In this episode of Samso’s Exploration Discovery Series, Ian Murray and Justin Osborne of Gold Road Resources (ASX: GOR) recount the journey behind the remarkable discovery of the Gruyere Gold Deposit, now holding nine million ounces of gold. Their story reflects the importance of challenging conventional exploration theories and making critical decisions that led to a significant find in the Yamarna Belt, previously thought to be unmineralised. The conversation dives into the excitement of discovery, the strategic pauses that allowed for thoughtful exploration, and the pivotal joint venture with Goldfields, which propelled the Gruyere project forward. Their insights reveal how successful mineral exploration often involves risk, innovative thinking, and corporate decision-making. This blog is ideal for investors and exploration enthusiasts eager to learn about the decisions and challenges that shape major gold discoveries, showcasing the potential rewards of strategic exploration in untapped regions. Sign up for your membership on Samso Insights on Patreon to read more exciting investment stories. Three types of membership on Samso Insights Choose one or more: FREE: These insights are free and available to all investors. Subscribe here for free. PAID MEMBERSHIP: If you are a bold investor and want more, you get access to the latest and most reliable information from experienced sources that are completely unbiased starting from US$10/month. Start accessing our exclusive content to help with your investment research. PAID ARTICLES: Trustworthy source of well-researched and independent information for investors. Choose what interests you and unlock your choice of article from US$10. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Mining and mineral exploration are complex fields that rely on understanding various rock types and their properties. One such rock, often overlooked but highly significant, is carbonatite (Figure 1). This unique igneous rock plays a crucial role in mining due to its rich mineral content and industrial applications. In this article, we will delve into the nature of carbonatite, its applications, and its importance in the mining sector. Figure 1: A calcite-carbonatite from Oka complex, Deux-Montagnes RCM, Laurentides, Québec, Canada. (source: mindat.org) What Is Carbonatite and Why Is It Important? These rocks are typically formed from deep mantle sources and are often associated with alkaline igneous complexes. Their rarity and unique chemistry make them a focus for mining companies looking to extract strategic minerals essential for modern technologies, including electronics, renewable energy, and aerospace (Figure 3). I won't go into too much detail in this section as most of this is covered in our post on the 21st September 2025 - Carbonatites - Economic Importance and A Strategically Important Source Rock. Key Characteristics of Carbonatite: High concentration of carbonate minerals Rich in rare earth elements and niobium Often found in alkaline igneous complexes Important for strategic mineral extraction Figure 2: Close-up of carbonatite rock texture (source: WIX) Carbonatite Applications in Mining and Industry The applications of carbonatite in mining are diverse and highly valuable. Due to its mineral richness, carbonatite is mined primarily for its niobium and rare earth element content. Niobium is a critical metal used to strengthen steel alloys, which are essential in construction, automotive, and aerospace industries. Rare earth elements extracted from carbonatite deposits are vital for manufacturing magnets, batteries, and electronic devices. Practical Applications Include: Niobium Extraction - Carbonatite deposits are the primary source of niobium worldwide. The metal improves the strength and durability of steel. Rare Earth Elements (REEs) - These elements are crucial for high-tech applications such as smartphones, electric vehicles, and wind turbines. Phosphate Mining - Some carbonatite complexes contain significant phosphate deposits used in fertilizers. Industrial Minerals - Calcite and dolomite from carbonatite are used in cement production and as soil conditioners Mining companies often target carbonatite complexes because they offer multiple valuable resources in one location, reducing operational costs and environmental impact. Figure 3: The Särkijärvi Carbonatite Mine main pit seen from southern end of the mine in April 2016. The Siilinjärvi carbonatite complex is located in central Finland close to the city of Kuopio.The current production is roughly 11 Mt of ore per year, while the average in situ grade is 4.0 wt-% of P2O5.[6] Roughly 85% of the apatite concentrate is processed on-site in Siilinjärvi to produce phosphoric acid and fertilisers (source: Wikipedia and Photo is by kallerna - Own work, CC BY-SA 4.0) Is Carbonatite Mafic or Felsic? Understanding whether carbonatite is mafic or felsic helps geologists classify it and predict its mineral content (Figure 4). Mafic rocks are rich in magnesium and iron, while felsic rocks contain more silica and lighter elements like aluminum and potassium. Figure 4: Carbonatite classifications according to (a) IUGS based on wt.% (Le Maitre 2002) and (b) Gittins and Harmer (1997) based on molar proportions. C/CMF is the molar ratio of CaO/[CaO + MgO + FeO* + MnO]; FeO* expressed as molar FeO if both FeO and Fe2O3 are determined. From Simandl, G. J., & Paradis, S. (2018). (source: https://www.alexstrekeisen.it/english/pluto/carbonatites.php) Carbonatite does not fit neatly into either category because it is dominated by carbonate minerals rather than silicates. However, it is often associated with alkaline igneous rocks, which tend to be more felsic in composition. The unique chemistry of carbonatite means it is classified separately from typical mafic or felsic rocks. This distinction is important for mining exploration because it influences the types of minerals that can be expected in the deposit. For example, carbonatite complexes often host niobium and rare earth elements, which are not commonly found in typical mafic or felsic rocks. How Carbonatite Deposits Are Explored and Mined Exploring carbonatite deposits requires specialized geological techniques due to their unique mineralogy and formation processes. The basic methodology that are used is the same for all minerals except that the pathfinders will be different. Hence methods such as the use geophysical surveys, geochemical sampling, and drilling are used. Exploration Techniques: Geophysical Surveys: Magnetic and gravity surveys help detect the dense, mineral-rich carbonatite bodies beneath the surface. Geochemical Sampling: Soil and rock samples are analyzed for elevated levels of niobium, rare earth elements, and phosphate. Drilling: Core drilling provides detailed information about the deposit’s size, grade, and mineral distribution. Once a deposit is confirmed, mining methods depend on the depth and size of the carbonatite body. Open-pit mining is common for near-surface deposits, while underground mining may be necessary for deeper ore bodies. Mining Process: Extraction - Removing the ore from the ground using heavy machinery. Crushing and Grinding - Breaking down the ore to liberate valuable minerals. Concentration - Using flotation or magnetic separation to concentrate niobium and rare earth minerals. Refining - Processing concentrates to produce pure metals or compounds. Efficient mining and processing of carbonatite deposits require careful environmental management to minimize impacts such as dust, water contamination, and habitat disruption. Future Trends and Innovations in Carbonatite Mining The demand for minerals found in carbonatite deposits is expected to grow significantly due to the global shift towards clean energy and advanced technologies. This trend drives innovation in exploration, mining, and processing techniques. Emerging Trends: Sustainable Mining Practices: Emphasizing reduced environmental footprint and community engagement. Advanced Geophysical Tools: Using drones and 3D imaging to improve exploration accuracy. Improved Processing Technologies: Developing more efficient methods to extract rare earth elements and niobium with less waste. Recycling and Circular Economy: Integrating recycled materials to reduce reliance on primary mining. Companies investing in the search for carbonatites and the subsequent mining are exploring partnerships with technology firms to develop new applications for the minerals extracted, such as in battery technology and green hydrogen production. Understanding the role of carbonatite in mining reveals its critical importance in supplying minerals essential for modern life. From niobium to rare earth elements, this unique rock type supports industries that drive innovation and sustainability worldwide. As exploration and mining technologies advance, carbonatite deposits will continue to be a valuable resource for the future. Samso Comments This Samso Insight is a simplistic take on what the upcoming narrative for the Mineral exploration industry on the ASX. The search for carbonatites has never been on the radar for as long as I have been in this industry, and that is now over 30 years. I had a fascination with carbonatites when I was in undergraduate studies, but I had never come across headlines till the recent discoveries by WA1 Resources Limited (ASX: WA1) and Encounter Resources Limited (ASX: ENR). As outlined above, the applications of the minerals found in carbonatites are very industrial; one would have thought that they are sought after, but it is only the recent rise of "critical minerals" that the limelight has started to shine. While the content of this blog is meant to be simple, readers need to remember that like all deposits, there are a lot of complexities and all carbonatites are not the same. The hybrid nature of carbonatites are typical of any geological concepts, where it be porphyries, BIF-hosted, VMS, IOCG, Intrusive-Related Gold Systems, Orogenic Gold Systems...etc Jon Hronsky has kindly sent me Figure 5 below to demonstrate the complexities of Carbonatites. Figure 5: The different types of Carbonatites in drill core. (source: Jon Hronsky) The different types will host or not host different metals and endowments. A good example of a company that is going through this phase of figuring out the different potential of carbonates is Encounter Resources Limited (ASX: ENR). I have listed below some of the content we have done in Samso News below: Encounter Resources—High-Grade Niobium and Shallow REE Extend >1 km East of Green MRE (Aileron, West Arunta) - Rare Earth rich Carbonatites Encounter Resources delivers highest-grade niobium yet at Green, building the high-grade Niobium core at Aileron (West Arunta) - Establishing the World Class Carbonatite Province High-Grade Niobium–REE Zone Discovered 500m East of Crean Investors in the ASX should take more care to understand the fundamentals to position themselves for the coming decades. I do feel that the headlines of mining are now taking a greater emphasis in global discussion as we enter a new era for the human species. The greater need to have cleaner energy and to "save the planet" is now realising that mining is the only saviour. The one-and-off love relationship with the so-called "evil" mining sector is slowing down as more people are realising that to have those benefits, you have to do mining. The geopolitics of 2025 and beyond are not overriding the "green" old-fashioned thinking of "Not In My Backyard" and the irresponsible thinking that renewable energy is actually clean will start to face. The search for the "other" source of minerals will have to take centre stage, and rocks such as carbonatites will have an important place in the future cleaner energy world. Cover photo: Ol Doinyo Lengai After Explosive Eruptions, Robert Simmon. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Ol_Doinyo_Lengai_After_Explosive_Eruptions.jpg). Reproduced photograph, shown faded under a navy overlay on the article thumbnail. 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It is not an easy task to work through a market that is dealing with the fourth most commonly used commodity, globally. Trying to decipher what is a “play” and what is “real” is another scale up in difficulty especially in ASX (Australian Stock Exchange). Making a list of “interesting” companies is an even harder task. When you take away the big players who are in the sector, there are not too many that stands out. There are a lot with projects that are more a product of the rush to get a zinc project into the company to attract funding a while back. Unfortunately, they are now stuck with it as the price surge did not happen. Now with China officially in a slow down pattern, I can not see the price surge happening. They will be lucky to get a price that is reasonable. I have selected a few that I know of from previous dealings and some that I have discovered while researching for this blog. I must say there are a lot more companies than I thought. There are a couple of companies that I like, but I have had to do them separately as there was too much detail. I will post those shortly. Venturex Resources Limited (ASX: VXR) Venturex Resources is the closest small-cap company that may get into production. I do realise that it is more a Cu project than a Zinc mine, but it is the closest that I can find in regards to a small-cap ASX listed company. However, they do have a reasonable resource number for Zn. The other companies out there are either exploration or just doing up their resources, and it will be still a while before there is confirmation on absolute resource number. The Sulphur Springs Deposit shows typical VMS morphology with a copper-zinc rich, massive sulphide lens that is underlain by a copper-rich stringer zone up to 50m in width. Mineralisation has been drilled over a strike of approximately 500m and to a depth of about 400m below the surface. Drilling below 400m vertical is sparse offering excellent exploration upside. Sulphur Springs has a JORC compliant resource if 17.4 MT of 1.3% Cu, 4.2% Zn and 17 Ag/t. The company has outlined a 12-year life of mine to produce 12,000tpa Cu concentrates and 32,000tpa of Zn concentrates. A pre-tax NPV of AUD338M with a payback of 2.6 years. In October 2018, the company made a presentation on the financial result of the Definitive Feasibility Study. I was a shareholder recently and sold out to relocate my investment. My original intention for the investment was for Sulphur Springs, but the stock went on a different course with the Pilbara Conglomerate gold rush. I do feel that this is still the main game. The only issue I think is the size and the shareholding as Northern Star Resources Limited is a 19.0% shareholder. In my opinion, the reluctance of a giant to throw lots of money into the production seems to be a sign of the quality of the project. That is my opinion. In saying that, I am sure this will be interesting for the ASEAN investors, especially the ones to the northern parts. Corporate Information Market Capital: 44M Outstanding Shares: 239.9M (06/2018) Top 20 Shareholding: 60.7% Trek Metals (ASX: TKM) The Kroussou Project consists of one Exploration License, G4-569, covering approximately 1,500 square kilometres located in Ngounié Province, western Gabon, 220 kilometres southeast of the capital city of Libreville. Recent drilling has uncovered up to 15.2% zinc and lead at Dikaki, with Trek planning to release an exploration target for Kroussou in 2019. On the 20 November 2018, the company announced some decent results from their Dikaki project. There were intercepts of 24.5% Zn to as high as 32.6% Zn This company has a small minimal market capitalisation, and if they do find more decent intercepts, I think this may be a fair punt. The intercepts are not very wide, but I think its still early days. There are some encouraging 7m intercepts which are good. The issue will be how much cash do they have and will they be able to stay away from political issues that are common in Africa. Corporate information Market Capital: 4M Outstanding Shares: 312.3M (06/2018) Top 20 Shareholding: 53.6% Terramin Australia (ASX: TZN) Terramin holds a 65% shareholding in WMZ, with the remaining 35% owned by two Algerian government-owned companies: (32.5%) and Office National de Recherche Géologique et Minière (ORGM) (2.5%). The Project is on the Mediterranean