The most interesting thing about Hemp is that the seeds are a good source of Vitamin E and B, calcium, magnesium, iron and zinc. The plant contains all nine essential amino acids. The group that was presenting was called the Margent Farm. They appeared to be a small company seeking public funding of £600,000 during one of the investor pitches. Apparently it only takes 100 days to have an adult hemp plant. No wonder many people make loads of money from the other strain….. The industrial benefits that was being demonstrated during the presentation, to me, was mind blowing. I never knew that these things were being made to be building products. What was surprising to me was that with all the known beneficial properties, why are these products not more in the public domain? According to www.hempcrete.com.au, “ HEMPCRETE has no equal as a natural building product, sequestering carbon dioxide for the life of the building. Created by simply combining water, hemp aggregate and a lime-based binder it produces a building product with excellent thermal insulating and acoustic properties. The insulation forms the entire wall with the load bearing timber frame fully encased. Hempcrete is not just an insulator – it buffers temperature and humidity, prevents damp and mould growth, making the building a comfortable healthy environment. “IT IS A BIT DEARER, BUT A LOT BETTER!” Hempcrete buildings last as long as a castle and save energy for ever. It is fire and termite resistant, lightweight and forms a hard wall surface yet is vapour permeable to help reduce humidity and prevent condensation – a truly natural product..” The images below from Hempcrete Australia Pty Ltd shows some of the uses of the product and how they are being harvested. Kevin McCloud of the Grand design television show shares his opinion about the uses of hempcrete …..https://youtu.be/SbXyUcRACmY Technically, hemp seeds are a nut with a mild, nutty flavour containing over 30{e84228ce8c9f7001611629be1db85467cf541581cf1fd5424de0612b3249e3f5} fat, being rich in two essential fatty acids, linoleic acid (omega-6) and alpha-linolenic acid (omega-3). Other interesting things about Hemp are that the seeds are a good source of Vitamin E and B, calcium, magnesium, iron and zinc. The plant contains all nine essential amino acids. My research has shown that Industrial hemp is not new phenomena more like since early 1700s. In fact, the uses for Industrial hemp is so large and it all sort of came into prohibition in the 1930s. One commentary on the google search mentioned that Henry Ford made one his cars with hemp materials which if it was true, would make it very interesting. John Patterson has a more in depth video on Industrial hemp… https://youtu.be/s599N6f-6s4 What is Industrial Hemp ? Industrial Hemp is a herbaceous flowering plant and its scientific name is called Cannabis Sativa. It’s most famous property, the psychotic constituent, tetrahydrocannabinol (THC) is less than 0.3{e84228ce8c9f7001611629be1db85467cf541581cf1fd5424de0612b3249e3f5} which makes is an irrelevant psychotic substance. IT can grow up to 4-6m in height. There are many other benefits of Hemp as a superfood, a substitute for fibreglass and textiles. The list is endless and a simple google search will show that there are significant benefits that Hemp can provide to the common person. Disclaimer The information contained on this website is the writer’s personal opinion and is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

From the recent Blackpearl Group Equity Raising Presentation (August 2025) and the company’s Q1 FY26 investor update, we gain a detailed view of a technology group that has been scaling fast in the US market. Founded in 2012 and headquartered in Wellington, New Zealand, with a US base in Phoenix, Arizona, Blackpearl Group (NZX: BPG) positions itself as a market-leading data technology company. Its focus is squarely on AI-driven sales and marketing solutions, purpose-built for small and medium-sized businesses (SMEs). This IPO marks a milestone in the Group’s evolution into a multi-product SaaS platform with both organic growth drivers and an expanding acquisition pipeline. ASX Listing Details – Blackpearl Group Limited Listing Date: Friday, 28 November 2025 Issue Price: N/A Issue Type: Ordinary Fully Paid Shares – Foreign Exempt NZX Security Code: BPG Capital to be Raised: N/A Expected Offer Close Date: N/A Underwriter: N/A Principal Activities: Technology company building, acquiring, and marketing data-driven cloud services. Current suite includes productivity and demand generation applications for SMBs. Highlights from Q1 FY26 Blackpearl’s first quarter of FY26 underscored the strength of its transition into a diversified SaaS operator: Annual Recurring Revenue (ARR): NZ$14.0m as of 30 June 2025, up 63% year-on-year and 12% from Q4 FY25. ARR Per Employee: NZ$264k, improving 5% YoY and 7% sequentially, highlighting strong operating leverage. Revenue Churn: 4.9%, an improvement from 5.3% in Q4 FY25, reflecting a more retention-aligned customer base. CAC Payback Period: 4.0 months, positioning BPG at the “best in class” SaaS benchmark (0–6 months). Bebop Launch: Delivered NZ$1.2m ARR in just 45 days—double the ramp speed of Pearl Diver, the Group’s flagship demand generation product. Conditional Acquisition – B2B Rocket: On completion, Group ARR would rise to NZ$17.5m, representing 105% YoY growth and clear product synergies. Growth Drivers - A SaaS Business. The company now operates four engines of growth: Pearl Diver – A proven lead generation product continuing to grow through affiliate expansion and intent data enhancements. Bebop – A new AI-powered sales enablement platform with one of the strongest product-market fits in BPG’s history. Wholesale / White Label Offering – Opening broader market reach with scalable distribution. B2B Rocket (pending acquisition) – A complementary AI technology solution with rapid historical growth (+290% in two years), creating significant cross-product synergies. Outlook Management sees a clear trajectory beyond NZ$20m ARR in the near term, with visibility towards NZ$50m ARR and beyond. The addition of B2B Rocket accelerates this roadmap, while Bebop’s early traction validates BPG’s ability to launch new AI products with speed and efficiency. The Group is strategically positioned in the SME market, where scalable SaaS demand continues to grow, particularly in data-driven sales enablement and marketing automation. Board Strength Driving Global Growth Blackpearl Group’s Board is built on a strong mix of global leadership, financial expertise, and deep experience in scaling technology companies across major markets. The Chair, Tim Crown, co-founder and current Chairman of Fortune 500 IT solutions company Insight Enterprises (NASDAQ: NSIT), brings significant strategic and scale-up expertise from leading a business with over 10,000 employees and US$9.2 billion in net sales. Alongside him, Nick Lissette, founder and CEO of Blackpearl, drives the company’s strategic vision and product innovation, drawing on two decades of SaaS and AI leadership. The Board is further supported by Mark Osborne in governance and financial policy, Hugo Fisher with global private equity and capital markets expertise, and Jyllene Miller with SaaS and revenue operations experience. Together, they bring the insight to drive Blackpearl Group’s international growth. Samso Concluding Comments Blackpearl Group’s listing represents another SaaS company entering the public markets—it marks the progression of a business with a proven foundation and an expanding suite of growth drivers. With a Chair who has led a Fortune 500 technology company, a founder-CEO with deep SaaS and AI experience, and directors who bring financial, governance, and global capital market expertise, the Board looks well credentialed to support both scale and sustainability. In this space, it is all about the formula to execution, so I think the senior management is crucial. For investors, this combination of good SaaS metrics, multi-product momentum, and seasoned leadership provides a compelling framework for growth. As Blackpearl looks beyond the NZ$20m ARR milestone toward NZ$50m and beyond, the Group’s international ambitions will likely be matched by the depth of governance guiding its path. At #SamsoNews, we always emphasise The Samso Way – Seek the Research. Blackpearl Group is at the beginning of a new chapter, and for those watching the evolution of high-growth SaaS platforms, this is a story worth following closely. Cover photo: An office table and computers (Unsplash), Patryk Sobczak patryksobczak. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:An_office_table_and_computers_(Unsplash).jpg) The Samso Way – Seek the Research Blackpearl Group has presented a strong narrative of ARR growth, disciplined SaaS metrics, and a Board with global expertise—but as always, investors should seek the research and form their own conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 First Lupin Protein Order Received From Univar China 17 September 2025. Wide Open Agriculture Ltd (ASX: WOA) has moved decisively into the Chinese market through its partnership with Univar Solutions China. After six months of market development, customer engagement, and technical trials, the first commercial order has been placed. This order – while not financially material on its own – represents the first tangible step towards building a commercial presence in one of the world’s largest and fastest-growing plant-based protein markets. Customer Insights & Lupin Market Alignment Feedback from Univar’s customer network was unambiguous: Lupin protein’s (Figure 1) clean, neutral taste and complete amino acid profile make it an attractive solution for health-conscious consumers in China, where lactose intolerance is common. Its alignment with the Healthy China 2030 initiative further strengthens the strategic fit. Figure 1: Lupin Protein Isolate - A Healthier Alternative (source: WOA) WOA Chair Ms Yaxi Zhan commented “A healthy and versatile Australian-made protein has significant potential in the Chinese market. Our lupin protein offers consumers a functional plant-based protein alternative suited to Chinese dietary traditions. Strongly aligned with the Chinese Government’s Healthy China 2030 initiative, multiple studies demonstrate that lupin protein has significant health benefits including reducing cholesterol levels and supporting everyday health and wellbeing.” Univar will now focus on tailored marketing programs, beginning with protein-enriched milk tea, before expanding into other beverage applications. The Univar team will also visit WOA’s WA headquarters this month to refine product formulation, processing, and supply planning. Independent market research shows that China’s bubble tea market (Figure 2) is projected to reach US$990.7M by 2030, implying ~10.5% CAGR from 2023 to 2030 – offering WOA a compelling springboard for growth. Figure 2: Bubble Tea Milk - Demo Product with WOA’s Lupin Protein Isolate (source: Photo by Univar China) About Wide Open Agriculture WOA is pioneering next-generation lupin-based plant proteins and fibres designed to enhance taste, functionality, and nutritional value across a wide range of food and beverage applications. Its proprietary technology delivers high-quality, clean-label ingredients for global markets, positioning WOA at the forefront of the plant-based protein movement. Samso Concluding Comments For investors, this announcement is a gentle but important reminder that early-stage market entry is about building credibility and securing a foothold. The first 5-tonne order is small in tonnage but large in significance because it confirms that Univar’s customer trials have translated into commercial intent. The choice to begin with bubble tea is very ingenious — this segment is growing, highly innovative, and well-positioned to introduce new functional ingredients like lupin protein. In my opinion, this is all about the younger generation, and if WOA can build a following in this category, it can leverage that brand awareness into other plant-based applications across China’s US$4.2B protein market. This strategy is used in many branding exercises. Getting the younger generation involved is the fastest way to build momentum. The younger consumers spend generously, and they are trendsetters. It is important to emphasise that there is no revenue guidance or guarantee of follow-on orders, so investors need to manage expectations. However, as a milestone, this order reduces market-entry risk and signals that WOA’s China strategy is on the right track. The next step for WOA is to deliver on product performance, supply consistency, and formulation support — and if those boxes are ticked, the company could be well-placed to turn this initial order into a recurring revenue stream. Cover photo: Wheat harvest on field, U.S. Department of Agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wheat_harvest_on_field.jpg) The Samso Way – Seek the Research Look beyond the headline — this first order is a validation step, so track repeat business, follow-on orders, and supply chain execution to see how WOA fits into China’s broader plant-based protein growth 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.

Ryman Equity Raise_Presentation_Feb 25 Founded in Christchurch, New Zealand, in 1984, Ryman Healthcare (NZX: RYM) has grown into one of Australasia’s leading operators of retirement villages and aged care services (Figure 1). For over forty years, the company’s guiding principle has been simple yet powerful — that everything it does must be “good enough for mum and dad.” This philosophy has shaped Ryman’s reputation as a trusted brand, built around its purpose of enhancing freedom, connection, and well-being for older people. With a continuum of care model that supports residents as their needs evolve, Ryman has positioned itself as a provider of both independence and security for its communities. Today, Ryman operates 49 villages across New Zealand and Australia, serving more than 15,300 residents. Its scale and focus on care have cemented its leadership in the sector, while demographic tailwinds continue to create strong long-term demand for retirement living and aged care. Against this backdrop, Ryman is undertaking a decisive balance sheet reset through a $1.0 billion equity raising, designed to reduce gearing, strengthen financial resilience, and provide flexibility for future growth. The raise is not just about shoring up the capital structure, but also about positioning Ryman to deliver on its heritage of care while adapting to changing market conditions and investor expectations. Figure 1: Miriam Corban Village (source: RYM) ASX Listing Details. Listing Date: Tuesday, 23 September 2025 Principal Activities: Ryman Healthcare Ltd is a New Zealand-based operator of retirement villages and provider of aged care services in both New Zealand and Australia. Issue Price: AUD $3.05 Issue Type: Ordinary Fully Paid Shares Security Code: RYM Capital to be Raised: N/A (Equity raise targeted $1.0 billion already announced) Expected Offer Close Date: September 2025 Company Overview. Ryman operates 49 villages, providing homes and care for more than 15,300 residents. Its model is built on a continuum of care, spanning independent living, serviced apartments, rest homes, hospitals, and dementia care. This competitive advantage positions Ryman strongly as demand for aged healthcare services continues to accelerate with demographic shifts across Australasia. Highlights of the Equity Raising - Age