The company is advancing the Glen Eden Tungsten Project in New South Wales, where historical drilling has outlined a large polymetallic system containing tungsten, molybdenum, tin and bismuth. Terra Critical Minerals Limited (ASX: T92) is moving closer to modern drilling at its Glen Eden Project in New South Wales. The project's historical exploration has outlined a broad tungsten-molybdenum-tin-bismuth mineralised system carrying an Exploration Target of 20–30 million tonnes at 0.18–0.29% WO₃ equivalent. Meanwhile, the latest development here is the receipt of full land-access approval across the project, but the more important investment story is what that access may now allow Terra to test. Glen Eden contains an approximately 500-metre-diameter greisen, stockwork and breccia complex within a much broader hydrothermal alteration system measuring approximately 1,500 metres by 800 metres. Historical drilling has returned mineralised intervals extending for hundreds of metres, while the existing Exploration Target has been defined to only around 100–150 metres depth (Figure 1). Figure 1: Glen Eden Project Overview Map with drilling and soil geochemistry (Source: ASX Announcement) That combination of scale, historical drilling and relatively shallow definition is what makes Glen Eden interesting. The question now is whether modern drilling can validate that historical picture and begin converting it into a contemporary JORC Mineral Resource. Key Highlights Glen Eden hosts an Exploration Target of 20–30Mt at 0.18–0.29% WO₃ equivalent. The Exploration Target is currently defined to only approximately 100–150 metres depth. Historical drilling includes: 282m at 0.28% WO₃ equivalent from 7m; 235m at 0.25% WO₃ equivalent from 15m; and 392m at 0.14% WO₃ equivalent from 3m. The mineralised core is approximately 500m in diameter. The broader hydrothermal alteration system extends approximately 1,500m by 800m. Historical drilling has reached approximately 395m vertical depth. Terra says the interpreted mineralised system remains open at depth and that deeper parts of the system remain largely untested. The Exploration Target also contains an average 121ppm bismuth, which is not included in the tungsten-equivalent calculation. Full land-access approval has now been secured, allowing Terra to progress towards a modern drilling program once remaining environmental, heritage and statutory requirements are completed. What Is Glen Eden? Glen Eden sits within Terra's New England critical and precious metals portfolio in New South Wales (Figure 2). The project is characterised by a large hydrothermal system developed within rhyolitic volcanic rocks. Terra describes an initial alteration zone extending approximately 1,500m by 800m. Within this sits an irregular approximately 500m-diameter core complex comprising veining and greisen breccias, which has subsequently been overprinted by more intense stockwork and greisen brecciation. This is important because Glen Eden is not being presented as a collection of narrow isolated tungsten veins. The geological model is of a much broader intrusive-related mineralising system. Beyond the central greisen complex, Terra reports a wider alteration halo containing sericitic, phyllic and potassic alteration, which the company considers indicative of a potentially large mineralised system. The intrusive source itself has not been exposed at surface and, according to Terra, has not been intersected by historical diamond drilling. Historical 3D modelling undertaken by Amoco in 1981 proposed that deeper, untested parts of the system may contain a larger molybdenum-tungsten style deposit. That historical interpretation is not a modern resource model, but it does give Terra a clear geological concept to test. Figure 2: Location of T92 New England Projects and nearby deposits (Source: ASX Announcement) The Historical Drilling Is Hard to Ignore The part of Glen Eden that stands out most strongly is the width of some of the historical mineralised intervals. Terra highlights: GENSW80-13: 282m at 0.28% WO₃ equivalent from 7m. GENSW80-24: 235m at 0.25% WO₃ equivalent from 15m. GENSW81-55: 392m at 0.14% WO₃ equivalent from 3m. For an exploration project, those widths immediately raise questions about the scale and geometry of the mineralised system. They should not, however, be confused with a Mineral Resource. The intersections are historical and the project has not yet undergone the modern drilling required to establish the continuity, geometry and grade distribution needed for a contemporary resource estimate. But they provide Terra with something many early-stage explorers do not have: a substantial body of drilling already indicating that mineralisation exists over considerable widths. Historical exploration between 1963 and 2006 comprised 18 holes through the core zone for a total of 3,388 metres, with the deepest hole reaching approximately 395m vertically. The task for Terra is therefore not simply to discover whether Glen Eden is mineralised. It is to determine what the historical work means when tested using modern exploration standards. A 20–30Mt Exploration Target — But Only Near Surface The existing Exploration Target is perhaps the most important part of the Glen Eden story. Terra reports: 20–30Mt at 0.05–0.08% WO₃, 0.02–0.04% SnO₂ and 0.07–0.10% MoS₂, corresponding to approximately 0.18–0.29% WO₃ equivalent. The company has also identified an average 121ppm bismuth within the same target, with bismuth excluded from the metal-equivalent calculation. What makes the target particularly interesting is its depth constraint. It has been calculated to only approximately 100–150 metres depth. Yet historical drilling extends substantially deeper, reaching approximately 395m vertically, and Terra says the interpreted mineralised system remains open at depth. That creates what may ultimately become one of the key exploration questions at Glen Eden: Is the current Exploration Target describing only the shallow expression of a materially larger mineralised system? There is not yet enough modern exploration to answer that. But that is precisely why drilling matters. Figure 3: Glen Eden Project Overview Map with Historical drilling (Source:: ASX Announcement) What the Cross-Section Shows for Terra Critical Minerals The project cross-section presented in Figure 3 gives some visual context to the Glen Eden story. It shows historical drill holes distributed across approximately 500 metres of the interpreted core zone, with a number of holes extending through broad interpreted zones of alteration and mineralisation. Significantly, the diagram also marks the mineralised system as open beneath the historical drilling. The accompanying plan view shows tungsten and molybdenum soil geochemistry distributed around the approximately 500m core target zone and helps demonstrate that Terra is dealing with a substantial geological footprint rather than a single discrete occurrence. For investors looking at exploration projects, these figures help explain why modern drilling is likely to be the defining next step. Tungsten Is Only Part of the Mineral System Although Glen Eden is increasingly being positioned as a tungsten project, the mineralisation is polymetallic. The Exploration Target contains tungsten, tin and molybdenum, together with identified bismuth. That diversity is geologically consistent with the intrusive-related greisen system Terra is targeting. It also means that understanding Glen Eden will eventually require