Sea, 15km from the regional city of Béjaia, on the northern Mediterranean coast of Algeria. The town of Béjaia provides extensive infrastructure including an international airport and deepwater port. Location benefits include grid power, abundant water and proximity to European zinc smelters. The Tala Hamza deposit holds a Resource of 68.6Mt (Measured, Indicated and Inferred) at 4.6% zinc and 1.2% lead at a cut off of 2.5% zinc equivalent (inclusive of Probable Reserve). The deposit is within the Oued Amizour permit area that covers 125 square kilometres and includes some potential additional prospects for lead-zinc and copper. Corporate Information Market Capital: 224M Outstanding Shares: 1869.2M (06/2018) Top 20 Shareholding: 89.4% (2017) Todd River Resources (ASX: TRT) Todd River Resources holds an extensive exploration portfolio of tenements in the Northern Territory. The company is exploring for base metals and gold. Currently, the Company is focused on expanding the mineralisation identified in mid-2018 at the Mt Hardy zinc-copper Project north-west of Alice Springs and has an aggressive exploration program planned into 2019. Also, the McArthur and Rover Projects are highly prospective, and both will be advanced during 2018 and into 2019. However, the recent news has been the high-grade intercepts coming out of the Mount Hardy project. The company quotes the project as a Cu-Zn project, and the recent announcement on the 29 November 2018 highlighted the interception of sulphide mineralisation. One of the holes had 21 metres of brecciated sulphide. XRF values from of 3.9%Zn over 22.50m is impressive. They reported some zones going up to 10.2% Cu and 32% Zn. The results are from pretty deep down. So there will be some more work required. What is more interesting for me was the partnership with S2 Resources Limited (ASX: S2R). Dr Mark Bennett will join the Todd River Board, and I am sure that will inject a lot of value to the company. The announcement was on the 22 November 2018. Todd Resources will be worth keeping on the watchlist. Corporate Information Market Capital: 11M Outstanding Shares: 66.3M (06/2018) Top 20 Shareholding: 36.2% (2018) Red River Resources (ASX: RVR) Red River Resources’ Thalanga Zinc Project consists of the Thalanga Mill and base metal deposits at West 45, Far West, Waterloo, Orient and Liontown, located about 65km southwest of Charters Towers in central Queensland. Production of metal concentrates at Thalanga Zinc Project recommenced in September 2017 after a five-year hiatus. Thalanga is producing zinc, copper and lead concentrate with off-take agreements in place with Glencore (copper) and Trafigura (zinc & lead) for three years. Corporate Information Market Capital: 83M Outstanding Shares: 489.9M (06/2018) Top 20 Shareholding: 46.3% (2017) New Century Resources (ASX: NCZ) New Century Resources (ASX: NCZ) is an Australian base metal producer that has restarted the Century Mine in Queensland with the aim of becoming one of the world’s top 10 zinc producers. New Century acquired the Century Mine when it ceased production in 2016 and has executed an economic rehabilitation plan comprised of upgrading the mine’s existing world-class infrastructure. This rehabilitation was completed in August 2018 when the mine successfully entered production. New Century Resources is initially focusing on the existing ore reserves to produce zinc in the lowest cost quartile globally. Substantial mineral resources exist on the mining leases which will provide a significant opportunity for mine life extension and metal production increases from the mine’s operations. The company had the first shipment of 11,000t of zinc concentrate to China. The company has reserves of 2.3Mt zinc and 29.7Moz silver (77.3Mt at 3.1% ZnEq) The projected mine life is 6.3 years based on the Reserves only. Corporate Information Market Capital: 365M Outstanding Shares: 504M (06/2018) Top 20 Shareholding: 59.6% (2018) Ironbark Zinc (ASX: IBG) In my research, I found this company, and I was very intrigued by the information. I do wonder how this project will get developed, but the numbers are imposing so if they get this project up, I am sure it will be a good value adding exercise for the shareholders. Ironbark Zinc is aiming to develop its 100%-owned Citronen zinc-lead project in Greenland, which has a significant resource of 132Mt at 4.4% zinc and lead – equating to about 12.8 billion pounds of zinc. The Citronen Zinc-Lead Project represents one of the world’s most significant undeveloped zinc-lead resources with a resource of more than 13 billion pounds of contained zinc and lead metal. The project is located in northern Greenland, a self-governed part of the Kingdom of Denmark and has a low level of sovereign risk. To date, there has been more than 67,000m of diamond drilling at the Citronen Project. Citronen is a sedimentary exhalative (SEDEX) deposit- a potentially large type of deposit. The mineralisation at Citronen starts from the surface, is flat lying and is currently open in almost all directions. The deposit is adjacent to a deepwater fjord that may provide near mine ship docking and loading opportunities. In September 2017, the company released the following information, Highlights of the Feasibility Report included: NPV8: US$1,034 Million (US$909M post-tax*) IRR: 36.0% (35% post-tax*) Capital Cost: US$514 Million** Large Scale Production: 3.3Mtpa Mine Rate/Production up to 200,000tpa zinc metal Site Cost: US$0.52/lb Zn (Payable, Net of by-product credits)*** Mine Life: 14 years (open-ended and with further inferred resources that could potentially be converted to reserves) Life of Mine Revenue: US$6,364 Million Life of Mine Operating Costs: US$3,025 Million Life of Mine NPAT: US$1,836 Million* The current JORC 2004 compliant resource for Citronen is: Corporate Information Market Capital: 21M Outstanding Shares: 638.2M (06/2018) Top 20 Shareholding: 43% Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

Aluminium Scandium Master Alloys: Pioneering the Future of Aerospace and Automobiles (Stanford Advanced Materials) Scandium (Sc) is one of those elements that rarely makes headlines, yet its influence cuts across some of the most important industrial and technological shifts underway today. Despite a market that remains small in both scale and visibility, scandium’s unique properties - particularly its ability to strengthen aluminium alloys and enhance the performance of solid oxide fuel cells place it in a position of disproportionate strategic value. The Source of Scandium Scandium is rare, not as in crustal abundances but in substantial accumulations. Scandium-rich minerals are rare, there are only a dozen mineral species that are identified in the Earth's materials [13]. Today, we know that Scandium are commonly found in laterites. While laterites are commonly associated with REE (Sc belongs to the rare-earth elements (REE) group) and Sc, the concentration of the minerals is vastly different. and hence the accumulation of Sc is not easily discovered. It is important that not all lateritic profiles are rich in Scandium Typically, scandium is commonly concentrated in lateritic regolith developed over mafic–ultramafic rocks. Concentrations reported in Australia, New Caledonia, the Caribbean, the Philippines, China, the Ivory Coast and Guinea reach 100 ppm in the Fe oxyhydroxide-rich horizons developed over peridotites[13]. In eastern Australia, exceptional concentrations, reaching 800 ppm [13] ´ have been recognised over mafic–ultramafic intrusions (Figure 1). I have to say that i did not know that Australia is a rich source of scandium which in the scheme of the scandium market, it does add to the fact that Australia is is now known to be a critical minerals powerhouse. Figure 1: Location and geological context of the major lateritic Sc occurrences found in eastern Australia (1: Syerston–Flemington, site of study, 2: Hylea, 3: Owendale, 4: Nyngan, 5: Sconi, 6: Pacific Express). Scandium contents are given according to Byrne (2017); Gordon (2018); Moller et al. (2017); Ricketts and Duyvesteyn (2018); Bell (2018) and Durack (2018), respectively. The Role of Laterites Laterites are a major component of the CZ. These regolith result from intense subaerial weathering of rocks in tropical environments, forming alteration layers frequently reaching several tens of meters in thickness. Laterites occur over 30 % of the Earth continents and represent 80 % of the volume of the soil mantle, thus having a major influence on the geochemical budget of weathering (Nahon, 2003). This crust fragment was collected in the Atlantic Ocean west of Africa. Metallic crusts in the deep seas of the Arctic Ocean including the Norwegian economic zone are very enriched on scandium Photo: Jan Steffen / GEOMAR (source: www.geoforskning.no) Like other regoliths, laterites result from the transfer of chemical elements between the different horizons of the CZ. However, the conditions in which laterites form are an extreme case of rock weathering. What is Scandium? Scandium is primarily found in two minerals, Thortveitite (ScYSi2O7) and Kolbeckite (ScPO4·2H2O), which do not occur in sufficient volumes to justify industrial mining. These minerals are located in Madagascar and the Iveland-Evje and Tørdal regions of Norway, but none of these deposits are currently being exploited. Typically, scandium is found in small, isolated pockets within pegmatite formations, making industrial extraction challenging, despite the fact that they yield beautiful mineral samples. Scandium, sublimed-dendritic, high purity 99.998 % Sc/TREM. As well as an argon arc remelted 1 cm3 scandium cube for comparison. (source: Wikipedia - Scandium) The primary source of scandium is secondary extraction from waste products following bauxite processing. A smaller amount is obtained from scandium mining and extraction from laterite soils. Deposits with industrial potential exist in China, Kazakhstan, Australia, the United States, and Russia. In China, scandium is found in tin ores, tungsten ores, iron deposits, and Rare Earth Element deposits, while in Russia, it is associated with Rare Earth Element deposits and uranium mining. There is speculation about deep ocean deposits, though their extraction remains hypothetical. Research is ongoing into other land resources. The Norwegian and Madagascan deposits are linked to gabbro and pegmatite formations but are not used for production. Currently, scandium is produced through calcio-thermic reduction of ScF3, obtained by fluorination of the oxide. Utilising Scandium The main way scandium is utilised is as a minor alloying element in aluminium, where even very small additions—typically less than 0.5%—can significantly enhance the metal’s strength, weldability, and resistance to heat and corrosion. This creates high-performance aluminium–scandium alloys that are lighter yet stronger than conventional materials, making them particularly valuable in aerospace, defence, and increasingly in advanced transport applications. The scandium mineral thortveitite from Kåbuland mine in Iveland. Photo: Ronald Werner, Wikipedia Commons - Sources: Norsk geologisk ordbok, scandiummining.com (source: www.geoforskning.no) The role of scandium here is not about bulk consumption, but about performance enhancement—refining the grain structure of aluminium and stabilising it under stress. In practical terms, this allows manufacturers to reduce weight without compromising structural integrity, which translates directly into fuel efficiency, payload gains, and longer service life. The effect of Sc addition on the microstructure and mechanical properties of a high-Zn-concentration Al (Al–49Zn) alloy. (source: Science Direct) This article provides context for understanding the significance of scandium. Unlike iron ore or copper, its importance is not based on volume but on functionality and application. Scandium plays a crucial role in areas like aerospace-grade aluminum and new clean-energy ceramics, positioned at the crossroads of lightweight engineering and energy efficiency. The challenge and opportunity with scandium arise from its scarcity, fragmented supply chains, and the ongoing attempts to commercialize its production from unconventional sources such as laterites, red mud, and other industrial by-products. Uses of Scandium. (source www.rimfire.com.au) In this Samso Insight, we take a grounded look at where scandium sits today, how its market is developing, and why invest Investors and industry participants are starting to pay closer attention. This is not about hype—it is about understanding a niche metal that may quietly underpin a range of future-facing technologies. 1.00 Uses of Scandium The interesting fact about scandium is that the volume of use is extremely small per application (0.5% of Sc will triple the strength of Al alloys), however, it is used in a large amount of applications. For example, the typical aeroplane would use between 70 and 700kg of Sc oxide per plane, depending on the size of the aircraft. The main concept is that it will reduce the weight of aircraft by 10-15% and hence reduce operating cots significantly. There are also narratives pointing to the use of scandium in solid oxide fuel cells. 1.01 Aluminium–Scandium Alloys (weight, strength, weldability) Scandium’s most cited industrial role is as an alloying element in aluminium. Even small additions can materially improve alloy performance, which is why scandium repeatedly appears in aerospace and high-performance manufacturing conversations. Where it shows up most often (end-use themes) in Figure 2: Aerospace & defence components where strength-to-weight matters Additive manufacturing (3D printing) alloy development for high-performance parts Select sporting goods and niche lightweight applications Figure 2: Why Al-Sc Alloys Matter (source: Samso) 1.02 Solid Oxide Fuel Cells (SOFCs) and energy ceramics Another major demand driver discussed in technical and industry sources is scandium’s use in SOFC-related ceramics (often referenced as scandia-stabilised materials) (Figure 3). This is one reason demand discussions frequently point toward clean-energy systems and stationary power. Figure 3: Scandium-Containing Ceramics in Solid Oxide Fuel Cells (SOFCs). (source: Samso) 1.03 Specialty uses (lasers and niche tech) Older United States Geological Survey (USGS) reporting groups scandium end uses into Al-Sc alloys, fuel cells, and lasers, which is a neat way to remember the “big three” buckets (Figure 4). Figure 4: Applications of scandium in industry (source: Samso) 2.00 Global Market Facts (what’s real, what’s small) 2.01 The market is small in tonnage USGS has repeatedly characterised scandium as a small market, with industry estimates indicating global production was less than 40 tonnes in 2022. USGS yearbook-style reporting has also put global consumption around ~15–25 tonnes per year (noting uncertainty and limited transparency). More recent reporting (Reuters, September 2025) described global scandium oxide production at about 40 tonnes in 2024 (Figure 5). Figure 5: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (source: Samso) Samso take: This is the key feature, not a footnote. In a market measured in tens of tonnes, a single credible project can change the supply narrative. 2.02 Price and market-size reports vary widely Commercial market reports publish market-value forecasts, but the numbers differ by methodology and definitions (metal vs oxide vs total value chain). Treat these as directional, not gospel. 3.00 Global Producers - Who actually make scandium Global scandium supply is highly concentrated, with China dominating both primary production and virtually all refined metal output. This lack of diversified supply underscores the structural tightness of the scandium market and elevates supply-chain risk for downstream users (Figure 6). Figure 6: Scandium Supply Dominance by Location (source: Samso) Scandium is rarely produced from primary mines, with supply largely dependent on by-product recovery (Figure 7). Figure 7: Conceptual Scandium Supply Chain Pathway (source: Samso) 3.01 China, Russia, Ukraine (commonly cited sources) Official and policy-style commentary often points to China, Russia, and Ukraine as key sources in the historical supply narrative. 