s CEO, Jacob Deysel, commented: “Jupiter continues to deliver scale, simplicity and strategic value. Metallurgical results indicate a clear line-of-sight to by-product recovery of gallium within the same process circuit that produced our first Mixed Rare Earth Product (MREP). Achieving ~63% gallium extraction into solution marks an important step in demonstrating coproduct potential from within our existing process, without changing scope or strategy. This is not a pivot — it is a logical progression of Critica’s systematic flowsheet de-risking program. The strategic imperative for the West remains unchanged: it is no longer enough to access critical minerals — we must secure custody of supply. By proving the ability to recover gallium alongside rare earths, Critica strengthens its position within a Western-aligned, low-risk and technically validated supply chain.” About the Project (Western Australia) The Jupiter Project is located in the Murchison region of Western Australia and represents: A 1.8 Bt clay-hosted REE system, with a strong magnet-REE profile. Resource grades (Table 1): 1,700 ppm TREO at 1,000 ppm cut-off. ~39 ppm Ga₂O₃ average gallium oxide. Table 1: Jupiter clay-hosted REE and Ga Resource at preferred TREO lower cut-offs Hosted within deeply weathered clay and saprolite overlying an alkaline granitoid intrusion. Low impurity levels (U, Th) allow favourable handling and transport characteristics. Metallurgical testwork on a Jupiter intermediate concentrate has confirmed strong upgrade factors for TREO and defined the basis for the reported ~63% gallium extraction to leach solution (Table 2). Table 2: Jupiter intermediate concentrate used to produce the reported Gallium extraction. Near-term Milestones to Watch Q4 2025 – H1 2026 Operate the 3,000 kg closed-circuit pilot plant at GAVAQ. Bake and leach optimisation across GAVAQ, ANSTO, Minutech-AMML. Selective precipitation trials for gallium, plus screening for germanium and scandium co-products. H1 2026 Finalise MREP/MREO product specifications. Feed pilot data into the Scoping Study. H2 2026 Commence Pre-Feasibility Study. Ongoing Offtake and downstream engagement with Western-aligned partners. How Samso Understands the Investment Memo for the Company Critica is building a rare-earth processing pathway that balances scale, simplicity, and strategic alignment. The Company’s model is based on a beneficiation-first approach that reduces mass early, lowers capital intensity, and enables higher-quality hydromet feed. The new confirmation of gallium recovery adds a further dimension to the value proposition and may materially enhance project economics. The Company is now positioned in a globally relevant segment — magnet rare earths + critical by-products — with a technically validated flowsheet that is progressing toward feasibility-level robustness. Samso Concluding Comments Many clay-hosted rare earth stories show promise at the laboratory scale, but struggle when asked to demonstrate integration across larger, more representative programs. Jupiter is moving through this sequence in a steady, evidence-based manner. Beneficiation has now been proven several times over, delivering repeatable mass rejection and grade uplift. Hydrometallurgy has shown that this upgraded material converts into a high-quality oxide product. And now, with gallium extraction validated within the same circuit, the flowsheet is showing signs of forming a multi-commodity pathway without additional complexity. Gallium brings a strategic layer that should not be understated. In a market where more than 98% of global supply sits within a single jurisdiction, the ability to source gallium from a Western-aligned project anchored in a Tier 1 jurisdiction is significant. What matters most is that Critica has not pursued gallium as a separate exercise — the recovery emerged naturally from the same leach solution used to produce its MREP. This speaks to the underlying mineralogy and the integrity of the integrated flowsheet. If future optimisation improves recovery or defines a clear commercial product, gallium could become a genuine by-product contributor rather than a marginal value add. From an investor perspective, Jupiter now presents a combination that is rare in the clay-REE space: scale, metallurgical simplicity, and jurisdictional strength. The ability to beneficiate clay-hosted material upfront is not common, and it sets the project apart in terms of capital intensity and downstream optionality. The 3,000 kg pilot plant is an important next step, as it will provide the operating data, product volumes, and engineering basis needed for meaningful Scoping Study inputs. As these datasets accumulate, the market will gain more clarity on the cost structure, product specification, and long-term margin potential of the project. Looking ahead, the next 12–18 months will be formative for Critica. Pilot-scale results, ongoing hydromet optimisation, and the definition of final MREP specifications will shape the project’s position in the Western rare-earth supply chain landscape. These developments are occurring against a backdrop of increased interest in magnet-REE supply security, AI-driven hardware demand, and the global re-balancing of strategic minerals. If Critica maintains its current momentum, Jupiter may emerge as one of the few clay-hosted magnet-REE projects advancing toward a credible development case supported by both scale and technical validation. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Always explore the data behind the story — that is where the real value lies. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Race Clinical Program Update 17 November 2025 (click here to view the announcement) Race Oncology Limited (ASX: RAC) has announced the expansion of its clinical strategy with two new programs centred on Acute Myeloid Leukaemia (AML) and EGFR-mutated Non-Small Cell Lung Cancer (NSCLC) (Figure 1). Figure 1: EGFR-mutated (EGFRm) Non-small Cell Lung Cancer (NSCLC) (source: RAC) These programs build directly on the newly characterised mechanism of action of (E,E)-bisantrene (Figure 2) and position RC220 for accelerated clinical validation across major oncology markets. Figure 2: The Science Behind (E,E)-bisantrene (source: RAC) The Business of the Company: Focus – Projects Race Oncology is a Phase 3 clinical biopharmaceutical company focused on advancing its proprietary formulation RC220, a next-generation delivery form of (E,E)-bisantrene. The company aims to address high-value oncology areas through: Phase 3 AML bridging program to align RC110 and RC220 Phase 1a/b EGFRm NSCLC program targeting TKI resistance Phase 1a/b RC220 + doxorubicin cardioprotection program Pipeline expansion opportunities via MYC silencing and G4 stabilisation biology Highlights – Expansion of Clinical Programs in AML and EGFRm NSCLC 1. New Phase 3 AML Trial: Bridging RC110 to RC220 Race has established a cost-efficient pathway to potential regulatory approval through a two-part Phase 3 design incorporating (Figure 3): A PK/PD bridging stage to demonstrate clinical equivalence between RC110 and RC220 Biomarker generation assessing MYC gene silencing Alignment with US FDA Project Optimus Figure 3: Phase 3 Pathway to Approve RC220 in r/r AML (source: RAC) 2. New EGFRm NSCLC Trial Targeting TKI Resistance A Phase 1a/b program (HARNESS-1) will evaluate RC220 + osimertinib in patients with detectable ctDNA to delay or prevent resistance (Figure 4). Key points: All preclinical data, KOL engagement, protocols, and CRO contracts completed Ethics submission made to Bellberry HREC (29 Sept 2025) Five major Australian oncology sites secured Figure 4: HARNESS-1 Phase 1a/b Trial Overview (source: RAC) 3. Cardioprotection & Solid Tumour Opportunity Race continues its ongoing Phase 1a/b trial of RC220 in combination with doxorubicin to explore dual benefits: Mitigation of doxorubicin cardiotoxicity Enhanced anticancer activity 4. Program Funding & Readiness Planning is highly advanced across all programs Execution timing tied to conversion of $1.25 piggyback options (expiry May 2026) Cash position: $11.3m as of 30 Sept 2025 Leadership Commentary Race Oncology CEO and Managing Director, Dr Daniel Tillett, commented, “It is an exciting milestone for Race Oncology to translate the mechanism of action of (E,E)-bisantrene into tangible clinical programs. The opportunity to use RC220 to delay, or even prevent, TKI resistance across a range of cancers is a compelling opportunity. The scale of the opportunity is enormous, with more than US$10 billion of EGFRm TKIs sold every year for lung cancer alone. I want to especially thank the Race Oncology preclinical and clinical teams for their extraordinary effort in moving from the initial discovery of the mechanism of action of (E,E)-bisantrene to a full clinical trial program in lung cancer in under 9 months.” About the Project While Race Oncology’s programs operate nationally, the broader portfolio reflects collaborations across leading research institutes in Australia and international cancer centres.RC220’s development leverages preclinical work conducted in partnership with institutions such as: University of Wollongong University of Newcastle UNC School of Medicine Sheba City of Health (Israel) The Company is also actively exploring partnerships, licence agreements, or commercial mergers and acquisitions to accelerate access to RC220 for patients with cancer worldwide. Near-term Milestones to Watch Q1 2026: First patient recruited in HARNESS-1 Phase 1a/b NSCLC trial 2026: AML Phase 3 bridging stage initiation (pending funding) Completion of ctDNA screening across multiple sites Regulatory interactions and responses from Bellberry HREC Ongoing MYC biomarker data development Further conversion of piggyback options to support program roll-out How Samso Understands the Investment Memo for Race Oncology Samso’s interpretation is that Race Oncology is positioning RC220 as a highly differentiated oncology asset capable of influencing major cancer treatment markets. The Company’s focus on TKI resistance, MYC gene targeting, and biomarker-led clinical design suggests a strategy grounded in science, commercial relevance, and regulatory alignment. The dual AML and NSCLC programs collectively offer pathways that could support accelerated value creation if clinical outcomes validate the mechanism. Samso Concluding Comments Race Oncology’s strategic expansion arrives at a key junction for precision oncology. The industry has been grappling with therapy resistance, particularly in EGFRm NSCLC, where, despite billions in annual TKI sales, real-world outcomes remain constrained by subclone emergence and bypass signaling. RC220’s mechanistic positioning — targeting G-quadruplex structures and MYC silencing — could mark a substantial shift in how resistance biology