Care and Retirement Business. Offer Structure: $313m placement to institutional investors, $688m via a 1-for-3.05 pro-rata accelerated non-renounceable entitlement offer. Discounted Offer Price: $3.05 per share, representing a 21.9% discount to TERP ($3.90) and 29.2% discount to the last close ($4.31). Balance Sheet Reset: Net debt reduced from $2.56b to $1.59b, lowering gearing from 37.3% to 23.1%. Funding Flexibility: $820m debt facilities cancelled, $539m extended, with covenant waivers providing headroom for transformation (Figure 2). Annualised Savings: $50–55m in interest cost reductions expected from debt repayment and hedging changes. Figure 2: Strong lender support (source: RYM) Business Transformation in Motion. Leadership Refresh: New CEO Naomi James and a renewed Board with extensive transformation expertise. Operational Reset: Prioritising release of $500m+ from existing stock over 3–5 years, with targets of $100–150m annualised business improvement. Care DNA: With over 4,600 aged care beds, Ryman is expanding its occupancy and leveraging reforms in New Zealand and Australia to capture growing aged care demand (Figure 3). Disciplined Growth: Focus on lower capital intensity, outsourcing build models, and consolidation opportunities in Australia. Figure 3: Ageing Population – Key Driver for Aged Care Demand (source: RYM) Outlook & Guidance. FY25 Guidance: Negative free cash flow (~$100m), capex of $590–620m, and delivery of 940 units/beds. FY26 Outlook: Cash flow breakeven achievable if ORA sales volumes recover to 70–75% of FY24 levels. FY26–27 Build Rate: Between 489–575 new units/beds expected. Samso Concluding Comments Ryman’s $1.0 billion equity raise is both defensive and forward-looking. It shores up a stretched balance sheet, secures covenant waivers, and provides flexibility to navigate through a slow housing market. For investors, this represents a turning point — the chance to back a trusted brand through a reset and participate in the upside as market conditions recover. The long-term investment case remains centred on demographics, demand for aged care, and Ryman’s proven continuum of care model. Execution will be crucial in releasing cash, improving operational efficiency, and growing sustainably. While the offer comes at a deep discount, it also underscores the seriousness of the balance sheet reset and the opportunities for shareholders willing to back the transformation. This raise is all about securing the balance sheet, and this is a blue-chip play. At Samso News, we don't normally present this size of business. We thought that it was something interesting and noteworthy to highlight for our platform. Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.JPG) The Samso Way – Seek the Research Every raise has its signals. At Samso, we always stress: look beyond the headline number and assess the strategy, sector dynamics, and management execution. As always — 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 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 18 September 2025 Pathkey Advances TrialKey with Drug-Level AI Features. 8 September 2025 Successful TrialKey Observational Predictions. Introduction On 25 July 2025, Opyl Limited (ASX: OPL) officially rebranded to Pathkey.AI (ASX: PKY) – a move signalling a sharpened focus on applying artificial intelligence to the most critical challenges in clinical trials and drug development. Rather than being “just another med-tech rebrand,” Pathkey.AI represents a company building a sophisticated decision-support ecosystem designed to help therapies get to patients faster, de-risk trials for sponsors, and improve capital efficiency for investors. This Samso News takes a closer look at what Pathkey.AI actually does, its key platform TrialKey, and why the company’s recent announcements suggest it is positioning itself at the forefront of AI-driven life sciences. About Pathkey.AI - AI and Clinical and Drug Development. Pathkey.AI is an Australian technology company applying AI to improve the efficiency, success, and transparency of clinical trials. Its flagship platform, TrialKey, uses AI to predict the probability of success (PoS) for clinical trials by analysing a massive global dataset of over 500,000 programs and more than 1,500 variables per trial. TrialKey is not simply a data-mining tool – it is a decision-support system for sponsors, contract research organisations (CROs), insurers, and investors. By benchmarking trial protocols against peer programs, it can flag trials with meaningfully above-average likelihoods of meeting primary endpoints. Recent Validation – Real-World Observations. In its first major update since the rebrand, Pathkey released observational data on 11 biotech programs tracked by TrialKey between March and July 2025 (Table 1). 8 of 11 trials (72.7%) met at least one primary endpoint. If an investor hypothetically bought on the date TrialKey recorded its prediction and sold on results day, the average share price gain was +76%, with standout examples like Abivax (NASDAQ: ABVX) seeing +785% gains. TrialKey-Flagged NASDAQ Biotechs — Prediction Day to Results Day Totals: trials observed 11 | Met endpoint: 8 | Failed: 2 | Terminated: 1 | Average return: +76.78% Table 1: TrialKey-Flagged NASDAQ Biotechs — Prediction Day to Results Day (source: PKY) This is not a trading system – the company is clear that these are observational results – but it does serve as a powerful validation that TrialKey’s signals align with market-moving outcomes and could be valuable for biotech investors and insurers alike. Methodology Snapshot. To validate TrialKey’s predictive signals, Pathkey applied a clear, rules-based approach: Inclusion Criteria: Trials were included if TrialKey’s percentile score was above 50% vs closest competitors (or ≥40% PoS for rare programs). Comparator Cohorts: Each program was benchmarked against all available trials for the same indication, phase, and treatment type, using ClinicalTrials.gov MeSH terms to build a fair comparison set. Observation Date: The date on which TrialKey generated its probability of success signal. Observation Window: The period between the Observation Date and the public announcement of trial results (or termination). Outcome Measurement: Returns were calculated as % share price change from Observation Date to results announcement date, using split-adjusted official closing prices. Treatment of Data: Hypothetical, flat position sizing was used; transaction costs, taxes, FX, and slippage were excluded. Strategic Evolution – From Trial Optimisation to Drug Discovery. Pathkey’s latest announcement (18 September 2025) signals that TrialKey is moving beyond clinical trial optimisation into AI-powered drug discovery and repurposing. Drug-level features added: TrialKey now analyses molecular structure, pharmacokinetics, receptor binding, and other drug-specific attributes. Peptide proof-of-concept: The platform analysed 42 peptide-based trials in type 2 diabetes and obesity, identifying optimal drug and patient characteristics most associated with success. Market potential: Peptide therapeutics alone represent a US$117 billion market (2024) forecast to more than double by 2030 (10.8% CAGR). This evolution opens a much wider commercial and clinical market: ranking compounds, guiding drug design, and potentially reducing trial failure rates. Benefits of Using TrialKey’s AI Agent. TrialKey’s AI platform helps life sciences teams work smarter, faster, and more efficiently by: ✅Boosting productivity – automating data processing, simulation, and benchmarking so teams can focus on higher-value tasks. ✅Reducing costs – streamlining workflows, cutting inefficiencies, and improving prediction accuracy. ✅Improving decision-making – refining patient selection, endpoints, and site planning with