Tusker Minerals' Rutile Story Has Moved – And It’s Now About Scale What stood out early in the discussion is how much ground the company has covered — literally. The Cameroon portfolio has grown into something meaningful: The Central Rutile Project now sits at just under 9,000 km². Additional licences have been added to create a contiguous footprint. Active exploration is ongoing across multiple targets. This isn’t a small exploration play anymore. When you start talking about this kind of landholding in a residual system, you are thinking in terms of province-scale potential. And that’s really the angle here — not a single deposit, but the possibility of a new rutile province. Samso Concluding Comments The Tusker Minerals Rutile is still an early-stage story, but it is progressing. The dust is settling, and I feel the narrative is clearer. You can see what Tusker is trying to build — a rutile-focused exploration play with scale in Cameroon and optional upside in Malawi. The infrastructure work in Cameroon is a big tick for me. That’s not something you do if you’re thinking short-term. Zimba adds another layer. It’s early, but it has the right signs. If that turns into something meaningful, it changes the story again. For now, this is about watching the results. If they start showing consistency, the market will catch up. Chapters 00:00 Start 02:21 Introduction to Tusker Minerals Limited 06:09 Cliff - walking us through the latest ASX Release. 10:27 Can Tusker see any continuation of the mineralisation? 11:41 Is Malawi more a Titanium or a Rare Earth story? 12:42 How Do Tusker want potential investors to view its narrative? 14:39 The Titanium Market 16:17 Is Graphite still a component of the business? 17:55 Is the recent hostilities in the Middle East affecting operations? 19:40 Any competition in Cameroon? 20:56 Where does Cliff see the future value creation come from? 22:30 What thoughts of disasters would keep Cliff awake at night? 24:05 Why would investors look at Tusker Resources? 26:02 What is the Capital market saying about the Titanium market? 28:05 A Good reporting standard. 29:07 Conclusion Tusker Minerals Operations Cameroon – Where the Real Work Is Happening Cliff was very clear on this. Cameroon is the focus. What I like here is that they are not just poking holes in the ground and hoping for the best. They’ve gone a step further and set up the infrastructure to actually run the exploration properly: In-country office Local technical team Heavy mineral sands laboratory in Yaoundé That last point is more important than most people realise. If you’ve worked in Africa, you know that logistics and assay turnaround can kill momentum. What Tusker has done is bring that process in-house — meaning faster results, better control, and importantly, reporting rutile percentages instead of generic heavy mineral numbers. That tells me they are thinking ahead. Malawi – The Surprise That Changes the Narrative Then we get to Malawi. The Mzimba project wasn’t originally pegged for rutile — it was lithium ground. But this is where having good people on the ground matters. They saw the indicators: Heavy minerals visible on surface Right weathering profile Correct host rocks And the numbers backed it up: Around 50% of samples above 1% TiO₂. Peaks up to 1.88% TiO₂. More importantly, mineralogy confirmed rutile, not ilmenite. That’s the difference. And keep in mind — they’ve only tested about 7% of the project area. That’s early days, but the signals are there. 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. Always read the announcement, understand the geology, and follow the development pathway before forming an investment view. 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. Support Page Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, and particular or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. 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.

Announcement Alterity Therapeutics Reports Positive Topline Data from Open-Label Phase 2 Clinical Trial of ATH434 in Multiple System Atrophy Alterity Therapeutics Limited (ASX: ATH; NASDAQ: ATHE) has announced highly promising topline results from its open-label Phase 2 clinical trial (ATH434-202) evaluating ATH434 in patients with advanced Multiple System Atrophy (MSA). The findings reinforce the company’s position as a front-runner in developing disease-modifying therapies for neurodegenerative diseases. ATH434 has previously shown positive outcomes in a double-blind Phase 2 trial. This open-label trial in a more advanced patient group confirmed a similar level of clinical benefit. Importantly, the study showed that ATH434 slowed progression on both clinical and biomarker endpoints, was well-tolerated, and demonstrated target engagement in affected brain regions. What is Multiple System Atrophy (MSA)? (source: NINDS - National Institute of Neurological Disorders and Stroke) Multiple system atrophy (MSA) is a progressive neurodegenerative disorder characterized by a combination of symptoms that affect both the central nervous system (which controls how a person moves) and the autonomic nervous system, which controls involuntary functions such as blood pressure or digestion. MSA was formerly known as Shy-Drager syndrome, olivopontocerebellar atrophy (OCPA), or striatonigral degeneration. The symptoms of MSA reflect the progressive loss of function and death of different types of nerve cells in the brain and spinal cord. MSA is one of a family of neurological disorders known as an atypical parkinsonian disorder. The initial symptoms can be difficult to distinguish from those of Parkinson's disease, and can include: Slowness of movement, tremor, or stiffness Clumsiness or lack of coordination Croaky, quivering voice Fainting or lightheadedness Bladder control problems Symptoms tend to appear in a person's 50s and advance rapidly over the course of five to 10 years. A person with MSA will have increased difficulty with movement and eventually become bedridden. People with MSA often develop swallowing problems that can lead to pneumonia in the later stages of the disease. There are two different types of MSA, which are categorized by the person’s most prominent symptoms when they’re evaluated by a doctor: Parkinsonian type MSA (MSA-P) has primary symptoms similar to Parkinson's disease (such as slowness of movement, stiffness, and tremor) along with problems with balance, coordination, and autonomic nervous system dysfunction (such as urinary problems, sweating abnormalities, and digestion difficulties). Cerebellar type MSA (MSA-C) is associated with balance and coordination problems (ataxia), difficulty swallowing, speech problems or a quivering voice, and abnormal eye movements. MSA tends to progress more rapidly than Parkinson's disease, and most people with MSA will require an aid for walking, such as a cane or walker, within a few years after symptoms begin. Key Highlights & Summary of Positive Topline Data from Open-Label Phase 2 Clinical Trial of ATH434 in MSA. 1. Clinical Benefit Observed ATH434 reduced disease progression, with UMSARS I scores increasing by only 3.5 points over 12 months, compared to 6.5 in historical controls. 43% of patients completing the study had stable UMSARS scores. 30% of participants stabilized or improved in both Clinical and Patient Global Impression of Change scores. Stabilisation of orthostatic hypotension symptoms was also observed. 2. Robust Biomarker Signals Brain Volume: Mean z-score of brain volume change was -0.44, indicating slowed brain atrophy in MSA-affected regions. Brain Iron Accumulation: Reduced iron buildup in the globus pallidus and putamen confirmed drug-target engagement. NFL Levels: Neurofilament light chain levels in plasma and CSF remained stable, further supporting disease modification. 3. Safety Profile ATH434 was well-tolerated. No serious adverse events related to treatment were reported. Most side effects were mild to moderate in severity. No negative impact on hemoglobin or iron parameters was observed. 4. Consistent with Earlier Study ATH434-202 results mirror those of the earlier ATH434-201 double-blind trial, despite involving a more advanced MSA population. Reinforces the therapeutic potential of ATH434 across a broader disease spectrum. David Stamler, M.D., Chief Executive Officer of Alterity, commented: “I am very encouraged by the positive results from the ATH434-202 trial, as they reinforce the robust efficacy we observed in our double-blind study,” said David Stamler, M.D., Chief Executive Officer of Alterity. “ M.D., M.S., Professor of Neurology at Vanderbilt University Medical Center and principal investigator for the ATH434-202 Phase 2 study, commented: “These results are very helpful in establishing the clinical response to therapy. The consistent changes in UMSARS, along with quantitative measures in imaging, support the findings we noted in Study 201. Currently, there are no disease modifying medications for the treatment of MSA, and these data encourage the continued development of ATH434 to treat this disease. We are indebted to the study participants and their families who contributed to this study.” About ATH434 and Multiple System Atrophy ATH434 is an oral iron chaperone, an oral therapeutic targeting pathological protein aggregation in neurodegenerative disorders. It acts as an iron chaperone, redistributing excess iron in the brain, one of the key pathological mechanisms in MSA (Figure 1). Figure 1: Excess labile iron and alpha-synuclein aggregation driving MSA pathology (Source: Alterity Phase 2 Presentation at MSA Symposium 2025) MSA is a rapidly progressing and rare Parkinsonian disorder with no approved disease-modifying therapies. It affects the autonomic nervous system and motor control, with hallmark α-synuclein protein accumulation in glial cells. ATH434 has received: Fast Track Designation (FDA) Orphan Drug Designation (FDA & European Commission) Alterity continues its commitment to progressing ATH434 and alleviating the burden of MSA, with ongoing Phase 2 trials and additional pipeline development in related neurodegenerative conditions. Samso Concluding Comments This announcement from Alterity Therapeutics is confirming the business and the data is underpinning the clarity. In a disease like Multiple System Atrophy, where options are scarce and the clinical landscape is filled with uncertainty, a stabilisation of symptoms—let alone evidence of slowing disease progression—is no small achievement. The consistency between the open-label and double-blind Phase 2 trials of ATH434 is particularly important. It speaks to the