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.

On 16 May 2025, the Food and Drug Administration (FDA) cleared the first blood-based test for diagnosing Alzheimer’s disease—a major shift in how we detect the condition. Developed by Fujirebio Diagnostics, the Lumipulse test offers a simpler, faster, and less invasive alternative to PET scans and spinal taps, bringing early detection within easier reach for patients showing signs of cognitive decline. What the Test Does: From Complexity to Convenience The Lumipulse test measures two key proteins in the blood—pTau217 and β-amyloid1-42, which are linked to the formation of amyloid plaques, one of the hallmarks of Alzheimer’s pathology. The test calculates a ratio of these proteins to predict the presence or absence of amyloid plaques in the brain, offering a reliable alternative to PET imaging or cerebrospinal fluid (CSF) analysis obtained through lumbar puncture. Unlike previous tools, which required hospital-based imaging or spinal fluid extraction, this test only needs a simple blood draw, vastly improving patient accessibility and clinical efficiency. In clinical studies involving 499 cognitively impaired individuals, the test demonstrated a 91.7% positive predictive agreement and a 97.3% negative predictive agreement compared to PET or CSF results. A Game-Changer in Early Alzheimer’s Detection Alzheimer’s currently affects nearly 7 million Americans, and that number is expected to almost double by 2050. As emphasized by FDA Commissioner Dr. Martin A. Makary, this test could play a crucial role in earlier diagnosis, which is essential given the arrival of new Alzheimer’s therapies that are most effective in the early stages. Dr. Michelle Tarver, Director of the FDA’s Center for Devices and Radiological Health, noted that this test is a critical step in broadening diagnostic reach, especially for underserved populations who may lack access to expensive neuroimaging technology. Expert Insights: What Clinicians Are Saying In a CBS News interview featuring Dr. Celine Gounder, the test was hailed as a major medical advance. She explained that the Lumipulse G Plasma Ratio Test targets amyloid and tau proteins—two key biomarkers of Alzheimer’s—and could dramatically improve the timeline for diagnosis and entry into clinical care. Dr. Celine Gounder stressed the shift away from waiting until post-mortem autopsies for a definitive Alzheimer’s diagnosis: “This is a much easier test to perform than say the PET scans or the spinal tap..… It’s a massive step forward in detection.” Similarly, neurologist Dr. Leah Croll, speaking on Good Morning America, underscored that this test is not a standalone diagnosis tool but a vital addition to the diagnostic toolkit. She pointed out that the test’s breakthrough device designation allowed the FDA to fast-track its approval, and that early access to diagnostics is more critical than ever due to recent advances in Alzheimer’s treatment. “This is such a big deal... To finally have a simple blood test that's accurate, fast, easy, and relatively cheap is huge. What this is going to allow us to do is get people that diagnosis faster, at a time when we finally have effective treatments for Alzheimer’s.”— Dr. Leah Croll, Neurologist, on Good Morning America Risks, Limitations, and Responsible Use—Alzheimer's and Dementia While promising, the FDA emphasised the importance of interpreting test results within a clinical context. Risks include false positives, which might lead to unnecessary emotional distress or treatment, and false negatives, which could delay further investigation and appropriate care. Therefore, the test is intended for patients over 55 years who are already exhibiting symptoms of cognitive decline and is not approved as a screening tool for asymptomatic individuals. Additionally, further research will be needed to establish comprehensive guidelines for deployment in general practice and to prevent misuse or overtesting, particularly given the psychological and financial implications of a false Alzheimer’s diagnosis. What This Means for the Future The FDA's clearance of the Lumipulse G pTau217/ß-Amyloid 1-42 Plasma Ratio ushers in a paradigm shift in Alzheimer’s diagnostics. With just a vial of blood, clinicians can now gain critical insight into brain pathology, leading to earlier intervention, targeted treatment, and potential enrollment in clinical trials. For millions of patients and their families, this is more than just a new test—it’s a new hope. “Soon we will have this great test that will get people to the right specialists, the right treatment, the right clinical trials—even faster.”— Dr. Leah Croll on Good Morning America “This test may not be perfect, but it’s a vital step toward earlier detection without the need for spinal taps or expensive scans.”—Dr. Celine Gounder on CBS Mornings A Quick Look at Alzheimer’s Disease Alzheimer’s disease is a progressive neurodegenerative disorder and the most common cause of dementia, typically beginning with short-term memory loss before advancing to language difficulties, disorientation, and loss of independence. The disease unfolds in three stages: early (mild memory issues and planning difficulties), middle (loss of speech fluency, behavioural changes, and disorientation), and late stage (complete dependency, immobility, and eventual loss of basic functions), Figure 1. Figure 1: Stages of atrophy in Alzheimer's (source: Wikipedia) Although the exact cause is still unclear, Alzheimer’s is closely associated with the buildup of amyloid plaques and tau protein tangles in the brain. Risk factors include age, genetics (especially the APOE-e4 gene), head injury, and cardiovascular conditions. Early detection is key—not just for diagnosis, but for timely access to care and emerging treatments. That’s what makes this FDA-approved blood test such a compelling development. What This Approval Really Means With this groundbreaking approval, the FDA has paved the way for a more democratized approach to Alzheimer’s diagnosis—one rooted in scientific rigour but designed for real-world application. As the medical community now works towards safe and widespread adoption, the Lumipulse test stands as a beacon of progress in a field long in need of better answers. Recent Developments in Treatment in Australia In May 2025, the Therapeutic Goods Administration (TGA) approved Kisunla (donanemab), marking the first new treatment for early Alzheimer's disease in 25 years (news.com.au). This medication targets and removes amyloid plaques in the brain, potentially giving patients in the early stages of the disease an additional two years of improved cognitive function. Kisunla is administered intravenously every four weeks and is currently priced at $4,700 per dose. Efforts are being made to include it in the Pharmaceutical Benefits Scheme to lower costs for patients. Samso’s Concluding Comments This FDA approval is more than just a milestone for diagnostics—it’s a reflection of how far we’ve come in shifting Alzheimer’s care from reactive to proactive. What once required costly PET scans or