Mining HQ Podcasts Ep. 10 - 18:12 Noel reviews some WA-based ASX companies that look set to have a bright future. Or go to 18:12 - https://open.spotify.com/episode/66zsPZi3OBn8IQHNKzSmcT Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

Coffee With Samso Episode 112 with Blackstone Minerals Limited (ASX: BSX). The release of the Sustainability Report by Blackstone Minerals Limited (ASX:BSX) should indicate to investors that the end is near. The company is putting on the table the transparency of their activities and its intent on making this an industry-leading business. In today's Coffee with Samso, Anna Cranney, who is the Social Performance Lead for Blackstone Minerals Limited (ASX: BSX) returns to give us an insight into what this report is all about. The content of the report may put many to sleep, but when you hear the context of the report as investors, this gives me a great deal of confidence that the company is looking to make a statement. "Blackstone is looking to lead the industry and show through its transparency its intent on creating an ESG relevant, ESG leading business that creates a truly sustainable investment which has a World leading responsible nature for all stakeholders of the business." - Samso Tune in to find out how Anna Cranney and the Blackstone team will deliver the ESG platform from theory to practice. Chapters 00:00 Start 00:20 Introduction 02:16 The Sustainability Report 03:32 Is this Report a New Concept? 04:41 Is this report a Standard Operating Procedure document? 09:39 A brief of the content of the report. 14:56 How is Blackstone backing up with their claim to be an ESG champion? 16:11 Was ESG already in the marketplace? 19:20 Is it hard to get all stakeholders to conform to the Report? 23:20 Balancing the needs of local Vietnamese community against corporate. 26:35 Is the implementation of the report harder in Reality? 27:37 Are we overdoing ESG? 27:14 What is the cost of ESG? 33:43 What is the perception of the cost of ESG? 36:10 Sustainable Responsible Investments is ESG. 37:49 Conclusion PODCAST About Anna Cranney Social Performance Lead with Blackstone Minerals Limited Education: Bachelor of Education/Arts from the University of QLD; Graduate Certificate in International Education from the University of Sydney; Certificate IV in Training and Assessment; Diploma of Training Design and Development, RMIT; Graduate Certificate in Social Impact from UWA and the Centre for Social Impact. Anna Cranney hails from Goondiwindi in Queensland but moved to Perth a number of years ago to work within the extractives sector. She has over 13 years of experience working social performance, capacity building and community development programs. A decade of this has been time spent working regularly in Timor-Leste. Ms Cranney has worked across industries and sectors including oil and gas, construction, education, not-for-profits, and in the aid and development sector. Her passion is in embedding impact-focussed ESG programs across technical teams and operations on major projects, and helping the extractives sector use a partnership approach with communities and not-for-profits to deliver long-term outcomes. Anna has recently joined the Blackstone Minerals team to continue to develop their ‘green nickel’ strategy and embed ESG across the business, with a particular focus on their Ta-Khoa project in Northern Vietnam. About Blackstone Minerals Limited Blackstone Minerals Limited (ASX: BSX) is developing the district-scale Ta Khoa Project in Northern Vietnam where the company is drilling out the large-scale Ban Phuc Nickel-PGE deposit. The Ta Khoa Nickel-PGE Project has existing modern mine infrastructures built to International Standards including a 450ktpa processing plant and permitted mine facilities. Blackstone Minerals also owns a large landholding at the Gold Bridge project within the BC porphyry belt in British Columbia, Canada with large scale drill targets prospective for high-grade gold-cobalt-copper mineralisation. In Australia, Blackstone Minerals is exploring for nickel and gold in the Eastern Goldfields and gold in the Pilbara region of Western Australia. Blackstone Minerals has a board and management team with a proven track record of mineral discovery and corporate success. The Ta Khoa Nickel-Copper-PGE Project The Ta Khoa Nickel-Copper-PGE Project is located 160 km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanised underground nickel mine from 2013 to 2016. In the Ta Khoa Nickel-Copper-PGE Project, previous project owners invested more than US$136m in capital and generated US$213m in revenue during a 3.5-year period of falling nickel prices. The project was placed into care and maintenance in mid-2016 during some of the lowest nickel prices in the past 10 years. Existing infrastructure associated with the project includes an internationally-designed 450 ktpa processing plant connected to local hydro grid power with a fully-permitted tailings facility and a modern 250-person camp. Since commencing maiden drilling in August 2019, Blackstone Minerals has made significant progress at Ta Khoa, drilling over 9,000 m of diamond core in more than 47 holes into the Ban Phuc DSS deposit and the highly prospective King Cobra discovery zone. An initial scoping study evaluating mining and processing options is well advanced, including potential in-country downstream processing to deliver high-value nickel sulfate into Asia’s rapidly expanding electric vehicle (EV) industry. The recently announced MOU with Asia’s largest and the world’s second-largest EV battery cathode manufacturer, Ecopro BM Co Limited represents a significant step towards making this a reality. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso stories are also featured on Brilliant-Online. 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This is Part 2 of 2. Part 1 holds the Abstract, the Snapshot and Sections 1 to 8, which cover the company, the ground, the mining history, the geology, the drilling, the Mineral Resource and the November 2025 Scoping Study. Section, figure, table and reference numbers are the same in both parts. Contents 9 Metallurgy 15 The Technical Trader View 10 Toll Milling at Kirkalocka 16 The Gold Price and Interest Rates 11 Approvals, Funding and the Timetable 17 The Risks and the Positives in One Place 12 Tungsten and the Other Projects 18 Samso Concluding Comments 13 Peer Comparison 19 References and Sources 14 The Share Price 20 Disclaimer 9 Metallurgy Metallurgy is the study of how the gold is got out of the rock in a processing plant. The main measure is the recovery, the share of the gold in the ore that ends up as gold bars. The study assumes 94 per cent.

