Samso Market Update | Friday, 23 October 2026 | Market close 4:30pm AEDT On the ASX today, the S&P/ASX 200 closed up 2.0 points, or 0.02%, at 8,795.2. Banks rose and miners fell, and the index finished little changed. Zip Co (ASX: ZIP) fell 29.47% to A$1.46, the biggest fall among companies worth more than A$1 billion, on the day of its first-quarter update. The All Ordinaries, which tracks the 500 largest listed companies, fell 0.13% to 8,905.8. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 2.29% to 3,066.5. This morning's pre-market edition is below. Thursday's editions are at ASX today, Thursday 22 October 2026, and Wednesday's are at ASX today, Wednesday 21 October 2026. ASX today: Key Highlights The ASX 200 rose 0.02% to 8,795.2. Materials was the weakest sector, down 3.85%. Consumer discretionary rose 2.57% and financials 2.21% (Yahoo Finance data). Zip Co fell 29.47% to A$1.46 on turnover, the dollar value of shares traded, of A$159.0 million. Its update included A$10.1 million of costs from an external fraud event in the US. Commonwealth Bank (ASX: CBA) rose 4.35% to A$164.00 on turnover of A$616.2 million. Gold miners fell. Ora Banda Mining (ASX: OBM) fell 16.54% and Alkane Resources (ASX: ALK) 10.88%, each on the day of its September quarter report. Temple & Webster Group (ASX: TPW) rose 33.42% to A$5.43 on the day of its annual meeting addresses and strategy update. More shares fell than rose. Of the 1,510 companies that traded and have a market value on the ASX, 362 rose, 825 fell and 323 were unchanged. Materials and financials Materials fell 3.85%, the weakest of the 11 sectors (Yahoo Finance data). BHP (ASX: BHP) fell 3.64% to A$55.05, Rio Tinto (ASX: RIO) 2.68% to A$146.27 and Fortescue (ASX: FMG) 2.06% to A$14.27. Separately, Rio Tinto said it will invest US$1.9 billion to develop the Kangwinan bauxite project near Weipa in Queensland, the ABC reported. Gold miners were among the larger falls. Evolution Mining (ASX: EVN) fell 4.48% to A$11.31, Northern Star Resources (ASX: NST) 2.54% to A$24.16 and Newmont (ASX: NEM) 4.93% to A$155.03. Genesis Minerals (ASX: GMD) fell 7.78% and Capricorn Metals (ASX: CMM) 7.88%. Lithium shares also fell. PLS Group (ASX: PLS) fell 8.07% on the day it lodged its notice of annual meeting and two changes in substantial holding. IGO (ASX: IGO) fell 7.38%, with no ASX announcement since Thursday afternoon. Financials rose 2.21%. Commonwealth Bank rose 4.35%, National Australia Bank (ASX: NAB) 3.25%, Westpac (ASX: WBC) 3.11% and ANZ (ASX: ANZ) 0.88%. Health care rose 0.69% and consumer staples 0.10%. Tapas Strickland, chief market strategist at Moomoo Australia and New Zealand, gave his view of the local market before the open. "Money is shifting into safer sectors, such as health care, insurers and consumer staples," he said, in comments posted on the ABC blog at 12:06pm AEDT. Outside financials, Wesfarmers (ASX: WES) rose 3.76% to A$80.29, with no ASX announcement since Thursday afternoon. Reuters, quoted on the ABC blog at 1:14pm AEDT, said the yield on Australian 10-year government bonds fell 10 basis points to 5.164%. A bond yield is the yearly return from buying a government bond at today's price. When yields fall, bond prices rise. A basis point is one hundredth of a percentage point. Zip Co first-quarter update Zip Co told the ASX at 8:22am AEDT that total transaction volume, the value of purchases made with Zip, rose 18.0% to A$4.6 billion in the September quarter. Cash EBTDA, a measure of earnings before tax, depreciation and amortisation, rose 3.4% to A$65.0 million. That included A$10.1 million of costs from an external fraud event in the US, which Zip said temporarily moderated transaction volume and new customer growth in July and August. Net bad debts were 1.97% of transaction volume, against 1.65% a year earlier. Zip reconfirmed its FY27 guidance for group cash EBTDA of A$340 million. Reuters, quoted by the ABC, said Citi analysts who cover Zip wrote that the incident "raises concerns on Zip's onboarding controls". UBS analysts who cover Zip said a key miss was the net bad debts ratio of 1.97%, against their estimate of 1.8%. Domestic news Treasurer Jim Chalmers told the Citi A50 Australian Economic Forum that if the Mid-Year Economic and Fiscal Outlook were released today, business investment growth this year would be forecast at more than 5%, up from 2.5% in the May budget, the ABC reported. A review found the Snowy 2.0 hydro project could cost up to A$25 billion, the ABC reported. The September quarter consumer price index is due next Wednesday. Blue Chips (above A$1 billion) Samso's four size bands use market value at Thursday's close. They are not the S&P/ASX indices of the same names. Gainers. Zimplats Holdings (ASX: ZIM) rose 7.77% to A$14.01 on turnover of A$152,000. Nick Scali (ASX: NCK) rose 5.15% to A$12.65. It fell 15.34% on Thursday, its first trade after its first-half profit guidance. Premier Investments (ASX: PMV) rose 4.19% to A$13.93. None of those three had an ASX announcement since Thursday afternoon. Cochlear (ASX: COH) rose 4.42% to A$146.81. Its only announcement was a notice from an investor ceasing to be a substantial holder, at 4:09pm AEDT on Thursday. A substantial holder is an investor with 5% or more of a company. Commonwealth Bank rose 4.35% to A$164.00 and Wesfarmers 3.76% to A$80.29, as set out above. Fallers. Zip Co fell 29.47% to A$1.46, as set out above. Ora Banda Mining fell 16.54% to A$1.11 on turnover of A$25.4 million. It reported September quarter gold sales of 33,939 ounces at an all-in sustaining cost of A$4,214 an ounce, an industry measure of the cost of producing gold and keeping mines running. It said unit costs were elevated by an extended mill shutdown and weather, and it kept its FY27 guidance. Sunrise Energy Metals (ASX: SRL) fell 13.68% to A$12.68 on the day of its September quarter report. It said the US Office of Strategic Capital had conditionally committed up to US$400 million in debt for its Syerston Scandium Project in New South Wales. Alkane Resources fell 10.88% to A$1.475 on the day it reported September quarter production of 40,740 gold equivalent ounces, which counts its antimony at its value in gold, at an all-in sustaining cost of A$2,805 an ounce. Minerals 260 (ASX: MI6) fell 10.20% to A$0.66. Its only announcements were five notices of changes in directors' interests. Benz Mining Corp (ASX: BNZ) fell 10.19% to A$3.88, with no ASX announcement since Thursday afternoon. Mid Caps (A$500 million to A$1 billion) Gainers. FINEOS Corporation Holdings (ASX: FCL) rose 4.61% to A$1.93, with no ASX announcement since Thursday afternoon. Objective Corporation (ASX: OCL) rose 4.29% to A$6.57 on the day it lodged its annual report and notice of meeting. Peet (ASX: PPC) rose 2.43% to A$1.475 on the day of its annual report. Dexus Industria REIT (ASX: DXI) rose 2.14% to A$2.39 on the day of a buy-back notice. Charter Hall Social Infrastructure REIT (ASX: CQE) rose 2.11% to A$2.42 and Pepper Money (ASX: PPM) 2.11% to A$1.695, each with no ASX announcement since Thursday afternoon. Fallers. Black Cat Syndicate (ASX: BC8) fell 15.83% to A$0.585 on turnover of A$4.2 million. In its September quarter report it said it produced 16,740 ounces of gold of its own, separate from ore it processed for others, at an all-in sustaining cost of A$3,735 an ounce, and cash and liquid investments fell from A$105 million to A$78 million. It kept its FY27 guidance of 80,000 to 90,000 ounces. WIA Gold (ASX: WIA) fell 14.13% to A$0.395 and Brazilian Rare Earths (ASX: BRE) 12.21% to A$1.725, each with no ASX announcement since Thursday afternoon. Brazilian Rare Earths rose 13.91% on Thursday. Elevra Lithium (ASX: ELV) fell 9.33% to A$3.40. Its only announcement was a change in substantial holding at 5:37pm AEDT on Thursday. AIC Mines (ASX: A1M) fell 9.21% to A$0.69 on the day of its annual report. Alpha HPA (ASX: A4N) fell 8.33% to A$0.385 on the day of a product marketing update and its notice of annual meeting. Small Caps (A$150 million to A$500 million) Gainers. Temple & Webster Group rose 33.42% to A$5.43 on turnover of A$19.0 million. It fell 8.95% on Thursday. At its annual meeting it said revenue from 1 July to 19 October was down 8% on a year earlier, and contribution margin dollars, the money left from each sale after its direct costs, were up 16%. It said revenue growth since its August update was running at minus 4%, up from minus 13% at that update. It said it remains on track for FY27 EBITDA, earnings before interest, tax, depreciation and amortisation, of A$33 million to A$40 million, and it set out a strategy to focus on the mass to mid market. Sky Metals (ASX: SKY) rose 12.50% to A$0.18, with no ASX announcement since Thursday afternoon. Amaero (ASX: 3DA) rose 8.82% to A$0.185 on the day of a cleansing notice, a filing that lets newly issued shares be sold on market without a prospectus. It fell 10.53% on Thursday. Fleetwood (ASX: FWD) rose 6.93% to A$2.16 on the day UBS Group lodged a notice that it holds 5.04%. Healius (ASX: HLS) rose 4.82% to A$0.435 on the day of a director's interest notice. Audinate Group (ASX: AD8) rose 4.62% to A$2.04, with no ASX announcement since Thursday afternoon. Fallers. Great Boulder Resources (ASX: GBR) fell 16.13% to A$0.078, Titomic (ASX: TTT) 12.73% to A$0.096, Gorilla Gold Mines (ASX: GG8) 11.83% to A$0.205, Elementos (ASX: ELT) 11.25% to A$0.355, Victory Metals (ASX: VTM) 10.76% to A$1.12 and Tungsten Mining (ASX: TGN) 10.00% to A$0.18. None of those six had an ASX announcement since Thursday afternoon. Titomic fell 15.38% on Thursday. Micro Caps (below A$150 million) Gainers. X2M Connect (ASX: X2M) rose 25.0% to A$0.005, from A$0.004, a move of one tenth of a cent. It said it had signed an agreement with a Queensland developer for a 10 megawatt AI data centre site, with 60 days of binding exclusivity and long-form agreements targeted within 90 days. Avenira (ASX: AEV) rose 14.29% to A$0.008, from A$0.007. Alvo Minerals (ASX: ALV) rose 13.10% to A$0.095 on turnover of A$2.4 million. Western Ridge Resources (ASX: WRX) rose 12.96% to A$0.061, Greenwing Resources (ASX: GW1) 10.00% to A$0.099 and Recharge Metals (ASX: REC) 8.82% to A$0.037. None of those five had an ASX announcement since Thursday afternoon. Fallers. Hawk Resources (ASX: HWK) fell 70.37% to A$0.008, from A$0.027, on turnover of A$728,000. It reported the first laboratory assays from 106 of the 1,267 soil samples taken at its Olympus scandium project in Western Australia. It said the scandium grades were uniformly low, with a maximum of 11.2 parts per million against up to 742 in historical readings taken at the same places with a handheld XRF, a portable X-ray device that estimates metal content on the spot. Hawk said it will wait for the rest of the assays before deciding its next steps. Lithium Universe (ASX: LU7) fell 42.86% to A$0.002, from A$0.0035, on the day it said its chief executive and chief technical officer had resigned. Vanadium Resources (ASX: VR8) fell 21.05% to A$0.030 and Triton Minerals (ASX: TON) 20.0% to A$0.004, from A$0.005, each with no ASX announcement since Thursday afternoon. BSA (ASX: BSA) fell 19.15% to A$0.19 on the day of its notice of meeting. Haranga Resources (ASX: HAR) fell 18.82% to A$0.069, with no ASX announcement since Thursday afternoon. Commodities and Currency Prices were taken between 4:22pm and 4:31pm AEDT (Yahoo Finance data) and are compared with this morning's edition. December gold futures, contracts for gold delivered in December, were at US$4,028.30 an ounce, down from US$4,038.20 at 7:36am AEDT. The ABC reported at 4:04pm AEDT that the gold price had fallen to a three-month low of US$4,003 an ounce. December copper futures were at US$6.443 a pound, up from US$6.400. December silver futures were at US$54.10 an ounce, down from US$54.62. December Brent crude futures were at US$113.97 a barrel, up from US$112.79 at 7:36am AEDT. December West Texas Intermediate crude futures were at US$100.39 a barrel, up from US$99.04. Iron ore was at US$90.73 a tonne at about 2:55pm AEDT, down 0.7%, according to the ABC News market snapshot. The Australian dollar was buying 70.12 US cents at 4:31pm AEDT, down from 70.21 US cents at 7:45am AEDT. At about 4:18pm AEDT, with all three still trading, Tokyo's Nikkei 225 was down 0.75%, Hong Kong's Hang Seng up 0.69% and the Shanghai Composite down 0.22% (Yahoo Finance data). Samso Concluding Comments The ASX 200 finished the week's last session up 0.02% at 8,795.2. Financials rose 2.21% and materials fell 3.85%, with gold and lithium miners among the largest falls. The Small Ordinaries fell 2.29%, and 825 companies fell against 362 that rose. Zip Co fell 29.47% on the day it reported A$10.1 million of costs from a fraud event in the US. General information only. This is not financial advice. Samso Market Update | Friday, 23 October 2026 | Pre-market 9:45am AEDT On the ASX today, ASX 200 futures were down 0.2% at 8,803 points at about 6:45am AEDT, according to the ABC News market snapshot. A futures contract is an agreement to buy or sell at a set price on a later date, and its price is used as a guide to where the index will open. This morning that points to a slightly lower open. The 0.2% is the change in the futures price, a separate measure from Thursday's index close of 8,793.2, which is why the futures price can sit above the index and still be down. The ABC said "The ASX is set to fall after US tech stocks tumbled, led by Meta". The Australian dollar was buying 70.21 US cents at 7:45am AEDT (Yahoo Finance data). The S&P/ASX 200 closed on Thursday at 8,793.2, down 38.1 points or 0.43%. The All Ordinaries, which tracks the 500 largest listed companies, fell 0.44% to 8,917.1. The S&P/ASX Small Ordinaries, an index of the companies ranked 101 to 300 by size, fell 0.49% to 3,138.4. Thursday's editions are at ASX today, Thursday 22 October 2026, and Wednesday's are at ASX today, Wednesday 21 October 2026. ASX today: Key Highlights ASX 200 futures were down 0.2% at 8,803 at about 6:45am AEDT (ABC News). The Nasdaq Composite fell 2.60% on Thursday and the S&P 500 fell 1.21%. The Dow Jones Industrial Average was little changed, up 0.02%, and the Russell 2000 of smaller companies rose 0.11%. Meta Platforms fell 6.98% on Thursday, the day after its quarterly result. The Philadelphia Semiconductor Index fell 6.72%. December Brent crude futures were at US$112.79 a barrel at 7:36am AEDT, up 3.65%. Reuters said Houthi attacks in Saudi Arabia lifted oil to a five-month high. December gold futures were down 2.69% at US$4,038.20 an ounce at 7:36am AEDT. The US 10-year Treasury yield was approximately 19 basis points lower at approximately 4.95% at about 3pm New York time on Thursday. Tokyo's Nikkei 225 closed down 2.65% on Thursday. Wall Street overnight The Nasdaq and the S&P 500 fell on Thursday and the Dow was little changed. The Dow Jones Industrial Average rose 11.89 points or 0.02% to 52,867.98. The S&P 500 fell 93.74 points or 1.21% to 7,663.43. The Nasdaq Composite fell 694.00 points or 2.60% to 26,008.86. The Russell 2000, an index of smaller US companies, rose 0.11% to 2,784.03 (Yahoo Finance data). Reuters said the Nasdaq posted its steepest daily drop since June "as a batch of high-profile earnings reports ignited fresh fears about the AI spending race". Meta Platforms reported its quarterly result after the US close on Wednesday, and its shares closed down 6.98% at US$648.85 on Thursday. Reuters said Meta's results beat analyst expectations. It said Meta also posted its first cash outflow in more than a decade because of its AI spending. Reuters said Meta announced plans to issue non-voting shares in a two-for-one split to raise capital for that spending. The Philadelphia Semiconductor Index, which tracks chipmakers, fell 6.72% to 10,731.98, and Nvidia fell 4.40% (Yahoo Finance data). Tesla fell 3.08%. Reuters said Tesla fell even though it unexpectedly posted positive free cash flow in the quarter and cut its 2026 capital spending plans. Reuters said Procter & Gamble rose and supported consumer staples shares. The US 10-year Treasury yield fell approximately 19 basis points from Wednesday to approximately 4.95% at about 3pm New York time on Thursday (Yahoo Finance data). Yahoo Finance said investors "flocked to bonds, sending Treasury yields lower as concerns over the AI trade sent tech investors headed for the exit". It said the 10-year yield was on track for its biggest one-day drop in more than two years. A Treasury is a US government bond, and its yield is the yearly return from buying it at today's price and holding it until it is repaid. When yields fall, bond prices rise. A basis point is one hundredth of a percentage point. US initial jobless claims fell to 194,000 last week, the fewest in three months, Yahoo Finance reported. Reuters said financial markets "are currently pricing in the probability that the central bank will raise its policy rate by another 25 basis points before year-end". The US Federal Reserve's next policy meeting is on 27 and 28 October (Federal Reserve calendar). Japan and Asia The Nikkei 225 closed on Thursday at 62,907.84, down 1,713.40 points or 2.65% (Yahoo Finance data). The yen strengthened. The US dollar was buying 156.81 yen at 7:47am AEDT, down from 158.13 yen at 7:51am AEDT on Thursday. Hong Kong's Hang Seng fell approximately 3.0% on Thursday, and the Shanghai Composite fell 1.48% to 3,658.03. London and Europe London's FTSE 100 closed on Thursday at 10,725.03, down 27.87 points or 0.26% (Yahoo Finance data). Germany's DAX fell 1.07% to 25,371.75. France's CAC 40 fell 1.39% to 7,811.26. Currencies The Australian dollar was buying 70.21 US cents at 7:45am AEDT (Yahoo Finance data), little changed from 70.18 cents at 4:33pm AEDT on Thursday in Samso's market close edition. The US dollar index, which measures the US dollar against six major currencies, was at 101.66 at 7:36am AEDT, little changed from Wednesday's close of 101.78. At 7:46am AEDT the euro was at US$1.122 and the British pound at US$1.340. Commodities December Brent crude futures were at US$112.79 a barrel at 7:36am AEDT, up 3.65% from Wednesday's close for that contract (Yahoo Finance data). December is the front-month contract, the one closest to expiry. Reuters said oil prices climbed to a five-month high "after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies from the key exporting region". It said Saudi Aramco told staff to evacuate its headquarters in Dhahran. Yahoo Finance said Brent was also lifted by a New York Times report that the US and Israel are preparing renewed attacks on Iran after the US midterm elections. December West Texas Intermediate crude futures, the US oil benchmark, were at US$99.04 a barrel at 7:37am AEDT, up 1.95% (Yahoo Finance data). December gold futures were at US$4,038.20 an ounce at 7:36am AEDT, down 2.69% from Wednesday's close for that contract. At the same time, December silver futures were down 5.36% at US$54.62 an ounce and December copper futures were down 2.73% at US$6.400 a pound (Yahoo Finance data). Iron ore was at US$90.10 a tonne at about 6:45am AEDT, down 1%, according to the ABC News market snapshot. Today's diary All times AEDT. 8:14am. Mineral Resources (ASX: MIN) said in its September quarter report that FY27 guidance is maintained across all divisions. It said Onslow Iron shipped 9.2 million tonnes on a 100% basis, and net debt fell A$0.2 billion to approximately A$4.1 billion. Its conference call is at 11:00am AEDT, 8:00am in Perth. 8:16am. Ora Banda Mining (ASX: OBM) reported September quarter gold sales of 33,939 ounces, including attributable ounces from third-party processing, at an all-in sustaining cost of A$4,214 an ounce. All-in sustaining cost is an industry measure of the cost of producing gold and keeping existing mines running. It leaves out growth spending, exploration for new projects, tax and interest. Ora Banda said unit costs were elevated by an extended mill shutdown and weather, and it maintained its FY27 guidance. 8:19am. Temple & Webster Group (ASX: TPW) said in its annual meeting addresses that revenue from 1 July to 19 October was down 8% on a year earlier, and contribution margin dollars were up 16%. It said it remains on track for FY27 EBITDA of A$33 million to A$40 million. Its shares fell 8.95% on Thursday. 8:21am. Newmont (ASX: NEM) reported third-quarter attributable gold production of 1.3 million ounces at a gold by-product all-in sustaining cost of US$1,454 an ounce. It said it is on track for its full-year production guidance of 5.3 million attributable ounces. 8:22am. Zip Co (ASX: ZIP) reported first-quarter total transaction volume of A$4.6 billion, up 18.0% on a year earlier. Its cash EBTDA, a measure of earnings before tax, depreciation and amortisation, was A$65.0 million, up 3.4%, and included A$10.1 million of costs from an external fraud event in the US. Zip reconfirmed its FY27 guidance for group cash EBTDA of A$340 million. 8:23am. Alkane Resources (ASX: ALK) reported September quarter gold equivalent production of 40,740 ounces at an all-in sustaining cost of A$2,805 a gold equivalent ounce. Its FY27 guidance is 163,000 to 177,000 gold equivalent ounces. 10:30am. Japan's consumer price inflation for September, at 8:30am Tokyo time (Finance Calendar). 11:30am. The Australian Bureau of Statistics releases Australian National Accounts: Supply Use Tables for 2024-25 and the Australian System of National Accounts for 2025-26 (ABS release calendar). Later today and overnight (Newsquawk gives no times). Global flash purchasing managers' indexes for October, which are early surveys of business activity, and UK retail sales for September (Newsquawk calendar). Samso Concluding Comments Reuters linked the fall on Wall Street to a batch of high-profile earnings reports that it said revived fears about AI spending, with chipmakers dragging the Nasdaq down. The ABC linked this morning's lower futures to the fall in US technology shares, led by Meta. Reuters linked the rise in oil to Houthi attacks in Saudi Arabia. Today, investors will watch how technology and data centre shares, energy shares and gold miners trade after those moves, and the quarterly reports lodged this morning by Mineral Resources, Newmont, Ora Banda, Alkane and Zip. General information only. This is not financial advice.

On Samso's numbers the small end of the ASX has slowed since early September 2026. We took the 1,004 ASX-listed companies with a market value below A$150 million and split them into three size bands. The median company's share price has fallen in all three bands since 10 September, and less money is changing hands than in the first half of the year. Larger companies fell as well, and one of our measures was lower in March and in June 2026 than it is now. All prices in this piece are as at the close of ASX trading on 9 October 2026. How Samso Measured ASX Companies Below A$150 Million The market below A$150 million is where many mineral explorers are. Samso lists the daily movers in this group in ASX today [R6], where everything below A$150 million is called a micro cap. Some readers call the upper bands small caps. We use the dollar bands. More of these companies fell than rose on 19 of the last 21 trading days. Over the full year that happened on about 64% of days. Market capitalisation, or market value, is the share price multiplied by the number of shares on issue. We took market values from the ASX company directory, downloaded on 11 October 2026. [R1] We took one year of daily closing prices and trading volumes from Yahoo Finance. [R2] That gave 1,607 companies with a market value and a recent trade. Of those, 1,004 were below A$150 million. Companies that left the ASX during the year, through takeover or failure, are not in our numbers. We use the median and two other measures. The 50-day average is a company's average closing price over its last 50 trading days, and a share price above it is commonly read as a rising trend. Value traded is the dollar value of the shares that changed hands. A company that falls can drop into a smaller band, and that would make the smaller bands look worse than they are. So we place each company by its market value on the day being measured. For a change over one month, the band is the one the company was in at the start of the month. The market values for earlier days are Samso estimates. They scale today's market value by the share price and do not allow for new shares issued since. A company that raised money during the year is shown as larger in the past than it was. These are small and thinly traded companies. A 50-day average on a share that trades a few thousand dollars a day is a rougher guide than the same line on one of the largest ASX companies. One-Month Share Price Change in the Three Size Bands From 10 September to 9 October 2026 the median company fell 5.6% below A$50 million, 7.3% from A$50 million to A$100 million and 6.3% from A$100 million to A$150 million (TABLE 01). About one in four companies rose in the two smaller bands, and about one in six rose in the largest of the three. Larger companies fell as well. The median company above A$150 million fell 3.4% over the same month, and 27.0% of those companies were above their 50-day average at the last close. That share is about the same as in the three bands. The median fall was larger at the small end. ASX Companies Below A$50 Million This is the largest group, with 755 companies. About 61% of them are in the materials and energy sectors, which hold the mineral explorers, the miners and the oil and gas companies. The share of these companies above their 50-day average was about 50% at the start of September 2026 and reached 53.1% on 1 September, its highest since January. It was 28.6% at the last close (FIGURE 01). In the last five trading days, 186 of the 722 companies with a full year of prices closed at a one-year low at least once. Eleven closed at a one-year high. Over three months, the median company that was in this band on 14 July 2026 has fallen 3.4%. On an average day in October, 27.8% of the companies in this band did not trade at all. In June the figure was 15.5%, and from January to May it ranged from 15.6% to 21.2%. On a typical day in October the median company traded about A$2,100 of shares, against about A$7,600 in June. In plain terms, shares in this band have been harder to buy and sell since July. ASX Companies From A$50 Million to A$100 Million This band holds 153 companies. It had the largest one-month fall of the three, with the median company down 7.3%. Of the companies that started the month in this band, 70.1% ended it lower. The share above the 50-day average reached 64.5% on 31 August 2026, its highest since January, and was 30.9% at the last close. Over three months, the median company that was in this band on 14 July 2026 has fallen 8.0%. What that means is this band has lost ground over one month and over three. ASX Companies From A$100 Million to A$150 Million This band holds 96 companies. It had the fewest risers. Of the companies that started the month in this band, 16.3% rose and 75.6% fell. It also has the best three-month record of the three bands. The median company that was in this band on 14 July 2026 is unchanged over that time, and 47.6% of them have risen. The share above the 50-day average was 63.1% on 3 September 2026 and 26.3% at the last close. Put together, this band held its ground until September and has fallen since. Value of Shares Traded Below A$150 Million Since June 2026 The three bands are added together in FIGURE 02. Shares worth about A$64 million a day changed hands in June 2026. That fell to about A$38 million a day in July. September averaged about A$46 million a day, which is 28% below June. Lower share prices explain very little of that. Counting every day's shares at the 9 October price gives about the same fall. The first seven trading days of October averaged about A$38 million. The months from January to May averaged between about A$53 million and A$63 million a day, so trading since July is lower on that comparison as well. All that means is trading since July has been at the low end of the past year's range. The ASX Small Ordinaries and Emerging Companies Indices An index is a basket of shares tracked as one number. Two indices follow smaller ASX companies. The S&P/ASX Small Ordinaries covers the companies ranked 101 to 300 by size. The S&P/ASX Emerging Companies index holds up to 200 companies ranked from about 350 to 600 by size, according to an ASX fact sheet. [R3] On the ASX directory figures, the company ranked 600 has a market value of about A$154 million, so both indices mostly track companies larger than our three bands. The Small Ordinaries closed at 3,281.9. That is 4.1% lower than on 10 September and 17.8% below its closing high of 3,992.5 on 23 January 2026 (FIGURE 03). The Emerging Companies index closed at 2,930.7, which is 4.6% lower than on 10 September. The S&P/ASX 200, which tracks the 200 largest companies, fell 1.2% over the same period to 8,716.6. Both small-company indices fell more than the 200 largest companies over the month, which agrees with our band figures. Interest Rates, Resources and the Limits of the Data The numbers do not give a reason for the fall. The Reserve Bank of Australia raised its cash rate target by 0.25 of a percentage point to 4.60%, effective 30 September 2026, according to the Reserve Bank's cash rate table. [R4] The cash rate is the interest rate on overnight loans between banks, and the Reserve Bank sets a target for it. We can probably safely assume that higher interest rates are part of the reason. The share of companies above their 50-day average had been falling for four weeks before that decision. Share prices often move before a rate decision, when investors come to expect it. Our numbers cannot separate the two. Resources were the weakest group in every band. The median materials or energy company fell 7.7%, 8.6% and 7.7% over the month in the three bands. The median company in all other sectors fell 3.2%, 5.5% and 4.9%. Above A$150 million the gap was wider. The median materials or energy company fell 10.7% and the median company in other sectors fell 1.5%. We read this as a fall in resources shares across every size of company. Our data covers one year, from one price source. On the 50-day measure March 2026 was weaker than now, and so was June. The share above the 50-day average fell to between 9.2% and 16.8% in the three bands on 23 and 24 March. All three were above 50% on 1 September. Companies were still raising money. Small Caps, a news site, listed placements of A$25 million and A$10 million in its wrap of the week to 9 October. [R5] A placement is a sale of new shares to selected investors. Samso has not read the ASX releases for those placements. Samso Concluding Comments Our reading is that the small end of the ASX has slowed. Share prices have fallen since the start of September 2026. In all three bands the median company is down between 5.6% and 7.3% in a month. Fewer than one company in three is above its 50-day average. Trading has been lower since July than in the first half of the year. Larger companies fell too, and resources shares fell the most at every size. On the 50-day measure the three bands were weaker in March 2026 and again in June 2026 than they are now. Both times the reading later rose. Liquidity is how easily a share can be bought or sold. It is low below A$50 million, where many explorers are. In a thin market a small order can move the price. An explorer usually funds its work by issuing new shares. The lower the share price at the next raising, the more shares it has to issue to raise the same amount. Samso Take The market below A$150 million has been slowing for about five weeks, in all three size bands and most of all in resources. The numbers do not say how long it will last. Samso will keep measuring the share of companies above their 50-day average and the daily value traded. In March that share turned up from below 17%. Will it turn from about 30% this time? The other way to read this One month is a short period. The band from A$100 million to A$150 million is flat over three months, and close to half of its companies have risen in that time. The Emerging Companies index is 9.5% above its lowest close of the past year. Placements were still being announced in the week to 9 October. A reader could fairly call this a pullback after the rise in July and August. Vocabulary Market capitalisation. The share price multiplied by the number of shares on issue. It is the market value of the whole company. Micro cap. Samso uses this for a company with a market value below A$150 million. 50-day average. The average closing price over the last 50 trading days. Technical traders call it the 50-day moving average. Value traded. The dollar value of the shares that changed hands in a day. It is also called turnover. Liquidity. How easily a share can be bought or sold without moving its price. Index. A basket of shares tracked as one number, such as the S&P/ASX Small Ordinaries. Cash rate. The interest rate on overnight loans between banks. The Reserve Bank of Australia sets a target for it. Placement. A sale of new shares by a company to selected investors. References and Sources Each source has a marker such as [R1]. The same marker appears in the text where that source is used. Market figures are Samso calculations from the sources below and are stated as at 9 October 2026. The three figures and the table are original Samso illustrations of sourced data. [R1] ASX company directory, market capitalisation of listed companies. Downloaded 11 October 2026. asx.com.au. [R2] Yahoo Finance, daily closing prices and volumes for ASX-listed companies, and daily closing levels for the S&P/ASX 200, the S&P/ASX Small Ordinaries and the S&P/ASX Emerging Companies index, 9 October 2025 to 9 October 2026. au.finance.yahoo.com. [R3] ASX, S&P/ASX Emerging Companies Index fact sheet. Read 12 October 2026. asx.com.au. [R4] Reserve Bank of Australia, Cash Rate Target table. Read 12 October 2026. rba.gov.au. [R5] Small Caps, weekly wrap for the week ending 9 October 2026. smallcaps.com.au. [R6] Samso, ASX today, Friday 9 October 2026. samso.com.au. Cover photo: The building described on Wikimedia Commons as the ASX head office at 39 Martin Place, Sydney, photographed in September 2025 by Klauskazamias. CC0, via Wikimedia Commons. The photograph is cropped. It is shown under the Samso News blue glass on the article cover. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple. Cut through the noise and spotlight what matters. Genuine stories, grounded insights, and real opportunity. Investors can explore our four core platforms: Coffee with Samso Samso Insights Samso News Samso Research There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn't built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember, digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Coffee with Samso, Samso Insights, Samso News and Samso Research are four ways into the same work. Interviews, long-form research, short takes on announcements and company-specific studies. Every one of them is about how to think about investing rather than what to buy. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies Samso News is independent research commentary for general information only. Nothing in this article is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed. Market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au

The Samso DYOR List went live on 13 October 2026. Each weekday morning it screens every small ASX company, those valued under A$5 million, keeps a Quiet List of those whose share price has gone nowhere for six months or more, and notes the days something happens to one of them. In its first seven screens, covering 13 to 21 October, it noted nine companies [R4]. This piece sets out what was found and why each one was noted. All prices in this piece are as at the close of ASX trading on 21 October 2026. How the DYOR List Works The list starts with every ASX company valued under A$5 million on the ASX company directory [R1]. That was 104 companies on the first screen and 127 on the screen of 21 October. From those it builds the Quiet List, the companies whose closing price has stayed flat for at least the last six months, and for many of them the last one or two years. The Quiet List held 37 companies on 13 October and 46 on 21 October (FIG. 01, at the end of this section). The larger companies and the day’s biggest moves are covered each trading day in ASX today. For a share under 10 cents, flat means every close stayed within four price steps of its usual close. The screen counts a step as a tenth of a cent under 10 cents. Some of these shares also trade at half steps, such as 0.15 and 0.25 cents. At 0.2 cents a move of a tenth of a cent is 50 per cent, which is why the screen counts steps and not percentages. A Quiet List company is noted on a day when one of two things happens. Either at least 10 times its usual daily number of shares changes hands, with the price moving one step or less and no announcement that day or the trading day before. Or the company lodges a board change, a substantial holder notice, a change of control, a takeover or a placement. A noted company is then followed for 60 trading days. What the List Found, in Numbers In seven screens the list noted nine companies. Five were noted on volume. Each traded between 12 and 24 times its usual number of shares on a day with no ASX announcement, and none of the five changed its closing price. The other four lodged a substantial holder notice or a board change. Leaving out the large custodian nominees, five of the nine share a Top 20 holder with another of the nine. Eight of the nine closed on 21 October at the price they were noted at. The rest of this piece names the nine companies, sets out why each was noted, and shows where their registers overlap. It is for Samso Access members.

Announcement Terra Uranium to Acquire Largest Tungsten Project in NSW Terra Uranium Limited (ASX: T92) is stepping beyond its uranium roots and into the high-stakes world of critical minerals. The latest move—acquiring the Glen Eden Tungsen and Molybdenum Project in New South Wales—signals more than just portfolio diversification. It’s a calculated entry into a sector underpinned by global strategic demand, rising prices, and tightening supply chains. With tungsten now flagged by NATO and major economies as a critical input for defence, aerospace, and electronics, this acquisition comes at a time when jurisdictional security and technical scale are driving investment narratives. For Terra Uranium, Glen Eden could well be the catalyst that elevates the story from explorer to emerging critical minerals player. Figure 1: Location of T92 tin, tungsten, molybdenum and precious metal projects in NE NSW (source: T92) 🔷 Key Highlights 1. Acquisition of Dundee Resources Pty Ltd: Terra Uranium Limited (ASX: T92) has entered into a Binding Term Sheet to acquire 100% of Dundee Resources Pty Ltd, owner of EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects in New South Wales (Figure 1). 2. Glen Eden is NSW’s largest undeveloped tungsten-molybdenum project, boasting historic intercepts such as: 282m @ 0.11% MoS₂, 0.08% WO₃, and 0.02% SnO₂ (0.28% WO₃ equivalent) from 7m (GENSW80-1) 392m @ 0.06% MoS₂, 0.025% WO₃, and 0.01% SnO₂ (0.14% WO₃ equivalent) from 3m (GENSW81-5) 3. Exploration Target: 20–30Mt @ 0.18–0.29% WO₃ equivalent to 150m depth, with potential for deeper high-grade “Henderson-style” Mo-W ore shells. 4. Market Conditions: Tungsten prices at 12-year highs (USD$450/MTU) amid global supply constraints and export controls, particularly from China. 5. Funding Support: $865K raised via placement to sophisticated investors at $0.03/share, including 1-for-1 options at $0.09 (expiry 31 Dec 2026). 6. Strategic Location: ~50km from the Taronga Tin (First Tin) and Hillgrove Antimony (Larvotto Resources) projects, with access via sealed road. 7. Metallurgical Recovery (Amoco 1981): Recovery of 86% Mo, 66% W, and 58% Sn into potentially saleable concentrates. Terra Uranium Chairman, Andrew Vigar, commented: “T92 is delighted to have taken the opportunity to acquire the largest undeveloped Tin Tungsten Molybdenum deposit in NSW. This is an exciting addition to the nearby Ottery Tin Deposit and we will be looking to develop these together. We thank new and existing shareholders for their continued support and look forward to keeping all shareholders informed of the development of our NSW Tin Tungsten Moly strategy to add to our Canadian Uranium portfolio” 🔷 Project Overview – Glen Eden, NSW Glen Eden presents a large, hydrothermally altered rhyolitic volcanic system, characterised by a 500m-diameter greisen and breccia complex. Mineralisation occurs in multiple phases, hosted in stockworks and breccias, with strong geochemical signatures across W, Mo, Sn, and Bi (Figures 2 and 3). Significant intercepts from historical drilling include : 💠GENSW80-1 Interval: 282m WO₃ Equivalent: 2,826 ppm MoS₂: 1,126 ppm SnO₂: 236 ppm WO₃: 774 ppm 💠GENSW80-2 Interval: 235m WO₃ Equivalent: 2,527 ppm MoS₂: 1,029 ppm SnO₂: 327 ppm WO₃: 580 ppm 💠GENSW81-5 Interval: 392m WO₃ Equivalent: 1,369 ppm MoS₂: 619 ppm SnO₂: 123 ppm WO₃: 245 ppm A conceptual Exploration Target of 20–30Mt @ 0.18–0.29% WO₃ equivalent is based on historic data and endorsed by a JORC Competent Person. Depth remains open below 385m, and modelling by Amoco (1981) suggests potential for deeper Henderson-style deposits. Figure 2: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) Figure 3: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92) 🔷 Acquisition and Funding Details Under the agreed terms, Terra Uranium will acquire Dundee Resources via: 10M new T92 shares, each with 1:1 free attaching option (exercise $0.09, expiry 31 Dec 2026) 3M performance rights, converting upon achieving >2M MTU of WO₃ in JORC M&I resource $20,000 cash for expense reimbursement 1.25% NSR Royalty to vendors, with a buy-back right In parallel, T92 secured $865,000 in new funding through a placement to sophisticated investors, including participation from Non-Executive Director Niv Dagan ($100,000, subject to shareholder approval). The funds will support acquisition costs, exploration programs, and general working capital. 🔷 What’s Next for T92? - A Tungsten Resource. A focused exploration program at Glen Eden is set to commence following site access, expected within 4–6 months: Re-assay of historic core for complete elemental suite Integration of legacy geophysics (Auzex 2008) with modern geochem Soil and rock sampling using ICP-MS to vector toward high-grade zones Targeted drilling to define extensions and test deeper mineralised zones Meanwhile, the Company continues to hold its Canadian uranium assets in the Athabasca Basin—retaining exposure to uranium upside through Joint Ventures and existing projects. Samso Concluding Comments This announcement from Terra Uranium (ASX: T92) is a step into a sector with strategic importance and tight global supply. The acquisition of Glen Eden puts T92 squarely in the tungsten conversation, a market now shaped by geopolitics, not just economics. From a Samso perspective, this project ticks several key boxes. It’s underpinned by historical drilling and metallurgical work, already pointing to bulk-minable widths and compelling grades. More importantly, the mineral system is still open, large, and structurally complex—exactly the type of project that can surprise on the upside with targeted modern drilling. Investors watching T92 for its uranium exposure may now find themselves with a dual-pronged story. On one side, high-grade uranium targets in Canada; on the other, a polymetallic tungsten-moly system in NSW with near-term exploration catalysts. The raise at $0.03 provides runway to move quickly, and the critical minerals thematic adds tailwinds. It’s still early days, but Glen Eden could be one of those projects that finds renewed relevance—technically and geopolitically—in 2025 and beyond. As I have mentioned, I like Tungsten and Molybdenum, and I think this is a great acquisition for T92. Uranium is a great commodity, and I am a uranium bull too, but to be honest, the projects for T92 in Canada are not going to be cheap. Working in Canada is not a cheap replacement for projects in Australia. I am not sure why there is s rush for Canada unless you have commodities like Champion Iron and Cyclone Metals. I think this is a great project, as today, Molybdenum and Tungsten are highly prized metals, and I am looking forward to writing on what is to come for T92. The Samso Way – Seek the Research This is a project grounded in deep technical pedigree and historical data. Terra Uranium’s acquisition of the Glen Eden Tungsten and Molybdenum Project is not just opportunistic—it’s strategic. The system has scale, grade, and geological continuity with 3,388m of historic drilling supporting a robust breccia and greisen-hosted model. The inclusion of molybdenum, tin, and tungsten—with bismuth credits—adds to the project’s polymetallic upside. With tungsten now recognised as a critical mineral by NATO, the EU, the US, and Australia, and with Chinese export restrictions tightening the market, Glen Eden stands as a highly prospective project in a geopolitically significant commodity class. The Glen Eden story aligns with the current global urgency to secure strategic resources outside of dominant supply chains. 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. Cover photo: Scheelite; mica, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite;_mica.jpg) Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 1. North Pine Project Delivers High Grade Tungsten and Gold 1 December 2025 (click here to view the announcement) 2. Change of Company Name and ASX Code 2 December 2025 (click here to view the announcement) Pioneer Minerals Ltd (ASX: PMM) (formerly Pioneer Lithium Ltd) is advancing its North Pine Project in Idaho, USA, a region renowned for its Tier-1 critical minerals endowment (Figure 1). The latest field program has delivered multiple high-grade tungsten and gold results from the Springfield Prospect, alongside the identification of a new polymetallic precious-metal system at Silver Cliffs. These results materially expand the exploration proposition across the broader North Pine tenure. Figure 1: North Pine Project Overview Map (source: PMM) The Business of the Company: Focus – Projects Pioneer Minerals is systematically exploring the North Pine Project, comprising the Springfield, Silver Cliffs, and Northman Prospects. The projects are strategically located near Perpetua Resources’ Stibnite Gold Project, one of North America’s most advanced antimony–gold developments. The Company's primary commodity exposure—tungsten, antimony, and precious metals—aligns directly with the US Government’s critical minerals priority list. Highlights – 1 December 2025: High-Grade Tungsten & Gold Systems Defined at Springfield (Based on ASX Announcement 1 December 2025) 1. Springfield Prospect – High-Grade Tungsten System Confirmed (Figure 2 & Table 1) Multiple rock-chip samples returned exceptional tungsten grades up to 2.98% WO₃ (S06). Figure 2: High-grade tungsten samples (source: PMM) Table 1: Significant tungsten (>0.4%) and gold assay results (> 1 g/t) of rock chip samples taken from Springfield Prospect Additional strong WO₃ values include 0.96% (S28) (Figure 3), 0.93% (S19), 0.83% (S20), 0.66% (S12), 0.64% (S02), 0.62% (S42). Figure 3: Sample 28 - Pyrrhotite-rich skarn (source: PMM) Geology and geochemistry confirm a robust reduced scheelite skarn system (Figure 4). Figure 4: WO₃ & Au Sample Location Map (source: PMM) 2. Springfield Prospect – High-Grade Gold System Identified Gold assays peak at 7.75 g/t Au (S48), with strong supporting results (Figure 5):– 1.51 g/t Au (S46)– 1.49 g/t Au (S75) Figure 5: Sample S48 - Gold-bearing oxidised sulphides (source: PMM) Associated Ag–Sb–As–Cu suite confirms a structurally-hosted precious-metal vein system, independent of tungsten mineralisation.• Multivariate geochemical analysis confirms two separate mineralising events:– High-grade WO₃ skarn system– Independent Au–Ag–Sb–As vein system 3. Silver Cliffs Prospect – New Polymetallic System Defined (Figure 6) Figure 6: Silver Cliffs Sampling Map (source: PMM) • Limited sampling due to weather still returned strong mineralisation (Table 2):– 3.89 g/t Au (SC03)– 1.1 g/t Au + 34.8 g/t Ag + 1,077 ppm Sb (SC19) (Figure 7) Figure 7: SC19 Outcrop Photograph (source: PMM) Table 2: Highlight table of rock chip geochemical results from rock chip samples taken from Silver Cliffs prospect showing gold mineralisation and associated polymetallic mineralisation. • Results support a low-sulfidation epithermal-style precious-metal system. Highlights – 2 December 2025: Rebranding to Pioneer Minerals Ltd (ASX: PMM) (Based on ASX Announcement 2 December 2025) The Company’s name has officially changed from Pioneer Lithium Limited to Pioneer Minerals Limited. A new ASX ticker, PMM, will apply from 2 December 2025. The change reflects the Company’s diversification beyond lithium into tungsten, antimony, gold, and critical minerals at the North Pine Project. Leadership Commentary Pioneer CEO Michael Beven commented: “I am extremely encouraged by the results from our latest sampling program at North Pine. The confirmation of consistently high-grade WO₃ values at Springfield represents an important milestone for the Company. These results clearly validate our view that Springfield hosts a robust and well-developed tungsten skarn system, and they provide the strongest evidence to date that this prospect has the potential to develop into a significant tungsten discovery. What is particularly exciting is that our geochemical interpretation now confirms the presence of a second, entirely separate mineralising event at Springfield. The high-grade gold results, together with the associated silver, antimony and arsenic pathfinders, indicate the existence of a structurally controlled precious-metal system that has never been systematically explored. This dramatically expands the exploration potential of the Springfield area beyond tungsten alone and introduces an entirely new gold opportunity overlaying the skarn system. The recognition of a new polymetallic precious-metal system at Silver Cliff further strengthens the district-scale potential of North Pine. We now have multiple high-priority targets across the project area, each supported by strong geochemistry and clear geological context. Our upcoming field programs will focus on advancing both the tungsten skarn and the gold–silver vein systems, and I am confident this work will continue to unlock value for our shareholders”. About the Project The North Pine Project consists of 223 staked lode claims (~18.37 km²) in Idaho. The district hosts geological analogues to major regional deposits such as Stibnite and Horse Heaven. Historical tungsten mining at Springfield (1953–1955) produced: 39,000 tons of ore @ 0.35–0.40% WO₃ High-grade >70% WO₃ concentrate sold into US strategic supply chains. Current work includes: Comprehensive rock-chip sampling Petrography, multivariate geochemical interpretation Target definition at Springfield, Silver Cliffs, and Northman Near-Term Milestones to Watch Airborne magnetic & radiometric survey to commence over Springfield, Silver Cliffs, and Northman (line-spacing: 50m). Petrographic analysis underway on six high-WO₃ samples. Recovery test work initiated on ~60 kg of Springfield Mine tailings for gold & tungsten recovery. Systematic follow-up planned for Silver Cliffs once the weather allows full access. Continued updates as BLM claim confirmation progresses. Samso Concluding Comments The Pioneer Minerals story is an intriguing one that I have only come across because the CEO, Michael Beven, and I have crossed paths previously. The lithium hopeful list on the ASX at the end of the boom, or should we say, the start of the lithium demise, so as usual, companies moved to what is marketable. The shift to Tungsten and potentially gold is a good move. The hint of antimony is there, but I think the Tungsten and gold play is what made me bring PMM onto the Samso platform. What makes the whole PM story even better is that the projects were acquired and not purchased, which makes the technical part of the story more credible. What makes me comfortable is that Michael Beven is a geology CEO with corporate backing from the Board. For me, this adds fuel to allow me to believe the geological evidence. The Springfield results present a compelling early-stage picture: multiple rock-chip samples exceeding 1% WO₃ place the prospect amongst the stronger tungsten-bearing skarn systems reported in recent years. The geological consistency of scheelite-bearing skarn textures, Fe-Ca associations, and elevated HREE signatures points toward a robust magmatic-hydrothermal driver. In a market where tungsten supply remains concentrated and vulnerable, discoveries of this nature in the United States carry outsized strategic value. The existence of a skarn source is good for creating scale, for me at least, that is the heat source, the engine, so to speak. Coupled with what we can see already as evidence of mineralisation, that is, at least some sign that the potential for juice in the story exists. Equally important is the recognition of a second, unrelated gold–silver–antimony–arsenic system overprinting the tungsten skarn. This style of structural mineralisation is characteristic of late-stage fluid pulses and often forms high-grade pods along developing fault systems. The presence of 7.75 g/t Au in surface samples suggests the system is fertile. For investors, dual mineral systems offer portfolio-level optionality—particularly when both tungsten and gold possess strong critical-mineral credentials. Silver Cliffs adds further depth to the story. Even with weather-restricted field access, assays such as 3.89 g/t Au and 1.1 g/t Au with strong Ag and Sb support a low-sulfidation epithermal interpretation. These systems can host high-grade shoots, and the geological analogue to Resolution Minerals’ Golden Gate targets strengthens confidence in the model. The upcoming magnetic and radiometric survey should greatly clarify fault architecture and fluid pathways. As exploration accelerates across North Pine, the dual focus on tungsten and precious metals positions Pioneer to benefit from both critical-mineral demand and the resilience of gold markets. For a company at this stage of discovery, the emerging dataset is encouraging and worthy of investor attention. Market Participation From a market perspective, the "punt" is still good. A market capitalisation of around AUD $4M is a good place for positioning. As you can see in Figure 8, the share price has been steady, and this is probably a good sign that the capital structure is tight. Otherwise, this share price would be significantly lower by now. Figure 8: Share price chart for Pioneer Minerals as of 22nd December 2025 (source: CommSec) One of the issues with the Tungsten sector for the ASX is that there appears to be a great disconnect between the surging Tungsten price and a lack of interest in Tungsten ASX stocks. Getting in early now, before everyman and his dog gets in, may be a good move at this time. Cover photo: Scheelite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.jpg) The Samso Way – Seek the Research Always follow the data, understand the geology, and let the evidence guide the investment narrative. 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 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 Presentation - Mt Mulgine Critical Minerals Scoping Study 12 November 2025 (click here to view the announcement) Tungsten Mining NL (ASX: TGN) has released its long-awaited Scoping Study for the Mt Mulgine Project in Western Australia (Figure 1), presenting a clear case for a globally significant tungsten–molybdenum development. Located 330km north-northeast of Perth and 15km northeast of Rothsay, the project sits within a premier Tier-1 jurisdiction supported by existing regional infrastructure. What stands out is scale: Mt Mulgine is now positioned among the largest tungsten deposits outside China, demonstrating both economic robustness and multi-commodity optionality under conservative price assumptions. Figure 1: Mt Mulgine Project overview map (source: TGN) The Business of the Company: Focus – Projects Tungsten Mining holds a portfolio of tungsten assets, including Mt Mulgine, Watershed, and Hatches Creek, giving the Company one of the most significant resource inventories in the global tungsten sector (Figure 2). The key development priority is Mt Mulgine, which delivers: A polymetallic system containing tungsten, molybdenum, copper, gold and silver A large, predominantly Indicated Mineral Resource base A long-life, low-strip-ratio open-pit mining strategy Strong project economics under both 6 Mtpa and 15 Mtpa development cases Jurisdictional advantages that matter for strategic metals such as tungsten Figure 2: Global Tungsten Deposits Comparison – TGN’s Mineral Resource Inventory (source: TGN) Highlights – A Strategic WA Tungsten Project with Scale and Strong Economics 1. Globally Significant Resource and Production Profile (Figure 3) Mt Mulgine contains 259Mt @ 0.11% WO₃ for 290kt WO₃, making it one of the largest tungsten deposits outside China. Over 110,000m of drilling has already been completed. Metal suite includes WO₃, Mo, Cu, Au, Ag, with meaningful by-product contributions. Figure 3: Mt Mulgine Mineral Resource table (source: TGN) 2. Strong Scoping Study Economics (6 Mtpa Case) (Figure 4) NPV (Pre-Tax): A$1.0–1.4B IRR (Pre-Tax): 30–45% CAPEX: A$358–495M OPEX: A$25.4–30.8/t ore Mine life: 23 years Strip ratio: 0.8:1 Figure 4: 6 Mtpa economics summary (source: TGN) 3. Large-Scale Expansion Case (15 Mtpa) (Figure 5) NPV (Pre-Tax): A$1.7–2.3B IRR (Pre-Tax): 42–62% CAPEX: A$631–868M Lower operating costs (A$21.6–26.2/t) 10-year mine plan at higher throughput Figure 5: 15 Mtpa economics summary (source: TGN) 4. Competitive Costing & Conventional Flowsheet (Figure 6) Three key concentrates: tungsten, molybdenum, and copper-gold-silver Metallurgical recoveries: WO₃ (72.5%), Mo (70%), Cu (62%), Au (41%), Ag (47%) Utilises conventional gravity + flotation Figure 6: Preliminary Flowsheet & Recoveries (source: TGN) 5. Sensitivity and Price Upside (Figure 7) NPV is highly leveraged to commodity pricing, particularly tungsten. At spot prices (Oct 2025): NPV lifts to A$2.38–2.80B (6 Mtpa case). Figure 7: NPV Sensitivity Charts & Spot vs Base Price Comparison (source: TGN) 6. Infrastructure Advantage (Figure 8) Proximity to Perth & Geraldton Port Potential for solar micro-grid Local skilled workforce Access by mostly sealed roads Figure 8: Site Infrastructure Layout – Power, Water, Logistics, Camp, TSF (source: TGN) About the Project Mt Mulgine is a large-scale polymetallic deposit hosting tungsten, molybdenum, copper, gold, and silver within a favourable mining jurisdiction. The deposit extends across the Mulgine Trench and Mulgine Hill mineralised zones, supported by: A substantial, largely Indicated resource base Simple near-surface open-pit geometry (Figure 9) Proximity to grid power, sealed roads, and regional infrastructure Potential magnetite by-product upside Figure 9: Open Pit Stages & Annual Production Profiles (source: TGN) Near-Term Milestones to Watch (Figure 10) 2025–2026: Commencement of PFS Expanded resource drilling at Mulgine Trench Engagement with offtake partners OTCQB listing and potential NASDAQ pathway 2026–2027: Completion of DFS Final Investment Decision (Q4 2027) 2028–2029: Engineering, procurement, construction Pre-production mining First tungsten concentrate production (Q3 2029) Figure 10: Development Timeline to FID 2027 & First Production 2029 (source: TGN) How Samso Understands the Investment Memo for the Company From an investment perspective, Mt Mulgine appears to offer: A globally significant tungsten inventory in a secure jurisdiction A long-life project with strong margins under conservative assumptions Optionality through higher-throughput development Meaningful by-product credits (Mo–Cu–Au–Ag) Strategic positioning amid tightening global tungsten supply Potential uplift as the project advances through PFS → DFS → FID For followers of critical minerals, Mt Mulgine represents a project with scarcity value, particularly given tungsten’s increasing strategic importance. Samso Concluding Comments The Mt Mulgine tungsten project has been around for a long time, and with the tungsten price at an all-time high of over USD700/mtu, the time to dust the cover is now. Tungsten is emerging as one of the more supply-constrained critical minerals. China dominates both mining and downstream processing, and recent export-restriction policies have intensified concerns about long-term availability. This macro environment gives additional weight to Western Australian projects capable of generating a stable, high-purity tungsten supply. TGN’s Scoping Study is conservative, the flowsheet conventional, and the pricing assumptions well below spot markets. For investors, the timing of the value creation for shareholders is about to be unleashed as the Company moves through PFS and DFS phases, where mining schedules, metallurgical performance, and cost structures will be further optimised. The addition of molybdenum, copper, gold, and silver provides diversification that strengthens the project’s revenue mix. These by-products contribute meaningfully to economic outcomes and reduce reliance on a single commodity, a favourable attribute as markets cycle. As development advances, the questions will revolve around funding, offtake, and alignment with global industrial demand. From what we see today, Mt Mulgine has the scale, location, and commodity mix to be part of the broader strategic minerals conversation for years to come. Market Expectations This has got to be one of the easiest investment decisions. I am now convinced that the only critical metal globally is Tungsten. The price of the commodity will continue to rise, and there will be more to come. Figure 11: The share price chart for TGN as of 1st December 2025. (source: CommSec) One of the main contributing factors to the rise and rise of tungsten is the geological constraint on finding a deposit that will be economical. There are not many deposits out there that will make the grade when it comes to having a tungsten deposit that will make an economical argument for mining and processing. For this reason, I am not sure where the sustainable price will be for tungsten. I will say that it is probably a distance away from the current spot price. Check out this Coffee with Samso with Oliver Friesen from Guardian Metals: The only question I will have is the management. If they do well and the Feasibility Studies hold credibility, then TGN is on a ride not many will see in the ASX. Cover photo: Scheelite, mica, UV shortwave, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite,_mica,_UV_shortwave.jpg) The Samso Way – Seek the Research Always read beyond the headline figures — the real insights often sit inside the assumptions. 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 Terra to Acquire True American Tungsten Project (click here to view the announcement) Terra Critical Minerals Limited (ASX: T92) has taken a decisive step into the North American critical minerals landscape with the acquisition of the True American Tungsten Project, located in central Nevada at the junction of the prolific Getchell and Battle Mountain Mineral Belts (Figure 1). Figure 1: Project Location Map (source: T92) This is a historic, high-grade, past-producing tungsten system with geological signatures consistent with larger skarn-style systems. The combination of location, grade, commodity pricing, and strategic timing makes this a highly intriguing development from the Company. The Business of the Company: Focus – Projects Terra Critical Minerals continues to operate as a diversified strategic minerals explorer focused on tungsten, tin, silver, gold, and uranium across Australia and Canada. The Company’s portfolio now includes: True American Tungsten Project (Nevada, USA) – newly acquired, high-grade tungsten system. Ottery Tin & Precious Metals Mine (NSW) – 100% owned. Glen Eden Tin–Tungsten–Molybdenum Project (NSW). Athabasca Basin Uranium Portfolio (Canada) – including Engler Lake, HawkRock, Rapid River, Yurkowski Lake, and more. With a team that has deep structural and uranium expertise, Terra is positioned across multiple critical supply chains. Highlights – Binding Agreement to Acquire a High-Grade Tungsten Project in Nevada 1. Terra Acquires 100% of the True American Tungsten Project Terra has signed a binding agreement to acquire the True American Tungsten Project in Nevada, a jurisdiction hosting tier-one tungsten, gold, and polymetallic systems. This project sits along strike of the Springer Mine, adjacent to Pilot Mountain and Tennessee Mountain, all recognised tungsten centres. 2. Historic High-Grade Tungsten Samples up to 11.1% WO₃ The Project boasts compelling historic assays from US Bureau of Mines datasets, including: 11.1% WO₃ from hand-sorted ore (USBM 1963). 5.12% WO₃ (USBM 1963). 4.2% WO₃ (USBM 1963).A total of 33 tonnes of ore historically shipped returned grades between 1.69% to 11.1% WO₃. These are exceptional grades for tungsten skarn systems. 3. District-Scale Exploration Potential Identified by USGS (2021) Recent USGS work highlights strong anomalous stream-sediment geochemistry, suggesting that multiple tungsten-bearing zones may extend south of the known workings. This aligns with intrusive-related fluid pathways typically associated with larger skarn systems (Figure 2). Figure 2: USGS Prospectivity Analysis (source: T92). 4. Geological Positioning Linked to Major Tungsten Skarn Systems The Project sits at a key structural and intrusive intersection where granite contacts with limestone and volcanics generate tungsten skarn mineralisation. The USGS tungsten skarn model shows the potential scale of these systems (Figure 3). Figure 3: USGS Tungsten Skarn Model (source: T92). 5. Under-Explored with No Modern Exploration Since the 1940s Despite historic production, no modern drilling, geophysics, or systematic mapping has been conducted since 1945. The area remains open for major new target definition. 6. Tungsten Prices at All-Time Highs Tungsten prices have surged above USD $780/MTU, driven by tightening Chinese export restrictions, escalating defence needs, and expanded demand from aerospace and datacentres (Figure 4). This macro setting strengthens the strategic rationale for Terra’s acquisition. Figure 4: Tungsten Market Chart (Source: Shanghai Metals Market). 7. Proposed Exploration Program (2026 Onwards) Terra plans to launch a staged program including: Geological mapping and structural analysis. Geochemical sampling for W–Mo–Bi–Cu pathfinders. Geophysics: IP and magnetics to identify contacts and concealed intrusions. Targeted diamond drilling across prospective limestone units at depth. This staged program aims to identify a larger, blind tungsten system at depth. 8. Additional Claims, Royalty Terms, and Entitlement Offer Terra will acquire 100% with staged share payments and modest royalties (combined NSR 1.5%, partly buy-backable). A separate Entitlement Offer of quoted options aims to raise up to $600,000, supporting both working capital and exploration budgets. Key milestones include additional claim staking and reporting of future JORC-compliant resources. About the Project The True American Tungsten system is hosted within a metamorphosed shale–volcanic package with thin limestone horizons intruded by diorite dykes. This geological setting is classic for tungsten skarn development, particularly where intrusives feed metal-bearing fluids toward receptive carbonate host rocks (Figure 5). Figure 5: Local Geology and Mineral Claims Map (source: T92). The mineralisation is primarily scheelite within quartz vein stockworks, with evidence of contact metasomatic alteration forming tungsten lenses along limestone beds dipping ~30–40° east. The presence of diorite dykes is interpreted as evidence of a deeper concealed pluton — the likely source of the system’s fertility. Near-term Milestones to Watch Completion of the acquisition and claim transfer (expected end of 2025). Staking of additional unpatented mining claims. First-phase mapping and structural interpretation. Initial tungsten–pathfinder geochemistry program. Geophysical surveys (magnetics & IP) to define subsurface targets. Identification of drill targets along limestone units proximal to intrusive margins. Entitlement Offer completion and quotation of new options How Samso Understands the Investment Memo for the Company This acquisition is best viewed as a strategic, high-grade tungsten entry into the US supply chain at a time when global tungsten markets are undergoing significant geopolitical rebalancing. The rarity of high-grade tungsten systems, combined with the Project’s location near known deposits, gives Terra a unique platform to grow value in a commodity that is experiencing long-term structural support from defence, aerospace and advanced manufacturing. The minimal historic work and absence of modern exploration increase the chance of transformative upside. Samso Concluding Comments From an exploration standpoint, the True American Tungsten Project offers a rare opportunity: a historically mined high-grade system that has seen no modern scientific work. In 2025, such opportunities are increasingly scarce. The system’s structural and lithological context suggests that the known workings represent only the shallow expression of a much larger skarn system potentially concealed at depth. The presence of diorite dykes, anomalous geochemistry, and granite intrusions is a textbook precursor for larger tungsten deposits. The tungsten market fundamentals cannot be ignored. With China controlling ~80% of global supply and tightening export restrictions, tungsten has moved from a specialist metal to a strategic asset of international importance. Defence supply chain assessments from NATO, South Korea, and the US all highlight tungsten as a high-risk, high-priority commodity. For Terra to secure an early-stage project in a US jurisdiction at this moment places them strategically ahead of the curve. In summary, the Project’s combination of geology and market timing presents a compelling case. With Terra’s positioning within the Tungsten narrative and the recent success of several ASX companies with critical minerals projects in the US, this will make an interesting narrative. For investors seeking exposure to a rising strategic commodity, this development is worth close attention. For those want a deeper DYOR process, check out the following Coffee with Samso and Samso Insights that we have covered recently: Coffee with Samso: Coffee with Samso: Guardian Metals Resources Plc — The Real Critical Metal - Tungsten Samso Insights: Tungsten: The Quiet Giant – Market Trends and Investment Pathways. Cover photo: Wolframite with quartz - Wolframite with quartz from Cornwall, England, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wolframite_with_quartz_(GeoDIL_number_-_195).jpg) The Samso Way – Seek the Research Real insights come from understanding the geology, the strategy, and the market—so always do your own research. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation 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 Drilling Commenced at Western Queen Project 7 October 2025 Rumble Resources Limited (ASX: RTR) has kicked off a ~20,000 m diamond program at Western Queen (Figure 1), with two DDH1 rigs chasing high-grade down-plunge gold beneath the South and Central pits while advancing sub-parallel tungsten lodes. The work targets growth/upgrade of the 370 koz @ 3.1 g/t Au MRE and builds on the 13.2 kt WO₃ tungsten MRE, supported by geotech and metallurgy (+93% historical Au recovery). The first rig started on 4 Oct, the second lands mid-Oct, with drilling to Feb 2026 ahead of an early-2026 MRE update. Figure 1: Location Plan of the Western Queen Gold Project (source: RTR) Peter Harold, Managing Director and CEO commented: “We are delighted that DDH1 has been able to mobilise a rig so quickly and get this major drill program underway. The program has three main aims which are to: • discover more gold resources down-plunge of the known resources at both Western Queen South and Central; • upgrade some of the existing Inferred Resources into the Indicated category; and • discover more high-grade tungsten resources. The drilling will also allow us the opportunity to do a geotechnical review of the ground conditions in the vicinity of the proposed portal and decline for the underground. We look forward to providing shareholders with regular updates on the drilling and assay results as they come to hand.” Highlights - Gold and Tungsten Story Up to 20,000 m diamond program now underway (DDH1 providing two rigs) targeting high-grade down-plunge gold extensions at Western Queen South and Central. Program designed to grow the Western Queen gold MRE: 3.72 Mt @ 3.1 g/t Au for 370 koz Au (current) (Figure 2). Infill drilling at Western Queen South to upgrade part of 2.32 Mt @ 2.66 g/t Au for 198.9 koz from Inferred → Indicated. Concurrent focus on tungsten lodes sub-parallel to gold over ~1.5 km strike between the South and Central pits; aim to grow/upgrade maiden WQ tungsten MRE: 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃, including a higher-grade domain 1.44 Mt @ 0.51% WO₃ for 7.4 kt WO₃. Geotech: two holes to assess ground conditions for the proposed underground portal/decline. Metallurgy: selected core to confirm +93% historical gold recoveries across WQ South & Central. Timeline: first rig started 4 October 2025; second rig mid-October; program targeted to be completed by February 2026, with basis for a revised MRE in early 2026. Figure 2: DDH1 Drilling rig at Western Queen South (source: RTR) Project Snapshot Western Queen is Rumble’s near-term development focus, with ongoing resource growth through targeted drilling of high-grade shoots below existing pits (Western Queen South & Central) and parallel tungsten lodes. The current gold MRE totals 3.72 Mt @ 3.1 g/t Au for 370 koz, and the tungsten MRE totals 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃, as detailed in the Company’s July/August 2025 updates. Work program (what RTR is doing now) Step-out diamond drilling down-plunge at WQ South & Central to chase high-grade gold extensions (Figure 3). Infill at WQ South to re-classify Inferred → Indicated, supporting potential mining studies (subject to permits, ore sales/tolling, and other conditions for FID). Tungsten drilling to expand/upgrade WO₃ resources and refine the controls/timing of mineralisation for local and district-scale targeting. Geotechnical holes at the proposed portal/decline location. Met testwork using selected diamond core to validate historical +93% Au recovery. Figure 3: Western Queen Long Section showing target areas below Western Queen South and Central deposits (source: RTR) About Rumble Resources Limited Rumble Resources Ltd (ASX: RTR) is an Australian exploration company listed since July 2011, focused on adding value through selected WA mineral assets and disciplined acquisitions. Its portfolio includes the Western Queen Gold Project—being advanced for near-term cash flow with ongoing resource growth—and the Earaheedy Zn-Pb-Ag discovery, underscoring the team’s capability to find large-scale orebodies. Samso Concluding Comments Rumble’s Western Queen program reads as a sensible, staged de-risking exercise: step-outs to test the depth and continuity of high-grade gold, infill to lift resource confidence where it matters for studies, and parallel holes to define the tungsten lodes that sit within the same mining envelope. Adding geotech at the portal/decline location and fresh metallurgy to validate historical recoveries is exactly the kind of groundwork that shortens the path to credible mine planning. From an investor's lens, the drilling results need to stack up. As Samso has been following the Rumble story since March 2025 with a Samso Insight article, the story has been very inconsistent, which is probably more about the messaging than potentially the technical narrative. I do feel that the tungsten is not significant enough to add value, but what I will say is that a step back to look at the bigger picture may be a better path forward. The problem in doing that is that the market is hot to trot, and it needs stories and a marketable pathway. This is always a bad situation to be in, as the market needs will always win, and this may be to the detriment of the project, in terms of finding a more economical story for Western Queen. In my opinion, the bigger picture for Western Queen is that it is a brownfields system with known high-grade gold and now a tungsten vector that could prove strategically useful if drilling does what the targeting suggests—more ounces where the infrastructure already is, plus a maturing tungsten inventory—the project steps closer to study-ready status and a resource update that can re-frame the development conversation. DYOR and keep your eyes on the details as Rumble slowly unfolds this story to the ASX. Cover photo: Scheelite; mica, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite;_mica.jpg) The Samso Way – Seek the Research Anchor every view to the source—read the ASX, check the figures and tables, verify assumptions—and let the data, not the noise, drive the conclusion. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees 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 Change of Company Name to Terra Critical Minerals Limited 23 September 2025 High grade silver up to 400 g/t identified at Silent Grove 23 September 2025 Terra Critical Minerals Limited (ASX: T92) recently confirmed a new high-grade silver discovery at the Silent Grove Prospect within its 100%-owned Mole River Project in New South Wales (Figure 1). This update represents an important step forward in unlocking the polymetallic potential of the Mole Granite district, an area already known for tin, tungsten, and silver-rich systems. Figure 1: Location of Mole River and the Silent Grove Prospect (source: T92) Key Highlights - A High-Grade Silver News Strategic Positioning and Regional Context Silent Grove is part of Terra’s larger New England exploration portfolio (Figure 2), which includes the Ottery Tin Mine, Castle Rag Silver Deposit, and Glen Eden (NSW’s largest tungsten deposit). The project area is located along the margins of the Permo-Triassic Mole Granite, a geological unit historically hosting over 350 tin operations, with associated wolfram, bismuth, silver, and molybdenum occurrences. Mineralisation styles in the district are polymetallic, with silver typically occurring in hydrothermal quartz lodes associated with cassiterite and base-metal sulphides – often as argentite or within Pb-Zn-Ag sulphides. Figure 2: Regional Map of T92 Project Areas around Mole Granite (source: T92) High-Grade Silver Discovery The company reported standout surface sample results (Figure 3), including: 400 g/t Ag, 6.09% Pb, 4% Zn, 0.55% Sn (Sample G94/095) 203 g/t Ag (Sample 070926-2) 165 g/t Ag (Sample 070926-4) 148 g/t Ag and 0.62 g/t Au (Sample 070926-1) Figure 3: Sample Locations with Satellite Background (source: T92) These results confirm that Silent Grove hosts silver grades significantly above regional background levels, adding a new high-grade zone just 7.5 km from previously announced Mole River mineralisation (>30 g/t Ag across 24 outcrops, up to 147 g/t Ag with Pb-Zn association. Table 1 below summarises the key surface rock chip results from Silent Grove, highlighting the standout silver, lead, and tin assays that underpin the potential for a polymetallic system. Table 1. Surface sample results. (source: T92) Geology and Exploration Pathway The geological setting and historic production records suggest that the Mole River district is underexplored for silver-rich polymetallic mineralisation at depth. Terra has commenced: Reviewing historical datasets (including NSW DIGS data) Undertaking literature and open-file geophysics reviews Progressing access approvals and planning a comprehensive exploration program focused on follow-up sampling, infill drilling, and depth extensions to define mineable zones. Corporate Update In parallel with this announcement, the Company confirmed that Terra Uranium Limited has officially changed its name to Terra Critical Minerals Limited, effective 24 September 2025. The ASX code remains T92. Samso Concluding Comments The geological history of the Mole River district has always been an intriguing part of NSW. This update from Terra Critical Minerals should not be surprising for investors. The Mole Granite has a long history of producing tin and tungsten, and silver tends to occur with those systems in structurally controlled lodes. The upside for Silent Grove is that it is showing a potential footprint of silver mineralisation up to 7.5 km, which means Terra is in the district-scale play. This kind of step-out discovery is often how small explorers add value quickly — by proving that mineralisation is not isolated but part of a broader, repeatable system. The caution here for readers is that this is an area that has a long history of base metals play. While it is promising, one has to pull the brakes on and look at the science first. I do realise that the market is super hot at the moment, but if you want to be in this game for a few more decades (assuming you are a person whose age allows for decades more of investing :-) on the ASX), you have to remember that these parts of the world are notorious for land access issues. While there are obstacles, there are also opportunities when the stars are aligned. Figure 4: The T92 share price chart (source: CommSec). Market acceptance for T92 is very important (Figure 4), and this current narrative is consistent with the broader story. As the market continues to go through its paces, the critical mineral, or what I call the essential mineral story, is not looking to pause. The need for tungsten is now at an all-time high, with real shortages being felt globally. There are now pricing coming out of China being quoted at over USD $620/mtu, and this is backed by narratives that there is just not enough tungsten, so if T92 gets its stars aligned, this is going to be an interesting ride. The optimistic view is that early-stage exploration results should be viewed as the first data points in a longer narrative. The next phase — historical data consolidation, structural interpretation, and follow-up drilling — will determine whether these grades persist at depth and across strike. Success here could transform the Mole River project from a collection of prospects into a coherent, potentially mineable resource base or an M&A opportunity. Ultimately, this is a story that is still in its early chapters. If Terra can demonstrate continuity of presence of economical mineralisation, then Mole River might become an asset that complements its tin and tungsten portfolio and positions the company as a diversified critical minerals explorer. That’s the kind of optionality the market tends to reward when the results continue to back up the thesis. Cover photo: Silver ore, Романвер. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Silver_ore.JPG) The Samso Way – Seek the Research Always look beyond the headline grades. High silver assays are a great start, but the next step is proving continuity and volume. Track how Terra designs its exploration program and whether it prioritises near-surface, high-grade zones or deeper polymetallic shoots. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 28 August 2025 Saloro 3rd XRT Ore Sorter & Commenced Ore Reserve Update. EQ Resources Ltd (ASX: EQR) has released an update on operations at its 100%-owned Saloro tungsten mine in Spain, underscoring its strategy to lift efficiency and build on the improving tungsten price environment. The commissioning of a third XRT Ore Sorter marks a step-change in throughput capacity and cost optimisation, while the company has also commenced a periodic Ore Reserve update expected in Q4 CY2025. Highlights - A Tungsten Business Rushing To Finally Reap the Benefits. Third XRT Ore Sorter commissioned and ramped up on time and within budget, expanding sorting capacity by 50% from 100tph to 150tph. Ore sorting removes ~60% of waste rock early in the flowsheet, boosting efficiency and lowering cost at the main gravity plant. Reserve update underway, to incorporate recent recovery improvements, sorter expansion benefits, and stronger tungsten prices. Benchmark tungsten price sits at US$520/mtu (APT), ~15% above the $450/mtu used by other producers in recent assessments. Expanding Ore Sorting Capacity The Saloro team has now successfully integrated a third XRT Ore Sorter (Figure 1), bringing nominal throughput to 150 tonnes per hour. Ore sorting continues to play a key role as a debulking step, removing barren waste rock from fresh ore and low-grade stockpiles in the 8–40mm size range. This translates into more efficient plant operations, reduced unit costs, and higher-grade feedstock being pushed downstream. Figure 1: Saloro XRT Ore Sorters in operation (source: EQR) EQR Executive Chairman, Oliver Kleinhempel, commented: “It is great to witness the significant positive impact ore sorting has on our operations. Under the leadership of Kevin MacNeill (EQR’ Chief Technical Officer) our teams both at Mt Carbine and Saloro are mastering this technology leading to more sustainable operations – both environmentally and commercially more sustainable, given the cost optimisation impact.” Ore Reserve Update Underway The company has commenced a periodic Saloro Ore Reserve update. Over the last 18 months, improvements in recovery and the latest sorter expansion have provided upside to the reserve base (Figure 2). This is further supported by a strengthening tungsten market, with prices rising over the past six months. Figure 2: Typical XRT rock scan showing tungsten-bearing ore vs barren waste (source: EQR) EQR expects to publish the updated Ore Reserve at the beginning of Q4 CY2025. About EQ Resources EQ Resources is a dual-asset tungsten producer with operations at Mt Carbine in Queensland and Barruecopardo in Spain. The company applies advanced mineral processing technologies across its projects, positioning itself as a globally significant supplier of tungsten, a critical mineral for the new economy. Samso Concluding Comments What stands out in this announcement is the practical execution of EQR’s growth strategy. Commissioning the third XRT Ore Sorter is not about chasing production headlines; it is about embedding efficiency into the flowsheet. Removing 60% of waste at the front end has real implications for cost, recovery, and sustainability. This operational strategy is important to build some form of resilience in a historically cyclical market. The decision to commence a reserve update at this point is interesting. With recovery improvements in place, expanded capacity online, and tungsten prices trending higher, EQR is correctly aligning technical upgrades with favourable market dynamics. Investors will be watching closely for the Q4 CY2025 reserve statement, which should offer a more transparent view of Saloro’s long-term potential. What we continue to see is that tungsten is not a marginal story. As I have mentioned many times, it is definitely front and centre in the critical minerals narrative, and companies that can demonstrate reliable, scalable production are positioned to attract attention from both the market and strategic partners. Make no mistake here, as I have mentioned previously in detail, the tungsten business will be all about high tonnage and low-grade mining. EQ Resources will have to demonstrate that they are able to do this correctly and economically. Ore sorters have been around for a long time, and it is definitely not a new idea/process that will change anyone's balance sheet by the mere appearance of the item. Investors will need to monitor the progress and see if the products are appearing, and if so, the high APT price should hold up and have a decent time in the limelight for companies to harvest their fruits of labour. All the tungsten players will be appreciative of the opportunity at hand. Check out : Terra Uranium Limited - Could the Glen Eden Project Be The Next Tungsten and Molybdenum Story in Australia - A Sisson-Style Tungsten Project? Tungsten: The Quiet Giant – Market Trends and Investment Pathways. At Samso, we keep stressing that clarity comes from facts on the ground, not noise in the market. Saloro’s sorter expansion and reserve update are facts investors can work with. #SamsoNews is here to remind you that the real investment edge lies in recognising operational signals early, before they are fully priced into the market. Cover photo: Scheelite 1, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite_1.jpg) The Samso Way – Seek the Research #SamsoNews is about separating fact from noise. Real insight comes from digging into the details and always doing your own research (DYOR). Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement 11 Aug 25 Maiden Tungsten Resource at Western Queen Project 05 Aug 25 High-Grade Tungsten Assays at Western Queen Rumble Resources Limited (ASX: RTR) has taken significant steps forward in positioning its Western Queen Project as a dual-commodity operation (Figure 1). In early August, the company reported high-grade tungsten assay results from historical diamond core samples, followed by the announcement of a maiden Tungsten Mineral Resource Estimate (MRE) just days later. Together, these developments underline the scale and strategic importance of Western Queen’s tungsten potential alongside its growing high-grade gold inventory. Figure 1: The Western Queen Gold Project Location (source: RTR) 5 August 2025 – High-Grade Tungsten Assays and Expanded Potential Key Highlights: Multiple high-grade intersections from historical diamond core sampling, including: 3.45m @ 0.66% WO₃ from 299m (including 1.5m @ 0.96% WO₃) 0.57m @ 1.6% WO₃ & 17.3g/t Au from 371.86m 1m @ 2.24% WO₃ & 0.97g/t Au from 221m 3m @ 0.77% WO₃ & 61.4g/t Au from 96m Eighteen tungsten lodes mapped over a 1.5km strike between the Western Queen South and Central open pits (Figure 2). Tungsten mineralisation remains open along strike and at depth. Geological and geochemical reviews have identified multiple high-priority targets over a 5km x 2.5km area, prospective for tungsten skarn-type mineralisation. Preliminary metallurgical testwork indicates the potential for a meaningful tungsten revenue stream, pending further bulk sample analysis. Figure 2: Current extent of mineralised tungsten lodes interpreted at the Western Queen Project (source: RTR) Tungsten’s classification as a critical raw material — with applications in aerospace, defence, electronics, semiconductors, renewable energy, and military technology — provides strong strategic context for these results. The global market is facing constrained supply, with China controlling over 80% of production and experiencing a recent 12% output decline. Forecasts indicate ~7% CAGR growth to 2029, with prices for ammonium paratungstate up 43% since 2023. 11 August 2025 – Maiden Tungsten Mineral Resource Estimate Key Highlights: Maiden tungsten MRE: 4.31Mt @ 0.31% WO₃ for 13,200 tonnes WO₃ at a 0.1% cut-off (Figure 3). High-grade core: 1.44Mt @ 0.51% WO₃ for 7,400 tonnes WO₃ at a 0.3% cut-off. Mineralisation defined entirely from prior gold-focused drilling — no dedicated tungsten drilling yet completed. Lodes are sub-parallel to the updated gold resource of 3.72Mt @ 3.1g/t Au for 370,000oz. Most of the MRE sits at the Western Queen South Deposit, where gold open-pit mining approvals have been submitted. Reconnaissance work is underway to assess additional tungsten targets identified across the project. Figure 3: Maiden Western Queen Tungsten MRE Highlights High-Grade Trends (source: RTR) Metallurgical testwork will be critical in determining tungsten’s contribution to project economics. A bulk scheelite sample is being prepared for detailed analysis by Mineral Technologies to establish a grade-recovery curve. This will guide revenue modelling and potential inclusion of tungsten in mine scheduling. Peter Harold, Managing Director and CEO, commented: “To have reported a maiden tungsten resource of over 13,000 tonnes shows Western Queen is more than just a high-grade gold project — it has the potential to be a major tungsten project as well.” Next Steps Rumble will integrate the maiden tungsten MRE into its broader Western Queen development strategy, alongside advancing near-term high-grade gold production. Exploration programs are underway to test the newly identified tungsten targets, while metallurgical studies will define potential tungsten revenue contributions. Approvals have already been lodged for open-pit mining of the gold resource at Western Queen South, where much of the tungsten MRE is located. Samso Concluding Comments The recent results from Western Queen are good in terms of the grade, but when you start to hope for a larger interception that is measured in 100s or metres, of at least north of 50M to give scale, it is a bit disappointing not to see that happening. When I first started covering the Western Queen story, it had gone from a gold prospect to a tungsten hopeful, which was ok, but the numbers coming out look like it's not going to be in the scale of a standalone tungsten project. Rumble is now going to have to decide if this is a gold project or not because I don't think the Tungsten story is going to cut mustard. I have seen several tungsten projects in my time, and this is not smelling the best. I was thinking that, coupled with a gold story, this could make grade, but the longer the Western Queen story is moving, the less confident I am of making a good story. For the shareholders out there, a market capitalisation of AUD $28M is going to make it hard to change directions, as punters are always out for a bargain. I hope I am wrong in my comment, but this is one of those moments that I have had to reassess my optimism on a company. There is time still to make amends, as the share price has been rising for the last 3 months, so maybe the market has got it right and I have not. The market is very buoyant at the moment on the small end of the sector, and there are still many alternatives for investments. Cover photo: Scheelite, mica, UV shortwave, Géry PARENT. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Scheelite,_mica,_UV_shortwave.jpg) The Samso Way – Seek the Research Announcements give us the facts, but research reveals the scale of the opportunity. Understanding tungsten’s market dynamics and Western Queen’s geological upside is where the real insight lies. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook. Download eBook If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement EQ Resources Successful A$4.0 Million Placement US EXIM Issue Letter of Interest for Mt Carbine EQR Progresses Regional Tungsten Hub Strategy EQ Resources Ltd (ASX: EQR) has just completed an AUD 4M placement which is on top of the recent placement of AUD $18.8M on the 22nd of May 2025. The recent capital raise looks to be consistent with our latest Samso Insight (see below) outlining the potential supply crunch that is happening as we speak. Tungsten: The Quiet Giant – Market Trends and Investment Pathways. On top of the capital raise, the Export-Import Bank of the United States (EXIM) has sent the company a Letter of Interest stating that EXIM is able to consider a 10-year debt facility of up to USD $34 million for capital expenditure and further development of the Mt Carbine Tungsten Mine. This is a clear sign that the Tungsten sector may soon break out if it has not already. In June 2025, EQR released preliminary results from XRT ore sorting trials at its Wolfram Camp Project, revealing encouraging recovery and upgrade outcomes that reinforce its ambition to develop a regional tungsten hub in Far North Queensland. The trials, undertaken in partnership with TOMRA Sorting Solutions and researchers from the University of Queensland’s Sustainable Minerals Institute, focused on two types of surface material: legacy ore and waste stockpiles. Supported by a $250,000 Queensland METS Collaborative Projects Fund grant, the program is part of EQR’s broader strategy to unlock value from historical mine assets using modern sensor-based ore sorting. Samso has been following the EQ Resources story since the early Mt Carbine transformation, and this development continues to showcase how the company is leveraging proven technical capabilities to push the needle on low-impact resource recovery. Preliminary Sorting Trials Deliver 86% Recovery and Significant Grade Uplift at Wolfram Camp 🔸ASX: EQR 🔸Location: Far North Queensland, Australia 🔸Focus: Tungsten recovery through sensor-based sorting 🔸Partnership: TOMRA Sorting Solutions & University of Queensland SMI 🔸Funding: A$250,000 QLD METS Grant 🔸Recovery Highlight: 86% WO₃ from ore stockpile 🔸Upgrade Factor: Up to 16x in key size fractions Preliminary ore sorting trials conducted at Wolfram Camp (Figure 1) have delivered highly encouraging results, achieving 86% recovery of tungsten from bulk sample material. These trials were part of EQ Resources’ ongoing strategy to evaluate the viability of reprocessing historical surface stockpiles using advanced X-ray Transmission (XRT) sorting technology. Figure 1: Wolfram Camp (source: EQR) The standout result came from the WBS Parrot sample, sourced from an existing ore stockpile, which demonstrated not only strong recovery but also a significant upgrade in grade, up to 16x in key size fractions. These outcomes validate the potential to unlock value from legacy material through low-impact, sensor-based sorting methods. Importantly, the success builds on EQ Resources’ proven track record at Mt Carbine and supports their broader vision of developing a regional tungsten processing hub in Far North Queensland. Leveraging Proven Sorting Expertise EQR’s deployment of XRT sorting technology is not new. At its flagship Mt Carbine operation, the company has already demonstrated how advanced ore sorting can convert low-grade and previously uneconomic material into viable feedstock. With recoveries exceeding 95% WO₃ and mass yields of just 10–12%, Mt Carbine stands as a benchmark for sustainable and cost-effective tungsten recovery. The Wolfram Camp trial mirrors this approach, aiming to replicate Mt Carbine’s success by tapping into legacy surface material and minimising environmental impact through de-bulking and selective processing. Wolfram Camp Stockpile Sorting Trial: Highlights Sample 1 – WBS Parrot (Ore Stockpile) (Figure 2) Head Grade: 0.09% WO₃ (728 ppm W), 269 ppm Mo Tungsten Distribution: 58% of the sample mass in the -65mm to +26.5mm range (0.08% WO₃) 40.2% of mass in -26.5mm to +6.7mm (0.10% WO₃) <2% fines (<6.7mm) with 0.36% WO₃ Sorting Results: Recovery: 86% of total contained tungsten Grade Upgrades: 0.08% → 0.67% WO₃ in larger size fraction 0.10% → 1.59% WO₃ in finer sorter size (16x upgrade) Mass Yield: o 10% (coarse) and >5% (fine) Mo Recovery: 20–35% depending on size Figure 2: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Parrot Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) This shows that only 5–10% of the feed mass is needed to recover the bulk of tungsten, streamlining downstream processing and significantly increasing resource efficiency. Sample 2 – WBS Combined (Waste Stockpile Composite) (Figure 3) Head Grade: 0.10% WO₃ (772 ppm W), 199 ppm Mo Tungsten Concentration: Fines (-6.7mm) made up 45% of the mass but hosted 75% of total tungsten Larger size fractions showed lesser concentration but meaningful grade improvement Sorting Outcomes: Recovery: 76% W recovery and 28% Mo in the coarse sorter fraction 40% W and 20% Mo recovery in finer sorter fraction Upgrades: WO₃: 0.07% → 0.45% WO₃: 0.03% → 0.46% Fines Pathway: High-value fines can be processed via gravity separation, bypassing the need for further crushing or sorting Figure 3: The Figure above left represents Tungsten distribution (%) and mass distribution (%) for each size fraction in the WBS Combined Stockpile. Figure above right: represents Molybdenum distribution (%) and mass distribution (%) for each size fraction. (source: EQR) These results suggest the waste pile contains considerable untapped value, particularly in the fines, and may offer an economical recovery path with minimal energy input. Strategic Outlook: Building a Regional Tungsten Hub Executive Chairman Oliver Kleinhempel commented: “These preliminary results highlight the technical potential to unlock value from historical stockpiles at Wolfram Camp using modern sorting techniques. The strong tungsten upgrade from the Parrot stockpile and meaningful recoveries from the waste composite reinforce the viability of this low-impact approach to resource recovery and offer exciting upside as we refine our processing strategy.” The Wolfram Camp work is a direct extension of the Mt Carbine model, where waste is no longer waste, but a resource. Importantly, EQR’s regional hub strategy could generate operating synergies and provide new employment pathways in Far North Queensland by reactivating legacy sites with modern tools. Next steps will involve more bulk sample testing using Mt Carbine’s XRT sorter to assess in-situ ore sortability. These results will be incorporated into future production plans and stockpile re-evaluations. Samso Concluding Comments There is now no doubt that the Tungsten market is going into a critical mode as I have not seen this much interest in this sector since 2012. In fact, I am not sure if there was this much sentiment in 2012 as what I think is in place or coming soon. In the Samso Insight that we published earlier, when we spoke to Oliver Friesen from Guardian Metal Resources Plc, the takeaway was that the critical nature of Tungsten was in play. The US government funding of these projects is also real. So from a market perspective, I think EQR is in a very good place. In addition, the Mt Carbine asset has also been given new life through modern thinking and practical innovation. The application of XRT sorting at Wolfram Camp is not revolutionary on its own—EQR has already done this at Mt Carbine—but what makes this update significant is the validation of a repeatable process. This is about taking a tested technology, applying it to a new site, and achieving early-stage results that suggest meaningful upside. The 86% tungsten recovery and a 16x grade uplift from just a small portion of the original mass are not numbers that can be ignored. They speak to a potential low-impact pathway for generating value from stockpiles that, at a different time, would have simply been discarded. With growing pressure on responsible resource extraction and increasing demand for critical minerals like tungsten, this is the kind of initiative that aligns well with global sentiment. From a broader view, EQR is not just building a tungsten mine—it’s working towards a regional hub model. That means infrastructure leverage, skills development, and an opportunity to apply lessons learned at Mt Carbine to other projects. The support from the Queensland Government and partnerships with TOMRA and the University of Queensland only add credibility to the process. As investors or industry observers, the best approach may be to watch how this regional strategy is pieced together. Early signs are promising, and the technical execution so far has stayed grounded in what works. If this momentum carries forward, Wolfram Camp may become the next pillar in EQ Resources' broader critical minerals strategy. Cover photo: Wolframite with quartz - Wolframite with quartz from Cornwall, England, Shannon Heinle. CC0, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Wolframite_with_quartz_(GeoDIL_number_-_195).jpg) The Samso Way - Seek the Research EQ Resources stands out not for hype, but for its consistent, technical execution, turning legacy assets into real value through innovation. At Samso, we focus on stories like these, where asking the right questions reveals long-term potential. It’s about recognising substance behind the numbers and sharing insights with investors who value depth over 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. 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