is approached clinically. The AML pivotal trial pathway is equally notable, leveraging regulatory precedents and orphan drug frameworks. By bridging RC110’s historical clinical data with RC220’s modern formulation under a Project Optimus-aligned design, Race is pursuing an approval strategy that is both pragmatic and scientifically grounded. This reduces uncertainty associated with dosing, variability, and historical comparator alignment. The integration of ctDNA as a patient selection and response metric is also an important direction for modern oncology trials. It provides measurable, early indicators of therapeutic effect and allows for more efficient trial conduct. This position aims to generate data that is directly relevant to clinicians and regulators who are increasingly seeking biomarker-anchored trial designs. Overall, Race Oncology appears to be shaping a pipeline that leverages deep molecular insight, commercially significant disease settings, and realistic pathways to regulatory approval. The next 12–24 months will be critical as these programs move from planning into execution. Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.JPG) The Samso Way – Seek the Research Always take the time to understand the science, the data, and the path that companies choose to create value for shareholders. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Institutional Placement Accelerates EMD National Expansion 20 November 2025 (click here to view the announcement) Emyria Limited (ASX: EMD) has taken another step toward building a national network of intensive, evidence-based mental health services in Australia. The Company has secured funding through an $8 million institutional placement and exercised a key option with Avive Health, paving the way for its first Empax Clinic in Victoria. At the same time, insurer-funded treatments have commenced at the Brisbane Empax Clinic, adding a second reimbursed site to the existing Empax Centre in Perth. These developments mark a transition from early validation to multi-state execution for Emyria’s capital-light Empax clinic model, underpinned by growing private and government reimbursement frameworks. The Business of the Company: Focus – Mental Health Projects Emyria develops and delivers new treatments for mental health and select neurological conditions using an integrated model that combines direct clinical services with treatment development: Emyria Healthcare provides evidence-based treatment for patients who have not found relief from conventional care, including assisted therapy for PTSD and treatment-resistant depression. Emyria Data captures robust, ethically sourced real-world data from patients to refine therapy programs and support drug-development activities. Emyria’s Pipeline focuses on new psychedelic-assisted therapies and drug treatments for mental health and selected neurological diseases. The Empax Clinics sit at the centre of this model, delivering psychiatrist-supervised, therapist-assisted care while continuously generating clinical data to inform future programs. Highlights – Institutional Placement and Avive Partnership Accelerate National Expansion 1. Mornington Option Exercised – First Empax Clinic in Victoria Emyria has exercised the “Mornington Option”. Secures a six-month exclusive right to negotiate an Empax Clinic within Avive Health’s flagship mental-health hospital on the Mornington Peninsula. Mornington is expected to become Emyria’s first Empax Clinic in Victoria. The site is intended to be a cornerstone East Coast hub, expanding reimbursed treatment beyond Western Australia and Queensland. 2. Exclusive Rights to Roll Out Empax Clinics Across Avive Health Agreement with Avive Health expanded to provide Emyria exclusive rights to negotiate Empax Clinics across: All existing Avive-operated hospital sites; and All future Avive-operated hospital sites. Avive currently operates four clinics nationally, with two more under construction. This framework offers a scalable, capital-efficient pathway for national deployment of Empax services. 3. Brisbane Empax Clinic Commences Insurer-Funded Treatments Insurer-funded treatments have commenced at the Brisbane Empax Clinic. The clinic is located within Avive Health’s licensed private hospital in Queensland. Now generating reimbursed revenue and validating the scalability and repeatability of Emyria’s treatment model across jurisdictions. Psychiatrists and therapists have shown “overwhelming” interest, reinforcing Emyria’s position as a clinical leader in medication-assisted psychotherapy. 4. DVA Creates World-First Government Funding Framework On 3 November 2025, the Department of Veterans’ Affairs (DVA) began funding medication-assisted psychotherapy for eligible veterans. Establishes the world’s first government-payer reimbursement framework for this treatment class. Around 17% of veterans experience PTSD, and 11% have treatment-resistant depression, underscoring the scale of need. DVA funding complements Emyria’s existing Medibank agreement. Together, they create Australia’s first combined private and government-funded pathway for medication-assisted psychotherapy (Figure 1) Figure 1: Federal Minister for Veterans’ Affairs Hon. Matt Keogh MP (l) with Emyria Executive Chairman Greg Hutchinson (r) at the Empax Centre in Perth (source: EMD). 