3.02 Rio Tinto (Canada, titanium dioxide waste stream route) Reuters reported that Rio Tinto developed a method to extract high-purity scandium oxide from titanium dioxide production waste, with capacity reported at up to ~3 tpa at its Quebec facility since 2022. 3.03 Emerging Western stockpiling interest (signal, not volume) Reuters also reported the U.S. Defense Logistics Agency’s intent to buy scandium oxide for stockpiles, including a first-year target described as nearly 2 tonnes, framed as about ~5% of global production (based on the same reporting). 4.00 Global Scandium Consumption - How many tonnes, and who uses it The cleanest “tonnes” statement in public, citable sources is the USGS estimate range: Global consumption is estimated at ~15–25 tonnes per year (yearbook reporting). And production context from USGS MCS: <40 tonnes produced in 2022 (industry estimates cited by USGS). Consumption buckets (consistent framing) (Figure 8): Aluminium-scandium alloys Solid oxide fuel cells Lasers and niche tech Figure 8: Indicative Scandium End-Use Applications (source: Samso) 5.00 What industries are using scandium? (Figure 9) 5.01 Aerospace & Defence This is the most visible narrative driver because lightweight alloys have obvious platform benefits, and because strategic supply is now being discussed in policy/stockpile terms. 5.02 Clean Energy (SOFC-related) SOFC demand is repeatedly cited as a growth vector in USGS-style summaries and technical literature. 5.03 Advanced manufacturing (incl. alloy development and additive pathways) NioCorp/Lockheed reporting highlights scandium-aluminium alloy development linked to defence manufacturing and 3D printing workflows (processing into powder for additive manufacturing was specifically described). Figure 9: Scandium End-Use Industries and Supply Constraints (source: Samso) 6.00 Australia’s Core Scandium Province : New South Wales (Figure 10) Figure 10: Australia’s Scandium hotspot (source: OzMin database, Geoscience Australia) New South Wales has emerged as Australia’s most concentrated and strategically important scandium province—often described as Australia’s scandium hotspot, or the “Kalgoorlie of Scandium” as it hosts projects that span the full development spectrum from exploration to advanced, construction-ready assets (Figure 10). The clustering of these projects within a single jurisdiction highlights both the region’s geological endowment and the growing strategic relevance of scandium as a constrained, high-value metal. Key contributors to the New South Wales scandium story include: Sunrise Energy Metals Limited (SRL): Advancing the Syerston Project as a primary scandium development, supported by significant recent funding and a defined pathway toward construction. Scandium International Mining Corp (SCY): Owner of the Nyngan Scandium Project, one of the most advanced standalone scandium assets globally, with completed feasibility work and permitting in place. Rimfire Pacific Mining Limited (RIM): Providing district-scale exploration exposure across the Fifield region, with defined resources and exploration targets that offer longer-dated scandium optionality. Together, these companies frame New South Wales as the backbone of Australia’s scandium narrative, combining near-term development potential with longer-term exploration upside in a market defined by limited and highly concentrated global supply. 6.10 Sunrise Energy Metals (ASX: SRL) – Syerston (NSW) Flagship asset: Syerston Scandium Project, New South Wales (Figure 11) Figure 11: Syerston Scandium Project, New South Wales (source: SRL) Scandium focus: Primary scandium development (not by-product based) Project status: Advanced development; pre-construction activities underway Funding position: ~A$105 million raised since June 2025, including a A$32.5 million placement announced in December 2025 Development timeline: Targeting on-site construction by mid-2026, subject to approvals Strategic angle: Positioned as a large, Western scandium supply source outside China End-use exposure: Aluminium-scandium alloys, solid oxide fuel cells, defence alloys, semiconductors 6.11 The Business of Sunrise Energy Metals Limited – The Syerston Project, New South Wales The Syerston Project is a long-evolving asset centres around a laterite deposits that has been focused on nickel, then nickel-cobalt and no Scandium. The chemistry and the mix of potential commodities have not changed. It is now and has always been about what is the market requirements at the time of discussion. The deposit was first identified in the 1990s during regional exploration programmes targeting nickel laterites in New South Wales. Early work defined a large, low-grade but laterally extensive nickel–cobalt resource developed over ultramafic rocks. At that time, the focus was primarily on nickel, with cobalt recognised as a secondary component and scandium largely overlooked. Through the late 1990s and early 2000s, the project underwent systematic drilling, metallurgical testing, and resource definition. This work established Syerston as one of the more significant laterite deposits in Australia, but like many laterite projects globally, its development was constrained by processing challenges and fluctuating nickel prices. The complexity and cost of high-pressure acid leach (HPAL) processing meant that advancing the project required both technical confidence and strong market conditions. The project later came under the control of Clean TeQ Holdings Limited, which marked a turning point in its development. Under this ownership, Syerston was repositioned from a conventional nickel project into a more integrated nickel–cobalt–scandium development. This period saw significant investment in metallurgical innovation, including proprietary ion exchange and purification technologies aimed at improving recoveries and product quality. It was also during this phase that scandium became a more prominent part of the story. As global interest in scandium’s applications—particularly in aluminium alloys and solid oxide fuel cells—grew, Clean TeQ began to highlight Syerston as one of the few deposits globally capable of supplying scandium at scale as a by-product. By the mid to late 2010s, the project had progressed through feasibility-level studies, positioning it as a potential large-scale supplier of battery materials. However, like many capital-intensive projects, timing became a key factor. Market conditions, financing requirements, and evolving battery supply chain dynamics influenced the pace at which development could proceed. In 2021, Clean TeQ Holdings rebranded to Sunrise Energy Metals Limited, reflecting a broader strategic focus on clean energy metals and aligning the company more clearly with the battery materials and energy transition narrative. From a Samso perspective, the history of Syerston is a reminder that large laterite projects are not built overnight. They evolve over decade, moving from discovery, through technical validation, and into the more challenging phase of commercial execution. The work done over the years has de-risked many aspects of the project, but the key question remains the same: how effectively that long history can now translate into a producing operation. 6.20 Scandium International Mining Corp (TSX: SCY) – Nyngan Scandium Project (NSW) The Nyngan Scandium Project, owned by Scandium International Mining Corp, is one of the most advanced primary scandium development projects globally. Located approximately 20 km west of Nyngan in central New South Wales, the project benefits from established infrastructure, including road access, rail connectivity, power, and proximity to regional service centres. Figure 12: Nyngan Scandium Project, New South Wales (source: SCY) The deposit is hosted within a lateritic profile developed over mafic rocks. The mineralisation is near-surface, laterally continuous, and amenable to open-pit mining. What differentiates Nyngan is the relatively high scandium grade compared to typical laterite systems, where scandium is usually a minor by-product. Here, scandium is the main economic driver. Definitive Feasibility Study (source: Scandium Mining) During May 2016 the Company issued a National Instrument NI 43-101 Technical Report entitled "Feasibility Study - Nyngan Scandium Project". The feasibility study was independently prepared; Lycopodium Limited led the feasibility study team from their Brisbane, Australia office. Feasibility Study Highlights: Capital cost estimate for the Project is US$87.1 million, Operating cost estimate for the Project is US$557/kg scandium oxide, Oxide product volume averages 37,690 kg per year, over 20 years, Project Constant Dollar NPV10% is US$177 million, (NPV8% is US$225 million), Project Constant Dollar IRR is 33.1%, Oxide product grades of 98-99.9%, as based on customer requirements, Project resource increases by 40% to 16.9 million tonnes, grading 235ppm Sc, at a 100ppm cut-off in the measured and indicated categories, and Project Reserve totalling 1.43 million tonnes, grading 409ppm Sc was established on part of the resource. The feasibility study concludes that the Project has the potential to produce an average of 37,690 kilograms of scandium oxide (scandia) per year, at grades of 98.0%-99.9%, generating an after tax cumulative cash flow over a 20 year Project life of US$629 million, with an NPV10% of US$177 million. The feasibility study has been developed and compiled to an accuracy level of +15%/-5%, by a globally recognized engineering firm with considerable expertise in laterite deposits. A number of the key elements of this flowsheet work have been protected by the Company under US Patent Applications. Positioning The Nyngan Project – A Primary Scandium Resource The Nyngan Project is established as a primary scandium supplier, distinguishing itself from those relying on by-product production. This is a significant differentiation. The strategy focuses on supplying scandium for: Aluminium–scandium alloys (used in aerospace, transport, and additive manufacturing) Solid oxide fuel cells (for clean energy applications) Given the relatively small size of the scandium market, the project is designed to produce modest annual volumes that match current and anticipated demand growth. Scandium is a high value product which is a rare business in mining. Figure 12a gives a good comparison of pier projects. Figure 12a: Scandium project comparisons. (source: Scandium Mining) Another advantage that Nyngan has is an extablished mining jurisdiction with access to road and rail. Easy avalability of skilled workers is very important. Readers have to remember that the proejct is decades in the making and with the market as it is now with all the geopolitical issues and the current hostilities in the Middle-East, timing for a "boutique" commodity like Scandium may have founds it day of rewars in 2026. 6.30 Rimfire Pacific Mining Limited (ASX: RIM) – Fifield Scandium District (NSW) Scandium focus: District-scale scandium exploration in the Fifield Scandium District, New South Wales (Figure 13). Figure 13: Fifield Scandium District, New South Wales (source: RIM) Strategic position: Controls a large scandium-prospective landholding in Australia’s premier scandium province Key projects: Murga, Melrose, Currajong, Rabbit Trap, and Forrest View, located proximal to Sunrise Energy Metals’ Syerston Project Resource base: Maiden and updated JORC Mineral Resource Estimates defined at Melrose, Murga North, and Currajong, with combined contained scandium oxide reported across multiple deposits Exploration upside: Murga Exploration Target of 100–200 Mt at 100–200 ppm Sc, highlighting potential for material resource growth, subject to further drilling and conversion to MRE Development pathway: Near-term focus on infill air-core drilling and conversion of exploration targets to mineral resources, with a stated target of new MRE updates by Q1 2026 Strategic context: Operates alongside major and emerging scandium players in Fifield, including Sunrise Energy Metals and Rio Tinto, reinforcing district-scale significance Rimfire Pacific Mining Limited is positioning itself as a district-scale explorer and developer within the Fifield region of central New South Wales. The strategy is based on consolidating a landholding across what is emerging as a significant scandium province. The company controls a large tenement package in the Fifield area and is advancing multiple scandium prospects alongside exposure to gold, antimony, and copper targets . The Fifield Projects – A Cluster of Scandium Opportunities According to the latest presentation, Rimfire’s core focus is within the Fifield district, which hosts multiple scandium projects in close proximity to each other and to established deposits. The geology is consistent across the region: Laterite-hosted mineralisation Developed over pyroxenite source rocks Broad, near-surface mineralised zones The company’s key projects in the district include: Murga Scandium Project Melrose and Currajong deposits Rabbit Trap Project (recently acquired 100%) This cluster approach suggests the potential to build regional scale rather than a single standalone operation. 7.00 Global supply risk and why scandium keeps showing up in strategic lists Two facts keep repeating across credible sources: Scandium is dispersed and typically produced as a by-product, limiting scalability Western policy and defence procurement interest is rising (stockpiling and offtake headlines) This is why scandium periodically “pops” into investor attention. Not because it is a bulk commodity, but because it is the opposite. 8.00 Scandium Pricing – A Niche Market Defined by Scarcity and Function Scandium pricing is fundamentally different from most commodities. There is no transparent exchange, no daily spot price, and very limited publicly reported transactions. Instead, pricing is typically negotiated through private contracts, often tied to purity, volume, and end-use application. The indicative pricing ranges are: Scandium Oxide (Sc₂O₃): ~US$1.2M to US$3.8M per tonne Scandium Metal (ingot): ~US$134M to US$153M per tonne High-purity dendritic scandium metal: up to ~US$233M–US$513M per tonne Readers will have figured out that these numbers highlight that this market is not about volume. Pricing reflects extreme scarcity and high performance value, not market liquidity. Figure 14: (a) Reconstructed total production rate for scandium in ton per year. The data was pieced together from the referenced literature and different websites. Squares represent estimates by the authors from corporate websites and articles in the reference list. (b) Approximate data corridor for the price for scandium oxide (Sc2O3). All curves based on approximate data gathered by the authors [20]. (c) The metal price in $/kg as it appears in the United States Geological Survey, Minerals Commodities Summaries from the years 1996–2023. I discovered an excellent paper [20], illustrated in Figure 14. The three charts clearly explain the production matrix and pricing of Scandium in both its oxide and metal forms. Figure 14 (a) displays the reconstructed production rate for scandium in tons per year. The data in Figure 14 was compiled from referenced literature and various websites. According to [20] there is limited published material on scandium, and the data is often inconsistent or incomplete. The squares indicate estimates by the authors. The circular marker in Fig. 14 (a) represents the projected rate for 2030 if various projects in the United States, Canada, and Australia are realized. These new production projects are currently underway. Figure 14 (b) illustrates the approximate price level for scandium oxide (Sc2O3). The prices from different sources vary significantly at the same time, so we have defined a range where the price is most likely to be found for both metal and oxide. Figure 14 (c) shows the metal price in $/kg as reported in the United States Geological Survey's Minerals Commodities Summaries from 1996 to 2023, with data for 1996–2019 [14]. After 2019, the USGS does not regularly update the figures. Figure 15: Data for scandium contents in bauxite used for scandium extraction in Russia [21]. Such data, was used in constructing Figure 17 and 18 The authors [20] compiled the price data in the diagrams from the cited literature and various websites (Fig. 15). (source: [20]). Figure 16 below presents estimates of scandium production volumes in 2022, assisted by educated guesses. Approximately 65% of the total volume is utilized as metal for alloys. The rate of scandium recycling is unknown, as no figures are available in any of the references. Figure 16: Shows the resource estimates for scandium as done by the authors. For Rare Earth Element deposits there are some more data points and the contents vary a lot, from as low as 26 ppm to more than 110 ppm in India and China, other locations have averaged at 220–400 ppm, but some deposits may have as much as 2000 ppm. (source: [20] In Figure 17, the data shows the resource estimates for scandium as done by the authors [20]. For Rare Earth Element deposits there are some more data points and the contents vary a lot, from as low as 26 ppm to more than 110 ppm in India and China, other locations have averaged at 220–400 ppm, but some deposits may have as much as 2000 ppm. Figure 17: Results for resource basis for scandium production. The above shows the approximate scandium production potentials from the different possibilities. Production estimated from mother metal production rates and assumed average scandium content at present as estimated by the authors. (source: [20]) Single deposits have significantly higher contents in smaller sections of the ore bodies. The research does highlight that none of this is geostatistically representative for whole regions, and only represents single random samples. Thus, the data is tentative. The available data and information has been used to make educated guesses. The estimated yields are very variable. Figure 18: Results for resource basis for scandium production. (source: [20]) Figure 18 illustrates the estimated scandium production potentials from various sources. These estimates are based on current mother metal production rates and the assumed average scandium content, as determined by the authors. 