more than simply reporting tungsten grades. The value of the project, should exploration prove successful, will ultimately depend on the distribution, recovery and potential economic contribution of the different metals within the system. At this stage, however, it remains too early to assign economic value to those components. The immediate requirement is geological definition. Modern Drilling Is the Real Test Terra's next major objective is to drill the existing Exploration Target and begin generating the modern dataset needed to assess a pathway towards a maiden JORC Mineral Resource. The company states that drilling will proceed once site access and remaining statutory approvals are completed. The land-access announcement therefore matters because it brings that drilling closer. In the June quarterly, Terra had specifically identified Glen Eden land access, permitting and drill planning as current activities, with finalising access and approvals and confirming the drilling program identified as the next milestone. The latest announcement shows tangible progress against that stated plan. However, the important event for Glen Eden will not ultimately be the access agreement. It will be the drill results that follow. What Investors Need to Remember There is a significant distinction between an Exploration Target and a Mineral Resource. Terra explicitly states that the potential quantity and grade of the Glen Eden Exploration Target are conceptual in nature. Insufficient modern exploration has been completed to estimate a Mineral Resource, and there is no certainty that the planned infill drilling will ultimately result in one. That qualification should remain front and centre. The appeal of Glen Eden is not that Terra already has a 20–30Mt resource. It does not. The appeal is that Terra has inherited a substantial historical dataset indicating a large mineralised footprint, unusually broad historical intersections and an Exploration Target defined over only a comparatively shallow part of the interpreted system. The company now has to prove what that historical work is worth. Samso Concluding Comments Glen Eden is becoming a much more interesting project than simply a tungsten exploration story built around an access announcement. The land-access approval is useful because it advances the project towards drilling, but the real story sits in the geology. There is an approximately 500m-diameter mineralised core, a broader 1.5km by 800m hydrothermal system, historical drilling measured in hundreds of metres and a 20–30Mt Exploration Target currently confined to the upper 100–150 metres. That is enough geological evidence to make modern drilling meaningful. What I find most interesting is the mismatch between the shallow depth of the existing Exploration Target and the substantially deeper interpreted mineralised system. Historical drilling has already reached around 395 metres vertically, yet Terra's target has been constrained to only 100–150 metres. That leaves an obvious question about what sits beneath it. At this point, it would be easy to get carried away with the historical widths. The right approach is to recognise them for what they are: evidence that Terra has something substantial to investigate, but not yet proof of an economic deposit. That distinction is important. The next drilling program needs to establish continuity, confirm grades using modern methods, improve the geological model and determine whether Glen Eden can progress from a conceptual Exploration Target into a JORC Mineral Resource. If Terra can do that, the conversation around Glen Eden changes substantially. Until then, this is an exploration story — but it is one with enough historical evidence and geological scale to warrant attention. Market Implications Terra Critical Minerals has a market capitalisation of just under AUD $8M, and they are sitting on what could be a "workable" tungsten story. The land access question has held me back in making commentary, but now that is completed, this is going to be a story that could make waves. Figure 4 The share price chart for Terra Critical Minerals Limited as of the 24th August 2026. (source: Commsec) For those who have been following the Samso journey, you will know well that I have been calling tungsten as the real critical story. My past experience with this commodity goes back to 2011 when I was involved in the Kirwan Tungsten project in the South Island of New Zealand. The geology of Glen Eden is very similar to Kirwan, and I feel that the potential size of Eden could be the one that makes Terra Critical stand out when the work on the geological side begins. I am a recent shareholder of the company because land access is the first of many important steps for the company. It goes without saying that land access is the most critical, as it allows boots on the ground. For those that have followed the tungsten story, there is not many companies that have a market capitalisation of AUD 8M and hold what, in my opinion, is the most exciting tungsten project on the ASX. Our recent Understanding Tungsten series is a must-read for those wanting to know my enthusiasm for Glen Eden. There are Part 2 and Part 3, which will complete the understanding of why having the right type of tungsten project is very important (see below). 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Every tier, producer to explorer, and a register that is shrinking Part 1 tested the demand headwinds. Part 2 examined the supply side and asked what copper price it would take to fix it. This closing Part brings the two together in the place they were always heading, a register of the copper deposits and operations an ASX investor can actually reach, from the producers down to the explorers, with each row read through the tests the series developed along the way. Compiling it revealed something worth knowing on its own. Corporate buyers have been removing copper companies from the ASX faster than new ones are arriving. 1.00 — HOW TO READ THE REGISTER A recap of the tests from Parts 1 and 2 This final Part leans on ideas built earlier in the series, so a short recap comes first, before the tables begin. Part 1 set out two checks that can be run on any company from its own documents. The first is funding: whether the cash in the latest quarterly report covers the planned work, after allowing for normal running costs of roughly A$70,000 to A$100,000 a month. The second is evidence: how much support the geology gives the company's story. Production history and drill results carry the most weight, untested geophysical targets carry less, and closeness to somebody else's mine carries the least. Part 2 covered the price side. Estimates of the copper price needed to justify building a new mine start at about US$12,000 a tonne, and one academic study puts the requirement much higher. That gives a simple question to ask of each development project below: do its study numbers still work under current conditions? Part 2 also covered processing. Concentrate is scarce enough that smelters agreed to process it for no fee in 2026, so projects that can produce finished copper on site, or that sit near an existing smelter, are in a better position than projects that must ship concentrate overseas. 