5. Strong Support for $8m Institutional Placement Emyria has completed an $8 million institutional placement at $0.06 per share. Approximately 133.3 million new shares issued under existing placement capacities. Issue price represents: 9.09% discount to the last closing price of $0.066; and 9.49% discount to the 15-day VWAP. Placement strongly supported by: Specialist life sciences and healthcare-aligned institutional investors; Existing shareholders; and New strategic investors, with bids scaled due to demand. Use of funds will include: East Coast clinic expansion through CY2026; Workforce and infrastructure growth across the Empax network. Preparatory work for community-based programs for DVA veterans and workers’ compensation patients; General working capital. Leadership Commentary Emyria Executive Chairman, Greg Hutchinson, commented: “We’re pleased to exercise the Mornington Option and expand our agreement with Avive Health, enabling the establishment of new funded Empax Clinics across additional states, strengthening our national rollout pathway. These developments increase our access to aligned clinical infrastructure and support our mission to make high-quality, evidence-based mental-health care more accessible to Australians with unmet mental health needs.” “With insurer-funded programs now operating in Western Australia and Queensland, and with the DVA now actively supporting treatment for eligible veterans, we are demonstrating that our model of care can scale nationally. The strong backing for our $8 million Placement positions us to accelerate site development, grow our clinical workforce and expand treatment availability for patients living with complex mental-health conditions.” Avive Health’s Co-CEO, Mark Sweeney, commented: “By integrating Empax Clinics into both our Brisbane and Mornington Peninsula hospitals – Queensland and Victoria’s first hospital-based services of its kind – we offer patients the reassurance of hospital-level care throughout their medication-assisted psychotherapy journey. Avive is focused on carefully scaling a national network of clinician-led mental health hospitals and clinics, beginning with Brisbane and the Mornington Peninsula and extending to Adelaide and additional sites over time.” About the Project – Empax Clinics and the Avive Health Network The Empax clinic model is designed to deliver structured, psychiatrist-supervised, therapist-assisted care in a capital-light format. Under the expanded Avive Health agreement: Emyria holds a six-month exclusive right to negotiate an Empax Clinic at the Mornington hospital under its operational protocols. A nationwide negotiation option extends first-refusal rights across all current Avive sites and future Avive hospitals, subject to commercial terms and approvals. The capital-light structure means no material up-front capital expenditure is required to exercise negotiation options, with commitments triggered only upon site conversion and commencement of operations. The Brisbane Empax Clinic, now treating insurer-funded patients, serves as a blueprint for East Coast deployment. It demonstrates operational efficiency and portability, and provides an additional reimbursed revenue stream alongside the Perth Empax Centre. The dual-payer framework – private insurer support through Medibank and government funding through DVA – strengthens demand visibility, clinic economics and revenue diversity as the network scales. Near-Term Milestones to Watch Finalising Mornington Peninsula Empax Clinic: Negotiation of detailed commercial terms and operational readiness for the first Victorian Empax Clinic within Avive’s flagship mental-health hospital. Further Avive Site Conversions: Progress on deploying Empax Clinics across existing and new Avive hospitals, including Adelaide and additional sites flagged by Avive Health’s growth plans. Expansion Through CY2026: East Coast footprint growth supported by placement proceeds, with new clinics expected to add reimbursed treatment capacity. Community-Based Programs: Preparatory work during CY2026 for community-based treatment programs targeting DVA veterans and workers’ compensation cohorts. Scaling Clinical Workforce and Data Systems: Recruitment and training of clinicians and therapists, and ongoing integration of real-world data to refine and support therapy and drug-development programs. How Samso Understands the Investment Memo for the Company From an investment memo perspective, this announcement frames Emyria as entering a new execution phase: Defensible First-Mover Position: The Company now operates insurer-funded Empax programs in both Western Australia and Queensland and is preparing for Victoria, backed by exclusive rollout rights across Avive’s network. This structure supports a defensible first-mover advantage in medication-assisted psychotherapy delivered within hospital environments. Capital-Light National Rollout: The Avive agreement and the negotiation options allow Emyria to expand without material upfront capital expenditure at the option stage. Capital is deployed at the point of site conversion, which may offer improved capital efficiency as the network grows. Dual-Payer Revenue Model: The combined Medibank and DVA reimbursement pathways create diversified, recurring revenue streams and may improve clinic-level economics as patient throughput increases. Institutional Support and Balance Sheet Strength: The strongly supported $8 million placement, led by specialist life-science and healthcare investors, provides the