BOA Resources (ASX: BOA) has reported copper assays from 23 of its 46 drill holes at Ricci Lee in Western Australia, and the BOA share price has risen 57 per cent since 18 September. The company had A$2.43 million in cash at 30 June 2026, its auditor has noted a funding uncertainty, and shareholders vote on 12 October on full ownership of the project. BOA Resources is a copper explorer in the Murchison region of Western Australia. An explorer is a company that searches for mineral deposits. BOA closed at 13 cents on 14 October 2026, against 2.1 cents two years earlier. Copper futures are 55 per cent higher than two years ago, and BOA has just reported drilling results from Ricci Lee. That is why Samso is looking at the company now. All prices in this piece are as at the close of ASX trading on 14 October 2026. Global prices for copper are taken at the same time. The BOA Resources Story BOA listed on the ASX in October 2012 as Boadicea Resources and took its present name in December 2024 [R1]. It explored for nickel and lithium in Western Australia before it moved into copper.

Mining HQ Podcasts Ep. 6 - 33:10 What is the concept of Going Green? Who is going Green? How does one position for this market? Is it any different to the usual way of investing in this sector? Noel cites some examples. Or go to 33:10 - https://open.spotify.com/episode/68Qn3kzejv8ii7WAc2aKM6 Radio Interviews with Mining HQ reaching out to 100,000 audiences per broadcast Noel Ong of Samso and Chris LeMesurier of 1055 TripleM speak fortnightly on Mining HQ about Mineral Exploration, Commodities and Mineral Resources. For the investors: Our interviews with Mining HQ includes topics to help you make good investment decisions. We also share Stock Picks, Stocks to Watch and Weekly Summaries. For Samso's clients: This is an additional opportunity for you to engage with investors directly. Samso works with a number of Media Partners like MiningHQ and Brilliant-Online to widen your reach. Contact Samso

Abstract Horizon Gold Limited (ASX: HRN) owns the Gum Creek Gold Project, 640 kilometres north-east of Perth in the East Murchison Mineral Field. The ground was the Gidgee Gold Mine, which ran from 1987 to 2005 under a succession of owners. The project holds a Mineral Resource of 2.30 million ounces at 1.89 grams of gold per tonne.[R1] A Mineral Resource is gold estimated to be in the ground. In the Samso Gold Regions Series the company carries the label Near-term producer, because it has a published feasibility study and a stated date for first gold. The study is a Definitive Feasibility Study released on 22 July 2026. It plans open pit mining of free milling ore through a new 2.4 million tonne a year plant. Free milling ore gives up its gold with ordinary grinding and cyanide leaching. It forecasts 880,100 ounces of gold over ten years, a build cost of A$350.4 million, an all-in sustaining cost of A$2,995 an ounce and first gold in the second half of 2028. The all-in sustaining cost is what it costs to produce each ounce and keep the mine running. At a gold price of A$5,500 an ounce the study gives a net present value of A$1,307 million before tax and A$894 million after tax, at a 5 per cent discount rate.[R1] Net present value is the value today of the project's future cash flows. The plan is built on a first Ore Reserve of 728,400 ounces at 1.24 grams per tonne. An Ore Reserve is the part of the resource that the study shows can be mined at a profit.