2.00 — THE REGISTER AT A GLANCE Two maps and a count The two maps below carry the whole register. FIG. 01 places the Australian side of it, the producing operations, the development-tier deposits and the two smelters, with the deposits that have left the ASX shown in grey. FIG. 02 then adds the ground held offshore by ASX-listed companies, which stretches from Spain to Botswana to Chile to Montana, with one grey marker in Mongolia for the departure there. Behind the two maps sit thirteen producing operations or complexes that can be bought through the ASX, with Nifty counted among them on the strength of its September quarter first-cathode target. The development tier adds nine Australian deposits and four offshore projects. The explorers follow in Section 6.00, and three deposits have left the register since 2023. Figures in the tables are stated as at their cited dates, and the market-sensitive ones will be refreshed on the day of publication. 3.00 — TIER ONE: THE PRODUCERS Where the tonnes actually are, including the majors The producing tier is where the copper is, and most of it sits inside diversified balance sheets. That fact shapes the choice for investors more than any other in this section. Anyone wanting ASX copper exposure at scale is really choosing among companies where copper shares the balance sheet with iron ore, gold, zinc or aluminium, while the pure-play exposure lives further down the table, in the smaller rows where the operating risk is higher. TABLE 01 sets out the tier. TABLE 01 also shows where the processing happens, and the answer is mostly not here. Of the Australian operations listed, only BHP's South Australian complex converts its own ore to finished metal in Australia. Nearly everything else ships concentrate, most of it to Asian smelters that are now working for zero processing fees, although Carnaby's tolling arrangement into Glencore's Mount Isa smelter, covered in Section 4.00, may become a notable exception. The table makes one more point worth sitting with. Sandfire aside, an ASX investor cannot buy Australian copper production at scale without buying something else as well. There is a defence for that diversification, and it is a good one. It is what has kept these companies able to fund copper growth through the price cycles that broke smaller operators. 4.00 — TIER TWO: THE AUSTRALIAN DEVELOPMENT TIER Nine deposits between resource and mine This tier is where Part 1's open questions get settled. Every headline resource below has been verified against current company disclosures. TABLE 02 carries the tier, and profiles follow for the four largest deposits an ASX investor can still reach. Caravel: the biggest number on the ASX board Caravel is a porphyry system in the Wheatbelt of Western Australia, about 150 kilometres from Perth, in farming country rather than desert. With Hillside's departure from the ASX, it now holds the largest copper resource still accessible through a listed pure-play. The resource stands at 1.28 billion tonnes at 0.24 per cent copper, which works out to 3.03 million tonnes of contained metal, with molybdenum, gold and silver alongside. The ore reserve was updated in June 2026 to 597 million tonnes at the same grade, the definitive feasibility mining study was completed in July 2026, and the environmental review resubmission is due around the middle of the year.[R6] The scale comes with conditions. The grade is the lowest on the register, and prefeasibility work contemplated development capital of A$1.6 to 1.7 billion, a large number for a company of Caravel's size. Press reports of strategic-deal discussions are circulating, and they still need verification. In a sense, Caravel tests Part 2's question more directly than any other Australian deposit. Its bulk-tonnage economics only clear at a copper price the incentive-price debate is still arguing about. FIG. 03 shows the project ground. Kalkaroo: the deposit the majors just voted for Kalkaroo sits in the Curnamona Province of northeastern South Australia, on a pastoral lease a long way from anywhere large. The resource holds 1.1 million tonnes of copper, 3.1 million ounces of gold and 23,200 tonnes of cobalt, and within it sits a reserve of 100 million tonnes at 0.47 per cent copper and 0.44 grams per tonne gold.[R7] In February 2026 control of the project effectively moved. Sandfire signed binding agreements to earn 80 per cent through a staged structure worth up to about A$210 million, which commits it to a new prefeasibility study and at least 20,000 metres of drilling inside two years. The transaction says something about value, because a producing mid-cap looked closely at this ground and agreed to pay developer prices for most of it, with BHP's earlier study work on the deposit already sitting on the public record. Havilah shareholders should weigh the other side of it just as carefully. They now hold 20 per cent of a project whose pace is set by someone else. FIG. 04 reproduces the partners' own map of the project and the pastoral lease that hosts it. Briggs: the tonnage bet next to the infrastructure Briggs sits in central Queensland, 60 kilometres west of the deep-water port of Gladstone. The deposit carries 2.0 million tonnes of contained copper, along with 73 million pounds of molybdenum and 16.5 million ounces of silver, at a 0.15 per cent cut-off. Most of the tonnage is inferred, 793 million tonnes at 0.20 per cent, with 137 million tonnes at 0.25 per cent already in the indicated category. Alma Metals is sole-funding a 45-hole drilling program of roughly 14,000 metres through 2026 to change that balance ahead of a prefeasibility study, earning its way to 70 per cent, with Canterbury Resources retaining the rest.[R8] Two facts shape the deposit's position on the register, and they pull in different directions. The grade sits at the Caravel end of FIG. 09, which means the mining has to be cheap and the scale has to be large. The location, on the other hand, sits closer to power, rail, port and workforce than almost any other deposit in this tier, and FIG. 05 reproduces the partners' own map of that setting. Part 1's funding test still applies to the operator. Roughly A$8.7 million in cash and investments is enough to fund drilling, and a development decision would call for capital of a different order altogether. Elizabeth Creek: the grade counterexample Elizabeth Creek sits on the margin of the Olympic province in South Australia, and it offers a useful counterpoint to the giant low-grade systems that dominate this tier. Not all of the state's copper comes in billion-tonne packages. The flagship deposit here, Emmie Bluff, holds 40.2 million tonnes at 1.27 per cent copper, with cobalt and silver alongside, and about 95 per cent of that sits in the higher-confidence indicated category. It is the largest of four deposits that together hold 65.5 million tonnes. The work program is well advanced. Prefeasibility drilling finished in early 2026, and an updated resource estimate is due to follow. The company has also been testing a chloride leach flowsheet, with the aim of producing finished copper on site rather than shipping concentrate overseas, which is the processing advantage described in Section 1.00.[R9] The flowsheet is also where the main technical risk sits. The leach process is what makes Elizabeth Creek different, and it is the part of the project that still has to prove itself at study level. The prefeasibility study now in progress will put a price on both. FIG. 06 shows the work under way, with one of the three rigs turning at Emmie Bluff in January 2026 during the final holes of the program. 