funding platform for near-term expansion and signals market interest in the Company’s strategy. Samso Concluding Comments Emyria’s latest announcement is about rolling out the plan to scale. With insurer-funded treatments now operating in both Perth and Brisbane, the model is proving it can scale across jurisdictions. The Mornington Option introduces a meaningful foothold in Victoria, supported by exclusive negotiation rights across all Avive Health hospitals. This creates a structured pathway for national expansion without heavy upfront capital. The introduction of DVA funding is particularly significant. A government-backed reimbursement framework places medication-assisted psychotherapy on firmer ground and expands the addressable patient base beyond private insurer cohorts. With an $8 million placement secured and demand from clinical partners rising, the focus now will be on converting these opportunities into operational clinics that can deliver consistent, reimbursed treatment at scale. What Does All This Mean To the Retail Investor EMD currently has a market capitalisation of just over AUD $40M and the recent share price movements have all been supportive (Figure 2). The recent ASX releases have been good news for shareholders, and the rise from the middle of 2025 is a very encouraging sign for the company. Figure 2: The share price chart for Emyria Limited as of 21st November 2025 (source: CommSec). The uplift in shareholder support is more clearly appreciated in Figure 3, as we can see the changing mood of investors in regards to the Company's journey to creating scale and getting the business model forward. Figure 3: The share price chart for Emyria Limited between 2024 and as of 21st November 2025 (source: CommSec). The share appreciation between May 2025 and 21st November 2025 has seen a more than doubling of the share price, which, as I have mentioned, is a great endorsement of management. The EMD business is one that I feel has a lot of potential, as the diagnosis of mental health has been increasing globally. Australia is not immune, and if one is on social media, one would have been inundated with all forms of mental health information. At a market cap of AUD $40M, this is far from a horse that has bolted. In fact, I think this is ripe for a good old DYOR and almost a certain #SamsoDYOR. Cover photo: Apparaat voor electrocoagulatie 2, Mx Lucy. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Apparaat_voor_electrocoagulatie_2.jpg) The Samso Way – Seek the Research As always, readers should review Emyria’s full ASX announcement and related disclosures, and undertake their own independent research before making any investment decision. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Proteomics International receives $2.2m in R&D tax incentive 12 November 2025 (click here to view the announcement) Proteomics International Laboratories Ltd (ASX: PIQ) has received $2.2 million in R&D tax incentive refunds for the 2024–25 financial year, reinforcing its financial position as the Company advances multiple diagnostic products towards commercialisation. Based in Perth, Western Australia, the Company continues to develop next-generation diagnostic tools built on its proprietary Promarker® technology platform, with applications across chronic disease detection, women’s health, oncology, and sports science. The Business of Proteomics International Laboratories Proteomics International operates a dual-stream model supported by: Ground-breaking diagnostic R&D based on its Promarker® proteomics platform. Bio-analytical testing services for biopharmaceutical and life science partners, generating recurring revenue to partially offset R&D expenditure. The Company’s diagnostics portfolio includes (Figure 1): Promarker®D – predictive test for diabetic kidney disease. Promarker®Endo – diagnostic test for endometriosis. Promarker®Eso – diagnostic test for oesophageal cancer. OxiDx – oxidative stress test for elite sports training. Promarker® pipeline extensions across asthma, COPD, and diabetes-related complications. Figure 1: Promarker® Test Pipeline (source: PIQ) Highlights – Strengthening the R&D Engine Behind Commercialisation R&D Incentive Delivers Strategic Funding PIQ received $2,241,476 in R&D rebate, reflecting $5.15 million in eligible R&D expenditure undertaken across the Group in FY2024–25. The Federal R&D tax incentive provides a 43.5% rebate, supporting Australian innovation. The additional $2.2 million cash boost strengthens PIQ’s reserves ahead of commercial roll-outs for its diagnostics suite. The funding directly supports late-stage development of flagship tests such as Promarker®D, Promarker®Endo, and Promarker®Eso. About the Project (WA) – A Perth-Based Global Diagnostics Innovator Proteomics International is headquartered in Nedlands, Western Australia (Figure 2), operating as a medical technology leader specialising in proteomics—the industrial-scale analysis of protein structure and function. The Company’s mission is to build diagnostic tools that improve disease detection, treatment pathways, and long-term patient outcomes. Figure 2: PIQ Facility State-of-the-art facilities at the Harry Perkins Institute of Medical Research in Perth, WA (source: PIQ) Near-term Milestones to Watch Support ongoing development and commercial readiness for flagship Promarker® tests. Continued investment in the Promarker® pipeline across chronic diseases