reproducibility of the treatment effect, which is a major hurdle in neurodegenerative research. From a clinical development perspective, this is the kind of validation that builds confidence in the path forward. From an investor's point of view, it places Alterity on firmer ground as it moves towards larger-scale studies and potential regulatory engagement. There’s also something quite compelling about the mechanistic angle, targeting iron dysregulation and α-synuclein aggregation. This isn’t just symptomatic relief. It’s an effort to interfere directly with disease biology, backed by biomarker data showing measurable changes in brain structure and chemistry. While biotech is never short of risk, Alterity is showing investors a trajectory that is supported by science, clinical results, and a clear regulatory pathway. With orphan designation and Fast Track status already in place, the road ahead—though still challenging—now looks more navigable. Figure 2: THe share price chart for ATH shows clearly the recent results are consistent with investors confidence in what the company is doing over the last 12 months. For those watching the neurodegeneration space or seeking differentiated biotech exposure, Alterity is no longer a speculative whisper (Figure 2). It’s a company laying bricks toward something potentially transformative. With a market capitalisation of AUD $128.9M as of writing, this is now a business that could play in the high valuations of the giant biotech companies on the ASx or something in the US markets. The Samso Way – Seek the Research Samso encourages investors to dive deeper into the data. Review clinicaltrials.gov (NCT05864365), examine the peer-reviewed studies (e.g., Wenning et al. 2013; Trujillo et al. 2025), and take the time to understand the biomarker strategy Alterity employs. In neurodegenerative disease R&D, nuance matters—and Alterity seems to be getting it right. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 2 September 2025 New Gold Targets Delineated over Gascoyne Gold Project Western Yilgarn NL (ASX: WYX) has released the results of a high-level geophysical interpretation over its 100%-owned Gascoyne Gold Project in Western Australia (Figure 1). Conducted by Core Geophysics Pty Ltd, the review of airborne magnetic, radiometric, and gravity data has delineated several high-priority structural and geophysical targets within the Dalgaringa Supersuite — the same host rocks as the neighbouring Glenburgh Gold Project (Benz Mining Corp, ASX: BNZ). Non-Executive Director Pedro Kastellorizos highlighted that the Project offers outstanding potential, being only 8.7km from Glenburgh, which hosts 16.3Mt @ 1.0 g/t Au for 510,100 oz contained gold. With seven new gold target zones now identified, the Company has effectively positioned itself within one of the most prospective gold belts in the Gascoyne Region. Figure 1: Gascoyne Gold Project Location Map with surrounding Gold Deposits/Occurrences (source: WYX) Western Yilgarn NL - Perfect projects for Investors to Take a Gold Position. Expanded Portfolio – Western Yilgarn NL ground position now covers 207km² of highly fertile craton-margin metamorphic belt, directly analogous to Glenburgh. Multiple Gold Targets – Seven structural/geophysical targets have been delineated, all considered prospective for gold mineralisation. Proximity to Glenburgh – Just 8.7km from Benz Mining Corp’s Glenburgh Gold Project, which is developing into a significant gold system. Untested Potential – Extensive structural and magnetic trends across the project remain completely untested by drilling. Figure 2: Gascoyne Gold Project Location Map with surrounding Gold Deposits/Occurrences (source: WYX) Core Geophysics Interpretation Magnetic imagery across the eastern tenements (E09/2986 & E09/2987) revealed distinct east–west and northwest–southeast trends, interpreted as shear zones and intrusive features similar to those controlling gold mineralisation at Glenburgh (Figure 3). Importantly, the review identified structural intersections and shear zones that remain entirely untested, presenting immediate exploration upside. Gravity data, though coarse, suggests the southern portion of E09/2987 could be highly prospective, aligning with a regional gravity residual trend. Figure 3: E09/2986 & E09/2987 gravity image with interpreted structures (source: WYX) Gold Targets Generated Seven target zones have been mapped, each demonstrating features such as magnetic lows, structural fabrics, potassium anomalies, and analogues to known Glenburgh mineralisation (Figure 4). GB_01 & GB_03 (E09/2986): Located in the northeast, associated with magnetic lows paralleling structural fabrics within the Dalgaringa Supersuite. GB_02 (E09/2986): Strong NW-SE magnetic features with potassic response and no prior geochemical sampling. GB_04–GB_07 (E09/2967): Larger east–west structural zones with discrete potassium responses, quartz veining, and similarities to nearby Gascoyne Resources’ Firebird prospect. Figure 4: Structural/Magnetic Gold Target Zones (source: WYX) Western Yilgarn NL Non-Executive Director Mr Pedro Kastellorizos commented: “We are extremely pleased to have secured the Gascoyne Gold Project, which offers outstanding potential to delineate gold resources comparable to those of Benz Mining Corp’s Glenburgh mineralised system - now extending over 50 km in strike length. Our tenements share the same host lithologies metamorphic rocks of the Dalgaringa Supersuite as the Glenburgh Gold Project, located immediately to the north”. “A high-level geophysical interpretation conducted by Core Geophysics has identified multiple new drill targets, including several previously unrecognised by Western Yilgarn. Importantly, extensive structural and magnetic trends have been outlined across the project area all of which remain completely untested by drilling within the Dalgaringa Supersuite. Next Steps Western Yilgarn plans to implement a reconnaissance sampling program during 2025, focusing on geochemical evaluation across these new targets. Follow-up work will consider sampling frequency and density to define the most prospective drill-ready anomalies. Samso Concluding Comments Western Yilgarn NL is building its case as an investors dream position play by strengthening its footprint in the Gascoyne Region by outlining high-priority gold targets adjacent to a growing mineralised system. The Gascoyne Project shares the same lithological framework as Glenburgh, yet much of the ground remains untested — a combination that naturally attracts investor attention. All exploration success has historically been linked to structural control and geophysical signatures, both of which are now evident within WYX’s tenements. With seven new targets defined and systematic geochemical programs ahead, the coming months will be critical in confirming the potential of these anomalies. At Samso, we continue to emphasise the importance of separating signal from noise. True insights lie in understanding the geological context and following the exploration work as it unfolds. For investors, this announcement highlights an early-stage but strategically placed opportunity in Western Australia’s Gascoyne region. Western Yilgarn’s announcement is a reminder of how the Gascoyne region continues to reveal itself as a fertile gold province. The proximity to Glenburgh is significant, but the real story lies in the structural signatures and magnetic features now identified within WYX’s ground. These are the hallmarks of a system with discovery potential, yet they remain untested. The identification of the seven priority targets marks the start of a systematic approach that could add real substance to the Company’s gold portfolio. The next phase of geochemical work will be key in determining whether these targets translate into drill-ready prospects and, ultimately, resource definition. For investors, the early-stage nature of this story means patience will be required. However, the geological setting, combined with proximity to a proven mineralised system, makes this a development worth watching closely. Taking positions in a company such as WYX is crucial from an investors point of view. I have a small position in the company since I first reviewed the story as the value proposition for a prospective small market capitalised story is an opportunity not to be ignored. This is a #SamsoDYOR story. At Samso, we always remind readers that announcements like this provide a foundation for further research. Investors should take the time to study the geological context, track the upcoming exploration programs, and compare the progress with neighbouring projects. The Samso Way – Seek the Research Exploration success is built on evidence, not speculation. Always dig deeper, question the data, and do your own research. That is The Samso Way. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Land Access Agreement Signed at Julimar West Bauxite Project – 20 January 2026 (view the announcement) Today's Samso News is all about the execution of a land access agreement for Western Yilgarn to begin what could be the building of a large-scale bauxite portfolio in a tier-one jurisdiction, and potentially creating a partnership with a bauxite giant. From an investor's point of view, this execution of the land access agreements will now mean that the West Julimar Bauxite project can start the value-adding process. Introduction – Unlocking Growth at West Julimar, Western Australia Western Yilgarn NL (ASX: WYX) has executed new land access agreements over Zones 100 and 200 at its West Julimar Bauxite Project in the Darling Range of Western Australia (Figure 1). These agreements provide access to extensive areas of lateritic bauxite immediately adjoining and between the Company’s existing JORC-compliant Mineral Resource areas, opening a clear pathway for potential resource expansion. Figure 1: West Julimar location map highlighting newly signed access areas over the Bauxite MRE Zones (source: WYX). The Business of Western Yilgarn NL: Bauxite and Critical Minerals Development in Western Australia Western Yilgarn is a Western Australia–focused resource company developing a growing portfolio of bauxite assets within the Darling Range, one of Australia’s key bauxite–alumina corridors. The Company is building scale across multiple bauxite projects, supported by JORC-compliant resources and proximity to infrastructure and refineries. Alongside bauxite, Western Yilgarn NL is also advancing nickel and gallium opportunities across the Western Yilgarn region, pursuing a multi-commodity strategy designed to create