5.00 — TIER THREE: THE OFFSHORE HOLDINGS ASX-listed copper beyond Australia The offshore tier holds the register's largest development project and its most instructive departure. TABLE 03 sets out the rows, and the Costa Fuego profile follows. Costa Fuego: the register's biggest development plan Hot Chili's Costa Fuego sits on the coastal range of Chile, about 600 kilometres north of Santiago, and it is the largest copper development plan an ASX investor can currently reach. The resource holds 2.91 million tonnes of copper along with 2.64 million ounces of gold. The prefeasibility study of March 2025 set out the shape of a possible mine, a 20-year operation producing about 95,000 tonnes of copper a year, with a post-tax net present value of US$1.2 billion and a maiden reserve of 502 million tonnes at 0.37 per cent copper.[R10] The project has some advantages that are not common in Chile. It sits at low elevation, where building and operating are cheaper than high in the Andes. Permitting work has been under way for more than a decade. Water, which is often the limiting factor in this part of the world, is addressed through a granted maritime concession held in a separate water business. And Glencore has taken a 9.9 per cent shareholding along with offtake rights over 60 per cent of the early concentrate, which shows a large trading house has looked closely at the ground and chosen to be involved. The risks are the ones that come with any project of this size, and Part 2 explained why they carry more weight now than usual. The capital needed to build Costa Fuego will run into the billions, while the company's market value is a small fraction of that, so a large financing task lies ahead. The definitive feasibility study is still to come. And the mine would earn its living selling concentrate in a market where smelters currently charge nothing to process it. The Glencore relationship softens that exposure but does not remove it. The main near-term development is the La Verde discovery, which is being drilled into a revised study due by the end of 2026. FIG. 07 shows the project's setting on the coastal range. 6.00 — TIER FOUR: THE EXPLORERS The hopeful tier, kept brief by design The explorer tier holds the most companies and the least defined copper, and this series treats it accordingly. These companies are at the stage where the story is a hypothesis awaiting an expensive test. Exploration is exactly that, and every deposit in the tiers above once sat here. The tools for reading this tier were built in Part 1, Section 10.00, and they remain the whole of Samso's guidance on it. Run the funding test on the latest quarterly report, keeping in mind that running costs continue through every month of waiting. Run the evidence test on the latest exploration announcement, keeping in mind that being near Olympic Dam is not evidence of an Olympic Dam. TABLE 04 lists the starter set. The spreadsheet accompanying this document carries this table on its own sheet, with an example row and space to extend it company by company during the pre-publication sweep. The rows above are a starting set. 7.00 — THE SHRINKING REGISTER What compiling the register revealed A register compiled in 2023 would have carried OZ Minerals, Rex Minerals, Xanadu Mines and MAC Copper among its most substantial rows. All four are gone now, and an 80 per cent economic interest in a fifth deposit, Kalkaroo, followed them in February 2026. FIG. 08 sets out the exits. The buyers in FIG. 08 have a lot in common. Each is a strategic, long-term holder of assets: a diversified major, an Indonesian conglomerate, a Singapore-based consortium, a South African gold house moving into copper, and a mid-cap producer securing its next decade of ore. The sellers, in every case, were ASX shareholders accepting a premium, 57 per cent for Xanadu and 98 per cent over the ninety-day average for Rex. Each transaction made sense on its own. Taken together, though, they mean the pool of copper an Australian retail investor can own is shrinking at the development end faster than discovery is refilling it. In its own way, the corporate activity repeats what Part 2's discovery-drought chart showed. FIG. 09 plots what remains, and what has left, on the axes that decide development economics. Set against Part 2's incentive-price estimates, FIG. 09 shows two kinds of project. Down and to the right sit the tonnage bets, Caravel, Costa Fuego, Briggs and, until its departure, Kharmagtai. In these deposits the copper is measured in millions of tonnes, but the grade demands bulk-mining economics, and on the register's own study numbers they need copper prices in the range the incentive-price debate is still contesting. Up and to the left sit the grade bets, Emmie Bluff, Mutooroo, Greater Duchess, and CSA before it left. These are smaller inventories that can carry higher costs for every tonne of rock mined. It is worth pausing on where the buyers have been shopping. Hillside and Kalkaroo sit in the middle of the chart, and CSA sat at the grade end. The corporate money has been buying deposits whose economics work at conservative copper prices, and that choice says something about how those buyers view the incentive-price debate. 8.00 — SAMSO TAKE Closing the series The Copper Question opened with a newspaper column about data centres and aluminium wiring. Three Parts later, the trail has run a long way from there. It has taken in copper demand forecasts that disagree by multiples, a substitution threat that turned out to be a century old and price-capped rather than fatal, mine supply that keeps missing its own guidance while smelters work for nothing, an incentive-price debate spanning a factor of two, and finally a register of ASX-accessible copper that corporate buyers have been steadily reducing from the top. This closes The Copper Question. The register in this document and its companion spreadsheet are built to be maintained rather than filed away. The tables carry their verification flags, the spreadsheet carries its sweep sheet, and the September quarter of 2026, when Nifty either pours cathode or does not, will give the series its first public test. Samso will be watching it on the record, as always. REFERENCES & SOURCES Notes on sourcing All maps, charts and tables in this document are original Samso illustrations of sourced data. The project photographs and reproduced company maps (FIG. 03 to FIG. 07) are drawn from the companies' public presentations, fact sheets and ASX announcements and are credited to their source documents in their captions. Resource figures in TABLE 02 and TABLE 03 marked as verified were checked against company disclosures in July 2026; rows marked "verify" carry a pre-publication check. Market-sensitive figures (production guidance, cash balances, deal values and currency conversions) are stated as at the cited dates and refreshed on publication day. The explorer table is deliberately a starter set pending the pre-publication sweep. [R1] Samso Insights, The Copper Question Parts 1 and 2 (July 2026), for the demand evidence, supply evidence, tests framework, incentive-price material and the Nifty case study, with their underlying references. [R2] Stockhead, "ASX Copper Tier List" (July 2025), and Hot Chili media pages, "ASX Copper Tier List: Part 2": producer output compilation; Alara, Cobre and Norfolk mentions. [R3] The Assay, "Five Largest ASX-Listed Copper Miners in 2026" (February 2026): Sandfire December quarter output; Develop Woodlawn ramp and Trafigura US$65m arrangement. [R4] The Bull (May 2026): Capstone Copper 2026 guidance 200,000 to 230,000 t and costs; South32 Sierra