invasive lumbar punctures can now begin with a simple blood draw. For patients, clinicians, and families navigating the uncertainty of cognitive decline, that simplicity is profound. We’re seeing science align with practicality, and it’s opening the door to earlier interventions, better planning, and perhaps most importantly, hope. In Australia, there is a report of over 42,000 people diagnosed with dementia in 2024. Unfortunately, the number is projected to increase to more than 812,500 by 2054, marking a 93% rise over 30 years (Dementia Australia). In addition, approximately 29,000 Australians under the age of 65 are living with younger-onset dementia in 2024. This figure is expected to rise to almost 41,000 by 2054, representing a 41% increase. Some statistics for each state are listed below (Dementia Australia): New South Wales (NSW): Over 138,200 people Victoria (VIC): More than 107,600 people Queensland (QLD): Around 82,270 people Western Australia (WA): Over 40,500 people South Australia (SA): Approximately 34,170 people Tasmania (TAS): More than 10,600 people Australian Capital Territory (ACT): Almost 5,900 people Northern Territory (NT): Around 1,700 people According to Dementia Australia, dementia, including Alzheimer's disease, is the second leading cause of death in Australia, accounting for 9.1% of all deaths in 2023. It is also the leading cause of death for Australian women. The mortality rate for dementia has increased by 842.8% over the past 50 years, while deaths from ischemic heart disease have decreased by 87.9%. Australian Dementia Statistics From an innovation lens, this is a reminder of the value in persistence. Fujirebio didn’t just bring a product to market—they validated years of research and clinical trials with data that stands up to scrutiny. It’s not perfect, and it’s not meant to replace full clinical assessments, but it enhances the diagnostic pathway in a meaningful way. That’s the kind of progress that often goes unnoticed until it becomes standard practice—quiet, methodical, and deeply transformative. The bar chart shows the projected increase in dementia cases from 2025 to 2054. The pie chart shows the distribution of dementia research funding among major sources, highlighting contributions from MRFF and the Dementia Australia Research Foundation. Since 2000, the Foundation has provided nearly $29 million in funding to support over 350 grants and fellowships aimed at advancing dementia research. In 2023, the MRFF allocated $18 million under the Dementia, Ageing and Aged Care grant opportunity to support research into dementia and high-quality care for older Australians. (source: dementia.org.au |health.gov.au) As with all medical breakthroughs, the real impact will unfold in time. What we can say now is that this is a step forward—one that makes detection more accessible and adds another layer to our understanding of Alzheimer’s. For those of us who follow the intersection of science, health, and long-term societal trends, this is a development worth watching. It tells us that while the road ahead remains complex, we are, without a doubt, heading in the right direction. References: 1. FDA News Release: FDA Clears First Blood Test Used in Diagnosing Alzheimer’s Disease, May 16, 2025. https://www.fda.gov/news-events/press-announcements/fda-clears-first-blood-test-used-diagnosing-alzheimers-disease 2. Pharmacy Times: FDA Grants Market Clearance to Diagnostic Blood Test for Alzheimer Disease, May 19, 2025. https://www.pharmacytimes.com/view/fda-grants-market-clearance-to-diagnostic-blood-test-for-alzheimer-disease 3. CBS Mornings: FDA approves first blood test to help screen for Alzheimer’s disease. https://youtu.be/UAOHzhrI9K0 4. Good Morning America: FDA endorses 1st blood test to help diagnose Alzheimer’s disease. https://youtu.be/ar5JfgHt1No 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. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) 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 PromarkerEndo advances toward clinical use with real-world validation data presented at World Congress on Endometriosis Let’s be honest: endometriosis has long been one of the most underdiagnosed and misunderstood medical conditions in women's health. A silent disruptor, it causes pain, fertility issues, and decades-long suffering, often without a name. Until now, the only path to a diagnosis was invasive laparoscopic surgery, usually after seven years of misdiagnosis. That’s not a system built for healing. But what if we could change that narrative with a simple blood test? Proteomics International Laboratories Ltd (ASX: PIQ) may have just done that. The announcement on 26 May 2025, unveiling PromarkerEndo at the World Congress on Endometriosis in Sydney, appears to be more than just data—it’s the kind of breakthrough that could shift the clinical standard. The company’s proprietary non-invasive blood test has not only proven itself in real-world clinical validation but is now poised for commercial rollout. If you've been watching the precision diagnostics space, now is the time to pay close attention to PIQ. PromarkerEndo – From Concept to Clinical Application Presented to leading experts at the World Congress, the latest results from a 704-participant study have validated PromarkerEndo’s capability across all stages of endometriosis, using a single, universal test. This isn't just a lab theory—it’s a working diagnostic tool. The test delivers a straightforward ‘traffic light’ risk score—low, moderate, or high—making it accessible and immediately useful for both general practitioners and specialists. Sensitivity and specificity metrics were consistently impressive across disease stages Table 1: The integrated PromarkerEndo test demonstrated excellent discrimination in diagnosing all stages of disease when compared against symptomatic controls and general population controls, and improved upon the performance of the previously published results (source: PIQ) These numbers are compelling when compared to existing diagnostics like the PSA test for prostate cancer, which only achieves an AUC of 0.68. PromarkerEndo is not just competitive—it’s superior. Targeting a $9.7 Billion Problem in Australia Alone Endometriosis affects 1 in 9 women and girls globally, with economic costs estimated at $9.7 billion annually in Australia. In the realm of fertility care, its undiagnosed presence skews outcomes and complicates treatments. With 70–80% of early cases going unnoticed due to the limitations of current tools, PromarkerEndo has the potential to fill a long-vacant diagnostic void. Commercial Rollout – What Comes Next? According to Proteomics’ timeline, PromarkerEndo is on track for commercial launch in Australia in Q3 CY25, with global markets to follow. The test will be delivered using the same Direct-to-Consumer (DTC) digital framework already in place for PromarkerD, which is now being used across Australia and in the US. Key steps ahead include: Finalising ISO 15189 accreditation Building clinician and primary care engagement Partnering with fertility clinics and women's health providers Preparing