multiple long-term development pathways. Highlights – Land Access Unlocks Direct Resource Growth Pathway at West Julimar New land access agreements executed over Zones 100 and 200 at the West Julimar Bauxite Project, securing access across most of the laterite–gravel system hosting the Company’s core bauxite assets. West Julimar currently hosts a combined inferred JORC Mineral Resource of 104.8 Mt, comprising: Zone 100: 42.6 Mt @ 31.8% Al₂O₃ Zone 200: 62.2 Mt @ 36.4% Al₂O₃ Figure 2: Western Yilgarn’s Total JORC (2012) Bauxite Resources (source: WYX). Newly accessible ground directly adjoins and links Zones 100 and 200 across a continuous geological system, extending beyond existing Mineral Resource boundaries. Previous drilling was constrained by land access rather than geology, meaning current resource limits reflect tenure boundaries, not the full extent of mineralisation. Secured access enables systematic drilling to test lateral and strike extensions of known mineralisation and the area between the two deposits. · Multiple undrilled laterite plateaux are now available for assessment, expanding the pipeline of near-term exploration targets. Initial field programs will include mapping, geochemical sampling, rock chips, and environmental work ahead of drill targeting. Provides a clear pathway to materially expand the current 104.8 Mt bauxite resource through low-cost, shallow aircore and auger drilling across a proven laterite system. Leadership Commentary Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos commented: “The newly signed agreements provide access to ground that was previously unavailable for drilling and now links and surrounds the Company’s two defined bauxite deposits” “Previous drilling that defined Zones 100 and 200 was largely restricted to areas where land access was available at the time. As a result, Mineral Resource boundaries in many places terminate at tenure or access limits rather than geological limits.” Near-term Milestones to Watch Following the execution of the access agreements, key near-term developments include: Commencement of mapping, sampling, and environmental programs across newly accessible ground Definition of drill targets between and beyond Zones 100 and 200 Shallow aircore and auger drilling to test laterite-hosted bauxite extensions Potential updates to the West Julimar Mineral Resource footprint These steps will determine whether the geological continuity translates into formal resource growth. Samso Concluding Comments This announcement is not about discovery hype but about unlocking the ground needed to grow a bulk commodity project. Without land access, even high-quality geology cannot be converted into resources. Western Yilgarn has positioned itself to test the full extent of a continuous bauxite system linking Zones 100 and 200. This is how long-life bauxite provinces are built — step by step, by expanding known systems. The grades at West Julimar are already competitive for Darling Range–style bauxite. Expanding tonnage around existing deposits is lower risk than starting from scratch. For investors, this is a reminder that early-stage value creation in bulk commodities often comes from scale. Western Yilgarn has now created the conditions needed to pursue that scale in a disciplined way. Market Implication - The Investor Lens I think that the access agreement will now make people like me think that the narrative is possible. We know that bauxite in the Darling Range is a very sensitive topic and any talks of expansion will be long and most likely full of hurdles. The Western Yilgarn NL Bauxite story will now be all about putting all the details together and hopefully, it hangs together for a market that is in short supply. Figure 3: Western Yilgarn’ s share price chart as of 20th January 2026. (source: CommSec). The value proposition for WYX is very clear. The access agreement means that work can be done. We know that there is a resource on the ground that some bauxite giants will be looking at closely. So with a market capitalisation of just under AUD 5M, this is going to be an interesting asset for big companies that need the resources. The share price is still not creating waves (Figure 3). In fact, the share price chart does not even appear to be creating ripples at this stage. I encourage readers to have a read of the company's projects and do some serious DYOR. I have been very conservative on this stock as there was always the issue of land access to be sorted before any form of excitement is allowed to surface :-). I will be following this very carefully. 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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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.

Announcement Terra Closes Acquisition of True American Tungsten Project – 16 January 2026 (view the announcement) This is going to make some interesting research as the Company finalises the acquisition. Tungsten is definitely the flavour that will dominate 2026. I will be looking at the project closely as the details are released, as any tungsten projects will be a hot prize. The Business of Terra Critical Minerals Limited: Tungsten Terra Critical Minerals (ASX: T92) is an ASX-listed exploration company focused on strategic minerals across Australia, Canada, and the United States (Figure 1). The Company’s portfolio spans tungsten, tin, molybdenum, bismuth, uranium, and precious metals, with assets located in established mining regions and supported by experienced technical teams. Figure 1: Terra’s Strategic Project Footprint Across Australia, Canada, and the USA (source: T92). The acquisition of the True American Tungsten Project (Figure 2) complements Terra’s existing tungsten exposure in New South Wales and extends its footprint into the U.S. critical minerals sector. Figure 2: Project location with regional tungsten projects (source: T92). Highlights – The True American Tungsten Project in Focus Terra has completed the acquisition of 100% ownership of the True American Tungsten Project in central Nevada, USA. The Project is located at the junction of the Getchell and Battle Mountain mineral belts, a region known for multiple tungsten, gold, and base metal deposits. Two historical adits record high-grade tungsten production in the 1940s, primarily from scheelite skarns and tungsten-bearing vein systems. Historical sampling reported grades of 4.2% WO₃, 5.12% WO₃, and hand-sorted ore shipments grading 1.69% to 11.1% WO₃, based on U.S. Bureau of Mines data. No modern exploration has been conducted since the mid-1940s, highlighting the Project as under-explored by current standards. A USGS 2021 study identified anomalous tungsten stream sediment geochemistry, suggesting potential for additional mineralised zones beyond known workings (Figure 3). Figure 3: USGS Prospectivity Analysis (Lederer et al 2021). (source: T92) Geological mapping indicates the mineralisation is related to a granodiorite intrusive and associated skarn system, with favourable structural and stratigraphic controls (Figure 4). Figure 4: Mineral claims and local geology. (source: T92) Leadership Commentary Terra’s Chairman, Andrew J. Vigar, commented: Our proactive entry into the US space positions us exceptionally. As one of the few ASX companies to act, our 100% acquisition of the True American Tungsten Project in the US’s premier jurisdiction creates a powerful launching pad for the company. Backed by Nevada's mining heritage and strong federal support under the current administration, the timing is ideal. Next step for us is deploying boots on the ground as early as February 2026 to validate high grades with a modern, systematic approach. Near-term Milestones to Watch Detailed geological mapping to define limestone horizons and structural controls. Systematic soil and rock-chip geochemistry targeting tungsten and pathfinder elements. Ground magnetic and IP geophysical surveys to map intrusive contacts and skarn-related features. Drill testing of priority targets where geological, geochemical, and geophysical indicators align. Samso Concluding Comments The True American Tungsten Project provides Terra with direct exposure to a U.S.-based tungsten asset at a time when supply is limited and prices are high. Historical production and sampling show that high-grade mineralisation is present, although the data have not yet been validated under modern reporting standards. The Project’s location in central Nevada places it within an established mining region with supporting infrastructure and clear regulatory frameworks. The proximity to known mineral belts adds geological context and supports the case for systematic exploration. USGS geochemical data points to areas of anomalous tungsten beyond the historical workings. This suggests potential for additional mineralised zones that have not yet been tested by drilling. Terra’s planned work program is structured to reduce uncertainty through staged exploration. Mapping, geochemistry, and geophysics are intended to refine targets before committing to drilling. Market Implication - The Investor Lens As tungsten prices continue to rise, the lack of decent projects is probably going to drive the price even higher. Time will tell if the True American Tungsten Project will set any alight with excitement. I have the opinion that you need a disseminated style tungsten mineralisation that will be a bulk mining capacity, or you are going to have a high-grade body that must clearly demonstrate scale. Typically, most tungsten projects are thin and spotty in terms of scale, and that makes them not viable. How T92 develops the True American Tungsten Project will be the key for me as an investor. Fundamentally, being in the US is a good tick in a box. The markets tend to like that, and I will have to agree with that point of view, as you are close to the market and you have the protection of the Trump factor. Figure 5: T92 share price chart as of 20th January 2026. (source: CommSec) The market is liking what Terra Critical Minerals management is doing with the tungsten narrative, and the share price rallying in August-September 2025 is a clear sign of their appreciation (Figure 5). I think it is a good thing that the hype is not on this second run yet. I like to think that once the details are released, in terms of good data, the market will value it accordingly. I do not doubt that if there are substantiated results, the share price will rocket. 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 initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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.

Samso Insight Episode 118 is with Justin Virgin, Executive Director of Terrain Minerals Limited (ASX: TMX). Commodity pricing has a history for being volatile and it is especially susceptible to sovereign risks. The ups and downs of the mineral resources sector on the ASX is a direct reflection of the volatile commodity chart. Pricing of commodities are constantly evolving and retreating which makes the fortunes of ASX companies in this sector exciting and depressing, depending on which the investor's circumstances. In this episode of Samso Insights, we look at Terrain Minerals Limited (ASX: TMX). We speak with Justin Virgin who is the Executive Director of the company. I came across Terrain Minerals at the 2024 RIU Conference in Sydney. What looked like a non-descript booth became an interesting proposition when we Justin explained to me the different views on their projects. Terrain Minerals main story is the potential for a Gallium player who has been flying under the radar. The Gallium sector is small but lucrative. Figure 1 below highlight the bullish nature of the pricing and it is forecast to continue on that trend in years to come. Figure 1: Gallium price chart. (Source: https://strategicmetalsinvest.com/gallium-prices/) From an exploration point of view, the projects that Terrain have a grassroots and there is no hiding form the fact that there is a lot of work to do and there are also a lot of room for error. Investors who look at Terrain from rom a valuation point of view and measuring risk as from that angle will like the market capitalisation of the company. Check out the Samso Insight conversation with Justin and make your own decision. Samso's Conclusion Terrain Minerals is one of those companies that you literally take a "punt". Personally, I like the Gallium but I don't know what is good and what is bad in terms of numbers. At the time of writing this blog, the company has released the results from their latest drilling. The numbers for the REE look ok but not mind blowing but I do not know how to comment on the Gallium numbers. This would be a great opportunity for readers to give Justin a call and get it from the man himself. Chapters: 00:00 Start 00:20 Introduction 00:50 Justin introduce Terrain 02:38 The Gallium Story 03:58 What Kind of results are expected? 05:10 Is Saltbush the main project? 06:48 The Terrain Minerals Projects 09:14 Why Terrain Minerals? 10:30 Conclusion PODCAST About Andrew Sparke Executive Chair Mr Sparke has over 15 years’ experience that includes IPO’s, private placements, secondary market transactions and listed company compliance. Mr Sparke has served as director of a number of ASX listed resources companies including Alt Resources Ltd (ASX:ARS) and Torian Resources Ltd (ASX:TNR). Mr Sparke is the founder of Olive Capital, an Australian boutique investment house that has advised numerous ASX listed companies on capital raising and corporate transactions. About QMines Limited (ASX: QML) QMines Limited (ASX:QML) is a Queensland based copper and gold exploration and development company. The Company owns rights to 100% of The Mt Chalmers (Cu-Au) and Develin Creek (Cu-Zn) deposits. The Company's Mt Chalmers and Develin Creek projects are located within 90km of Rockhampton in Queensland. Mt Chalmers is a high-grade historic mine that produced 1.2Mt @ 2.0% Cu, 3.6g/t Au and 19g/t Ag between 1898-1982. The Mt Chalmers and Develin Creek projects now have a Measured, Indicated and Inferred Resource (JORC 2012) of 15.1Mt @ 1.3% CuEq for 195,800t CuEq.1, 2 QMines' objective is to make new discoveries, commercialise existing deposits and transition the Company towards sustainable copper production. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso Samso ASX stories are also through the Brilliant-Online channels. Subscribe to Brilliant Investments. Read Brilliant Investments

OD6 Metals Limited (ASX: OD6) has released results from its CPC Engineering Optioneering Study, confirming that heap leaching is the lower-cost and preferred primary leach option for the Splinter Rock Rare Earth Project (Figure 1). This is a significant step in de-risking the project and optimising development economics, with the study showing heap leach delivers superior recovery, lower capital intensity, and simplified operations when compared to conventional agitated tank leaching. Announcement Optioneering Study Supports Heap Leaching as Low Cost Route for the Splinter Rock Rare Earth Project - 11 September 2025. Figure 1: The Splinter Rock Rare Earth Project (source: OD6) Key Highlights - Beginning of OD6 Metals Rare Earth Story Heap Leach Confirmed as Preferred Route: CPC Engineering’s multi-criteria assessment validates heap leaching as the lower-cost option for clay-hosted REE mineralisation. Higher Recovery Potential: Heap leach shows superior rare earth recovery compared with tank leach, enabling more MREC production per tonne processed. Lower CAPEX Profile: Eliminates the need for large leach tanks, clay washing, and complex separation circuits. Modular design allows for scalable, staged construction. Lower OPEX Drivers: Energy and maintenance costs are reduced; the inclusion of a Chlor-Alkali Facility allows on-site reagent generation and acid recycling. Premium MREC Product: The downstream process flowsheet (heap leach + nanofiltration + ion exchange + impurity removal) is designed to deliver a high-quality, low-impurity Mixed Rare Earth Carbonate (MREC). Strategic Partnerships: Ongoing collaboration with ANSTO and CPC Engineering, guiding development pathway decisions. Upcoming Drill Campaign: Twin-hole diamond core drilling to provide 1.5–2.5t of REE-bearing material for advanced ANSTO testwork. Techno-Economic Review & Peer Benchmarking OD6 assessed multiple flowsheet options against criteria such as recovery, circuit complexity, capital and operating costs, product quality, and scalability (Figure 2). Benchmarking shows OD6 sits mid-range among ASX peers on capital intensity, with potential upside once stripping ratios and reagent cost efficiencies are finalised. Key observations: Simplicity and Expandability: Heap leach reduces system complexity and allows for staged pad expansions. Operating Advantage: Lower energy demand and mechanical maintenance; acid recycling and CAF integration further enhance cost profile. Market Alignment: Uranium and thorium removal steps ensure transport compliance and widen potential markets (Asia, Europe, US). Figure 2: Peer Comparison Table – Heap Leach vs Tank Leach Projects (source: OD6) Metallurgical and Study Progress OD6, CPC, and ANSTO have successfully demonstrated a multi-stage pathway (Figure 3) from heap leach through to final MREC/MREH precipitation, with key steps including: Figure 3: Indicative Processing Steps – Heap Leach, NF, IX & Impurity Removal (source: OD6). Heap Leach: Low-acid leach to generate enriched solution. Nanofiltration: Acid recycling and REE concentration. Ion Exchange: Further concentration and impurity reduction. Impurity Removal: Eliminates deleterious elements (Al, Fe, U, Th). Precipitation: Produces premium, low-impurity MREC/MREH. Chlor-Alkali Facility: Provides reagent supply security and lowers OPEX (Figure 4). Figure 4: Example of two BICHLOR™ Electrolysers utilised to produce H2 (g) + Cl2 (g) + 2NaOH (aq) (source: OD6) The final MREC/MREH product contains elevated Nd, Pr, Dy, and Tb – highly sought-after magnet rare earths critical for global EV and wind turbine supply chains. Managing Director Brett Hazelden commented: “The work being conducted by CPC’s optioneering study confirms what our ANSTO testwork and flowsheet work have indicated – heap leaching combined with our innovative downstream steps appears to be the most capital-efficient and operationally simple route to unlock value at Splinter Rock. Importantly, when benchmarked against other peers in the industry, it suggests a lower CAPEX profile is possible after removing the complex and expensive solid-liquid separation steps in an agitated tank leach process. Notably, integration of our impurity removal steps and a Chlor-Alkali Facility (CAF) suggests a lower capital cost outcome and supports production of a high-value MREC product. We’ll now move quickly to commence scale up testwork to optimise the Heap Leach and Impurity Removal conditions and produce MREC samples for testing and offtake discussions.” Next Steps Scale-Up Testwork: Heap leach and impurity removal optimisation using 1.5–2.5t bulk samples; expected to yield ~1kg of MREC for offtake discussions. Offtake Partner Engagement: Initiating commercial payability discussions for MREC and MREH. Government & Financing Engagement: Ongoing dialogue with government bodies and potential financiers. Exploration & Drilling: September campaign to deliver high-quality core for testwork and resource updates. Samso Concluding Comments This is a very interesting release as the Heap leach validation could be a major milestone for OD6, as it positions Splinter Rock as a competitive and scalable rare earths project in a global market hungry for magnet REEs. The decision to focus on a lower-cost, modular, and technically robust solution will materially improve project economics. From an investor’s point of view, this milestone will significantly de-risk the project’s processing route, assuming all the numbers do indeed stack up. As an avid follower of the OD6 story, this will start to move OD6 closer to producing a high-value MREC product that aligns with global magnet rare earth demand. The upcoming drill program and bulk testwork will be key to translating these study outcomes into a full feasibility case. The value of OD6 will be further enhanced by the fact that competitors in this area are decreasing. If OD6 comes to fruition, I believe it will lead to substantial value creation for shareholders, as it will essentially be a situation of being the last one standing. However, I think this will likely not happen in the short term, and the ongoing efforts to make the business viable will be crucial for potential investors and current shareholders when considering their future decisions. As always, #SamsoNews reminds investors that the project remains at a study and testwork stage, with further exploration and feasibility work required before production decisions. The Samso Way – Seek the Research We separate signal from noise. The real story sits in the data, the rocks, and the plan—never just the headline. Do your own work and test every claim. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals (ASX: OD6) has wrapped up its CPC Optioneering Study—backed by ANSTO testwork—and selected a preferred process flowsheet for the clay-hosted rare earths at Splinter Rock. The decision lifts confidence that OD6 can produce low-impurity MREC/MREH products and moves the project into large-scale optimisation at ANSTO alongside the commencement of mining studies at the Inside Centre Deposit (Figure 1). Announcement Innovative Process Flow Sheet Selected with High Recoveries 1 Oct 2025 Figure 1: Location of the Inside Centre Deposit (Source: OD6) Managing Director Brett Hazelden commented: “The selection of a preferred flowsheet marks a major milestone for Splinter Rock. This outcome provides confidence in our ability to produce a high-value, low-impurity MREC or MREH product that is highly attractive to global supply chains. With this stage complete, we now move into large-scale testwork at ANSTO and commence mining studies at the Inside Centre Deposit. Importantly, discussions with potential offtake partners, separation facilities, end-users and governments continue to reinforce the strategic value of Splinter Rock..” Key Highlights - An Australian Rare Earth Mining Proposal Preferred Flowsheet locked in: Heap Leach → Nanofiltration (NF) → Ion Exchange (IX) → Impurity Removal (IR), designed to optimise recovery and payability while cutting reagent use and downstream volumes (Figure 2). Recovery & product quality: ~75% overall Nd & Pr recovery; MREC ~56% TREO and MREH ~59% TREO with very low U+Th (<0.001%)—attractive specs for magnet REE supply chains. Cost levers: NF enables acid recovery and recycle (>80% in tests), reduces liquid volumes; IX concentrates REEs so the IR circuit is smaller; a Chlor-Alkali Facility (CAF) is included to cut operating costs via on-site reagent production. Scale & timing: Metallurgical diamond core program nearing completion (2–2.5 t of core to be delivered to ANSTO in October); scale-up tests to commence this quarter with progressive results in 1H 2026. Mining study work is also starting. Market positioning: Final MREC/MREH products are MagREE-rich (Nd, Pr, Dy, Tb). Benchmark payability typically 70–85% of the REO basket value (not guidance, but context for product economics). OD6 is targeting 6,000+ tpa REO in ~5 years (aspirational; see company caution). Figure 2: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study. (Source: OD6) OD6 Metals Project Context Splinter Rock carries a JORC Mineral Resource of 682 Mt @ 1,338 ppm TREO, including Indicated 119 Mt @ 1,632 ppm and Inferred 563 Mt @ 1,275 ppm, with an ~23% MagREE ratio—positioning it among Australia’s largest clay-hosted REE projects (Figure 3). The conceptual development pathway emphasises heap leaching as the lower-cost, higher-recovery option versus agitated tank leaching for Inside Centre. Figure 3: Table 1: Splinter Rock Rare Earth project Mineral Resource Estimate - by Prospect at 1,000ppm TREO cut off grade (Source: OD6) How the Selected Flowsheet Improves Outcomes (Figure 4) Heap Leach: Simple, low-acid leach of clay ore to generate enriched leachate. Nanofiltration (NF): Recycles acid (>80%) and concentrates REEs, shrinking downstream volumes and opex. Ion Exchange (IX): Concentrates REEs and improves impurity control (notably Fe/Al), enabling milder IR pH and lower REE co-precipitation losses. Impurity Removal (IR): Two-stage polishing (optimised pH ~3.5 then ~4.1–4.4) to reach low-impurity specifications. Product Precipitation: Flexible end-products as MREC or MREH. CAF (Chlor-Alkali Facility): On-site reagent generation for material opex reductions and project independence. Figure 4: Anticipated Inside Centre Total REE Recovery by Element. Utilising the Preferred Process Flow Sheet (Source: OD6) What Was Tested (and why this one wins)? OD6 and ANSTO iterated through six flowsheets, progressively adding NF, IX, and a U/Th IX step. The chosen Flowsheet 6 balances higher recovery, better impurity control (Al/Fe/U/Th), smaller circuits downstream (capex/opex benefits), and improved payability—without excessive complexity at scale. Next Steps (Figure 5) Finish metallurgical core drilling (October) and dispatch 2–2.5 t of core to ANSTO. ANSTO scale-up & optimisation this quarter: Heap leach kinetics, acid strength/consumption, counter-current configuration, agglomeration. NF acid recovery verification; IX selectivity/elution (Fe/Al and trace U/Th reduction); IR optimisation. Bulk MREC/MREH (~>1 kg) for customer qualification & offtake discussions. Mining study (Inside Centre): pit shells, stripping ratios, scheduling, preliminary costs (Burnt Shirt engaged). Commercial engagement: offtake partners (payability scenarios); government & potential financiers. Future options: CAF enables potential on-site oxide separation (Nd, Pr, Dy, Tb; possibly Sm, Y) via chloride-based SX (desktop assessment with ANSTO being advanced). Figure 5: Inside Centre Composite Sample Locations overlain on airborne electromagnetic survey interpretation. (Source: OD6) Managing Risk & Disclosures OD6 flags that its 6,000+ tpa REO aspiration and optioneering ranges are conceptual and not production targets; further drilling, engineering, and feasibility work are required before any final investment decision. Readers should consider the company’s forward-looking statements and cautionary notes in full. Samso Concluding Comments This release is all about how Flowsheet selection turns geology into metallurgy and metallurgy into a business plan. In summary, OD6 can now create a concept that allows the business to work. It is now all about the following: Heap Leach → Nanofiltration → Ion Exchange → Impurity Removal (with a chlor-alkali back-end). The business now targets the magnet rare earths that matter (NdPr, plus Dy/Tb), it actively strips what hurts payability (Al/Fe/U/Th), and it builds in operating levers through acid recycle and smaller downstream circuits. On paper, that is the working model. The bigger question from here is the translation from bench recoveries into stacked tonnes, acid recycle into cash cost, and “low-impurity” into genuine payability from end-users. That’s where ANSTO’s scale-up, bulk MREC/MREH samples, and customer qualification loops matter. If those deliver as flagged, the flowsheet’s simplicity and reagent self-sufficiency could become a structural edge rather than a lab result. According to what OD6 is professing, investors need to keep an eye on the following over the next 122 months: (1) scale-up data that confirms recoveries and acid balances at meaningful volume; (2) clarity on mining studies at Inside Centre (strip, scheduling, capex/opex contours); and (3) any signals on offtake interest tied to product specs and payability. Positive movement across that trio de-risks both route and revenue. Conversely, any slippage in leach kinetics, impurity control, or acid recycle will show up quickly in capex/opex math—so keep an eye on the details, not just the headlines. As always, DYOR. Read the fine print around forward-looking statements, note that production targets are not yet defined, and remember that clay-hosted REE success is a chain: geology → metallurgy → specification → payability → financing. OD6 has tightened a key link in that chain. The next test is whether industry validation and engineering studies can pull the rest taut. The Samso Way – Seek the Research Always read the source announcement, cross-check the flowsheet details, recoveries, and impurities, and track the ANSTO scale-up milestones and mining study outcomes as they land through 1H 2026. DYOR, and focus on the payability math and capex/opex translation as OD6 moves from bench to scale. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

OD6 Metals Limited (ASX: OD6) commenced Phase 2 drilling at the 100%-owned Gulf Creek Copper Project (NSW), advancing the first modern program over a historically high-grade VMS system. The campaign targets along-strike repeats of the Gulf Creek mine stratigraphy where magnetics, jaspilite exhalites, and surface pathfinders coincide (Figure 1). Figure 1: Long Section view to SW showing extended view of geophysical modelling and the targets along the West Limb of the Gulf Creek Syncline to the NW anomaly. (source: OD6) Announcement Gulf Creek Copper Drilling Commences 14 October 202 Highlights - A Developing Copper Project Phase 2 drilling has commenced at Gulf Creek. Program targets large magnetic/geophysical anomalies interpreted as potential repeats of the high-grade mine stratigraphy. Untested prospects to be drilled: Big Bend, North West, West Limb—together representing >3 km of untested strike along the magnetite-VMS target horizon near the mine. Strong empirical link observed between magnetism and massive sulphide mineralisation; jaspilite exhalites provide a surface vector. Seven priority diamond holes planned initially (~1,750 m), with approvals in place to expand to 25 holes (~7,500 m). Downhole EM (DHEM) surveys planned post-drilling to refine follow-up targets. Phase 1 confirmed high-grade copper up to 4.6% Cu beneath the historic mine (ASX 7-5-2025). Historically, Gulf Creek produced among Australia’s highest-grade copper-zinc (averaging up to 6.5% Cu). Managing Director Brett Hazelden commented: “We are excited to commence drilling at the Gulf Creek Copper Project, marking the continuation of the first modern exploration on this project. Phase 1 drilling confirmed mineralisation directly beneath the historic Gulf Creek Mine, and we now turn our attention to the greenfield repeat targets at Big Bend, North West, and West Limb. These untested magnetic structures extend over approximately 3 km, with modelled depths exceeding 500 m, and were a key driver behind OD6’s acquisition of the project. They are compelling targets with the potential to deliver a large-scale copper system. Gulf Creek complements our flagship Splinter Rock Rare Earth Project by providing OD6 with exposure to a high - grade copper asset in a proven mining district. With strong global copper demand and the ongoing electrification trend, this project offers a highly attractive near-term growth opportunity for our shareholders.” Phase 2 Drilling Phase 2 will test repeat structures northwest of the historic Gulf Creek mine. The three target areas exhibit strong magnetism, surface jaspilites, and multi-element surface anomalism consistent with a Besshi-style VMS cluster model: Big Bend — strong magnetism; jaspilites; IP response; surface Cu-Ce anomalism. North West — strong magnetism; jaspilites; surface Cu-Co-Ag-Be-Ce-Zn anomalism. West Limb — strong magnetism; jaspilites; surface Cu-Ce anomalism. These targets mirror the magnetic signature of Gulf Creek and coincide with modelled bodies that locally exceed 500 m depth. Figure 2: Plan view of geophysical modelling and the priority targets Big Bend, North West, West Limb and the historic Gulf Creek Mine (source: OD6) Compelling Targets OD6 reports a strong relationship between footwall magnetic susceptibility and massive sulphide mineralisation observed in Phase 1 drilling (e.g., GCC004), across a classic VMS stratigraphy: sediments → jaspilites/sediments → sulphides (including high-grade Cu) → altered basalt with disseminated sulphides. The best copper occurs coincident with the strongest magnetic response, reinforcing the use of jaspilite mapping + magnetics as primary vectors. Figure 3: Cross section of Historic Gulf Creek Mine with GCC004 drill hole results vs Magnetic Susceptibility (source: OD6) OD6 Metals Program design and follow-up tools Initial scope: 7 priority diamond holes (~1,750 m) across Big Bend, North West, and West Limb. Permitting headroom: Approvals secured for 25 holes (~7,500 m), enabling rapid scale-up. Post-drilling geophysics: DHEM and magnetic susceptibility logging to vector additional conductors for follow-up. Figure 4: Plan overview of the 7 holes planned to have DHEM. (source: OD6) Geophysical Framework A long-section across the West Limb of the Gulf Creek Syncline highlights the continuity of magnetic bodies along strike into the northwest anomaly—interpreted as repeats within the mine stratigraphy. This underpins the more than 3 km of untested strike referenced in the program rationale. Project snapshot: Gulf Creek Copper (NSW) District-scale VMS setting near Barraba, historical mining circa early 1900s. Historic grades reported up to 6.5% Cu; modern drilling in 2025 confirmed high-grade copper beneath historic workings. Multiple untested high-priority geophysical targets along mine-parallel stratigraphy. Strategy: modern geophysics + structural/stratigraphic mapping + targeted diamond drilling + DHEM to build a pipeline of conductors. Why OD6, Why Now? OD6 is also advancing the Splinter Rock clay-hosted REE Project (WA), with a May 2024 MRE of 119 Mt @ 1,632 ppm TREO (Indicated) and 563 Mt @ 1,275 ppm TREO (Inferred), and an overall ~23% MagREE ratio—supporting a conceptual heap-leach development pathway. Gulf Creek provides copper exposure alongside this rare earths platform. Samso Concluding Comments OD6’s second-phase drilling at Gulf Creek is testing what looks like a coherent geophysical–geological model: magnetism + jaspilite exhalites + VMS stratigraphy repeating along the mine horizon. The observed Phase 1 link between magnetic footwall and sulphides has allowed OD6 to follow up on what is potentially a vector that now scales across >3 km of untested strike. Seven priority diamond holes give the Company a measured starting point, while approvals for ~7,500 m keep the option open to accelerate if early holes validate the model. The planned DHEM is the right follow-up tool in VMS terrain, where discrete conductors often sit just off initial collars. Historically, Gulf Creek’s copper grades were exceptional for the era. The modern thesis isn’t to re-mine the old stopes—it’s to find repeats of that system in a structurally consistent package imaged by magnetics and supported by surface geochemistry. If the first holes hit the right textures, sulphide style, and alteration, the pathway to step-outs is clear. The move into Gulf Creek was to establish a new front with the demise of the Rare Earth sector; however, it does appear that there is a resurgence coming back, and I think this is a very good time for OD6. The recent ASX releases showing that OD6 may be back in the Rare Earth narrative are going to create a bigger story for the company. In hindsight, it is with great fortune that OD6 had maintained leverage to REEs at Splinter Rock. The dual-track exposure (REEs + copper) is notable in a market that is now rewarding clear technical vectors and optionality across the energy-transition metals space. As always, this is now more of an operational story that will be defined by results, which the Company is flowing well at the moment. DYOR. The Samso Way – Seek the Research Start with the facts, read the primary sources, verify the numbers, and make your own judgment — DYOR. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

East Coast Research - Australia’s Standout Rare Earths & Copper Opportunity (Dec 2025) Introduction – Splinter Rock, Western Australia & Gulf Creek, New South Wales - A Rare Earths and Copper Story. OD6 Metals Ltd (ASX: OD6) is shaping into one of Australia’s most strategically positioned critical minerals developers, underpinned by two assets at differing stages of maturity and differing exposure to global decarbonisation trends: 1. Splinter Rock Rare Earths Project – ~150 km northeast of Esperance, WA, hosting a large clay-hosted rare earth system with high NdPr content and exceptional metallurgy. 2. Gulf Creek Copper-Zinc Project – located near Barraba, NSW, within a fertile VMS corridor historically mined for high-grade copper. Both projects benefit from Tier-1 jurisdictions, with Splinter Rock (Rare Earths) tied directly into the Esperance Port corridor and Gulf Creek (Copper) positioned within NSW’s Renewable Energy Zones (Figure 1). Figure 1: Tenement Holding Area (source: OD6) The Business of the OD6 Metals: Focus – Projects OD6 operates a dual-commodity strategy that aligns with global electrification megatrends. Splinter Rock: A large-scale clay-hosted REE system totalling 682 Mt @ 1,338 ppm TREO, containing 209 kt of magnet rare earth oxides (MagREO). Gulf Creek: A high-grade copper system with historical production and modern drilling confirming up to 4.6% Cu. The company maintains disciplined project selection, having reviewed more than 30 copper assets before acquiring Gulf Creek. Highlights – Metallurgical Strength, Strategic Relevance & Resource Scale 1. Rare Earth Demand & Application Tailwinds OD6’s focus on magnet rare earths sits firmly within the strongest pull of global demand. The growth in electric vehicles, offshore wind turbines, defence technologies, and everyday electronics continues to elevate the importance of elements such as NdPr, Dy, and Tb. As shown in Figure 2, these minerals underpin a wide spectrum of modern applications — from high-strength permanent magnets to catalysts and specialised glass polishing — reinforcing why magnet rare earths remain the true value drivers in the sector. Figure 2: Uses of Rare Earth Elements (source: Eurare) 2. Metallurgical Differentiation – A Clear Standout in the WA Clay REE Sector Splinter Rock has emerged as one of Australia’s most advanced and clean metallurgical systems, supported by: Up to 75% NdPr recoveries (heap leach) MREC at ~56–59% TREO Extremely low uranium and thorium (<0.01%) Ambient-temperature heap leaching rather than high-cost tank leach This metallurgical profile positions Splinter Rock for a lower-cost development pathway while naturally reducing environmental and processing risk. Figure 3 illustrates the staged impurity-removal process and the resulting high-purity MREC product, reinforcing the project’s strong leachability and favourable reagent behaviour. Figure 3: Impurity Removal & Magnet REE Precipitation Profile (source: OD6) The simplified process flowsheet (Figure 4) underscores the practicality of the Splinter Rock development pathway. It highlights an ambient-temperature heap-leach system supported by nanofiltration for efficient reagent recovery, culminating in the production of a clean magnet rare earth concentrate. The flowsheet reflects a straightforward, scalable approach that aligns well with the project’s metallurgical strengths. Figure 4: Simplified Process Flowsheet (source: OD6) 3. World-Scale REE Market Context – Supply Chain Concentration The global reserves chart in Figure 5 reinforces the concentration of rare earth supply within a handful of jurisdictions, led by China, Vietnam, Brazil, and Russia. This level of geographical dominance continues to shape global supply chains and amplifies the strategic value of new Western-aligned projects. Within this context, Splinter Rock stands out as a significant Australian opportunity capable of contributing to a more balanced and resilient rare earth supply landscape. Figure 5: World’s Largest Rare Earth Reserves (source: East Coast Research & US Geological Survey) 4. Exceptional Resource Scale – Only 10% of Clays Drilled The Inside Centre extraction profile (Figure 6) highlights the strength and coherence of the mineral system already defined from just a small segment of the broader basin. The distribution of key magnet rare earth elements across this area reinforces both the scale and the consistency of the mineralisation. Inside Centre hosts 119 Mt @ 1,632 ppm TREO, providing a clear foundation for a potential starter operation. Regional EM mapping outlines more than 30 km of clay-hosted signatures, pointing to basin-scale continuity and expansion potential. Figure 6: Inside Centre Extraction by REE (source: OD6) With OD6’s current MRE of 682 Mt (Figure 7) coming from drilling only ~10% of the identified clay-hosted targets, Inside Centre serves as an early indicator of what remains possible across Splinter Rock. Figure 7: MRE by Prospect (source: OD6 & East Coast Research) The cut-off grade sensitivity in Figure 8 shows that Splinter Rock maintains strong tonnage and grade even as thresholds rise, reflecting the robustness of the clay system. This resilience provides early confidence in the project’s scalability and economic flexibility. Figure 8: Sensitivity of Resource to Cut Off Grade (source: OD6 & East Coast Research) Figure 9 highlights Inside Centre as a clear high-grade standout within the broader clay system. The concentration of elevated TREO grades in this area strengthens its position as a natural starting point for future development and underscores the quality of mineralisation already defined at Splinter Rock. Figure 9: Inside Centre High-Grade Standout (source: OD6) Taken together, these factors underscore that the broader resource potential at Splinter Rock is still in its early stages of being unlocked. 5. Copper Market Tailwinds – Gulf Creek Positioned for Upswing Copper remains one of the most supply-constrained metals heading into the 2030s, driven by electrification, grid expansion, and ongoing industrial demand. Copper futures on the LME continue to hold at historically elevated levels, reinforcing a supportive market backdrop for emerging discoveries such as Gulf Creek (Figure 10). Figure 10: Copper Futures on LME (US$ Per Metric Ton) (source: East Coast Research & Capital IQ) Long-term copper price trends point to a persistent, structural demand profile that continues to reinforce the metal’s strategic importance. Much of this demand is anchored by construction, electrification, electric vehicles, grid infrastructure, and broader industrial growth (Figure 11). Figure 11: Copper Demand by Sector & Region (source: Cruxinvestor) The forecasted deficit illustrated in Figure 12 underscores why new VMS systems like Gulf Creek are strategically significant. The widening gap between copper supply and demand points to a structural shortfall that is expected to deepen as global electrification accelerates. Against this backdrop, Gulf Creek’s early drilling success is particularly noteworthy, having already returned: 1 m @ 4.33% Cu 8 m @ 1.41% Cu, 1.26% Zn 6 m @ 1.32% Cu, 2.82% Zn Figure 12: Copper Supply & Demand Imbalance Likely to Grow (source: Bloomberg NEF Transition Metals Outlook 2024) Figure 13 highlights the strong correlation between iron magnetism and copper mineralisation at Gulf Creek, providing a reliable geophysical vector for targeting additional high-grade zones. Figure 13: Iron Magnetism vs Copper Mineralisation (source: OD6) Figure 14 outlines a series of magnetic targets identified through 3D modelling, reinforcing the scale of the system and guiding the next phase of drilling at Gulf Creek. Figure 14: Magnetic Targets from 3D Modelling (source: OD6) Figure 15 presents the Sandfire share price analogy as a reminder of how transformative early VMS discoveries can be, showing the kind of value uplift that can occur as a project moves from initial hits to demonstrated scale. Figure 15: Sandfire Share Price Analogy (source: East Coast Research & Capital IQ) About the Project 🔹 Splinter Rock – Metallurgy First, Scale Second Splinter Rock benefits from: simple leach chemistry, nanofiltration enabling >85% reagent recycling, and a geological profile dominated by reactive minerals (rhabdophane, parisite–synchysite). Figure 16 presents a weathering profile highlighting the clay-hosted zones and REE enrichment patterns that underpin OD6’s metallurgical success. Figure 16: Geological Weathering Model (source: CSIRO, Ore Geology Reviews) 🔹 Gulf Creek – NSW Copper-Zinc VMS System Historically mined for high-grade copper at the turn of the 20th century. Very limited modern exploration before OD6. Structural similarities to DeGrussa-style systems. 10 km of untested strike. Near-term Milestones to Watch Splinter Rock ✅ Bulk metallurgical sampling delivered to ANSTO ✅ A$1.5m testwork program underway Next milestones Bulk MREC samples for offtake (H1 2026) First Scoping Study Strategic partnerships Expanded resource and optimisation studies Gulf Creek Phase 2 drilling underway Down-hole EM to refine high-conductance targets Step-out drilling planned for >3 km of magnetic anomalies Continuous assays and modelling updates How Samso Understands the Investment Memo for the Company OD6 is moving toward becoming Australia’s most advanced clay-hosted REE developer capable of generating a clean, high-value MREC aligned with Western supply chains. Splinter Rock’s investment case is strengthened by: robust metallurgy, scalable heap leach processing, strong NdPr weighting, and expanding clay-hosted footprints. Gulf Creek adds asymmetric copper upside with a growing scale target and high-grade early hits. Peer Positioning Figure 17 shows OD6’s position relative to its peers, highlighting that despite a comparatively low market valuation, the company ranks strongly on both recovery-adjusted grade and recoverable TREO — effectively punching well above its weight. Figure 17: Peer Analysis, Bubble Chart 2 (source: East Coast Research) Splinter Rock Valuation Figure 18 outlines the implied valuation for Splinter Rock, highlighting a meaningful uplift potential based on the adjusted TREO resource of 0.55 Mt and an implied EV ranging from A$59.8 million (Base Case) to A$73.7 million (Upside) using median peer-set multiples. Figure 18: Splinter Rock Valuation (source: East Coast Research) Gulf Creek Valuation Gulf Creek is valued at 5% of Splinter Rock’s intrinsic value, generating an implied EV of A$2.99–A$3.69 million (Figure 19). Figure 19: Gulf Creek Valuation (source: East Coast Research) OD6 Total Valuation Total implied EV of A$62.8m–A$77.4m, translating to a fair value of A$0.317/share with 256–336% upside from the current A$0.08/share (Figure 20). Figure 20: OD6 Metals Valuation (source: East Coast Research) Samso Concluding Comments This research coverage is consistent with what Samso has been noting since our coverage going back to October 2022 ( OD6 Metals Limited (ASX: OD6) - The Rare Earth Elements Story | Coffee With Samso Ep. 158). The key to the confidence that I have is Brett Hazelden. When we first met, the confidence in his approach and the sincerity in the way he gave me in our many conversations on Coffee with Samso, has allowed me to feel comfortable in this story. The Splinter Rock narrative is emerging as a globally significant clay-hosted rare earth system where only a fraction has been drilled. The geological footprint and metallurgical clarity reduce the risk inherent in early-stage REE development. The integration of heap leaching, nanofiltration, and potential Chlor-Alkali capability points to lower operating costs and strong reagent efficiency, which are critical differentiators in the REE sector. Global supply chain recalibration away from China continues to favour Western-aligned developers with clean product specifications. OD6’s low-impurity MREC squarely meets that requirement and is likely to attract downstream interest. Gulf Creek adds an important copper exposure, with drilling already confirming mineralisation and geophysics suggesting scale. The copper market’s structural deficit amplifies the potential impact of any discovery. OD6 is therefore positioned with two commodities at the core of decarbonisation and electrification. The Samso Way – Seek the Research Every discovery begins with understanding — follow the geology, follow the metallurgy, follow the data. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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.

OD6 Metals Ltd (ASX: OD6) has commenced a Downhole Electromagnetic (DHEM) survey at the Gulf Creek Copper Project, located near Barraba in northern New South Wales (Figure 1). The program marks a significant technical step forward in assessing the project’s volcanogenic massive sulphide (VMS) copper potential, following the completion of four diamond drill holes and earlier reverse-circulation (RC) drilling completed in 2025. Announcement Down Hole EM Survey Commences at Gulf Creek Copper Project 5 December 2025 (click here to view the announcement) Figure 1: Location of Gulf Creek Copper Project (source: OD6) The Business of the OD6 Metals Focus – Projects OD6 continues to advance its dual-commodity strategy: Splinter Rock Rare Earth Project (WA) – a large-scale clay-hosted REE system with demonstrated metallurgical recoveries via heap leach and nanofiltration technologies. Gulf Creek Copper-Zinc Project (NSW) – a historical high-grade copper mine with strong geophysical signatures suggesting the presence of deeper and potentially untested VMS systems. This announcement focuses on the copper asset and OD6’s systematic technical approach to defining drill-ready targets beneath and beyond historic workings. Highlights – DHEM Survey to Vector the Next Phase of Copper Drilling High-Priority DHEM Survey to Target Massive Sulphide Extensions DHEM surveying will commence over the weekend, utilising four recently completed diamond drill holes and earlier RC holes to detect conductive anomalies indicative of massive sulphide copper targets (Figure 2). Figure 2: Plan overview of the 7 holes planned to have DHEM (source: OD6) Mitre Geophysics designed the program and is being executed by Gap Geophysics Australia, with final processed results expected early in the New Year. Phase 2 drilling has no diamond holes at Big Bend, Northwest, West Limb, and below the historic Gulf Creek Mine (Figure 3). Figure 3: Plan view of OD6 Drilling completed to date overlain on 1st vertical derivative of magnetics with \ the priority targets Big Bend, North West, West Limb, and the historic Gulf Creek Mine (source: OD6) Drilling has confirmed: interbedded sedimentary and exhalative chert horizons, hydrothermal alteration typical of VMS systems, minor sulphides and hydrothermal magnetite, alignment with a Besshi-style VMS model. All holes were designed to enable DHEM acquisition to model off-hole conductors that may represent massive sulphide lenses not intersected by drilling (Figure 4). Figure 4: Long section illustrating magnetic modelling and subsurface targets. (source: OD6) Drilling will temporarily pause to allow acquisition and interpretation so that 2026 drilling can be more efficient and targeted. Approvals remain in place for up to 25 holes / ~7,500m of drilling (Table 1). Table 1. Drill Hole Details. All coordinates in GDA94 Zone 56. Leadership Commentary Managing Director Brett Hazelden commented: “The commencement of DHEM surveying marks the next important step in unlocking the copper potential at Gulf Creek. This technique has a strong track record of identifying high-grade sulphide bodies that drilling alone may miss. With multiple holes now completed across several target zones, we are well-positioned for the DHEM survey to guide our next phase of drilling in 2026. We are pleased to have drilled the previously untested Big Bend, West Limb and Northwest targets, all of which confirmed the presence of VMS-style stratigraphy. This provides strong encouragement for ongoing exploration targeting. Gulf Creek continues to complement our flagship Splinter Rock Rare Earth Project by providing OD6 with exposure to a high-grade copper asset in a proven district at a time when copper prices are at record highs.” About the Project The Gulf Creek Copper Project (EL8492) lies within a historically productive district where the Gulf Creek Mine produced exceptionally high-grade copper (2–6.5% Cu) in the early 1900s. Remarkably, little modern exploration has occurred over the past century. Gulf Creek mineralisation is associated with: Besshi-style VMS systems, chalcopyrite-sphalerite massive to semi-massive sulphides, exhalative cherts, siltstones, and basalts, strong magnetite association enabling geophysical targeting. The 2025 drilling program (GCDD007–010) targeted magnetic/gravity anomalies modelled at depths of 100–600m, with hole depths ranging from 240.5m to 328m. These holes now form the backbone of the DHEM survey. Near-term Milestones to Watch Processed DHEM Results (Early New Year) – ranking of conductive responses across Big Bend, West Limb, Northwest, and Gulf Creek Mine lodes. Target Prioritisation for 2026 RC Drilling – RC drilling preferred as the next phase due to faster and more cost-effective penetration once off-hole conductors are defined. Laboratory Analyses of Diamond Core – samples are being finalised for dispatch. Further Geophysical Integration – including modelling of conductors located within 100m of drill holes to support vectoring toward massive sulphides Samso Concluding Comments One of the reasons I am following OD6 with intent is that I believe that the investment case for OD6 is now significantly enhanced with its "Near To" production Rare Earth story and the potential of finding a VMS here at Gulf Creek. The value proposition for ASX investors should now be a definite SamsoDYOR. AS the Gulf Creek narrative continues to develop along a technically credible pathway with the commencement of DHEM, the search for the ingredients for a VMS system is the excitement. DHEM is particularly valuable in a structural environment like Gulf Creek, where conductive sulphide lenses may sit just metres to tens of metres off existing drill traces. The historical mining is evidence that these sulphides exist. Defining and realising scale will make this venture "easy". We know that this is not easy, but I hope my point is taken, metaphorically. Many important VMS discoveries globally were made only after downhole surveys revealed conductors that drilling narrowly missed. OD6 now stands at that inflection point—where each conductor identified can immediately be ranked, tested, and incorporated into a refined drill plan. Finally, Gulf Creek offers diversification alongside Splinter Rock without detracting from OD6’s core strategy. The Company’s ability to progress a world-class rare earth system while methodically exploring a high-grade copper district speaks to its capability and technical breadth. Investors should watch the upcoming DHEM results closely, as they may redefine the forward exploration trajectory in the New Year. Market Participation One of the indications for me is the rising valuation of the shares and the market capitalisation, which is now almost AUD $16M. Figure 5 below shows what is a potential upward movement of value as the share price has been buoyant since the middle of 2025. Figure 5: The OD6 share price chart as of 22nd December 2025. (source: CommSec) There is no mistake in thinking that there is no sure thing in investments, and I think that OD6 is now seriously carrying two potential "wins"; this makes the bet safer. If the Rare Earth story takes off, the value creation is obvious. A good result from the survey will enhance the chances of drilling what could be a mineralised VMS in an area where infrastructure is abundant, and the cost of production is significantly reduced. The Samso Way – Seek the Research Strong projects emerge from disciplined technical work—always follow the data, not the noise. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try 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.

The OD6 Metals Limited story is a frequent feature on Samso, and I feel that if the Company can show clearly that it can produce a REE product, this will be an incredible investment for existing shareholders. The recent takeover of Australian Strategic Materials Limited (ASX: ASM) is a clear sign that the REE sector is alive and well. This update by OD6 regarding further testwork with ANSTO is a long list of boxes that are required to be ticked, but it is good to see that management is being persistent and enduring the long journey. Announcement Advanced ANSTO Metallurgical Testwork Underway – 20 January 2026 (view the announcement) OD6 Metals Metals Limited – Advancing Processing Confidence at the Splinter Rock Rare Earth Project Samso continues to follow OD6 Metals Limited (ASX: OD6) as it advances Splinter Rock from resource definition into processing optimisation and commercial readiness. This update is relevant as it focuses on metallurgical de-risking, product qualification, and offtake preparation rather than exploration upside alone, which is a key transition phase for clay-hosted rare earth projects. Highlights – Metallurgy, Product Samples, and Commercial De-Risking Advanced ANSTO metallurgical testwork is now underway, building on previously reported processing successes at Splinter Rock. More than A$1 million has been committed to ANSTO-led metallurgical programs and large-scale metallurgical diamond core drilling. Bulk Mixed Rare Earth Carbonate (MREC) and Mixed Rare Earth Hydroxide (MREH) samples will be produced for use in offtake discussions and assessment of commercial payability options. Testwork is focused on heap leach optimisation, impurity removal refinement, and bulk product production, supporting downstream development decisions. The program will also monitor other elements of interest to determine whether technically viable recovery pathways exist. The work is designed to further de-risk the processing flowsheet and improve confidence in operating parameters. Activities are anticipated to be eligible for future R&D tax offsets. Strategic partnerships with ANSTO and CPC Engineering continue to support the optimal development pathway (Figure 1). OD6 Metals Limited notes its active engagement with the framework supporting Australia’s A$1.2 billion Critical Minerals Strategic Reserve. Figure 1: Preferred Process Flowsheet from ANSTO Testwork and CPC Optioneering Study (source: OD6 Metals Limited). Leadership Commentary Managing Director Brett Hazelden commented: “This advanced ANSTO program marks another important step in de-risking the Splinter Rock processing flowsheet. Our commitment of more than A$1 million reflects the Company’s confidence in the project and the importance of generating robust, commercially relevant metallurgical and product data. The testwork now underway is specifically aimed at optimising recoveries, refining impurity control, and producing high-quality rare earth products that can be utilised in offtake discussions and future development studies.“ Near-term Milestones to Watch Completion of current ANSTO optimisation campaigns. Production of bulk MREC and MREH samples for customer qualification. Distribution of product samples to potential offtake partners. Integration of metallurgical results into ongoing engineering and development studies. Continued engagement with government and financing stakeholders. Samso Concluding Comments Splinter Rock already hosts a large clay-hosted rare earth resource, and this program is about turning that scale into something more tangible. Metallurgical performance and product quality are critical factors for rare earth projects seeking market acceptance. By producing MREC and MREH samples at scale, OD6 Metals Limited is moving beyond laboratory results toward real-world commercial testing. This helps clarify how the project may fit into global rare earth supply chains. The continued partnership with ANSTO and CPC Engineering suggests a structured and technically driven development process. Each stage builds on previous work rather than resetting assumptions. For investors following OD6 Metals Limited, this announcement is a reminder that value creation in rare earths often comes from steady technical progress. De-risking the flowsheet and engaging early with offtake markets are steps that can shape future outcomes. Market Implication - The Investor Lens Simplistically, from a share price chart perspective (Figure 2), the market seems to be liking things. The volume being traded is healthy, and hopefully, that is showing market acceptance, and on this occasion, the introduction of traders is a good thing. 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