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Since coming across the Tungsten industry in the second half of 2011, I have been a firm advocate on its place as a member of the critical metal space. Tungsten is one of the hardest metals to understand, in terms of market direction and the demand and supply directions. It is also the metal with the highest density property. Tungsten’s other special property is that there is no viable substitute and the demand for the metal is traditionally very inelastic to price changes. Historically, when prices were rising, demand followed but from about 2014, prices dropped and we have not seen a recovery. Annually, the global market is between 80,000 to 100,000 tonnes of metals used so it’s a small market. China is (was ?) a major user of the metal, China holds the largest resource in the world but during that price rising period, China was also a net importer of tungsten concentrate. So we are told… to me that did not make any sense. In my past life as the Managing Director of Siburan Resources Limited (ASX: SBU), I watched the price of tungsten rise to an all-time high of nearly USD $460/mtu (metric tonne per unit) to a low of sub-USD $240/mtu. If I am not mistaken, it could have gone below USD $200/mtu. “ In the context of an approximately 80,000-ton annual market with 3% growth, you need 2,400 tons of additional tungsten metal per year in supply, and with 5% growth you need 4,000 tons. That’s one new big tungsten project per year. It is difficult to see where that supply could come from. In the current market, miners can’t get the financing needed to take projects from a bankable feasibility study to construction. It’s a big problem. .” In 2011, The British Geological Society published a list of what it considers the 52 most critical metals in the world. The list was compiled based on global abundance, location of production, reserves and supply risk associated with the political stability in the jurisdictions where the metal occurs. Tungsten was second on that list. The report highlighted that tungsten (as well as rare earth) has lower recycling and low substitutability. The supply risk for tungsten stems from China’s role in the industry. China accounts for approximately 83% of global tungsten concentrate production and about 62% of global tungsten reserves. China became a significant player in tungsten production in the mid-1980s. By the late 1990s, it had flooded the global market with tungsten causing concentrate prices to plunge below most western producer’s variable cost. As a result, the vast majority of western mines were closed. These were all the good thoughts at that time however, the market came crashing down which sort of made these comments questionable. What is a good Tungsten grade? The majority of tungsten deposits contain less than 1.5% tungsten trioxide (WO3), and most have grades of only a few tenths of a percentage point. A very high grade would be over 1%, like North American Tungsten’s Cantung mine. If I am not mistaken, the Cantung mine may be the only producing mine that had that kind of grade. What’s interesting in the Tungsten world? Have a look at the Northcliff project called Sisson in New Brunswick, Canada (http://www.northcliffresources.com/i/pdf/NCF_FactSheet.pdf). It’s a Tungsten-Molybdenum project that has a total resource of 334MT at 0.066% WO3 and 0.021% Mo The other is the Nui Phao project in Vietnam owned by the Masan Group (Apparently they make their money from 2-minute noodles). It has a total resource of 97.4MT @ 0.1% WO3. It has Tungsten, Flurospar, Bismuth and Copper. Outlook The issue with Tungsten is the market price. There is no spot market and it is very hard to measure or predict the direction of the price. What is apparent is that whatever you do, you need a large resource to sustain any mining activities. In my opinion, you need a Sission-type kind of deposit. Small deposits with high grades will find it extremely hard to make it work. Look at the old mines in China, they are all large scale and low grades. In conclusion, like all mineral resource projects… Make sure they are mining the mineral in the ground and not the one on the stock market ……. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. www.samso.com.au If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me on noel.ong@samso.com.au. About Samso

A radio hoax fooled millions in 1938. Nearly ninety years later, the things being fooled aren't human — and the web is quietly feeding them poison. Adapted from a talk by Ariel Shulman, Chief Product Officer, Bright Data SuperAI 2026 · Marina Bay Sands, Singapore In 1938, Orson Welles stepped up to a radio microphone with no television, no internet, and no special effects beyond a few sound cues — and convinced millions of listeners that Martians were invading Earth. War of the Worlds became the proof, broadcast in real time, that human beings can be made to believe something untrue simply because it arrives through a trusted channel (Figure 2). Nearly ninety years later, that vulnerability has a new target. It is no longer only humans who can be fooled by convincing information delivered at the right moment. So can AI agents — and unlike the radio audience of 1938, an agent has no instinct that something feels wrong. That is the unsettling thread running through the story Ariel Shulman tells. Shulman is the chief product officer of Bright Data, a company that has spent fifteen years collecting public information from the open web at industrial scale. He argues that a quiet war has broken out between two versions of the internet — the old web, built for people, and the new web, increasingly populated by software agents acting on our behalf. And in that war, the old web has learned a new and dangerous trick.* Figure 1: Photo of Orson Welles meeting with reporters in an effort to explain that no one connected with the War of the Worlds radio broadcast had any idea the show would cause panic. ( Source: https://commons.wikimedia.org/) A life measured in machines To see where the new web is going, Shulman likes to start with where he came from. In 1981, when he was ten years old, his father brought home a ZX81, a small British computer with exactly one kilobyte of memory (Figure 2). There were no disks; you saved your programs to cassette tape and could literally hear the data screech past as it loaded. He wrote little games on it, and his parents were sure they had a genius on their hands. You could, remarkably, do real things with a single kilobyte. Then the machines kept coming. The Commodore 64. The IBM PC, with its 640 kilobytes of memory that was supposedly going to be enough forever. In those years there was barely any way to connect one computer to another - just hobbyists wiring their modems into bulletin board systems, one machine dialling directly into another. But the thirst to be connected was already there. Connection arrived with the internet. Tim Berners-Lee more or less invented the World Wide Web single-handedly in 1989 - the URL, HTML, and much of the scaffolding the rest of us now take for granted. Before browsers existed, people searched through text-only tools with names like Gopher and Archie. Then came Mosaic, the first program to put images and text on the same page. After a kilobyte of tape, it felt like magic. Figure 2: Photograph of the Sinclair ZX81 home computer in kit form (Source: https://commons.wikimedia.org/) The problem was never connection. It was order. As the web swelled, the hard question stopped being how to reach the information and became how to organise it. The first serious attempt was Yahoo, where two Stanford students hand-sorted websites into categories - about 23,000 of them, a figure that sounds almost quaint today. Others followed, including Ask.com, a search engine that has since shut down (Figure 3). By 1998, the web had entered the age of the portal: a single homepage crammed with categories, links, and advertisements that tried to show you everything at once. They look faintly embarrassing now. Figure 3: The Yahoo homepage in 1997. (Source: VersionMuseum.com). It is worth pausing on the era. The NASDAQ sat at around 1,043, before the dot-com crash of 2000 reset everyone's expectations. Microsoft's MSN portal shipped with Windows, so practically everyone ended up with it - galleries, endless ads, and Hotmail accounts that some readers will remember fondly. Only one company, in Shulman's telling, truly cracked the problem of organising the web: Google. Watching screenshots of its homepage flick past across roughly twenty-nine years is a compressed history of the modern internet: AdWords, Google Images, AdSense, Gmail, Maps, the YouTube acquisition, Translate, the first Android phone, Chrome, the late and unlamented Google+, Waze, the first Pixel. Artificial intelligence slipped in first behind the scenes, then a chatbot, then Bard, then its rename to Gemini. What began as a stripped-down search box now hides staggering machinery behind a minimalist face. The data empire - and its reckoning Ask a room how many people used Android, Maps, YouTube, or Gmail in the last day and nearly every hand goes up. That ubiquity is the point. Google holds something close to all the data in the world: text from email and Drive, images from Photos, video and audio from YouTube, shopping signals from Chrome, local knowledge from Maps, behavioural data across devices, even health data from Android and scholarly work from Google Scholar. All of it feeds the models, Gemini among them - and the company has said it will offer AI agents for everyone. Figure 4: The NeXT machine at CERN that ran the world’s first web server. (Source Photo: Henry Mühlpfordt Wikimedia Commons — CC BY-SA 3.0) Such an accumulation could not go unexamined. In 2025, a major antitrust case against Google was decided. Shulman is careful to say he is not a lawyer and that what follows is his own reading of the roughly 146 pages of opinion he worked through. As he interprets it, Google must share some of its data — but only once, and it keeps the secret sauce: PageRank, the spam-detection algorithms, the parts that actually make it work. Competitors will have to build crawlers, crawl the web, and process the data themselves. They will have to invest and innovate to proceed. That, paraphrasing the judge, is the catch for everyone else. You cannot simply help yourself to the organised knowledge of the web. If you want it, you have to go out and collect it - which means building the crawling and processing stack yourself. The ruling did not hand competitors an easy shortcut. It handed them an instruction to do the hard work.* The 8:47 Monday message Here is where the abstract becomes uncomfortably concrete. Almost everyone now builds things; vibe-coding an agent over a weekend is ordinary. So picture a Monday at a hypothetical travel site that compares hotel prices, and a message lands from the CEO at 8:47 in the morning: “Hey guys, I just built an autonomous pricing agent with Claude this weekend, in two hours. It scrapes the competitors, optimises our price, and it works perfectly. Let’s launch it!” The CEO is not entirely wrong. The interface will work. The logic will work. On the developer's own machine, the whole thing will look flawless. The bad news is that the old web is not going to welcome an agent — least of all once it reaches production. Figure 5: Two hours of weekend coding looks flawless on your own machine. Source (Photo: Markus Spiske / Wikimedia Commons — CC0). The reason is foundational. The web of 1989 was built for humans, and until very recently, almost everyone visiting it was human. As the population of agents and bots grows, the web is genuinely unsure how to treat them. It is the question at the heart of Blade Runner: faced with something that behaves like a person, how do you decide whether it is one — and what do you owe it if it isn't? Quantum mechanics, inverted Shulman has a favourite way to describe why agents that work in testing fall apart in the wild. In quantum mechanics, he says, things behave normally at human scale and turn strange only when you zoom down to the very small. Web data collection is the mirror image. Everything behaves perfectly on your laptop, and turns strange only when you scale up into production — at which point things break in ways you often cannot even diagnose. The web learned to lie Some of what breaks is innocent. Websites redesign themselves, change their layouts, restructure their data. Fine. But the web also fights back on purpose. It throttles agents to slow them down. It blocks them with CAPTCHAs. And then there is the genuinely clever part — the move Shulman calls the most interesting development in the field. For decades, a site that suspected a bot would try to stop it: throw up a CAPTCHA, deny the request, slam the door. The newer strategy does the opposite. The site quietly runs its detection algorithms, decides whether the visitor is human, and then chooses what to serve. A human gets the truth. A suspected bot gets disinformation — a honeypot. The aim is not to turn the agent away. The aim is to let it believe it succeeded, and to feed it poison. The idea is not to stop you. It is to let you think you won — and feed you poison. In other words, the web learned how to lie. Two examples make it vivid. A ticketing site - call it Sunny Tickets - shows a normal visitor that seats are available. The same page, requested from a suspected agent, reports that nothing is for sale. Or take a hotel: a person sees a room at $199 and plenty of availability, while an agent sees the same room listed at $399. This is garbage in, garbage out with a malicious twist - the garbage is being manufactured specifically for the machine, and bad inputs become confidently wrong decisions. AI Agents don’t fail the way people do This is the danger Shulman wants builders to feel in their stomachs. A human pricing analyst who sees a hotel room jump from $199 to $399 pauses. Something looks off; they double-check. That hesitation - the intuition that a number is wrong - is a safety feature humans get for free. An agent has no such instinct. It records “received hotel price: $399,” updates five thousand entries, fires off five thousand emails notifying customers of the change, and moves on, perfectly satisfied. By the time anyone notices, the damage is done and distributed. Poisoned data does not announce itself; it simply propagates at machine speed, which is exactly what makes it so hard to catch. Even true data goes stale Suppose you clear every hurdle and obtain genuine, untampered data. You still face the clock. Web data has a shelf life, and different kinds of information rot at very different rates. Because Bright Data observes tens of millions of URLs continuously, Shulman says, it can watch that decay happen across markets. Social posts, e-commerce prices, and stock availability are good for roughly a day before they mislead more than they inform. News holds for a day or two. Financial information stays useful for perhaps five to seven days. General content — blogs, evergreen pages — can stay relevant for a long time. The lesson is that freshness is not a luxury; stale data quietly corrodes the experience. And users feel it immediately. A shopping agent that quotes $29.99 and then rings up $49.99 at checkout doesn't just annoy — it destroys trust. So does an item shown in stock that isn't, or a map confidently sending someone to a restaurant that closed an hour ago. Whether the data was poisoned or simply old, the customer's experience is the same: the system lied to them. So what is a builder supposed to do? Shulman's answer is, unsurprisingly, the business his company is in — but the logic stands on its own. If the new web is a crowd of agents, and the old web responds with blocks and lies, then the missing layer is trustworthy web-data infrastructure: a way to obtain data that is reliable, consistent, fresh, and scalable, delivered in whatever shape an application needs - HTML, JSON, markdown, CSV — without each developer having to win the arms race alone. It is also why a company like his keeps colliding with the law. Bright Data has argued, in court, for the right to collect public web data — by which Shulman means anything a person could reach through an ordinary browser, with no login, no password, and no paywall. The company has been sued, including by Meta and by Elon Musk, and says it prevailed in federal court in California in those cases — rulings it spent heavily to win and that are now cited elsewhere. Its claimed scale is the kind of number that resists intuition: more than 50 billion pages scraped a day, billions parsed and archived, a network of well over a hundred million IP addresses, around 2.5 petabytes pulled in every twenty-four hours. Three thousand times around the Earth Humans are famously bad at feeling the weight of large numbers, so Shulman ends where he began — with the ZX81 and its single kilobyte. He asked ChatGPT to imagine converting a single day's haul, 2.5 petabytes, into physical kilobytes, each one a five-centimetre strip of that old cassette tape, laid end to end. The answer stretches almost to the Sun — enough tape to wrap around the Earth roughly 3,120 times. That is one day. Figure 5: 2.5 petabytes a day — a single day’s tape would wrap the Earth some 3,120 times. Image: NASA, “Blue Marble” - public domain. A modern laptop, he notes, is something like sixteen million times more capable than his childhood machine in memory and processing, and it has the whole of the world's information within reach. When he received that ZX81, he assumed the great challenge of the future would be raw computing power. He was wrong. Computing got cheap almost embarrassingly fast. The internet then gave us more information than we knew what to do with. Now a third era has begun, and its defining problem is neither power nor abundance but trust. The agents are clever and getting cleverer. The web has learned to lie to them. Somewhere between those two facts sits the real work of the next decade: making sure that the software now acting on our behalf is fed something true — because, unlike Orson Welles's listeners in 1938, an agent will never sense that the broadcast was a hoax. It will simply believe, and act, and send the five thousand emails. The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. 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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 insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies .

The company is a copper-zinc explorer that sits in the best mining address in the world AT A GLANCE Company Name: Lux Copper Corp. Ltd Proposed ASX Code: LUX Raise: $8m – $15m @ $0.25/share (32m – 60m shares) Indicative Market Cap: ~$23.2m – $30.2m Prospectus lodged: 3 June 2026 | Offer closes: 25 June 2026 Expected ASX quotation: 17 July 2026 What you are looking at: A copper-zinc explorer whose entire story sits in one of the better mining addresses in the world — Alaska's Ambler district, home to Teck's Red Dog mine and Trilogy Metals' Arctic and Bornite deposits. Through its Alaskan subsidiary, Lux holds 100% of two projects: the flagship Baird (41 claims, ~2,600 ha) and the district-scale Ambler (368 claims). Baird already carries genuinely high-grade historical copper hits. The raise funds a maiden drill program at Baird and first-pass work at Ambler. Lead manager is Canaccord Genuity The strongest leg: The grade and the neighbourhood. Historical drilling at Baird's Omar prospect returned intercepts like 37.7m @ 2.45% Cu (including 4.9m @ 10.23% Cu) and 4.9m @ 9.83% Cu — high-grade copper, in a Fraser-Institute top-12 jurisdiction, next door to world-class deposits, with copper trading near record highs in 2026. The points of friction: No JORC resource on either project — this is a drilling story. The ground is remote, fly-in Alaskan terrain with a short field season and real permitting/claim-maintenance obligations. And as ever with a pre-revenue explorer, the rig has to deliver. 01/ The 60-Second Pitch Lux Copper Corp. Ltd (proposed ASX: LUX) is a Western Australian-incorporated explorer with a wholly American asset base: through its Alaskan subsidiary Lux Copper LLC, it owns 100% of two copper-zinc projects in the Northwest Arctic Borough of Alaska. It's raising $8m–$15m at $0.25 to drill them. The pitch for the Lux Copper IPO is built on two things that genuinely matter in exploration: grade and address. On address, Lux's ground sits in the Ambler Mining District — one of the most prospective base-metals belts in North America, anchored by Teck Resources' Red Dog (one of the world's great zinc mines) and the Lik deposit, plus Trilogy Metals' Arctic and Bornite copper deposits (Figure 1). Alaska itself was rated twelfth globally for mining investment attractiveness by the Fraser Institute in 2025: low sovereign risk, established mining law, a top-tier jurisdiction. Figure 1:Location of Projects within Alaska, United States (Source: IPO Prospectus) On grade, the flagship Baird Project is the reason to look. Historical drilling at its Omar prospect returned the kind of numbers that make copper geologists sit up — 37.7m at 2.45% Cu including 4.9m at 10.23% Cu, a separate 4.9m at 9.83% Cu including 3.3m at 12.12% Cu, and rock chips running above 30% copper and 20% zinc. Those are high-grade results, and Lux's first job after listing is a maiden drill program to test and extend them. The second project, Ambler, is a much larger land position — 368 claims across the Ambler metallogenic belt — held for early-stage, district-scale optionality rather than near-term drilling. What you are buying, as always with this kind of float, is not a resource. There's no JORC estimate on either project yet; that's the whole point of the raise. Lux is a high-grade drilling story in a great neighbourhood — with all the remoteness, permitting and execution risk that exploring in Arctic Alaska implies. 02/ Lux Copper IPO Snapshot Table 1: IPO Snapshot Item Detail Company Lux Copper Corp. Ltd (ACN 682 515 304) Proposed ASX Code LUX Offer Price $0.25 per share Raise (min / max) $8.0m / $15.0m (32,000,000 / 60,000,000 shares) Indicative Market Cap (min / max) ~$23.23m / ~$30.23m Existing Shares on Issue 60,912,468 Shares on Issue at Admission (min / max) 92,912,468 / 120,912,468 Free Float ~42% (not less than 20%) Lead Manager Canaccord Genuity (Australia) Limited Co-Managers GBA Capital; Peloton Capital Independent Geologist Piton Exploration LLC (Palmer, Alaska) Existing Cash (Prospectus Date) $994,372 Lodgement / Open / Close / Quotation 3 June / 11 June / 25 June / 17 July 2026 Underwritten? No Assets 100% Baird Project & Ambler Project, Northwest Arctic Borough, Alaska 03 / Capital Structure & Dilution The dilution here is moderate and scales with how much gets raised. Existing holders own 60.9 million shares; depending on subscription, the company ends up with either ~92.9m shares (minimum) or ~120.9m (maximum). That puts existing holders at roughly 66% at the minimum raise and about 50% at the maximum — i.e. new money takes between a third and a half of the company. Not a wash-out, but at the top end the public is buying close to half the register. Table 2: Capital Structure on Admission Security Min subscription Max subscription Existing shares 60,912,468 60,912,468 Public Offer shares 32,000,000 60,000,000 Total shares on issue 92,912,468 120,912,468 Options (Lead Manager / Adviser / Board) 27,500,000 27,500,000 Performance Rights 8,000,000 10,000,000 Market capitalisation ~$23.23m ~$30.23m The options and rights stack is worth a note. On top of the shares there are 27.5 million options (1.5m to the Lead Manager, 0.5m to the Adviser, 9m to board and management, plus the 16.5m existing) and 8–10 million performance rights to board and management. That's a meaningful overhang of potential future dilution if it all vests and exercises — standard for a float of this type, but it's there. One quietly interesting number: strip the cash out of the market cap and the implied enterprise value lands around $14m at either end of the raise (because raising more simply adds more cash). So the market is being asked to value the two Alaskan projects at roughly $14m — modest for high-grade ground next to world-class deposits, which is the bull's framing, but also a reminder that you're paying for drill targets, not a defined resource. Free float is expected to be ~42%. 04/ Use of Funds This is a tidy, exploration-led budget — most of the money goes into the ground, which is exactly what you want. Table 3: Use of Funds (2 years) Use of funds Min ($) % Max ($) % Exploration expenditure 6,100,000 68% 12,500,000 78% Costs of the Offers 903,235 10% 1,332,444 8% Directors' fees 400,000 4% 400,000 3% Working capital 1,591,137 18% 1,761,928 11% Total funds available 8,994,372 100% 15,994,372 100% Total includes ~$0.99m of existing cash. Exploration figure combines Year 1 and Year 2. Putting 68–78% of available funds into exploration is at the strong end for a float this size, and the weighting tilts harder to drilling as the raise grows (Year 2 exploration roughly doubles between the minimum and maximum cases). Costs of the offer (~8–10%) are typical for a non-underwritten small-cap, and directors' fees of $400k over two years are lean. The prospectus is explicit that the raise funds roughly two years of activity, and that — being pre-revenue — Lux will need to raise again down the track. 5/ The Projects Table 4: Project Portfolio Project Claims Area Stage Why it matters Baird 41 ~2,600 ha Maiden drilling High-grade historical copper at the Omar prospect; the flagship Ambler 368 District-scale Reconnaissance Large position in the Ambler belt, near Trilogy's Arctic & Bornite 5.1 Baird — The Flagship Baird is where the value case lives. It's a compact, 41-claim project (~2,600 ha) in the eastern Baird Mountains, and its Omar prospect carries the high-grade copper that makes the whole story. Historical drilling there (reported by Freeman, 2013) returned standout intercepts: BC-06: 37.7m @ 2.45% Cu, including 4.9m @ 10.23% Cu BC-05: 4.9m @ 9.83% Cu, including 3.3m @ 12.12% Cu BC-08: 9.8m @ 2.15% Cu plus intervals around 3.46% Cu and 2.78% Cu, and zinc up to 2.77m @ 8.11% Zn Historical surface sampling along the Omar–Frost–Deadfall corridor threw up rock chips exceeding 30% copper and 20% zinc, with silver credits. That's high-grade by any measure. The catch is the usual one: these are historical, selective, target-focused results, not a JORC resource — so Lux's maiden drill program is about validating and extending what's there, not banking it. Baird was acquired under the Baird Acquisition Agreement, so there's vendor and counterparty performance to rely on (a flagged contractual risk). Figure 2: Baird Project geology map (Source: IPO Prospectus ) 5.2 Ambler — The District-Scale Option Ambler is the bigger but earlier play: 368 claims across the Ambler metallogenic belt, the same belt that hosts Trilogy Metals' Arctic (a high-grade copper-zinc-lead-silver-gold VMS deposit) and Bornite (copper). Work here is first-pass — reconnaissance fieldwork, compilation, geophysics — rather than drilling in the near term. Treat it as cheap district-scale optionality: a large foothold in a proven belt, with the blue-sky that comes from being early, and the uncertainty that comes with it. 6/ The Exploration Budget The spend is genuinely drilling-led. Across the two years, exploration runs $6.1m (minimum) to $12.5m (maximum), and the prospectus earmarks it for the things that move an exploration story: access and claim maintenance, geophysics, soil sampling and fieldwork, drilling and assays, and metallurgical test work. The early emphasis is the maiden drill campaign at Baird to test the Omar copper, with reconnaissance at Ambler running alongside. At the maximum raise, Year 2 exploration jumps to $6.5m — that's the follow-up-drilling scenario, where a good first season gets pressed home. 7/ The Board & Related Parties Table 5: Board & Management Name Role Note Mark Williams Non-Executive Chair Largest individual holder (~14.3% pre-IPO); associated with the chair's private group used as the registered office Simon Dahrouge Non-Executive Director Nil shares at prospectus date; connected to the Dahrouge geological family, which provides services Troy Cavanagh Non-Executive Director ~4.4% pre-IPO James Warren Chief Executive Officer Runs the company day-to-day At the prospectus date, the directors and associates held roughly 18.7% of the company (Williams ~14.3%, Cavanagh ~4.4%), which dilutes down on admission. The structure is a non-executive board chaired by Williams with a CEO (Warren) driving operations. 8/ The Market — Copper, Zinc and Alaska The macro case is strong and topical. Copper has been trading near record highs through 2026 on a structural supply-demand squeeze — electrification, grid build-out and data-centre demand against a thin pipeline of new mines — and it's squarely a critical mineral for both the US and allied supply chains. Zinc, the other half of the story, is the metal that built Red Dog into one of the world's largest mines, just up the belt. Then there's the jurisdiction. Alaska is a genuine top-tier mining address — twelfth globally on the Fraser Institute's 2025 attractiveness ranking, with established mining law and low sovereign risk — and the Ambler district's pedigree (Red Dog, Lik, Arctic, Bornite) is exactly the kind of neighbourhood an explorer wants to be drilling in. The counterweight, and it's a real one, is remoteness and access. This is fly-in Arctic exploration — the prospectus flags an Aircraft Charter Agreement for getting to the ground — with a short summer field season, mandatory annual claim-maintenance spending, and exploration permits granted for fixed terms with reporting obligations. The Ambler district's access and permitting have been a long-running, politically sensitive story in their own right. The grade and the geology are there; getting at them, season after season, is the operational reality investors are signing up for. 9/ The Risks / Points of Friction No JORC resource. Both projects are pre-resource; the historical Baird hits are encouraging but unproven under modern standards. This is a drilling story. Pre-revenue, will raise again. Funded for ~2 years; as a pre-revenue explorer, further capital will be needed, with the usual dilution risk. Remote, seasonal, permit-dependent. Fly-in Arctic Alaska, short field season, annual claim-maintenance obligations, and permitting/access risk in the Ambler district. Contractual risk. Reliance on the Baird Acquisition Agreement vendors and the Aircraft Charter Agreement counterparties. Dilution / overhang. New money takes ~34–50% of the company depending on raise, plus 27.5m options and 8–10m performance rights as future dilution. Single-commodity-region concentration. The whole story rides on two adjacent Alaskan projects and the copper price. Samso Concluding Comments The Lux Copper IPO is a clean, high-grade exploration story with a genuinely good address. There are no promotive resource to bank, no production, no revenue but it is in sa great neighbourhood, a flagship project with eye-catching historical copper grades, and a budget built to drill. There is a lot to like about this exploration story. The Baird grades, 37.7m at 2.45% Cu including 4.9m at over 10% Cu, rock chips above 30% copper are good historical results that justify a drill program, not just nearology speak but indicative of the presence of potential. The Ambler district is a proven base-metals belt with world-class neighbours. I like Alaska as it is a well known top-tier jurisdiction. Copper and zinc are the right commodities at the right time, however, zinc has been a stop and start dance which has not been too electric for the market. The challenges are just as real, and they cluster around stage, location and structure. Nothing is a resource yet. The ground is remote, seasonal and permit-dependent, which makes exploration slower and costlier than it looks on a map. The register and service arrangements carry a related-party flavour that deserves a careful read. And like every explorer, Lux will be back for more capital before this is done. The natural thing to watch, as always, is the maiden drill program at Baird — whether the rig confirms and extends the Omar copper, and whether a good first Alaskan season can be pressed into something that grows toward a maiden resource. If it does, the combination of grade, district and copper price is a compelling one. If it doesn't, this is a remote, capital-hungry exploration play like any other. High grade, great address, real execution risk and the drill core will tell the story. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Clean, high-grade results open a pathway to both MetSpar and premium AcidSpar products. At a Glance Item Description Company OD6 Metals Limited (ASX: OD6) — a ~A$13.5m-capped Australian critical-minerals explorer Focus Fluorspar (USA), plus rare earths and copper (Australia) Flagship Quinn Fluorspar Project, Nevada, USA — a district-scale cluster (48 claims, ~220km north of Las Vegas) with deposits at Horseshoe, Mammoth and Big Jim Latest results Low-impurity multi-element assays at Horseshoe and Mammoth; Horseshoe averages 70.9% CaF₂ (peak 82%) with very low contaminants The significance Horseshoe already meets MetSpar specifications — pointing to Direct Shipping Ore (DSO) potential — while both deposits offer a pathway to premium AcidSpar (>97% CaF₂) via ore-sorting and flotation Why it stands out Very low lead, sulphur, arsenic, uranium and thorium versus major deposits in Mexico, Italy, China and Utah — reducing processing, environmental and permitting risk Products & pricing MetSpar (steel fluxing agent) ~US$400–520/t; AcidSpar (chemical/HF acid) ~US$560/t Critical-mineral angle The US imports 100% of its fluorspar and classifies it critical; >60% of global supply comes from China; used in HF acid, AI chips, batteries, defence and refrigerants Jurisdiction Nevada — ranked #2 globally on the Fraser Institute’s 2025 mining attractiveness index Acquisition status OD6 has exercised its option over Quinn; completion is subject to shareholder approval (EGM expected ~mid-July 2026); 2% NSR on future production Other assets Splinter Rock clay-hosted REE (WA) — 119Mt @ 1,632ppm + 563Mt @ 1,275ppm TREO; Gulf Creek copper-zinc (NSW) Leadership MD & CEO Brett Hazelden; Non-Executive Chair Piers Lewis Stage / next steps Channel-sample stage at Quinn (pre-resource); metallurgical testwork underway — TOMRA optical ore sorting and Core Resources flotation — with results expected through Q3 and H2 2026 OD6 Metals Limited (ASX: OD6) has highlighted multi-element assay results from the Horseshoe and Mammoth deposits at its Quinn Fluorspar Project in Nevada (Figure 1). The results confirm high fluorspar grades - Horseshoe averaging 70.9% CaF₂ - alongside impurity levels below typical global industry thresholds, supporting the potential for premium MetSpar and Acid Spar products. For a mineral the United States classifies as critical and imports in full, grade combined with clean chemistry in a tier-one jurisdiction is the combination that matters. OD6 Managing Director Brett Hazelden, commented: “These results reinforce our belief that Quinn has the potential to become one of the highest-grade fluorspar projects in North America. Not only are we seeing exceptional fluorspar grades, particularly at Horseshoe, but we are also seeing remarkably low levels of impurities that commonly attract penalties or create processing challenges at many fluorspar operations globally" The Headline: High Grade, and Clean The standout is Horseshoe. Channel sampling there returned an average of 70.9% CaF₂, with a peak of 82%, and crucially, an impurity suite that sits comfortably inside product specifications even before any processing (Table 1). Lead, sulphur, arsenic, cadmium, uranium and thorium all came back very low to non-detectable. In OD6’s own framing, the Horseshoe material already exceeds the minimum grade generally associated with MetSpar products, opening the door to a Direct Shipping Ore (DSO) style product subject to the usual further studies. Mammoth is lower grade at an average 40.8% CaF₂ (peak 53.2%) and carries higher silica, so it needs upgrading to reach MetSpar’s >60% threshold — but it shares the same clean signature: low base metals, low sulphur, negligible arsenic. Both deposits, OD6 says, have the potential to be lifted to premium AcidSpar (>97% CaF₂) through ore-sorting and conventional flotation. Table 1:Horseshoe vs Mammoth (channel samples) Deposit Avg CaF₂ Peak CaF₂ Silica Status Horseshoe 70.9% 82% 8.9% Meets MetSpar spec; DSO potential Mammoth 40.8% 53.2% 38.1% Needs ore-sorting to reach >60% Channel-sample averages, not a Mineral Resource. Source: OD6 Metals ASX announcement, 16 June 2026. It’s worth being clear about the stage: these are channel samples from surface, not drill results, and the company is explicit that the spacing is not appropriate for a Mineral Resource estimate. Quinn has never been drilled. What the results do is establish the grade and — more importantly — the chemistry, ahead of the metallurgical and drilling work that would turn encouragement into a resource. Figure 1: Quinn Fluorspar Project with, deposit locations, background geology and alteration map (Source: OD6 ASX Announcement) MetSpar and AcidSpar - A Quick Primer Fluorspar (the mineral fluorite, CaF₂) is the world’s main source of fluorine, and it’s typically sold in two upgraded forms. MetSpar (>60% CaF₂) goes to the steel industry as a fluxing agent — it improves slag fluidity and helps strip impurities — and needs to be low in lead and sulphur (Table 2). AcidSpar (>97% CaF₂) is the higher-value product, sold to the chemical industry to make hydrofluoric acid, which in turn feeds battery chemistries, solar panels, semiconductors and AI chips, defence applications and the nuclear fuel cycle. AcidSpar carries tight limits on silica, arsenic, sulphur, phosphorus and any radioactive or base-metal contaminants. Table 2: MetSpar vs AcidSpar Product CaF₂ Key limits Used in Price (US$/t) MetSpar >60% <5,000ppm Pb; <3,000ppm S Steel — fluxing agent ~$400–520 AcidSpar >97% <1.5% SiO₂; <10–20ppm As; <1,000ppm S; <100–550ppm P Chemical — HF acid (batteries, solar, chips, defence, nuclear) ~$560 Pricing, per the announcement, runs around US$400–520 per tonne for MetSpar (depending on grade and quality) and around US$560 per tonne for AcidSpar. The attraction of Quinn is that it potentially offers a pathway to both — a near-term, simple DSO MetSpar product from Horseshoe, and a higher-value AcidSpar product with modest processing. Why Clean Chemistry Matters This is the part of the OD6 story that investors should look closely, because impurities are important in fluorspar economics. The announcement does set Quinn against the global peer group, and the contrast is good. At Las Cuevas in Mexico, which is the world’s largest fluorite producer, the presence of arsenic is a recognised processing constraint. In Europe's largest fluorite deposit, located in Silius, Italy, there is a fluorite-galena system with a lead grade of 3.2%, necessitating a distinct processing circuit. Many Chinese deposits are found in pyrite-bearing systems, which increase the risk of acid drainage. At the Lost Sheep project in Utah, uranium levels can reach several thousand ppm. In contrast, Quinn’s Horseshoe and Mammoth have low levels of all these elements. This has three practical implications that OD6 rightly highlights: low sulphur content means a minimal risk of acid mine drainage (an environmental and permitting benefit), the lack of uranium and thorium eliminates concerns about radionuclides, and low levels of base metals and arsenic reduce the need for specialized processing circuits. In the context of US permitting, being "clean" is not only a metallurgical advantage but also a developmental one. The Critical-Mineral Backdrop The macro case is the easy part. The United States imports 100% of its fluorspar, classifies it as a critical mineral, and sources more than 60% of global supply from China. Fluorspar sits upstream of hydrofluoric acid, which is upstream of an enormous range of modern technologies such as semiconductors and AI chips, batteries, refrigerants, defence systems and uranium enrichment. With Western governments actively seeking secure, domestic critical-mineral supply chains, a clean, high-grade fluorspar project in Nevada — the world’s second-ranked mining jurisdiction — is squarely on theme. Beyond Quinn Although Quinn is the focus, OD6 is not a single-asset company. In Western Australia it holds the 100%-owned Splinter Rock clay-hosted rare-earth project, which carries a sizeable Mineral Resource — 119Mt at 1,632ppm TREO (Indicated) plus 563Mt at 1,275ppm TREO (Inferred) — and an innovative processing flowsheet targeting neodymium and praseodymium recovery. In New South Wales, the Gulf Creek copper-zinc VMS project offers exploration upside along more than 10km of strike. Both keep OD6 anchored to the broader critical-minerals theme while Quinn takes centre stage. What’s Next OD6 is advancing a staged metallurgical testwork program to validate and optimize processing flowsheets. Recent OD6 field programs have collected extensive metallurgical samples across multiple prospects at Quinn, ready for modern-day metallurgical testing. Forward plan include: Samples to be sent for optical ore sorting testwork with TOMRA (Germany) Upgrade feed grade prior to processing Reduce processing costs and plant size Assess reject/waste separation efficiency OD6 expects the TOMRA testwork to commence this quarter, with results to be available in quarter 3 Additional metallurgical flotation testwork with Core Resources (Australia) Flotation optimisation Dense media separation Grind size and reagent testing o Product specification validation (Acidspar vs. Metspar) OD6 expects the flotation testwork to commence this quarter, with results anticipated to be available in the second half of the year OD6 to apply for bulk sample permits across multiple areas to support advanced metallurgical testwork Provide representative material for pilot-scale testing Support flowsheet development Generate potential offtake samples for customers The Fluoride Market - The Basics Fluorspar (the commercial name for the mineral fluorite, CaF₂) is the world's primary source of fluorine. The market is roughly 8-9 million tonnes per year and valued at around US$2.1-2.8 billion in 2025-2026, with most forecasters expecting low-to-mid single-digit CAGR growth through to 2032-2035. It is split into two main commercial grades: acid-grade (acidspar, ≥97% CaF₂) which feeds the chemical industry, and metallurgical-grade (metspar) which goes into steel and aluminium production. The headline structural feature of this market is extreme geographic concentration on the supply side (Figure 2). Figure 2: Global players in the Fluorspar market. China, Mexico and Mongolia together account for ~84% of global supply. China's position is structurally important because it is also the largest consumer — Asia Pacific accounts for roughly 74% of global volume — meaning Chinese industrial activity and export policy effectively set the global price. The flip side of this concentration is that fluorspar is now formally listed as a critical mineral by the United States, EU, China, Canada, Japan and Australia, and Western governments are actively supporting new supply (the Lost Sheep mine in Utah, the St Lawrence mine restart in Canada, plus projects in Australia, Germany and Kenya). On the demand side, the market is dominated by chemical applications rather than the traditional metallurgical uses most people associate with the mineral. Where fluorspar goes — grade split and downstream end-use The outlook narrative (see Figure 3) — and the reason fluorspar is getting attention now — is the shift in chemical demand toward energy-transition end-uses. The traditional refrigerant market is actually being phased down (the US AIM Act has cut HFC production allowances to 40% below the historic baseline), but this is being more than offset by three rising demand vectors: Lithium-ion batteries. A Li-ion EV battery uses 5-10x more fluorspar (by mass) than lithium — fluorine compounds appear in the cathode binder (PVDF), the electrolyte salt (LiPF₆), and separator coatings. Benchmark Mineral Intelligence estimates the battery segment alone will pull more than 1.6 Mt of fluorspar annually by 2030, growing at over 20% CAGR. Semiconductors. Ultra-high-purity hydrogen fluoride is essential for etching silicon wafers, with data centre build-out for AI lifting demand. Decarbonisation chemistry. Hydrogen fuel cells, green refrigerants, and fluoropolymer membranes all consume acidspar-derived HF. Figure 3: The distribution of its uses. The US Department of Energy has projected that under current trajectories, fluorspar demand will exceed current supply by 40-70% by 2035. That gap, combined with the geographic concentration shown in the first chart (Figure 6), China's own declining reserves, and the critical mineral designations is what is bringing new Western producers and developers into the conversation. It is also worth noting that fluorspar is rarely produced as a by-product; it depends on dedicated mining operations, which makes the supply side less responsive to sudden demand spikes than commodities like cobalt or molybdenum. Samso Concluding Comments OD6 has unveiled a high-grade fluorspar project in a top-tier jurisdiction, providing a mineral that the United States requires but cannot currently produce domestically. As OD6 advances the Quinn project, recent findings indicate that the material is not only high-grade but also remarkably free of the contaminants that typically trouble fluorspar projects in other locations. The dual pathway, a potential near-term DSO MetSpar product alongside a route to premium AcidSpar gives the project a flexibility that most single-product deposits lack. The caution for investors are the following, Quinn is at the channel-sampling stage and has never been drilled, so grade and chemistry are known but tonnage is not. Future issues are also unknown and I don't think I have worked or looked at a project over time when no new issues are uncovered. This is by no means a certainty as much as the contrarian thought is a certainty. The metallurgical testwork now underway is that will start to create visibility on the assays and create a defined, saleable product. As a small-cap with milestone payments and exploration ahead, OD6 will need to keep funding the work. The funding is a work in progress and one would simply accept that is the road ahead. For now, the things to watch are the TOMRA and Core Resources metallurgical results due through the second half of 2026, the completion of the Quinn acquisition in July, and the first drilling that begins to convert a high-grade, low-impurity surface story into a resource. A good commodity and good timing, so DYOR is advised. About OD6 Metals Limited OD6 Metals Ltd (ASX: OD6) is an Australian public company pursuing exploration and development opportunities across the critical minerals sector, with a portfolio spanning fluorspar, rare earth elements, and copper. Its flagship rare earth asset is the Splinter Rock Project in Western Australia's Esperance-Goldfields region, which hosts one of Australia's largest clay-hosted rare earth deposits with an Indicated Resource of 119Mt at 1,632ppm TREO and an Inferred Resource of 563Mt at 1,275ppm TREO. In fluorspar, the company holds an option to acquire the Quinn Fluorspar Project located approximately 220km north of Las Vegas, Nevada — a project with documented high-grade mineralisation across multiple systems, including Mammoth, Horseshoe, and now the rediscovered Big Jim lode, each exhibiting grades well above the economic threshold for fluorspar development. The company also holds the Gulf Creek Copper-Zinc VMS Project near Barraba in New South Wales (Figure 4). Check out the Coffee with Samso discussing the acquisition of the Quinn Flourspar Project. Figure 4: Location and neighbourhood of Quinn Flourspar Project in Nevada The Samso Way - Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies .

Gold has rewritten its own record books, then stumbled. We map the three roads ahead for the metal — and what each means for the ASX companies built on it. Samso Insights USD: $4,154 | AUD: $5,928 Jan 2026 Peak: - 25.70% Jan 2025 Peak: +58.30% Executive Summary - The 60 - Second Read Gold has corrected hard from a January 2026 record near US$5,589 to about US$4,154 by mid-June, yet almost every major bank still points higher over a 12-month view. The disagreement is about how high and by what road — and for ASX investors, the AUD gold price (near record) matters more than the USD headline. Direction is consensual, range is not. Year-end 2026 bank targets run from US$4,800 (Morgan Stanley) to US$6,300 (JPMorgan); the dip-buyers see a flush toward US$3,850–4,000 first. The bull case rests on the official sector. Central banks bought 863t in 2025 and gold now exceeds US Treasuries as a share of reserves for the first time since 1996. The swing factor is the Fed and the dollar. Sticky inflation pushing easing toward 2027 is what broke the rally; de-escalation could deepen the dip. Equities split into three tiers. Producers turn price into cash today; developers re-rate toward first gold (and draw takeovers); explorers offer discovery leverage but need a firm gold price to stay funded. In January 2026 gold touched an intraday high near US$5,589 an ounce — the climax of a run that delivered 53 record closes in 2025 and a roughly 68% annual gain, its strongest year since the 1970s.1 Then it fell. By mid-June 2026 the metal traded near US$4,200, having slipped below its 200-day moving average on 11 June for the first time since October 2023.2 That round trip frames the question every gold investor is now asking: was the pullback a pause in a structural bull market, or the top? In this Samso Insight, we try and give some visibility in how investors should look at the noise in the market place. Lets try and de-mystify the discussion. This piece is in two parts. Part one lays out the three pathways the gold price could take , which is, up, sideways, or down. We then add the the manner and likely range of each, drawing on the published forecasts of the major investment banks and the demand data of the World Gold Council. Part two turns to the equities. How those scenarios ripple through ASX-listed gold producers, the aspiring producers developing their resources toward first gold, and the explorers still drilling for a discovery. To give context, we try and bring in the major players in each sector with named examples at both the large- and small-cap ends of each. The explorers category is one that I have allowed AI to come up with its thoughts. The reason is that the randomness allows a unbiased list that will show the typical pathway is the same for all comapnies that will live in the bottom end of the market. My meaning is that each company will have the same weighting of success and failure. >5,000t Total gold demand, 2025 — a record 863t Central-bank net buying, 2025 +801t Gold-ETF inflows, 2025 (2nd-strongest ever) $4,800–6,300 Spread of bank targets for end-2026 (USD/oz) Source: Demand figures: World Gold Council, Gold Demand Trends.3 Forecast spread: bank research compiled below. I Part One - The Path of the Price — Where it has been A vertical climb, then a hard correction Gold first cleared US$3,000 in March 2025, broke US$4,000 in October 2025, and pierced US$5,000 in January 2026 before peaking.4 The reversal that followed was sharp: a fall of more than 10% in March 2026 — described as the largest monthly decline since 2013 and a peak-to-trough drawdown of roughly 16%.5, 6 The trigger was a familiar one: conflict involving Iran pushed oil higher, lifted inflation readings, and led markets to price the US Federal Reserve holding rates and pushing easing into 2027, leading a poor backdrop for a non-yielding asset.2, 7 Figure 1 — Gold's round trip, 2025 → mid-2026 - Indicative month-end levels; verified milestones marked — US$4,000 breach (Oct 2025), intraday peak ≈US$5,589 (28 Jan 2026), and ≈US$4,200 (mid-Jun 2026). Sources: World Gold Council; Fortune; CNBC; Trading Economics. — The forces in play Why the path forks The "intellectual" evidence is that Gold's next move is a contest between durable structural demand and cyclical macro headwinds. The same desks that still point higher are explicit that the road runs both ways.10 Understanding the manner of any move means understanding which side of this ledger is winning at the margin (Table 1). For Samso, the simple fact that inflation is here to stay and that that the building of our new industrial world order or the new industrial revolution is just starting stems to the feeling that inflation or the real cost of living will rise. That has to be paid and backed by some form of asset and historically, that is gold. Table 1: The possible rationale for the gold price movement. Pushing The Price Up Pushing The Price Down Central banks. Net official buying of 863t in 2025 — and gold now holds a larger share of reserves than US Treasuries for the first time since 1996.3,11 Higher-for-longer rates. Sticky inflation has pushed Fed easing toward 2027, lifting real yields.2 ETF & investment demand. 2025 saw +801t of ETF inflows, the second-strongest year on record, with buying continuing into Q1 2026.12 vs. A firmer US dollar. Stronger US data and a higher dollar raise the cost of gold for non-US buyers.6 Fiscal & diversification. Rising sovereign-debt loads, dollar concerns and historically low investor allocations.13 De-escalation risk. Any easing of geopolitical stress could trigger a sharp reversal, HSBC warns.14 Tight supply. Mine output rises only modestly in 2026; North-American major output is seen falling ~2%.14 Price destruction & profit-taking. Jewellery tonnage is falling at record prices, and rallies have met de-leveraging.15 If Samso takes a contrarian view of the price going down, it will only to settle in a new high support level waiting for the next move forward. — Pathway 1 · Up The bull case: a grind, then new highs The bullish institutions do not, for the most part, expect a single vertical leg (Figure 3). They describe a graduated path — gold consolidating below the January peak and then grinding higher through the second half of 2026 as central-bank and ETF demand reassert themselves.1 UBS, for example, framed its view as quarterly stepping-stones rather than one year-end number.13 Figure 2— Where the banks see gold ending 2026 - Published 2026 year-end / 12-month targets and the Reuters analyst-poll median, versus mid-June spot (≈$4,200, dashed). Targets move; UBS, for instance, trimmed from $5,900 toward $5,500 over 2026. Sources: ind.money; goldsilver.com; TheStreet; GBI Direct; Golden Ark. At the top of the range sit JPMorgan at US$6,300, Wells Fargo at US$6,100–6,300, and Bank of America, Deutsche Bank and Société Générale around US$6,000 (Figure 2).14, 10 In the most extreme demand scenarios — contingent on a major reallocation of institutional portfolios into gold — BofA has flagged US$8,000 by 2027 and JPMorgan US$8,000–8,500.1, 31 The manner here is steady accumulation punctuated by sharp, brief corrections — the pattern of 2025. When readers look at the forcast, I would probably safely assume that the majority will support the predictions. The predictions have some merit, as i have explained already, but one has to really appreciate what will mean to society if the gold price takes on USD $8,000 per ounce. I remember my conversation with Rick Rule in 2020 where we said that at the heights of USD $5000 + , one would have to assume that something drastically wrong has happened to the world order. While this has not happened and we have not succumbed to a world of zombies, we have become a very costly place to live and in Australia, especially in Perth, Western Australia. As of mid-June 2026, the cost of houses in the form of rental and purchases in Perth, are at levels that is unreachable by the average young person. Even my very conservative thinking cannot deny that these levels will continue to rise. So what will happen if gold price, as a hedge to inflation, will indicate if its at USD $8,000. To add more drama to the discussion, this rise in real living expenses is a global issue and not just limited to Australia. — Pathway 2 · Sideways The base case: a high plateau The consensus middle path (Figure 3) is not a collapse but a wide, elevated range. Goldman Sachs — the most conservative of the avowed bulls — has held a US$5,400 year-end target since January and calls the risks skewed to the upside.10 A Reuters poll of around 30 analysts produced a median near US$4,750–4,900, roughly in line with where spot has traded.16, 10 In this "soft landing for the bull market," structural buying continues at about 2025's pace without accelerating, the Fed eases only gradually, and gold consolidates and drifts higher rather than spiking.1 Figure 3 — Three roads to December 2026 - Stylised paths anchored to published targets: bull ≈ $6,000–6,300 (JPM/BofA/Wells), base ≈ $5,000–5,400 Goldman/consensus), bear ≈ $3,850–4,000 dip (UBS/MS). Illustrative shapes, not forecasts. This is what I think will be the most likely scenario, at least for the time being. What keeps me on the side of a rise in pricing in the future (not sure if its near, mid-term or long-term), is that the rise and rise of the gold price was only in late 2025. It peaked and corrected in January and is now trading sideways in June. So in my opinion, the dust is just settling and the potential movement, in my opinion is still "volatile". — Pathway 3 · Down The bear case: a deeper flush first Even the bulls map a downside leg (Figure 3). UBS told clients the next move lower — toward US$3,850–4,000 — is "the move to use rather than fear," a dip to buy with its 12-month outlook unchanged on the other side.2 Morgan Stanley sits most restrained near US$4,800, and HSBC has openly warned that an easing of geopolitical stress could spark a sharp reversal.14 The genuine bear path requires the structural story to falter: the Fed holding firm, the dollar strengthening, and central banks slowing their pace — the conditions that produced the March 2026 drop.10 For Samso, this is probably the least likely scenario in a long term proposition. Short and medium term predictions here is probably more accurate for a decline as it settles and the predicted pricing levels is consistent with my thoughts. A 20 to 30% price relative to what it was before in late 2025 will be a good supported pricing level. — The engine room The demand that underwrites the bull case Is there something that is separating this cycle from past gold rallies ? Central banks have bought at historically elevated rates since 2022; even 2025's "slower" 863t sits near double the pre-2022 norm of 400–500t.11 (Figure 4). The World Gold Council expects 2026 buying to hold close to 2025 levels (Figure 5), in a 700–900t range; JPMorgan models around 755t.17, 4 Buying began 2026 strongly, with 244t in Q1 despite a visible uptick in selling during the quarter's turbulence.18 Figure 4: Central-bank net gold purchases. 2021–2025 actuals plus the World Gold Council's 700–900t guidance band for 2026 (mid-point shown). (Source: World Gold Council, Gold Demand Trends & Outlook.) As you can see in Figure 4 and Figure 5, the buying has been really consistent and as this is widely considered the first real structural buying from central banks is a while, I cannot really see a selling trend appearing anytime soon. The "deregulation" of cash into a digital world is another storing support for a a rising gold price. I think that any real sell will be "manufactured" for motives only the "Elite Circle or what I call the Purple Circle" will know. Figure 5: Investment demand cooled but stayed positive. Global gold-ETF holdings added 801t in 2025; Q1 2026 added 62t — positive, but far below the +230t of Q1 2025, with heavy March outflows as investors raised liquidity. (Source: World Gold Council.) The takeaway on price The directional bias across the major banks is remarkably uniform — higher over a 12-month horizon — but the range is unusually wide (≈US$3,850 on the dip to US$6,300 by year-end), and the manner is expected to be a grind with violent corrections rather than a smooth ascent.142 The swing factor is the Fed and the dollar; the ballast is the central bank. For Australian investors there is a second lever entirely — the currency. II Part Two — The ASX Gold Field — The currency lever Why the AUD gold price is the number that matters here Gold is priced globally in US dollars, but Australian miners pay for labour, diesel and steel in Australian dollars. A soft AUD has pushed the AUD gold price to records even as the USD price corrected — the 2026 high was about A$7,696/oz (28 Jan), with the year averaging near A$7,070/oz.19 With all-in sustaining costs (AISC) for many local producers around A$1,800–2,000/oz, that leaves an extraordinary margin on every ounce.20 The leverage cuts both ways: commentary in the sector notes a 10% move in the gold price can swing a miner's free cash flow by 40–50%.20 Figure 6 — The margin on an Australian ounce. AUD gold price (≈A$6,600 spot / A$7,070 2026 average / A$7,696 peak) against a typical AISC band of ≈A$1,800–2,000. The gap is the operating margin that drives miner cash flow. (Sources: Exchange-Rates.org; Kalkine.) The gold producers in Australia has always had this "buffer" where the difference in USD and AUD has given Australian gold producers the edge. The currency exchange rate has always been something foreign investors dont enjoy whereas, local investors understand the leverage very well. — The structure of the sector Three tiers, three very different bets ASX gold companies sit on a spectrum from cash-generating producers to pre-revenue explorers. Each tier responds differently to the price pathways above: producers turn price directly into cash; developers re-rate as they de-risk toward first gold; explorers live or die on the drill bit, with the gold price setting the appetite of the market to fund them. Figure 7 — Three tiers of ASX gold equity. Each tier responds differently to the price pathways: producers turn price into cash, developers re-rate toward first gold, explorers live on the drill bit. — Tier 1 · in detail The producers Northern Star Resources (ASX: NST) is the largest ASX-listed gold company (Figure 8 and Table 2)), with a market capitalisation around A$37bn in mid-June 2026 and FY25 output of roughly 1.63 million ounces from Kalgoorlie, Yandal and Pogo (Alaska).21, 22 Its A$5bn scrip takeover of De Grey Mining (completed May 2025) added the large undeveloped Hemi project, targeting first gold and a potential lift toward ~3Moz a year.23, 24 In late May 2026, activist Elliott Investment Management disclosed a stake of more than A$1bn and called for a strategic review.25 Evolution Mining (ASX: EVN), near A$29bn, is the other domestic heavyweight, with gold-copper operations in Australia and Canada.21 Newmont (ASX: NEM) trades on the ASX as CDIs and is the global major behind Boddington, Tanami and the Cadia operations.26 Below the giants sits a deep mid-tier — Genesis Minerals, Perseus Mining, Regis Resources, Westgold, Capricorn Metals, Ramelius and Africa-focused Emerald Resources and West African Resources — generally A$3–8bn in size.21 At the smaller end, names such as Vault Minerals, Ora Banda Mining, Pantoro and micro-cap Kingston Resources offer higher operating leverage with less diversification.27, 28 Figure 8 — ASX gold producers by market capitalisation. Approximate market caps; figures move daily and the whole cohort fell ~8–19% in the week shown amid the gold pullback. Newmont (a global major) excluded for comparability. (Source: Simply Wall St screener.) Tier 1 — selected producers Table 2: The Producers. Code Company Mkt cap (A$) Profile / key assets Source NST Northern Star [LARGE} ≈ $37b Largest ASX gold miner; Kalgoorlie, Yandal, Pogo + Hemi (dev). 21, 22 EVN Evolution Mining [LARGE] ≈ $29b Gold-copper, Australia & Canada. 21 NEM Newmont (CDIs) [Global Major] global Boddington, Tanami, Cadia. 26 GMD Genesis Minerals ≈ $7.7b Leonora district, WA. 21 PRU Perseus Mining ≈ $7.4b West Africa (Edikan, Sissingué, Yaouré) + Nyanzaga, Tanzania. 29, 30 RRL Regis Resources ≈ $6.3b WA & NSW gold projects. 21 WGX Westgold Resources ≈ $6.1b Murchison & Bryah, WA. 21 CMM Capricorn Metals ≈ $6.0b Karlawinda producer + Mt Gibson (dev), WA. 21 RMS Ramelius Resources mid-tier Mt Magnet/Edna May; absorbed Spartan (2025); ~500koz target. 31 EMR Emerald Resources ≈ $4.1b Okvau mine, Cambodia. 21 WAF West African Resources ≈ $3.4b Sanbrado & Kiaka, Burkina Faso. 28 VAU Vault Minerals smaller smaller-cap Deflector, King of the Hills, WA. 27 OBM Ora Banda Mining smaller smaller-cap Davyhurst, WA. 27 KSN Kingston Resources micro ≈ $93m Misima (PNG), Mineral Hill (NSW). 28 — Tier 2 · in detail The aspiring producers (developers) This is the tier the consolidation wave hit hardest — the best-defined development assets were bought before they could pour first gold (see timeline below). The standout survivor that graduated rather than being absorbed is Greatland Resources (ASX/LSE: GGP), around A$9bn. It bought the Telfer mine and the large Havieron gold-copper development from Newmont in late 2024 for US$475m, and now straddles producer and developer with a debt-free balance sheet and over A$1bn in cash.32, 33 Among diversified producers, Capricorn Metals (ASX: CMM) is advancing its second mine at Mt Gibson.21 At the genuinely pre-production end, the named developers tend to be A$100m–1bn aspiring mid-tiers. Brightstar Resources (ASX: BTR) holds 4Moz+ across its Laverton, Sandstone and Menzies hubs in WA and is aspirationally targeting 200koz a year within three years.34, 35 Saturn Metals (ASX: STN) released a PFS on its 2.24Moz Apollo Hill heap-leach, outlining ~106koz a year over 14 years.32 Meeka Metals (ASX: MEK) is moving its Murchison Gold project toward production.36 Others span Black Cat Syndicate, Astral Resources, Ausgold and Guinea-focused Predictive Discovery. Company In Focus Greatland Resources Limited ASX / LSE: GGP ≈ A$9b mkt cap ~7Moz Havieron Au resource ~266koz Targeted Au p.a. A$1,610 AISC /oz (Havieron) A$0 / $1.2b Debt / cash (Q1 FY26) Greatland is the clearest example of a developer that graduated rather than being acquired. It discovered the Havieron gold-copper deposit in 2018, brought in Newcrest as a partner, then after Newmont absorbed Newcrest, bought back both Havieron and the neighbouring Telfer mill from Newmont for US$475m in late 2024, instantly turning itself into a producer with a large adjacent development pipeline.32 That straddle is why it sits across two tiers: Telfer generates cash today while Havieron, which the company describes as the largest Australian underground gold reserve outside Newmont's Cadia and Tanami is built out, with a debt-free balance sheet and over A$1.2bn in cash giving it counter-cyclical optionality if the price dips.33, 32 Tier 2 — selected developers / aspiring producers Table 2: The Producers. Code Company Scale Stage & flagship Source GGP Greatland Resources [LARGE] ≈ $9b Producer + developer; Telfer mine & Havieron (≈7Moz Au resource). 33, 32 CMM Capricorn Metals [LARGE] ≈ $6.0b Builds 2nd mine at Mt Gibson alongside Karlawinda. 21 BTR Brightstar Resources [SMALL] small-cap 4Moz+; PFS-stage; targeting 200koz p.a. (Laverton/Sandstone). 34 STN Saturn Metals [SMALL] small-cap Apollo Hill 2.24Moz heap-leach; PFS ~106koz/yr. 32 MEK Meeka Metals [SMALL] small-cap Murchison Gold project, WA — into production. 36 PDI Predictive Discovery [SMALL] small-cap Bankan project, Guinea — feasibility/development. 