reliable insights. ✅Enhancing stakeholder experience – providing concise, actionable reports for researchers, sponsors, and teams. ✅Supporting global trials – applicable to all phases (I–IV), across drug trials, medical devices, and novel therapies. ✅Scaling with demand – serving both small biotech companies and large pharma running thousands of trials annually. Commercial Pathways. Pathkey has already partnered with L39 Capital to incorporate TrialKey insights into its AI Biotech Fund – a non-exclusive collaboration that provides one commercial use case while leaving the door open for future partnerships. Why This Matters. The cost of failed trials is enormous, both financially and in terms of delayed patient access to therapies. Pathkey’s work is positioning it as an enabler of: Faster go/no-go decisions in drug pipelines Optimised trial design with better inclusion/exclusion criteria De-risked capital allocation for biotech investors and insurers Earlier patient access to effective therapies Pathkey.AI Executive Chairman, Saurabh Jain, commented: "The success of Pathkey's R&D program has proven that TrialKey is evolving from a clinical trial optimisation platform into a comprehensive AI engine for both trial design and drug discovery. These developments strengthen Pathkey’s commercial position, broaden its addressable market and reinforce the Company’s role as a global leader in AI for life sciences." Samso Concluding Comments Pathkey.AI is an interesting story in the life sciences space because it is not about a single therapy or a single drug. This is a platform play, and platform plays are where long-term value can be created if they scale. This is all about AI and Clinical and Drug Development. The validation of TrialKey’s predictions against real-world outcomes is crucial. In a market where drug development costs are rising and timelines remain painfully long, anything that improves the odds of success has significant commercial and societal value. This is also a business model with leverage. Once built and validated, the TrialKey platform can scale across multiple therapeutic areas, markets, and use cases with relatively low incremental cost. The recent move into drug-level feature analysis is a signal that Pathkey intends to broaden its moat and extend its value proposition to early-stage discovery. For investors, these are still early days. The challenge will be to watch for commercial traction: partnerships with CROs, adoption by big pharma, and recurring revenue from predictive insights. If these fall into place, Pathkey could become an indispensable part of the global biotech toolkit. Cover photo: CSS code on a screen (Unsplash), Sai Kiran Anagani _imkiran. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CSS_code_on_a_screen_(Unsplash).jpg) The Samso Way – Seek the Research Understand that predictive analytics in biotech is a nascent but rapidly growing field. Track Pathkey’s progress in commercial adoption, partnerships beyond L39, and how its R&D pipeline expands into new therapeutic areas. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Record Sales Result of $2.4m in Q1 3 October 2025 The Calmer Co. International Limited (ASX: CCO) has reported the strongest quarter in its history with Q1 FY26 sales of $2.4 million, up 26% on Q4 FY25 ($1.9m). Growth was broad-based across Australian retail, the USA, and B2B channels, with additional funding commitments to support inventory and expansion. Samso has been following CCO’s journey for some time, particularly its pivot toward a retail-led mix in Australia, the building momentum on Amazon US, and steady B2B demand. Today’s update sits squarely within that trajectory—showing execution across multiple channels while putting additional capital behind inventory to meet reorder cadence. Key Highlights - The Kava Business Record revenue: $2.4m in Q1 FY26 (+26% vs Q4 FY25). Australia: $1.4m (+30%), led by Coles and Woolworths retail distribution. USA: $936k (+20%), supported by new Amazon US product formats. B2B: $290k (+20%), growth underpinned by partners including IMCD’s Network Nutrition. Funding: Secured commitments of $700k as Tranche 1 of a proposed $1.4m secured convertible note, to build wholesale inventory and support growth initiatives; management states the company remains on track to break even. Founder and CEO, Zane Yoshida, commented: “Our lower cost and more diversified sales and marketing strategies are now delivering growth across all channels. New product launches on Amazon USA are showing pleasing signs of the potential of this market. Australian retail sales remain extremely strong and more profitable than the eCommerce-led strategy originally used to penetrate the market. Meanwhile, eCommerce in both Australia and the USA, through the Acuity platform, continues to grow at a much lower investment level. Our B2B business, which now includes market-leading extracts at higher kavalactone concentrations, has also shown exceptional growth, underpinned by increasing orders from strategic partners and IMCD’s Network Nutrition. The renewed engagement from Applied Food Sciences and their participation in our recent funding further validates our strategy and highlights the global potential of kava.” Operational & Commercial Notes Management highlights a lower-cost, diversified sales and marketing strategy. Australian retail is described as more profitable than the earlier eCommerce-led approach; meanwhile, eCommerce in Australia and US (via the Acuity platform) continues to grow at lower investment levels. In B2B, the company cites market-leading extracts at higher kavalactone concentrations and increased orders from strategic partners, including IMCD’s Network Nutrition. Funding & Outlook The Company has secured $700k in commitments toward a two-tranche $1.4m secured convertible note to fund wholesale inventory build and other growth initiatives. The release states that this ensures the business is well-resourced to execute and remain on track to break even. Participation from Applied Food Sciences in the funding is noted as a validation point of the strategy and the global potential of kava. What to Watch Next Retail sell-through in Coles/Woolworths and repeat orders. Amazon US momentum from new formats and reviews/ratings trends. B2B orders cadence (incl. IMCD’s Network Nutrition) and uptake of higher-concentration extracts. Deployment of convertible note proceeds into inventory and the company’s stated breakeven point. About The Calmer Co. The Calmer Co. (ASX: CCO) is a beverage and natural products business focused on kava-based relaxation and sleep support products, delivered globally via e-commerce and blue-chip retail partners through a farm-to-shelf supply chain (Figure 1 ). Brands include Fiji Kava, Taki Mai, and Danodan Hempworks, with markets across the USA, Australia, New Zealand, China, and the Pacific Islands. Figure 1: Growth beverage player expanding into global kava and broader natural products markets. (source: CCO) Samso Concluding Comments A record $2.4m quarter, with Australia retail now the profit anchor, is a good result for a company that has been struggling to make the Kava story mainstream. What is now looking like a Bread-and-butter sell-through in Coles/Woolworths rather than chasing vanity metrics online appears to be the right recipe. If that mix holds, operating leverage should improve without the heavy marketing spend that previously diluted returns. The USA e-commerce uplift—notably new formats on Amazon—adds optionality. It’s early, but if reviews, repeat rates, and Subscribe & Save adoption continue to trend up, that becomes a second engine rather than a distraction. The B2B extracts piece is interesting: higher-concentration actives can underpin better pricing power and stickier relationships, which