regulatory submissions and licensing discussions This isn’t just a lab breakthrough—it’s a market-ready innovation. A Word from the Scientist Behind It All Proteomics International Managing Director Dr Richard Lipscombe commented: “this is a major step forward in making non-invasive endometriosis diagnosis a reality. PromarkerEndo has the potential to dramatically reduce diagnostic delays with its simplicity, accuracy, and broad applicability - including in fertility care. The advances support our commercialisation strategy and reinforce the potential for PromarkerEndo to become a standard part of the clinical diagnostic pathway.” Industry Backing and Independent Validation Backing the science is a robust network of research institutions, including the Royal Women’s Hospital and the University of Melbourne, and strong validation from international experts like Professor Peter Rogers. Their message is clear: this isn’t just innovation—it’s transformation. Concluding Comments – Samso’s View In a market saturated with speculative diagnostics and unfulfilled promises, Proteomics International look to be charting a different path—grounded in hard science, clinical validation, and strategic delivery. To the scientists reading this, it is what precision medicine was always meant to be. According to the company, PromarkerEndo doesn’t just diagnose a disease; it dismantles a barrier. It brings immediacy, accuracy, and dignity to patients who’ve waited far too long. And for investors, this may be indicating that this is a company that not only understands unmet medical needs but has the tech and team to solve them. With PromarkerD already in market, PromarkerEso next in line, and now PromarkerEndo advancing with serious commercial intent, PIQ is shaping up as a quiet achiever in precision diagnostics. Looks like Q3 will be an interesting time. Reasons Why Samso Helps Your Research. Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Investors can view our three main products in Coffee with Samso, Samso News and Samso Insights. There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew is my parting comment. As they say, Rome was not built in a day, and the Great Wall is a great phenomenon because it took centuries to build. As usual, Happy Investing and remember, always DYOR. References: ASX: PIQ, 26 May 2025 – PromarkerEndo advances toward clinical use World Health Organisation: Endometriosis Fact Sheet [Diagnostics Journal, March 2025 Cover – PromarkerD Results] [Quarterly Activities Report, 24 April 2025, ASX: PIQ] 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. 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) 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.

Coffee with Samso | Episode 210 | DY6 Metals (ASX: DY6) | UWA Club, Crawley, Western Australia. Guest: Cliff Fitzhenry, CEO – DY6 Metals Ltd Introduction In this latest episode of Coffee with Samso, we return to the UWA Club in Crawley to meet with Cliff Fitzhenry, CEO of DY6 Metals Ltd (ASX: DY6). This conversation cuts through the technical noise to examine what could become a globally significant rutile and titanium discovery in Africa. DY6 is still an early-stage story, but it’s positioning itself at the front of the critical mineral narrative and targeting the scarcity of natural rutile, a feedstock commanding premium value in the titanium supply chain. Cliff brings technical clarity to what rutile actually is, why it matters, and how DY6 is forging ahead in Cameroon, a lesser-known but emerging jurisdiction with enormous potential. DY6 Metals Projects in Cameroon and Malawi. Key Highlights from the Conversation 1. What is DY6 and Where Are They Focused? DY6 Metals listed on the ASX in mid-2023 with a portfolio of rare earth projects in Malawi, and has since pivoted focus to rutile and heavy mineral sands (HMS) in Cameroon, particularly the: Central Rutile Project (residual saprolite-hosted rutile) DY6 Metals Cameroon Central Rutile project. Duala Basin Project (coastal HMS project) DY6 Metals Douala Basin Project in Cameroon. Both sit in proximity to transport infrastructure, including rail and deepwater ports, and within a fast-evolving mining jurisdiction supported by new modernised regulations. 2. First Results – Reconnaissance Program at Central Rutile Project In May 2025, DY6 completed its first pass reconnaissance sampling at the Central Rutile Project. While shallow (1–3m), the results were promising: Rutile confirmed as dominant titanium mineral Rutile grades above 1.5%, with highs of 2.1%, considered ultra-high grade Heavy Mineral (HM) contents up to 8% in surface samples DY6 Metals Rutile results. These results validate the geological model targeting in-situ residual rutile mineralisation. Cliff explains: “We confirmed rutile is the key titanium mineral, and we’ve since completed 24 auger holes to greater depth using upgraded equipment. We believe those will be far more representative of in-situ rutile mineralisation.” 3. Understanding the Geological Model: Residual vs Alluvial Rutile Cliff offers a masterclass in explaining rutile geology: Residual/Saprolite-hosted: Rutile concentrated in weathered bedrock — easy to drill, free-dig, and dry mine Alluvial: Historically known in Cameroon (1930s–50s), but more dispersed due to river transport The Central Project targets the residual style, like Sovereign Metals’ Kasiya deposit in Malawi. 4. Jurisdiction Watch: Why Cameroon? Cameroon is emerging as a serious mineral jurisdiction with: A reformed mining code Newly formed mining commission (DY6’s licence applications under review) Proximity to Canyon Resources’ bauxite project and Lion Rock Minerals' rutile project “We’re bullish on Cameroon. We’re setting up our own lab, building a local team, and drilling with purpose. This is the kind of place where tier-one discoveries are still possible.” 5. The Benchmark: Sovereign Metals & Kasiya DY6's model draws clear inspiration from Sovereign Metals’ Kasiya discovery in Malawi — a 1.8Bt rutile deposit that reset the market’s understanding of sediment-hosted titanium systems. “I was part of the team that made the Kasiya discovery. We know the rocks. Cameroon has similar geology. The model is proven — now it’s about execution.” 6. Grades Explained – What Numbers Matter in HMS and Rutile? Understanding the significance of reported grades is crucial: Traditional beach sands (e.g., Iluka-style): ~3–5% HM, mostly ilmenite High-grade rutile cutoff: >1.4% rutile Kasiya MRE cutoff: 0.7% rutile DY6’s early sampling: up to 2.1% rutile, a standout in the global context 7. Infrastructure and In-Country Processing Strategy DY6 is building its own mineral sands laboratory in Yaoundé, Cameroon. This eliminates long wait times and expensive logistics. In-country assays for rapid turnaround Heavy-duty auger rigs now operating A 35% complete geochemical soil program underway “We’re cutting out expensive delays. Everything will be processed in-country — cheaply and efficiently.” 8. Outlook for 2025–2026: Drill, Define, Deliver DY6’s roadmap for the next 12 months includes: Continuous drilling at Central Rutile Project Full geochem completion + maiden deeper drilling campaign Full lab operations in Cameroon Defining high-grade targets for maiden JORC resource Establishing Cameroon as a new titanium hub 9. The Malawi Portfolio – Secondary, But Valuable While Cameroon is the flagship, DY6 retains highly prospective assets in Malawi: Tundulu Rare Earths–Phosphate–Gallium Project Machinga Heavy Rare Earths–Niobium Project Additional lithium, copper, and PGM targets “We’re planning follow-up work on the rare earths and gallium, but Cameroon is where the tier-one discovery potential is right now.” DY6 Metals Malawi Projects. 10. The Market View: Underappreciated but Undervalued? Cliff addresses market perception head-on: DY6 trades at a significant valuation gap to both Sovereign Metals (DFS stage) and Lion Rock Minerals (neighbouring Cameroon explorer) DY6 sees a first-mover advantage in a potentially massive province Lack of near-term peers = space to define leadership “We’re seeing serious inbound interest. There are majors looking at this region. We think the market will catch up when the drill results start to flow.” Get your favourite beverage and watch Cliff tell us about the DY6 Metals story. Chapters 00:00 Start 01:38 Introduction 02:51 Rutile results from Central Rutile Project 05:59 Does DY6 understand the potential Mineral Assemblages in the Central Rutile project? 06:35 What is the topology like? 07:21 What is the jurisdiction like in Cameroon? 08:30 Are your neighbours in Cameroon helping you to understand the geology? 09:36 Does DY6 see itself contributing to helping distribute information on the rutile prospectivity in Cameroon? 11:00 What is the Heavy Mineral number investors should look for? 13:50 What is the geological model for the Central Rutile Project? 15:11 What will 2025 and 2026 look like for investors? 17:38 What are the Key Milestones for DY6 Metals? 18:28 Is the market understanding DY6 Metals? 19:35 What is the competition like in this sector? 20:23 Understanding the Heavy Mineral Sands sector. 21:09 What is the Rutile market like? 22:46 Is the mining of Rutile simple? 24:11 What would you say to potential investors and existing shareholders? 27:16 The Malawi projects. 28:57 How is the Capital Market treating Titanium players? 30:32 Last Words from DY6 Metals? 31:59 Conclusion Samso Concluding Comments The rutile narrative has evolved rapidly, thanks to the efforts of Sovereign Metals and others, but DY6 is now staking a claim in what could become Africa’s next globally recognised rutile province. DY6 has a clear focus: ✅ Build in-country capability ✅ Establish a high-grade JORC resource ✅ Educate the market on why rutile matters Cliff Fitzhenry is clearly a technical operator with a discovery mindset. As this region opens up and results flow, DY6 could emerge as one of the most interesting rutile explorers on the ASX. 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 merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be 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. 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 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.

Coffee with Samso Episode 206: Understanding and Interacting with AI In this episode of Coffee with Samso, we explore a pressing question: Do we truly understand Artificial Intelligence (AI)? Are we simply accepting the term "AI" without grasping its complexities? This episode challenges us to think critically about what AI means for our future. After a short break to launch Samso News—our new platform that blends ASX announcements with the signature Samso blog style—we dive into the rapidly evolving world of artificial intelligence. The Transformative Power of AI In this engaging episode of Coffee with Samso, we focus on one of the most transformative forces of our time: Artificial Intelligence (AI). Joining us is Eric Starling, Principal Innovation Advisor at Amazon Web Services (AWS). With over two decades of experience in software design, innovation strategy, AI integration, and digital transformation, Eric is not just a technologist. He’s a builder, a thinker, and a translator between code and real-world outcomes. We sat down at the UWA Club on the grounds of the University of Western Australia for an honest, wide-ranging conversation that demystifies what AI is, how it works, and where it's taking us. Key Topics Covered in the Coffee with Samso on Artificial Intelligence Eric explains that AI systems, such as ChatGPT and Claude, do not “think” like humans. Instead, they learn from massive datasets, building probabilistic models to predict likely responses based on prior inputs. The analogy of “autocorrect on steroids” illustrates how large language models (LLMs) operate. For non-technical users, the rise of LLMs represents a paradigm shift. You no longer need to speak in code—natural language itself has become the interface. This accessibility is redefining who can build, create, and automate. Eric underscores the fundamental role that the internet and cloud computing play in powering AI. From petabytes of storage to globally linked data centres, AI's performance relies on a vast, interconnected ecosystem. A powerful analogy compares image recognition AI to showing a model 10,000 pictures of a cat. The model “learns” through exposure, not understanding. This highlights the difference between learning and cognition, a distinction often blurred in public discourse. We delve into agentic AI, which moves beyond chat interfaces into tools that can take actions, manage files, automate workflows, and simulate decision-making processes. This development is fueling a wave of innovation across industries—from grant writing to robotic inspection. AI Implementation: A Global Perspective We explore how AI implementation differs starkly between China and Western nations. In the West, commercial viability and public acceptance are major hurdles. In contrast, China’s top-down model has allowed for faster implementation, raising important questions about innovation, ethics, and regulation. Eric raises critical concerns about data control and digital identity. What happens when small AI companies are acquired or go bust? Where does your data go—your voice, your image, your interactions? The episode serves as a cautionary tale about uploading personal content without considering long-term implications. One of the most thought-provoking segments explores how AI may not replace actors or creatives but could radically expand who gets to produce high-quality content. Eric envisions a world where indie creators and hobbyists wield studio-level capabilities, disrupting traditional media from the ground up. Future Predictions for AI Eric offers predictions on how AI will evolve: A world filled with interchangeable micro-agents. Lower barriers to business innovation. Tools that assist—not replace—human creativity. A higher value placed on intention and authenticity in content creation. Eric notes that cognition remains the most misunderstood concept of AI. The tools may sound smart, but they don’t “know” anything. He also warns of the underappreciated risk of data misuse when using third-party AI services without considering data ownership. Concluding Thoughts on AI and Investment Opportunities This episode with Eric Starling serves as a reminder that Artificial Intelligence is not just a buzzword—it’s a structural shift. This shift is already changing how businesses operate, how services are delivered, and how value is created. For ASX investors, the real takeaway is this: AI is no longer confined to Silicon Valley or tech unicorns. It’s becoming embedded in sectors across the board—from mining and energy to biotech, financial services, and logistics. Companies that can leverage AI meaningfully—not just sprinkle it into their marketing decks—are likely to unlock productivity gains, margin expansion, and operational efficiencies that markets may not yet fully price in. Over the last few months, I have learned, and as Eric clearly articulates, not all AI is created equal. The true edge comes from owning your data, understanding the limitations of generative tools, and building AI agents that solve specific problems with clear intent. This is where discerning investors should pay attention: Is the company investing in capability, or just riding the narrative? We're also entering a period where content creation, compliance, customer service, and internal processes are being quietly transformed, especially in capital-light industries. In our view, the most investable opportunities on the ASX may come not from “AI companies,” but from traditional businesses that are applying AI in transformative ways. This conversation reinforces the fact that investors need to go deeper than headlines. Understanding where a company sits in the AI landscape—builder, adopter, or observer—could offer meaningful insight into future performance and resilience. The chapters below will help you navigate the Coffee with Samso, and I hope you find value in Eric's insights. Chapters: 00:00 Start 00:09 Introduction 02:50 Who is Eric Starling? 03:36 What is AI and What is Not AI? 05:44 AI language is now called English 07:55 AI is all about What is the “Internet”. 09:26 AI is about Learning and not Thinking. 13:07 AI needs data to “Think”. 14:40 Where does AI get its source of data? 17:18 Where are we at in terms of the AI Revolution? 20:30 What is the most Misunderstood of AI? 23:55 The Reasoning learning process of AI still needs existing data. 26:18 The least obvious profession that AI will replace. 31:32 Could the use of AI decrease the quality of content we accept? 35:55 The China vs. The West approach to AI implementation. 40:15 What does Eric worry about AI? 43:08 What could we see with AI in 5, 10, 15 years' time? 46:53 What are people not considering about AI? 49:34 The reality and danger of deep fakes. 51:47 The changing face of AI means we have to be educated about AI. 54:13 Last words on AI from Eric. 56:15 Conclusion. PODCAST 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 questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunities. 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 News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be 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 initiative 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. If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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.

Samso News is all about Making News Simple. Our strategy is now to make the Samso platform a one-stop shop for companies and potential investors to come and find independent and balanced insights on ASX stories. Experienced investors are well-acquainted with our Coffee with Samso and Samso Insights, so the addition of Samso News is our way to add value to the platform. This is our way of making the Samso platform dynamic and current with the flow of how messages are being narrated and consumed in the changing times we face globally. The idea of Samso News is to make ASX Releases less of a daunting document to read. Samso has over three decades of industry experience, allowing our team to dissect the highlights and allow a discussion to make it simple for retail investors. Reading ASX Releases and Understanding Their Potential Meaning Is Critical for Retail Investors. Investment has changed in a big way. There is now no clear independent content that allows a discussion in the mineral exploration sector. The majority of the mass media are not from the industry and pushing content that is only being promotive. There are no informed discussions, and allowing a balanced view of the news. Since our beginnings in 2018, Samso has created a platform for passionate investors to explore their interests and hear from important companies in different industries that are making a difference. Our content has always been in the form of a discussion, and we highlight what the potential upside and issues that could be a major or minor distraction to the development of mineral projects. If you struggle as an investor to find a platform that gives you the latest and most reliable INDEPENDENT information from experienced sources, then the new Samso News solves this problem by offering independent content that is completely unbiased. If the content is sponsored, you will know about it, and our intent with the content will always be balanced and not biased by the sponsorship. Check out our posts to launch Samso News: Wide Open Agriculture Limited (ASX:WOA) - Wide Open Agriculture Partners with Univar to Tap into China’s Booming Plant-Based Market. E79 Gold Mines Limited (ASX:E79) - E79 Gold Secures 100% Ownership of Mountain Home Project with Reduced Royalty Terms. Ausgold Limited (ASX:AUC) - Exceptional High-Grade Gold Intercepts Reinforce Growth Potential at Katanning. Andromeda Metals Limited Achieves Breakthrough in High Purity Alumina (HPA) Production. What You Need To Do: Subscribe to Samso HERE Click Support Us and choose one of the ways to support us commercially. In future, to help further support our platform, we will publish Pay-Per-Use Content that will be special editions. Clarity and confidence in investments Samso is a platform that offers exclusive access to industry knowledge and advancements across various business sectors. It provides timely information and updates in one place, giving serious investors a competitive advantage. Supporting Samso will allow continued immersion in a world of insights that go beyond the ordinary, learning from influential CEOs and thought leaders who are shaping industries. If you're a dedicated and passionate investor, it's time to support a bolder approach and take your investment knowledge, experience, and skills to the next level by supporting Samso. ------ 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. Coffee with Samso Experience Get Deeper Insights The latest and most reliable information from experienced sources that are completely unbiased is now available through a Paid Membership. Sign up here for a more trustworthy source of well-researched and independent information for investors. ------ 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.

Coffee with Samso Episode 95 with Florence Drummond, CEO & Co-Founder of IWIMRA (Indigenous Women in Mining and Resources Australia). IWIMRA is an organisation that aims to create a stronger connection amongst Indigenous women in Australia’s Mining and Resource sector. With the whole ESG factor developing, I have been looking to seek the Social aspect of the ESG. My thoughts are that the key component of making ESG work is to create a greater awareness of First Nation requirements. I saw Florence Drummond on LinkedIn with her cause and I wanted to get her onto Coffee With Samso to share with us her work. The mineral resource sector is a high value component of Australia's GDP, so it would make perfect sense to encourage the First Nation population to participate in the continued growth of the industry. Mining projects are in remote areas, and as Florence shares, it makes sense to encourage the indigenous population to join and create wealth in the community by encouraging employment. Florence comes across as an energised ambassador of this cause and I was thankful for her to participate in the Samso ESG series of Conversations. Tune in to find out more about Florence Drummond and IWIMRA. Chapters 00:00 Introduction 01:00 All about Florence Drummond 01:46 How do you start the topic of Indigenous Women in Mining. 03:43 How is the process of Indigenous people moving into employment? 04:55 How has the importance of education progressed in the First Nation mindset? 06:56 Young Florence travelling outside Australia 09:23 How has the awareness from her "World" helped the Indigenous cause? 11:23 How do you break the "Stay At Home Mum" image of women? 15:27 What is the goal of IWIMRA going forward? 16:29 Can Role Models encourage ideals? 18:29 Do you feel the need to break cultural traditions? 20:02 The importance of understanding Culture 21:25 Florence's thoughts on Indigenous people's place in the ESG Conversation 22:45 Conclusion PODCAST About Florence Drummond CEO & Co-Founder IWIMRA Florence Drummond leads IWIMRA, a community for Aboriginal and Torres Strait Islander women in the mining and resources sector. Founded in 2017 with the focus of raising the profile of Indigenous women, the national network is now stepping into the international arena and engaging with all Indigenous peoples in the sector. It is an organic shift into the NFP space to better contribute towards best practice. Florence's introduction to the mining industry was as a Machine Operator. Within the 8 years of her time working directly for tier one companies, alongside her national team, she has successfully built IWIMRA as a peak body for Indigenous relations within the sector. Her international participation and experience in attending forums such as UN Commission of the Status of Women in New York and also representing Australia at the regional forum of UN ESCAP in Bangkok, has continued to shape the expectations of the network to contribute at a policy level to ensure best practice for Indigenous stakeholder engagement in the industry. In 2020 Florence was recognised as WIMUK Global Top 100 Most Influential Women in Mining, joining a cohort of influential women who continue to reflect and uphold what good leadership looks like. About IWIMRA Indigenous Women In Mining and Resources Australia Indigenous Women in Mining and Resources Australia (IWIMRA) was founded in 2017 to create a stronger connection amongst Indigenous women in Australia’s Mining and Resource sector. IWIMRA partners with industries to continually raise the profile of Aboriginal and Torres Strait Islander women and to contribute to best practice solutions. Through their lived experiences, and their narrative of Indigenous intersectionality, it is their priority to ensure the visibility, voice and quality participation of Indigenous women. IWIMRA aspires to lead with clarity and purpose. Working with industries to build solutions-driven, cross-culture influential relationships, together they continue to contribute towards a sustainable future for everyone 1. Why does IWIMRA exist? To raise the profile of Indigenous women in the mining and resources industry 2. What does IWIMRA do? As a membership based organisation, IWIMRA aims to build an online community to engage in conversation with women across the industry. Our digital platform is designed to overcome geographical barriers with the core aim to identify gaps for career progression and opportunities to improve for Indigenous women. Furthermore, promote culturally safe professional development tools, access to community of mentors, quality opportunities and brokering greater relations with key industry stakeholders. IWIMRA is focused on building capacity that is fit for purpose, to align with the innovative nature of the mining and resources industry. 3. Who does IWIMRA benefit? IWIMRA is established to benefit Indigenous Women in the mining and resources sector. Indigenous women are identified as the cornerstone of many families and communities. Indigenous women's participation and influence in the industry can be utilised to strengthen relations within the Indigenous workforce, to promote retention initiatives. From a global perspective, Indigenous women are identified as most vulnerable, in their opportunities to innovate with the fast paced society. The mining and resources industry is informed by global instruments such as the Sustainable Development Goals 2030. 4. How will IWIMRA achieve its goals? IWIMRA will achieve its goals by strengthening its digital platform, which encompasses key focus areas that include: access to professional development pathways services, community of mentors and relations & investment by employee companies. This partnered approach to raising the profile of Indigenous women in mining and resources, will ensure transparency, accountability and ownership. 5. What does success look like? Success for IWIMRA will be a self sustaining network of confident, capable and informed women. Leading the conversation internally for specific Indigenous initiatives and contributing to industry best practice. The success of our digital platform to facilitate robust conversations within the mining and resources industry which will continue to promote and inform best practice, with a lens that is culturally safe, future focused and fit for purpose. To learn more of IWIMRA's membership opportunities contact here. 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. 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. 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

Rooster Talk Episode 36 with Andrew Radonjic, Managing Director - Venture Minerals Limited (ASX:VMS) Good signs that Venture Minerals is ticking boxes to create shareholder value. Venture Minerals is one of my favourite stories where the multi facet projects were the main attraction. This was since 26th October 2020 when we published Coffee with Samso - A Targeted Diversified Mineral Explorer - Venture Minerals Limited (ASX: VMS). I must admit that the Riley's hematite project in Tasmania was never on my radar screen. I wish I had paid more attention to it, as the iron ore price is at an all-time high and what I am seeing is, the economic fundamentals of this sector are looking good for the coming years. There are news that there will be a pull back next year, but I am sticking my neck out here in saying that I do not really see that happening. The world economy has had a twelve-month hibernation and as we are gradually coming out of this pandemic, I see economic growth moving rather well. Today, Andrew Radonjic shares with us: The latest update on Riley Sustained Iron ore Price When the first shipment will be What the revenue from the mining operation will mean for Venture Minerals Share to Grow: Your Bonus This is a good time to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides). Samso 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. PODCAST About Andrew Radonjic Mr. Radonjic is a geologist and mineral economist with over 25 years of experience in mining and exploration, with a specific focus on gold and nickel in the Eastern Goldfields of Western Australia. Mr. Radonjic began his career at the Agnew Nickel Mine before spending over 15 years in the Paddington, Mount Pleasant and Lady Bountiful Extended operations north of Kalgoorlie. He has fulfilled a variety of senior roles which gave rise to three gold discoveries, totalling in excess of 3 million ounces in resources and the development of over 1 million ounces. About Venture Minerals Limited Venture Minerals Limited is currently exploring in Western Australia for Copper-Lead-Zinc at the Thor Prospect, Nickel-Cobalt at the Pingaring Project (adjacent and along strike to the Quicksilver Nickel-Cobalt discovery), Nickel-Copper (new target) at the Odin Prospect and Nickel-Copper-Cobalt at the Caesar Project. Recently the maiden drilling program at Thor intersected massive sulfides confirming the Copper-Lead-Zinc target is a 20 a kilometre VMS style system. Thor is now a top priority target for Venture moving forward. The Company's initial focus was on realising the full economic potential of the Mount Lindsay Tin-Tungsten Deposit in North-West Tasmania. The Company has already defined one of the world's largest undeveloped tin deposits and has completed a Feasibility Study on Mount Lindsay. The emergence of tin as the metal most impacted by new technology through its use in Electric Vehicles has refocused Venture’s approach to developing this asset and an underground scoping study is currently underway. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Rooster Talk Rooster Talks are conversations with industry experts about market insights, trends, and learnings that benefit businesses across all sectors in the Australian Stock Exchange. If you find this Rooster Talk 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

Announcement PromarkerEso precisely detects early stage esophageal cancer 8 September 2025 Proteomics International Laboratories (ASX: PIQ) has unveiled new results for its PromarkerEso blood test, a patented, first-in-class diagnostic that delivers a simple and scalable pathway for early detection. With clinical validation showing high accuracy in identifying early-stage EAC, PromarkerEso may well change the standard of care in managing this difficult disease. With patents already granted in Europe, China, and Australia—and other territories pending—PromarkerEso is well positioned as a global solution to one of healthcare’s pressing diagnostic challenges. Esophageal adenocarcinoma (EAC) remains one of the most challenging cancers to diagnose early, with survival outcomes often dictated by how late the disease is detected. Current surveillance methods rely heavily on invasive and costly procedures like endoscopy, yet most cases still go unnoticed until advanced stages (Figure 1). Figure 1: Currently, diagnosis relies on endoscopy with biopsy — an invasive and expensive procedure. (source: PIQ) Key Highlights Treating Esophageal adenocarcinoma Promarker®Eso is the first-in-class blood test clinically validated to diagnose esophageal adenocarcinoma (EAC), the predominant form of esophageal cancer. New results confirm high accuracy in detecting early stages (I and II) of EAC, a cancer with a median survival time of less than one year if detected late. Study results from 350 participants were published in Diseases of the Esophagus and selected for oral presentation at the 21st ISDE World Congress for Esophageal Diseases, Brisbane, 18–20 September 2025. Global health impact: 90% of EAC cases currently go undetected — PromarkerEso could offer a much-needed, patient-friendly screening pathway. Strong statistical performance: Area under the curve (AUC) ≥ 0.97, with sensitivity ranging from 81% (Stage I) to 100% (Stage III & IV). Context and Significance Esophageal adenocarcinoma (EAC) is often caused by chronic acid reflux or gastroesophageal reflux disease (GERD), which affects an estimated 10–20% of Western populations (Figure 2). In Australia, 11% of GP clinic visits are linked to gastric reflux. The challenge with EAC is that it is typically diagnosed late, when treatment options are limited and survival rates are poor — fewer than 20% survive beyond five years. Existing surveillance methods rely on specialist endoscopy, a costly and invasive procedure (US$2,750 per case in the US), yet up to 90% of cases are still missed. Figure 2: Target Population for Eso (source: PIQ)' Study Results The clinical study included two independent cohorts of 350 people: Cohort A compared 89 healthy controls with staged EAC patients. Cohort B included negative controls, unstaged EAC cases, and Barrett’s Esophagus samples. Key outcomes: Outstanding diagnostic accuracy with AUC (Area Under the ROC Curve) ≥ 0.97. Sensitivity: Stage I (81%), Stage II (91%), Stage III (100%), Stage IV (100%). Barrett’s Esophagus (BE) with high-grade dysplasia (BE-HGD) sensitivity at 93%. Test scores showed a strong correlation with disease severity (p < 0.0001). Commercial and Clinical Potential PromarkerEso combines four serum glycoproteins with patient clinical factors (age, sex, BMI) to deliver a simple ‘traffic light’ risk score (low, moderate, or high risk) (Figure 3). Patients flagged as high risk are recommended for endoscopy. With patents granted in Europe, China, and Australia, PromarkerEso represents not only a global health solution but also a significant commercial opportunity in precision diagnostics. Figure 3: PromarkerEso traffic light risk model(source: PIQ). Proteomics International Managing Director Dr Richard Lipscombe commented: “ These new results have enormous significance, because if EAC can be detected early it can be more readily treated, whereas late-stage EAC has a very poor prognosis. With the increasing numbers of people living with chronic acid reflux, PromarkerEso has the potential to revolutionise how doctors manage the risk of esophageal cancer - offering a standard blood test that could reduce reliance on invasive procedures and improve early detection rates.” About Proteomics International Laboratories Ltd (PILL). Proteomics International, based in Perth, is a leader in precision diagnostics specialising in proteomics — the large-scale study of proteins. Its patented Promarker® suite, including PromarkerD and PromarkerEso, targets major unmet medical needs with global commercial potential. Samso Concluding Comments This is a classic case of innovation meeting an unmet need. The reality with esophageal adenocarcinoma is harsh — most cases are caught too late, and survival outcomes remain dismal. What Proteomics International (ASX: PIQ) has shown here with PromarkerEso is that early detection is possible, accurate, and scalable. For investors, the key takeaway is that this diagnostic has been clinically validated, published, and accepted for presentation at a major global congress. That progression speaks about both the scientific credibility and the commercial pathway. At Samso, we always say it is about separating the signal from the noise. Here, the signal is clear: if this test can shift diagnosis earlier, it directly translates into lives saved and healthcare systems relieved of costly late-stage treatments. #SamsoNews – Do your own research, follow the data, and look at how developments like this fit into the broader healthcare and investment landscape. Cover photo: Pipette 0,5 ml nah, Lysippos. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Pipette_0,5_ml_nah.jpg) The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. 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 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 11 August 2025 RareX Initiates Community Engagement for Mrima Hill Project 6 August 2025 Wide High-Grade Gallium Intercepts at Cummins Range RareX Limited (ASX: REE) has announced a major step forward in its gallium re-assaying program at the Cummins Range carbonatite pipe, delivering the widest high-grade gallium intercept recorded at the project to date (Figure 1). This milestone follows a systematic re-assay of historical drill pulps from the 2020 infill program, aimed at unlocking the full critical metals potential of the deposit alongside its established rare earths and scandium resources. The scale and consistency of the new results not only reinforce Cummins Range’s position as one of Australia’s most advanced and highest-grade gallium deposits but also underscore its potential strategic importance in a global market dominated by limited supply and rapidly rising demand. Figure 1: The Cummins Range Location. (source: REE) Highlights – Cummins Range Gallium Results ASX Release: Wide High-Grade Gallium Intercepts at Cummins Range A further 970 gallium re-assays from 16 drill holes received. Standout intercepts from pulp re-assaying include: 115m at 146 g/t Ga₂O₃, 3.4% TREO and 369 g/t Sc₂O₃ from 22m, including 53m at 200 g/t Ga₂O₃, 5.51% TREO and 588 g/t Sc₂O₃. 86m at 125 g/t Ga₂O₃, 3.93% TREO and 283 g/t Sc₂O₃ from 4m, including 9m at 158 g/t Ga₂O₃, 2.77% TREO and 428 g/t Sc₂O₃. 26 drill holes remain to be re-assayed from the 2020 infill program. Section 307160E with gallium grades across 100m of the Rare Carbonatite Dyke, with mineralisation contained in the weathered saprolite zone (Figure 2). Gallium market forecast to grow tenfold in the next decade, driven by demand from AI, semiconductors, and renewable energy sectors. Figure 2: Section 307160E. Showing gallium intercepts at Cummins Range deposit. (source: REE) CEO & Managing Director James Durrant commented: “The consistency of high-grade results across multiple holes and long intercepts removes any remaining doubt. Gallium is now a core value stream for Cummins Range. We are advancing both conventional and alternative processing pathways to unlock the full value of the contained metals—rare earths, gallium, scandium, and phosphate.” Gallium grades exceeding 100 g/t are considered high-grade, placing Cummins Range’s intercepts well within this range. With China producing 98% of the world’s gallium, RareX’s Australian supply source could be strategically significant amid growing supply chain pressures. RareX Commences Community Engagement for Mrima Hill Project ASX Release: RareX Initiates Community Engagement for Mrima Hill Project In Kenya, RareX has initiated early-stage community engagement as part of the Iluka–RareX consortium proposal for the Mrima Hill critical minerals project in Kwale County in Kenya. The engagement aims to align project planning with local priorities and build early trust. Highlights – Mrima Hill Community Engagement Engagement led by African Waste and Environment Management Centre (AWEMAC), a leading East African consultancy with over 500 projects in environmental, social, and stakeholder engagement. Program includes key person interviews and focus group discussions with local leaders and residents. Findings to directly inform project design, ensuring community perspectives shape development. Part of the consortium proposal currently under consideration by the Kenyan National Mining Corporation. CEO & Managing Director James Durrant commented: “We’re confident that the Iluka–RareX consortium offers the strongest delivery model for Mrima Hill. But a project like this must earn the trust of local communities from the outset. AWEMAC’s deep local experience ensures this process is handled respectfully, professionally, and in a way that builds mutual confidence.” This initiative complements RareX’s technical and commercial work on the project and aligns with Kenya Vision 2030, reinforcing the Company’s long-term commitment to collaborative development. RareX Share Price Consolidation After March–April Surge RareX (ASX: REE) experienced a strong upward move in March–April 2025, driven by heightened market interest and news flow, with the share price peaking above 0.04 during this period. Following the rally, the price retraced and has since stabilised within a narrower trading range between 0.018 and 0.025. At 0.021 today, the stock is in a consolidation phase, suggesting that the market is awaiting a fresh catalyst to prompt the next directional move. Figure 3 illustrates this transition from high volatility to range-bound trading, highlighting the pause in momentum as investors assess upcoming developments. Figure 3: REE Share Price Overview as on 12 August 2025 (source: ASX) Samso Concluding Comments RareX’s latest gallium intercepts at Cummins Range could reinforce the project’s position as an Australian source of Gallium. With grades above high-grade thresholds and consistent results over wide intervals, gallium now sits firmly alongside rare earths, scandium, and phosphate as a core value driver for the project. The narrative for the global gallium market remains highly supply-constrained, dominated by China, and forecasts point to rapid demand growth from AI, semiconductors, and renewable energy. This puts Cummins Range in a strategically significant position, offering potential diversification for global supply chains. In Kenya, RareX’s early community engagement at Mrima Hill demonstrates a considered approach to development. Partnering with AWEMAC ensures that local perspectives are heard from the outset, aligning project design with community priorities and building trust. Balancing technical progress with social responsibility is increasingly vital in critical minerals development. RareX’s dual focus on resource advancement and stakeholder engagement reflects a strategy that is both commercially astute and socially aware. Cover photo: Rareearthoxides, Peggy Greb, US department of agriculture. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg) The Samso Way – Seek the Research At Samso, we believe the best investment decisions come from understanding the full story — from geology and market trends to corporate strategy. By digging deeper into the facts and questioning assumptions, investors can identify real value and navigate risks with clarity, turning insight into a competitive edge. 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.