8.10 Historical Pricing – Why It Has Been Volatile Unlike bulk commodities, scandium pricing has not followed a smooth supply-demand curve. Instead, it has moved in steps, largely driven by availability rather than consumption growth. 8.11 Early Market (Pre-2000s) – Experimental and Illiquid Scandium was primarily produced as a by-product from uranium and rare earth operations (mainly in the former Soviet Union). Supply was inconsistent and volumes were extremely low. Pricing was opaque and largely irrelevant to broader markets. 8.12 2000s to Early 2010s – First Commercial Interest Growing awareness of scandium in aluminium alloys and fuel cells. Limited supply kept prices high, often above US$2,000–$5,000 per kg for oxide. Market remained constrained due to lack of reliable producers. 8.13 Mid-2010s – Supply Expansion Attempts Projects like Nyngan (Australia) and others globally began advancing. Some increased supply (including Chinese production) led to price softening, but not collapse. The key issue remained: supply was still inconsistent and not scalable. 8.14 Late 2010s to Early 2020s – Stabilisation Phase Prices generally stabilised within a broad band, reflecting: Limited but steady supply (largely from China) Slow but growing adoption in niche applications The market remained thin and sensitive to small changes in supply. 8.15 Current Phase (2020s) – Strategic Metal Narrative Renewed interest driven by: Light weighting (aerospace, transport) Clean energy (SOFCs, hydrogen systems) What is SOFCs ? Solid Oxide Fuel Cells (SOFCs) are high-efficiency electrochemical devices that convert fuel (hydrogen, natural gas, biogas) directly into electricity and heat without combustion. They operate at high temperatures (–) using a solid ceramic electrolyte to move oxygen ions, allowing for high fuel flexibility and the use of non-precious catalysts. Advanced electronics (AlScN materials) - What is AIScN ? Aluminium Scandium Nitride (AIScN) is an advanced wurtzite-structured ferroelectric material, commonly called scandium-doped aluminum nitride, that boosts the piezo-electric properties of Aluminium Nitride (AIN). Primarily used in 5G RF filters, non-volatile memory, MEMS, and photonics, (ASIcN) offers high temperature stability (over 600°C) and superior piezoelectric coefficients Pricing remains high due to: Concentrated supply (China dominance) Lack of large-scale Western production Increasing strategic importance 8.20 What Drives Scandium Prices Today The research has come up with some pointed factors indicates that the scandium pricing is driven by a small number of key factors: 8.21 Supply Availability Small increases in supply can have a disproportionate impact on price Lack of new projects keeps pricing elevated 8.22 Product Purity High-purity scandium oxide commands premium pricing Metal form (especially dendritic) can reach extreme values due to processing complexity 8.23 End-Use Applications Aerospace and defence applications tolerate higher pricing Emerging sectors (fuel cells, semiconductors) are sensitive to cost but require reliability 8.24 Contract-Based Market Long-term offtake agreements often dictate pricing No liquid spot market means price discovery is limited 8.30 The Key Insight – Why Pricing Has Not Collapsed One of the most important observations is that scandium prices have remained high despite low overall demand. The market has never had enough reliable supply to test true demand elasticity. In other words: Prices are high because supply is scarce Demand is limited because prices are high One would wonder if this is good for producers and the market. The situation is like it is a feedback loop that has kept the market small. Samso Concluding Comments The first time I came across Scandium would have been almost 20 years ago. I was asked to give my opinion and the feedback I gave was that it was difficult and the market was extremely small. If I am not mistaken, the price of the metal was just as attractive but the market was and is still as opaque and I am not sure if the marketability for the metal is any easier. Like manganese and the iron ore market, when it was first a market, in the 1960s, the project is only successful if you have a buyer. There is not much concept of an open market although, the likes of manganese and iron ore is a lot easier now. I was recently in a similar market and that was High Purity Quartz. The pricing mechanism was very lucrative but with research, the market is complex and very specialised. In some ways, like the general thought for High Purity Quartz, assuming this is true, the geological nature is what dictates the lack of economical sources. Scandium has a hard time trying to concentrate in an economical amount and that may also be why it is priced so handsomely. The ability to get the metals in a economically mineable source appears to be challenging and one would think that this issue is here to stay. The other aspect is not just a lack of an economical source, the use of the metals is also small and that means the production required is not that high. Like tungsten, the global consumption is only 100,000 plus per annum. Although, with the increasing amount of hostilities recently, the need for tungsten to replenish used missiles etc. may move that needle a bit more. If you look back at Figure 14 and Figure 15, the projections are all suggesting bigger numbers in the future and if we take into consideration that we are moving into a new form of energy use, emission control and a new way of regulating energy, the need for these boutique metals will surely be in demand. I guess, for Australia, the amount of sources coming out of New South Wales may make Australia the Mecca of Scandium and at a time when the term "Critical Minerals" is taking centre stage in a global manner, this will be a fortunate geological phenomenon. References: United States Geological Survey (USGS) – Mineral Commodity Summaries (MCS): Scandium (2024, 2025) USGS – Rare Earths Minerals Yearbook (2019) (includes scandium end uses and consumption estimate range) Geoscience Australia – Australian Resource Reviews: Scandium Reuters – U.S. DLA scandium oxide purchase / Rio Tinto supply (Sept 22, 2025) Reuters – Sunrise–Lockheed scandium option (Oct 23, 2025) Financial Times – broader context on Pentagon stockpiling push USITC executive briefing – Russia and scandium background NSW Government appendix (historic directory context for NSW projects) SRL Investor Presentation 18 July 2025 SRL Investor Presentation 18 July 2025 Scandium International Mining Corp Corporate Presentation - October 2022 RIM Annual GM 18 November 2025 Chassé, Mathieu & Griffin, William & O’Reilly, Suzanne & Calas, Georges. (2019). Australian Laterites Reveal Mechanisms Governing Scandium Dynamics in the Critical Zone. Geochimica et Cosmochimica Acta. 260. 292-310. 10.1016/j.gca.2019.06.036. Nahon D. (2003) Weathering in Tropical Zone. Significance Through Ancient and Still Active Mechanisms. Comptes Rendus - Geosci. 335, 1109-1119. Byrne J. (2017) Annual Report. Technical report, Jervois Mining Ltd, Howthorn, Vic., Australia. Gordon M. (2018) Riva Resources Limited. Technical report, Independent Investment Research (Aust.) Pty Limited, Sydney, NSW, Australia. Moller B., Mosig R. and Hartley C. (2017) Annual Report. Technical report, Platina Resources Limited, Mt Hawthorne, WA. Ricketts N. J. and Duyvesteyn W. P. C. (2018) Scandium Recovery from the Nyngan Laterite Project in NSW. In Light Met. 2018. TMS 2018. Miner. Met. & Mater. Ser. (ed. O. Martin). Springer, Cham, Switzerland. pp. 1539–1543. Durack S. (2018) Six High-Grade Cobalt-Scandium Areas Key Focus at Granted NSW Tenement. Technical report, MinRex Resources Limited, Perth, WA. Bell B. (2018) Quarterly Activities Report. Technical report, Australian Mines Limited, Perth, WA. Sverdrup, Harald & Sverdrup, Antoniy. (2024). On the Supply Dynamics of Scandium, Global Resources, Production, Oxide and Metal Price, a Prospective Modelling Study Using WORLD7. Biophysical Economics and Sustainability. 9. 10.1007/s41247-024-00118-y. Boyarintsev AV, Aung HY, Stepanov S, Shoustikov AA, Ivanov PI, Giganov G (2022) Evaluation of main factors for improvement of the scandium leaching process from Russian bauxite residue (Red mud) in carbonate media. Am Chem Soc Omega 7:259–273 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. 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Investing in emerging markets offers exciting opportunities for growth and diversification. These markets, often characterized by rapid economic development and increasing integration into the global economy, can provide higher returns compared to developed markets. However, they also come with unique risks and challenges. This article explores some of the most promising emerging investment markets worldwide, highlighting key sectors, trends, and practical tips for investors looking to expand their portfolios. Understanding Emerging Markets and Their Potential Emerging markets are countries experiencing rapid industrialisation, improving infrastructure, and growing middle-class populations. These factors contribute to increased consumer spending and investment opportunities. Examples include countries in Asia, Latin America, Africa, and parts of Eastern Europe. Investors are drawn to emerging markets for several reasons: Higher growth rates: Many emerging economies grow faster than developed ones. Diversification: Adding emerging market assets can reduce portfolio risk. Untapped sectors: Opportunities in technology, renewable energy, and consumer goods are expanding. However, investing in these markets requires careful analysis of political stability, currency risks, and regulatory environments. City skyline representing emerging market growth Key Emerging Markets to Watch in 2024 Asia: The Powerhouse of Growth Asia remains a dominant force in emerging markets, with countries like India, Indonesia, and Vietnam leading the way. India’s technology sector continues to boom, driven by startups and digital innovation. Indonesia’s consumer market is expanding rapidly due to its large population and rising incomes. Vietnam is becoming a manufacturing hub, attracting foreign direct investment. Investors should focus on: Technology and fintech: Rapid digital adoption is creating new business models. Consumer goods: Growing middle classes demand better products and services. Infrastructure: Governments are investing heavily in transport and energy. Latin America: Resource-Rich and Resilient Latin America offers opportunities in natural resources, agriculture, and renewable energy. Brazil and Mexico are the largest economies, with sectors like mining, oil, and agribusiness playing key roles. Chile is a leader in lithium production, essential for electric vehicle batteries. Key considerations include: Commodity prices: These heavily influence market performance. Political changes: Stability varies across countries. Renewable energy: Solar and wind projects are expanding rapidly. Africa: The Next Frontier Africa’s young population and urbanisation trends make it a compelling emerging market. Countries like Nigeria, Kenya, and South Africa are hubs for technology, agriculture, and financial services. Mobile banking and fintech innovations are transforming access to financial products. Investors should explore: Mobile technology: High adoption rates create new opportunities. Agriculture: Modernisation can boost productivity. Infrastructure development: Roads, ports, and energy projects are critical. Solar farm representing renewable energy growth in Africa Navigating Risks and Challenges in Emerging Markets While the potential rewards are significant, emerging markets come with risks that investors must manage carefully: Political instability: Changes in government or policy can impact investments. Currency volatility: Fluctuations can affect returns. Regulatory uncertainty: Laws and enforcement may be inconsistent. Market liquidity: Some markets have lower trading volumes, making it harder to buy or sell assets. To mitigate these risks, investors should: Diversify across countries and sectors to reduce exposure. Use local expertise by partnering with regional fund managers or advisors. Stay informed about geopolitical developments and economic indicators. Consider currency hedging to protect against exchange rate swings. Practical Tips for Investing in Emerging Markets Investing in emerging markets requires a strategic approach. Here are some actionable recommendations: Start with ETFs or mutual funds: These provide diversified exposure and professional management. Focus on sectors with strong growth potential: Technology, renewable energy, and consumer goods are promising. Monitor macroeconomic trends: Inflation, interest rates, and trade policies can influence market performance. Be patient and long-term oriented: Emerging markets can be volatile but offer growth over time. Leverage technology platforms: Many online brokers now offer access to emerging market stocks and bonds. For those interested in sustainable and innovative investments, companies like samso australia offer insights into renewable energy solutions that align with emerging market trends. Stock market graph illustrating emerging market investment trends The Future Outlook for Emerging Markets Emerging markets are expected to continue their growth trajectory, driven by demographic shifts, urbanisation, and technological adoption. Key trends to watch include: Green energy transition: Investments in solar, wind, and battery technologies will accelerate. Digital transformation: E-commerce, fintech, and mobile services will expand access and efficiency. Infrastructure upgrades: Governments will prioritise transport, energy, and communication networks. Regional trade agreements: These will enhance market integration and investment flows. Investors who stay informed and adapt to changing conditions can benefit from the dynamic opportunities emerging markets offer. Exploring emerging investment markets requires a balance of optimism and caution. By understanding the unique characteristics of each region and applying sound investment principles, investors can unlock significant growth potential while managing risks effectively. Whether through diversified funds or targeted sector plays, emerging markets remain a vital component of a well-rounded investment strategy. Cover photo: Container ships on Saigon River 2, Syced. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Container_ships_on_Saigon_River_2.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 News Samso Insights There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.