tends to smooth quarterly volatility. Funding matters. The $700k Tranche 1 of a proposed $1.4m secured convertible note buys time to build inventory and meet reorders—exactly where growth companies trip if they under-stock into momentum. The flipside is balance-sheet discipline: investors should read the note terms closely, track inventory turns, and watch gross margin as the channel mix evolves. Breakeven claims are credible if the sell-through and reorder cadence keep pace with stock on hand. Figure 2: CCO share price chart as of 13th October 2025. (source: CommSec) The share price (Figure 2) has not really reflected any movement upwards but I think this is more to do with the heating up of the mineral resource sector of the ASX. I don't think that the lack of excitement has much to do with a perception of underperformance of CCO. The flow-down effect of the surging gold price and the sudden realisation of an actual shortage of certain minerals, and the ongoing geopolitical narrative are creating a surge in the popularity of any mineral resource story. Unfortunately, this will reflect the more "not so interesting" stories. The upsurge in the revenue of CCO is very encouraging for me as an investor. A market capitalisation of AUD $12M is a great place, as the proof of market traction appears to be in place. A subtle kink upwards in share price is not lost on me. I have been following this company's story since I first had a chat with Zane Yoshida. I have yet to be able to convince him to appear on Coffee with Samso, but there is time left. Execution now is simple to measure: scan retailer planograms and restock frequency, monitor Amazon rankings/reviews, and watch B2B order frequency from groups like IMCD’s Network Nutrition. If these dials move together, the path to sustainable cash generation is in sight. If they decouple—rising inventories, softer reorders, or margin slippage—expect the market to demand tighter cost control before assigning a higher multiple. Cover photo: Merino Sheep (50983026983), Bernard Spragg. NZ from Christchurch, New Zealand. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Merino_Sheep_(50983026983).jpg) The Samso Way – Seek the Research Always verify growth claims, funding terms, and channel sell-through against primary disclosures. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement HPA Project, Next phase of commercialisation underway 7 October 2025 Andromeda Metals Limited (ASX: ADN) has advanced its High-Purity Alumina (HPA) strategy, initiating pilot-scale testwork to move its proprietary flowsheet from batch trials into continuous production— using refined kaolin feedstock from the Great White Project (Figure 1)—a key step flagged in the recent HPA Scoping Study. The program’s objective is to generate commercial samples of 4N HPA for potential customers and to provide data inputs for the next feasibility phase. Figure 1: The Great White Project (source: ADN) Highlights - The HPA Story Pilot-scale testwork initiated to optimise Andromeda’s innovative HPA flowsheet for continuous production (Figure 2). Figure 2: Andromeda’s Innovative Technology (source: ADN) Commercial 4N HPA (99.99%) samples to be produced in multiple forms (amorphous → crystalline; gamma → alpha) for customer evaluation. Feedstock: refined kaolin from the Great White Project. Pilot outcomes to inform future feasibility studies and generate an amorphous silicate by-product for further value assessment. Update follows the HPA Scoping Study (18 Sep 2025) and 4N HPA breakthrough (1 May 2025) noted by the Company. Sarah Clarke, Andromeda’s Acting Chief Executive Officer, commented: “We are excited to progress the HPA Project to the next stage of commercialisation, with the production of commercial samples of 4N HPA designed not only to demonstrate the technology in continuous process but also generate commercial samples for engagement with potential customers.” “The production of HPA represents a high-value, strategic growth opportunity that complements our premium kaolin product offering from the Great White Project. It also positions Andromeda to expand into the critical minerals sector, enhancing our product portfolio and exposure to emerging markets.” What’s new on the ground Andromeda has kicked off pilot-scale testwork to shift its HPA process from prior batch runs—which achieved up to 99.9985% purity—into a continuous operation, validating the flowsheet at an intermediate scale and producing commercial-grade 4N samples for market evaluation. The pilot will use refined kaolin from the Great White Project as feedstock and is designed to deliver product-form flexibility (amorphous → crystalline gamma → alpha) to meet different end-use specifications. In parallel, the program will inform future feasibility studies and produce an amorphous silicate by-product for further assessment. Project snapshot & process (Figure 3) Input: refined kaolin from Great White. Process goal: optimise an innovative flowsheet under continuous conditions. Output: 4N HPA in varied forms for market sampling. By-product stream: amorphous silicate to be analysed for potential value. Commercialisation lane: pilot → feasibility inputs + customer engagement via samples. Figure 3: Great White → De-risked and construction-ready (source: ADN). Why this matters Management positions HPA as a strategic, high-value growth avenue that complements premium kaolin and extends ADN’s exposure to critical minerals markets, with the pilot aimed at both technical de-risking and customer-led validation through delivered samples (Figure 4). Figure 4: HPA End Use Markets (source: CRU via ADN) Next steps (Figure 5) Pilot execution & optimisation: evidence of stable continuous runs and reproducible quality. Sample logistics: timing, number of counterparties, and feedback from potential customers on product specs. Feasibility inputs: how pilot data feeds into the next study phase (design, capex/opex refinement, QA/QC envelopes). By-product work: analysis of amorphous silicate for market applications (if any). Figure 5: Andromeda’s Next steps: pilot testwork → customer engagement → market definition → PFS → development & funding (subject to funding/approvals). (source: ADN) Samso Concluding Comments This reads as a pivot from proof-of-concept to pilot-ready execution: taking a lab-validated flowsheet into continuous mode and putting real samples in front of customers. The product-form flexibility (amorphous → gamma/alpha crystalline) matters because end-use specs drive value in HPA markets. From here, technically and with our very low level of understanding the HPA sector, the quality and consistency of 4N output—and customer feedback—will tell us whether ADN’s process can translate efficiently into feasibility inputs. The mention of an amorphous silicate by-product is worth tracking; any credit or offtake around by-products can sharpen project economics. Investors should look out for pilot run metrics (uptime, impurity control, yield), sample acceptance cycles, and how quickly pilot learnings filter into a sharper feasibility case. That cadence will frame the commercialisation timeline and the credibility of any future offtake dialogue. Figure 6: Andromeda’s share price chart as of 17th October 2025. (source commsec) The market (Figure 6) is definitely responding to the news, but I am not sure if there is much meat to the announcement. I am trying very hard to get ADN onto a Coffee with Samso and allow us to get a better understanding of the narrative. Cover photo: Sapphire - Sapphire (corundum), Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sapphire_(GeoDIL_number_-_1432).jpg) The Samso Way – Seek the Research Read the source documents, track the figures, and challenge the narrative—only evidence earns conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement The Calmer Co Secures Expanded Lease in Navua, Fiji Coles Retail Sales Up 81% in July The Calmer Co. International Limited (ASX: CCO) has capped off an eventful week with two significant developments that speak directly to the company’s dual focus on operational resilience and market expansion. On one front, it has secured long-term control of its manufacturing base in Fiji through an expanded lease arrangement, ensuring uninterrupted production capacity and creating a platform for future scalability. On the other hand, it has reported record-breaking sales growth within the Coles retail network in Australia, underscoring the strong consumer appetite for its kava-based products and the company’s ability to capitalise on growing demand for natural wellness and alcohol alternatives. Together, these announcements highlight a business strengthening its foundations while accelerating its retail momentum, both domestically and in preparation for international market entry. Expanded Lease in Navua, Fiji – Kava Growth Platform Secured ASX Release: August 8, 2025 The Calmer Co Secures Expanded Lease in Navua, Fiji for Future Growth The company has finalised a three-year lease extension for its Navua manufacturing facility in Fiji, with an option to extend until 2031. This move locks in long-term operational control, a critical step as CCO scales production and advances toward breakeven. Originally planning to acquire the property, unforeseen compliance issues prompted a strategic shift. The lease model not only ensures uninterrupted operations but also frees up capital for immediate growth initiatives, including new product launches into the US market. Key Terms: Lease Start: 1 September 2025 – Initial 3-year term, with a 3-year renewal option. Staged Expansion: Over 2,000 sqm operational space by mid-2026, including expanded packing, freezer, admin, and lab facilities. Initial Rent: FJD $14,800/month, rising to $17,850/month in July 2026. Right of First Refusal: Option to purchase if offered during term. Infrastructure Upgrade: Company to install 750KVA transformer for expanded capacity. The staged lease expansion will provide over 2,000 sqm of operational space, with new packing, storage, and office areas available by January 2026, followed by a laboratory by June 2026, enabling the relocation of the company’s core processing, packing, and administrative operations. Founder & CEO Zane Yoshida commented, "This agreement ensures the stability of our manufacturing operations through 2031. The staged lease expansion gives us the flexibility to expand as needed and supports our plans for growth, especially as we enter the US market." Coles Retail Sales Hit Record – July Up 81% ASX Release: 6 August, 2025 Coles Retail Sales Up 81% in July In a separate update, CCO reported an 81% jump in Coles retail sales for July 2025, reaching $344,000 – up from $190,000 in June. This represents the company’s best monthly result in Coles to date, well above its materiality threshold. Growth has been driven by an expanded footprint and strong sell-through: Taki Mai Kava Shot 50mL now stocked in 797 stores (+59% from launch) Fiji Kava Instant Kava 150g now ranged in 801 stores (+170% from launch) Targeted in-store promotions and consumer demand for natural alcohol alternatives have reinforced CCO’s positioning as a category leader. The Calmer Co. is prioritising faster sales growth in major national retailers and boosting consumer engagement for its FijiKava® and Taki Mai® brands, with the Australian retail market remaining central to its plan for sustainable growth and category leadership in the relaxation and wellness sector. Zane Yoshida, Founder & CEO of The Calmer Co, commented “July marks a new high point in our partnership with Coles and serves as a strong validation of the growing consumer appeal for our products in the mainstream Australian market. The rapid expansion of our retail footprint, coupled with accelerating sales, underscores the strength of our national distribution platform and the increasing relevance of kava as a natural alternative to alcohol. These results reaffirm our strategy to build a profitable and scalable business, and we are proud to be at the forefront of this emerging category as we continue to grow." Samso Concluding Comments The Calmer Co.’s strategic lease in Fiji secures the backbone of its manufacturing and supply chain, avoiding operational disruption while freeing capital for growth. Coupled with a record retail performance in Coles, the company is executing on both operational resilience and sales acceleration. For investors, the combination of long-term production certainty, expanding distribution, and category leadership in natural wellness products points to a business aligning its infrastructure with market demand. As the US rollout progresses, CCO’s capacity to leverage its farm-to-shelf model could well define the next phase of its growth story. Cover photo: Merino Sheep (50983026983), Bernard Spragg. NZ from Christchurch, New Zealand. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Merino_Sheep_(50983026983).jpg) The Samso Way – Seek the Research The Calmer Co.’s updates highlight the value of strategic execution — securing a long-term, flexible lease in Fiji to preserve capital while ensuring production stability, and delivering record sales growth in Coles as proof of strong consumer demand. For investors, the lesson is to look beyond the headlines and see how operational control and market penetration work together to create sustainable growth. 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 Arcemy X Operational at the Largest Public Utility in USA AML3D Limited (ASX: AL3) has marked a significant milestone in its US expansion strategy with the successful commissioning of its large-scale ARCEMY® X system at the Tennessee Valley Authority (TVA), the largest public utility in the United States. This deployment not only finalises a substantial contract valued at approximately A$1.97 million but also sets the stage for AML3D’s broader push into the energy and utilities sector. Key Highlights – ARCEMY® X at TVA - US Public Utility. Major System Commissioned: ARCEMY® X system successfully commissioned at TVA’s Muscle Shoals facility in Alabama, completing the TVA contract’s final milestone and triggering payment of the final 10.5%. First from Stow, Ohio Facility: This system is the first ARCEMY® X unit to be delivered from AML3D’s newly operational US Technology Centre in Stow, Ohio. Strategic Entry into Energy Sector: This installation marks AML3D’s first contract in the US Energy & Utilities sector, building upon its strong foundation in US Defence. Validation through Competitive Tender: TVA selected AML3D’s technology through a competitive procurement process, underscoring the industrial capability and value of ARCEMY® solutions. Growth Beyond Defence: AML3D’s US Growth strategy now targets broader sectors, including Aerospace, Nuclear, Oil & Gas, and Marine industries. efence Expansion Continues: Following success in the US Navy Submarine Industrial Base, AML3D is now embedded in the broader Marine Industrial Base. A Letter of Intent from the US Navy highlights potential demand for up to 100 ARCEMY® systems and 400 parts in 2026, scaling up to 1,600 parts by 2030. Sean Ebert, Managing Director of AML3D, commented: “Delivery of the TVA ARCEMY® X order is a strong endorsement of AML3D’s decision to focus on the US and our US Growth strategy... The TVA contract marks our entry into the Energy and Utilities sectors and we are working hard to open opportunities across several other markets, including Aerospace and Oil and Gas.” Pete Goumas, President of AML3D US, commented: “It’s great to have successfully delivered the first ARCEMY® system built at our recently