Gorda. [R5] Investing News Network (February 2026): Sandfire MATSA and Motheo operations; Black Butte PFS and permit history. [R6] Caravel Minerals: project page and ASX releases; Mining.com.au (July 2026) on the DFS mining study and the June 2026 reserve of 597 Mt at 0.24%; Stockhead (January 2026) on the resource of 1.28 Bt at 0.24% for 3.03 Mt, DFS progress and reported strategic discussions (verify). [R7] Havilah Resources project pages; Mining Technology and Yahoo Finance (February 2026): Kalkaroo resource and reserve; Sandfire two-stage 80% earn-in and consideration; Mutooroo resource. [R8] Canterbury Resources ASX announcement, "Major Drilling Program Commences at Briggs" (29 April 2026): MRE of 2.0 Mt Cu, 73 Mlb Mo and 16.5 Moz Ag at a 0.15% Cu cut-off (137 Mt at 0.25% indicated; 793 Mt at 0.20% inferred); 45-hole ~14,000 m program; earn-in terms; and Alma Metals releases and coverage (April to May 2026) for funding. [R9] Coda Minerals ASX announcement, "Elizabeth Creek Copper-Silver Drilling Recommences in 2026" (12 January 2026): programme status, project-wide inventory of 65.5 Mt for 725,800 t contained copper, Emmie Bluff resource detail, and the August 2025 scoping study update (pre-tax NPV7 ~A$1.3 billion, IRR 39%); with Discovery Alert (January 2026) and SMM (May 2026). [R10] Hot Chili: PFS announcement (27 March 2025) including the maiden reserve of 502 Mt at 0.37% Cu; Livewire Markets (May 2026): resource of 2.91 Mt Cu and 2.64 Moz Au, PFS economics, Glencore holding and offtake, La Verde and the revised PFS timeline; Crux Investor (April 2025) on production scale and costs. [R11] Xanadu Mines announcements and coverage: Bastion takeover unconditional (June 2025), Zijin acceptance, compulsory acquisition and TSX delisting (July 2025); Allens deal summary (~A$160m implied value); Kharmagtai 2024 PFS parameters and resource basis (Junior Mining Network, January 2025; earlier scoping MRE). [R12] Rex Minerals and Hillside: MACH Metals scheme completion (30 October 2024, A$393m); Mining.com and Australian Mining (July 2024); Rex project page (resource 337 Mt at 0.56% for 1.9 Mt Cu, Stage 1 reserve, A$854m capex); Ausenco EPCM award; Wood Mackenzie project note (May 2026). [R13] Harmony Gold announcement (24 October 2025): completion of the MAC Copper acquisition at US$1.01bn; CSA integration and life-of-mine plan timing (August 2026). [R14] Carnaby Resources coverage (October 2025): Greater Duchess consolidation, ~27 Mt at ~1.5% CuEq across twelve deposits including Trekelano; Glencore tolling and offtake agreement. [R15] KGL Resources: Northern Territory Government investment flyer on Jervois approvals, build schedule and financing dependence (verify currency of document at publication). [R16] BHP disclosures via Part 1 sources: South Australian FY25 guidance and growth studies; Escondida interest. [R17] Kamoa-Kakula context update: Ivanhoe Mines guidance announcement (3 December 2025), 2026 guidance 380,000 to 420,000 t (noted for the Part 2 record). [R18] Deal-value conversions: approximate AUD equivalents at reported-date exchange rates; verify conversions at publication. [R19] Reproduced image sources: Caravel Minerals investor presentation (February 2021); Sandfire and Havilah Resources, Kalkaroo Copper-Gold Project fact sheet (February 2026); Canterbury Resources ASX announcement (29 April 2026); Coda Minerals ASX announcement (12 January 2026); Hot Chili corporate presentation, Rule Symposium (ASX release, 7 July 2026). 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso Insights | www.samso.com.au | An Investor Lens on ASX-Listed Companies

SCX.ai is arriving on the ASX today with an operational ten-rack AI inference node, A$5.35 million of contracted annual recurring revenue and a fully underwritten A$40 million raising. The central question is whether the company can convert a partner-supported launch into a diversified, high-utilisation infrastructure business before technology and competition move again. SCX.ai Holdings Limited is listing on the Australian Securities Exchange today under the code SCX, giving investors exposure to an Australian-based artificial-intelligence infrastructure business focused on inference rather than model training. The company offered 133,333,334 new shares at A$0.30 each to raise A$40 million before costs. With convertible notes also converting at listing, SCX expects to have 250,124,413 shares on issue and a market capitalisation of approximately A$75.0 million at the offer price. SCX.ai IPO owns specialised SambaNova inference hardware installed inside the Equinix SY5 data centre in Alexandria, Sydney. It combines that hardware with its own software and customer service layer to sell token packages, dedicated computing capacity, managed AI services, and enterprise enablement. The investment proposition is easy to understand. Australian enterprises and government agencies are expected to use more AI. Some workloads require Australian data residency and operational control, and inference should become a larger part of AI infrastructure spending as applications move from testing to production. At a Glance IPO detail Prospectus position ASX code SCX Offer price A$0.30 per share Gross IPO proceeds A$40.0 million New IPO shares 133,333,334 Convertible-note conversion shares 16,791,079 Total shares at listing 250,124,413 Indicative market capitalisation A$75.04 million Pro-forma net cash A$29.03 million Prospectus enterprise value A$46.01 million Options and adviser options 11,700,000 FY26 pro-forma forecast revenue A$6.04 million Contracted ARR at May 2026 A$5.35 million Unbilled total contract value A$14.61 million Expected free float 56.7% IPO underwritten Yes - fully underwritten Current anticipated quotation 21 August 2026 at 12:00 pm AEST The 60-Second Pitch - SCX.AI IPO SCX.ai IPO proposition rests on three ideas. The first is market timing. AI expenditure is moving from training large models towards repeatedly running those models inside applications. That operating stage is inference. The prospectus's commissioned industry report estimates that inference could increase from approximately 49 per cent of AI infrastructure spending in 2025 to 69 per cent by 2030. The second is sovereignty. Some Australian government, defence, healthcare, financial-services and enterprise workloads cannot be treated like ordinary public-cloud traffic. Customers may require local processing, stronger governance and more control over where prompts, documents and model outputs travel. The third is infrastructure economics. SCX is using purpose-built SambaNova ASIC hardware rather than general-purpose GPU infrastructure. The prospectus reports material performance-per-watt and speed advantages for selected stable inference workloads. If those advantages translate into lower cost per token and higher rack utilisation, the model could generate operating leverage as demand grows. The unanswered question is whether SCX can build a diversified commercial customer base quickly enough. The current contracted metrics are dominated by SambaNova's three-year offtake agreement. Investors therefore need to distinguish between initial revenue visibility and independent market validation. Both matter, but they are not the same thing. Figure 1: SCX History Overview (Source: ASX Announcement) The Offer and What the Valuation Means The IPO offered 133.33 million new shares at A$0.30 each. A separate conversion offer will issue approximately 16.79 million shares to holders of pre-IPO convertible