37 Why the developer shelf looks bare Three of the most advanced ASX gold developers were taken over within months of each other in 2025 — a direct consequence of record margins giving producers the firepower (and the motive) to "buy cheap ounces" rather than build them.20 For investors, the lesson is that a well-defined, near-production resource is itself the asset that attracts a bid. Figure 9: A non-exhaustive timeline of recent ASX gold consolidation. Sources: Mining.com; Northern Star; Discovery Alert; MarketScreener.23, 24, 38, 40 Tier 3 · in detail The explorers At the base of the pyramid are the drill-stage juniors — typically micro-caps whose share prices respond to assay results and, crucially, to a gold price high enough to keep funding flowing. Recent activity tracked by the financial press includes Flynn Gold (ASX: FG1), exploring the Golden Ridge trend in Tasmania, where drilling returned intercepts such as 2.5m at 6.3g/t gold.37 Mamba Exploration (ASX: M24) advanced on expanded soil anomalies at its Meeka East project in WA, and 49 Metals (ASX: 49M) reported a strong oxide intercept (9.1m at 21.9g/t gold) at its Gold Mountain project in Nevada.41, 42 Earlier coverage flagged Metal Hawk (ASX: MHK) and Westar Resources (ASX: WSR) among WA rock-chip and drilling stories.43 The keys to navigating this end of the market, as one sector primer puts it, are geological prospectivity, management track record, cash runway, and the strategic location of the ground relative to existing mineralisation and infrastructure.44 There is no established large-cap at the pure-exploration stage by definition — scale arrives only with a discovery, a resource, and the move into Tier 2. Tier 3 — selected explorers (all small / micro-cap) Code Company Ground Recent newsflow Source FG1 Flynn Gold Golden Ridge, Tasmania 9km mineralised contact; 2.5m @ 6.3g/t Au. 37 M24 Mamba Exploration Meeka East, WA Expanded gold soil anomalies. 41 49M 49 Metals Gold Mountain, Nevada 9.1m @ 21.9g/t Au oxide intercept. 42 MHK Metal Hawk Leinster South, WA Rock chips to 20.2g/t Au (Siberian Tiger). 43 WSR Westar Resources Mindoolah, WA Up to 40.2g/t Au in field sampling. 43 The takeaway on equities The three price pathways translate up the risk curve: a sideways high plateau already prints record cash for producers; an up leg re-rates developers and re-opens funding for explorers; a down flush pressures the juniors most and hands the survivors of Tier 2 to acquirers. The AUD gold price, not just the USD headline, is the variable to watch — and it has been making records of its own.19, 20 The Samso Concluding Thoughts - The Gold Question The question of the movement of the gold price is one of the most globally conversed topic. No matter which nation you are at, no matter what culture you belong to, and no matter what language you are conversing in, there will be insights from all walks of life. For some reason, everyone seems to have an opinion. Warren Buffet is famous for not looking at gold and not believing in the investing merits of gold and I can see where he is coming from, however, it si very hard as investors not to at least use it as a gauge of indicator for global investing directions. My thoughts are that, for those investing in the real world, where we have limited experience and limited resources, having a feel for the ins and outs of such a high profile invested commodity such as gold, is critical. Coupled with an understanding of geo-political, foreign currency movements and global economics, the demand for gold has been a institutionalised tool that has shaped many financial commentary. To conclude, I think that the Coffee with Samso conversation that I had with Brad Valuikas, Managing Director of Kaiser Reef Limited (ASX: KAU) and he had a very insightful commentary on the direction of the gold price. In the context of this Samso Insight, I think a great way to conclude this discussion is to watch the the recording that was released on April 1st, 2026 where Brad Valuikas shares his personal thoughts on the gold price is worth watching (32:48 Thoughts on Gold Price). Click the video below: — Sources References All figures are drawn from the public-domain sources below, accessed June 2026. Market caps and prices are point-in-time and move continuously. Bank price targets are revised frequently; those quoted reflect the most recent published values found. GoldPriceTools — Gold price prediction 2026 TheStreet — UBS revamps gold target, Jun 2026 World Gold Council — Gold Demand Trends, FY2025 MEXC News — Gold price prediction: what major banks forecast GoldRepublic — Gold price forecast 2026/2030/2040 Discovery Alert — Gold correction & miners' margins, 2026 Trading Economics — Gold price & chart CNBC Select — Price of gold today, 12 Jun 2026 Fortune — Current price of gold, 9 Jun 2026 Golden Ark Reserve — Bank targets & risks, 2026–27 ISA Bullion — How central-bank buying impacts gold, 2026 Investing News — Record gold demand 2025 tops 5,000t GoldSilver.com — Gold price forecast 2026–27: bank predictions ind.money — Top US banks' gold forecasts, 2026 World Gold Council — Investment demand, Q1 2026 GBI Direct — Gold price forecast 2026: what the data says TheStreet — WGC outlook on demand & CB buying World Gold Council — Gold Demand Trends, Q1 2026 Exchange-Rates.org — AUD gold price history 2026 Kalkine — Gold Rush 2.0: AUD margin leverage Simply Wall St — ASX materials screener (market caps) Wikipedia — Northern Star Resources Mining.com — Northern Star's Hemi (De Grey) buy Northern Star — Hemi Development Project The Bull — Elliott stake in Northern Star Investing News — Top ASX gold-mining companies Motley Fool AU — ASX 200 gold stocks, May 2026 Simply Wall St — ASX materials screener (extended) Wikipedia — Perseus Mining Stake — Best ASX gold stocks Globe & Mail — Ramelius–Spartan completion Mining Forum — Australia's largest undeveloped gold projects Discovery Alert — Greatland Resources Q1 2026 performance Brightstar Resources — Corporate site (BTR) Yahoo Finance — Brightstar Resources (BTR) Yahoo Finance — Meeka Metals (MEK) Stockhead — Five explorers powering ahead Discovery Alert — Ramelius completes A$2.4b Spartan deal Sharecafe — Ramelius finalises Spartan acquisition MarketScreener — Gold Fields completes Gold Road acquisition Kalkine — ASX gold exploration small-caps in focus Proactive — Small-cap watch: gold explorers MT Newswires — ASX small-cap stocks to watch Kalkine — Australia's gold giants & the ASX landscape The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. 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At a Glance Item Description Company Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals Focus Rutile (titanium feedstock) and monazite (rare earths), with zircon, ilmenite and gold credits Flagship Minta Rutile & Monazite Project, central Cameroon — 8,800 km²; 18 granted permits plus 3 under application; 80% owned by Lion Rock Priority areas Mboma (shallow residual rutile — maiden MRE candidate); Minta Est (monazite-bearing rare earths); Yong alluvial basin a follow-up Latest results — Mboma 533 samples over ~44 km²; average 0.59% in-situ rutile at ~4.78m depth; rutile-in-HM assemblage up to 74.4% Latest results — Minta Est Calculated monazite in HM up to 3.92%; intercepts including 6.0m @ 1.2% and 2.0m @ 3.3% monazite Strategic partner Tronox Holdings (NYSE: TROX) — ~5% holder via an A$8.6m placement at $0.056/share, plus a technical & commercial services agreement Leadership CEO Theuns de Bruyn and COO Grant Scott (former Sierra Rutile executives); Non-Executive Chair Duncan Craib Critical-minerals angle Exposure to at least 12 of the 60 minerals on the 2025 US critical minerals list, led by rutile/titanium and rare earths Other assets Kitongo & Lolo Uranium (Cameroon); Green Rocks gold-copper (WA); Yendon kaolin-HPA (Victoria) Exploration method Low-cost hand-auger and Dormer drilling — high sample density at a fraction of conventional drilling cost Market capitalisation Roughly A$80–100m at recent prices (sharply re-rated over the past year) Next steps Maiden Mineral Resource Estimate targeted in 2026; an Exploration Target; metallurgy, recoverability and product-quality work Lion Rock Minerals Limited (ASX: LRM) has delivered another round of drilling results from its Minta Project in central Cameroon, and the story they tell is a familiar one for anyone who has watched a critical-minerals explorer find its stride: the footprint keeps getting bigger, the priority targets keep getting sharper, and the path toward a maiden Mineral Resource Estimate is coming into focus (Figure 1). The 11 June 2026 update covered two of the project's most prospective tenements — Mboma, where shallow residual rutile is being advanced toward a possible initial resource, and Minta Est, where monazite-bearing rare-earth mineralisation is being progressed down a separate evaluation pathway. Both delivered, and both reinforce the company's stated ambition: to become a globally significant rutile and monazite producer. Figure 1: Residual Rutile infill drilling and result distribution across Minta Target area (Source: LRM ASX Announcement) What is the big deal? Lion Rock is a critical-minerals explorer with one very large, very early-stage idea: that the 8,800 km² Minta district in central Cameroon can be turned into a new, globally significant source of two things the Western world is increasingly anxious about - high-grade titanium feedstock (rutile) and rare earths (from monazite). The attraction is threefold. First, the geology is shallow and cheap to test: residual rutile sits in weathered profiles near surface, and the company explores it with hand augers and light Dormer rigs rather than expensive drill rigs, generating enormous sample density at low cost. Second, the commodity mix is squarely on-theme — rutile is the cleanest natural titanium feedstock, natural rutile supply globally is tight, and monazite is a recognised rare-earth source feeding the magnet-metals supply chain. Third, and most powerfully, Lion Rock has a cornerstone shareholder that matters: Tronox, one of the world's largest vertically integrated titanium and mineral-sands producers, which took roughly 5% at a premium and signed on to provide technical and commercial help. What you are not buying is a resource. There is no JORC Mineral Resource yet — the maiden estimate is targeted for later in 2026 — and the project sits in a frontier jurisdiction. This is a province-scale exploration story with a strategic validator attached, not a developed asset. The Results - Reading Them Properly This is where Samso's "separate the signal from the noise" instinct comes alive, because Lion Rock's numbers can be misread if you take the biggest figure at face value. Mboma (rutile). Mboma is the most advanced rutile target and the leading candidate for the company's first resource. The latest dataset covers 533 sample intervals across roughly 44 km², averaging 0.59% in-situ rutile at an average depth of just 4.78 metres, with 337 intervals above 0.50% and 12 above 1.00% (Table 1). The eye-catching numbers in the headline — 74.4%, 63.0%, 62.8% — are not grades. They are the proportion of the heavy-mineral assemblage that is rutile. In plain terms: the in-ground grade is around half a percent to one-and-a-bit percent rutile, but of the heavy minerals present, a very high share is rutile itself. That assemblage purity matters - a clean, rutile-dominant heavy-mineral suite is easier and more valuable to turn into a saleable product - but it should not be confused with the grade. Read correctly, Mboma is a broad, shallow, low-grade-but-clean rutile blanket, which is exactly the kind of thing that can host a large tonnage resource if continuity holds. Minta Est (monazite). Here the company is chasing rare earths. The standout intercepts — 6.0m at 1.2% and 2.0m at 3.3% monazite, with a peak interval of 3.92% — are genuinely encouraging for an early program, and 452 intervals came in above the 0.2% reporting threshold (Table 2). But Lion Rock is admirably explicit about a crucial caveat, and so should any reader be: these are calculated monazite in heavy mineral figures. They are an exploration reporting threshold, not an economic cut-off, and — in the company's own words - not a rare-earth-oxide grade, not an NdPr grade, and not a recoverable product grade. Monazite percentage is a step removed from the contained rare earths that actually generate value. It's a promising signal of where the rare-earth mineralisation sits; it is not yet a measure of what can be sold. The honest read on both: strong, expansive early-stage exploration that justifies the next phase of work — but a long way from defining, let alone valuing, a resource. The Tronox Factor If there is one feature that lifts Lion Rock above the average frontier explorer, it is Tronox. In late 2025, Tronox Holdings — a NYSE-listed, ~6,500-employee, six-continent producer of titanium dioxide pigment, titanium feedstock, zircon and rare-earth-bearing mineral sands - committed an A$8.6 million strategic placement for roughly 5% of Lion Rock, at $0.056 per share, a premium to the market price at the time. Crucially, the money came with a commercial and technical services agreement, giving Lion Rock access to Tronox's mine-to-pigment know-how, flowsheet expertise and customer relationships, and Tronox the right to maintain its holding in future raisings. The bull reading is obvious and powerful: one of the world's foremost titanium-feedstock companies looked at Minta up close — including a site visit to Cameroon — and decided to put money and expertise in. For a pre-resource explorer, that is about as strong a third-party validation as exists, and it directly de-risks the two hardest questions an early rutile/monazite project faces: can the product be made to specification, and will anyone buy it? The bear reading is the necessary counterweight: 5% is a strategic toe in the water, not a commitment to develop; a services agreement is help, not a guarantee; and Tronox's interest validates the opportunity, not a resource that does not yet exist. It is a reason to take Lion Rock seriously. It is not a reason to skip the due diligence. Why Rutile and Monazite The macro backdrop is the easy part of the story. Rutile is the highest-grade natural source of titanium — the feedstock for white pigment and titanium metal — and the world's natural rutile supply is concentrated and declining as legacy mines deplete. That scarcity is precisely why a major like Tronox is hunting for new feedstock. Monazite, meanwhile, is a rare-earth phosphate that carries the magnet rare earths (neodymium, praseodymium and friends) at the heart of every electric motor, wind turbine and guided system — and rare-earth supply security has become an explicit Western policy priority. Minta sits at the intersection of both themes. Lion Rock notes the project offers exposure to at least 12 of the 60 minerals on the 2025 US critical minerals list, led by titanium and rare earths and extending into zirconium. That breadth is genuinely differentiating — but it is also worth a note of discipline: a long list of contained critical minerals only creates value for the ones that can actually be recovered and sold economically, which is exactly what the next phase of metallurgical and product-quality work is meant to establish. The People A frontier critical-minerals play lives or dies on whether the team has actually done it before - and this is a relative strength for Lion Rock. The leadership transition in 2026 brought in Theuns de Bruyn as CEO and Grant Scott as COO, both former Sierra Rutile executives — Sierra Rutile being one of the world's significant natural rutile operations. That is directly relevant operating pedigree for a company trying to define and ultimately produce rutile. Duncan Craib chairs the board. The executive team being based in-country in Cameroon is also the right signal for a project whose biggest practical challenges are on the ground, not in Perth. Read: Lion Rock Minerals Brings In the Sierra Rutile Playbook to Cameroon Concluding Comments Lion Rock is simply reigniting some spark to the whole Rutile in Cameroon story. They have gone quiet since late 2025. There is a management change and the recent ASX releases is highlighting a serious case of refreshing the front office. The prospectivity of the project is pretty much where they left off before the radio silence so it will be interesting to see the upcoming news. Tronox is still in the mix with the monazite scene, and it does feel that there may be a swing to a rare earth story rather than a titanium/rutile pitch. As I mentioned, the new management and the potential "new" path will be very interesting with time. There is no doubt that the prior news was good, and recent news on the rutile assemblages is good for the market acceptance. However, as typically with the Samso coverage, the balance is just as important. A "74% rutile" headline is assemblage quality, not grade. A "3.92% monazite" interval is still a calculated figure that is explicitly not really a rare-earth grade or a potentially recoverable product grade. Investors should still consider this news as encouraging exploration signals, not value statements. To the company's credit, these are clearly declared. The real tests are still ahead, such as a maiden resource that holds up, metallurgy that confirms a saleable product, and a development pathway that a frontier jurisdiction can actually support. Figure 2: Lion Rock Minerals Limited share price chart (Source: Commsec) The market has already re-rated the stock hard (Figure 2) over the past year, so a good deal of optimism is in the price. From here items suchs as the maiden Mineral Resource Estimate expected later in 2026, the recoverability and product-quality work that turns a critical-minerals footprint into a defensible product, and whether the Tronox relationship deepens from a 5% stake into something closer to a development partnership, will be the key points to keep an eye on. About Lion Rock Minerals Lion Rock Minerals Limited (ASX: LRM), formerly Peak Minerals Limited, is an Australian-listed mineral sands and critical minerals explorer focused on the development of its flagship Minta Rutile & Monazite Project in central Cameroon (Figure 3).The Company holds an 80% group interest in 18 granted exploration permits and three further permits under valid application across approximately 8,800 km² of prospective ground at Minta, with approximately 5,000 km² described as the higher-priority prospective belt within that footprint. Figure 2: Location of Minta Project ( Source: LRM ASX Announcement) Beyond Minta, Lion Rock holds the Kitongo and Lolo Uranium Projects in Cameroon (six tenements totalling approximately 2,440 km², all currently pending grant) and the Yendon Kaolin Project in Victoria (four licences in the Ballarat-Bendigo zone of the Lachlan Fold Belt). The Green Rocks Project in Western Australia was divested in April 2026 as non-core. Tronox Holdings plc (NYSE: TROX), an integrated producer of titanium dioxide with US-government endorsement of its proposed rare earth refinery, holds a 5% interest in the Company and has identified Minta as a potential feedstock source for its rare earth strategy. The Company’s strategic objective is to deliver a maiden Mineral Resource Estimate at Minta in H2 2026 under the operational direction of a newly appointed Sierra Rutile-pedigree executive team, with both the CEO (Theuns de Bruyn) and COO (Grant Scott) based in-country in Cameroon for the duration of the Minta Project’s development phase. The Board is chaired by Duncan Craib, the former Managing Director and CEO of Boss Energy Limited (ASX: BOE), with David Brophy as Non-Executive Director bringing 20+ years of commercial experience across West and Central African commodity supply chains, licensing and procurement. As at the March 2026 quarterly, Lion Rock reported A$6.872 million in cash and cash equivalents, with a pro forma cash position of approximately A$8 million following settlement of the $2 million Placement announced on 21 May 2026. The Company’s capital structure at 31 March 2026 comprised 3,463,917,147 ordinary fully paid shares on issue (plus 100 million escrowed) and 216,600,000 unquoted options on issue. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies .

The West Australian gold developer is targeting first production from multiple ore sources in the second half of 2027 At a Glance Item Description Company Maritana Minerals Limited (ASX: MRT) Focus Gold development — the Black Swan Processing Hub, a brownfield Carbon-in-Leach (CIL) gold plant Location ~50km from Kalgoorlie, in the Western Australian Goldfields Key development FEED completed; planned nameplate throughput lifted from 2.2Mtpa to 2.5Mtpa The plant Repurposing the former Poseidon Nickel concentrator (acquired via merger), leaning on existing crushing and grinding infrastructure Throughput arc 1.5Mtpa (PFS) → 2.2Mtpa (Feb 2026 Scoping Study) → 2.5Mtpa (FEED) First ore sources Boorara, Coote and Crake open pits and the Cannon underground mine; Burbanks studies continuing Production ambition ~100,000oz per annum gold producer (subject to further technical and economic study) Balance sheet $229M cash plus ~$11M of listed investments Key contractors GR Engineering Services (FEED / EPC); Zeal Engineering (Owner's Engineer); MineBuild Global (mining establishment and restart) Corporate MD & CEO Grant Haywood; Liz Jones appointed COO from 26 August 2026 (ex-GM, Ramelius Mt Magnet regional hub) Approvals Works approvals, Mine Development and Closure Proposals (MDCPs) and native vegetation clearing permits lodged and advancing Timeline Construction targeted mid-2026; first production H2 2027; ore commissioning H1 FY28 Next steps Capital cost review and EPC arrangements with GRES ahead of a Final Investment Decision; SAG mill removal from June 2026; approvals to grant; open-pit, underground and haulage contracts awarded late 2026 Maritana Minerals Limited (ASX: MRT) has delivered a comprehensive progress update earlier this month on the Black Swan Processing Hub (BSPH), located roughly 50km from Kalgoorlie in the heart of the Western Australian Goldfields. The headline is a clean one: front-end engineering design work has lifted the planned nameplate throughput of the plant from 2.2 million tonnes per annum (Mtpa) to 2.5Mtpa, and the broader development effort has shifted visibly from the drawing board to the dirt. Construction is targeted to commence in mid-2026, with first production from multiple ore sources flagged for the second half of 2027. For those who have followed this story, the throughput number tells you more than it first appears. The earlier Pre-Feasibility Study contemplated a 1.5Mtpa plant. The February 2026 Scoping Study moved that to 2.2Mtpa. The FEED work has now pushed it to 2.5Mtpa. The direction of travel matters as much as the destination. Managing Director and CEO Grant Haywood commented: Maritana is "delighted with the substantial progress" at Black Swan. According to Haywood, the completed FEED study and the lift in nameplate throughput above 2.2Mtpa "materially improves the Project's production capacity," with site activity ramping up quickly and key approvals advancing. Combined with the company's de-risking initiatives across infrastructure, accommodation and power, he says Maritana is well positioned for a mid-2026 construction start and first production from multiple ore sources in the second half of 2027, with the team focused on delivering Black Swan as a cornerstone asset. Highlights – The Path to a Gold Mining Story Engineering and Design The Front-End Engineering Design (FEED) phase has been completed, with the report prepared by GR Engineering Services (GRES) now submitted for review. This is the engine room of the update. GRES has identified the potential to run the plant at 2.5Mtpa rather than the 2.2Mtpa carried in the Scoping Study, based on a closer look at the available ore sources and the capability of the existing crushing and grinding infrastructure already standing at Black Swan. Figure 1: Existing infrastructure at Black Swan (Source: MRT Webiste) That last point is the crux of the Black Swan thesis. Maritana did not build this plant from scratch — it inherited a brownfield concentrator through the Poseidon Nickel merger and is repurposing it into a gold Carbon-in-Leach (CIL) operation (Figure 1). Being able to dial throughput higher by leaning on existing comminution capacity is exactly the kind of latent optionality that brownfield assets are supposed to deliver. The company frames the uplift as supportive of its stated ambition to become a ~100,000-ounce-per-annum gold producer, though it is careful - correctly - to flag that this remains subject to further technical and economic study. (Figure 2). Figure 2: Flotation circuit and planned changes (Source: MRT Webiste) Capital Cost Here is where Samso readers should keep their eyes open. Maritana has been candid that process plant capex is likely to rise in line with both the throughput uplift and broader inflationary pressures. The capital implications of the 2.5Mtpa design are still being assessed within the FEED review, and a revised estimate - together with any impact on the mine plan - will come to the market in due course. The company says it is actively reviewing all capital items to identify cost reductions, defer expenditure beyond first gold, and explore separate financing arrangements for certain items. That is a sensible posture, but it is also the open question of this announcement. More tonnes are good. The cost of buying those tonnes is the number that will ultimately decide whether the project economics improve or merely get bigger. Site Survey and Digital Modelling A comprehensive LiDAR (Light Detection and Ranging) survey of the site has been completed, and the resulting point-cloud data used to build an accurate as-built digital model of the existing brownfield infrastructure. This is genuine de-risking, not window dressing. The single biggest execution risk on a brownfield refurbishment is the clash between new and old infrastructure that nobody mapped properly. An accurate digital twin reduces the chance of nasty surprises during detailed design and construction. ROM Pad Design Maritana has finalised the design of an enlarged Run-of-Mine (ROM) pad, sized to take ore from quad side-tipping road trains and to provide substantially more stockpiling capacity. The intent is to support ore blending and optimise mill feed — important when you are pulling from multiple deposits of varying grade and metallurgy into a single hub. Approvals and Permitting Works are progressing under existing approvals attached to the mining leases and the previous 2022 Poseidon Nickel feasibility study. For the new areas, the key regulatory approvals — works approvals, Mine Development and Closure Proposals (MDCPs), and native vegetation clearing permits — have been lodged and are advancing through assessment. Approvals are the quiet risk on every WA development timeline, so seeing them lodged and moving is a tick in the right box. Owner's Engineer and Site Mobilisation Zeal Engineering, a Western Australian firm with greenfield and brownfield experience, has been appointed as Owner's Engineer to strengthen technical oversight through construction. On the ground, two Site Senior Executives (SSEs) and an OHS Manager have been appointed, clean-up and legacy equipment removal is underway, and the removal of the Semi-Autogenous Grinding (SAG) mill — for refurbishment or potential replacement — is scheduled to begin in June 2026. Accommodation The accommodation strategy supports a hub-and-spoke model. A permanent 60-room camp (scalable to 120 rooms) is being designed at Black Swan, with a temporary camp bridging the gap during construction. Concurrently, Maritana is acquiring a central Kalgoorlie property that already carries development approval for around 50 rooms, with settlement expected in the June 2026 quarter. Hotel accommodation in Kalgoorlie is covering drilling and operational-readiness activity in the interim. Unglamorous, but in a labour-constrained Goldfields, beds are leverage. Power, Water and Drilling Western Power has commenced grid connection studies, with approvals expected next quarter, and the diesel backup power station design is complete and right-sized for redundancy. On water, Western Groundwater and Flow Water Services have been engaged for studies and bore field refurbishment. Sterilisation and geotechnical drilling has commenced across the new infrastructure areas — the CIL circuit, power station and tailings storage facility — to lock in detailed design and final siting. Mining Operational Readiness This is the other half of the equation, and it is easy to overlook when the plant grabs the headlines. A plant with no feed is an expensive ornament. Maritana has appointed MineBuild Global to oversee the establishment and restart of the Boorara Open Pit, the Coote and Crake Open Pits, and the development of the Cannon underground mine — the first three key ore sources for Black Swan. Contract tendering for open pit, underground and haulage services has commenced, with awards targeted for late H2 2026 to support mining starting in early 2027. Technical studies for the initial operations are complete, while work on the Burbanks open pit and underground continues. Corporate On the leadership front, Maritana has appointed Elizabeth (Liz) Jones as Chief Operating Officer, commencing 26 August 2026. Jones brings more than three decades of underground and open pit experience, most recently as General Manager of Ramelius Resources' Mt Magnet operations, where she oversaw the establishment of a regional processing hub — directly relevant experience for what Maritana is trying to build. And then there is the balance sheet: a $229M cash balance plus around $11M of listed investments. For a developer at this stage, a funding position of this size is the difference between dictating the pace and being dictated to. Next Steps Maritana has set out a clear list of near-term priorities: finalising the EPC and reimbursable contract arrangements with GRES and completing the capital cost review ahead of a Financial Investment Decision; progressing the lodged approvals through to grant; completing the SAG mill removal and confirming the refurbishment-versus-replacement pathway; advancing accommodation and site earthworks; finalising the water strategy; pushing toward full construction with ore commissioning targeted for H1 FY28; and awarding the open pit, underground and haulage contracts in late 2026. Figure 3: Key Milestones (Source: ASX Presentation) Samso Concluding Comments Maritana Minerals is simply going through its paces, and investors need to take advantage of the "resting" of the gold hype. The consensus in the market is that the fundamentals are all pointing to higher gold prices in the future. The fact that should not deter investors from considering Maritana as a potential investment idea. Look out for our Samso Insights on the Gold Path in 2026 and beyond, which will be coming out soon. There is probably going to be a period of no single transformational catalyst, no maiden resource, no bonanza drill hit, no surprise takeover. Instead what the market is going to see is a methodical list of de-risking steps being knocked over one by one: survey done, ROM pad designed, approvals lodged, Owner's Engineer appointed, SSEs on site, camps being secured, power and water progressing, mining contractor engaged, and a COO with hub-building pedigree on the way. For investors who understand mine development, this is what progress actually looks like. It is what I call the "Boring" stage. Look at this a a period where you can get on the bandwagon again or for those that have not, to get a second chance to get on the journey. The throughput uplift to 2.5Mtpa is a positive, and the scaling arc of 1.5Mtpa at PFS, 2.2Mtpa at Scoping Study, now 2.5Mtpa at FEED does indicate an asset that keeps offering more as the engineering deepens. That is the brownfield optionality thesis playing out in real time, and it is the encouraging signal in this release. What readers should get from this Samso News is our aim to separate signal from noise, and the noise to watch here is capital. Maritana has been refreshingly upfront that capex is likely to rise with both the bigger plant and inflation. More tonnes only creates value if the cost of delivering them does not eat the upside. The revised capital estimate, when it lands, is the number that matters. A $229M cash position buys patience and optionality, but it does not make the capex question disappear. The other thing worth holding in mind is execution sequencing. Maritana is building a plant and standing up multiple mines and securing accommodation and locking in power and water, all at once, all on a mid-2026-to-2027 timeline. The hub-and-spoke model works on paper but the challenge, as ever in this game, is converting a tidy plan into commissioned tonnes and poured gold without timeline slip or budget blowout. In my our opinion, the market will now be waiting for two things: the revised capital number, and the first sign of steel going up. Time, as always, will be the key determinant of whether the ~100koz aspiration becomes a production reality or remains an aspiration. About Maritana Minerals Limited Maritana Minerals Limited (ASX: MRT) — formerly Horizon Minerals, renamed in April 2026 — is an emerging gold developer and producer advancing a portfolio of assets across Western Australia's prolific Eastern Goldfields (Figure 4). Following its transformational merger with Poseidon Nickel and the subsequent Gordons acquisition, the company holds a mineral resource base of around 1.88Moz of gold (34.32Mt at 1.7 g/t Au) across roughly 1,386 km² of tenure in some of Australia's most productive gold belts. Maritana Minerals holds a 100% interest in gold projects in the Kalgoorlie and Coolgardie regions, including the 428,000oz Boorara project and 1,372,000oz in satellite projects in close proximity. At the centre of Maritana's strategy is the Black Swan Processing Hub, located approximately 50km from Kalgoorlie. Acquired as a brownfield concentrator through the Poseidon Nickel merger, the plant is being refurbished and converted into a gold Carbon-in-Leach (CIL) operation, with front-end engineering design lifting planned nameplate throughput to 2.5Mtpa. The hub is designed to provide centralised processing for ore drawn from multiple company-owned deposits — including the Boorara, Coote and Crake open pits and the Cannon underground mine — under a hub-and-spoke model, with construction targeted for mid-2026 and first production in the second half of 2027. The company's stated ambition is to become a standalone gold producer of around 100,000 ounces per annum. Figure 4: Location of Maritania's Projects (Source: ASX Presentation) The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Depth, repetition and a recognised name are not marketing slogans. They are some of the most heavily evidenced ideas in marketing science and behavioural finance. Here is what the published research supports Samso Research and where it pushes back. By Noel Ong · Founder, CEO & Lead Researcher · Samso A NOTE ON THE PIECE — DISCLOSURE OF ORIGIN This is a Samso editorial piece about Samso's own method. In line with our Editorial Charter, we make it clear that we have an obvious interest in the conclusion. So we have made sure that our thoughts in the blog below is sourced to independent, published research, peer-reviewed finance journals, marketing-science institutes and large-scale industry studies. We have included the places where that research qualifies or contradicts the approach. Read the sources. If the evidence does not hold up, the method does not deserve your attention either. The Samso Research Method makes the following claim; That depth beats hype. That a story builds recognition through three principles we call the three Rs — recency, relevancy and repetition. That an owned audience matters more than mass reach. That a name, covered consistently and seriously over time, becomes a name investors recognise without prompting. Those are pleasant things for a research house to say about itself. The fair question is whether they are true or just the in-house language every media business uses to justify what it sells. Our aim is for Samso to stand out from the crowd and offer a different form of engagement to allow balance in the research and "Make News Simple". The reason we have taken this approach to write this piece is to showcase out evidence for our strategy. Today, we want to allow public domain literature to show that the strategy of the Samso Research Media House is not the reinvention of the wheel. The marketing science on repetition and frequency, the behavioural-finance research on how investors actually choose, and the large industry studies on what decision-makers trust is our backbone. Where the evidence backs the method, we say so and cite it. Where it sets limits, we say that too. THE MECHANISM — PART ONE Recognition is built by repetition - Samso Research Media House The third R — repetition — is the one that sounds most like a sales pitch and is, in fact, the best documented. In 1968 the social