and women’s health. Advancement of the OxiDx platform into broader sports and health applications. Ongoing provision of bio-analytical services to sustain revenue during R&D progression. How Samso Understands the Investment Memo for the Company Proteomics International is building a diagnostics ecosystem where proteomic insights form the foundation for predictive and early-stage disease detection. The Company’s funding base—supported by R&D incentives—reduces development risk and enhances long-term commercialisation potential. With multiple tests progressing simultaneously, the platform approach positions PIQ as a diversified diagnostics player in a market increasingly favouring precision medicine. Samso Concluding Comments The R&D tax incentive will allow Proteomics International to leverage external funding to maintain momentum across its innovation portfolio. This is also a non-dilutive capital to add essential funding for diagnostics companies approaching their commercial tipping points. The size of the rebate also reflects the scale of scientific activity within the organisation. This level of expenditure highlights the seriousness of PIQ’s ambitions and the depth of its product pipeline. From an investor lens, a strengthened cash position provides continuity in R&D while reducing the pressure to raise capital unnecessarily. It also signals an operational rhythm that is consistent with companies preparing for market expansion. PIQ operates in a sector driven by accuracy, validation, and long-term adoption, and continued R&D investment underpins both credibility and future value creation. PIQ has a market capitalisation of just under AUD $55M and the market seems to be reacting in a steady state. There is no major movement either up or down for its share price, which is good to see, as there is no hype in the story (Figure 3). Figure 3: PIQ share price chart as of 24th November 2025 (source: CommSec) Like all of the biotech stocks on the ASX, the slow and steady path in the early part of the journey is one that investors have to decide as a point of entry or wait for the major ticks which is prove of concept. For me, with a market cap of AUD $50M+ is one that should be worthy of a DYOR. When Samso started following Race Oncology (ASX: RAC) on the 27th August 2025, Who is Race Oncology (ASX: RAC)? DYOR on Anti-Cancer Innovation and Heart Protection. We highlighted the unique potential if things go right for the company. If you look at that time, the share price was flattening and had a market capitalisation of AUD $206M and they are now hovering around AUD $504M (Figure 4), which peaked around the AUD $800M level. Figure 4: RAC share price chart as of 24th November 2025 (source: CommSec) The current share price of AUD $3.05 may seem high for RAC but in hindsight, the price at the time we wrote on RAC is even cheaper. The key here is to understand the business of PIQ and then bet on the potential. Good old DYOR is what is going to undermine investors' thoughts on the merits of putting money on this story. Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) The Samso Way – Seek the Research Always understand the science, follow the milestones, and let the data guide your investment thinking. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement CSIRO Research Paper Publication 12 November 2025 (click here to view the announcement) OD6 Metals Limited (ASX: OD6) has announced the publication of a peer-reviewed scientific paper detailing three years of advanced geological and geochemical work at the Company’s flagship Splinter Rock Rare Earth Project in Western Australia (Figure 1). The research—undertaken by CSIRO, Murdoch University, Monash University, and OD6—provides a technical, science-backed understanding of how rare earth elements (REE) occur, concentrate, and can be extracted from this large clay-hosted system. Figure 1: Location of Splinter Rock Rare Earth Project in Western Australia (source: OD6) The Business of the Company: Focus – Projects OD6 Metals is developing two critical mineral projects: Splinter Rock (WA) — one of Australia’s largest high-grade clay-hosted REE deposits, supported by a detailed Mineral Resource Estimate released in 2024. Gulf Creek (NSW) — a copper-zinc VMS system with historical high-grade production and modern geophysical targeting underway. Highlights – A Peer-Reviewed Advancement in REE Geological Understanding (Figure 2) Figure 2: The CSIRO publication on Splinter Rock Clay-Hosted REE Rare Prospect (source: OD6) The newly published research, titled “Multi-disciplinary characterisation of the Splinter Rock clay-hosted REE prospect, Western Australia”, provides several technical outcomes: Three years of multi-institutional collaboration involving CSIRO, Murdoch University, Monash University, and OD6 Metals. Landscape evolution, mineralogy, geophysics, and geochemistry were integrated to explain REE enrichment pathways. Three major regolith units were identified — saprock, saprolite, and transported — with the highest REE grades concentrated in saprolite. AEM conductivity changes and hyperspectral kaolinite crystallinity successfully mapped key regolith interfaces. Mineralogical work identified REE-bearing phases, including REE phosphates, Al-REE phosphates, and REE carbonates. The publication provides a peer-reviewed foundation for development decisions, helping OD6 assess extraction pathways, scale, and project