notes. Table 1: The offer particulars Capital structure Shares Ownership at listing Existing shareholders before note conversion 100,000,000 40.0% Convertible-note conversion shares 16,791,079 6.7% New IPO shareholders 133,333,334 53.3% Total shares on listing 250,124,413 100.0% At A$0.30 per share, SCX's indicative market capitalisation is A$75.04 million. The prospectus deducts A$29.03 million of pro-forma net cash to calculate an enterprise value of A$46.01 million. That enterprise-value figure is more useful than market capitalisation alone because it separates the operating business from the cash raised. It implies that the market is placing an initial value of about A$46 million on SCX's installed hardware, software, contracts, team and growth platform after recognising the pro-forma cash balance. There is another layer to that cash number. SCX has an A$11.34 million committed payment for the second tranche of ten SambaNova racks. If investors ring-fence that commitment, approximately A$17.69 million of the A$29.03 million pro-forma cash balance remains before other working-capital requirements. The expenditure is not lost - it is exchanged for additional hardware - but the cash is not fully discretionary. The IPO also creates 11.7 million options and adviser options. The 4.7 million director and management options have an A$0.30 exercise price. The 7.0 million adviser options issued to Henslow and Canaccord have an A$0.33 exercise price and expire three years after listing. If all options were eventually exercised, the share count would rise by approximately 4.7 per cent from the listing base and the company would receive approximately A$3.72 million in exercise proceeds. The Convertible Notes Deserve Attention Between March and May 2026, SCX issued A$3.4 million of secured convertible notes for net cash proceeds of A$3.2 million. The money funded working capital, payments to SambaNova and IPO preparation costs. The notes accrue interest at 2 per cent per month, with half payable in cash and half capitalised. On listing they convert at A$0.21 per share, representing a 30 per cent discount to the IPO price. Bridge financing is not unusual for a company approaching an IPO, but these are expensive terms. The monthly interest rate, security and conversion discount reflect the risk accepted by noteholders and the company's need for capital before the public raising. The note conversion will issue approximately 16.79 million shares, equal to 6.7 per cent of the listing capital. Directors, the joint lead managers and other noteholders participated in the notes. Henslow and Canaccord each received A$100,000 face value of notes as fees for managing the note offer. The IPO underwriting itself carries cash selling, management and underwriting fees equal to 6 per cent of the gross proceeds, or A$2.4 million, plus the 7.0 million adviser options. Total estimated cash transaction costs are A$3.14 million. The adviser options were independently valued in the prospectus at approximately A$1.5 million. This is part of the real cost of reaching the ASX and should be considered alongside the fully underwritten status of the A$40 million offer. What SCX Actually Owns and Operates SCX is not building a data centre and it is not developing a frontier foundation model. Its model sits between those layers. The company purchases specialised AI inference hardware, installs it in third-party Australian data centres and uses a proprietary software layer to turn computing capacity into services that customers can consume through application programming interfaces, dashboards and dedicated infrastructure arrangements. The initial deployment consists of ten SambaNova SN40L racks at Equinix SY5 in Alexandria, Sydney. The FY26 forecast refers to 160 reconfigurable dataflow units across those ten racks. The data-centre allocation has approximately 120 kilowatts of capacity, while each rack typically consumes about 10 kilowatts. The first node is therefore real and installed. This differentiates SCX from a concept-stage AI float that is raising money before acquiring its core infrastructure. The second ten-rack tranche is also committed. Installation is planned to commence in November 2026, with service availability expected in early 2027. Beyond Sydney, SCX intends to add further Australian locations as demand develops. The platform has four practical layers: Infrastructure: Equinix SY5 provides the physical facility, power, cooling, security and connectivity. Compute: SambaNova supplies the SN40L inference hardware and the software used to manage that hardware. SCX software: SCX provides APIs, model access, routing, metering, dashboards, guardrails, storage, analytics and customer controls. Enterprise services: The SCX team assists with deployment, workflow design, governance, compliance, fine-tuning and ongoing support. SCX says it holds rights to three provisional patent applications relating to the software layer. The strategic value of the business will depend on how much differentiation and customer retention that layer creates beyond the underlying hardware. Figure 2: Description of the SCX Platform (Source: ASX Prospectus) Inference Is the Product - Not AI Training Training is the expensive process of creating or materially developing an AI model. Inference is what happens afterwards: a trained model receives a prompt or request and produces an answer, classification, summary, image, transcription or software action. Inference becomes recurring infrastructure demand when AI is embedded inside a business application. Every customer interaction, document query or automated workflow consumes tokens and computing capacity. SCX is targeting that recurring stage through four revenue lines: token-based inference subscriptions; dedicated infrastructure leasing; managed AI services; and enterprise enablement and governance services. The packaged subscriptions range from starter plans to growth and enterprise offerings. Dedicated arrangements allocate specific computing resources to a customer for a fixed term or minimum commitment. This mix gives SCX the potential to combine recurring consumption revenue with larger contracted capacity agreements. It also means revenue can be volatile if customers take longer to move from trial activity into production workloads. The Contracted Revenue Headline Needs Context At May 2026 month-end, SCX reported: A$5.35 million of contracted ARR; A$14.61 million of unbilled total contract value; and 298 active platform users at 23 June 2026. Those numbers show that the business has moved beyond a pre-revenue concept. They should not, however, be read without the concentration detail. SambaNova accounts for A$14.4 million of the A$14.6 million unbilled total contract value. Its offtake agreement commenced on 1 April 2026, runs for an initial three years and requires a fixed monthly payment of US$302,553 for reserved compute capacity. The prospectus places the total contract value at A$15.2 million. SambaNova is therefore doing three jobs at once: selling SCX its specialised hardware; providing the supporting software and managed services; and purchasing capacity back from SCX under the offtake agreement. This arrangement gives SCX immediate utilisation support and predictable monthly revenue while the external customer base develops. It also creates a circular concentration risk. If SambaNova suffers financial problems, changes strategy, is acquired, falls behind technologically or terminates an agreement following a breach, both SCX's revenue and its operating platform could be affected. For FY26, SCX forecasts A$6.04 million of revenue. Approximately A$3.8 million, or 63 per cent, is underwritten by the SambaNova offtake agreement. The remaining forecast still requires execution. A$2.13 million, or approximately 35 per cent of total FY26 revenue, is expected from new customer and subscription wins between June and December 2026. The forecast assumes 42 new customers or subscriptions, including two dedicated-rack subscriptions and 14 enterprise subscriptions. At May month-end, SCX reported 69 identified and qualified opportunities, including 17 late-stage opportunities with service quotes submitted. That is useful pipeline evidence, but it is not contracted revenue. The 298 active users also require care. The prospectus explicitly says the number includes both fee-paying users and non-paying users participating in pre-subscription trials. It should not be interpreted as 298 paying customers. The cleanest post-listing commercial measure will be contracted ARR and total contract value excluding SambaNova, supported by disclosure on customer count, utilisation, retention and average revenue per customer. The Financial Forecast Is a Seven-Month Execution Test SCX's FY26 forecast combines five months of actual results to 31 May 2026 with seven months of forecast trading to 31 December 2026. Table 2: Financial forecast Pro-forma financial measure FY25 FY26 forecast Revenue A$0.01m A$6.04m Cost of sales Nil A$2.52m Implied gross profit A$0.01m A$3.52m Implied gross margin n.m. 58.3% EBITDA (A$2.21m) (A$2.40m) NPAT (A$2.21m) (A$3.55m) Net operating cash flow (A$0.51m) (A$2.06m) Capital expenditure cash flow (A$1.33m) (A$22.24m) The implied 58.3 per cent gross margin is useful, but it is not yet a mature unit-economics result. SCX's cost of sales is largely fixed to installed capacity, including data-centre access, power, connectivity, SambaNova software and support. Margins should improve if more tokens are sold across the same racks, but they can deteriorate if utilisation remains low. The company expects FY26 pro forma public-company costs of approximately A$1.2 million a year and executive-leadership cash costs of approximately A$1.9 million a year. Management has not provided a date by which it expects SCX to become profitable, saying there is no reasonable basis to do so. The forecast sensitivity analysis shows how dependent the first year is on conversion timing. A one-month delay in new-customer conversion would reduce forecast EBITDA by A$353,000. The gain or loss of one dedicated-rack customer changes forecast EBITDA by approximately A$541,000. This is why the next reporting periods matter more than the broad AI market-growth forecast. The business has to demonstrate that pipeline becomes contracted consumption before the cost base and next hardware tranche move too far ahead of demand. Where the A$40 Million Goes Table 3: Use of funds Use of proceeds Amount Share of proceeds AI hardware A$19.3m 48.3% Working capital A$12.2m 30.5% SambaNova managed AI services A$5.4m 13.5% Transaction costs A$3.1m 7.7% Total A$40.0m 100.0% The hardware allocation includes A$8.0 million to settle amounts payable on the first ten racks and A$11.3 million for the committed second ten-rack tranche. Working capital includes A$3.9 million for personnel, A$2.8 million for sales and marketing, A$1.6 million for compliance, advisers and public-company costs, A$1.3 million for operating expenses associated with the next ten racks, and A$2.6 million for other working-capital items. In total, A$24.7 million - approximately 61.8 per cent of the raise - is allocated to hardware and SambaNova-managed services. This confirms that SCX should not be valued as a conventional asset-light software company. It is a capital-intensive compute operator with a proprietary software and services layer. The staged hardware model is sensible if the second node is matched to customer demand. The main execution risk is that capital is committed before sufficient independent utilisation has been secured. Sovereign AI SCX's central positioning is that customer workloads are processed on Australian infrastructure under Australian operational control. That should appeal to organisations that care about data residency, regulatory alignment, security and the ability to deploy open-weight or private models without using a conventional public-cloud service. The prospectus is also unusually clear about the limitation. The Equinix facility is owned by a US-headquartered company, while SambaNova is a US hardware and software supplier. The prospectus says there can be no absolute assurance that customer data is entirely beyond foreign legal processes. US authorities could potentially seek access through foreign-owned infrastructure or technology suppliers, depending on the legal circumstances. SCX may therefore provide stronger Australian control and residency than many public-cloud alternatives without delivering absolute technological or legal sovereignty. That distinction matters most for defence, government and highly regulated customers - precisely the sectors central to the investment narrative. SCX will need to demonstrate that its architecture, contracts, governance and certifications satisfy the procurement standards of those customers in practice. How SCX Should Be Compared There is no clean ASX peer group for SCX. Data-centre owners are primarily valued on land, powered capacity, occupancy and long-duration infrastructure economics. Traditional software-as-a-service companies are assessed on recurring revenue, retention, gross margins and customer-acquisition efficiency. Chip companies are valued on intellectual property, design wins and manufacturing economics. SCX sits across these categories. It owns compute hardware but not the underlying data centre. It operates proprietary software but depends on SambaNova's architecture. It earns recurring and usage-based revenue, but the initial revenue base is dominated by an offtake partner. The most useful operating measures are therefore: contracted ARR excluding SambaNova; independent enterprise and government customer count; rack and token utilisation; gross margin as utilisation increases; customer retention and contract duration; capital expenditure required for each increment of ARR; hardware useful life and refresh costs; and the timing of EBITDA and operating cash-flow break-even. Applying a pure SaaS multiple would ignore the hardware intensity. Comparing SCX only with data-centre operators would ignore the software, customer layer and token economics. The investment case needs both lenses. Who Is Running SCX? David Keane, founder, Managing Director and Chief Executive Officer, previously co-founded Bigtincan Holdings and led that enterprise-software company through its ASX listing and eventual acquisition by Vector Capital in 2025. That experience is directly relevant: SCX needs to sell complex technology to enterprise customers while operating under public-market scrutiny. Wayne Stevenson, independent non-executive chair, has banking, strategy and public-company experience, including previous roles at ANZ and as chair of QMS Media through its IPO. He was also a director of Bigtincan. Thomas Amos, non-executive director, was the long-time chair of Bigtincan and is currently chair of Amber Technology. His background includes telecommunications, venture capital and public-company governance. Penny Fowler AM, independent