psychologist Robert Zajonc described the mere-exposure effect: repeated, unreinforced exposure to a stimulus is enough, on its own, to make people regard it more favourably. Familiarity, in his words, breeds liking. The relationship he measured took the shape of a positive but decelerating curve — the first exposures do the most work, later ones less. Fittingly for a research house whose mark is a Chinese pictogram, one of Zajonc's original experiments used Chinese-style characters; people came to prefer the ones they had simply seen more often. [2] This is not a one-study curiosity. By Bornstein's 1989 meta-analysis the effect had been replicated across more than two hundred studies, on words, faces, sounds and objects. [3] In advertising the same intuition was formalised by Herbert Krugman, who argued that exposures move a person through three psychological stages — curiosity ("what is it?"), recognition ("what of it?"), and finally a reminder that primes a decision. [1] Figure 1: The Recognition Curve - The first exposures move a name furthest; the curve flattens as familiarity is established, and can decline if the same weak message is simply repeated. The Samso method does not rely on a magic number of touches — it relies on the underlying mechanism this curve describes. Sources: Zajonc (1968); Bornstein (1989) meta-analysis; Krugman three-exposure framework. See refs [1]–[3]. THE HONEST LIMIT The popular "rule of seven" or "rule of three" is the part of this story to be sceptical of. Krugman himself resisted the literal reading that three advertisements equal a result; he was describing psychological stages, not media-buying maths. [4] Modern audiences are also far noisier than the 1970s ones the early studies measured. And Zajonc's curve has a ceiling: past a point, exposure satiates and can even erode liking. The takeaway is not "repeat anything often enough." It is that repetition is necessary but not sufficient — which is precisely why for the Samso Research Media House, the other two Rs exist. THE MECHANISM — PART TWO Most investors aren't ready today If recognition is built slowly, the obvious objection is: why bother, when most people aren't buying anyway? The answer comes from the Ehrenberg-Bass Institute for Marketing Science. In 2021 Professor John Dawes set out what is now called the 95:5 rule: at any single moment, roughly 95% of potential buyers in a category are not in the market, and only about 5% are actively choosing. [5] Dawes is explicit that the figures are illustrative, not literal. [6] But the structural point is hard to argue with, and it maps almost exactly onto how investors behave. A given investor is not deciding whether to add your company to their portfolio this week. They will be ready months, sometimes years, from now — at a placement, a re-rate, a capital raise, a sector rotation. The job in the meantime is what Ehrenberg-Bass call building mental availability: being the name already in their head when their own moment arrives. A campaign run entirely at the 5% who are deciding today reaches a tiny slice of the people who will eventually matter. Figure 2: The 95:5 Reality - Only a sliver of any investor audience is "deciding" at a given moment. Consistent, depth-led coverage is how a company stays mentally available to the far larger group who will decide later — the logic behind treating coverage as a campaign rather than a one-off event. Source: Dawes (2021), the 95:5 Rule, Ehrenberg-Bass Institute / LinkedIn B2B Institute. See refs [5]–[6]. THE MECHANISM — PART THREE In investing, familiarity is the motivation Most marketing evidence is about products. Investing has its own, and it is blunt. In a 2001 paper in The Review of Financial Studies, one of the most cited journals in finance, Gur Huberman titled his findings "Familiarity Breeds Investment." [7] After the AT&T break-up, he showed, shareholders disproportionately held the regional phone company that served their own region. The same pattern runs through the data: investors over-weight their home country, employees pile into their employer's stock, and people in a company's home town own more of it than chance allows. Huberman's conclusion is that people invest in the familiar, frequently in preference to what diversification theory would tell them to do. [8] For an ASX small- or mid-cap, that is the entire commercial case for recognition stated in the language of finance, not marketing. A name an investor recognises and feels they understand has a measurable edge over an equally good name they have never heard of. "People invest in the familiar while often ignoring the principles of portfolio theory." — the finding, in plain terms, from Huberman's study. THE HONEST LIMIT Read carefully, this is a warning as much as a tailwind. Familiarity bias is a documented error: it leads investors to under-diversify and to back what they recognise over what they have examined. A research model that simply manufactured familiarity would be exploiting that error. This is the exact line the Samso method is built to stay on the right side of. Recognition earned through genuine understanding geology, strategy, numbers, and the risks named out loud, is recognition an investor can defend. Recognition manufactured by noise is the bias Huberman is warning about. The first is what depth-led coverage produces; the second is what a press-release mill produces. The mechanism is the same; the responsibility is not. THE MATERIAL — PART ONE Depth is what decision-makers actually trust The second R, relevancy, or depth, is where the claim is least like conventional promotion, and the evidence here is recent and large. The annual Edelman–LinkedIn B2B Thought Leadership Impact Report surveys around 3,500 management-level professionals across seven countries. The 2024 edition found that 73% of decision-makers consider an organisation's thought-leadership content a more trustworthy basis for judging its capability than its own marketing materials and product sheets. [9] The same study found that 90% of decision-makers and C-suite executives (e.g., CEO, CFO, COO) become more receptive to a company that consistently produces high-quality thought leadership, and that 70% said a single substantive piece had, at least occasionally, made them question whether to stay with an existing supplier. [10] Roughly half of these senior people spend an hour or more every week reading this kind of material. The appetite for substance among the people who actually move capital is not a hope. It is measured. Figure 3: What Decision-Making Do with Depth - Substantive, expertise-led content does not merely raise awareness — it shifts trust and consideration among the senior people making decisions. Depth is the lever; the volume of selling is not. Source: 2024 Edelman–LinkedIn B2B Thought Leadership Impact Report (~3,500 respondents, 7 countries). See refs [9]–[10]. THE MATERIAL — PART TWO Long-form is how the work travels Depth tends to mean length, and there is large-scale evidence that long-form work is also what spreads and endures. A joint study by BuzzSumo and Backlinko analysed over 900 million articles. It found that long-form content earned roughly 56% more social shares than pieces under a thousand words, and that articles beyond 3,000 words attracted about 77% more referring domains — the links from other sites that signal a piece is worth citing. [11][12] 56% 77% 912M More Social Shares For Long-Form vs. Short Content More Referring Domains For 3000+ Word Pieces Articles Analysed In The Study THE HONEST LIMIT Length is not the lever — thoroughness is. Google's own engineers have said word count is not a direct ranking factor; comprehensive content simply tends to be longer as a by-product of covering a subject properly. [13] The same study found that the rewards concentrate heavily: a small fraction of "power posts" earn the great majority of shares and links. Padding a thin story to 3,000 words does nothing. A genuinely deep one, that happens to be long, is what travels. That is a standard, not a word target. THE DISTRIBUTION Owned audience is the multiplier - So Says The Samso Research Media House The work at the Samso Research Media House argues that an owned audience matters more than borrowed reach. The marketing literature broadly agrees, for reasons that have nothing to do with vanity. Owned media which means your own site, podcast, email list, channels you control earns credibility over time as the work proves consistent, remains live and keeps returning value long after publication, and is the largest single contributor to organic, non-paid discovery. [14] Marketers consider owned formats like email newsletters among the most effective channels for establishing genuine authority, ranking them significantly higher than paid placements.[15] A collection of substantial coverage is not a cost centre with an expiration date; instead, it is an asset that grows over time, which is precisely the argument made in the prospectus for the back catalogue. This is not a thought, the monopoly of media in 20206, Google, has always valued owned media at a much higher status that its own paid content. The organic nature or content has always been the most valued source of content as it carries weight of independency. Figure 4: The Trust Spectrum, and Where Samso Site - Owned media's weakness is that audiences know the brand controls it. Independent, third-party coverage carries the highest inherent trust precisely because it doesn't. Samso's editorial charter — disclosure of origin, both sides required, editorial control retained, every piece labelled — is the mechanism that lets even paid membership coverage retain credibility closer to the independent end. Framing draws on the paid / owned / earned media literature. See refs [14]–[16]. THE HONEST LIMIT Owned media has a real weakness that should never gloss over: because the brand controls it, it carries less inherent trust than genuinely independent, third-party coverage. [16] A research house that takes membership fees is, structurally, closer to owned media than to journalism. There is only one credible answer to that, and it is not to pretend the tension away. It is the Editorial Charter: disclose the origin of every piece, require both the upside and the risks, keep editorial control out of the member's hands, and label the work so readers always know which path they are reading. That is what allows the paid work to be worth reading — and what lets the independent coverage keep its full weight. THE SYNTHESIS Why the three Rs compound If we put the evidence together and the three Rs stop being a slogan and become a description of three separate, well-documented mechanisms working on the same audience. Figure 5: Three Mechanisms - One Compound Effect - Each R answers to a different body of evidence — mental availability (recency), trust through depth (relevancy), and the mere-exposure effect (repetition). None is powerful alone. Sustained together, they produce the slow build the prospectus calls recognition. Synthesis of refs [1]–[16]. Recency keeps a company mentally available, so it is in the room when an investor finally enters the market — the 95:5 lesson. Relevancy supplies the depth that the Edelman data shows decision-makers actually trust and act on. Repetition does the patient work of the mere-exposure effect, turning a name into a familiar one. And familiarity, Huberman's finance research tells us, is not a vanity metric in this industry — it is something that demonstrably affects where capital goes. No one of these closes the loop. Run consistently, over time, through owned channels that keep the archive working, they compound. SAMSO CONCLUDING COMMENTS What the evidence does and does not say When all is said and done, the Samso method is not magical, and an honest review of the literature prevents us from claiming it is. There is no silver bullet that will ensure that our methods will work. There is no rule of seven that ensures success. Experience clearly show us that Repetition without substance becomes mere satisfaction that leads to a sugar hit at the very most. Length without depth is just noise and at most times encourages boredom. Unchecked familiarity of topics and real experience in the industry can lead investors astray instead of aiding them. It is a well known fact that Owned Media alone is less trustworthy than independent journalism. What the evidence does indicate is that the individual mechanisms on which the Samso method relies — creating mental availability before the purchase moment, gaining trust through depth rather than quantity, the gradual accumulation of recognition through consistent exposure, and the documented influence of familiarity on investment decisions — are among the most well-supported concepts in their fields. The Samso method is not a new invention. It is the undervalued application of these mechanisms to ASX-listed companies, that is lost in the midst of constant hype. Hype will give companies the instant glorification but as we all know, any credible story will always be a long term proposition. Hype will garnish instant valuation re-rating but when the profit taking takes place, the majority of credible stories never recovers. The Samso approach is to allow our form of research to create a balanced argument that will be valid even after the profit taking. It allows investors to gain confidence on the company story as there are real facts to digest creating evidence of credibility. What The Samso Research Media House Do Not Do is create the "Sugar Hit Experience". There is no hype and there is no discussion of "Moving The Price". The ASX market investing market is constantly looking for the short term manifestation of value creation but real companies with real projects always refer the slow appreciation of value as it is something that can be sustained. As a former practitioner of being a ASX company director, I can vouch for that thought. The ultimate aim of this blog is to highlight the science on why depth, repetition, and a credible source of information are effective. The charter is what makes our independence defensible. Remove either, and the argument collapses. Together, they are why we believe research conducted in this manner is the path worth supporting — and the sources are right below, allowing you to make your own decision. SOURCES AND FURTHER READING Krugman, H. E., "Why Three Exposures May Be Enough" — summarised in the effective-frequency literature. Journal of Targeting, Measurement and Analysis for Marketing (Springer). link.springer.com/article/10.1057/jt.2012.1 Zajonc, R. B. (1968), "Attitudinal Effects of Mere Exposure," Journal of Personality and Social Psychology, 9(2, Pt.2), 1–27 — overview via The Decision Lab. thedecisionlab.com/biases/mere-exposure-effect Bornstein, R. F. (1989), meta-analysis of mere-exposure research (200+ studies), Psychological Bulletin, 106(2), 265–289 — cited in The Decision Lab (ref 2). Julius, L., "The Three Frequency Myth" — on Krugman's own caution against the literal three-exposure rule. linkedin.com/pulse/three-frequency-myth-larry-julius Dawes, J. (2021), "The 95:5 Rule," Ehrenberg-Bass Institute for Marketing Science. marketingscience.info Dawes, J., "The 95:5 Rule" (author note on illustrative figures). johndawes.info/the-955-rule Huberman, G. (2001), "Familiarity Breeds Investment," The Review of Financial Studies, 14(3), 659–680. academic.oup.com/rfs/article-abstract/14/3/659 Huberman, G., "Familiarity Breeds Investment" (working paper, full text, Columbia Business School). columbia.edu (PDF) Edelman & LinkedIn (2024), B2B Thought Leadership Impact Report (full report PDF). edelman.com (PDF) LinkedIn Business, "Reach Beyond the Ready: 2024 B2B Thought Leadership Research." linkedin.com/business Backlinko & BuzzSumo (2019), "We Analyzed 912 Million Blog Posts." backlinko.com/content-study BuzzSumo / Backlinko study, press release. prnewswire.com Content Length Statistics 2025 (on word count vs. thoroughness; Google guidance). ranktracker.com Adobe, "Paid, Earned & Owned Media" — owned media and organic discovery. business.adobe.com Content Marketing Institute data, via DesignRush, "Content Marketing Statistics." designrush.com TVEyes, "Owned vs. Earned Media" — relative trust of media types. tveyes.com/owned-vs-earned-media Disclaimer: This is a Samso Insights editorial piece concerning Samso's own research methodology, and Samso therefore has a direct interest in its conclusions. It is published in keeping with the Samso Editorial Charter, which requires disclosure of origin and the weighing of both sides; the limitations of each argument have been included accordingly. All empirical claims are attributed to the independent third-party sources listed above. Nothing here is financial advice, and no specific security is recommended. Readers should consult the primary sources and form their own view. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | Independent research media for the ASX. Depth over hype.