Reading and comprehending ASX announcements is essentially the main way to grasp a company's business on the Australian Securities Exchange (ASX). Hence, it is very easy to say that the ability to understand these documents is crucial. Therefore, it is a good reason to have your eagle hawk eyes on and closely monitor company announcements, while investing in the ASX. These releases frequently contain insights into a company’s condition, strategies, and possible risks. However, the true expertise comes in interpreting what the announcements reveal and what they omit. These are some smart investing measures to keep your hard-earned money "safer". Investing in the ASX One of the biggest mistakes that investors make is to take these updates at face value. Seasoned investors who have closely monitored the company's story are typically comfortable with the messaging as they have a good handle on the ins and outs of the project. However, for those that have just come across the story, it is imperative to capture the scene asap or you will be easily influenced by the "hype". Experience investing in the small end of town in the mineral exploration industry has taught me that empty promises are the same as perceived promises, and that is why it is an art to keep your sensors tuned into the right wavelength. To make smart or balanced decisions, investors need to look deeper. They must understand the business in its market and check if the company has the "faculties" to carry out its plans. Bright Idea I am not saying that management is being deceptive and acting in a illegal corporate behaviour. It just means that there is always a winner and a loser, so just make sure you are not the loser more often than being a winner. Remember that your job is to keep collecting smart investing behaviours. In this post, I will share some of my learning and hopefully, it will guide you on how to read ASX announcements critically. It will also show how tools like ASX Announcements Tracker, Market Insight Reports, and Financial Health Check Services can help you get a clearer picture. What to Look for in ASX Announcements ASX announcements cover a wide range of topics: earnings reports, strategy updates, acquisitions, capital raises, and more. Here are some key points to focus on: 1. The Tone and Language Used In my experience, the tone of the language is mostly not about the expression of the news, it is about the news itself. Collecting rock chips and announcing "high-grade" results, for me, are typically a promotional message. All rock chips are typically going to be high-grade. Looking at a rock and seeing blue-green colour will tell you that there is potentially copper mineralisation. Looking at a "haematitic" or "magnetitic" rock that would typically carry high-grade iron and using language that is "surprising" is a big hard to believe. Now, if that was shown and the language was more low key, I would take that as a more "sincere" way of saying, "hey you see these rocks, they are carrying good grades, its very interesting but lets find out more....". The other form of language what is commonly used to keep investors confident are vague phrases like “exploring opportunities” or “considering options.” These can mean the company is unsure and delaying decisions as they are now looking at alternative projects or the results means that they are needing to rethink the strategy. Clear Message Therefore, look for clear, specific statements about goals and timelines. If the language is overly cautious or full of qualifiers, it might signal uncertainty. 2. Financial Details and Funding This should be as easy one to describe, however, like all things in life, there are some skeletons in the closet as well. A company’s plans are only as good as its ability to pay for them. hence, always check if the announcement mentions how the project or strategy will be funded. Is the company raising capital? Are they relying on existing cash reserves? Don't fall into the trap of thnking that a rising commodity price for your potential investment will reflect in "finding" funding for the project. Just remember that this sector and in fact, most sectors are driven by brokers who need to have "skin in the game" otherwise, why would they risk their reputation and their source of income, their clients money. A rising sentiment for the company you are looking to invest does not mean that they will secure the funding. One would think that this is a simple equation on face value, but you will need to understand who is behind the "play" and their ability and their apetite to continue to fund the story is another matter. If a company talks about big projects but doesn’t mention funding, that’s a red flag. It could mean the plan is more wishful thinking than reality. You will notice that in almost all the case, big project acquisition comes attached with funding. Beware of the Drip Feed What this refers to is the raising that looks like they are just keeping the company afloat with fund raising of up to $500,000. The average ASx company will need somewhere between ADU $50,000 to AUD $100,000 per month to just pay for the administration. Drip Feeding Funding What that means is that it is just enough to keep the lights on and everyone paid. So if you are hoping that they will do some exploration work, forget about that. Some of the funding are even less. The time when a small raise (anything less than AUD $500,000 is pure administrative funding) like AUD $500,000 or AUD $1,000,000 works is when there is a immediate exploration program that simply require that kind of small funding. Exploration programs such as shallow drilling or soil sampling programs are times when small funding like that can be considered "worthwhile". 3. Market Context and Competition Announcements rarely mention competitors directly. But investors should consider the company’s position in the market. Is the company expanding in a growing sector? Are there new competitors or regulatory changes that could affect results? Questions like that tend to be more specifically related to ASX business that have direct competition issues. For the majority of the ASX mineral explorers, there tend to be less to no direct competition. They have enough problems trying to make a discovery. Understanding the broader market helps you judge if the company’s plans are realistic. Businesses like Calmer Co. International (ASX: CCO), who are selling a unique drink called Kava (derived from Fiji), is one where you would have to assess the market acceptance of Kava, the scalability of the product and the ability to find markets outside the pacific region. Where you are looking at some of the biotech companies, the need to cure a rare disease will always have a market as the likelihood of a mass flood of cure is low. I have also found that in the world of biotech, it is rare to find multiple companies looking to cure the same issue, hence it is rare to have competition in mases. Investor analyzing market trends, seeking insights for a competitive advantage. In the world of mineral exploration, the market context will be my thoughts on those looking for Gallium or marketing Gallium. In my opinion, there is no market for Gallium if you are not Alcoa. It is just too hard to execute for a company that has a market capitalisation of AUD $5M or even AUD $50M. A more relevant business in march 2026 is tungsten. There is a large disconnect between the rising price of tungsten metal and the understanding of investors. The issue is that there is a need to understand the geology of tungsten. Here is the problem, the high-grade sources are always prone to the "nugget-effect" and it is almost impossible to create an economical mining solution. The low-grade system needs to be large enough to create a mining scenario. The price for tungsten metal continues to rise and that is a clear sign that there is a supply issue. Si is the demand going to push the tungsten metal price higher? Tungsten Price Chart as of 2024 - 2025 (Source: Mining.com) The diagram above is a good example of the tungsten issue. In May 2025, the price of tungsten metal was averaging USD $395 per mtu. Today, on the 23rd of March 2026, that price is now averaging USD $2,650 per mtu (Figure below). The average Tungsten price was averaging at USD $2,200 about 10 days ago. Tungsten Price in 2026 So if a company comes out to say they have a tungsten project, it will be good to understand what they have in terms of potential deliverables. If you are not interested in the long term potential, you could easily ride the short term benefits. The problem with that is the market appears to be not overly interested in the sector. Samso Concluding Thoughts - Reading Between the Lines = Smart Investing ASX announcements are valuable sources of information. But they require careful reading and context. Investors should: Watch the language for signs of uncertainty Check if funding is in place for plans Understand the company’s market and competition Use tools like ASX Announcements Tracker, Market Insight Reports, and Financial Health Check Services to get deeper insights This approach helps investors make better decisions and avoid surprises. Remember, the company’s story is only part of the picture. The real value lies in understanding the business behind the words. There are a lot of credible commentators on social media, such as Roland Gotthard and Scott North for example who give their thoughts on Linkedin. Roland is a great one to test your suspicions but look out for these people. Take their thoughts and make your own minds up. Cover photo: NY stock exchange traders floor LC-U9-10548-6, Thomas J. O'Halloran. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's 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 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees 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.

Green360 Technologies (ASX: GT3) signed its first binding supply agreement for a low-carbon cement replacement in July 2026. It has not yet reached positive operating cash flow. This summary sets out the story, the GT3 share price, the cash, the market, the peers and what comes next. Green360 Technologies signed a binding supply agreement with Holcim Australia on 23 July 2026. It lodged its annual report for the year to 30 June 2026 on 29 September. [R1] [R3] Together they give a first look at a kaolin producer that is trying to become a supplier to the concrete industry. Samso has spoken with this company before, in 2021, when it was called Suvo Strategic Minerals. All prices in this piece are as at the close of ASX trading on 9 October 2026. The Green360 Technologies Story, From Kaolin to Low-Carbon Cement Green360 Technologies is a building materials company. Its mine and plant are at Pittong, about 40 kilometres west of Ballarat in Victoria (FIG. 01). The plant has operated since 1972, and the company describes it as Australia's only wet kaolin processing facility. [R2] [R6] Kaolin is a soft white clay used in paper, paint, adhesives and cosmetics.

Samso Market Update | Tuesday, 20 October 2026 | Market close 4:30pm AEDT On the ASX today, the S&P/ASX 200 closed down 28.8 points, or 0.33%, at 8,816.9. It had been down 1.11% at 8,747.3 at about 10:30am AEDT and recovered most of that fall by the close. The All Ordinaries, which tracks the 500 largest listed companies, fell 0.35% to 8,944.2. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 0.87% to 3,150.2. This morning's pre-market edition is below. Monday's editions are at ASX today, Monday 19 October 2026, and Friday's are at ASX today, Friday 16 October 2026. ASX today: Key Highlights The ASX 200 fell 0.33% to 8,816.9. Energy was the worst sector, down 1.31%, and consumer staples the best, up 1.14%. BHP (ASX: BHP) fell 1.59% to A$59.50 on the day it reported September quarter copper output down 19% to 401,000 tonnes. National Australia Bank (ASX: NAB) fell 1.75% to A$39.20 on the day it said it expects to cut up to 2,500 roles, about 6% of its internal workforce, in its 2027 financial year. Corporate Travel Management (ASX: CTD) rose 23.4% to A$3.06 on the day it said IATA had released its A$65 million security guarantee. More shares fell than rose. Of the 1,478 companies that traded and have a market value on the ASX, 418 rose, 669 fell and 391 were unchanged. The ANZ-Roy Morgan consumer confidence index fell 0.3 points to 67.7, the ABC reported. BHP, NAB and the fall in miners and energy Materials fell 1.16% and energy 1.31% (Yahoo Finance data). Six of the 11 sectors rose, led by consumer staples, health care and consumer discretionary. BHP said its total copper production fell 19% to 401,000 tonnes in the September quarter and that its FY27 copper guidance was unchanged. The ABC reported at 12:28pm that the result missed analysts' consensus of 423,600 tonnes. Market Index reported at 11:47am that BHP was "the main drag" on the materials index, and that Northern Star, Evolution and Genesis also fell. Northern Star (ASX: NST) closed down 1.68% at A$24.62. At 1:39pm Market Index reported that energy stocks had pulled back after Monday's 2.2% rise, naming Stanmore, Yancoal and Ampol. NAB released its job cuts plan at 8:30am AEDT. It said the changes will help make it "a stronger bank, better placed to navigate risks and opportunities", citing tougher economic conditions, customer expectations, competition and rapid technological change. AAP reported, using prices from near midday, that NAB and BHP together accounted for about half the ASX 200's fall at that point, when NAB was down 3.3%. NAB closed down 1.75%. The other three major