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The investment world is constantly changing, influenced by economic shifts, technological breakthroughs, and global events. In 2025 , several trends stand out as particularly influential for those investing in the ASX . The business of Renewable Energy is mainstream. Investors need to consider if this is still a good investment product, especially for retail investors. Reflecting on 2025: ASX Investing Themes That Shaped the Year The investment world never stands still. As we head into the final quarter of 2025, it’s clear that this year has been shaped by global realignments, sector-specific breakthroughs, and a recalibration of risk across markets. For ASX investors, 2025 was all about realising the shifting dynamics with the rising gold price and the increasing geopolitical tension. From a micro to small capitalisation mineral resource perspective, ASX investors started to rise with the mainstream narratives for Antimony and Gold. The rise of companies such as Trigg Minerals Limited (ASX: TMG) is a good example of how investor fortunes have risen with a "good story" (Figure 1). Figure 1: Trigg Minerals Limited has seen spectacular growth from the Antimony narrative. (source: Commsec). Let’s unpack the key trends that defined ASX performance in 2025—and what they may be signalling for investing into 2026 . Sustainability & Green Energy Critical minerals matured from promise to performance The critical minerals narrative moved from speculative hope to tangible progress in 2025. Australia’s push to become a trusted supplier of “green economy” metals  gained credibility, with material developments across lithium, rare earths, rutile, graphite, tungsten, copper, and uranium. Key 2025 highlights: Sovereign Metals (ASX: SVM)  progressed the Kasiya  rutile-graphite project in Malawi, updating its DFS timeline and attracting increasing European offtake interest via the EU’s Global Gateway. Peak Minerals (ASX: PUA) - Now Lion Rock Minerals Limited (ASX: LRM)  gained traction for its Minta rutile project in WA , benefiting from titanium feedstock shortages and interest from pigment and welding markets. Iluka Resources (ASX: ILU)  continued de-risking its Eneabba rare earth refinery , receiving further government support under the $4 billion Critical Minerals Facility. Uranium sentiment  turned a corner as energy security dominated headlines. Stocks like Paladin Energy (ASX: PDN)  and Boss Energy (ASX: BOE)  outperformed as utilities returned to the spot market and long-term contracting resumed. 🡲 Looking ahead : The market will increasingly differentiate between resource holders  and those moving into production . ESG-backed capital will continue flowing, but only toward projects with robust execution, permitting certainty, and defined offtake pathways. Technology & Innovation AI shifted from hype to healthcare—and infrastructure While generative AI continued to capture global headlines, on the ASX, the most meaningful tech gains came from real-world application , not hype cycles. Key 2025 movements: EchoIQ (ASX: EIQ)  secured its first major U.S. commercial integration , following its 2024 FDA clearance for AI-assisted detection of structural heart disease. This milestone triggered momentum towards CPT reimbursement codes and hospital rollout across the U.S. Spenda Ltd (ASX: SPX)  expanded its B2B payments ecosystem, integrating AI-driven analytics to enhance SME credit visibility. BluGlass (ASX: BLG)  pushed further into the quantum and photonics space, leveraging its RPCVD technology for chip-level innovation. 🡲 For 2026 : Investors will focus on unit economics, scalability, and partnerships —especially in AI/medtech, cybersecurity, and quantum sectors. With Nasdaq valuations normalising, ASX tech players will be expected to show clear revenue paths and real-world traction . Healthcare & Biotechnology Clinical milestones and funding survival sorted the leaders from the pack 2025 was a year of reckoning for ASX biotechs. Capital was selective, and companies that executed clinical or regulatory milestones  separated themselves from the crowd. Sector standouts: Actinogen Medical (ASX: ACW)  completed dosing for its Xanamem Phase 2b Alzheimer’s trial , with topline results expected in Q1 2026. Investors are now watching closely for data readout and commercial partnering moves. Mesoblast (ASX: MSB)  finally made headway with the FDA after years of setbacks, reigniting interest in its cell therapy platform. Race Oncology (ASX: RAC)  advanced its RC220 anti-cancer compound , generating promising pre-clinical results that position it as a potential follow-on to doxorubicin. Emyria (ASX: EMD)  gained momentum as it repositioned from psychedelic-based therapies to data-backed clinical service platforms. 🡲 Going into 2026 , the emphasis will remain on clear regulatory de-risking (FDA, EMA) , diversified pipelines, and cash runway visibility. Investors will reward science-backed operators  with global ambitions and disciplined capital management. Real Estate & Infrastructure Rate resilience and migration drove selective opportunities Despite ongoing interest rate uncertainty through the first half of 2025, ASX property and infrastructure plays  performed with nuance: Key market dynamics: Goodman Group (ASX: GMG)  and Centuria Industrial (ASX: CIP)  benefited from continued demand for logistics and warehousing , especially near major ports and distribution hubs. Charter Hall Social Infrastructure (ASX: CQE)  outperformed as the market rotated into education and healthcare real estate , driven by demographic tailwinds. Residential construction plays  remained under pressure from cost inflation, but high migration and government incentives created tailwinds for build-to-rent models . 🡲 Outlook for 2026 : Watch for macro easing cycles , REITs with strong cash flows, and exposure to social and industrial infrastructure  that aligns with long-term demand. Geopolitical Realignment & Emerging Markets Africa, Southeast Asia, and non-China growth mattered In 2025, global geopolitical tensions and supply chain realignments played directly into ASX-listed companies with international exposure : Relevant developments: DY6 Metals (ASX: DY6)  pushed exploration in Malawi , tapping into U.S. and Japanese interest in African REE sources . Blackstone Minerals (ASX: BSX)  refocused its Vietnam operations toward downstream nickel-cathode supply chains , targeting Korean battery majors. Perseus Mining (ASX: PRU)  and West African Resources (ASX: WAF)  benefitted from rising gold prices amid geopolitical uncertainty and USD volatility. 🡲 For 2026 , geopolitical risk premiums will remain elevated. Companies with resource-nationalism resilience , multilateral funding support, or sovereign offtake partners will be favoured. How Do You Calculate Investment Required based on Expected Rate of Return on Investment? One of the key trigger points for the average investor is "How Much Do I Need to Make a Return per Month?". For example, generating a steady income of $3,000 per month from investments depends on the expected rate of return and the type of assets chosen. Here’s a simplified approach to estimate the required capital: Determine your target annual income: $3,000 x 12 = $36,000 per year. Estimate your expected annual return: Conservative investments might yield 4-6%, while higher-risk assets could offer 8-10% or more. Calculate the investment needed: At 4% return: $36,000 ÷ 0.04 = $900,000 At 6% return: $36,000 ÷ 0.06 = $600,000 At 8% return: $36,000 ÷ 0.08 = $450,000 Keep in mind that higher returns usually come with increased risk. Diversifying your portfolio and reinvesting dividends can help achieve your income goals more sustainably. Actionable tip : Consult with a financial advisor to tailor your investment plan based on your risk tolerance and financial goals. Financial planning materials for investment income calculation Practical Tips for Maximising Your Investment Returns in 2026 Diversify your portfolio : Spread investments across different sectors and asset classes to reduce risk. Stay informed : Follow market news and updates on key investment trends to adjust your strategy as needed. Focus on quality : Invest in companies with strong fundamentals, good management, and sustainable business models. Use tax-efficient accounts : Take advantage of tax-advantaged investment accounts to maximise after-tax returns. Monitor fees : Choose low-cost funds and be mindful of transaction fees that can erode gains. Set clear goals : Define your investment objectives, time horizon, and risk tolerance before committing capital. Concluding the Investment Environment in 2026 - Key Investment Trends. The year 2025 has been a period of consolidation and transition for ASX investors. From critical minerals to biotechnology, the stories that unfolded on the market were not about speculative hype but about companies demonstrating tangible progress. For followers of Samso content, the themes we have consistently discussed—sustainability, innovation, healthcare, and global realignment—have each provided their own set of examples that help us better understand the forces shaping the market. Sustainability remained at the forefront, with projects such as Sovereign Metals’ Kasiya rutile-graphite development  and Peak Minerals’ focus on rutile in Western Australia  drawing attention to how critical minerals fit into the global decarbonisation effort. These stories highlighted the importance of long-term strategic positioning rather than short-term price action. Technology and innovation also featured strongly. Conversations with companies like EchoIQ (ASX: EIQ)  reminded us that artificial intelligence is no longer a distant concept—it is being applied to address real challenges in healthcare, with FDA-cleared tools now making their way into hospitals. This is a continuation of a theme Samso has been exploring for years: the intersection of technology with practical outcomes. In healthcare and biotechnology, the year brought both challenges and breakthroughs. Actinogen (ASX: ACW)  progressed its Alzheimer’s trial, while companies such as Mesoblast (ASX: MSB)  and Race Oncology (ASX: RAC)  kept the narrative alive around innovation in treatments for complex diseases. These developments illustrate the patience required when investing in this sector, something Samso has often emphasised in past discussions. Real estate and infrastructure were shaped by the same forces we have written about previously—population growth, logistics demand, and the ongoing need for social infrastructure. The performance of groups such as Goodman (ASX: GMG)  and Charter Hall (ASX: CHC)  served as reminders of how demographic shifts and structural demand underpin certain investment stories, regardless of short-term sentiment. Geopolitics also remained an unavoidable backdrop. ASX companies active in Africa and Southeast Asia, such as DY6 Metals (ASX: DY6)  and Perseus Mining (ASX: PRU) , highlighted both the opportunities and the risks of looking beyond Australia. These are not new ideas for Samso readers—we have long pointed out that resource narratives often sit within broader global supply chains and geopolitical realities. Samso Concluding Comments Looking back, 2025 has underscored many of the recurring themes we have explored on Samso over the years. The lessons have been less about telling investors what to do and more about recognising how markets evolve and how companies adapt to change. As we move towards 2026, the challenge remains the same: to follow the stories, understand the context, and see how they fit into the broader investment landscape. At Samso, the aim has always been to provide that context, separating the signal from the noise, and letting readers form their own conclusions about where the opportunities may lie. As we head into 2026, investors would do well to ask: Who has moved beyond promises and delivered milestones? Which teams are aligned with structural tailwinds and de-risked jurisdictions? Where is the capital disciplined and product-market fit real? At Samso , we continue to believe that insight comes from looking deeper than the headlines . The signals are there—you just need to tune into them. The Samso Way – Seek the Research At #SamsoNews , the focus is always on separating signal from noise and grounding every analysis in facts and context. Real insights only emerge when investors take the time to do their own research and look beyond the headlines. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.   The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Highly Prospective Gold Deposit in NSW 22 September 2025 Thunderbird Resources Limited (ASX: THB)  has executed a binding agreement to acquire 100% of the Springfield Gold Deposit in central NSW (Figure 1) — a project with historical shallow drilling, multiple thick, high-grade intercepts, and significant exploration upside. Alongside this acquisition, Thunderbird has secured $2.2M through a placement at $0.014/share, ensuring it is well-funded to accelerate its exploration programs. Figure 1: Location of the Springfield Gold Deposit and LM2’s other projects in relation to Thunderbird’s existing (source: THB) Key Highlights - A Developing Gold and Antimony story. Springfield Gold Deposit Acquisition  – 100% interest in a drill-ready gold project within the Slashers Flat Project (EL 8437), located ~10km south of Gulgong, NSW. Mineralised Intrusion  – Well-defined monzodiorite mapped over >1,700m strike, with drilling to date focused on only 500m (Figure 2). Figure 2: The mineralised monzodiorite at the Springfield Gold Deposit is mapped to shallow mineralisation focused on just 500m of strike at the Springfield Deposit (source: THB) Impressive Historical Intercepts  – Including: 27m @ 3.65g/t Au from surface (incl. 6m @ 8.29g/t Au) 65m @ 1.16g/t Au from 2m (incl. 13m @ 2.92g/t Au) 86m @ 1.04g/t Au from 104m (incl. 26m @ 1.83g/t Au) Open in All Directions  – Mineralisation remains open along strike and at depth, with Springfield North Prospect showing shallow hits yet to be followed up (Figures 3,4 & 5). Figures 3,4 & 5: Mineralisation remains open in all directions   at the Springfield Gold Deposit. (See Figure 2 for location of cross section) (source: THB) Complementary Portfolio  – Strengthens THB’s position alongside its Rockvale and Kookabookra Gold-Antimony Projects in NSW. $2.2M Placement  – Firm commitments received; directors to subscribe for $235k subject to shareholder approval, funding drilling and exploration programs. Geology & Exploration Upside. The Springfield Deposit is hosted in monzodiorite intruding volcaniclastics, with alteration ranging from propylitic to phyllic. Quartz stockwork veining and sulphide mineralisation (arsenopyrite, pyrite, minor chalcopyrite) dominate the system. Historical exploration — just 6,568m of drilling — intersected mineralisation at very shallow depths, yet deep drill holes confirm potential continuity at depth. Springfield North offers an immediate opportunity with untested mineralised zones over 500m strike. Additional prospects within Slashers Flat (Lady Belmore, Divide 4)  have also returned encouraging gold intercepts, presenting a pipeline of targets (Figure 6). Figure 6: All previous drilling within the Slashers Flat project area. Multiple intrusions have been mapped within the project area, with many of these known to be mineralised (including at Springfield) (source: THB)   Upcoming Exploration & Maiden Drilling Program. Maiden Drilling:  Thunderbird to commence first drilling program soon after acquisition completion. 1.7km Mineralised System:  Lightly tested with significant strike length still open. Discovery Potential: Infill drilling to define and expand high-grade zones at Springfield. Step-out drilling to test strike extensions north and south. Deeper drilling to explore mineralisation continuity at depth. First follow-up drilling at Springfield North to test untested shallow mineralisation. Permitting in Progress: New land access agreement being finalised. Other permits underway to enable drilling to start in coming months.   Samso Concluding Comments I like the Springfield acquisition as it is a natural move for Thunderbird — it adds a drill-ready project with proven mineralisation in a premier NSW gold belt. The presence of thick, high-grade gold near the surface and the fact that more than two-thirds of the mineralised strike has never been drill-tested make a compelling story for the market. What I believe is not mentioned is an older resource that cannot be released. Looking at the about of drilling already completed, it does not take a genius to realise that there will be something like that coming out in time. With Mike Haynes as Executive Chair, I am very happy as a shareholder. The CPS Capital and Mike haynes combination is going to work well for shareholders. The $2.2M placement ensures that Thunderbird is not just acquiring ground but is positioned to act on it immediately. Investors should watch for the maiden drilling program results, as even modest step-out success could materially scale the known mineralised envelope. What we are really seeing here more than the creation of a strong gold-antimony portfolio across NSW, with Springfield joining Rockvale and Kookabookra to form a consolidated exploration pipeline. Thunderbird is now purpose driven and I feel that with the right mix of a proven management backed by the largest micro-small cap group in Australia, there are good things to come. Figure 7: The share price journey of THB (source: commsec). With a market capitalisation of just over AUD $11M, this is a viable position play based on my comments above. For the technical investors, looking at that chart above, it is primed for some action? As I have mentioned, I am a shareholder and I am encourage with what I am seeing and with the performances of the suite of CPS Capital stocks rocketing to the moon with their share prices, I am going to be applying the art of being patience. As always, keep an eye on execution: access agreements, permitting, and drilling start dates will be key near-term catalysts. The real excitement will come when those first assay results hit the market. The Samso Way – Seek the Research Always track how management converts strategic acquisitions into drilling success. Follow the permitting progress and maiden drill campaign closely, as this is where value creation will accelerate. 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.

The Challenger Gold Mine Story The Challenger Gold Project is one of these forgotten projects that has more to give than people realise.  The Challenger gold deposit is 750 km north-northwest of Adelaide in Archaean rocks of the Gawler Craton. The Challenger Mine is the most significant gold-only discovery made in South Australia.  It took over three years of exploration to discover the ore body in 1995 by Dominion Mining Limited.  They used what was then a new form of geochemical sampling called “calcrete” sampling. A regional sampling grid of 1.6km x 1.6km was used to cover the tenement area.  The sampling anomaly was followed up with drilling to test the calcrete geochemical anomalies.  After the discovery continued reconnaissance and infill calcrete sampling has defined over 300 calcrete gold anomalies over an area of approximately 10,000 km². Drilling of 50 of these prospects has revealed numerous occurrences of gold mineralisation but failed to define any further mineable reserves. Calcrete geochemical data, including the anomaly that led to the discovery of the Challenger deposit. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) One of the many hundreds of samples was the “lucky” sample and recorded above background values of gold in calcrete.   That lucky sample led to the discovery of what is now a mine that produced 1M ounces of gold since mining started in 2002.  Like many discoveries, the initial drilling intersected high-grade ore, but subsequent drilling was not consistent. Infilling of the regional sampling grids occurred by progressively decreasing the size of the patterns down to 400 m × 400 m then 100 m × 50 m, eventually homing in on the Challenger gold and arsenic anomaly. An initial RAB drilling program targeting the calcrete anomaly delivered an intersection of 28 m @ 5.8 g/t, which launched the Challenger project. (Androvic, P, Bamford, P, Sandt, M, The Challenger Gold Mine, 2008). Cross-section and drill hole geochemical data across the Challenger geochemical anomaly showing anomalous values associated with the Challenger mineralisation. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) More detailed drilling with detailed structural interpretation led to the discovery of a series of tightly folded linear shoots.  Mineralisation occurred as discrete shallowly (30° to 45°) plunging shoots hosted by granulite-facies paragneiss, which lacks marker horizons to aid in geological and structural mapping. High-grade moderate to steeply dipping auriferous quartz veins occur within the shoots. The Challenger Landscape Geophysical Signatures What is interesting is that no significant structures are observable in the area in regional (400 m line spacing) aeromagnetic data.  Most of the people I have spoken to tell me that there are no visible geophysical signs of the deposit. The diagrams below show the difficulties in using geophysics as a tool.  There is some slight inference to the deposit, but like all hindsight theories, they are useless in real-life exploration. Regional-scale geophysical data from the northern Gawler Craton showing locations of gold deposits and prospects. Co-ordinates are AMG zone 53. SAEI TMI aeromagnetic data. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) The gravity data show more detail, but it is not a great use for identifying a target. Regional-scale geophysical data from the northern Gawler Craton showing locations of gold deposits and prospects. Co-ordinates are AMG zone 53. AGSO Bouguer anomaly gravity data. White circles show locations of gold mineralisation. Imaging by Cowan Geodata Services. (source: Peter Williams, David Frances, Jerome Gillman & Chris Bonwick (2003); Geophysical characterisation of the Challenger gold deposit, Gawler Craton, South Australia, ASEG; Extended Abstracts, 2003:3, 19-27, DOI: 10.1071/ASEGSpec12_02) The Mining of Challenger Challenger started as an open pit in 2002 and was mined to a depth of 135m and completed in April 2004. A total of 120,000 ounces of gold was mined.  Due to the massive nature of the Challenger gneiss, the mining process was complicated. The poor natural fracturing and indistinct geology in the pit resulted in the problematic interpretation of ore zones.  This lead to poor geological control.  The actual structural geometry of the ore was not apparent during the open-pit mining period as no ore was exposed for mapping in the early part of the mining process. The folded nature of the ore was known, but the complexity of the ore was not fully realised. What was suitable for the mine was the “free dig” nature of the top 33m of the weathering profile. Challenger is a structural monster, and a laterally extensive shear zone defines the orebody with shoots plunging 30º to 030º – 035° (AMG) or 055° – 060° mine grid. Cartoon showing the progressive shortening of psammitic beds (So) to produce tight to isoclinal folds that ultimately are transposed by the axial planar foliation (S1) and local shear zones along attenuated limbs (S2). The psammitic bed could also represent leucosome melt bands and quartz veins and is independent of scale (from Standing, 2003). (source: Androvic, P, Bamford, P, Sandt, M, The Challenger Gold Mine, 2008) Speaking to some people who have worked in Challenger, they tell me the mine is called Challenger for a reason.  The complexity would have caused a lot of dilution during the mining of the ore body.  There are at least ten different known types of ore geometry, and I would not doubt that there would be even more that have not observed. In 2001, Challenger had a reserve of 110,000oz of contained gold and the mine produced over 460,000 oz up to June 2008.  In the three financial years to 30 June 2008, the mine produced 325, 600 oz from 1.18M tonnes at an average grade of 9.1 g/t.  The average operating cost was $319/oz (Not sure if the author is quoting in AUD or USD).  That is an incredible costing.  Remember that the gold price was just over USD400 in 2005 and about USD800 in 2008. Today, Challenger has produced over 1.1M oz of gold which is a testament to the endowment of the mine. What’s the upside? As my “devoted” readers know, I am all about exploration and the opportunity to find new deposits.  I wrote about these opportunities many times such as Bellevue Gold Limited (ASX: BGL) and their Bellevue Gold Mine ( Best Way to Find a Gold Mine: Bellevue Gold Project, an Exploration Success ), Breaker Resources Limited (ASX: BRB) and their Bombora Project( Best way to find a Gold Mine: A Mineral Exploration Success )  and the recently taken over Echo Resources Limited (ASX:EAR) ( Echo Resources (ASX: EAR) – King of the Yandal Province ). These stories are what excites me about the Challenger area.  The last concentrated exploration effort would have been the period up to the discovery of Challenger in the late 1990s.  All exploration would have stopped post-2000.  During the search for Challenger, Dominion discovered several satellite prospects that were followed up by Southern Gold Limited (ASX: SAU).  In 24th February 2010 , SAU announced their maiden JORC-compliant Gold Resources of 102,600oz within the Challenger Area Gold JV.  Trafford Resources Limited which is now Tyranna Resources Limited (ASX: TYX) took over the leases and had more exploration success and announced a JORC 2012 resource of 319,000oz over the JV leases. These two companies have made these discoveries based upon the work from the Dominion days while they were fine-tuning the discovery of Challenger.  The lack of activity over the years is why I am excited.  That’s one mine, 1.2M oz mined and not much else.  If you were to draw a 100km radius around challenger, you would not find anything.  In the Kalgoorlie and the Menzies area of the Eastern Goldfields of Western Australia, you would find thousands of operations. Comparing statistics, the same 100km radius around two well-known mining district in the Eastern Goldfields, Kalgoorlie and Menzies, you get a very different picture.  There is one mine at Challenger while you have over 4,000 “mining activities” around Kalgoorlie and over 2,000 around Menzies area (Mining Activities = Mines that are classified as Shut, Proposed, Operating or Care and maintenance.  Mindex Data from Department of Mines, Western Australia.) And when you look at Australia’s gold operations, it is even bleaker.  The figure below does not even show Challenger as the big yellow circle is Olympic Dam.  As many would know, I am an exploration geologist, and I look out for projects that have long legs for opportunities and have a cheap entry.  To me, the Challenger area has lots of potentials (comes with lots of money required to explore) and the supergene deposits that are being discovered by Tyranna and Mamota Resources Limited (ASX: MEU) are what is the cream.  These kind of deposits were all the rage in the 1980s in the Eastern Goldfields and is now an extinct creature. All the supergene low hanging fruits would have been taken out in the 1980s and 1990s.  As one would expect, the concentration in activities is directly correlated to the quality of infrastructure.  It is no secret that the mining infrastructure in and around the Eastern Goldfields are all an A-grade level. For this reason, Challenger is still “untouched” and the primary factor has been the remoteness and the lack of exploration funding since the 1990s.  The Challenger area is remote and if not for the robustness of the gold price, we would not be even entertaining this prospect. Significant Gold Deposits in Australia, 2016. (source: Geoscience Australia) The best example of a similar scenario is when Gold Road Resources Limited (ASX: GOR) took up practically the whole Yamarna Greenstone Belt.  At a time not too distant away, it was felt that the greenstone belt in the Yamarna was of different age and tectonic sequence and hence would not be mineralised like the Norseman-Wiluna belt.  Well, 6.6Moz resource of which 3.9Moz is in Reserve later, this belt is pretty well endowed with gold.  It is not too hard to think that this Challenger area could be that.  There are more facts that there is more to find then there are facts to disprove this theory.  Work by Tyranna Resources is factual evidence that the supergene mineralisation scenario is well and truly alive and well. The Challenger Gold Mine. (2018)(source: Tim James) The Samso Way – Seek the Research 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 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.   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 Innovative Process Flow Sheet Selected with High Recoveries 1 Oct 2025 OD6 Metals (ASX: OD6) has wrapped up its CPC Optioneering Study—backed by ANSTO testwork—and selected a preferred process flowsheet  for the clay-hosted rare earths at Splinter Rock . The decision lifts confidence that OD6 can produce low-impurity  MREC/MREH products and moves the project into large-scale optimisation  at ANSTO alongside the commencement of mining studies at the Inside Centre Deposit  (Figure 1). Figure 1: Location of the Inside Centre Deposit (Source: OD6)   Managing Director Brett Hazelden commented:   “The selection of a preferred flowsheet marks a major milestone for Splinter Rock. This outcome provides confidence in our ability to produce a high-value, low-impurity MREC or MREH product that is highly attractive to global supply chains. With this stage complete, we now move into large-scale testwork at ANSTO and commence mining studies at the Inside Centre Deposit. Importantly, discussions with potential offtake partners, separation facilities, end-users and governments continue to reinforce the strategic value of Splinter Rock..” Key Highlights - An Australian Rare Earth Mining Proposal Preferred Flowsheet locked in:   Heap Leach → Nanofiltration (NF) → Ion Exchange (IX) → Impurity Removal (IR) , designed to optimise recovery and payability while cutting reagent use and downstream volumes (Figure 2). Recovery & product quality:  ~ 75% overall Nd & Pr recovery ; MREC ~56% TREO  and MREH ~59% TREO  with very low U+Th (<0.001%) —attractive specs for magnet REE supply chains. Cost levers:  NF enables acid recovery and recycle  (>80% in tests), reduces liquid volumes; IX concentrates REEs so the IR circuit is smaller; a Chlor-Alkali Facility (CAF)  is included to cut operating costs via on-site reagent production. Scale & timing:  Metallurgical diamond core program nearing completion  (2–2.5 t of core to be delivered to ANSTO in October); scale-up tests  to commence this quarter with progressive results in 1H 2026 . Mining study  work is also starting. Market positioning:  Final MREC/MREH products are MagREE-rich (Nd, Pr, Dy, Tb). Benchmark payability typically 70–85%  of the REO basket value (not guidance, but context for product economics). OD6 is targeting 6,000+ tpa REO in ~5 years  (aspirational; see company caution). Figure 2: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study. (Source: OD6)   Project Context Splinter Rock carries a JORC Mineral Resource of 682 Mt @ 1,338 ppm TREO , including Indicated 119 Mt @ 1,632 ppm  and Inferred 563 Mt @ 1,275 ppm , with an ~23% MagREE ratio —positioning it among Australia’s largest clay-hosted REE projects (Figure 3). The conceptual development pathway emphasises heap leaching  as the lower-cost, higher-recovery option versus agitated tank leaching for Inside Centre.   Figure 3: Table 1: Splinter Rock Rare Earth project Mineral Resource Estimate - by Prospect at 1,000ppm TREO cut off grade (Source: OD6) How the Selected Flowsheet Improves Outcomes (Figure 4) Heap Leach:  Simple, low-acid leach of clay ore to generate enriched leachate. Nanofiltration (NF):   Recycles acid (>80%) and concentrates REEs, shrinking downstream volumes  and opex. Ion Exchange (IX):   Concentrates REEs  and improves impurity control (notably Fe/Al), enabling milder IR pH and lower REE co-precipitation losses. Impurity Removal (IR):  Two-stage polishing (optimised pH ~3.5 then ~4.1–4.4) to reach low-impurity  specifications. Product Precipitation:  Flexible end-products as MREC or MREH . CAF (Chlor-Alkali Facility):  On-site reagent generation for material opex reductions  and project independence. Figure 4: Anticipated Inside Centre Total REE Recovery by Element. Utilising the Preferred Process Flow Sheet (Source: OD6) What Was Tested (and why this one wins)? OD6 and ANSTO iterated through six flowsheets , progressively adding NF , IX , and a U/Th IX step . The chosen Flowsheet 6  balances higher recovery , better impurity control (Al/Fe/U/Th), smaller circuits  downstream (capex/opex benefits), and improved payability —without excessive complexity at scale.     Next Steps (Figure 5) Finish metallurgical core drilling  (October) and dispatch 2–2.5 t  of core to ANSTO. ANSTO scale-up & optimisation  this quarter: Heap leach kinetics, acid strength/consumption, counter-current configuration, agglomeration. NF acid recovery verification; IX selectivity/elution (Fe/Al and trace U/Th reduction); IR optimisation. Bulk MREC/MREH (~>1 kg)  for customer qualification & offtake  discussions. Mining study  (Inside Centre): pit shells, stripping ratios, scheduling, preliminary costs (Burnt Shirt engaged). Commercial engagement:  offtake partners (payability scenarios); government & potential financiers. Future options:  CAF enables potential on-site oxide separation  (Nd, Pr, Dy, Tb; possibly Sm, Y) via chloride-based SX (desktop assessment with ANSTO being advanced). Figure 5: Inside Centre Composite Sample Locations overlain on airborne electromagnetic survey interpretation. (Source: OD6)   Managing Risk & Disclosures OD6 flags that its 6,000+ tpa REO  aspiration and optioneering ranges are conceptual  and not production targets ; further drilling, engineering, and feasibility work are required before any final investment decision. Readers should consider the company’s forward-looking statements and cautionary notes in full.   Samso Concluding Comments This release is all about how Flowsheet selection turns geology into metallurgy and metallurgy into a business plan. In summary, OD6 can now create a concept that allows the business to work. It is now all about the following: Heap Leach → Nanofiltration → Ion Exchange → Impurity Removal (with a chlor-alkali back-end). The business now targets the magnet rare earths that matter (NdPr, plus Dy/Tb), it actively strips what hurts payability (Al/Fe/U/Th), and it builds in operating levers through acid recycle and smaller downstream circuits. On paper, that is the working model. The bigger question from here is the translation from bench recoveries into stacked tonnes, acid recycle into cash cost, and “low-impurity” into genuine payability from end-users. That’s where ANSTO’s scale-up, bulk MREC/MREH samples, and customer qualification loops matter. If those deliver as flagged, the flowsheet’s simplicity and reagent self-sufficiency could become a structural edge rather than a lab result. According to what OD6 is  professing , investors need to keep an eye on the following over the next 122 months: (1) scale-up data that confirms recoveries and acid balances at meaningful volume; (2) clarity on mining studies at Inside Centre (strip, scheduling, capex/opex contours); and (3) any signals on offtake interest tied to product specs and payability. Positive movement across that trio de-risks both route and revenue. Conversely, any slippage in leach kinetics, impurity control, or acid recycle will show up quickly in capex/opex math—so keep an eye on the details, not just the headlines. As always, DYOR. Read the fine print around forward-looking statements, note that production targets are not yet defined, and remember that clay-hosted REE success is a chain: geology → metallurgy → specification → payability → financing. OD6 has tightened a key link in that chain. The next test is whether industry validation and engineering studies can pull the rest taut.   The Samso Way – Seek the Research Always read the source announcement, cross-check the flowsheet details, recoveries , and impurities, and track the ANSTO scale-up  milestones and mining study  outcomes as they land through 1H 2026 . DYOR, and focus on the payability math  and capex/opex translation  as OD6 moves from bench to scale. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Ryman Equity Raise_Presentation_Feb 25  Founded in Christchurch, New Zealand, in 1984, Ryman Healthcare (NZX: RYM) has grown into one of Australasia’s leading operators of retirement villages and aged care services (Figure 1). For over forty years, the company’s guiding principle has been simple yet powerful — that everything it does must be “good enough for mum and dad.”  This philosophy has shaped Ryman’s reputation as a trusted brand, built around its purpose of enhancing freedom, connection, and well-being for older people. With a continuum of care model that supports residents as their needs evolve, Ryman has positioned itself as a provider of both independence and security for its communities. Today, Ryman operates 49 villages across New Zealand and Australia , serving more than 15,300 residents . Its scale and focus on care have cemented its leadership in the sector, while demographic tailwinds continue to create strong long-term demand for retirement living and aged care. Against this backdrop, Ryman is undertaking a decisive balance sheet reset through a $1.0 billion equity raising , designed to reduce gearing, strengthen financial resilience, and provide flexibility for future growth. The raise is not just about shoring up the capital structure, but also about positioning Ryman to deliver on its heritage of care while adapting to changing market conditions and investor expectations.  Figure 1: Miriam Corban Village (source: RYM) ASX Listing Details. Listing Date : Tuesday, 23 September 2025 Principal Activities : Ryman Healthcare Ltd is a New Zealand-based operator of retirement villages and provider of aged care services in both New Zealand and Australia. Issue Price : AUD $3.05 Issue Type : Ordinary Fully Paid Shares Security Code : RYM Capital to be Raised : N/A (Equity raise targeted $1.0 billion already announced) Expected Offer Close Date : September 2025 Company Overview. Ryman operates 49 villages , providing homes and care for more than 15,300 residents . Its model is built on a continuum of care , spanning independent living, serviced apartments, rest homes, hospitals, and dementia care. This competitive advantage positions Ryman strongly as demand for aged healthcare services continues to accelerate with demographic shifts across Australasia. Highlights of the Equity Raising - Age Care and Retirement Business. Offer Structure : $313m placement to institutional investors, $688m via a 1-for-3.05 pro-rata accelerated non-renounceable entitlement offer . Discounted Offer Price : $3.05 per share, representing a 21.9% discount to TERP ($3.90)  and 29.2% discount to the last close ($4.31) . Balance Sheet Reset : Net debt reduced from $2.56b to $1.59b , lowering gearing from 37.3% to 23.1% . Funding Flexibility : $820m debt facilities cancelled, $539m extended, with covenant waivers providing headroom for transformation (Figure 2). Annualised Savings : $50–55m in interest cost reductions expected from debt repayment and hedging changes. Figure 2: Strong lender support (source: RYM)   Business Transformation in Motion. Leadership Refresh : New CEO Naomi James and a renewed Board with extensive transformation expertise. Operational Reset : Prioritising release of $500m+ from existing stock over 3–5 years, with targets of $100–150m annualised business improvement . Care DNA : With over 4,600 aged care beds , Ryman is expanding its occupancy and leveraging reforms in New Zealand and Australia to capture growing aged care demand (Figure 3). Disciplined Growth : Focus on lower capital intensity, outsourcing build models, and consolidation opportunities in Australia.   Figure 3: Ageing Population – Key Driver for Aged Care Demand (source: RYM) Outlook & Guidance. FY25 Guidance : Negative free cash flow (~$100m), capex of $590–620m , and delivery of 940 units/beds . FY26 Outlook : Cash flow breakeven achievable if ORA sales volumes recover to 70–75% of FY24 levels . FY26–27 Build Rate : Between 489–575 new units/beds  expected.   Samso Concluding Comments Ryman’s $1.0 billion equity raise is both defensive and forward-looking . It shores up a stretched balance sheet, secures covenant waivers, and provides flexibility to navigate through a slow housing market. For investors, this represents a turning point — the chance to back a trusted brand through a reset and participate in the upside as market conditions recover. The long-term investment case remains centred on demographics, demand for aged care, and Ryman’s proven continuum of care model . Execution will be crucial in releasing cash, improving operational efficiency, and growing sustainably. While the offer comes at a deep discount, it also underscores the seriousness of the balance sheet reset and the opportunities for shareholders willing to back the transformation. This raise is all about securing the balance sheet, and this is a blue-chip play. At Samso News, we don't normally present this size of business. We thought that it was something interesting and noteworthy to highlight for our platform.     The Samso Way – Seek the Research Every raise has its signals. At Samso, we always stress: look beyond the headline number  and assess the strategy, sector dynamics, and management execution. As always — DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement First Lupin Protein Order Received From Univar China 17 September 2025 . Wide Open Agriculture Ltd (ASX: WOA) has moved decisively into the Chinese market through its partnership with Univar Solutions China. After six months of market development, customer engagement, and technical trials, the first commercial order has been placed. This order – while not financially material on its own – represents the first tangible step towards building a commercial presence in one of the world’s largest and fastest-growing plant-based protein markets.   Customer Insights & Lupin Market Alignment Feedback from Univar’s customer network was unambiguous: Lupin protein’s (Figure 1) clean, neutral taste and complete amino acid profile make it an attractive solution for health-conscious consumers in China, where lactose intolerance is common. Its alignment with the Healthy China 2030 initiative further strengthens the strategic fit. Figure 1: Lupin Protein Isolate - A Healthier Alternative (source: WOA) WOA Chair Ms Yaxi Zhan commented   “A healthy and versatile Australian-made protein has significant potential in the Chinese market. Our lupin protein offers consumers a functional plant-based protein alternative suited to Chinese dietary traditions. Strongly aligned with the Chinese Government’s Healthy China 2030 initiative, multiple studies demonstrate that lupin protein has significant health benefits including reducing cholesterol levels and supporting everyday health and wellbeing.” Univar will now focus on tailored marketing programs, beginning with protein-enriched milk tea, before expanding into other beverage applications. The Univar team will also visit WOA’s WA headquarters this month to refine product formulation, processing, and supply planning. Independent market research shows that China’s bubble tea market (Figure 2) is projected to reach US$990.7M by 2030, implying ~10.5% CAGR from 2023 to 2030 – offering WOA a compelling springboard for growth. Figure 2: Bubble Tea Milk - Demo Product with WOA’s Lupin Protein Isolate (source: Photo by Univar China) About Wide Open Agriculture WOA is pioneering next-generation lupin-based plant proteins and fibres designed to enhance taste, functionality, and nutritional value across a wide range of food and beverage applications. Its proprietary technology delivers high-quality, clean-label ingredients for global markets, positioning WOA at the forefront of the plant-based protein movement.   