Abstract Rumble Resources Limited (ASX: RTR) owns the Western Queen Gold Project in the Yalgoo Mineral Field, north-west of Mt Magnet in Western Australia. The ground was mined by open pit and underground between 1998 and 2014, and the company gives past production as 215,000 ounces.[R1][R2] It now holds a Mineral Resource of 5.13 million tonnes at 2.6 grams of gold per tonne for 433,600 ounces, of which 227,700 ounces are in the higher-confidence Indicated category.[R3] A Mineral Resource is gold estimated to be in the ground. In the Samso Gold Regions Series the company carries the label "Scoping study stage. Does not yet meet the near-term rule". The rule asks for a published feasibility study and a stated date for first gold. Rumble has neither. The plan is an underground mine beneath the old Western Queen South pit, with the ore trucked about 180 kilometres to the Kirkalocka plant and treated for a fee. That arrangement is called toll milling. The only study is a Scoping Study of 27 November 2025, the least certain of the three study levels. It plans to mine 617,000 tonnes at 2.95 grams per tonne, holding 58,500 ounces of gold before plant losses, with starting capital of less than A$10 million and an all-in sustaining cost of A$2,970 an ounce, at a gold price of A$5,540 an ounce.[R4]

Midas Minerals (ASX: MM1) is a Perth-based copper explorer drilling the Otavi Copper Project in northern Namibia. There has been a lot of talk about copper recently, and in the midst of those copper narratives we think Midas makes an interesting discussion. Its shares closed at 12 cents two years ago and at A$1.13 on 2 October 2026. This is a summary of where the company stands and what is due next. Samso has not written on Midas before. The company appeared as the nearest listed comparison in our Kaoko Metals research workup in September, and the related Samso coverage is listed at the end. SOURCE DOCUMENTS Every company figure here comes from Midas Minerals' ASX announcements, which are listed on the company's announcements page. The main ones are the June 2026 Quarterly Activities Report and Appendix 5B (27 July 2026), the Half Yearly Report (10 September 2026), the Africa Down Under presentation (4 September 2026) and the Deblin drilling release (14 September 2026). Share prices are closing prices to Friday 2 October 2026. The Midas Minerals Story Midas listed on the ASX in September 2021. It still holds the Challa gold and nickel project in Western Australia and two lithium projects in Canada. The company investors are pricing today is a different one. The change came on 16 May 2025. Midas agreed to buy the Otavi Copper Project from Nexa Resources, a base metals producer listed in New York. Otavi is 10 exploration licences covering about 1,776 square kilometres, around 360 kilometres north-east of the capital Windhoek (FIGURE 01). Nexa worked the ground from 2015 to 2022 and left a dataset of about 56,000 metres of diamond drilling, which cuts a solid core of rock. It sold the project as part of a review of its global portfolio.

Abstract Rox Resources Limited (ASX: RXL) owns 100 per cent of the Youanmi Gold Project, near Mt Magnet in the East Murchison Mineral Field of Western Australia. The production history Rox publishes gives about 667,000 ounces of gold from three periods of mining since 1908. Older reports say that total includes ounces from Penny West and other nearby mines. Youanmi last closed in November 1997. The company published a Definitive Feasibility Study in November 2025. It plans 817,000 ounces over about seven years from an underground mine, at an all-in sustaining cost of A$1,978 an ounce and a capital cost before production of A$383 million. The Mineral Resource is 2.2 million ounces at 5.5 grams of gold per tonne. The Ore Reserve is 727,000 ounces at 4.7 grams per tonne, all in the lower Probable class. Since the study, Rox has raised A$218 million in equity and arranged A$350 million of bank facilities. It has received its major approvals and signed the plant contract. On 5 October 2026 it announced its first debt drawdown, of A$90.2 million. The date for first gold, the middle of 2027, has not changed in any announcement.

Australia is a country rich in natural resources and investment opportunities. With its vast landscapes and diverse economy, it provides a compelling environment for both domestic and international investors. In this blog post, we will explore the various resources available in Australia and how they impact investment opportunities across the nation. Resources Investments in Australia Australia is known for its wealth of natural resources, from minerals and oil to agriculture and renewable energy. The mining sector, in particular, has been a significant contributor to the country's economy. According to Deloitte Access Economics, the estimated total (direct + indirect) value added from the mining & METS sector at approximately AUD 242 billion in 2019–20, equivalent to about 12.4% of GDP. This sector includes the extraction of valuable minerals such as iron ore, gold, coal, and natural gas. The value of exports from mining activities further demonstrates the significance of this sector. For example, in 2022, iron ore exports alone were valued at nearly AUD 133 billion, showcasing Australia's strong position in the global market. Investments in the mining sector provide substantial returns and contribute to job creation, economic growth, and infrastructure development. Mining site showcasing Australia's vast resources Key Resources Driving Investments Minerals Australia is the leading global exporter of several key minerals. As the world's largest producer of lithium, which is essential for battery technology, the demand for Australian lithium has skyrocketed with the rise of electric vehicles. This positions Australia as a critical player in the renewable energy revolution. Energy The country also possesses rich energy resources, including coal, natural gas, and renewables like solar and wind. Australia is the second-largest exporter of coal globally, which has historically contributed significantly to its GDP. However, there is a growing shift towards renewable energy investments as the world moves towards more sustainable sources. The government has made ambitious commitments to reduce carbon emissions, incentivizing renewable energy projects across the country. Agriculture Agriculture remains a fundamental part of the Australian economy. The country produces a wide range of products, including wheat, beef, and wool. Australian agriculture is characterized by high-quality products that enjoy strong demand in international markets. With advancements in agricultural technology, investments in this sector are becoming increasingly attractive. Wheat field showcasing Australia's agricultural potential Trends in Resource Investments A myriad of trends are influencing resource investments in Australia today. For investors, it's essential to stay abreast of these trends to make informed decisions. Sustainability and Green Investment Sustainability has become a major focus in the Australian investment landscape. Given global concerns about climate change, there is a shift towards investments that prioritize environmental responsibility. This shift is driving innovations in renewable energy technologies and leading to increased funding for sustainable practices across industries. Technological Advancements The introduction of new technologies, such as artificial intelligence and blockchain, is reshaping the investment landscape. In mining, for example, companies are exploring automation and data analytics to streamline operations and improve efficiency. Investors can benefit from opportunities that leverage these technologies for long-term growth. Government Policies and Incentives Government policies play a crucial role in shaping investment opportunities. Australia's government has been proactive in promoting foreign investment, particularly in the resources sector. The establishment of infrastructure projects designed to enhance transportation and accessibility boosts investor confidence. Various tax incentives and grants are also available, encouraging further investment in critical sectors. Solar panels showcase the transition to renewable energy sources Navigating Investment Opportunities For both seasoned and novice investors, understanding the landscape of resources and investments in Australia is critical. Here are some actionable steps to navigate these opportunities effectively: Conduct Thorough Research Before investing, it is essential to research market trends, potential risks, and sector performance. Use resources like the Australian Bureau of Statistics and industry reports to get a comprehensive understanding of the current market. Diversification of Investments Diversification is key to managing risk. Consider investments across various sectors such as mining, agriculture, and renewable energy to balance your portfolio. This strategy ensures that you are not overly reliant on a single sector's performance. Networking and Partnerships Building a network within the Australian investment community can open doors to new opportunities and insights. Consider joining local investment groups, attending seminars, or connecting with industry experts in your area of interest. Utilize Technology and Data Leverage technology to enhance your investment strategy. Tools that provide data analytics, market comparisons, and trend forecasts can help you make informed decisions and adapt your strategies accordingly. Be Mindful of Regulatory Changes Keep an eye on changes in legislation or regulations that may affect your investments. Governments can introduce new policies that could impact various sectors, so staying informed will allow you to adjust your investments in response. Investing in Australia’s rich resources can lead to substantial financial rewards. However, it is essential to approach the investment landscape with careful consideration, utilizing available resources to navigate this dynamic environment effectively. The opportunities are vast, and with the right strategies, investors can achieve remarkable success. Future of Resources Investments in Australia The prospects for Resources Investments in Australia look promising. As global demand for minerals and energy resources continues to grow, Australia remains a pivotal player in the international market. With the push for sustainability, there will be an increasing number of projects that focus on environmentally friendly practices. Adapting to market trends, such as the rise of green technologies and the increasing appeal of agricultural investments, will ensure that investors remain competitive. Additionally, incorporating innovative solutions—such as automation in the mining industry and advanced farming technologies—will further enhance the growth potential. The June 2025 Resources & Energy Quarterly projects total resource and energy export earnings to fall from A$385 billion in FY2024–25 to A$369 billion in FY2025–26, and further to A$352 billion in FY2026–27. But beneath that decline lurks strong growth in export volumes for high-demand minerals, helping sustain regional economies. Gold is set to become Australia’s third-largest resource export behind iron ore and LNG, with forecast earnings of A$56 billion in FY2025–26—up from ~A$52 billion a year earlier. Production is expected to rise to 289 tonnes in 2025–26 and 313 tonnes in 2026–27. Copper exports are projected to grow over 25%, reaching A$16.7 billion in FY2026, and continue expanding to over A$18 billion by FY2027, powered by demand from the EV and renewable energy sectors. In conclusion, the Australian resource sector is ripe with opportunities for ambitious investors. By understanding the intricacies of the market, being mindful of emerging trends, and navigating the investment landscape strategically, individuals and organisations can capitalize on Australia's abundant resources. Whether it's mining, energy, or agriculture, the possibilities for investment in Australia are extensive and promising. For more information on investing and resources in Australia, visit samso australia. Cover photo: TRUCKS HAUL COAL FROM THE NAVAJO MINE TO THE FOUR CORNERS GENERATING PLANT - NARA - 544169, Lyntha Scott Eiler. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:TRUCKS_HAUL_COAL_FROM_THE_NAVAJO_MINE_TO_THE_FOUR_CORNERS_GENERATING_PLANT_-_NARA_-_544169.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the question that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. 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 OpenLearning Signs A$340,000 Platform SaaS Agreement With Cebu Institute of Technology University. OpenLearning Limited (ASX: OLL) has taken a significant step in its Southeast Asian growth strategy with a five-year, usage-based SaaS agreement with Cebu Institute of Technology University (CIT) in the Philippines. Valued at a minimum of A$340,000 over the term, the deal will see OpenLearning’s AI-powered Learning Management System (LMS) implemented across all faculties and programs at one of the country’s most respected private universities. More than a new client, this partnership marks a strategic entry into a higher education market of over 3.4 million students, where digital transformation is gaining momentum. CIT’s choice, following a competitive review of multiple LMS providers, reinforces the demand for platforms that enhance engagement, graduate employability, and institutional efficiency. With outcome-based education tools, an ePortfolio system, and generative AI course design, OpenLearning is well-placed to support the shift toward modern, industry-relevant learning across the region. Highlights - Expanding the Education Grip in South East Asia. Five-Year Agreement — CIT will utilise OpenLearning’s LMS for a minimum of 20,000 students annually. Contract Value — Minimum SaaS fees of approximately A$340,000 (US$221,000) over five years, with potential upside from increased usage. Competitive Win — CIT selected OpenLearning after evaluating multiple LMS providers. Regional Growth — Strengthens OpenLearning’s position as a leading AI-powered LMS provider in Southeast Asia. Strategic Significance Founded in 1946 and recognised nationally for excellence in engineering, architecture, IT, health sciences, business, and education, CIT University is known for producing industry-preferred graduates and board exam topnotchers. Its decision to adopt OpenLearning’s platform reinforces the company’s market position in the Philippines, a higher education sector with more than 3.4 million students and a rapidly growing adoption of digital learning solutions. OpenLearning’s LMS integrates outcome-based education tools, an ePortfolio system, and generative AI course design capabilities, providing universities with solutions to improve student engagement, graduate employability, and institutional efficiency. OpenLearning CEO Adam Brimo commented: "Partnering with a leading private university in south-central Philippines which has been recognised as a Centre of Excellence in Information Technology Education is a strong endorsement of our platform’s capabilities and the shared vision between CIT University and OpenLearning to enable industry-relevant education. By combining CIT University’s expertise in engineering and innovation with our AI-powered LMS, we can help create a dynamic learning environment that prepares graduates for success in the modern workforce. This partnership reflects a shared commitment to quality, innovation, and scalable impact.” Agreement Terms The deal commences on 12 August 2025 and includes standard SaaS contract provisions such as termination clauses, service level agreements, and compliance requirements with Philippine regulations. While the minimum annual fees are not financially material, the agreement is strategically important as CIT will adopt the LMS university-wide. Samso Concluding Comments This agreement with Cebu Institute of Technology University is a reminder that in education technology, credibility is built through results and relationships. CIT’s choice to roll out OpenLearning’s platform university-wide is a strong endorsement of its capabilities, particularly in delivering outcome-based, industry-relevant education at scale. While the minimum contracted value may not appear material in dollar terms, the strategic weight lies in market positioning. The Philippines’ higher education sector is vast and increasingly digital, and winning a respected institution like CIT provides a launchpad for broader adoption. It also reflects a shift in how universities evaluate partners — beyond basic functionality, they now seek platforms that can improve graduate readiness, foster innovation, and integrate seamlessly with academic and administrative workflows. OpenLearning’s blend of AI capabilities, engagement tools, and proven track record fits well with these expectations. For investors, this is an incremental but telling move in OpenLearning’s regional growth story. The challenge now is to leverage this success into further institutional wins, building a network effect that cements its position in the competitive Southeast Asian edtech landscape. Cover photo: UW Baraboo Lecture Hall, JackFromWisconsin. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:UW_Baraboo_Lecture_Hall.jpg) The Samso Way – Seek the Research In education technology, institutional trust is hard-earned and easily lost. This agreement is a reminder that competitive wins often hinge on the ability to deliver measurable outcomes — in this case, enhancing student engagement and graduate employability. As always, the key lies in understanding the market, validating the value proposition, and building partnerships that 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 has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Brazilian Rare Earths is demerging its Amargosa bauxite-gallium province into Alurion Resources IPO, which lists on 31 July after an offer of up to A$50 million at A$1.05 — a rare ASX float that arrives with a 568 Mt resource, a scoping study and near-term development ambitions already in hand. Alurion Resources Limited (ASX: ALU) is set to list on the ASX on 31 July 2026, following an initial public offering of 28.6 million to 47.6 million shares at A$1.05 to raise between A$30 million and A$50 million. The float is the market-facing half of a demerger: Brazilian Rare Earths (ASX: BRE) is spinning out its Amargosa Project, an advanced-stage, large-scale bauxite-gallium province in Bahia, Brazil. The company is distributing 157.1 million Alurion shares in-specie to its own shareholders (0.5607 Alurion shares per BRE share) while retaining a 39.0 million-share stake. At the A$1.05 offer price, Alurion lists with an indicative market capitalisation of A$235.9–255.9 million and pro forma cash of A$28.0–47.1 million. What distinguishes this from the typical exploration float is how much arrives pre-built. Amargosa carries a JORC Mineral Resource of 567.8 Mt including 97.9 Mt of high-quality, low-silica direct-ship bauxite with strategic gallium content of 47.7 ppm across the resource, and a completed Scoping Study outlining a simple ~5.1 Mtpa truck-and-shovel export operation with first-quartile costs, US$102 million a year in average EBITDA and a 1.2-year payback. The counterweights are equally structural: the economics are scoping-study level, not feasibility; the offer was not underwritten, and the final raise within the A$30–50 million band is yet to be confirmed; and the demerger itself is conditional on BRE shareholder approval and Rio Tinto consents. The offer has closed; the test of market appetite comes when the stock trades. At a Glance Item Description Company Alurion Resources Limited (ASX: ALU) — incorporated in NSW, September 2025; a mineral exploration and development company focused on bauxite and gallium in Brazil. Demerged from Brazilian Rare Earths (ASX: BRE). Flagship The Amargosa Project, Bahia, Brazil — the company's sole asset: an advanced-stage, large-scale bauxite-gallium province across 46 mining rights, underpinned by historical Rio Tinto drilling and extensive geological datasets. The offer 28,571,429–47,619,048 shares at A$1.05 to raise A$30–50m (before costs); Priority Offer to eligible BRE shareholders plus a Shortfall Offer; not underwritten. JLMs: Canaccord Genuity (Australia) and Petra Capital. The demerger BRE distributes 157.1m Alurion shares in-specie (0.5607 per BRE share) and retains 39.0m shares; conditional on BRE shareholder approval and Rio Tinto Brazil/RTX consent to assignment of the Nickel Option and Production Royalty agreements. Capital structure 196.1m shares pre-IPO; 224.7–243.7m on Admission plus 10.2m options; indicative market cap A$235.9–255.9m (undiluted); implied EV ~A$208m; pro forma cash A$28.0–47.1m. Certain shares escrowed for 24 months. Resource JORC MRE of 567.8 Mt at 29.8% TAA and 47.7 ppm gallium (~27.1kt contained Ga), including Direct-Ship Bauxite of 97.9 Mt at 41.9% TAA, 2.5% reactive silica and 51.6 ppm Ga; Indicated 337.2 Mt / Inferred 230.6 Mt. Scoping Study ~5.1 Mtpa direct-ship bauxite, low-strip truck-and-shovel with road haulage to an established port; first-quartile cost position (CM Group); average EBITDA US$102m pa and FCF US$84m pa over a 17-year life; after-tax NPV₈ US$630m, 1.2-year payback at US$71/dmt (CIF China). Preliminary; ~11% of the production target is Inferred. Board & management Thomas Todd (Non-Exec Chairman); Todd Hannigan and Dr Bernardo da Veiga (Executive Directors); Andrea Weinberg, Otavio Carvalheira, Dominic Allen (Non-Exec Directors). CEO Mauricio Noronha; CFO John Vander Ploeg. Key dates Prospectus lodged 5 June; Priority Offer closed 29 June; Shortfall Offer closed 7 July; shares issued 27 July; admission 29 July; trading begins 31 July 2026. Next steps Infill drilling to lift resource confidence; environmental permitting (typical pathway ~2–3 years); engineering and metallurgical studies toward a Feasibility Study targeted for 2027; road/port logistics optimisation. 