economics with greater scientific confidence (Figure 3). Figure 3: Summary figure of the regolith units or analytical workflow from the paper (source: OD6) Leadership Commentary Brett Hazelden, Managing Director, commented: “OD6 continues to work closely with Australia’s leading research institutions to build a deep scientific understanding of the Splinter Rock Rare Earth Project and develop advanced technologies for REE discovery and extraction. We are proud to be one of the few companies globally that base development decisions on such detailed, peer - reviewed science. The collaboration with CSIRO, Murdoch and Monash has provided valuable insights into how and where rare earths occur at Splinter Rock. In the current geopolitical environment, and as one of Australia’s largest and highest-grade clay-hosted REE deposits, Splinter Rock provides governments and industry with a project based on real science, plus in-depth research and development, sourced from a stable jurisdiction.” About the Splinter Rock Project (WA) The Splinter Rock Project contains a Mineral Resource Estimate (MRE) reported in the OD6 Presentation dated 5 November 2025, comprising: 119Mt @ 1,632ppm TREO (Indicated – Inside Centre)• 563Mt @ 1,275ppm TREO (Inferred across Centre, Centre NW, Scrum, Prop and Flanker) A combined 682Mt @ 1,338ppm TREO at a 1,000ppm cut-off, with ~22.9% MagREO, equivalent to 307ppm MagREO and an estimated 209kt of contained magnetic rare earths The Company has selected an innovative processing flowsheet incorporating heap leaching, nanofiltration, and ion-exchange, delivering: ~75% Nd & Pr recovery• High-quality MREC/H product grading ~56–59% TREO Very low impurity levels (Al, Fe, P, Si) Extremely low U + Th concentrations (<0.001%) Splinter Rock demonstrates the geological scale, grade distribution, and metallurgical performance consistent with the foundations of a potential long-life clay-hosted rare earth development. Near-Term Milestones to Watch Integration of peer-reviewed geological findings into ongoing resource modelling. Application of new geophysical and hyperspectral insights to refine future drilling programs. Further metallurgical optimisation aligned with regolith profiles identified in the publication. Progressing project development pathways with updated technical datasets. How Samso Understands the Paper. This publication is not a casual update—it is a strategic de-risking event. Peer-reviewed scientific work strengthens confidence in key assumptions underpinning mineralisation, extraction, and project continuity. For a clay-hosted system of this scale, the integration of AEM, regolith science, and mineralogy provides a map for future investment decisions.OD6 is positioning Splinter Rock not just as a resource but as a well-studied geological system capable of long-term, stable REE supply. Samso Concluding Comments The release of a peer-reviewed research paper is a strong signal that OD6 has created a sense of technical credibility. In a market where REE processing is paramount for market news, a paper like this is good for confidence in the market. The Splinter Rock project already has scale, but what matters now is clarity on how and why REE concentrations occur. This paper directly addresses these points. Investors should view this as more than an academic milestone; it is a step in reducing geological uncertainty. Companies that make decisions on science tend to avoid costly missteps. As the market shifts toward secure REE supply chains, projects with robust technical foundations will attract the attention of policymakers and industry groups seeking long-term partners. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research Good decisions come from understanding the science behind the story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement MRD Expands Rare Earth and Gallium Tenure 12 November 2025 (click here to view the announcement) Mount Ridley Mines Limited (ASX: MRD) has announced a significant expansion of its tenure at the Mount Ridley Gallium and Rare Earth Project, located north of Esperance, Western Australia (Figure 1). The new Exploration Licences now consolidate the entire Grass Patch Complex — a distinctive geological domain marked by gravity and magnetic highs, interpreted to be associated with mafic intrusions, and recognised as a primary source of gallium and heavy rare earth enrichment. Figure 1: Regional Location Map showing new Mount Ridley Tenements and major infrastructure associated with the project. (source: MRD) The Business of Mount Ridley Mines - A Potential Gallium Player Mount Ridley is progressing a multi-commodity critical minerals strategy centred on gallium, scandium, and heavy rare earth elements (HREEs). The Company’s landholding now exceeds 1,069 km² and encompasses the entire interpreted corridor hosting three major mineralised blocks — including Blocks 1 and 2, which hold the majority of the Company’s maiden gallium resource estimate. The consolidated position provides continuity over a 68km-long and 12.5km-wide mineralised system. Highlights – Expansion Establishes One of Australia’s Largest Clay-Hosted Critical Minerals Provinces • Tenure expanded to more than 1,069 km², securing 100% control of the Grass Patch Complex. • Consolidated footprint covers 68 km of strike and 12.5 km width, with ~80% of the area untested by drilling. • New licence applications extend MRD’s holding 31 km