Samso Concluding Comments For investors, this announcement is a gentle but important reminder that early-stage market entry is about building credibility and securing a foothold. The first 5-tonne order is small in tonnage but large in significance because it confirms that Univar’s customer trials have translated into commercial intent.  The choice to begin with bubble tea is very ingenious — this segment is growing, highly innovative, and well-positioned to introduce new functional ingredients like lupin protein. In my opinion, this is all about the younger generation, and if WOA can build a following in this category, it can leverage that brand awareness into other plant-based applications across China’s US$4.2B protein market.  This strategy is used in many branding exercises. Getting the younger generation involved is the fastest way to build momentum. The younger consumers spend generously, and they are trendsetters. It is important to emphasise that there is no revenue guidance or guarantee of follow-on orders, so investors need to manage expectations. However, as a milestone, this order reduces market-entry risk and signals that WOA’s China strategy is on the right track. The next step for WOA is to deliver on product performance, supply consistency, and formulation support — and if those boxes are ticked, the company could be well-placed to turn this initial order into a recurring revenue stream. The Samso Way – Seek the Research Look beyond the headline — this first order is a validation step, so track repeat business, follow-on orders, and supply chain execution to see how WOA fits into China’s broader plant-based protein growth story. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Investing wisely is crucial in today’s fast-changing financial landscape. With so many options available, it can be overwhelming to decide where to put your money. This guide will help you navigate the best promising investment trends and provide practical advice to make informed decisions. Whether you are a beginner or looking to diversify your portfolio, understanding these trends can help you maximize your returns. Exploring Promising Investment Trends in 2024 The investment world is constantly evolving, and staying updated on promising investment trends is essential. Here are some of the most notable trends shaping the market this year: 1. Sustainable and ESG Investing Environmental, Social, and Governance (ESG) investing has gained significant traction. Investors are increasingly prioritizing companies that demonstrate responsibility towards the environment and society. This trend is not just ethical but also profitable, as sustainable companies often show strong long-term growth. Example: Investing in renewable energy companies or green technology startups. Actionable tip: Look for funds or ETFs that focus on ESG criteria to diversify your portfolio responsibly. 2. Technology and Innovation Technology continues to be a powerhouse for growth. Areas like artificial intelligence, blockchain, and cybersecurity are attracting substantial investment. These sectors offer high growth potential but come with volatility. Example: Consider investing in tech-focused mutual funds or individual stocks of companies leading innovation. Actionable tip: Stay informed about emerging technologies and their market impact to time your investments well. 3. Real Estate in Growing Markets Real estate remains a solid investment, especially in regions experiencing population growth and urban development. Rental properties, commercial real estate, and real estate investment trusts (REITs) offer diverse ways to invest. Example: Investing in residential properties in expanding suburbs or commercial spaces in business hubs. Actionable tip: Research local market trends and economic indicators before committing capital. Modern residential buildings in a growing suburb How Much Money Do I Need to Invest to Make $1000 a Month? Many investors wonder about the capital required to generate a steady income of $1000 per month. The answer depends on the type of investment and its expected return. The answer is also dependent on your ability to ride out the investment. The most important aspect of deciding on an investment strategy is to first understand what you have in terms of capital to be invested and how your life will be affected by not having that capital to use. There is nothing straightforward about this decision, as the timeframe required will be dependent on how long you can live without that capital. In addition, the longer your view is for your investment, the lower the risk for you on the immediate scenario. I am not a believer in an investor with a crystal ball. No matter how much experience you have, no matter how much research you have done, there will never be a scenario when you have a sure thing. Trust me, there will always be a scenario of blowing up that ideal investment opportunity. Calculating the Required Investment Dividend Stocks: If a stock yields 4% annually, you would need approximately $300,000 invested to earn $12,000 a year or $1000 a month. Rental Properties: Rental income varies by location, but a property generating $1500 monthly rent with expenses of $500 leaves $1000 net income. Bonds: With an average yield of 3%, you would need around $400,000 invested to make $12,000 annually. Factors to Consider Risk tolerance: Higher returns often come with higher risks. Diversification: Spreading investments reduces risk and stabilizes income. Expenses and taxes: Account for management fees, maintenance costs, and taxes. Practical Steps Define your income goal clearly. Choose investments aligned with your risk profile. Use online calculators or consult financial advisors to estimate capital needs. Financial calculator and investment documents Diversifying Your Portfolio for Stability and Growth Diversification is a key strategy to manage risk and improve returns. By spreading investments across different asset classes, you protect your portfolio from market fluctuations. Asset Classes to Consider Stocks: Growth potential but higher volatility. Bonds: Lower risk and steady income. Real Estate: Tangible assets with rental income. Commodities: Hedge against inflation. Cash or equivalents: Liquidity and safety. Benefits of Diversification Reduces exposure to any single investment. Balances risk and reward. Provides opportunities in various market conditions. How to Diversify Effectively Invest in a mix of domestic and international assets. Use mutual funds or ETFs for broad market exposure. Rebalance your portfolio periodically to maintain the desired allocation. Diversified investment portfolio on a laptop screen Understanding Risks and Rewards in Today’s Market Every investment carries some level of risk. Understanding these risks helps you make better decisions and avoid common pitfalls. Types of Investment Risks Market risk: Fluctuations due to economic changes. Credit risk: Possibility of default by bond issuers. Liquidity risk: Difficulty in selling assets quickly. Inflation risk: Loss of purchasing power over time. Balancing Risk and Reward Higher returns usually mean higher risk. Conservative investors may prefer bonds and cash. Aggressive investors might focus on stocks and emerging markets. Tips to Manage Risk Conduct thorough research before investing. Avoid putting all your money into one asset. Keep an emergency fund separate from investments. Taking Advantage of Investment Opportunities Finding the right investment opportunities can significantly impact your financial future. It’s important to stay informed and act strategically. How to Spot Good Opportunities Look for sectors with strong growth potential. Analyze company fundamentals and market trends. Consider long-term prospects rather than short-term gains. Practical Advice Use trusted platforms and resources for research. Network with other investors and financial experts. Start small and increase your investment as you gain confidence. Final Thoughts on Investing Today Investing is a journey that requires patience, knowledge, and discipline. By focusing on promising investment trends, understanding your financial goals, and managing risks, you can build a portfolio that supports your future aspirations. Remember, the best investment decisions come from continuous learning and adapting to market changes. Start exploring your options today and take control of your financial destiny. The Samso Way – Seek the Research Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide 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 Metallurgical Diamond Drilling Commences at Splinter Rock 17 September 2025 OD6 Metals   Limited (ASX: OD6)   has launched a metallurgical diamond core drilling campaign at its 100%-owned Splinter Rock Rare Earth Project  in Western Australia (Figure 1). This work is focused on Inside Centre , the deposit that has consistently delivered standout metallurgy and supports near-term development studies. Figure 1: Splinter Rock Rare Earth Project (source: OD6) The drilling involves six twinned diamond core holes, generating up to 2.5 tonnes of bulk material. These samples will underpin heap leach optimisation, impurity removal verification, and scaled production of MREC and MREH. Importantly, these products will be used in offtake discussions with global partners. Key Highlights - Rare Earth Story Metallurgical Diamond Core Program Underway:  Six twinned PQ/HQ diamond core holes targeting Inside Centre AirCore sites to generate 2–2.5 tonnes of bulk core. Heap Leach Optimisation:  Testing duration, kinetics, acid consumption, counter-current configuration, and particle agglomeration. Impurity Removal Verification:  Nanofiltration and ion exchange to deliver low-impurity Mixed Rare Earth Carbonate (MREC) and Hydroxide (MREH). Bulk High-Quality Product:  Targeting >1 kg premium MREC and MREH for customer qualification and offtake discussions. JORC Resource Upside:  Existing Indicated Resource of 119Mt @ 1,632ppm TREO remains open to the NE & SW, offering growth potential. Strategic Partnerships:  Ongoing collaboration with ANSTO and CPC Engineering, guiding testwork and development pathway.   Inside Centre – The Cornerstone Deposit Inside Centre is the key driver of OD6’s near-term development plans. With consistently strong metallurgy and high recoveries (~79% MagREE, ~80% Nd/Pr), the zone forms the indicated portion of the current resource base. Mineralisation remains open, supporting the opportunity to expand resources through ongoing exploration (Figure 2). Figure 2: Inside Centre Indicated Resource (red) and twinned drill hole locations (yellow), showing open mineralisation to NE & SW (source: OD6) Program Overview The metallurgical core program is focused on supplying bulk material for ANSTO to run scale-up testwork and refine the heap leach flowsheet. Key test campaigns will optimise leach kinetics, acid consumption, and agglomeration techniques while validating nanofiltration and ion exchange steps to remove impurities such as Fe, Al, U, and Th before final precipitation. Six existing AirCore drill sites (Table) will be twinned with large-diameter PQ/HQ diamond core drilling (63 to 85mm core) to collect ~2–2.5 tonnes of bulk rare earth material  for metallurgical scale-up testwork. Table 1: Metallurgical drill hole locations based on selected AirCore site to be twinned. OD6, in partnership with CPC and ANSTO, has already demonstrated a multi-stage flowsheet that efficiently produces high-grade MREC/MREH with elevated Nd, Pr, Dy, and Tb — critical components for permanent magnet supply chains (Figure 3). Figure 3: Indicative process flowsheet – Heap Leach, NF, IX, IR, Product Precipitation, and Chlor-Alkali Facility (source: OD6) Benchmark payability for these products is typically 70–85% of REO basket value, underscoring the importance of producing clean, saleable product for offtake qualification.   Pathway to Offtake and Financing The bulk product generated from this program will be dispatched globally for offtake partner engagement, enabling commercial payability assessment and advancing discussions with potential customers. Parallel engagement with government and financiers continues to support the development cycle. Next Steps Complete metallurgical core drilling and dispatch samples to ANSTO. Scale-up heap leach and impurity removal testwork. Continue CPC’s optioneering study to identify the preferred development pathway based on cost, recovery, and scalability. Progress discussions with offtake partners and financing stakeholders.   Managing Director Brett Hazelden  commented: “It’s pleasing to have our metallurgical diamond core program underway at Inside Centre, the cornerstone rare earth deposit within Splinter Rock. This key program aims to produce 2 to 2.5 tonnes of representative core that will be sent to ANSTO for heap leach scale-up and impurity-removal optimisation, with the goal of producing >1 kg of Mixed Rare Earth Carbonate (MREC) for customer qualification and offtake progression. OD6 has already produced high-quality MREC (~56% TREO) and MREH (~59% TREO) from our simplified heap leach flowsheet, with this new work to build on our recent flowsheet breakthroughs with ANSTO and the ongoing CPC optioneering study that continues to provide positive outcomes.” About OD6 Metals OD6 Metals is focused on developing its clay-hosted rare earths project at Splinter Rock, one of Australia’s largest and highest-grade deposits. With an Indicated Resource of 119Mt and Inferred Resource of 563Mt , Splinter Rock offers long-life potential supported by a heap leach development concept. The company also holds the Gulf Creek Copper-Zinc VMS Project  in NSW, where maiden drilling has confirmed high-grade copper mineralisation below historic workings, opening a new exploration front.   Samso Concluding Comments The Splinter Rock story continues to build credibility through incremental but meaningful technical progress. It is good to see that there is a degree of seriousness by transitioning to diamond core drilling and scaling up the metallurgical testwork. OD6 is addressing the critical questions of processing, impurity removal, and commercial viability. The initial validation of the flowsheet has been completed, and the company is now focused on creating samples to engage offtake partners commercially. The broader context of rare earth supply chains, especially those related to magnetic rare earths, highlights the importance of these gradual steps. For me, the reality of the West vs. East storyline looks like its taking shape. The Chinese Market - Update My recent discussions with those that are in the chinese market are telling me that there are definite internal pressures brewing amongst all sectors of the Chinese industries. The competition within China is so intense now that companies are looking abroad to increase revenues. Rationalisation of business are happening and it will be interesting to see how the Rare Earth downstream industry will respond or rather react with mounting pressures from the West. The increasing presence of Chinese news in the middle east will be interesting as this will be where Chinese influences will have the most traction. Having access to raw commodities in Africa is one thing, but creating influences in more value adding markets is another level up. OD6 Journey Inside Centre has emerged as the cornerstone of Splinter Rock, and the upside potential to expand resources further strengthens the long-term outlook. With ANSTO and CPC Engineering involved, OD6 is aligning with the right technical partners to advance the project responsibly. Time is OD6 main headache as it will need capital to sustain the journey. As the market is overshadowed by the gold bull run, OD6 does appear to be the sole survivor that is worth mentioning. This could be its saviour as there are less competition in Australia for critical capital to establish itself as a major concern in the Rare Earth sector. As always, this is not investment advice, but for investors watching the rare earth space, OD6 is one to follow closely. The story is shifting from proof-of-concept into potential commercial reality. The Samso Way – Seek the Research Facts first, context always. Map the geology to the strategy, verify the numbers, and decide only after your own research. The rare earth narrative is complex, but disciplined research helps separate real progress from noise — and OD6’s steady technical milestones at Splinter Rock are a good case study in how investors can follow the data. 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.

Golden Dragon Mining Ltd (ASX: GDR) is set to list on the ASX on 14 October 2025 . The company has successfully completed a fully subscribed IPO, raising A$5 million at $0.20 per share . With a post-money market cap of A$8.89M and an enterprise value of approximately A$3.7M , GDR presents an appealing entry point for investors. This multi-project gold explorer is strategically positioned in one of Western Australia’s most productive gold provinces. The timing is ideal. Gold prices are at all-time highs, trading at US$3,568/oz in April 2025. M&A activity is also accelerating in the Murchison region. GDR’s near-term drill targets could yield significant results, catering to a market eager for discovery news. Indicative Timeline IPO Open: 16 September Broker Bids Close: 18 September (3 pm AEST) Allocations Advised: 19 September Settlement: 25 September ASX Listing: 21 October 2025 ASX Code: GDR Industry Group: Materials – Mineral Exploration & Development Offer Summary Details Minimum Maximum Offer Price A$0.20 A$0.20 Funds Raised A$5.0M A$5.0M Shares Issued 25.0M 25.0M Use of Funds Exploration (Cue, Stella Range, Fenceline), geophysics, structural mapping, RC/AC drilling, working capital, IPO expenses Same as minimum Market Cap on Listing ~A$8.89M ~A$8.89M Investment Highlights 1. Compelling Exploration Portfolio Cue Project : This flagship asset covers over 600 km² and is only 16 km from Westgold’s Big Bell Mine, which has a historic production of over 5 Moz (Figure 1). Figure 1: The Cue Project (source: GDR) Walk-Up Drill Targets : There are multiple gold prospects (Figure 2) including Behring Bore, Curtis Find, Stockyard East, and Jeffery Well, with high-grade results: - 8m @ 5.8 g/t Au (Coodardy) - 12m @ 5.4 g/t Au (Coodardy) - 3m @ 11.2 g/t Au (Curtis Find) Figure 2: Behring Bore and Curtis Find gold prospects (source: GDR) Antimony Upside : A kilometre-scale anomaly is defined along the Big Bell Shear, with a peak Sb of 340 ppm . This area remains largely untested by previous explorers (Figure 3). Figure 3: The Big Bell gold deposit (source: GDR) 2. Strategic Location in Tier-1 Gold Jurisdiction GDR is surrounded by operating gold mines and processing hubs (RMS, WGX, SPR). The company has access to established infrastructure and potential ore processing routes. The region boasts over 35 Moz of gold endowment, with recent high-grade discoveries confirming its prospectivity. 3. Pipeline Beyond Cue Stella Range Project : This project covers 131 km² in an emerging gold province near Gold Road’s new landholding (Figure 4). The gold corridor remains open along strike and depth, with intercepts of up to 1.73 g/t Au . Figure 4: Stella Range Project Map (source: GDR) Fenceline Project : This project is part of the Narndee Layered Intrusive Complex, featuring Cu-Pb-Zn-Ni-PGE targets (Figure 5). This aligns with GDR’s diversification into critical metals. Figure 5: Fenceline/Narndee Layered Intrusive Complex Map (source: GDR) 4. Experienced Board and Leadership Golden Dragon Mining’s board and management bring a blend of technical excellence, capital markets experience, and a proven discovery track record: Rhoderick Grivas (Chair) : A geologist credited with multiple Kundana gold discoveries, including Rubicon, Hornet, and Pegasus (5Moz+). Francesco Cannavo (NED) : A serial founder and capital raiser across multiple ASX-listed juniors. Simon Buswell-Smith (MD) : A geologist with over 15 years of experience in WA gold, resource estimation, and open-pit mining. Sam Zheng (NED) : Manages over A$200M in mining investments and is an active backer of ASX resource stories. 5. Well-Funded for Aggressive Exploration Golden Dragon is allocating 75% of its A$5M IPO funds directly into exploration. This includes RC and AC drilling, geophysics, and structural mapping across Cue, Curtis Find, and Behring Bore. This aggressive program aims to fast-track a maiden JORC resource and generate strong discovery news flow within the first 12–18 months . This gives investors early exposure to potential value-moving catalysts. Samso Concluding Comments - The Future of Golden Dragon Mining Golden Dragon Mining represents a classic ASX junior gold exploration story. It features a tight capital structure, walk-up drill targets, and a leadership team with a strong track record of discoveries. The Cue Project is particularly well-positioned, located within a proven gold corridor and benefiting from historical drilling data and new acquisitions that consolidate control over the Coodardy lode. With gold in a strong uptrend and market interest returning to quality exploration plays, GDR’s initial drill campaigns post-listing will be critical to monitor. Near-surface mineralisation, combined with antimony and critical metals upside, could provide multiple price catalysts over the next 6-12 months . The inclusion of antimony and other critical metals adds an intriguing dimension to the story. This diversification positions GDR beyond just a gold play. While this may seem like a typical marketing strategy, the leadership under Rhoderick Grivas could attract broad investor interest as the market sharpens its focus on gold exploration. Navigating Risks and Opportunities Investors should be aware that the projects within the GDR IPO are in a historically rich area. However, there is a concern that the region may be "overworked." This is a legitimate point, but many so-called overdrilled areas have still delivered economic discoveries. Therefore, it is essential to approach this investment with caution and always conduct your own research (DYOR). This is an early-stage opportunity in a potentially significant Murchison gold story. Historically, the Murchison region is known for higher-grade gold mineralisation. GDR could experience rapid growth if its initial campaigns yield high-grade results. This makes it a strong candidate for #SamsoDYOR . As always, DYOR. Review the drill plan, past intercepts, and how management intends to prioritise its targets across Cue, Stella Range, and Fenceline. The ability to convert high-grade intersections into a maiden JORC resource will be a key milestone for 2025 . The Samso Way – Seek the Research Always look beyond the IPO headline. Track exploration spending, drill results, and how GDR converts targets into resources before making your next investment decision. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunities. Our content is well-researched and created only 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 their commitment to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. 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. Support Page Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, 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 strive to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Cue Gold Project in the Day Dawn Goldfield WA 3 October 2025 E79 Gold Mines Limited (ASX: E79 ) has signed a binding agreement to acquire 90% of Cue Metals Pty Ltd, securing the rights to the Cue Gold Project (~70 km²)  in the Day Dawn Goldfield, immediately south of Westgold’s high-grade Great Fingall  operation (historic 1.2 Moz @ 19.2 g/t Au ). The company has also received binding commitments for a $3.0 million placement at A$0.021/share  (two tranches) to accelerate exploration. Figure 1:  Aerial view of the Cue Gold Project, looking south, relative to the Great Fingal Mining Complex, Break of Day Mine, Caprice Resources Island Project, and Mt Magnet Operations. (source: E79)     E79 Gold CEO Ned Summerhayes commented: “The Cue Gold Project is situated in a discovery and M&A hotspot within one of the best gold addresses in Australia. The area contains Westgold’s famous high-grade Great Fingall and Golden Crown Gold Mines, Ramelius Resources’ Break of Day Mine and other exciting projects such as Caprice Resources’ Island Gold Project. Not many junior explorers get the opportunity to secure ground with gold discovery potential like this in such a tightly-held region. “We are looking forward to unlocking this significant discovery opportunity with an aggressive and focused exploration campaign. “We are also very much looking forward to working with Glenn Martin as Technical Consultant given Glenn’s track record of discovery in the region. We also welcome Matt Bowles to the E79 Gold Board, bringing additional corporate experience and extensive knowledge of the discovery and growth opportunity in the Murchison Region from his time at Alto Metals.”  E79 Gold Technical Consultant for the Cue Gold Project, Glenn Martin , commented: “The Cue Gold Project represents a highly prospective area which remains under-explored due to post-mineral cover and shallow broad-spaced drilling. It has all the ingredients to contain significant high-grade gold deposits that this part of the Murchison Province is renowned for.”   Highlights - Resetting the Gold Exploration Targets. Acquisition : Binding SPA to acquire 90% of Cue Metals  (Cue Gold Project), with Cue Metals’ remaining 10% free-carried to completion of a Feasibility Study. Completion subject to customary conditions (shareholder approvals, ASX waiver, shareholder agreements, option formalities, and regulatory approvals).  Placement : $3.0m  (before costs) at 2.1c , 12.8% discount  to 5-day VWAP; Tranche 1  expected to settle on 10 Oct 2025  with allotment around 13 Oct 2025 ; Tranche 2  (incl. $115k director participation) subject to AGM approval (late Nov 2025). Not conditional on acquisition completion. Lead Manager: GBA Capital (6% fee).  Tier-1 address : Project sits immediately south of Great Fingall  and along trends that have delivered high-grade quartz-reef gold systems  (Great Fingall, Golden Crown, Break of Day). Under-explored due to post-mineral cover —opening discovery upside (Figure 2).  Early drill vectors : Historical intercepts include 13 m @ 2.2 g/t Au (EOH)  (Ada), 20 m @ 0.6 g/t Au  (Ada), 2 m @ 4.8 g/t Au  (Chloe), 4 m @ 0.6 g/t Au  (Riptide), 4 m @ 4.4 g/t Au  (MBA23). Average historical drilling has only tested to ~50 m depth.  People : Appointment of Glenn Martin (ex-Musgrave Chief Geologist who led Break of Day discovery) as Technical Consultant; Matthew Bowles  (ex-MD, Alto Metals) to join Board upon completion.  Infrastructure : Proximity to third-party mills  (Ramelius’ Checkers ~60 km S; Westgold’s Tuckabianna ~25 km E) and Great Northern Highway. Figure 2:  Cue Gold Project location plan and local gold operations. (source: E79)   Project Overview & Geological Context Cue lies within the Murchison Gold Province (Youanmi Terrane, Yilgarn Craton) , covering parts of the Great Fingall Dolerite , Meekatharra Formation , and Big Bell Suite . The area is renowned for narrow-footprint, high-grade quartz reefs  (typically 100–300 m strike, 2–10 m width), localised where dilational shears  intersect rheological contrasts. Undercover conditions have historically limited modern, systematic exploration—E79 intends to apply high-resolution gravity  and follow up along strike and under cover. Figure 3:  Geological setting and selected historical drill results of the Cue Gold Project. (source: E79) Exploration Focus (Near-Term Work Program) Initial work will target five prospects : Ada, Chloe, Riptide, Transformer, MBA23 —prioritising areas with shallow, broad-spaced historical drilling and indications of reef-style mineralisation (Figure 4). Figure 4:  Location of priority gold targets relative to Golden Crown and Great Fingall open pits. (source: E79)   Key historical intercepts: Ada : 13 m @ 2.2 g/t Au from 112–125 m (EOH) in GCRC936 ; 20 m @ 0.6 g/t Au from 45–65 m in GCRC935 (Figures 5 & 6 ) . Figure 5:  Drill-hole location plan of Ada gold prospect. (source: E79) See Figure 6 for an interpretive cross-section of the Ada gold prospect. Figure 6:  Interpretive cross-section of the Ada gold prospect. (source: E79)   Chloe : 2 m @ 4.8 g/t Au from 90–92 m in GCRC944 (plus multiple 2–6 m intervals 0.6–2.9 g/t Au).  Riptide : 4 m @ 0.6 g/t Au from 32–36 m in LAC802 ; 28 m @ 0.4 g/t Au (DD) at depth.  Transformer : Multiple 3–8 m intervals 0.5–1.6 g/t Au (AC).  MBA23 : 4 m @ 4.4 g/t Au (AC).   E79 also highlights the potential for reef repeats  along a 3+ km extension of the Great Fingall dolerite  (Figure 7) and targets over a 6+ km strike  in the Meekatharra Formation. High-resolution gravity  is flagged as a proven discriminator to refine structural targets. Figure 7: Break of Day / Day Dawn–Great Fingall targeting model (shear zones) (source: E79)   Capital Raising — Key Terms Total : ~$3.0m (before costs) at A$0.021/share ; 148.3m new shares . Discount : 12.8%  to 5-day VWAP prior to announcement. Tranches : T1  under LR 7.1/7.1A. T2  (incl. $115k directors) subject to AGM approval  (late Nov 2025). Use of funds : Complete acquisition, scale up gravity surveys, target generation, first-pass drilling , and working capital. If acquisition doesn’t complete, funds will be redeployed to Mountain Home (NT) , Laverton (WA) , and working capital.   Acquisition & Option Structure (Summary) Consideration (up to $1.2m in shares @ $0.021)  over milestones: $300k  in shares at completion; $600k  in shares on transfer of optioned tenements (within 3 yrs); $300k  in shares on grant of tenement applications (within 3 yrs, pro-rata). Optionors’ terms  (on exercise): $50k cash + $100k cash/shares , plus milestone payments tied to maiden and subsequent JORC resource thresholds  (≥100 koz, ≥250 koz, ≥500 koz), at E79’s election , cash or shares; 1% NSR  retained by Optionors. Tenure note : One tenement has a late rent payment  under review; the company assesses forfeiture risk as low, given short delay and historical expenditure.   Board & Technical Appointments Matthew Bowles  to join as Non-Executive Director  at completion (ex-Alto Metals MD; led growth of Sandstone to +1 Moz  before Brightstar acquisition; currently MD of Indiana Resources). Glenn Martin  appointed Technical Consultant  (ex-Musgrave Chief Geologist; involvement in Martabe, Jinfeng, Break of Day; senior roles at Red Hill, De Grey, Normandy).   Next Steps E79 aims to complete the remaining conditions precedent  and commence an aggressive exploration program  at Cue, while continuing to advance Mountain Home (Cu-Au-Bi)  and Laverton South (Au) . Further shareholder updates are expected in the coming weeks.   Samso Concluding Comments This is a very interesting address for E79. A very contested area that has been out of reach for many years, and for E79 to get its hands on it is certainly a good thing. I like the area as it is sitting alongside Great Fingall and Break of Day, which is as good a nearology play as one can get. Historically, ground in the Cue region has always carried the right geological DNA for narrow but high-grade systems, so this is one tick for E79. The Analogy - The Day Dawn Nearology. I am always against solely banking on a nearology concept, but when it is coupled with being in a belt like Day Dawn and Great Fingall (Figure 8), neighbourhood matters because structure, rheology contrasts, and historical mining all point to repeatable settings. The Great Fingall story is well known and this belt was the hot region when I first started out as a geologist in the early 1990s. After that period, it was kind of quiet till Westgold came along and made this a hot region again. Figure 8: A long section of the Great Fingall Mine. (source: Westgold). According to Westgold: Westgold has multiple near-term development opportunities across its portfolio. Our next new mine is the iconic Great Fingall mine, which is located 5km southwest of Cue.Production from Great Fingall is expected to commence in the first half of FY25, with the decline development having commenced in October 2023. At steady state, Great Fingall will be a long-life, high-grade, high-margin underground mine, producing more than 45,000oz a year. Lets remember that a discovery like Fingall that has stood the test of time is simply going to have many potential mineralisation nearby. One of the virtues of being exposed to this industry over the last 30 years is that the number or opportunities that are discovered right underneath the noses of explorers is amazing. What is Possible - Never Never Discovery. The Never Never discovery by Spartan Resources (Figure 9) is a great example as it was right next to a mined out Gidney's pit which was not the most economical story. Figure 9: The Never Never discovery by Spartan was a significant value adding process for shareholders of Spartan Resources Limited which later merged with Ramelius Resources Limited (ASX: RMS). (source: Spartan Resources Limited). This discovery was significant in the sensed that the project and hence the company was taken out of administration and with the guidance of Simon Lawson, it was history in the making for this industry. Figure 10 below probably highlight the significance of the discovery which I assumed stems from having someone with the pedigree of a Simoon Lawson who was part of the Northern Star culture of developing and having the skillset to understand datasets. Figure 10: The Never Never MRE highlighting the significance of looking at historical data and understanding the significance.. (source: Spartan Resources Limited). As I understand, the Spartan story was borned out of the failed company called Dalgaranga Resources which had the same tenure in which Never Never was discovered. I would assume that there was a rethinking coupled with an ability to look at historical data and probably some inside understanding of geological controls that led to the discovery. Spartan was then merged with Ramelius Resources Limited (ASX:RMS) for a deal about AUD $1.5B as a result of the Never Never discovery. The Discovery of Pegasus and Hemi. Another two obvious great discoveries that come to mind that had heaps of drilling all around it is Pegasus and Hemi. Who would have thought that millions of ounces (Hemi with 10 Moz and Pegasus with 1 Moz plus and up to another 3 Moz attributed to the initial discovery) would be found within an array of existing historical drilling( Figure 11). Figure 11: The Before and After for the discovery of the Pegasus Gold Deposit. (source: Northern Star Resources). Pegasus is located within the Kundana gold operations and was recently moved on to Evolution Mining Limited (ASX: EVN) from it s last part owner Northern Star Resources Limited (ASX: NST) . If I am not mistaken, it is now called the Mungari project. The Hemi discovery is very similar to except that the was a discovery of over 10 Moz of gold over the 3 to 4 years of drilling since discovery in 2020. Likewise, the company was eventually bought out for over AUD $4B recently by Northern Star Resources Limited (ASX: NST) . Figure 12: The before and after diagram of the discovery of the Hemi gold deposit by De Grey Mining Limited. (source; De Grey Mining Limited). Hemi was in amongst known and mined out pits with resources. There was absolutely no love given to those isolated resources and it amounted to over 1M oz of gold. There was literally thousands of metres of drilling and it was a known province of gold mineralisation and it took a stroke of "whatever" after all those years for Hemi to be discovered. When I mean a stroke of luck, it was someone or some group had probably looked at the dataset and looked at it from a different angle coupled with a different view of potential orientation of mineralisation. Consideration for Potential Investors and Existing Shareholders. In conclusion, my thoughts on the E79 deal is one of optimism and 'in the game of mineral exploration, the correct strategy with the right passion for discovery will be the key moving forward. Bringing in Glenn Martin with experience in the region is a big plus and as he is coming in with the project, I hope there is more in the connection than it appears. I hope he is bringing in the secret sauce. Hopefully Glen has the inside running on what may be in the project and reduces the guesswork and improves the target ranking. A modest raise is good to show that we can at least get to first-pass drilling. In Figure 3, there looks like enough data to get the thinking juice happening and if one takes the view that the previous operators at Pegasus, hemi or Never Never, it will be interesting.. Historical data can do two things, create red hearings or give you enough information to see if there is an alternative thought on where potential places of mineralisation. It is aliso very important to note that it does not cost a lot to have a "small drilling" program come up with results that turns a mouse into a giant elephant. It does take "out of the box thinking" and with the likes of the management in place, I have confidence that is in their DNA. One cannot fault the courage to persevere and having the "cricket balls" to proceed. Inreality, there are no secrets in the next steps. If E79 can tick boxes in sequence, as the story graduates from address to discovery, the market will start to pay attention. Timing is good for E79 and I think the acquisition is in step with affordability, so that is a good sign for the market. It is still an early stage, but with a Gold price surging as it is, good exploration results will give shareholders some reprieve from the past. As I am now a shareholder of the company, I will be making sure E79 is on my watchlist. I am working on getting Mr Ned back on a Coffee with Samso sometime soon. The Samso Way – Seek the Research Do the work—read the source, test the claims, map the risks, and let evidence (not noise) guide 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. 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Announcement Laverton South Gold Project - Exploration Update 2 October 2025 E79 Gold Mines Limited(ASX: E79)   has returned all final assays from reconnaissance air-core (AC) drilling at the T14 South prospect within the Laverton South Gold Project, delineating two distinct gold anomalies beneath a regional paleochannel  and flagging follow-up work at depth. The Company also completed an additional 15 AC holes northwest of the Lighthorse discovery, with assays pending. Figure 1: Map of E79 Gold’s exploration projects (source: E79)   Key Highlights - The Journey of Gold Exploration. (Figure 2) Two new gold anomalies at T14 South Southern line, east–west zone (~300m wide):  gold anomalism across upper/lower paleochannel horizons with several holes ending in weathered bedrock  (e.g., 3m @ 0.23g/t Au from 83m to EOH, 25LRAC151; 8m @ 0.13g/t Au from 60m, 25LRAC152). Western trend (800–1,000m long, north–south):  coherent bedrock trend through four consecutive drill lines, including previously reported highlights 15m @ 0.38g/t Au from 80m to EOH (25LRAC126)  and 8m @ 0.82g/t Au from 80m (incl. 4m @ 1.57g/t Au) in 25LRAC133 ; newly extended by 14m @ 0.12g/t Au from 76m to EOH (25LRAC146) . Figure 2: Map of priority drill targets (source: E79) Bedrock mineralisation confirmed below paleochannel cover Wide-spaced AC holes (80m spacing on 200m lines) are “barely tagging bedrock” beneath ~80m of cover; the persistence of bedrock gold in end-of-hole samples elevates the geological significance despite moderate grades typical of reconnaissance AC. Next steps at T14 South: E79 indicates the next stage is to explore at depth (possible RC drilling)  to test the bedrock source beneath the paleochannel. Assays pending near Lighthorse (Figure 3): 15 AC holes for 1,320m  were completed west/north-west of Lighthorse  to test geophysical targets; assays are expected in ~three weeks  from the lab. Figure 3: Map of priority drill targets (source: E79)   E79 Gold CEO, Ned Summerhayes , commented: “All final assay results from the recently completed air-core drilling program have now been returned from the T14 South gold prospect. Gold has been identified below the paleochannel at T14 South with two gold anomalies – an 800-1,000m long north-south anomaly in the west of the drilling area and a 300m wide gold anomaly on the southern-most drilling line – successfully delineated. “These two anomalies are significant as they are located in prospective stratigraphy, south of known mineralisation, and there is no deeper drilling in the area.”   Geology & Context (why it’s prospective) (Figure 4) Figure 4: Map of air-core drilling of the T14 South Target over re-processed magnetics. (source: E79) T14 South lies 3km south of KalGold’s Kirgella’s Gift  within the same host stratigraphy, where cross-cutting faults and folds  provide favourable sites for gold deposition. Re-processed magnetics highlight these structures continuing into E79 tenure. The target area is blanketed by a broad paleochannel  (alluvial gold in basal sands/gravels), yet gold also occurs in weathered/fresh bedrock below , indicating a likely in-situ source (Figure 5). Figure 5: Cross-section of T14 South outlining gold mineralisation below the paleochannel. (source: E79) The broader Laverton Tectonic Zone (LTZ)  is a globally significant gold belt (>30Moz in production, reserves, and resources) hosting Granny Smith, Sunrise Dam, and Wallaby . E79’s Laverton South Project covers ~272km² in this belt.  What comes next: Reconnaissance AC  across five E–W lines  at 80m hole spacing  on 200m line spacing ; drill depths typically 80–100m into/through the paleochannel to tag bedrock. Gold anomalism on all five lines  supports a cohesive picture despite moderate grades common at this stage. Sampling/assay:  4m composites (~2kg), AR digest with ICP-MS (1ppb Au LLD), QA/QC at ~7% insertion rate; bottom-of-hole multi-element suite also collected.   Samso Concluding Comments Exploration under cover is a patience game. Companies working in this space is all about establishing, or rather finding and than establishing coherence, scale, and evidence that gold persists beneath the paleochannel. Headline grades from the first stage of exploration are rare so investors need to understand the nature of mineral exploration. ITs all about the process of elimination. In this instance, E79 has outlined two coherent trends at T14 South, with multiple end-of-hole bedrock hits that suggest an in-situ source rather than merely transported gold. That combination moves the prospect from “interesting geochemistry” to “targets worthy of deeper RC testing.” The structural context also reads well. Reprocessed magnetics point to cross-cutting faults and folds continuing into E79 ground, and the wide-spaced AC grid still managed to tag consistent anomalism across several lines. In our experience, that’s the kind of early signal you want in the Laverton Tectonic Zone: continuity plus geology that can plausibly host a system of scale. From here the job is about vectoring—tightening line spacing where it counts and stepping down into the bedrock with RC to see thickness, grade distribution, and geometry. Pending assays from the work near Lighthorse add another layer of potential news flow; positive results there would broaden the prospectivity picture beyond a single target area. For investors, this remains classic early-stage risk: modest dollars seeking high-impact information. The next meaningful de-risking events are straightforward—RC beneath the anomalies at T14 South, clearer structural controls from new data, and follow-up where AC ended in mineralisation. As always, read the full tables and maps, watch how the drill density tightens, and let the geology—not the noise—do the talking. Interesting Development As we write this Samso News, E79 is in Trading halt pending a new asset and a capital raise, which I have put my hand up for participation. AS I have said many times, I know the management of E70 and its the very few companies that I have confidence that their interest are aligned with all shareholders. So lets watch this space and see what the new asset is all about.   The Samso Way – Seek the Research Always read the full intercept table, maps, and cross-sections  in the source announcement before forming a view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.