The company consolidates majority ownership and management of Avondale while turning the geophysics on across the heart of its district holdings. At a Glance Item Description Company Rimfire Pacific Mining Limited (ASX: RIM) Focus Scandium, gold and copper — Fifield District, central NSW Location ~70km northwest of Parkes, within the Lachlan Orogen Key development Moving to 60% ownership and the manager role of the Avondale Project as partner Golden Plains Resources vests its 40% interest Avondale deposits Melrose (1.1Kt Sc₂O₃), Currajong (3.1Kt Sc₂O₃), plus part of the Murga Scandium Deposit (12Kt Sc₂O₃) Other assets in district Kars and Forest View Scandium Prospects; Kara Kara Gold Copper Prospect; Sorpresa Gold Silver Deposit (74.3Koz Au, 3.44Moz Ag) Current work 2D seismic survey along a 9km traverse across the Fifield and Avondale Projects, run by Velseis Pty Ltd Survey targets Margins of the Murga Intrusive Complex; northeast-oriented structures linked to gold mineralisation Neighbours Rio Tinto's Burra Scandium Deposit; Sunrise Energy Metals' Syerston Scandium Deposit Market context Global scandium oxide production ~40tpa; scandium on critical minerals lists of Australia, Canada, the EU and US Next steps Seismic processing and interpretation, feeding into drill targeting Rimfire Pacific Mining (ASX: RIM) is sharpening both its ownership position and its geological understanding of the Fifield District in central New South Wales. The company has confirmed it will move to a 60% interest in the Avondale Project after its exploration partner, Golden Plains Resources (GPR), gave notice of its intent to vest a 40% interest under the terms of the Avondale Earn-In Agreement. The move leaves Rimfire holding the majority stake and operational control of the project going forward. At the same time, a seismic survey is now underway at Fifield, approximately 70km northwest of Parkes — a program designed to map the geological architecture partly beneath the very ground the Avondale transaction consolidates, and to feed directly into the planning of forthcoming drilling programs. How the Deal Is Structured Under the terms of the Earn-In Agreement, GPR's 40% interest will vest once it satisfies its expenditure obligations. Once vested, the two parties will establish an unincorporated joint venture, with Rimfire serving as Manager. Both parties will then fund future work programs on a pro rata basis. Avondale: Majority Ownership in the Scandium Epicentre The Avondale transaction consolidates Rimfire's position in one of the most strategically located scandium addresses in the country. Avondale sits within the Fifield District — described by the company as Australia's scandium epicentre — roughly 70km northwest of Parkes in central New South Wales. The project lies adjacent to Rio Tinto's Burra Scandium Deposit and Sunrise Energy Metals' Syerston Scandium Deposit (Figure 1). Figure 1: Fifield Scandium Projects showing Rimfire and third-party projects, Scandium Deposits and prospects (Source: RIM ASX Announcement) Avondale is not a greenfield holding. The project hosts the Melrose and Currajong Scandium Deposits, carrying 1.1Kt and 3.1Kt of scandium oxide respectively. It also contains the Kars and Forest View Scandium Prospects, along with the Kara Kara Gold Copper Prospect. In addition, the north-western portion of the larger Murga Scandium Deposit — which holds 12Kt of scandium oxide — falls within the Avondale Project boundary. (Figure 2). Figure 2: Fifield and Avondale Projects showing location of Scandium and Gold Deposits, and key prospects (Source: RIM ASX Announcement) Seismic Survey Underway at Fifield With majority ownership of Avondale secured, Rimfire's attention turns to the subsurface. The seismic survey aims to strengthen the company's understanding of the area's geological architecture and the geological setting of the numerous scandium, gold and copper mineral occurrences within the district, with the data to be used in planning upcoming drilling programs. The program has two specific targets. First, the survey will examine the geometry of the margins of the Murga Intrusive Complex, which hosts the Murga Scandium Deposit and its 12Kt of scandium oxide. Second, it will test the significance of several northeast-oriented structures thought to host localised gold mineralisation — such as the Sorpresa Gold Silver Deposit, which carries 74.3Koz of gold and 3.44Moz of silver (Figure 3). Figure 3: Fifield Scandium Projects showing Rimfire and third-party projects with the area of seismic survey highlighted in Yellow (Source: RIM) The 2D survey is being run along a 9-kilometre, southeast-oriented traverse through the central portion of the Fifield and Avondale Projects by specialist contractor Velseis Pty Ltd, using its Mini-SOISE system (Figure 4). Acquisition is expected to take at least three field days, with processing and interpretation to follow shortly after. The company has flagged a further update once results are in hand. Figure 4: Velseis Pty Ltd Mini-SOISE system (Source: RIM ASX Announcement) The geography is worth noting. The traverse crosses ground spanning both the Fifield and Avondale Projects — meaning the structural picture it produces will inform drill targeting on the very tenements over which Rimfire has just assumed the Manager's role. The Scandium Market Backdrop The strategic logic behind consolidating scandium ground becomes clearer against the backdrop of how the metal's market actually works. Scandium sits in an unusual category — a market that is tiny in tonnage but disproportionately high in strategic value. Global scandium oxide production has been running at only around 40 tonnes a year, with annual consumption estimated in the range of roughly 15 to 25 tonnes (Figure 5). In a market measured in tens of tonnes, Samso notes that a single credible project can shift the entire supply narrative. Figure 4: Scandium Market Scale bar chart: 2022 (<40 t) vs 2024 (~40 t) with source notes. (Source: Samso) That value comes from function rather than volume. Adding a fraction of a percent of scandium to aluminium produces alloys that are lighter, stronger, more weldable and more heat- and corrosion-resistant — properties prized in aerospace, defence and advanced manufacturing — while scandium-bearing ceramics also play a role in solid oxide fuel cells used in clean-energy systems. Scandium appears on the critical minerals lists of Australia, Canada, the European Union and the United States. Supply, however, is highly concentrated, with China dominating primary production and refining, and most output historically recovered only as a by-product. Samso points to rising Western interest in securing alternative supply, including reported moves by the U.S. Defence Logistics Agency to buy scandium oxide for strategic stockpiles. Against that picture, New South Wales has emerged as Australia's most concentrated scandium province — described by Samso as the country's scandium hotspot, or the "Kalgoorlie of scandium" — hosting projects spanning exploration through to construction-ready assets, including those of Sunrise Energy Metals, Scandium International Mining and Rimfire. Why It Matters Securing majority ownership and management of a project that already contains defined scandium resources — and which sits shoulder to shoulder with major-company deposits held by Rio Tinto and Sunrise Energy Metals — strengthens Rimfire's standing in the Fifield scandium district. In a supply-constrained market where new, Western-aligned sources carry outsized strategic weight, district-scale consolidation of defined resources and exploration targets is the kind of positioning that matters. The seismic survey adds the next layer. Taken together, the picture is of a company moving in sequence: secure control of the ground first, then build the structural understanding needed to drill it intelligently. With Rimfire stepping in as Manager, the company gains direct say over how that next phase of work is planned and executed across the Avondale tenements — and before long, it should have a much clearer picture of what lies beneath them. Samso Concluding Comments To understand the Rimfire Pacific Mining story, potential investors and existing shareholders need to know the most important aspect of "investing" in this sector and that is patience. Projects such as what Rimfire Pacific Mining is proposing will take time and we are talking about multiple years. There is nothing going to happen in weeks nor months. The increasing in ownership of Avondale is a good start and it is a "cheap" way to develop what may become a significant critical mineral story. When the "Critical Mineral" slogan starting its journey, there was a plethora of "minerals" being touted as of importance but in reality, there are only a few that is actually of importance. The actual rareness of the minerals have been confused with a economic and geopolitical bottleneck as opposed to be rare geologically. Lithium and the Rare Earths is prime example. There is not a lack of but rather than a downstream issue which is actually the problem in the chain. Check out the Coffee with Samso conversation what I had with Tim Craske where he clearly lays out the insights we all should have when we talk about the Critical Metals conversation. Understanding what the term "Critical Metals" in the context of what Rimfire Pacific Mining could deliver is important. The two mineral that I see as geologically rare is Tungsten and Scandium. Some say Copper is critical and I agree but the metal copper is not rare geologically. Rimfire Pacific Mining, for Samso, is all about consolidating an economical deposit that is literally the jewel in the crown. As we have established, the Fifield are is a Tier-1 global location for Scandium. The likes of Rio Tinto wanting to spend a large sum of money developing a downstream process in the area is prove that if you want Scandium, this is the place to be. Hence, we all know that companies like Rio Tinto invest in the long term and their outlook for developing projects are always measured in multiple of years to decades, investors look for leverage for their investments must start to investigate the merits of Rimfire Pacific Mining and start the DYOR process. About Rimfire Pacific Mining Limited Rimfire Pacific Mining Limited is an ASX-listed critical minerals exploration company advancing a portfolio of projects across the Lachlan Orogen and Broken Hill districts of New South Wales, with its principal focus on the Fifield District, approximately 70km northwest of Parkes in the state's central west. Fifield sits within one of Australia's most significant mineral provinces. The district lies along the Lachlan-Cadia Lineament, in a region that hosts major operations including the Cadia Valley gold-copper mines and the Northparkes copper-gold mine, and has a mining history stretching back more than a century. More recently, the district has emerged as Australia's premier scandium address, hosting deposits held by Rio Tinto, Sunrise Energy Metals and Rimfire itself. The company's portfolio combines 100%-owned and earn-in ground. Its wholly owned projects comprise the Green View Cobalt Project, the Valley Project and the East Cowal Copper Gold Project. Its earn-in interests cover the Avondale and Fifield Projects, which together host multiple scandium deposits — including Melrose, Currajong and the Murga Scandium Deposit — alongside gold and copper prospects. Rimfire is also credited with the greenfields discovery of the Sorpresa Gold Silver Deposit at Fifield, which remains part of the district's exploration story. Rimfire's strategy is to build a district-scale position across scandium, gold and copper in central New South Wales — consolidating ownership, deepening the geological understanding of its ground, and advancing its assets through systematic exploration. The company is led by Managing Director and CEO David Hutton, a geologist with more than three decades of experience in the minerals industry. The company also holds the Malamute Scandium Prospect approximately 40km north of Murga on its 100%-owned Rabbit Trap Project, offering regional resource growth optionality. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The ASX-listed developer says the designation could halve federal permitting time and open access to government financing for its Vale-backed magnetite project. Iron Bear Resources Limited (ASX: IBR) has applied to have its Iron Bear Magnetite Iron Ore Project in the Labrador Trough recognised as a Project of National Significance in Canada. The application, lodged with the Canadian Major Projects Office (MPO), is aimed at securing faster federal approvals and improved access to government financing for the company's magnetite iron ore and direct reduction (DR) pellet project. If granted, the designation is expected to reduce federal permitting timelines from about five years to two, improve coordination between federal and provincial authorities, and provide access to federal financing channels including the Canada Infrastructure Bank, the Canada Growth Fund and the Indigenous Loan Guarantee Program "The Iron Bear Project is a very strong candidate to be recognised as Project of National Significance in Canada," managing director Paul Berend said, adding that it could position the country "as the world leader for the supply of high value and low carbon direct reduction iron ore pellets." The application has not yet been granted. Iron Bear, formerly known as Cyclone Metals, did not provide a timeline for a decision by the MPO, which reports to the office of Canadian Prime Minister Mark Carney. A Large Magnetite Resource In An Established Province The Iron Bear Project is located in the Labrador Trough, a long-established iron ore province near the border of Newfoundland and Labrador and Quebec, around 30 kilometres northwest of Schefferville (Figure 1). The region has produced iron ore since 1954 and hosts operations run by Rio Tinto, ArcelorMittal, Champion Iron and Tata Steel. Collectively, these operations produce on the order of 50 million tonnes of iron ore products each year. For Iron Bear Resources, this means the project is not located on a remote, untested frontier, but within a proven mining district with a deep operating history, established supply chains, skilled labour, and — critically — the rail and port infrastructure required to move bulk commodities to international markets. The project holds a JORC-compliant mineral resource of 13.6 billion tonnes grading 30% total iron, including 4.5 billion tonnes at 29.5% iron in the higher-confidence Indicated category. It lies within about 25 to 35 kilometres of an open-access heavy-haul railway connected to export ports at Sept-Îles and Pointe-Noire. Geologically, the deposit is a Lake Superior-type banded iron formation, composed predominantly of magnetite and haematite hosted within chert. Mineralisation in the defined Greenbush Zone extends across an area approximately 10 kilometres long and 5 kilometres wide, with thrust faulting stacking the mineralised units to more than 500 vertical metres. This combination of large surface footprint and significant vertical extent supports the prospect of a long-life, large-scale mining operation. Iron Bear has positioned the project to supply direct reduction (DR) grade material used in lower-emission steelmaking. Pilot-plant test work has produced a concentrate grading about 71% iron with low silica and low levels of deleterious elements, and the company has completed a pilot run producing direct reduction pellets. A separate study indicated the project's concentrator could be powered entirely by low-cost renewable energy. An August 2025 scoping study estimated a post-tax net present value of US$9.79 billion at an 8% discount rate, an internal rate of return of 18.6%, and pre-production capital expenditure of US$4.64 billion, based on planned production of 25 million tonnes a year. The figures are preliminary, and a Pre-Feasibility Study has yet to be completed. Figure 1: Location of the Iron Bear Project in the Labrador Trough, Canada (Source: IBR ASX Announcement) Policy Backdrop The application comes amid a broader push by the Canadian government to support critical minerals development. Canada added high-purity iron to its critical minerals list in June 2024, launched the Major Projects Office in August 2025, and in April 2026 announced the Canada Strong Fund, a sovereign wealth fund seeded with an initial C$25 billion to back nation-building projects including mines and critical minerals. Vale Partnership Underpins Funding Perhaps the single most transformative element of the Iron Bear story is the company's development partnership with Vale S.A., the world's largest iron ore producer. Following a non-binding memorandum of understanding in late 2024, a binding development agreement was executed in February 2025. Under the agreement, Vale may contribute up to US$138 million in funding across two phases to earn a 75% interest in the Iron Bear Project. The structure is staged and carefully designed. In the first phase, Vale funds up to US$18 million toward a Pre-Feasibility Study, resource drilling and environmental baseline studies, with an initial tranche received in 2025 supporting a drilling campaign of around 24,000 metres. Vale may then elect to proceed to the second phase, under which the parties form a joint venture — with Vale initially holding 30% — and Vale funds up to a further US$120 million toward a Bankable Feasibility Study, environmental impact studies and Impact Benefit Agreements with First Nations. Vale's interest rises to 75% on full contribution or upon a decision to mine, at which point it may either acquire the remaining interest at fair market value or carry the company through to production. The strategic significance of this arrangement is considerable. Vale is not only the world's largest iron ore producer but also one of the few global suppliers of premium DR pellets and low-carbon iron products. For a development-stage company, having a partner of this calibre fund the project through its most capital-intensive and technically demanding de-risking stages represents a powerful validation of both the asset and the strategy. It also addresses, in large part, the funding challenge that typically constrains junior developers facing multi-billion-dollar capital requirements. Infrastructure A large iron ore resource is only as valuable as the infrastructure available to develop and transport it, and here the Iron Bear Project again benefits from its setting. The project lies within approximately 25 to 35 kilometres of an open-access heavy-haul railway that connects directly to the open-access iron ore export ports at Sept-Îles and Pointe-Noire (Figure 2). Access to established, third-party rail and port infrastructure materially reduces the capital intensity and execution risk associated with developing a remote bulk commodity project. Figure 2: Iron Bear Projects connectivity to Sept-Iles and Pointe Noire (Source: IBR ASX Announcement) The company has also placed considerable emphasis on the carbon footprint of its proposed operation. A power de-risking study has indicated that the project's concentrator could be powered entirely by low-cost renewable energy, with potential access to hydropower from the Menihek facility in the region. The ability to combine a high-grade, low-impurity iron product with renewable power is central to the company's ambition of producing some of the lowest-carbon iron ore products in the world. What are DR Pellets? Direct reduction (DR) pellets are high-grade iron ore pellets made specifically for direct reduction ironmaking - a route that uses natural gas or hydrogen, rather than coke, to strip the oxygen from iron ore. Because it avoids the coke-fired blast furnace, the DR route produces significantly lower carbon emissions, which is why it sits at the centre of the global shift toward "green steel." The catch is that direct reduction is far more demanding about what it will accept. DR pellets need a higher iron content and much lower levels of silica and other impurities than the pellets used in conventional blast furnaces. That quality bar is high enough that the commercial DR pellet market is supplied by only a small group of established producers - most notably Vale, LKAB and Cleveland-Cliffs - and global supply of DR-grade material remains tight relative to the steel industry's decarbonisation ambitions. This is where the Iron Bear Project's product becomes relevant. Pilot-plant test work has produced a DR-grade concentrate grading around 71% iron with low silica and ultra-low deleterious elements, and the company has completed a pilot run producing DR pellets. In other words, the project is targeting exactly the premium, low-impurity feedstock that green steelmakers are short of — and doing so alongside Vale, one of the few incumbent DR pellet producers in the world. About Iron Bear Resources Iron Bear Resources Limited (ASX: IBR) is an Australian-listed iron ore development company focused on building one of the largest, highest-quality magnetite iron ore projects in North America. Headquartered in West Perth, Western Australia, and listed on the Australian Securities Exchange under the code IBR, the company was previously known as Cyclone Metals Limited and adopted its current name in January 2026 to reflect the central role its flagship asset, the Iron Bear Project, now plays in its strategy. The company's shares are also traded internationally, including on the OTC market (CMULF) and the Frankfurt Stock Exchange (HM50). The company's purpose is straightforward but ambitious: to develop the Iron Bear Project in Canada into a long-life supplier of high-grade, low-carbon iron ore products for the global steel industry, with a particular focus on the premium direct reduction (DR) grade material that underpins the transition to lower-emission, or "green," steel. In doing so, Iron Bear Resources is positioning itself at the intersection of three powerful themes shaping the modern resources sector: the decarbonisation of steelmaking, the strategic importance of critical minerals, and the advantages of operating in a stable, supportive, tier-one mining jurisdiction. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