60-Second Pitch: Alurion Resources IPO Alurion is a single-asset company built to do one thing: turn the Amargosa bauxite-gallium province into a capital-efficient export mine. The asset is unusually mature for an ASX float: a 568 Mt resource (59% Indicated), a scoping study, 46 granted mining rights in Bahia, and a development concept that deliberately avoids heavy capital: a ~5.1 Mtpa direct-ship bauxite operation using existing roads and an established port, generating early cash flow while beneficiation, the FIOL railway and Porto Sul remain as later scaling options. (Figure 1). Gallium, a critical mineral concentrated in the bauxite at 47.7 ppm, adds a strategic co-product angle without being required for the base case. The pitch, in essence, is quality-plus-timing. China's bauxite imports have grown from under 5 Mtpa to roughly 200 Mtpa in two decades, and Guinea is expected to supply about 73% of them in 2026 - a concentration risk that makes a large, first-quartile-cost alternative in a stable mining state genuinely relevant. What the pitch is not, yet, is a proven development: the economics are scoping-level, permitting is a multi-year path, and the feasibility study is a 2027 target. Investors are buying an advanced project and a credible plan, priced at an EV of roughly A$208 million, ahead of the studies that would de-risk it. Figure 1: Key Milestones for Alurion (Source: Alurion Website) The Offer & Dilution The offer comprises 28.6–47.6 million new shares at A$1.05, raising A$30–50 million before costs, structured as a Priority Offer to eligible BRE shareholders (record date 12 June) with a Shortfall Offer thereafter; it is not underwritten. On admission, Alurion will have 224.7–243.7 million shares on issue plus 10.2 million options (7.85 million performance options for executives and staff, 2.35 million director options), for an undiluted indicative market capitalisation of A$235.9–255.9 million. New investors are buying roughly 12.7–19.5% of the company, depending on the final raise. The ownership structure is the demerger's signature. BRE shareholders collectively receive 157.1 million shares in-specie — around two-thirds of the register at the minimum raise — BRE itself retains 39.0 million shares (~16–17%), and certain shares are escrowed for 24 months. Director alignment flows through the same mechanism: Executive Director Todd Hannigan and his associates are entitled to roughly 14.9 million in-specie shares (up to ~19.5 million including full Priority Offer participation), Dr Bernardo da Veiga to ~7.8 million (up to ~10.2 million), and Dominic Allen to ~7.6 million - meaningful skin in the game, though the prospectus notes directors had not formally confirmed offer participation at lodgement. Use of Funds The allocation reads like a permitting-and-studies budget rather than a drilling budget, which is consistent with the project's stage. At the maximum raise, the largest items over two years are land procurement, acquiring surface land interests the company judges cheaper than life-of-mine access payments, permitting and studies, working capital and environment & community relations, with exploration and safety a comparatively modest line. A$3.0m repays loans from BRE and its subsidiary Borborema, and offer costs run up to A$2.9m. At the minimum raise, land procurement shrinks dramatically while permitting and studies hold near A$10m - a clear signal of what management protects first. Table 1: Sources & Uses of Funds (A$ millions, over Years 1–2) Use of Funds Min Offer Max Offer Land procurement 0.7 13.2 Permitting & studies 10.0 11.6 Working capital 9.3 10.6 Environment & community relations 5.1 7.4 Loan repayment (BRE / Borborema) 3.0 3.0 Costs of the Offer 2.0 2.9 Exploration & safety 1.4 1.4 Equipment – 1.4 TOTAL USES OF FUNDS 31.5 51.5 Figures rounded to A$0.1m from the Prospectus Table 3 (Sources & Uses of Funds). Min/Max Offer raise A$30m/A$50m respectively, plus A$1.5m cash on hand. The Amargosa Project Amargosa sits in Bahia, one of Brazil's established mining states, and is not a grassroots discovery: the province benefits from historical drilling completed by Rio Tinto and extensive geological and geophysical datasets, with the current resource based on data current to September 2025 (Figure 3). The MRE of 567.8 Mt at 29.8% TAA divides into two domains: 97.9 Mt of Direct-Ship Bauxite at 41.9% TAA and just 2.5% reactive silica, the low-silica, high-alumina material that can be mined, crushed and shipped without processing and 469.9 Mt of beneficiable bauxite that upgrades to a 191.4 Mt product at 40.8% TAA. Gallium runs at 47.7 ppm across the resource (about 27,100 tonnes contained), rising to 51.6 ppm in the direct-ship domain. Table 1: Amargosa JORC Mineral Resource Estimate (Indicated + Inferred, in-situ) Direct-Ship Bauxite 97.9 41.9 2.5 51.6 Beneficiable Bauxite 469.9 27.3 6.2 46.9 TOTAL MRE (I+I) 567.8 29.8 5.6 47.7 TAA = total available alumina; RSI = reactive silica index; Ga = gallium. Reported on an in-situ, dry-tonnage basis, current as of 19 September 2025. Source: Prospectus Investment Overview / Independent Technical Assessment Report. The Scoping Study translates this into a deliberately simple first phase: a ~5.1 Mtpa, low-strip truck-and-shovel operation trucking DSB to an established port, positioned in the first quartile of the global seaborne bauxite cost curve by CM Group's benchmarking. On the study's assumptions - notably a US$71/dmt (CIF China) bauxite price, the project generates average EBITDA of US$102 million and free cash flow of US$84 million a year over a 17-year life, for an after-tax NPV₈ of US$630 million and a 1.2-year payback. Two qualifications accompany those numbers: this is a scoping study, the lowest-confidence class of economic assessment, and roughly 11% of the production target rests on Inferred resources, for which geological confidence is low and conversion is not assured. The near-term work program - infill drilling, permitting, engineering and metallurgy toward a 2027 feasibility study exists precisely to close that gap. Figure 3: Strategic Location of Amargosa Project (Source: ASX Prospectus) The Catalyst: Gallium and the Guinea Question Two angles give Amargosa relevance beyond a conventional bauxite play. The first is supply concentration: Guinea's rise to ~73% of China's 2026 bauxite imports leaves the world's dominant alumina industry heavily exposed to a single jurisdiction, and buyers have a demonstrated interest in diversified, stable supply - precisely the niche a large Brazilian DSB operation with competitive costs would occupy (Figure 4). Figure 4: Top Global Bauxite Reserves (ASX Prospectus) The second is gallium, a critical mineral essential to semiconductors and defence electronics, where supply is similarly concentrated and strategically sensitive. Amargosa's gallium enrichment gives Alurion optionality on a critical-minerals co-product; the prospectus treats it as strategic content within the resource rather than modelled revenue, which is the honest way to hold it at this stage. The demerger structure itself is a third, quieter catalyst: a focused vehicle lets the bauxite-gallium asset be valued on its own merits while BRE continues with rare earths. The Board The board blends corporate and in-country operating experience: Non-Executive Chairman Thomas Todd, Executive Directors Todd Hannigan and Dr Bernardo da Veiga, and Non-Executive Directors Andrea Weinberg, Otavio Carvalheira and Dominic Allen, with Mauricio Noronha as CEO and John Vander Ploeg as CFO. Continuity with BRE runs through the executive ranks and the register, which cuts both ways: it brings deep familiarity with the asset, Bahia and the Brazilian regulatory environment, alongside related-party considerations - the BRE loan repayment, retained stake and demerger agreements - that are disclosed in the prospectus and worth reading in full. Sector Backdrop Bauxite is the ore of aluminium, and aluminium demand -from electrification, packaging, transport and construction - continues to compound. The seaborne trade's defining feature is China's import dependence, now around 200 Mtpa, and the extraordinary concentration of that supply in Guinea (Figure 5). Figure 5: Seaborne trade's defining feature is China's import dependence (Source ASX Announcement) Political or logistical disruption there would move the market quickly, and buyers know it; diversified supply commands strategic value beyond the headline price. The study's US$71/dmt (CIF China) assumption sits within the market context presented in the prospectus but, like all commodity assumptions, is the variable on which the economics pivot. Brazil's advantages - established mining law, skilled labour, infrastructure, competitive tax and royalties in Bahia - are real, but Brazilian permitting timelines (the prospectus's own guide is two to three years for comparable projects) are the gating item between listing and construction. Key risks Scoping-level economics. The NPV, EBITDA and payback figures come from a scoping study — a preliminary assessment with wide accuracy ranges. Around 11% of the production target is Inferred resource with low geological confidence; there is no certainty the feasibility study will reproduce these outcomes. Demerger and tenement conditionality. The demerger requires BRE shareholder approval and Rio Tinto Brazil/RTX consent to the assignment of the Nickel Option and Production Royalty agreements; the transfer of the 46 tenements to Alurion's Brazilian subsidiary also awaits final ANM administrative annotation. The company sees no substantive impediment, but neither step is complete. Raise size and no underwriting. The offer was not underwritten and the final amount within the A$30–50m band was undisclosed at lodgement. At the minimum, pro forma cash of A$28m funds a leaner program — most visibly in land procurement — and later-stage development will require substantially more capital, with attendant dilution. Permitting and jurisdiction. Environmental licensing in Brazil is a multi-year, multi-agency process; the 2–3-year pathway is a guide, not a commitment. Sovereign, legal, landholder and community factors in Brazil differ materially from Australian norms. Commodity exposure. The economics pivot on the bauxite price (US$71/dmt CIF China assumed) and, ultimately, Chinese demand. Gallium is optionality, not modelled cash flow. Single-asset and related-party concentration. Amargosa is the only asset; any project-level setback is a company-level setback. BRE remains a major shareholder, lender (until repayment) and counterparty to the demerger agreements, and escrow expiries (24 months) will eventually add supply to the register. Concluding Comments The signal in this float is asset maturity. Very few ASX exploration IPOs arrive with a 568 Mt resource that is majority Indicated, a coherent low-capex development concept benchmarked into the first quartile of the cost curve, scoping economics showing a 1.2-year payback, and a use-of-funds table pointed squarely at permitting and feasibility rather than discovery. The strategic framing: a large, stable-jurisdiction alternative to Guinean supply concentration, with gallium optionality attached, is genuine rather than manufactured, and the demerger gives BRE shareholders and new investors a clean, focused vehicle with management meaningfully invested through the in-specie distribution. A US$630 million NPV against a ~A$208 million enterprise value looks compelling on its face, but that spread is exactly what the market charges for the distance between a scoping study and a financed, permitted mine: a feasibility study still a year away, Brazilian permitting measured in years, a raise whose final size was neither underwritten nor confirmed at lodgement, and demerger mechanics not yet fully settled. Amargosa is a quality asset entering the market at a strategically interesting moment, and the structure is thoughtfully built; the valuation case from here will be earned study by study, permit by permit. For investors, the question is not whether the project is real - it demonstrably is - but whether they are being paid appropriately, at a ~A$236–256 million entry, for the multi-year de-risking work that still lies ahead. Cover photo: Bauxite - Bauxite, Darla Sondrol. 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