opened Technology Centre in Stow, Ohio... We are becoming ever more embedded in the US Navy’s SIB supply chain and now expanding into other sectors.” About AML3D Limited Founded in 2014 and listed on the ASX, AML3D Limited is a technology-driven disruptor in the global metal additive manufacturing space. It leverages its patented Wire Additive Manufacturing (WAM®) process to provide high-integrity, on-demand, certified industrial parts. Its flagship ARCEMY® systems are Industry 4.0-enabled solutions that offer significant efficiency and ESG advantages over traditional metal fabrication methods like casting and forging. AML3D supports industries such as Defence, Aerospace, Maritime, Oil & Gas, and Manufacturing with a mix of hardware, design engineering, software, and contract manufacturing services. Samso Concluding Comments AML3D continues to demonstrate that its growth story is more than just ambition—it's a structured entry into critical industrial supply chains. The successful commissioning of the ARCEMY® X system at the Tennessee Valley Authority is a good contract milestone; it is tangible proof that the company’s technology holds weight in highly regulated, technically demanding environments. The decision to establish a US Technology Centre in Stow, Ohio, is already paying dividends, with the TVA installation being the first major delivery from this hub. The significance of this cannot be overstated—it signals readiness to deliver at scale, locally, and aligns AML3D with the US domestic supply chain narrative. From a market perspective, the expansion from the US Defence Industry into US Public Utilities and the outlook for sectors like Aerospace and Oil & Gas show the company’s ability to grow horizontally while maintaining vertical depth in Defence. The referenced demand from the US Navy—100 systems and potentially 1,600 parts by 2030—is a clear indicator of long-term, recurring revenue potential. For investors, the story here is about validated technology, growing strategic relevance, and a company that is quietly embedding itself into the industrial fabric of the US. These are the types of foundations that underpin sustainable growth, not hype, but execution. Cover photo: 31st MXS metals shop new 3D printing capability will save man hours, money (8529135), U.S. Air Force photo by Staff Sgt. Heather Ley. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:31st_MXS_metals_shop_new_3D_printing_capability_will_save_man_hours,_money_(8529135).jpg) The Samso Way – Seek the Research When a company begins to cross sectors with a proven technology platform, backed by contracts in defence and now public utilities, the market should take notice. AML3D’s evolution in the US provides a reference case for how industrial tech companies can build durable international footprints—one deployment at a time. 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 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 Mesoblast and FDA Align on Key Items for Revascor BLA Mesoblast Limited (ASX: MSB | Nasdaq: MESO) has taken a critical step toward commercialising its lead cardiac product candidate, Revascor® (rexlemestrocel-L), with formal alignment reached with the United States Food and Drug Administration (FDA) on the key requirements for filing a Biologics License Application (BLA) in the treatment of ischemic heart failure with reduced ejection fraction (HFrEF) and inflammation. This follows a Type B meeting held on 3 June 2025, building on Mesoblast’s Regenerative Medicine Advanced Therapy (RMAT) designation granted for Revascor in the treatment of end-stage HFrEF patients with a left ventricular assist device (LVAD). That earlier meeting set the foundation for potential accelerated approval, with the FDA noting that the study results presented by Mesoblast could indeed support such a pathway. Key Highlights – Revascor® FDA Alignment Milestone - Chronic Heart Failure. FDA Alignment Achieved on key items required for the BLA submission for Revascor®. Items include: Chemistry, Manufacturing & Controls (CMC) Potency assays for commercial product release Proposed design and primary endpoint for a post-approval confirmatory trial. Mesoblast plans to file for accelerated approval before the end of 2025. Target Indication: End-stage ischemic HFrEF patients with an implanted LVAD. Follows successful Type B meeting in 2024 under RMAT designation. Revascor is a Phase 3 product candidate being developed as a treatment for both advanced and end-stage chronic heart failure (CHF). Revascor consists of 150 million mesenchymal precursor cells (MPCs) administered by direct injection into the heart muscle in patients suffering from CHF and progressive loss of heart function. Mechanism of Action MPCs release a range of factors when triggered by specific receptor-ligand interactions within damaged tissue. Based on preclinical data, it is believed that these factors induce functional cardiac recovery by simultaneous activation of multiple pathways, including induction of endogenous vascular network formation, reduction in harmful inflammation, reduction in cardiac scarring and fibrosis, and regeneration of heart muscle through activation of tissue precursors. Figure 1: Revascor Targets Full HFrEF Spectrum – From Early Intervention to End-Stage LVAD Patients (source: MSB) About Mesoblast Mesoblast is a global leader in off-the-shelf allogeneic cellular medicines focused on severe and life-threatening inflammatory conditions. The company’s proprietary platform is based on mesenchymal lineage cell therapy that counteracts inflammation by modulating multiple immune pathways. RYONCIL® (remestemcel-L) is already FDA-approved for steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients aged 2 months and older. Revascor is being developed for heart failure and chronic low back pain. Commercial partnerships established in Japan, Europe, and China. Pipeline targets include biologic-resistant inflammatory bowel disease and adult GvHD. Intellectual Property & Manufacturing Strength Over 1,000 patents globally—covering cell compositions, manufacturing, and therapeutic uses, with protection through to at least 2041 in major jurisdictions. Scalable, cryopreserved, off-the-shelf products with industrial manufacturing processes ready to support commercial demand. Samso Concluding Comments Mesoblast’s alignment with the FDA is a textbook regulatory milestone. For a sector where clinical and manufacturing hurdles often stall progress, clarity on BLA requirements is as close to greenlighting a commercial path as one can get pre-submission. This is the work that separates commercial contenders from development-stage hopefuls. The company’s use of the RMAT designation for Revascor (A solution for Chronic Heart Failure) is tapping into a framework designed for serious conditions with unmet medical needs. The LVAD patient subgroup is narrow but medically urgent, and approval here could create a platform for broader HFrEF indications. Mesoblast’s evolving portfolio—led by RYONCIL and supported by strong IP and partnerships—positions the company well within the regenerative medicine sector. The progression from paediatric GvHD into adult inflammation and cardiac disease expands their therapeutic relevance significantly. As the BLA filing approaches, attention should shift to timelines, confirmatory trial design, and the FDA’s final stance on accelerated approval. For long-term biotech investors, especially those focused on platform cell therapy plays, Mesoblast is entering the kind of regulatory phase where meaningful valuation shifts can occur swiftly. Cover photo: Sonography Machine Donation from Raleigh Radiology-21, waketechcc. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sonography_Machine_Donation_from_Raleigh_Radiology-21.jpg) The Samso Way – Seek the Research Reaching regulatory alignment with the FDA is a pivotal moment in any biotech journey, especially for a product targeting one of the world’s most severe and costly chronic diseases. Revascor’s potential accelerated approval under the RMAT framework puts Mesoblast in a unique category of cell therapy innovators advancing into late-stage commercialisation. The alignment around clinical endpoints, manufacturing standards, and confirmatory pathways is not only a de-risking event but also a signal of readiness to transition from R&D into market-facing execution. For investors, this is where the deep research matters—understanding the regulatory nuance, the target patient segment (LVAD patients), and the timelines to value inflection. 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: Encouraging Safety Review Committee (SRC) Findings on Ph I/II Skin Cancer Trial When it comes to transforming cancer care, true innovation lies not just in killing the cancer, but in seeing it and feeling it less, and healing with more grace. In this quiet revolution, Invion Limited (ASX: IVX) is emerging as a serious contender. The current initiatives by Samso to move into the other sectors of the ASX are an intent to create a greater spread of content for our platform. The Samso philosophy is that the greater spread and volume of the content will allow more investment thoughts and opportunities for our subscribers and followers. The Invion review reflects one of these initiatives. The announcement on the 29th of May 2025 presents one of those early clinical signals that experienced biotech observers know to watch closely. This Phase I/II trial result in non-melanoma skin cancer (NMSC) may seem modest—only six patients—but the implications are anything but. No pain. No adverse events. Early lesion reduction. Visible fluorescence. In a sector where most early trials focus solely on safety, INV043 is already delivering layered value: as a treatment and as a diagnostic. For those who’ve followed Invion’s Photosoft™ journey, this feels like a critical inflection point. Safe, Painless, and Visually Striking The standout here is that INV043—delivered topically—was well tolerated across all six participants. Clinician feedback reported no pain during treatment, a remarkable departure from current Photodynamic Therapy (PDT) treatments, which often cause discomfort and inflammation. More than just being painless, INV043 appears to work. Lesions treated with a single cycle of the compound showed a visible reduction in size at 15 and 30 days post-treatment (Figure 1). This is while untreated, patient-matched lesions grew in size. The implications here are significant. These early signs support a hypothesis that INV043 doesn’t just offer a less invasive alternative—it may be more effective too. But INV043 is also illuminating in the most literal sense. Figure 1: Change in Lesion Size After 15 and 30 Days (source: Invion Limited) A Theragnostic Leap—Seeing Cancer in a New Light In what may become a paradigm-shifting approach, INV043 demonstrated its diagnostic potential. Under violet light (405 nm), the cancerous lesions fluoresced, effectively allowing clinicians to see the disease more clearly. This visual contrast could help surgeons better identify cancer margins, removing only what is necessary and preserving surrounding healthy tissue—a known challenge in skin cancer treatment today. Figure 2: Patient 101-002 at Day 1 of the treatment (INV043 ointment) (source: Invion Limited) As shown in Figures 2 & 3, the trial contrast between natural light and fluorescence after INV043 application is not just measurable—it’s compelling. This diagnostic capability may eventually become a standard component of surgical planning, improving outcomes and reducing recurrence. Figure 3: Photos from three different patients in the trial (source: Invion Limited) CEO Perspective: A Platform Emerging Prof. Thian Chew, Executive Chair and CEO of Invion, captured the essence of this milestone: “We are very pleased with the safety profile of INV043 and look forward to exploring other elements that may help optimise the dose regime. It is also exciting to see how clearly and easily INV043 can ‘illuminate’ the cancers.” And on what’s next: “The results set us up for the next stages of our clinical program, including the planned Phase I/II anogenital trial as well as the next part of the NMNC trial, where we are seeking to further demonstrate the safety of INV043 and to better optimise the treatment regime in the next group of patients.” It’s worth noting that the upcoming trial at Peter MacCallum Cancer Centre will explore INV043 in combination with immune checkpoint inhibitors (PD-1)—a tantalising pairing given preclinical data suggesting synergy. The Road Ahead—Part 2, New Trials, New Frontiers With Part 1 of the trial completed, Invion is now moving into Part 2—an adaptive trial phase where dose-light intervals and other variables will be refined. The company is also preparing for an upcoming Phase I/II anogenital cancer trial in partnership with the Peter MacCallum Cancer Centre. Here, INV043 may be paired with immune checkpoint inhibitors (ICIs) like PD-1 inhibitors, with preclinical data suggesting this combination could significantly enhance immune responses. It’s also worth noting the market backdrop. With non-melanoma skin cancers making up 98% of skin cancer cases globally and the treatment market projected to reach US$21.1 billion by 2032, the commercial opportunity is substantial. Samso’s Concluding Comments One of the highlights for me as a new player in this sector is the way Invion is going about its work. I have never thought that a simple statement that six patients were tested and no side effects were recorded meant so much. I mean, when you look at it from an average person, does this mean that the process worked? For me, as an investor and a potential patient, it’s a story of how Invion is threading together safety, efficacy, and diagnostic clarity into a single, adaptable topical compound. What makes this compelling from a Samso lens is the multiplicity of applications unfolding here. INV043 isn’t just fighting cancer—it’s showing us where it is. That opens doors for surgeons, clinicians, and even AI-assisted surgical planning. Moreover, with the adaptive design of this Phase I/II trial and Invion’s broader strategy across NMSC and anogenital cancers, the pathway forward is smartly structured and well-aligned to investor interests. And with the Photosoft™ platform underpinning it all, INV043 feels less like a product and more like a foundational platform for next-generation PDT. The market potential—over US$21 billion globally by 2032—isn’t just a footnote. It’s a validation of why this work matters. And if INV043 continues on this path, Invion may just emerge as one of those rare biotechs that not only survives the clinic but reshapes how we think about treating cancer—safely, painlessly, and visibly. Invion Limited (ASX: IVX) 5 year Share Price Chart. From an investor, looking at IVX with an AUD $10.0M market capitalisation and the above share price, I would be interested in taking a closer look. There was a share price rise around the 26th May 2025, and that looks promising (See Below). Invion Limited (ASX:IVX) 12 Month Share Price Chart. Now, is that a response that may lead to more positive sentiment? Who knows, but I think we may have timed our review well. Cover photo: Medical instruments, Saltanat. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Medical_instruments.JPG) The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. 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. Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. Happy Investing and Always 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.