SEDEX systems are the world’s most important source of lead and zinc and rank among the largest, richest orebodies on earth. Miramar Resources Limited (ASX: M2R) confirmed it had completed its first-ever auger drilling programme at the Joy Helen copper-lead-silver prospect, part of the 100%-owned Chain Pool project in Western Australia's Gascoyne region. The drill program rides on the back of the project's similarities with Sedimentary Exhalative (SEDEX) deposits in the Macarthur Basin. (Figure 1). Importantly, SEDEX systems are the world’s most important source of lead and zinc and rank among the largest, richest orebodies on earth. Miramar’s Managing Director, Ms Marion Bush said the key geological ingredients at the Chain Pool project, combined with evidence of mineralisation in old workings and on the surface at the Joy Helen prospect, have Miramar excited about the project’s potential to host a large SEDEX deposit. Figure 1: Joy Helen prospect showing auger drill holes in relation to carbonate alteration halos and highgrade mineralisation (Source: M2R ASX Announcement) This was the campaign we previewed in late May, when the rig was first turning. That loop has now closed: the drilling is done, the samples are on their way to a Perth laboratory, and assays are expected within three to four weeks. Table 1: Samso Summary Item Detail ASX Code M2R Announcement Chain Pool SEDEX Potential Tested with Successful Auger Drilling (3 June 2026) Prospect Joy Helen Cu-Pb-Ag, Chain Pool Project (E08/3676) Location ~275km northeast of Carnarvon, Gascoyne region, WA Programme 124 auger holes, completed in under two weeks, under budget Strike Known mineralisation ~300m, extended toward a potential ~700m Deposit Model Sedimentary Exhalative (SEDEX) Pb-Zn-Ag, hosted in the Irregully Formation Assays Submitted to Perth lab; results expected in 3–4 weeks Next Steps Ground gravity + passive seismic surveys, then RC or diamond follow-up So, What Exactly Is a SEDEX Deposit? SEDEX is short for Sedimentary Exhalative. The name describes how the metal gets there: hot, metal-rich fluids vent ("exhale") onto or just beneath the floor of a sedimentary basin, and the metals precipitate out among the soft, accumulating sediments. Picture an ancient seafloor sitting over a basin that is slowly pulling apart along deep faults. Those faults act as plumbing. Mineralised brines rise through them, hit the cooler, oxygen-poor water and mud near the surface, and drop their cargo of lead, zinc, silver — and sometimes copper — as layered sulphide ore. Three features tend to define the classic SEDEX setting, and all three are why this deposit type is such a prized exploration target: First, the basin. SEDEX systems form in rift-generated sedimentary basins — older clastic sediments overlain by a thick "sag-phase" sequence of black shales and calcareous mudstones. That stacked, layered architecture is what allows the ore to spread out as broad, stratiform (layer-like) bodies rather than narrow veins. Second, the growth fault. There is almost always a major long-lived fault at the basin margin that channels the mineralising fluids. Find the fault, and you have found the likeliest address for the metal. Third, the zoned halo. As the venting fluids cool and react with the surrounding rock, they leave a predictable chemical fingerprint. At the well-studied Lady Loretta deposit in Queensland, the orebody is wrapped in a proximal zinc-rich siderite halo up to 50m thick, then an ankerite/ferroan dolomite halo for another 50–100m, before grading out into ordinary dolomitic sediment, with broad manganese and thallium halos beyond. Geologists can effectively walk up the gradient of these halos toward the ore — a built-in treasure map, if you can read the chemistry. Why SEDEX Matters — to Geologists and to Investors Here is the part that should make any resources investor sit up. SEDEX deposits are the single most important source of lead and zinc on the planet, and a major source of silver and copper as well. When they work, they tend to be big, and they tend to be rich. The roll-call of SEDEX (and SEDEX-adjacent) giants is a who's-who of world-class mines: Sullivan in Canada, Red Dog in Alaska, Rammelsberg in Germany, and an Australian cluster that includes Cannington, George Fisher, Mount Isa and HYC (Figure 2). These are the kinds of orebodies that underwrite mining towns for decades. That scale is precisely why a junior explorer with a credible SEDEX thesis and a tight share register is interesting — the prize, if it exists, is large enough to re-rate a company many times over. The flip side, and it must be said plainly, is that "credible thesis" and "discovery" are separated by a lot of drilling, and most exploration ground never crosses that gap. Figure 2: Global distribution of SEDEX zinc-lead-silver deposits with proportional symbol showing contained zinc and lead in tons. Insets show distribution of deposits in the (A) Selwyn, (B) Belt-Purcell, (C) Rajasthan, and (D) Mt. Isa-McArthur basins.( Source: U.S. Geological Survey Open-File Report) Does Joy Helen Actually Fit the Model? This is where Miramar's announcement does its real work — not in the drill metres, but in stacking up the geological evidence against the SEDEX checklist. Joy Helen sits in carbonate rocks right against a major growth fault on the edge of the Edmund Basin. Tick the basin. Tick the fault. And, according to Technical Director Allan Kelly, the prospect shows the same zoned carbonate alteration halo — with base-metal values climbing toward a proximal siderite zone — that you would expect from the textbook SEDEX model. Tick the halo (Figure 3). Figure 3: Location and Geology of the Chain Pool Project ( Source: M2R ASX Announcement) There is also a neat explanation for what is missing. So far Joy Helen shows secondary copper and very little zinc, which at first glance seems odd for a lead-zinc deposit type. But metal zonation is normal in these systems: at Mount Isa, primary copper forms closer to the fluid vent, with lead and zinc further out. A copper-rich, zinc-poor signature at surface is therefore consistent with sitting near the "hot" end of a zoned system — potentially an encouraging place to be, rather than a red flag. It is a model-consistent observation, though one that drilling and assays still need to confirm rather than assume. Managing Director Marion Bush's framing is that the project now has all the key geological ingredients for a large SEDEX deposit, combined with real mineralisation in the old workings and at surface. The auger programme didn't prove a deposit — no auger programme does — but it was designed to test the scale of the system, and on the company's account it found enough structure to justify the next, more expensive round of work. Figure 4: Typical SEDEX deposit model adjacent to a major growth fault in a rift basin showing upper breccia and lower replacement orebodies and zoned geochemical halos ( Source: M2R ASX Announcement). What Happens Next Two things are running in parallel. While the assays are processed, Miramar plans a ground gravity survey and a passive seismic survey. Together these are meant to map the basement topography and faulting beneath the cover and, potentially, to directly detect deeper lead-zinc mineralisation. The company has flagged that the gravity survey alone might be enough to generate drill targets. Whatever the surveys and assays show will then shape a follow-up campaign using either an RC or a diamond rig — the heavier tools that can actually test for an orebody at depth. It is worth keeping expectations calibrated. Auger drilling is a near-surface reconnaissance tool; it is the opening move, not the checkmate. The value of the 3 June release is that it keeps the sequence moving and sets up a richer dataset — assays plus geophysics — before any capital goes into deeper drilling. Separately, the announcement carried a brief Eastern Goldfields update: Miramar is working through the drilling data at its 80%-owned Gidji JV Gold Project near Kalgoorlie to assess the potential for shallow gold resources beside the Goldfields Highway, with infill drilling pencilled in for the Highway target in the second half of the year. So the gold story that has driven much of M2R's recent news flow hasn't gone quiet — it is simply sharing the stage. Samso Concluding Comments Chain Pool is, at this stage, a thesis backed by a genuinely good-looking address: the right basin, the right fault, the right alteration halo, and high-grade rock chips already in hand. The 3 June programme did what early-stage exploration is supposed to do — it widened the search area cheaply and quickly, and it framed the next decisions around hard data rather than hope. The disciplined, low-cost manner of the campaign is consistent with how this team tends to operate. For investors, the watch-items from here are concrete and near-term: the assay results in the coming weeks, and the gravity/seismic survey outputs that should sharpen any drill target. Neither will, on its own, "make" the discovery — but together they are the difference between a compelling story and a defined target worth putting a diamond rig on. As always in exploration, the geology can be excellent and the outcome still uncertain. Patience, position sizing and your own research remain the only sensible companions. Reader who have been following Samso will know that Miramar Resources is my favourite explorer. A shareholder that still believes in a discovery, Miramar is definitely worth taking some time for the process of DYOR About Miramar Resources Limited Miramar Resources Limited (ASX: M2R) is a Western Australia–focused mineral exploration company searching for gold, copper and nickel-copper-PGE deposits across two of the state's most prospective regions: the Eastern Goldfields and the Gascoyne. The portfolio spans eight projects across the two regions. In the Eastern Goldfields, the anchor asset is the 80%-owned Gidji JV Gold Project, located roughly 15km north of Kalgoorlie, where recent reverse-circulation drilling has returned shallow, high-grade gold. In the Gascoyne, Miramar holds a cluster of base- and battery-metals projects, including the 100%-owned Whaleshark copper-gold (IOCG) project near Onslow, the Chain Pool copper-lead-silver (SEDEX) project, the Bangemall Ni-Cu-PGE project, Carnarvon Sands, and the recently optioned South Ashburton project. The company continues to actively manage its portfolio, recently completing the sale of its Randalls Project to Ore Resources Limited (ASX: OR3) in April 2026 as part of an ongoing strategy to rationalise its Eastern Goldfields ground and concentrate capital on its highest-priority targets. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

An Australian drone-target maker scaling into a global counter-drone wave — already in the field with allied militaries. 01 / The 60-Second Pitch Boresight Ltd (proposed ASX: BST) is a Canberra-based defence-tech company listing on the ASX on 10 June 2026, having raised $8m at $0.20 per share. What makes it stand apart from the usual micro-cap float is simple: it already sells things to real customers. This is not a concept or a drill target — it’s an operating manufacturer with revenue, a product range, and a foothold inside allied militaries. The product is deceptively mundane and rather clever. Modern warfare has been reshaped by cheap drones — for surveillance, and increasingly as weapons. Militaries now have to buy and operate counter-drone systems, and then train against the threat. Training against real, expensive ISR drones is wasteful; you don’t want to shoot down a $50,000 aircraft to test a jammer. Boresight’s answer is a range of low-cost “attritable” target drones — built to be cheap enough to be shot out of the sky repeatedly, but capable enough to mimic the threats soldiers will actually face. More targets, less money, more repetitions, better-trained operators. The flagship is the BQ400 quadcopter target, backed by mission-planning software and a “swarming” ground-control system that lets one operator fly many targets at once — exactly the kind of complex, many-against-one scenario that C-sUAS crews need to rehearse. A fixed-wing target (the BF150) and a general-purpose quadcopter (ASCA) are in the pipeline. The company said its military customers include 11 Western armed forces, listing the Australian Defence Force, British Army, Canadian Armed Forces, New Zealand Defence Force, the United States Army, Marine Corps, Navy and Air Force, and the Dutch, Italian and Finnish armies. The pitch to investors is a scaling story: take a proven, in-demand product and a thin manufacturing base, add public-market capital, and build capacity — expand the Fyshwick (Canberra) operation and stand up a US plant in Alabama to chase the world’s largest defence market. The tailwind is real and politically durable: Australia’s updated Integrated Investment Program commits an estimated $12–15bn to drone and autonomous systems through 2036, with counter-drone explicitly in scope. What you’re buying, then, is early-stage exposure to a genuine business in a hot sector — with all the execution and concentration risk that “early-stage” implies. 02 / Boresight (ASX: BST) IPO Snapshot Table 1 — IPO Snapshot Item Detail Company Boresight Ltd (ACN 642 501 228) Proposed ASX Code BST Offer Price $0.20 per share Raise $8.0m (40,000,000 shares, before costs) Indicative Market Cap ~$41.8m (at offer price) Pro-forma Cash on Listing ~$8.94m FY25 Revenue $4.36m (FY24: $2.77m) FY25 Result Net loss of ~$0.60m Lead Manager CPS Capital Corporate Adviser ARQ Capital Share Registry Xcend Lodgement / Offer close / Quotation 23 Apr / ~19 May / 10 June 2026 Sector Defence technology — counter-drone (C-sUAS) training systems HQ / Operations Fyshwick, ACT (Canberra); US facility in Madison/Huntsville, Alabama 03 / Capital Structure & Dilution Here the contrast with a typical explorer float is stark — and in Boresight’s favour. The $41.8m indicative market cap at a $0.20 offer price implies roughly 209 million shares on issue after listing. The 40 million new shares sold in the IPO therefore represent only about 19% of the company. Existing holders aren’t being washed out; they’re bringing the public in for a minority slice and keeping the lion’s share. Table 2 — Capital Structure Security Shares % of company Existing shares (pre-IPO) 169,022,782 81% New IPO shares 40,000,000 19% Total on listing 209,022,782 100% That low dilution cuts both ways. It signals founders and early backers believe in the upside and want to keep it — good alignment. But combined with a heavily insider-held register (see Section 7), it also means the free float is small, which tends to mean thin liquidity and sharper price swings once trading begins. There’s also a meaningful options stack — the directors collectively hold well over 15 million options — which will sit over the stock as future dilution if exercised. Expect a chunk of insider stock to be escrowed for the usual 12–24 months; the prospectus has the detail. 04 / Use of Funds Boresight IPO has been refreshingly plain about what the $8m is for: making more drones, faster, in more places. The proceeds are earmarked to expand the engineering and production teams, ramp up production in the United States, increase additive manufacturing (3D printing) capacity, and further vertically integrate the operation — alongside expanding the existing Canberra facility and leasing the larger Alabama site. Table 3 — Use of Funds (as described) Use Purpose Manufacturing capacity Expand Fyshwick (Canberra); increase additive-manufacturing capacity US expansion Stand up / lease a larger facility in Madison–Huntsville, Alabama People Grow engineering and production teams Vertical integration Bring more of the supply chain in-house Working capital General corporate purposes The prospectus does not publish a precise dollar split across these line items; the above reflects the categories management has disclosed. The logic is sound: the binding constraint on a business like this isn’t demand, it’s the ability to build units at volume and at cost. The US footprint is the strategically interesting bit — Alabama (Huntsville is a major US defence-and-space hub) puts Boresight next to the world’s biggest defence buyer. It’s also where execution risk is concentrated and where export control and dual-use compliance become more complicated. 05 / The Business — What Boresight Actually Sells This is the section an explorer can’t write, because there’s a real product line to describe. Table 4 — Product & Service Range Offering What it is Status BQ400 Quadcopter The flagship — a cost-effective quadcopter target for C-sUAS training and testing (Figure 1) In production / in field Swarming GCS Ground-control + flight-management software letting one operator fly many targets at once In use Mission Planning Software Pre-defined flight profiles and escalating scenarios for repeatable training In use ASCA GP-UAS Quadcopter A general-purpose quadcopter platform “Coming soon” BF150 A fixed-wing target to replicate faster, fixed-wing threats “Coming soon” The thesis hangs on the attritable idea: targets cheap enough to be destroyed routinely, but realistic enough to train against the evolving threat. That combination — low unit cost plus credible threat emulation plus software to orchestrate complex scenarios — is the moat Boresight is claiming, and it’s why it frames itself as the only ASX-listed pure-play in counter-drone training systems. Figure 1: Boresight's BQ400. The flagship — a cost-effective quadcopter target (Source: Company Website) The pipeline matters too. A fixed-wing target and a general-purpose platform would broaden the addressable training scenarios beyond quadcopters, but both are still “coming soon” — i.e. not yet revenue. For now, the BQ400 and the software around it are the engine. 06 / Traction & Financials The reason to take Boresight seriously is the numbers it already has on the board. Table 5 — Financial & Commercial Snapshot Metric Figure FY25 revenue $4.36m FY24 revenue $2.77m Revenue growth ~+57% year-on-year FY25 net result Loss of ~$0.60m Pro-forma cash on listing ~$8.94m Units sold (since 2020) 6,000+ target drones Customer base 15 militaries across 12 countries Incorporated 2020 (spun out of Criterion Solutions) Two things stand out. First, the revenue is real and growing fast — a ~57% jump in a year, off a base that’s already meaningful for a company of this size. Second, the loss is small (~$0.60m), which says this isn’t a cash-incinerating moonshot; it’s a near-breakeven business that needs capital to grow, not to survive. Pro-forma cash of ~$8.94m post-raise gives it a comfortable runway to fund the expansion. The honest caveat is the shape of defence revenue. Government and military orders are lumpy and slow — they arrive as episodic contracts, not smooth subscription curves, and procurement timelines can stretch. A 57% growth rate is impressive but won’t necessarily repeat in a straight line; one delayed program can swing a half-year. Investors should watch the cadence of new orders post-listing more than any single revenue figure. 07 / The Board & Ownership A company this early is a bet on the people and the relationships behind it — and Boresight’s register is tightly held by its founders and the company it was born from. Table 6 — Board & Key Holders Name Role Background/holding (at prospectus) Justin Olde Managing Director & CEO Joined 2022; previously 4+ years as an executive at Electro Optic Systems (ASX: EOS). Held no shares but 8m+ options. Michael Sinkowitsch Co-founder, Executive Director Former Australian Army officer. Held ~23.5%; 3.2m options. Dr Andrew Windsor Non-Executive Chair (UK-based) Held ~21.7%; 3.2m options. Blake Burton Non-Executive Director (Perth) Held ~0.36%; 1.2m options. Criterion Solutions Substantial holder (related party) Canberra defence & intelligence company that Boresight was spun out of in 2020; held ~25%. Sinkowitsch and Windsor are directors/shareholders. The strength is domain pedigree: a co-founder with Army experience, a CEO out of a listed defence company (EOS), and a parent (Criterion) embedded in the Canberra defence-and-intelligence ecosystem. These are people who know the customer and the procurement world. The flip side is concentration and related-party exposure. Founders plus Criterion control a large majority of the register, and Criterion is both a major shareholder and the entity Boresight emerged from — a related-party relationship that warrants reading the prospectus’s disclosures on any ongoing arrangements. It also reinforces the thin-free-float point: with so much stock held by insiders (and likely escrowed), the freely traded portion is small. 08 / The Market — Why Now The macro case is the easiest part of the story, and it’s genuinely strong. Drones have changed warfare and public safety permanently. Cheap uncrewed systems are now used by sophisticated and unsophisticated adversaries alike, for surveillance and as weapons. That has forced militaries worldwide to acquire counter-drone systems — and, crucially, to train against the threat continuously. Counter-drone training is a structural, recurring need, not a one-off purchase, and that’s the slice Boresight occupies. The funding backdrop is concrete. Australia’s updated Integrated Investment Program earmarks an estimated $12–15bn for drone and autonomous systems through 2036, with counter-drone capability explicitly named. Globally, the lessons of recent drone-heavy conflicts have pushed C-sUAS up every allied military’s priority list. And Boresight’s planned US footprint in Alabama points it at the largest defence market in the world. A sober note: defence spending is politically driven and program timelines are long, so “the budget exists” doesn’t automatically convert to “Boresight wins the order.” But the direction of travel — more drones, therefore more counter-drone systems, therefore more training against targets — is about as durable a thematic as you’ll find in defence right now. 09 / The Risks / Points of Friction ▸ Lumpy, slow revenue. Defence procurement is episodic and politically timed; growth won’t be linear, and a delayed program can dent a reporting period. ▸ Still loss-making. Small, but the path to sustained profitability at scale is unproven. ▸ Concentration & related party. Insider- and Criterion-dominated register; small free float means thin liquidity and volatility, plus related-party considerations to read closely. ▸ Execution risk on US expansion. Standing up the Alabama facility, hiring, and scaling additive manufacturing are real operational challenges — and bring US export-control / dual-use compliance. ▸ Competition. The target-drone and C-sUAS space is busy; Boresight’s “attritable + realistic + swarming” niche is a claim that competitors will contest. ▸ Pipeline not yet revenue. The BF150 and ASCA are “coming soon”; today’s revenue leans on the BQ400 and its software. ▸ Valuation. ~$41.8m for ~$4m of revenue is a growth multiple — it prices in the scaling, so execution has to deliver. Samso Concluding Comments Boresight is the most “real” company in this run of listings — this is also the kind of Samso coverage that makes us different from the rest of the reviews online. This is something that makes money and revenue is the key to the discussion. There’s no resource to define, no drill program to wait for: there’s a product in the field, paying customers across a dozen countries, and revenue growing at a clip. For a $42m ASX float, that combination is genuinely uncommon. The things to like are tangible. The product solves a real and growing problem cheaply. The revenue is up ~57% and the loss is small, so the capital is for growth rather than survival. The sector tailwind — counter-drone training as a structural, recurring defence need — is strong and politically durable, and the US expansion points the company at the biggest market going. Founders are keeping most of the equity, which aligns them with new shareholders. The frictions are just as real, and they cluster around concentration and conversion. The register is tightly held by insiders and a related party, so liquidity will be thin and the free float small. Revenue is lumpy and procurement is slow, so patience is required. US expansion is where the money goes and where the execution risk lives. And the price already assumes the scaling works — at ~$41.8m on ~$4m of revenue, you’re paying for the next few years, not the last one. The natural thing to watch, as with any growth-stage listing, is the order flow after listing — new contracts, the ramp of the US facility, and whether the “coming soon” pipeline (BF150, ASCA) converts into revenue. If the orders keep landing and the Alabama plant comes online on plan, the thematic does the rest. If procurement stalls or the scale-up slips, this is a small, thinly traded defence stock priced for a growth that hasn’t yet been proven at volume. Real business, real tailwind, real execution risk — and the contracts will tell the story. The Samso Way – Seek the Research Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. Our content is well-researched and is only created if I see merit in discussing the company's story. Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms: Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Never bite off more than you can chew is my parting comment. Happy Investing, and the only four-letter word you need to know is DYOR. To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio |A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.| Download eBook If you find this article informative and useful, please help me share the information. I try to write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insigh0ts from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies