Announcement 18 September 2025 Pathkey Advances TrialKey with Drug-Level AI Features. 8 September 2025 Successful TrialKey Observational Predictions. Introduction On 25 July 2025, Opyl Limited (ASX: OPL) officially rebranded to Pathkey.AI (ASX: PKY) – a move signalling a sharpened focus on applying artificial intelligence to the most critical challenges in clinical trials and drug development. Rather than being “just another med-tech rebrand,” Pathkey.AI represents a company building a sophisticated decision-support ecosystem designed to help therapies get to patients faster, de-risk trials for sponsors, and improve capital efficiency for investors. This Samso News takes a closer look at what Pathkey.AI actually does, its key platform TrialKey, and why the company’s recent announcements suggest it is positioning itself at the forefront of AI-driven life sciences. About Pathkey.AI - AI and Clinical and Drug Development. Pathkey.AI is an Australian technology company applying AI to improve the efficiency, success, and transparency of clinical trials. Its flagship platform, TrialKey, uses AI to predict the probability of success (PoS) for clinical trials by analysing a massive global dataset of over 500,000 programs and more than 1,500 variables per trial. TrialKey is not simply a data-mining tool – it is a decision-support system for sponsors, contract research organisations (CROs), insurers, and investors. By benchmarking trial protocols against peer programs, it can flag trials with meaningfully above-average likelihoods of meeting primary endpoints. Recent Validation – Real-World Observations. In its first major update since the rebrand, Pathkey released observational data on 11 biotech programs tracked by TrialKey between March and July 2025 (Table 1). 8 of 11 trials (72.7%) met at least one primary endpoint. If an investor hypothetically bought on the date TrialKey recorded its prediction and sold on results day, the average share price gain was +76%, with standout examples like Abivax (NASDAQ: ABVX) seeing +785% gains. TrialKey-Flagged NASDAQ Biotechs — Prediction Day to Results Day Totals: trials observed 11 | Met endpoint: 8 | Failed: 2 | Terminated: 1 | Average return: +76.78% Table 1: TrialKey-Flagged NASDAQ Biotechs — Prediction Day to Results Day (source: PKY) This is not a trading system – the company is clear that these are observational results – but it does serve as a powerful validation that TrialKey’s signals align with market-moving outcomes and could be valuable for biotech investors and insurers alike. Methodology Snapshot. To validate TrialKey’s predictive signals, Pathkey applied a clear, rules-based approach: Inclusion Criteria: Trials were included if TrialKey’s percentile score was above 50% vs closest competitors (or ≥40% PoS for rare programs). Comparator Cohorts: Each program was benchmarked against all available trials for the same indication, phase, and treatment type, using ClinicalTrials.gov MeSH terms to build a fair comparison set. Observation Date: The date on which TrialKey generated its probability of success signal. Observation Window: The period between the Observation Date and the public announcement of trial results (or termination). Outcome Measurement: Returns were calculated as % share price change from Observation Date to results announcement date, using split-adjusted official closing prices. Treatment of Data: Hypothetical, flat position sizing was used; transaction costs, taxes, FX, and slippage were excluded. Strategic Evolution – From Trial Optimisation to Drug Discovery. Pathkey’s latest announcement (18 September 2025) signals that TrialKey is moving beyond clinical trial optimisation into AI-powered drug discovery and repurposing. Drug-level features added: TrialKey now analyses molecular structure, pharmacokinetics, receptor binding, and other drug-specific attributes. Peptide proof-of-concept: The platform analysed 42 peptide-based trials in type 2 diabetes and obesity, identifying optimal drug and patient characteristics most associated with success. Market potential: Peptide therapeutics alone represent a US$117 billion market (2024) forecast to more than double by 2030 (10.8% CAGR). This evolution opens a much wider commercial and clinical market: ranking compounds, guiding drug design, and potentially reducing trial failure rates. Benefits of Using TrialKey’s AI Agent. TrialKey’s AI platform helps life sciences teams work smarter, faster, and more efficiently by: ✅Boosting productivity – automating data processing, simulation, and benchmarking so teams can focus on higher-value tasks. ✅Reducing costs – streamlining workflows, cutting inefficiencies, and improving prediction accuracy. ✅Improving decision-making – refining patient selection, endpoints, and site planning with reliable insights. ✅Enhancing stakeholder experience – providing concise, actionable reports for researchers, sponsors, and teams. ✅Supporting global trials – applicable to all phases (I–IV), across drug trials, medical devices, and novel therapies. ✅Scaling with demand – serving both small biotech companies and large pharma running thousands of trials annually. Commercial Pathways. Pathkey has already partnered with L39 Capital to incorporate TrialKey insights into its AI Biotech Fund – a non-exclusive collaboration that provides one commercial use case while leaving the door open for future partnerships. Why This Matters. The cost of failed trials is enormous, both financially and in terms of delayed patient access to therapies. Pathkey’s work is positioning it as an enabler of: Faster go/no-go decisions in drug pipelines Optimised trial design with better inclusion/exclusion criteria De-risked capital allocation for biotech investors and insurers Earlier patient access to effective therapies Pathkey.AI Executive Chairman, Saurabh Jain, commented: "The success of Pathkey's R&D program has proven that TrialKey is evolving from a clinical trial optimisation platform into a comprehensive AI engine for both trial design and drug discovery. These developments strengthen Pathkey’s commercial position, broaden its addressable market and reinforce the Company’s role as a global leader in AI for life sciences." Samso Concluding Comments Pathkey.AI is an interesting story in the life sciences space because it is not about a single therapy or a single drug. This is a platform play, and platform plays are where long-term value can be created if they scale. This is all about AI and Clinical and Drug Development. The validation of TrialKey’s predictions against real-world outcomes is crucial. In a market where drug development costs are rising and timelines remain painfully long, anything that improves the odds of success has significant commercial and societal value. This is also a business model with leverage. Once built and validated, the TrialKey platform can scale across multiple therapeutic areas, markets, and use cases with relatively low incremental cost. The recent move into drug-level feature analysis is a signal that Pathkey intends to broaden its moat and extend its value proposition to early-stage discovery. For investors, these are still early days. The challenge will be to watch for commercial traction: partnerships with CROs, adoption by big pharma, and recurring revenue from predictive insights. If these fall into place, Pathkey could become an indispensable part of the global biotech toolkit. Cover photo: CSS code on a screen (Unsplash), Sai Kiran Anagani _imkiran. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:CSS_code_on_a_screen_(Unsplash).jpg) The Samso Way – Seek the Research Understand that predictive analytics in biotech is a nascent but rapidly growing field. Track Pathkey’s progress in commercial adoption, partnerships beyond L39, and how its R&D pipeline expands into new therapeutic areas. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement Discovery of the Anticancer Mechanism of (EE)-bisantrene 2 October 2025 Race Oncology Limited (ASX: RAC) has reported a pivotal mechanistic discovery: its lead molecule (E,E)-bisantrene (RCDS1) (Figure 1) primarily exerts anticancer activity by binding and stabilising G-quadruplex (G4) structures in DNA and RNA—not via an anthracycline-like pathway. The Company positions this as a step-change for clinical strategy, biomarker development, and partnering. Figure 1: (E,E)-Bisantrene – Chemical Structure (source: RAC) Bisantrene – Chemical Struct Key Highlights - An Anti-Cancer Story 1. Primary MOA redefined: RCDS1 binds and stabilises G4 DNA/RNA structures that regulate oncogene expression, including the master regulator MYC (Figure 2). This differentiates RCDS1 from doxorubicin-like chemotherapeutics. Figure 2: Model of RCDS1 (E,E-bisantrene) binding to the G4 DNA structure found within the promoter region of MYC. (source: RAC) 2. Mechanistic clustering: Across 102 cancer cell lines and 195 drugs, RCDS1 clustered with G4-binding agents (e.g., actinomycin D), not with anthracyclines (Figure 3). Figure 3: Cluster analysis of the anticancer responses of 195 drugs across 102 cancer cell lines showing that RCDS1 (E,Ebisantrene) is similar in mechanism of action to the G4-DNA binding drug actinomycin D. (source: RAC) 3. Downstream effects consistent with G4 binding (Figure 4): • Inhibition of topoisomerase II and telomerase • Reduction in activity of oncogenes (e.g., MYC, c-KIT, KRAS, TERT, EGFR, BCL2, VEGF, HIF1A, MYB, PDGFA) • Indirect increase in m6A RNA levels (via MYC/FTO/ALKBH5 axis and G4-RNA effects on METTL3/METTL14). These collectively support anticancer efficacy and resistance modification. Figure 4: Binding of RCDS1 to G4-DNA and RNA structures causes multiple downstream anticancer effects. (source: RAC) Context on MYC: MYC is overexpressed/dysregulated in ~70% of cancers and remains historically “undruggable”; G4-promoter targeting offers an indirect route to dampen MYC signalling (Figure 5). Figure 5: Ligand binding to the MYC gene G4 promoter region causes a downregulation of MYC expression, resulting in reduced oncogenic signalling, cancer growth and anticancer therapy resistance. (source: RAC) 5. Direct MYC signal: Race reports dose-dependent downregulation of MYC shortly after RCDS1 treatment (example shown in MDA-MB-231 cells; EC50 ~322.5 nM) (Figure 6). Figure 6: Expression of the MYC gene is dose-dependently downregulated by RCDS1 in MDA-MB-231 breast cancer cells. (source: RAC) 6. Clinical & commercial implications: • Better indication selection and rational combinations • Biomarker development to predict responders (MOA-linked pharmacodynamics) • Stronger regulatory submissions (mechanism-informed) • Improved partnering probability with large pharma. 7. Operational update: Race hosted a webinar on Wednesday, 8 October 2025 at 6 pm AEST to explain the discovery. 8. m6A RNA regulation schematic: m6A is a reader-mediated RNA mark that tunes splicing, export, translation, and mRNA stability (Figure 7). Figure 7: Levels of m6A in RNA provide multifaceted regulation of gene expression. m6A levels affect transcription, alternative splicing, alternative polyadenylation, nuclear export, cap-dependent and cap-independent translation, mRNA degradation, and mRNA stabilisation. A diverse set of reader proteins that selectively bind m6A, either directly or indirectly, mediate the many effects on gene expression. (source: RAC) Race Oncology CEO and Managing Director, Dr Daniel Tillett, commented: “The discovery (E,E)-bisantrene acts primarily by binding to G4-DNA and RNA structures, and not like the chemotherapeutic doxorubicin, fundamentally changes our thinking on how to best use this drug in the clinic. Bisantrene continues to surprise, and we look forward to building on this mechanism of action discovery in our future clinical and commercial plans.” What Changed & Why It Matters Historically, bisantrene was assumed to function like anthracyclines based on early-era data; modern profiling and literature-guided experiments redirected the hypothesis to G4 targeting. This updated MOA explains clinical observations (e.g., differing toxicity profile) and gives Race a mechanism-anchored roadmap for: selecting tumour sub-types, designing combinations (including with doxorubicin for anticancer plus cardioprotection aims), and building predictive biomarkers. Next Steps Extend preclinical work on G4-DNA/RNA binding, efficacy, and resistance pathways. Prioritise cancer indications and rational drug combinations for clinical testing. Define commercial market opportunities and required clinical trials. Publish MOA studies (journals/conferences). Investor webinar: 8 Oct 2025, 6 pm AEST (registration link in announcement). Samso Concluding Comments This is a reframing of the bisantrene story. Moving from an assumed anthracycline-like profile to a G-quadruplex–first MOA, with downstream m6A effects and a clear link to MYC biology, gives Race a sharper scientific narrative and a cleaner line of sight to indication selection. Mechanism clarity does not de-risk everything—but it does reduce ambiguity around why and where the drug should work. According to Race Oncology, a G4/MYC thesis naturally prioritises tumour settings where MYC programs are active and measurable, and it encourages combinations that exploit transcriptional stress or RNA metabolism. The m6A/reader engagement provides practical pharmacodynamic hooks that can be built into early trials—allowing faster “learn-and-kill” cycles rather than long, unfocused studies. As one takes a look at the share price chart for RAC, there is no doubt that the market is now embracing the approval and "acceptance" path for the Race story. Is this the start of a larger pricing movement? One will have to DYOR and compare similar stories that have come before Race Oncology. Samso has been covering the Race story for a while now, and it is exciting to see the near quadrupling of its market value over that time. As always, do your own work. I think that if Race can link this MOA to clean clinical signals and a credible path to registration, the equity story strengthens materially. Having a real solution in the anti-cancer arena is definitely worth more than the current market capitalisation of Race at AUD $746M Cover photo: Army scientist finds research illuminating (27290265015), U.S. Army RDECOM from Aberdeen Proving Ground, MD, USA. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Army_scientist_finds_research_illuminating_(27290265015).jpg) The Samso Way – Seek the Research Do your own research: start at the source, interrogate the figures, cross-check the literature, map claims to testable milestones—and let evidence, not enthusiasm, set your conviction. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

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

Announcement High-Grade Silver Identified Ahead of Drilling 15 October 2025 Orange Minerals NL (ASX: OMX) has released new surface sampling results from the Lennon’s Find polymetallic project in the Pilbara, with rock chips returning standout precious and base-metal grades along a 4.5 km mineralised corridor (Figure 1). The company is moving to a single 650m diamond hole in early November to directly test a pronounced induced polarisation (IP) anomaly interpreted as a potential feeder to the known zinc-lead-silver system. Figure 1: Lennon’s Find Project location (source: OMX) Highlights - A Silver Story? (Figure 2) Rock chips confirm high-grade mineralisation along 4.5 km trend, including: 2,948 g/t Ag, 3.55 g/t Au, 17.4% Pb (sample OLRS38) 746 g/t Ag, 3.4% Cu (OLRS22) 5.5 g/t Au & 22.4% Pb (OLRS35) 583 g/t Ag, 5.29% Cu & 5.70% Zn (OLRS20) First deep test of the system: 650 m diamond hole scheduled for early November to drill the centre of a strong IP anomaly beneath the near-surface resource. EIS support: WA Government Exploration Incentive Scheme grant of A$110,930 to part-fund the program. Existing resource at surface: 1.55 Mt @ 5.9% Zn, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, 84 g/t Ag (near-surface; no prior deep drilling). Figure 2: Lennon’s Find Project conceptual VHMS model. (source: OMX) Orange Minerals Managing Director, Mr Chris Michael, commented: “The rock chip sampling has continued to confirm the strength of the mineralised corridor and refined our understanding of the system’s geometry. The upcoming 650-metre diamond hole will directly test the centre of the IP anomaly, which we interpret as the potential feeder zone of a larger VMS system beneath the surface.” Project snapshot Location: Lennon’s Find, ~75 km SE of Marble Bar, Pilbara, WA (M45/368). Style: stratiform, lenticular VMS-style Zn–Pb–Cu–Ag–Au associated with barite, hosted in the upper Duffer Formation (Warrawoona Group) beneath/near the Apex Basalt contact. Known deposits along strike: Grey Nurse, Tiger, Hammerhead, Mako, Bronze Whaler (evenly spaced along the ~4.5 km corridor). Resource (near-surface): 1.55 Mt @ 5.9% Zn, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, 84 g/t Ag. Planned work: single 650 m diamond hole in Q4 2025 (early November start) to test the deep IP target below Hammerhead. What’s new on the ground (Figure 3) Orange collected 35 new rock chip samples to validate historical work and infill gaps where the mineralised surface expression thins or is offset by NE–SW faulting. Figure 3: Rock chip locations along the 4.5km mineralised trend identified at the Lennon’s Find Project. (source: OMX) The best values include peak assays of Ag 2,948 ppm, Au 5.50 ppm, Cu 5.29%, Pb 22.40%, and Zn 5.70% (Figure 3). Sample locations and significant results are compiled in Table 1. Table 1. Lennon’s Find Project significant rock chip assays. November diamond drill program (first deep test) Hole: 650 m diamond tail to test the centre of the IP anomaly situated beneath the existing resource in the Duffer Formation. Target concept: a VMS feeder zone below zinc-barite-rich gossans that may represent distal expressions of a deeper core. Rationale: the September 2024 IP survey—extending earlier 2018 work and preceded by soil geochemistry—defines an anomaly coincident with a linear magnetic trend and an overlying fault, increasing prospectivity. Geophysical & geochemical framework (why the hole is where it is) (Figure 4) IP anomaly: pronounced response directly beneath near-surface mineralisation and resource outlines. Magnetics & structure: IP high is coincident with a linear magnetic feature and a mapped fault zone. Soils: historical soils (Laconia 2012; 134 samples on 200 m spacing) show zinc anomalism tracking the main gossan trend (to 1,470 ppm Zn), with Cu–Au elevation influenced by mafic units and structures—supporting the drill targeting (Figure 4). Figure 4: Lennon’s Find historical soil geochemistry. (source: OMX) About Orange Minerals NL OMX is positioned in proven belts with a near-term focus on advancing a concentrated set of gold, base-metal, and critical minerals targets. The Company’s strategy is rapid, aggressive exploration across key assets, currently prioritising: NSW: Calarie & Wisemans Creek (gold/base metals) WA: Majestic/Kurnalpi (gold), Lennon’s Find (base metals), and Mulga Rocks (uranium/critical minerals) Samso Concluding Comments Orange is an intriguing story of lots of little projects and some potential corporate moves that are clearly observed with the recent share price movements (Figure 5). The Lennons Find project does show some interesting geology, and the delivery of high-grade silver is interesting; however, as I am highlighting, the recent share price movement for what I call substandard projects is more important. Figure 5: The share price chart for OMX as of the 24th October 2025. (source: Commsec) I am not indicating that the present projects are not good, I am just alluding to the fact that the recent share price movement is not reflecting the news that has come out from the projects. What one thinks of this comment should be part of your DYOR process. Look at the path that most of the company stories have evolved, and you will see a similarity. Is there a silver project developing at Lennons Find, or is there something that may come and add to the portfolio? Look out for our upcoming Samso Insights, where we will discuss some of these types of projects. Let's see if the news develops before the release of our thoughts. In the meantime, keep doing your DYOR. Cover photo: Silver and cerussite - Silver and cerussite in gossan, Wardner, Idaho, Darla Sondrol. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_and_cerussite_(GeoDIL_number_-_892).jpg) The Samso Way – Seek the Research Read the source document, scrutinise the tables, maps, and methods, and let the data—not the narrative—shape your conclusion. 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.

Rooster Talk Episode 46 is with Jay Upton, Managing Director of Sprintex Limited (ASX: SIX) announcing the partnership with Aeristech Limited that will bring the company into the green, no emission space. Under this agreement, Sprintex Limited as a motor supplier and sales representative will manufacture Sprintex products for hydrogen energy and clean air markets, including hydrogen fuel cell, industrial turbo blowers and compressor sets, based around Aeristech core designs. This agreement to supply Hydrogen Fuel Cell Compressors will allow Sprintex to be seen as a Green Engineering company who designs and manufactures clean air compressors. This will no doubt put the company on a path to participate in renewable and clean energy technologies in automotive and other industries. As the world economy is moving into the new "Green" industry, Sprintex is doing all the steps to ensure it is among the players in this growing sector. Jay Upton, the Managing Director of Sprintex Limited (ASX: SIX) reminds us that the company is in production and is already supplying the market. The opening of the China factory will open another part of the business that will create a revenue stream that is just at its infancy. Richard Wall, Executive Chairman of Aeristech, said: “We are delighted to initiate this partnership with Sprintex. The addition of the engineering resources of Sprintex to our team will help to accelerate product development in key power ranges. Sprintex commercialisation resources will bolster our revenue growth particularly in the Asian markets. We are very excited with this opportunity to boost our revenue growth in the fast growing hydrogen fuel cell market, key to achieving global emissions reduction and the deceleration of climate change.” Jay Upton, Sprintex Managing Director said: “This strategic collaboration will stimulate the excellent synergy between the two companies on product development, global resources for supply chain and sales. Sprintex aims to offer the most competitive products to the surging electrification, hydrogen fuel cell and next-gen industrial compressor market. Sprintex and Aeristech are confident that under this collaboration, both parties will accelerate the expansion of market coverage and the realisation of revenues leading to profits.” Chapters: 00:00 - Introduction 01:06 - The New Partnership 01:53 - The Compressor is not just for vehicles. 03:15 - How Sprintex started the road to electrifying their compressors. 06:25 - How this partnership will open the market for Sprintex. 08:14 - The Hydrogen and Electric sector is one and the same. 09:45 - Restarting of the Malaysian Factory. 11:41 - What is the news flow? 15:59 - Spintex is another sector to invest for Green story on the ASX. 17:20 - Conclusion PODCAST About Jay Upton Managing Director Jay (Jude) Upton has a broad range of business managerial and technical engineering experience gained over a 20-year period working in the international automotive industry where he has amassed a network of international industry contacts. Prior to this, Jay gained a further 20 years’ experience in engineering management in the heavy mobile equipment sector and in both industrial and automotive high-performance engine engineering. Jay was the Chief Technology Officer of the Company from 2011-2016 and he was the Technical Consultant in 2019. During this period, Jay was responsible for all technical development within the Company and is recognised as the inventor on two international supercharger patents assigned to the Company. In addition, during this period, he performed technical presentations to, and commercial negotiations with, vehicle manufacturers in ASEAN, China, Japan, USA, Europe and Australia. He also worked with the Managing Director on business strategies, corporate presentations and capital raisings. From 2012 to 2017, Jay was employed at Proreka Sprintex (a 50% owned subsidiary of the Company) and was instrumental in both the selection of the location for Sprintex's offshore manufacturing and the establishment of Proreka Sprintex. Working closely with the CEO of AutoV (the Company’s Joint Venture partner and the other shareholder of Proreka Sprintex), Jay oversaw the selection and procurement of the manufacturing equipment and the building of the manufacturing facility in Malaysia. As Director of Business Development of the Company from 2007 to 2011, Jay was responsible for the establishment and setup of Sprintex USA Inc. (a wholly owned subsidiary of the Company) and acted as secretary of Sprintex USA Inc. for regulatory purposes. He oversaw market development in the USA, Middle East, South Africa and China and was responsible for commercial agreements with OEMs, suppliers, distributors and dealers in multiple jurisdictions. Prior to this, from 2004-2007, Jay was the General Manager of the Company at which time he was responsible for the initial setup of the operations and for day-to-day management of all operational and technical functions. From 2000-2004, Jay was the General Manager of the Automotive Division of Advanced Engine Components Limited (now known as Ookami Limited) where he carried out the day to day management of both Sprintex and Bullet Supercars (Qld), including overseeing emissions and full vehicle compliance of a high-performance sports car for Australian production. About Sprintex Sprintex Limited (ASX:SIX) is an automotive engineering, research, product development and manufacturing company. It is is a leading designer, developer and manufacturer of oil free twin screw compressors for automotive and clean-air industrial applications. With origins in the UK, Sprintex Limited was incorporated in Australia in November 2003 and listed on the ASX in July 2008 (ASX SIX). The company is headquartered and operates an R&D facility in Perth Western Australia. Sprintex designs and manufactures superchargers for use in a wide variety of combustion engines and is currently focused on the development and commercialisation of the Sprintex® twin screw supercharger, and supercharger systems incorporating the Sprintex® twin screw supercharger, in the automotive aftermarket and original equipment manufacturer (OEM) market in Australia, Asia, Africa, the Middle East and the United States of America. The company operates a wholly owned subsidiary in Malaysia which forms its main manufacturing base, a wholly owned subsidiary in USA, primarily servicing the automotive aftermarket and has recently added a further wholly owned subsidiary in China, primarily to explore opportunities in the clean energy sector including hydrogen fuel cells, waste water recycling and other clean air industrial applications. The China facility will engage in R&D and manufacturing for electric drive compressors and controls for various applications. Sprintex Limited is quality assured to ISO 9001-2008, its Malaysia operations are certified to ISO 9001-2015 and operate under ISO 14001 environmental standard and TS16949 automotive component standard. 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. 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 partners with Brilliant-Online where our investment stories are featured. The Brilliant-Online partnership is an opportunity to reach new and wider audiences in a fresh, appealing format to pique and retain investor interest. Read Brilliant Investments.

Coffee with Samso Episode 60 with Kado Muir, Founder of Marnta Sandalwood. It takes a soulful journey to understand how to share and create a business that is using the land in a sustainable manner. When you hear Kado Muir speaks about his life philosophy and the history of his family, you get a sense of calmness and fulfilment. I have known Kado since 1988 when we met on the basketball court at the University of Western Australia. Even at that age, I have always felt that he had a higher calling. Cut to 2021, and you get a sense that there is a lot of wisdom in those grey hairs. Over time, I have seen Kado go through many experiences in different areas. In this episode of Coffee with Samso, it was great to hear about his journey and how those experiences have created and shaped Marnta Sandalwood. The whole topic of Indigenous Australia and living in a sustainable manner in harmony with the land has intrigued me for many years. I recently spoke about this interest of mine with Mark Anderson from FISH. We did a Rooster Talk in May 2020 called Breaking the Inter-Generational Curse where we discussed extensively about the plight of the Australian Indigenous culture. This episode of Coffee with Samso is a great follow-up on that first chat as I thoroughly enjoyed Kado´s insightful and wise sharing. Kado shared with us some of these topics: Wealth generation and sharing His parents' life and the books his father wrote How they lived and worked How prospecting for gold gave him the deposit to his first house Being the first Indigenous Australian to go to university The books he has written and the creating of Marnta Sandalwood. Links to the books that are mentioned in this episode of Coffee with Samso. Working Together Book https://www.blurb.com/bookstore/invited/8504947/adeab2196a8fe56e66c00b4e683ae8d1c1cf61c8 APB, Dooley and Me https://www.amazon.com.au/Apb-Dooley-Me-Recollections-1968-1970/dp/0646411497 Ten Bush Foods https://www.blurb.com/bookstore/invited/8504749/23a61aed1ee5e99705469aae5689f3ab96e90e7b PODCAST About Marnta Sandalwood Marnta Sandalwood is an Aboriginal owned sandalwood harvesting, seeding and oil product company based in Leonora, Western Australia. Kado and Deeva Muir set up the business to create employment and opportunities for their children and other Aboriginal people in the northern Goldfields region. The business is committed to the sustainable harvesting and management of Sandalwood trees in the wild: We only harvest dead sandalwood trees in the wild. We plant seeds to promote new growth and sustain the species. We create oils for luxury skincare and fragrance from dead sandalwood trees and sandalwood nut oil harvested from sandalwood trees grown on Western Australian plantations. We are committed to a sustainable future for Aboriginal people, living and working on the land caring for a species of plant that has supported and sustained Aboriginal people for generations. We work with others who share our ethics and vision for sustainability. About Kado Muir Mr Kado Muir is a Wati, a Goldfields Aboriginal cultural and community leader and an anthropologist/archaeologist with many years’ experience working in Aboriginal heritage, language preservation and maintenance, traditional ecological/education and native title research. From an early age, Kado grew up living in the bush and his passion is to “look after country, community and culture¨. Kado is a community based cultural heritage and environmental activist. He has led campaigns against uranium mining in Western Australia and is part of that national network. He has been pushing for the mining industry to adopt responsible practices in Aboriginal heritage and to stop destroying Aboriginal sites and sacred places. Kado is a cultural leader who has preserved his Ngalia language and helped develop Australian curriculum content incorporating Aboriginal knowledge into education curriculum. Kado operates a number of businesses including an Aboriginal art business, a sandalwood company, a culture-focussed podcast and an Aboriginal heritage consultancy business. He is an advocate promoting alternative community-based enterprises. 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 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 Keep us informed too! Please let us know your thoughts and send us any comments to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google.

Samso on Mining HQ Podcasts Ep.19 - start 00:31 Noel Ong shares his excitement about the emergence of New Mineral Provinces in this episode of Mining HQ. The lifeline of any mining industry is Exploration. Nowadays there is so much funding and interest in the market that we are seeing an amplifying of the narrative of New Mineral Provinces. What is interesting about the current climate is that funding is secondary to finding good results. Tune in to learn about the big discoveries such as Julimar, and the companies that are busy exploring. Go to 00:31 Or go to 00:31 - https://open.spotify.com/episode/1oiwzxtYmSu0ac7bJOS3MN?si=f321bf8bee5642a5&nd=1 Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

Coffee with Samso Episode 44 with Sebastian Chang, Non-Executive Director, VIP Gloves Limited (ASX:VIP) Glove manufacturing is making many companies profitable and it is not just because of the COVID-19 pandemic The glove-making business is one of those sectors that does not call out for attention. The recent pandemic with COVID-19 has brought them out out of hiding and into the limelight. It is a simple business that is making many companies very profitable. This is not a common business in Australia, in fact, there is no other company on the Australian Stock Exchange that can call themselves glove makers. Malaysia is the market leader in the glove-making industry. The big four major producers, Top Glove Corporation Berhad, Hartalega Holdings Berhad, Supermax Corporation Berhad and Kossan Rubber Industries Berhad are world market leaders in this sector. In this episode of Coffee with Samso, Sebastian Chang, Non-Executive Director of the company shares with us the story of VIP and the business of Gloves Makers. Sebastian shows us that the business is not about the COVID-19 Pandemic but it is all about Occupational Health and Safety factors that are driving the business. Sebastian also highlights why he thinks the glove business will keep its course of high demand and growing sales. Profit margins will be sustained and the ASP (Average Selling Price) will continue to increase, but at a slower rate for the next 12 to 24 months. Please let us know your thoughts and send us any comment to info@samso.com.au. Remember to Subscribe to our YouTube Channel, Samso Media, and our mail list to stay informed and make comments where appropriate. Other than that, you can also give us a Review on Google. About VIP Gloves Limited (ASX: VIP) VIP Gloves Ltd (“VIP”) is a public company whose shares are traded on the Australian Securities Exchange (ASX). Malaysia is the home to many of the world's largest rubber and nitrile glove producers. Over the past 10 years, Malaysia has grown to become the world's largest producer of rubber and nitrile gloves, accounting for over 60% of global glove production. VIP Gloves Limited was established in 2016 to manufacture nitrile disposable gloves from its plant located in Selangor, Malaysia. Currently, its products are sold to local and overseas distributors under original equipment manufacturer (OEM) basis. Holding strong to the Company’s core values, we ensure every continuous improvement efforts are undertaken beginning with research and development through to manufacturing and delivering the best quality gloves for our customers, hence best quality and smart choice. About How Weng (Sebastian) CHANG Non-Executive Director Member, Executive Committee (EXCO) Mr How Weng (Sebastian) Chang has over 25 years’ experience in the regional investment environment in Malaysia, in the areas of stockbroking, corporate finance, fund management and venture capital investments in Malaysia as well as in the Asian region. He also served as Chief Operating Officer and held directorships in several public listed companies and their subsidiaries. Sebastian is currently the principal and Chief Executive Officer of a boutique financial consulting firm which provides services to clients in the areas of public flotation, mergers and acquisitions, and corporate restructuring exercises. He was educated in Malaysia and USA and holds a Bachelor of Business Administration (cum laude) degree majoring in Finance & Banking, and Management. PODCAST 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 this Coffee With Samso 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 Samso. About Samso

Coffee with Samso Episode 198 brings a new perspective to the Coffee with Samso conversations. In this first episode of our Insights segment, we delve into the thoughts of Allan Kelly, Executive Chair of Miramar Resources Limited (ASX: M2R). The life of an executive in the small mineral exploration is busy and stressful. Those that are out there trying to make an economic discovery are constantly under the spotlight. In my five years of establishing the Coffee with Samso series, Allan Kelly strikes me as a true mineral explorationist. To those that have followed the Samso journey and have watched Allan share his projects in Miramar Resources Limited, you will know that he speaks with great sincerity. Our conversations on the Samso platform (see below for previous conversations) are always long form and it has offered a great insight into the reasons why Allan is so passionate about the potential discovery. When you watch and listen to Allan talking about the projects, there is no doubt that his enthusiastic nature wants viewers to know what he is doing and why he is spending money on the project. Allan Kelly's Insights In this first episode of Coffee with Samso - Insights, we learn about Allan Kelly, the person. In an industry that takes no prisoners, it is hard for investors to know who is actually really trying to make a discovery. It is difficult to know if the person who is telling you the story is actually telling the truth and the real facts. I have been an investor in this industry since my university days in 1987 and have been a willing participant in the mineral industry since 1992. Like everyone who is working in the mineral exploration industry, we are all trying to make that economic discovery. The rate of success is not very high and as Allan mentioned in the first minute of the introduction to this episode, that rate of success is very low. So what makes us continue to work in mineral exploration? Why are the likes of myself and Allan Kelly continuing to be in the limelight and the brunt of all criticism? The questions that are being asked is why the Coffee with Samso Insights is beginning its journey. Get yourself a coffee or your favourite beverage and watch or listen and get a better understanding of Allan Kelly here: Chapters: 00:00: Introduction 05:13 How did Allan Kelly get into this industry? 09:04 Western Mining Interview 11:40 Work with Western Mining 13:18 Is the Development of Geological Skills still a common trait? 13:44 Western Mining was unique for the time. 15:27 What traits do you need to stay in the mineral exploration industry? 17:05 The Keys to be a Mineral Explorationist. 17:35 Don't be afraid to say you don't know something. 18:22 What is the core asset required to do well in the industry? 19:03 Need to have Endurance, the "Non-Technical Asset" - "Non-Geological Assets" 21:18 The Andy Well Story 23:29 The many reasons why a project may not be discovered. 24:30 How do you decide and manage which projects to leave behind? 29:56 The lack of Mineral Exploration and Mineral Discovery. 32:24 Does criticism ever affect you? 34:26 The Gidgee Project and The Paleochannel Problem. 35:11 Is it frustrating to be misunderstood about the Gidgee Project? 37:30 How do investors understand exploration results? 41:23 How to understand lack of mineralisation strike length. 42:31 What are Allan's thoughts on the Mineral Exploration sector? 43:49 Lack of patience from brokers. 45:03 Reasons why Allan is optimistic with Nickel and the Bangemall project. 50:57 Allan's last words. 51:26 Conclusions Previous Conversations with Allan Kelly Mineral Exploration - Creating Value Organically Miramar Resources Limited (ASX: M2R) - Mineral Exploration Success - Discovery at Marylebone. Miramar Resources Limited (ASX: M2R) Discovery at Gidji, Bangemall and Whaleshark Miramar Resources Limited (ASX: M2R) Discovery at Gidji, Glandore and Whaleshark. Miramar Resources Limited (ASX: M2R) - Surprises in the Bangemall: Carbonatites and IOCG Project Updates at Miramar Resources Limited (ASX: M2R) PODCAST About Allan Kelly Executive Chair of Miramar Resources Limited Mr Kelly is a geologist and manager with over 30 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Mr Kelly graduated in 1994 with a Bachelor of Science (with honours) in Applied Geology from Curtin University. He has been involved in targeting early stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada and has previously held senior exploration positions within Western Mining Corporation and Avoca Resources Limited. He has also served as an Executive Director of Riversgold Ltd and a non-executive director of Alloy Resources Ltd. In 2009, Mr Kelly founded Doray Minerals Limited, which listed on the ASX in early 2010. Under Mr Kelly’s management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years, and subsequently funded, constructed and commissioned the Deflector Gold-Copper Project within 14 months of completing the takeover of Mutiny Gold Limited in 2014. In 2014, Mr Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Mr Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. Mr Kelly is a Fellow and Former Councillor of the Association of Applied Geochemistry (AAG), a Member of the Australian Institute of Geoscientists (AIG) and a Member of the of the Institute of Brewing and Distilling (IBD). 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 ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments.

After writing the last post on Misunderstanding Dementia – A Common Issue, I have developed more passion to share the awareness of Dementia. The response I received were all very complimentary. Interestingly, when talking to people, they are still fixated on the memory loss as the primary symptom. In this post, I want to share on some of my research on the good things that you can do as friends and family of dementia. I find it challenging to write this post as I am never one to dwell on negatives. However, over the years of caring for my parents, I have a great appreciation for the aged care industry. Watching these people who cared for us all those years now become people that do things you are not accustomed to is not pleasant. I don’t think this is anything new as every reader will agree. Cultural Issue To many people still feel the embarrassment and taboo of talking about these topics. I think the ethical side and those from the older generation is very much to blame. I am slowly realising these issues as I speak to more people. I feel that the misunderstanding is a result of not wanting to be associated with the stigma of an illness such as Dementia. It is not due to a lack of understanding of facts… As they say, we immigrants bottle our culture and we take it out and use it as when we see fit. However, the place where we come from has been progressing with time and when we look back, we find that we have indeed been living in a culture that has been stuck in a bottle. When I was trying to get my last post out to the general public, I started to see that there are many associations here in Australia. To my surprise, Malaysia and Singapore had a few too. I should touch on that in upcoming posts. Reading the news from those places made me think that people like me should share our thoughts on this topic. I call my self a “Banana” (Yellow on the outside and white on the inside), and we should help bridge the gap. Life Continues But in a Different Way In my opinion, as bad as this topic is, my parents are still relatively healthy. For example, my mother is now playing mahjong and cards four times a week (when they go to the Chung Wah Community Centre) and she has never played that over the years. She only started playing cards after going to the centre. I cannot speak highly enough about what the Community Center means to us. The staff are great at making the experience fun and comfortable. There are many people with different level of care there and are well cared. I do encourage that friends and family of the aged do check these places out. Another topic for the next blog… 🙂 My parents look forward to going there. They bring their newspaper, snacks (homemade by us :-), and they come back telling us of who they met and what they did…. who did what, who was funny… who was a pain…etc. There was even someone who made Texas style BBQ sauces and they bought some back for us. All of them are living a whole new, different life but they are existing and relatively enjoying their life. Having dementia, as bad as it is, has many positives as well. My mum now plays mahjong and cards… 🙂 Recently, she was also trying to play pool. Community Centre - Willeton Centre. How the Community Centre Works. The great thing about the community centre is that participants get to mingle and mix with together. A van comes in the morning to pick them up between 8:30 and 9 am and takes them back around the 2:30 pm mark. I have been there and they are able to do the following, Group Exercise Play Games such as Mahjong. Not sure if old Asians play scrabble 🙂 Staff are there to encourage communication, They have morning tea, lunch, afternoon tea and even dinner if required. Watch television. The greatest benefit is that they are able to do relatively normal things. They still think of what they want to eat, and respond pretty well to conversations. It may not be what we consider as normal conversations, but it is still a conversation. There are many sad stories but its how you make of a situation. Speaking to a relative who has family in Melbourne last night, there is a lot of people who do not know of these kinds of help. I encourage readers who are in similar situations to seek these kinds of help. Whether you are in Australia or another country, the relief from 24hr care will help maintain good relations. On the occasion, there is an outing that happens and they go to see places. They were taken to go fishing one time too. Now that is a good life. The Inspiring Stories. I felt inspired by a guy in the US who made a documentary about his mother and dementia. The way he goes about doing things shows that you can still have normal conversations, it’s just on different topics. There was a video they went out to have ice cream. When you have acted as a carer, you notice the small things. You say to yourself, wow, we can also do that, now that is a good idea, why did we not think of that….etc Unfortunately, that video is no longer available. In the video you can see the sad side or the encouragement side. I prefer to see a great effort he makes to create a difference in the story. I encourage readers to share their comments and create awareness that there is life even with the discomfort of this illness. There is a video on a Dementia Village that I attached to my post on Dementia, where there was this social worker who had the best attitude in dealing with the awkward behaviours of citizens of the village. I have started the video below at the stage where she was being interviewed, From my experience, I do find that the carers all have this kind of mindset, or at least similar. Having seen a few carers over the years, they are a special breed of people. They give respite to the primary carers and I tell you, it is very appreciated. It also makes life easier. My advice for all carers is to make sure you take full advantage of these services. I appreciate that many of these services may not be affordable for many people but it is worth seeking the alternatives. Personally, the more I learn about the issues, the easier it is for me to deal with situations. It is not about me expressing my assumed knowledge, it is all about sharing that its a work in progress. Some Interesting News – Promising News There is an article talking about that there are ways you can do to prevent Dementia. This was published by The Economic Times, titled Good News: Now, dementia can be predicted 10 years in advance. It quotes research that was done by the University of Copenhagen in Denmark. “If those individuals at highest risk can be identified, a targeted prevention with risk-factor reduction can be initiated early before disease has developed, thus delaying onset of dementia or preventing it,” said Ruth Frikke-Schmidt, a professor at the University of Copenhagen. The study looked at data on 1,04,537 people in Copenhagen, Denmark, and linked it to diagnoses of dementia. Researchers found that a combination of age, sex and a common variation in the APOE gene could identify high-risk groups, with a seven per cent risk for women and six per cent risk for men in their 60s. There was a 16 per cent and 12 per cent risk, respectively, for people in their 70s; and a 24 per cent and 19 per cent risk, respectively, for those aged 80 years and … Dementia Rates Declining? There was one article that I thought was interesting. The article mentioned that researchers found that those who completed high school were less prone to develop symptoms of dementia. They talk about being healthy to reduce cardiovascular issues. Doing this may have some influence on the risk of adopting symptoms of dementia. However, another result showed a rather surprising result. This was that overweight and obese study participants actually had a lower risk of dementia than others. (source: https://www.senioradvisor.com/blog/2017/01/the-good-news-about-dementia-rates-theyre-dropping/) They mentioned that this is still too early to be factual, as other studies connect excess weight with heart disease, which can raise dementia risk. The reasoning may be that the extra weight late in life might offer some protection against cognitive decline. Is It True? To me, that may have some truth. When I recently spoke to a pharmacist he mentioned that in traditional medicine, people are taught that if you have high cholesterol, you must remove it. In fact, that level of cholesterol is the basic building blocks for the other parts of the system. Removing it will dampen that body sequence to develop its own “medicine”. Anyway, I am no medical practitioner but when this was explained, it was really interesting. Here are some facts from a recent search with ChatGPT - July 2025. Declining Age‑Specific Rates in High‑Income Countries A growing number of cohort studies from the Americas and Europe show a 13% drop in dementia incidence per decade over the past ~25 years. In the U.S., the age‑adjusted prevalence among those 65+ fell from roughly 12.2% in 2000 to 8.5% in 2016 — a decline of about one-third. A recent JAMA Network Open study found lower prevalence in more recent birth cohorts—21.2% in the U.S., 38.9% in Europe, and 28.3% in England—compared to older cohorts at the same age. Multi-country data (U.S., UK, parts of Europe) show prevalence dropping significantly across successive generations, especially among women. Global Context & Mixed Signals Globally, the age-standardized dementia prevalence is relatively flat, with only a +0.1% change from 2019 to 2050 (95% UI: –7.5 to +10.8). Worldwide Alzheimer’s disease incidence rates have stayed stable overall, slightly rising in some regions but declining in others . A recent Lancet Public Health review confirmed that age‑specific incidence and prevalence have decreased in many high‑income settings, though results vary, particularly among the very oldest . Why This Happened (High‑Income Countries) ? Factors likely contributing to declines include: Better cardiovascular health: improved treatment of hypertension, cholesterol, and diabetes. Reduced smoking rates. Increased education, building cognitive reserve. Enhanced hearing and vision care, alongside public-health improvements. These "birth cohort" effects mean newer generations enter old age with lower dementia risk Any decrease in dementia rates is good news, not only for seniors and their families, but also for public health. Dementia is the most costly condition a person can face, because it can progress slowly over many years, during which patients require round-the-clock supervision to prevent wandering, falls, and distress. Caring for a loved one with dementia is more than a full-time job, and professional care is expensive. The Alzheimer’s Association says the total cost of caring for people with dementia in the US was $236 billion in 2016. My Research However, my research from the Australian Institute of Health and Welfare show, Global Prevalence & Incidence (Updated July 2025) 57 million people worldwide had dementia in 2021—over 60% living in low- and middle-income countries. Nearly 10 million new cases are diagnosed each year globally. That’s approximately one new diagnosis every 3 seconds Projected Growth The number of people living with dementia is expected to nearly double from 55 million in 2020 to 78 million by 2030, and hit 139–152 million by 2050 A more recent estimate suggests a rise to around 153 million by 2050 . There is a link available to the Australian Bureau of Statistics on Dementia. Whether the rates are increasing or not, the fact of the matter is that people need to care in the best possible way. As the world is going into an ageing period of our history, we are going to see more issues than less. Like everything old, it needs TLC and maintenance is not going to be cheap. I was inspired to write this follow up after talking to a few people who gave me the impression that there was this downhill slope when you have dementia. Life is still worth living and it is up to us who are “normal” to make it as comfortable as possible for them. Also Check For:- Dementia Awareness- A Common Issue of Misunderstanding 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. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Announcement: Andromeda Achieves HPA Breakthrough A new chapter in the production of high purity alumina (HPA) is unfolding in South Australia, with Andromeda Metals Limited (ASX: ADN) achieving a significant milestone. The company has successfully produced ultra-high-purity 4N HPA using a novel, cost-effective, and low-carbon process. This breakthrough positions Andromeda at the forefront of the global HPA market. Travelling at a market capitalisation of AUD $68M, is Andromeda Metals worth a visit to look at getting into the market? Alpha HPA Limited (ASX: A4N) has a market capitalisation of just over AUD $1B. Purity Confirmed—99.9985% Figure 1 – Andromeda’s end-to-end process for the production of HPA from GWP. Lab-scale testing using refined kaolin from the Great White Project (GWP) resulted in HPA with a confirmed purity of 99.9985%, independently validated by EAG Eurofins USA and CSIRO, Australia's national science agency. This achievement is the result of over seven years of research and development, culminating in a proprietary flowsheet that sets a new benchmark for HPA production. A Cleaner, Smarter Process Andromeda’s novel process avoids many of the high-cost, high-emission steps used in traditional HPA production: No need for hydrochloric acid (HCl) crystallisation or re-leaching at extreme conditions No calcination above 1250°C; the product can be calcined starting from 700°C Estimated 68% reduction in carbon emissions, producing less than 4 tonnes of CO₂ per tonne of HPA compared to 12.3 tonnes from conventional methods Andromeda’s approach combines innovation with environmental responsibility, giving the company a significant edge as global demand grows for low-carbon critical minerals. South Australia’s Renewable Advantage The environmental benefits of Andromeda’s process are amplified by South Australia’s electricity grid, which is powered by more than 70% renewable energy. This offers the potential to further reduce the carbon footprint of HPA production from the Great White Project. A Critical Mineral for Future Technologies High Purity Alumina is an essential material used in: LED lighting Semiconductor manufacturing Lithium-ion battery separators High-tech ceramics and synthetic sapphire According to market forecasts, global demand for HPA is expected to outstrip supply by 45% by 2028. At present, approximately 88% of global HPA is produced using energy-intensive aluminium metal hydrolysis. Andromeda’s kaolin-based process offers a more sustainable and cost-effective alternative. Next Steps for Commercialisation With proof-of-concept now achieved, Andromeda will proceed with: A Scoping Study to assess project economics Customer engagement to refine product specifications and formats Investigating government funding opportunities Development of a pilot plant to test the process at a semi-continuous, industrial scale Executive Perspective Sarah Clarke, Acting CEO of Andromeda Metals, commented: “While our primary focus remains on the Great White Project, the successful production of HPA opens up a high-value, complementary opportunity. Producing 4N HPA at lower cost and carbon intensity compared to traditional processes is a strong proposition for manufacturers. We are excited to work closely with future HPA customers to bring this opportunity to life.” Concluding Comments from Samso Andromeda’s successful test work marks a transformative step towards sustainable, cost-competitive HPA production. With its high purity product, environmentally efficient process, and access to renewable power, the company is well-positioned to enter the growing critical minerals market. Anyone who has been following the Andromeda story would know that Andromeda Metals has been a frequent guest on Coffee with Samso, and there have been a lot of conversations on the myriad of products that come under Andromeda. The current announcement has obviously given shareholders something to cheer about (Figure 2), but the long-term shareholders will be looking for more uplift (Figure 3). Figure 2: Andromeda Metals Limited share price chart from 2023. (source: commsec) The rise and fall of Andromeda Metals have been legendary, but I still think that there are merits that could bring back some glory days, but that is going to take a lot of patience and hard work. Figure 3: Andromeda Metals Limited share price chart from 2020. (source: Commsec) The HPA Conversation The HPA conversation was brief, and at that time, I suppose things were very premature or at a very early stage of any development. This strategic move builds on the strength of the Great White Project and expands its commercial potential. What I like is that this has been a long-term investment, with the release mentioning that this latest work has been over 7 years. The HPA story is really something that is thrown around a lot, and it is very promotive when companies mention it. The ability to produce HPA stock is a fantastic opportunity for companies, especially those in the ASX. My Samso Insight on Alpha HPA Limited, entitled "Exploring the Potential of High Purity Alumina: A Review of Alpha HPA Limited (ASX: A4N)", was really a look at the top end of where companies that are in the HPA sector should be. could be? or is? It is very hard to see where Andromeda could be now because we do not have another example of a story at this level of the business. There are hopeful companies in the HPA market, but I cannot see them making it. As I have mentioned, I have had several conversations with Andromeda in the past 5 years, and I do like what they may have, but I do like to see more substance develop from company announcements. What they currently have in the portfolio does make me think that Andromeda may actually be better, but that may be a reflection of my belief from past conversations, but the reality presently may bring a different outcome. I have not been following the company recently, but this will definitely put them on my radar screen again. As usual, take time to DYOR, and Happy Investing. 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: Sapphire - Sapphire (corundum), Nessa Eull. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Sapphire_(GeoDIL_number_-_1432).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.