banks were mixed. Westpac and ANZ each fell 0.79%, and Commonwealth Bank rose 0.14%. The ANZ-Roy Morgan weekly survey of consumer confidence, released during the session, fell 0.3 points to 67.7. The ABC reported that ANZ expects the Reserve Bank to raise the cash rate by 0.25 percentage points at its November meeting. NEXTDC (ASX: NXT) stayed in a trading halt all day over a power supply delay at its M3 Melbourne data centre. The halt runs until it makes an announcement or until Wednesday's open, whichever is earlier. Blue Chips (above A$1 billion) Samso's four size bands use market value at Monday's close. They are not the S&P/ASX indices of the same names. Turnover is the dollar value of shares traded today. Gainers. Ingenia Communities Group (ASX: INA) rose 9.67% to A$4.65 on turnover of A$19.6 million. At 9:59am it said it and Warburg Pincus will try to agree a process deed by Friday 23 October, and that Warburg Pincus may now carry out full due diligence. The non-binding proposal is A$5.25 cash a security. Ingenia's board said it has not found the proposal superior to its existing agreement to buy Peet. Austal (ASX: ASB) rose 6.91% to A$4.18, with no ASX announcement since yesterday afternoon. PWR Holdings (ASX: PWH) rose 6.11% to A$11.11 on the day of its annual meeting, where it raised its expected FY27 revenue growth for aerospace and defence to about 50%, from 30%. Cochlear (ASX: COH) rose 5.17% to A$139.40 on turnover of A$82.5 million, with no ASX announcement since yesterday afternoon. Orora (ASX: ORA) rose 4.68% to A$1.455 on the day of a buy-back update. HUB24 (ASX: HUB) rose 3.89% to A$67.08 on the day it reported platform net inflows of A$4.0 billion for the September quarter, down 23% on a year earlier. Fallers. Benz Mining Corp (ASX: BNZ) fell 13.2% to A$4.21, with no ASX announcement since yesterday afternoon. It had risen 19.5% on Monday, the day it released drill results from its Icon gold project. Tamboran Resources (ASX: TBN) fell 8.89% to A$0.205, with no ASX announcement since yesterday afternoon. Sunrise Energy Metals (ASX: SRL) fell 7.22% to A$14.40. Late on Monday, at 6:34pm AEDT, an investor said it had ceased to be a substantial holder, meaning it now owns less than 5% of the company. Ampol (ASX: ALD) fell 6.22% to A$39.32 on turnover of A$67.0 million, with no ASX announcement since yesterday afternoon. Minerals 260 (ASX: MI6) fell 5.16% to A$0.735 and PDI Gold (ASX: PDI) 5.12% to A$4.08. Minerals 260 announced a webcast for its quarterly report, and PDI Gold had no ASX announcement since yesterday afternoon. Mid Caps (A$500 million to A$1 billion) Gainers. BMC Minerals (ASX: BMC) rose 5.93% to A$2.68 on turnover of A$271,000. Core Lithium (ASX: CXO) rose 5.00% to A$0.21 on turnover of A$10.6 million. The Star Entertainment Group (ASX: SGR) rose 4.35% to A$0.12, Aura Consolidated Group (ASX: AXQ) 4.31% to A$3.39 and Lycopodium (ASX: LYL) 3.44% to A$21.65. None of the five had an ASX announcement since yesterday afternoon. Fallers. Peet (ASX: PPC) fell 7.10% to A$1.44 on turnover of A$12.9 million. Its only ASX announcement since yesterday afternoon was a notice on Monday evening of an extension of time to hold its annual meeting. Ingenia agreed in August to buy Peet by scheme of arrangement, a takeover that shareholders vote on and a court must approve. Brazilian Rare Earths (ASX: BRE) fell 4.83% to A$1.87 on the day it released its September quarterly report, which showed A$121.8 million in cash. Deep Yellow (ASX: DYL) fell 4.55% to A$0.735, with no ASX announcement since yesterday afternoon. Weebit Nano (ASX: WBT) fell 4.14% to A$2.55 on the day it announced a webinar. IperionX (ASX: IPX) fell 3.92% to A$1.96, with no ASX announcement since yesterday afternoon. Small Caps (A$150 million to A$500 million) Gainers. Corporate Travel Management (ASX: CTD) rose 23.4% to A$3.06 on turnover of A$12.8 million. At 9:05am it said IATA, the airline industry body that settles ticket sales, had released its A$65 million security guarantee and restored its previous settlement terms. Corporate Travel said this should improve its working capital by about A$30 million. Amaero (ASX: 3DA) rose 11.8% to A$0.19, with no ASX announcement since yesterday afternoon. Titomic (ASX: TTT) rose 8.70% to A$0.125, with no ASX announcement before the close. Dateline Resources (ASX: DTR) rose 8.43% to A$0.09 and Myer Holdings (ASX: MYR) 7.69% to A$0.21, with no ASX announcement since yesterday afternoon. Gentrack Group (ASX: GTK) rose 5.42% to A$3.50 on the day it announced a contract with Momentum Energy for its g2 billing platform. Fallers. Starpharma Holdings (ASX: SPL) fell 33.3% to A$0.50, from A$0.75, on turnover of A$5.1 million. It announced it had raised its stake in Petalion Therapeutics, a cancer drug developer, from 22.5% to 66%, and will contribute up to A$5.0 million. Berkeley Energia (ASX: BKY) fell 17.6% to A$0.75 on turnover of A$64,000, with no ASX announcement since yesterday afternoon. Mastermyne Group (ASX: MYE) fell 11.1% to A$0.64 and Prospect Resources (ASX: PSC) 10.3% to A$0.26. Mastermyne's only announcement was a share quotation notice, and Prospect had none. FortifAI (ASX: FTI) fell 8.89% to A$0.41 on the day it released new commercial software. Micro Caps (below A$150 million) Gainers. WhiteHawk (ASX: WHK) rose 60.0% to A$0.004, from A$0.0025, on turnover of A$236,000. At prices this low, a move of a fraction of a cent is a large percentage. It said Bell Federal Systems had selected it to pursue US federal government work under NASA's SEWP VI procurement program. Recce Pharmaceuticals (ASX: RCE) rose 20.7% to A$0.35. It said an independent committee will review unblinded data from its Phase 3 trial in Indonesia, and that a blinded review indicates "strong efficacy". Blackwall (ASX: BWF) rose 30.4% to A$0.12 and Energy Action (ASX: EAX) 27.0% to A$0.40, each on turnover of less than A$65,000, with no ASX announcement since yesterday afternoon. Ionic Rare Earths (ASX: IXR) rose 20.5% to A$0.53 and Locksley Resources (ASX: LKY) 20.4% to A$0.065, also with no ASX announcement since yesterday afternoon. Fallers. Nagambie Resources (ASX: NAG) fell 33.3% to A$0.012, from A$0.018. It released drill results from Alkane Resources, its earn-in partner at the Nagambie Mine, with assays up to 24 grams of gold a tonne and 30.9% antimony. Impedimed (ASX: IPD) fell 33.3% to A$0.004, from A$0.006, with no ASX announcement since yesterday afternoon. Great Divide Mining (ASX: GDM) fell 20.7% to A$0.23 and Resource Minerals International (ASX: RMI) 20.0% to A$0.10. Alterity Therapeutics (ASX: ATH) fell 15.6% to A$0.27. Resource Minerals International released an annual meeting notice. Great Divide and Alterity had no ASX announcement since yesterday afternoon. Commodities and Currency Prices were taken between 4:20pm and 4:33pm AEDT (Yahoo Finance data) and are compared with this morning's edition. Each moved less than 1% from the morning figures. December gold futures were at US$4,155.20 an ounce, down from US$4,160.30. December copper futures were at US$6.56 a pound, down from US$6.58. December Brent crude futures were at US$109.94 a barrel, up from US$109.21. Iron ore was at US$91.05 a tonne at 2:23pm AEDT, down 0.1% on the previous reading, according to the ABC News market snapshot. The Australian dollar was buying 69.86 US cents at 4:32pm AEDT, up from about 69.8 US cents at 8:46am AEDT. Samso Concluding Comments The ASX 200 fell 0.33% to 8,816.9, having been down 1.11% at about 10:30am. Most of the fall came in the first half hour, and the index recovered about two thirds of it by the close. BHP and NAB fell on the day of their releases, and energy and materials were the weakest sectors. Of the companies that traded, 669 fell and 418 rose. General information only. This is not financial advice. Samso Market Update | Tuesday, 20 October 2026 | Pre-market 9:45am AEDT Futures point to a lower open on the ASX today. ASX 200 futures were down 0.9% at 8,783 points at about 7:15am AEDT, according to the ABC News market snapshot. A futures contract is an agreement to buy or sell at a set price on a later date, and its price is used as a guide to where the index will open. The 0.9% fall is measured on the futures contract, not against Monday's index close. The ABC did not give a reason for the fall. The S&P/ASX 200 closed on Monday at 8,845.7, up 39.0 points or 0.44%. The All Ordinaries, which tracks the 500 largest listed companies, rose 0.39% to 8,975.7. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 0.35% to 3,177.9. Monday's editions are at ASX today, Monday 19 October 2026, and Friday's are at ASX today, Friday 16 October 2026. ASX today: Key Highlights ASX 200 futures were down 0.9% at 8,783 at about 7:15am AEDT (ABC News). The Nasdaq Composite rose 1.11% and the S&P 500 rose 0.41% on Monday. The Dow Jones Industrial Average fell 0.07%. London's FTSE 100 fell 1.08%, Germany's DAX 1.18% and France's CAC 40 1.11%. National Australia Bank told the ASX at 8:30am AEDT that it expects to cut up to 2,500 roles, about 6% of its internal workforce, in its 2027 financial year. NEXTDC remains in a trading halt while it assesses the impact of a delay to the power supply at its M3 Melbourne data centre. Wall Street overnight Wall Street finished mixed on Monday. The Dow Jones Industrial Average fell 36.38 points or 0.07% to 51,966.03. The S&P 500 rose 31.29 points or 0.41% to 7,690.73. The Nasdaq Composite rose 290.86 points or 1.11% to 26,430.89. The Russell 2000, an index of smaller US companies, rose 0.25% to 2,728.30. TheStreet reported at the close that "Stocks rose today as the tech sector rebounded after last week's selloff." It named Amazon (up 4.95%), Palantir (up 4.36%) and Tesla (up 3.74%) among the gainers. The Associated Press reported at 1:58pm New York time that CoreWeave, which rents out computing power for AI, was up 2.8% after falling 25.2% last week. It also reported that Cleveland-Cliffs jumped 15.8% after a bigger quarterly profit than analysts expected. The US 10-year Treasury yield was at approximately 5.14% in the afternoon New York session, up about 4 basis points from Friday (Yahoo Finance data). A Treasury is a US government bond. A bond yield is the yearly return from buying a government bond at today's price and holding it until it is repaid, and when yields rise, bond prices fall. A basis point is one hundredth of a percentage point. The AP noted the 10-year yield topped 5.30% earlier this month, its highest since 2002. Japan and Asia The Nikkei 225 closed on Monday at 64,916.70, down 407.59 points or 0.62% (Yahoo Finance data). The US dollar was buying approximately 158.45 yen at 8:47am AEDT, up from approximately 157.97 yen at the same time on Monday. South Korea's Kospi rose 1.8%, according to the AP, after a 14.5% fall last week. The Shanghai Composite rose 0.39% to 3,730.92. London and Europe London's FTSE 100 closed on Monday at 10,764.69, down 117.21 points or 1.08% (Yahoo Finance data). Germany's DAX fell 1.18% to 25,319.77. France's CAC 40 fell 1.11% to 7,868.05. The AP reported that weekend protests in France turned violent, and that the unrest could push governments to spend more, adding pressure to their bond markets. It reported that French bond yields rose much more than German yields. Currencies The Australian dollar was buying approximately 69.8 US cents at 8:46am AEDT, up from approximately 69.6 cents at the same time on Monday (Yahoo Finance data). The US dollar index, which measures the US dollar against six major currencies, was at approximately 101.99 at 8:37am AEDT, up 0.15% from Friday's close. The euro was at approximately US$1.12. Commodities Brent crude futures for December, the front-month contract (the one that falls due soonest), were at US$109.21 a barrel late in the session, down 0.6% from Friday's settlement (Yahoo Finance data). West Texas Intermediate, the US oil benchmark, was at approximately US$103.15 a barrel for November delivery, up about 1.7%. TheStreet, writing at the close, linked a rise of more than 2% in US oil to news of recent Houthi attacks. Gold futures for December were at US$4,160.30 an ounce, down 0.50% (Yahoo Finance data). Silver futures for December rose 0.41% to US$57.23 an ounce. Copper futures for December rose 0.81% to US$6.584 a pound. Iron ore was at approximately US$90.90 a tonne, according to the ABC News market snapshot (prices at about 7:15am AEDT). Today's diary All times AEDT. 8:30am. National Australia Bank announced its job cuts and an expected restructuring charge of approximately $300 million before tax in its 2027 financial year. NAB said further detail on its cost outlook will come with its full-year result on 5 November 2026. NEXTDC's trading halt runs until it makes an announcement or until the start of trading on Wednesday 21 October, whichever is earlier. In its halt request NEXTDC said it is assessing the impact of the M3 power delay, including on its FY27 guidance, and that its board had not yet met to consider it. No Australian Bureau of Statistics releases are scheduled today (ABS release calendar). About 12:00pm. China's central bank sets its loan prime rates, the benchmark lending rates for Chinese banks (financecalendar.com, 9:00am Beijing time). Samso Concluding Comments ASX 200 futures were down 0.9% at about 7:15am AEDT, with the Nasdaq up 1.11% and London, Frankfurt and Paris each down more than 1% on Monday. NAB's job cuts and NEXTDC's trading halt are the main company items before the open. China's loan prime rate decision at about midday is the main scheduled item. General information only. This is not financial advice.

The United States regulator has authorised more artificial intelligence (AI) medical devices in each year from 2017 to 2025. This piece looks at four ASX companies that sell AI software to hospitals and clinics. It asks whether the group is likely to get bigger. One of the four is Echo IQ (ASX: EIQ), which Samso has followed since 2025. On 8 September 2026 the company said the regulator had not cleared its second product. The share price halved after the news. Our earlier pieces are listed under Previous Samso Coverage. All prices in this piece are as at the close of ASX trading on 9 October 2026. What AI in Healthcare Means for an ASX Investor In this piece, AI in healthcare means software that reads a medical scan or test and gives the doctor a measurement or a flag. The doctor still makes the decision. The main market is the United States. A product of this kind needs authorisation from the Food and Drug Administration (FDA) before it can be sold there. Most software gets it through a route called 510(k), and the result is called a clearance. In a 510(k), the company shows its product is substantially equivalent to one already on the market. The FDA keeps a public list of AI-enabled devices it has authorised for sale. Most are 510(k) clearances. The list held 1,614 devices when we read it on 11 October 2026. [R1] Radiology, the reading of scans, accounts for 1,230 of them, or 76 per cent. The FDA authorised 335 in 2025 against 114 in 2020 (FIGURE 01). Samso counted the yearly figures from the FDA file. Clearance lets a company sell its product, and it still has to find buyers. More than 1,600 authorised devices may also mean more competition. The Four ASX Healthcare AI Companies We have chosen four companies. Each has at least one product cleared by the FDA. Products from Pro Medicus, Artrya and Echo IQ are on the FDA list. The 4DMedical clearance is as the company announced it. [R16] The market values in the table are rounded, because we took them from the ASX data feed and did not check the share counts. TABLE 01 sets the four companies side by side. Pro Medicus is the large one. Its Visage 7 software lets radiologists view and report on scans, and hospitals pay by the number of scans under long contracts. It reported revenue of A$261.7 million for the year to 30 June 2026. [R2] It also has an AI product of its own, Visage Breast Density, which the FDA cleared in January 2021. [R1] The A$261.7 million covers the whole business, and AI is one part of it. 4DMedical turns an ordinary chest computed tomography (CT) scan into a map of how air and blood move through the lungs. Artrya reads a CT scan of the heart arteries and reports narrowing and plaque, the fatty build-up in the artery wall. Two Artrya modules were cleared in 2025 and a third is not yet cleared. [R8] [R9] Echo IQ reads the measurements from a heart ultrasound to flag severe aortic stenosis, a narrowing of the valve through which blood leaves the heart. The three smaller companies are early in their sales. 4DMedical reported revenue of A$7.1 million for the year. [R6] Artrya reported A$28,000. [R8] Echo IQ reported A$91,646. [R10] Their market values are about A$2.4 billion, about A$500 million and about A$400 million. [R15] Those market values rest on sales that are still to come. Pro Medicus as a Lender to Smaller AI Companies Pro Medicus has lent to one of the other three and has agreed to fund a second. In July 2025 it lent 4DMedical A$10 million for two years at 12.5 per cent interest, with an option to distribute 4DMedical products. [R3] In June 2026 it agreed to put up to A$20 million into Echo IQ through convertible notes. A convertible note is a loan that the lender can swap for shares. The notes carry interest of 12.5 per cent. Pro Medicus can choose whether to provide the second A$10 million. That second amount is tied to FDA clearance of Echo IQ's second product. Pro Medicus would also resell the Echo IQ products in the United States. [R4] The note agreements were signed on 17 August 2026. [R10] This is one way the group can grow. Pro Medicus already has its software inside large American hospitals. A small company that sells through Pro Medicus gets access to those hospitals. We have not confirmed that the first A$10 million has been paid to Echo IQ. The second A$10 million is tied to a clearance the FDA has not given so far. Who Pays for the AI Scan A hospital is more likely to use the software widely if someone pays for each use. In the United States that depends on two things. One is a billing code, known as a CPT code. The other is the rate an insurer pays against it. Medicare, the government insurer mainly for people aged 65 and over, publishes its rates. Private insurers set their own. Artrya says its plaque analysis is billed under an existing code at US$950 per scan assessed. [R8] 4DMedical says the rate set by the Medicare agency for its lung scan is US$650.50. [R7] A rate like this goes to the hospital or clinic that bills the code. The software company's share is a separate matter. Echo IQ does not have a code of its own. Its customers seek payment under a miscellaneous code, and its application for a specific one was not approved in September 2025. [R10] Put together, Artrya and 4DMedical each report a stated rate, and Echo IQ does not have a specific code. We have not checked these rates against the Medicare schedules. A code also does not mean a hospital will order the scan. The Echo IQ FDA Decision in September 2026 Echo IQ's first product, EchoSolv AS, was cleared in October 2024. Its second, EchoSolv HF, is for heart failure. On 8 September 2026 the company said the FDA had issued a Not Substantially Equivalent determination on its application. [R12] In plain terms, the FDA did not accept that the product matched one already on the market, so it is not cleared. Echo IQ says it disagrees with the FDA on some points and believes there is still a path to clearance. It also says the decision does not affect EchoSolv AS. [R12] On 17 September it said the FDA's concerns were limited to the statistical analysis behind the clinical validation. It named three routes, which are an appeal, a review by the FDA Ombudsman and a new application. [R17] On 12 October it said it had filed an appeal and that the FDA had accepted it. It expects a meeting with the FDA within 30 days. [R19] The shares last traded at A$1.28 on 4 September. They were in a trading halt on 7 and 8 September and closed at 64 cents on 9 September. [R18] We can probably safely assume the fall was due to the FDA decision. On 1 July 2026 the company said institutions had committed about A$110 million at A$1.45 a share. [R11] The shares closed at 53 cents on 9 October 2026, below that price. The company said on 8 September that it had cash of more than A$105 million as at July 2026. [R12] For a shareholder that means Echo IQ has that cash and one product it can sell in the United States. The second is not cleared and is under appeal. Share Prices of the Four Companies Over the Past Year We ran through the charts of all four (FIGURE 02, which shows two years). Over the year to 9 October 2026, Pro Medicus is down 44 per cent, from A$298.02 to A$165.73. 4DMedical is up 74 per cent. Artrya is up 14 per cent. Echo IQ is up 194 per cent after the September fall. The S&P/ASX 200 Health Care index, which tracks the larger listed health companies, is down 15 per cent over the same year. [R15] Pro Medicus has large sales and its shares fell over the year. The other three have small sales and their shares rose. The other three are much smaller than Pro Medicus. Their prices can move a long way on one announcement, as Echo IQ shows. Their charts should not be read as literally as the chart of a large company. Companies Leaving and Joining the ASX Volpara Health Technologies, a breast imaging AI company, was bought by Lunit at A$1.15 a share and left the ASX in May 2024. [R14] Harrison.ai is a private Australian healthcare AI company. The ABC reported on 8 September 2026 that it had cut Australian staff and was starting a radiology service in the United States. [R13] The ABC also reported a June job advertisement that referred to getting ready for an ASX listing. The company has not announced one. We did not find a healthcare AI company that listed on the ASX in 2026. Identifai Genetics, a prenatal genetic testing company that Samso covered in September, is due to list in October 2026. We have not counted it as a healthcare AI company. The listed group can shrink through a takeover. Samso Concluding Comments Will AI in healthcare get bigger on the ASX? We think it probably will, if bigger means more products and more money raised. It has not meant more listed companies so far. The FDA is authorising more AI devices each year. Each of the three smaller companies holds far more cash than it earned in sales last year. 4DMedical had A$278 million at 30 June 2026. [R5] Artrya had A$74 million in cash and term deposits. [R9] Echo IQ reported more than A$105 million as at July 2026. [R12] We cannot yet say whether sales will get bigger. Only Pro Medicus earns large sales today. For the other three, what comes next is hospitals using the product and insurers paying for it. SAMSO TAKE A product of this kind can depend on one decision by a regulator. Echo IQ's shares fell from A$1.28 to 64 cents after one. We think investors can check three things. Is the product cleared? Is there a billing code for it? Are customer receipts in the quarterly cash report going up? THE OTHER WAY TO READ THIS The share prices may already allow for the growth. Market values are many times sales at all four companies. [R15] Pro Medicus, the one with large sales, is down 44 per cent over the year. A rising count of FDA clearances may also mean more competition for each company. Only one of the four has large sales. Echo IQ's second product is not cleared. The listed group lost Volpara to a takeover in 2024, and we did not find a new healthcare AI listing in 2026. Previous Samso Coverage of ASX Healthcare AI Samso has written on Echo IQ since 2025 and on other healthcare AI subjects in 2026. The pieces are listed newest first. 10 JULY 2026 Echo IQ: A Fully Funded, FDA-Cleared Cardiac-AI Company Scaling EchoSolv into the US 29 APRIL 2026 Echo IQ – EchoSolv AS Enters Mount Sinai Health System 23 APRIL 2026 AI and Dementia: How Artificial Intelligence Is Changing Diagnosis, Care and Early Detection 15 APRIL 2026 Echo IQ – AI Diagnostics, Mayo Clinic & Hypergrowth 25 MARCH 2026 Echo IQ – Mayo Clinic Agreement Expands Commercial Pathway for EchoSolv HF After FDA Clearance 29 JANUARY 2026 Echo IQ Limited — FDA 510(k) Submission Lodged Following Mayo Clinic Validation 13 JANUARY 2026 ASX Healthcare Companies Snapshot – 4DMedical Limited | Actinogen Medical Limited | Neuren Pharmaceuticals Limited | Oneview Healthcare PLC 14 DECEMBER 2025 EchoIQ (ASX:EIQ) — New Clinical Data Reinforces Market Potential of EchoSolv AS 25 NOVEMBER 2025 Echo IQ Limited - EchoSolv HF Validated at Mayo Clinic Platform – Lining Up for FDA 510(k) Submission 19 OCTOBER 2025 Echo IQ (ASX: EIQ): Strong Operational Momentum & Regulatory Milestones VOCABULARY 510(k). The usual FDA route for medical software. The company shows its product is substantially equivalent to one already legally on the market. The result is called a clearance. Not Substantially Equivalent. An FDA finding that a 510(k) product has not been shown to match an existing one. The product is not cleared. CPT code. A billing code used in the United States. Hospitals and doctors use it to bill an insurer. Medicare. The United States government health insurer mainly for people aged 65 and over. Convertible note. A loan that the lender can swap for shares in the borrower. Placement. A sale of new shares to selected large investors. Appendix 4C. The quarterly cash report that some ASX companies must lodge. It shows cash received from customers and cash spent. Market value. The share price multiplied by the number of shares on issue. References and Sources Each source has a marker such as [R1]. The same marker appears in the text where that source is used. Company figures are quoted from the documents named. The two figures and the table are original Samso illustrations of sourced data. [R1] FDA, Artificial Intelligence-Enabled Medical Devices list, page updated 4 September 2026. Read 11 October 2026. fda.gov. [R2] Pro Medicus, full year results announcement, 18 August 2026. announcements.asx.com.au. [R3] 4DMedical, "4DMedical secures $10m strategic investment from Pro Medicus", 31 July 2025. announcements.asx.com.au. [R4] Echo IQ, "Binding Heads of Agreement secured with leading health imaging company, Pro Medicus Limited (ASX: PME)", 25 June 2026. announcements.asx.com.au. [R5] 4DMedical, quarterly activities report and Appendix 4C for the June 2026 quarter, 31 July 2026. announcements.asx.com.au. [R6] 4DMedical, Appendix 4E for the year to 30 June 2026, 28 August 2026. bulletin.webull.com. [R7] 4DMedical, investor presentation, 19 January 2026. announcements.asx.com.au. [R8] Artrya, Appendix 4E and Annual Report for the year to 30 June 2026, 19 August 2026. bulletin.webull.com. [R9] Artrya, quarterly activities report and Appendix 4C for the June 2026 quarter, 29 July 2026. investorpa.com. [R10] Echo IQ, Annual Report for the year to 30 June 2026, 28 August 2026. bulletin.webull.com. [R11] Echo IQ, "EchoIQ receives firm commitments for a ~A$110m institutional placement to fund US commercial expansion and accelerate EchoSolv AI product pipeline", 1 July 2026. announcements.asx.com.au. [R12] Echo IQ, "EchoSolv HF FDA application update", 8 September 2026. announcements.asx.com.au. [R13] ABC News, "Startup Harrison.ai lays off Australian staff, pivots to US after $32m government investment", 8 September 2026. abc.net.au. [R14] Volpara Health Technologies, scheme implementation announcement, 21 May 2024. announcements.asx.com.au. [R15] Share prices from Yahoo Finance daily closes. Market values from the ASX company data feed. Both read for the close of 9 October 2026. asx.com.au. [R16] 4DMedical, company release on the FDA 510(k) clearance of CT:VQ, 4 September 2025. 4dmedical.com. [R17] Echo IQ, "EchoSolv HF FDA application update", 17 September 2026. announcements.asx.com.au. [R18] ASX, trading halt notice for EchoIQ Limited, 7 September 2026. announcements.asx.com.au. [R19] Echo IQ, "EchoSolv HF FDA 510(k) update", 12 October 2026. cdn-api.markitdigital.com. Cover photo: A computed tomography (CT) scanner at Craig Joint Theater Hospital, Bagram Air Field, in 2015. US Air Force photo by Senior Airman Cierra Presentado. Public domain, via Wikimedia Commons. The photograph is mirrored left to right and cropped. It is shown under the Samso News blue glass on the article cover. 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. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple. Cut through the noise and spotlight what matters. Genuine stories, grounded insights, and real opportunity. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research 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. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso, Samso Insights, Samso News and Samso Research are four ways into the same work. Interviews, long-form research, short takes on announcements and company-specific studies. Every one of them is about how to think about investing rather than what to buy. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies Samso News is independent research commentary for general information only. Nothing in this article is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed. Market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au

All prices in this piece are as at the close of ASX trading on 8 October 2026. Global prices for gold are taken at the same time. Contents 13 The Golden Range Project and the Stage 2 Study 18 The Gold Price and Interest Rates 14 Drilling Beyond the Mine Plan 19 The Main Risks 15 Peer Comparison 20 Samso Concluding Comments 16 The Share Price 21 References and Sources 17 The Technical Trader View 22 Disclaimer 13 The Golden Range Project and the Stage 2 Study Golden Range is a second gold project 65 to 100 kilometres north of Mt Gibson. Capricorn Metals bought it in November 2025 by taking over Warriedar Resources for shares. It holds a Mineral Resource of 1.38 million ounces of gold, of which about 58 per cent is Inferred. Most of it is in one deposit, Ricciardo, where the deeper ore needs a more involved treatment route than Mt Gibson ore. Golden Range is in neither the Mt Gibson study nor Capricorn's group Mineral Resource. A study into a second processing plant there is due to report first results in the December quarter of 2026.[R35][R6]

The tungsten price has fallen for six months in a row, and it is still close to three times what it was in April 2025. Samso wrote about the supply deals in tungsten in September and has followed tungsten since 2018. Those deals were signed while prices were falling inside China, so this piece looks at the tungsten price itself. It asks whether the price today is a fallen price or a rising price, and whether the rise in early 2026 was an unusual event or the top of the market. Chinese tungsten prices in this piece are CTIA monthly averages for September 2026, published on 30 September 2026. European APT quotes are dated 28 September and 1 October 2026. WHERE THE NUMBERS COME FROM Chinese prices are the monthly averages published by the China Tungsten Industry Association (CTIA), the industry body that reports Chinese tungsten prices [R1]. The latest table is for September 2026 and is dated 30 September 2026. European prices are the quarterly averages that Almonty Industries, a tungsten miner, reports in its quarterly filings [R6]. Every percentage in this piece that is not in those documents is Samso arithmetic and is labelled. What Tungsten Is and How the Tungsten Price Is Quoted

Samso Market Update | Thursday, 15 October 2026 | Market close 4:30pm AEDT The S&P/ASX 200 closed at 8,719.7 on the ASX today, down 8.2 points or 0.09%. Materials fell 3.95% and financials rose 2.19%. The All Ordinaries, which tracks the 500 largest listed companies, fell 28.6 points or 0.32% to 8,840.4. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 69.9 points or 2.19% to 3,120.4. This morning's pre-market edition is below. Wednesday's close is at ASX today, Wednesday 14 October 2026. ASX today: Key Highlights The ASX 200 fell 0.09% to 8,719.7. Materials were the weakest of the 11 ASX 200 sectors, down 3.95%. Consumer staples were the strongest, up 3.47%, and financials rose 2.19%. The unemployment rate was 4.7% in September and employment fell by 39,300 people, the Australian Bureau of Statistics (ABS) reported at 11:30am AEDT. Commonwealth Bank rose 3.29% to A$156.15. BHP fell 4.70% to A$58.00 and Rio Tinto fell 4.85% to A$152.70. The Small Ordinaries fell 2.19%, a larger fall than the ASX 200's 0.09%. Information technology fell 3.41%. Of the 1,549 ASX companies that traded, 349 rose, 924 fell and 276 were unchanged. Jobs data, bond yields and the bank rise The ABS reported that the unemployment rate rose 0.1 percentage point to 4.7% in September, and employment fell by 39,300 people. Market Index reported that a rise of 20,000 jobs and a rate of 4.6% had been expected. The participation rate, the share of people aged 15 and over who are working or looking for work, fell to 66.8%. Market Index reported that the ASX 200 recovered from a fall of 0.99% to a fall of 0.4% shortly before noon, and that bond yields fell sharply after the jobs data. A bond yield is the yearly return from buying a government bond at today's price, and when yields rise, bond prices fall. A basis point is one hundredth of a percentage point. Australia's 10-year government bond yield was 5.22% at 2:54pm AEDT, down 9 basis points, according to ABC News. ABC News reported at 4:05pm AEDT that market pricing for a Reserve Bank rate rise in November fell from about 30% to about 15% after the data. Westpac still expects a November rise, ABC News reported. There was no Reserve Bank rate announcement today. The four major banks rose. Commonwealth Bank gained 3.29%, National Australia Bank 3.01%, Westpac 2.94% and ANZ 1.85%. Woolworths rose 4.27% to A$41.28 on turnover of A$171.2 million, with no ASX announcement since yesterday afternoon. Turnover is the dollar value of shares traded. Utilities rose 2.09% and communication services 1.54%. Materials and information technology Materials fell 3.95%. Market Index reported at 2:28pm AEDT that the materials index was at its lowest level since 21 July. BHP fell 4.70%, Rio Tinto 4.85% and Mineral Resources 4.85%. Lynas Rare Earths fell 6.57% and PLS Group 6.31%. Before the open, Market Index reported that silver had fallen 6% overnight and that US-listed mining funds had fallen. Information technology fell 3.41%. Megaport fell 10.1% to A$15.64 and NEXTDC fell 7.4% to A$8.86, with no ASX announcement from either since yesterday afternoon. Market Index linked the falls in Megaport, Macquarie Technology and NEXTDC to CoreWeave, a US artificial intelligence cloud company whose shares fell 15% overnight. In Asia, the Nikkei 225 was down 4.4% at about 4:20pm AEDT (Yahoo Finance), against Wednesday's close of 67,744.29. South Korea's Kospi was down about 7% at 4:00pm AEDT, ABC News reported. Both markets were still trading. Blue Chips (above A$1 billion) Samso sorts the ASX biggest movers into four size bands by market value at Wednesday's close. These bands are set by Samso and are not the S&P/ASX Small Ordinaries index. Only stocks with at least A$50,000 of turnover are ranked. Gainers. Generation Development Group (ASX: GDG) rose 17.2% to A$3.14 on turnover of A$26.8 million. Its only ASX announcement since Wednesday's close was a notice at 7:40pm AEDT on Wednesday that a shareholder had ceased to be a substantial holder, an investor with 5% or more. 4DMedical (ASX: 4DX) rose 7.4% to A$4.08, with no ASX announcement since yesterday afternoon. Bank of Queensland (ASX: BOQ) rose 5.9% to A$6.87 on turnover of A$42.3 million on the day of its full-year result. Market Index reported that cash profit excluding one-off items fell 7% to A$358 million. ABC News reported that statutory net profit, the figure under accounting standards, rose 88% to A$250 million. Treasury Wine Estates (ASX: TWE) rose 4.6% to A$5.94 on the day of its annual general meeting. Fallers. Ingenia Communities Group (ASX: INA) fell 11.6% to A$4.05 on the day it released a letter from Warburg Pincus. Warburg Pincus said its non-binding proposal, an offer that is not yet a commitment, of A$5.25 cash per security by scheme of arrangement was best and final in the absence of a better offer. A scheme of arrangement is a takeover voted on by shareholders and approved by a court. The proposal is conditional on the Ingenia board confirming by 19 October that it is more favourable than Ingenia's proposed purchase of Peet. Ingenia closed A$1.20 below the proposed price. Maas Group Holdings (ASX: MGH) fell 11.0% to A$3.31 on turnover of A$60.4 million. Its only ASX announcement since yesterday afternoon was a daily buy-back update. Energy Fuels (ASX: EF2) fell 10.9% to A$11.59 on turnover of A$0.1 million on the day it lodged a US Form 8-K, a report of a company event filed with the US securities regulator. Benz Mining (ASX: BNZ) fell 10.6% to A$3.72, Silex Systems (ASX: SLX) 10.5% to A$3.48, Sunrise Energy Metals (ASX: SRL) 10.4% to A$13.95 and Megaport (ASX: MP1) 10.1% to A$15.64. Benz, Silex, Sunrise and Megaport had no ASX announcement since yesterday afternoon. Mid Caps (A$500 million to A$1 billion) Gainers. EQT Holdings (ASX: EQT) rose 17.1% to A$22.31, with no ASX announcement since yesterday afternoon. Market Index reported that TPG had bought 14.9% of EQT at A$23.50 a share, below its own proposal of A$24.55. Nine Entertainment (ASX: NEC) rose 4.8% to A$0.65 and MyState (ASX: MYS) 3.7% to A$5.01, both with no ASX announcement since yesterday afternoon. Fallers. Brazilian Rare Earths (ASX: BRE) fell 13.3% to A$2.08, Alpha HPA (ASX: A4N) 9.6% to A$0.425 and Lindian Resources (ASX: LIN) 9.4% to A$0.385. European Lithium (ASX: EUR) fell 9.3% to A$0.34 and Weebit Nano (ASX: WBT) 9.2% to A$2.46. None of the five had a price-sensitive ASX announcement since yesterday afternoon. Lindian announced the retirement of a non-executive director and Weebit Nano a conference presentation. Small Caps (A$150 million to A$500 million) Gainers. Imricor Medical Systems (ASX: IMR) rose 5.1% to A$1.45 on turnover of A$9.3 million, with no ASX announcement since yesterday afternoon. Titomic (ASX: TTT) rose 5.0% to A$0.105 on the day it announced a restructure that targets A$3.0 million a year in savings. GDI Property Group (ASX: GDI) rose 2.4% to A$0.63. Its only ASX announcement since yesterday afternoon was a buy-back update. Fallers. Nova Minerals (ASX: NVA) fell 13.7% to A$0.44, with no ASX announcement since yesterday afternoon. Terra Metals (ASX: TM1) fell 12.1% to A$0.145 on the day it issued shares and performance rights, which convert to shares if set targets are met. Samso covered Terra Metals and its Southwest discovery in September. Metallium (ASX: MTM) fell 12.0% to A$0.22, PC Gold (ASX: PC2) 11.1% to A$0.80 and Waratah Minerals (ASX: WTM) 11.1% to A$0.68. None of the three had an ASX announcement since yesterday afternoon. Samso covered the PC Gold IPO before it listed. Micro Caps (below A$150 million) Gainers. IdentifAI Genetics (ASX: ID1) rose 34.3% to A$0.45 on its third day of trading. It listed on Tuesday after raising A$10 million at A$0.20 a share, and rose 34.0% on Wednesday. Samso covered the IdentifAI Genetics IPO before it listed. Dalaroo Metals (ASX: DAL) rose 27.3% to A$0.14, with no ASX announcement since yesterday afternoon. Avenira (ASX: AEV) rose 23.1% to A$0.008 on the day it announced up to A$85 million in loan facilities from its major shareholder Hebang to fund its Wonarah phosphate project. At prices this low, a move of less than one cent is a large percentage. Fallers. Buxton Resources (ASX: BUX) fell 42.9% to A$0.02 on the day it reported that drill hole MD004DD at its Madman copper-gold project hit graphitic rock from about 505 metres. Graphite conducts electricity, and Buxton said this rock probably explains the electromagnetic conductor the hole was drilled to test. An electromagnetic conductor is a body underground that carries electric current and can mark metal sulphides. Assays are due in December and Buxton is still exploring. BOA Resources (ASX: BOA) fell 19.2% to A$0.105. Its last ASX announcement was at 3:14pm AEDT on Wednesday, when it completed the purchase of the Neds Creek copper project, and the stock rose 18.2% that day. Samso's latest piece is BOA Resources and the Ricci Lee copper drilling results. LinQ Minerals (ASX: LNQ) fell 18.2% to A$0.36 and Innovaero Technologies (ASX: INN) 18.1% to A$0.385. Neither had a price-sensitive ASX announcement since yesterday afternoon. Commodities and Currency All figures at about 4:23pm AEDT (Yahoo Finance) unless stated, compared with the figures at about 8:00am AEDT in this morning's edition. Gold futures for December were at US$4,162.60 an ounce, up from US$4,127.30. A futures price is the price agreed now for delivery on a later date, and the contract month is when it falls due. Copper futures for December were at US$6.571 a pound, down from US$6.615. Brent crude futures were at US$104.42 a barrel, down from US$106.06. West Texas Intermediate for November was at US$94.12, down from US$95.17. Iron ore was at US$90.45 a tonne, down 0.1%, ABC News reported, the same figure as in this morning's edition. The Australian dollar was buying 69.56 US cents at 4:33pm AEDT, down from about 69.7 US cents at 8:45am AEDT. Samso Concluding Comments The ASX 200 closed down 0.09% at 8,719.7. The ABS reported a 4.7% unemployment rate for September and 39,300 fewer people in work. Financials rose 2.19% and materials fell 3.95%. Of the 1,549 companies that traded, 924 fell and 349 rose, and the Small Ordinaries fell 2.19%. US producer prices and retail sales for September are due at 11:30pm AEDT tonight. General information only. This is not financial advice. Samso Market Update | Thursday, 15 October 2026 | Pre-market 9:45am AEDT Futures point to a lower open on the ASX today. ASX 200 futures were down 0.3% at 8,716 points, according to the ABC News market snapshot, with prices at about 7:05am AEDT. A futures contract is an agreement to buy or sell at a set price on a later date, and its price shows where traders expect the index to go. The 0.3% fall is measured against the previous futures close, not the index close. The S&P/ASX 200 closed on Wednesday at 8,727.9, down 56.0 points or 0.64%. The All Ordinaries, which tracks the 500 largest listed companies, fell 0.59% to 8,869.0. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 0.85% to 3,190.3. The Australian dollar was buying approximately 69.7 US cents at 8:45am AEDT. Wednesday's edition is at ASX today, Wednesday 14 October 2026, and Tuesday's is at ASX today, Tuesday 13 October 2026. ASX today: Key Highlights ASX 200 futures were down 0.3% at 8,716 at about 7:05am AEDT (ABC News). US consumer prices rose 3.7% in the year to September, above the 3.6% expected, according to TheStreet. The Nasdaq Composite fell 1.88% and the S&P 500 fell 1.11%. The Dow Jones Industrial Average fell 0.09%. Silver futures for December fell 5.68% to US$55.80 an ounce. Gold futures fell 1.20% to US$4,127.30. Australian Labour Force figures for September are due at 11:30am AEDT. Wall Street overnight Wall Street finished lower on Wednesday. The Dow Jones Industrial Average fell 48.62 points or 0.09% to 51,621.48. The S&P 500 fell 1.11% to 7,718.94. The Nasdaq Composite fell 1.88% to 26,692.87. The Russell 2000, an index of smaller US companies, fell 1.93% to 2,729.53. The US consumer price index rose 0.6% in September and 3.7% over the year, against 3.6% expected, according to TheStreet. Core inflation, which leaves out food and energy, rose 0.3% in the month against 0.2% expected. Reuters, via Investing.com, reported that traders priced a 37% chance that the US Federal Reserve raises interest rates this month, up from 22% on Tuesday, based on the CME FedWatch tool, which reads rate odds from futures prices. Reuters reported that Oracle fell 8.8% and CoreWeave fell 15% as rate-hike expectations hit artificial intelligence stocks. Dell fell 11.4% and Hewlett Packard Enterprise fell 8.2% after Barclays downgraded both. Bank of America fell 4.8% after its third-quarter profit fell on a US$1.2 billion provision for regulatory fines, according to Reuters. Information technology was the weakest S&P 500 sector, down 3.00%, and health care the strongest, up 2.44%, according to TheStreet. A Treasury is a US government bond. A bond yield is the yearly return from buying a government bond at today's price, and when yields rise, bond prices fall. A basis point is one hundredth of a percentage point. The US 10-year Treasury yield finished at approximately 5.19%, down 3 to 4 basis points from Tuesday, according to Yahoo Finance and Trading Economics. Trading Economics reported that it rose by up to 10 basis points to about 5.3% after the inflation report, and it was lower by the close. Japan The Nikkei 225 closed on Wednesday at 67,744.29, down 33.23 points or 0.05%. Trading Economics reported that it fell for a fifth session, and named Kioxia, Tokyo Electron, Mitsubishi UFJ and Mizuho among the fallers. The US dollar was buying approximately 158.29 yen at 8:45am AEDT. London and Europe London's FTSE 100 closed on Wednesday at 10,724.86, up 0.70%. Trading Economics reported a three-week high, with gains in pharmaceutical, energy and consumer shares, including AstraZeneca up 3.40%. Germany's DAX rose 0.15% to 25,298.61. France's CAC 40 rose 0.58% to 7,873.11. Currencies The Australian dollar was buying approximately 69.7 US cents at 8:45am AEDT, down 0.16% from the previous session. The US dollar index, which measures the US dollar against six major currencies, was at approximately 102.55 at 8:36am AEDT, up 0.36% from Tuesday. The euro was at approximately US$1.116. Commodities The contract month is the month a futures contract falls due. Prices below are the latest trades at about 8:00am AEDT (Yahoo Finance). Gold futures for December were at US$4,127.30 an ounce, down 1.20%. Silver futures for December fell 5.68% to US$55.80 an ounce. Kitco linked the falls in gold and silver to the hotter inflation figures and expectations of higher US interest rates. Copper futures for December fell 0.94% to US$6.615 a pound. Brent crude futures were at US$106.06 a barrel, up 0.35%. West Texas Intermediate, the US oil benchmark, was at US$95.17 a barrel for November delivery, up 1.09%. Iron ore was at US$90.45 a tonne, down 0.1%, in the ABC News market snapshot (prices at about 7:05am AEDT). Today's diary All times AEDT. 11:30am. Labour Force, Australia, for September (ABS). Trading Economics shows a consensus of 20,000 new jobs and an unemployment rate of 4.6%. After 3:00pm. Reserve Bank of Australia Annual Report 2026 (RBA). 11:30pm. US producer prices and retail sales for September, and weekly jobless claims (Trading Economics calendar). Samso Concluding Comments US consumer prices rose 3.7% over the year to September, above the 3.6% forecast. The Nasdaq fell 1.88% and silver futures fell 5.68%, and traders lifted the odds of a US rate rise this month to 37%. ASX 200 futures were down 0.3% at about 7:05am AEDT. Australian jobs figures arrive at 11:30am AEDT. General information only. This is not financial advice.