southwest of Block 1 and 15.6 km northeast of Block 2 (Figure 2). Figure 2: Gravity image showing the distinct Grass Patch Comp[lex gravity high and expanded Mount Ridley tenement position. (source: MRD) • Blocks 1 and 2 host defined Gallium Mineral Resource Estimates and have intersected significant HREE mineralisation. • Grass Patch remains largely underexplored for gallium, scandium, and HREEs — historical drilling mostly targeted base metals. • Expansion gives MRD control of one of the largest clay-hosted REE and gallium provinces in Australia. Leadership Commentary Chief Executive Officer, Allister Caird commented, “This strategic expansion cements Mount Ridley’s dominant position across the Grass Patch Complex, a geological domain that continues to reveal exceptional critical mineral potential, which, to date, includes gallium and heavy rare earths. With most of the area yet to see any modern drilling, we are positioned to unlock substantial new growth beyond the existing resources across Blocks 1, 2 and 3.” About The Mount Ridley Project (WA) The Grass Patch Complex is interpreted to represent a deep-seated mafic intrusive system expressed as a strong gravity and magnetic high. This geophysical signature correlates with the enrichment of gallium and heavy rare earths observed within the overlying regolith. To date, only 20% of the interpreted corridor has been tested, predominantly through shallow aircore programs. Systematic drilling, including deeper penetration, is expected to further delineate mineralised zones. Mount Ridley’s current resource inventory includes: Gallium Resource (Table 1): 838.7 Mt @ 29.3 ppm Ga (Inferred) across Blocks 1–3 Total REE Resource (Table 2): 168 Mt @ 1,201 ppm TREO (Inferred) at the Mia Prospect, including 25% MagREO. Table 1: Global Total Gallium Inferred Mineral Resource Estimation Table 2: Global Total REO Inferred Mineral Resource Estimation Near-term Milestones to Watch • Completion of modern geophysical data review across the Grass Patch Complex. • Re-assay of historical pulps to refine gallium and rare earth distribution. • Scandium resource potential assessment across priority zones. • Focused evaluation of HREE mineralisation across Blocks 1 and 2. • Drill targeting and prioritisation for step-out resource expansion drilling. How Samso Understands the Investment Memo for the Company This announcement reinforces Mount Ridley’s strategic consolidation play. Full control of a geophysically distinct and mineralogically favourable corridor provides a strong platform for sustained resource growth. The Company’s systematic approach — geophysics, re-assays, and targeted step-outs — indicates a disciplined pathway toward expanding both gallium and REE resources. The underexplored nature of the region, combined with existing resource definition across multiple blocks, positions MRD as a developing story in Australia’s clay-hosted critical minerals space. Samso Concluding Comments The Mount Ridley story, with its headline Gallium story, is what is captivating this journey. In its previous life, MRD was promoting a clay rare earth project. The consolidation of the Grass Patch is a good way to build what could be a resurgence of the clay rare earth sector, with OD6 Metals and Co. making new claims to extract the rare earths with a sense of profitability. From a geological point of view, there will be technical success, but as we have learnt, this sector is now all about delivering the products. There is no doubt that projects in this area will have the potential resources required for the market. The key is if the compnaies can extract profitably. Figure 3: The share price chart for Mount Ridley Mines as of 25th November 2025. (source: CommSec) The Gallium story is obviously the prize, as we can see in Figure 3, with the market fully embracing the release of the Gallium resource. I think that whether Gallium will ever see the light of day from a processing manner, the market sentiment will drive more value creation. Currently with a market capitalisation of just under AUD $58M (as of 25th November 2025), it does feel a bit heavy for a punt. Some people would argue that the value is in a Gallium resource, which I am not denying, but can this Gallium be processed as historically, and in fact, currently, there are no primary Gallium facilities. The recent Alcoa deal that has the support of the US government is talking about Gallium from Bauxite ores. The upside for MRD is that there is always a new path that will deal with a primary processing plant, which I think is potentially where an AUD $58M market cap will be considered cheap. I think if there are more retreating of the share price, MRD could well be a good one to take a position. The hope is that the selling will come as we approach the holiday season. For investors, it is pertinent to remember that this growth in critical minerals does not always come from new discoveries. Sometimes, the value lies in securing the right geology, consolidating key positions, and having a product that is amenable to being extracted in a cost-efficient manner. Cover photo: Bauxite - Bauxite, Saline County, Arkansas, Mike Davis. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Bauxite_(GeoDIL_number_-_244).jpg) The Samso Way – Seek the Research Always look beyond the headline — understand the geology, the scale, and the strategy. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.