non-executive director, adds marketing, media, tourism and institutional board experience, including roles with Tourism Australia and Tech Mahindra. Rahul Vaidya, Chief Financial Officer from 1 August 2026, brings 18 years of investment-banking, corporate-finance and technology-sector experience. The board contains substantial Bigtincan continuity. That should support cohesion and knowledge of enterprise-software commercialisation, although investors should still assess whether SCX develops the deeper infrastructure, security and AI engineering capability required for a compute platform. David Keane is expected to hold voting power of approximately 27.0 per cent on listing. Thomas Amos is expected to hold 8.6 per cent. Keane's holding is large enough to block resolutions requiring a 75 per cent majority, providing strong founder influence without majority control. Approximately 42.4 per cent of the listing shares are expected to be subject to mandatory escrow, while the prospectus estimates a free float of 56.7 per cent. One related-party matter is disclosed. Chief software engineer Robert Amos is the son of director Thomas Amos. He is employed on A$252,000 total fixed remuneration and has an interest in two million existing shares. The prospectus describes the terms as market-standard and arm's length. Key Risks Partner concentration: SambaNova is the core hardware supplier, software and support partner, and source of most contracted near-term revenue. Customer diversification: Approximately A$14.4 million of A$14.6 million unbilled total contract value is attributable to SambaNova. Forecast execution: A$2.13 million of FY26 forecast revenue depends on winning new customers or subscriptions after May 2026. Rapid technological change: GPU inference, competing ASIC designs or more efficient models could reduce the economic advantage of the installed SN40L hardware. Hardware refresh and capital intensity: Specialised compute hardware is expensive and may require faster replacement than the five-year accounting life assumed in the prospectus. Single-site exposure: All current operating hardware is at Equinix SY5 in Sydney, creating concentration around power, cooling, access and connectivity. Sovereignty limitations: The data centre owner and principal hardware supplier are US companies, potentially complicating claims of absolute sovereignty. Competition: SCX competes with hyperscalers, specialist AI compute providers, telecommunications companies and other sovereign-cloud operators with greater resources and existing customer relationships. Cybersecurity and data breaches: A security incident would directly damage the trust proposition underpinning the brand. Procurement cycles: Government and regulated-enterprise sales can be slow, causing revenue to lag infrastructure expenditure. Energy and foreign exchange: Power costs affect margins, while hardware, support costs and the SambaNova offtake are exposed to the Australian-dollar/US-dollar exchange rate. No profitability timetable: SCX is loss-making and may require further funding for expansion beyond the first 20 racks. Escrow release and dilution: Approximately 42.4 per cent of shares are expected to be escrowed, while 11.7 million options create potential future dilution. Milestones That Will Test the IPO Thesis The most useful post-listing milestones are specific and measurable. Delivery of the A$6.04 million FY26 revenue forecast. Conversion of the forecast 42 new customers or subscriptions, particularly the two dedicated-rack and 14 enterprise subscriptions. Growth in contracted ARR and total contract value excluding SambaNova. Disclosure of paying-customer numbers separately from trial users. Rising utilisation and gross margin across the first ten racks. Installation of the second ten-rack tranche from November 2026 and service availability in early 2027. Evidence that enterprise and government customers accept SCX's sovereignty and security architecture. A credible path toward EBITDA and operating cash-flow break-even. A hardware-refresh roadmap that keeps pace with SambaNova and competing inference architectures. Samso Concluding Comments The easy way to present SCX.ai is to talk about the growth of artificial intelligence, the demand for sovereign infrastructure and the power constraints facing conventional GPU data centres. All three themes are relevant. None of them, on its own, justifies the IPO valuation. At the offer price, investors are paying approximately A$75 million for an operational company that has ten racks installed and forecasts A$6.04 million of FY26 revenue. After deducting pro forma cash, the prospectus enterprise value is approximately A$46 million. That is equivalent to about 7.6 times forecast revenue and 8.6 times contracted ARR. There is substance behind the story. This is not a company with a slide deck and a plan to buy hardware later. The first node is installed. The platform is operating. The founder has already taken an enterprise-software company through the ASX. The A$40 million offer is fully underwritten, and the next ten racks are contractually committed. There is also a concentration that cannot be ignored. SambaNova supports most of the unbilled contract value and almost two-thirds of forecast FY26 revenue while also supplying the technology on which the platform depends. The offtake agreement is a useful bridge to utilisation, but it should not be mistaken for a diversified enterprise customer base. The most important number after listing will therefore not be total ARR in isolation. It will be ARR from independent customers, accompanied by evidence that those customers are moving from trials into recurring production workloads. SCX's model could produce attractive operating leverage if the existing racks fill. Cost of sales is substantially tied to installed capacity, so higher token consumption across the same hardware should improve margins. The inverse is also true. Underutilised racks still consume capital, data-centre services, support costs and management attention. This is not a conventional SaaS story. It is a capital-intensive infrastructure and services business with a software layer. Investors must assess hardware economics, partner risk and customer utilisation as seriously as they assess ARR growth. For investors comfortable with early-stage technology, infrastructure execution and customer-concentration risk, SCX offers a rare listed entry into Australia's emerging sovereign AI inference market. For more cautious investors, the sensible approach is to watch the first reporting periods: separate partner revenue from independent customer growth, measure utilisation, and see whether the forecast sales pipeline converts before the second node materially expands the cost base. The AI market may grow rapidly. SCX still has to prove that it can capture that growth on attractive economics. That is where the value has to be created. 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Zero-dollar smelters, the incentive price, and a restart in real time Part 1 tested the two demand headwinds raised in the financial press. This part examines the side of the market they blow against: mine supply that keeps missing its own guidance, an industry now smelting concentrate for nothing, and the question of what copper price it actually takes to bring a new mine into the world. It closes with a live Australian case study: the restart of Nifty, where the answer is being tested in public, this year. Samso Insights Investor Awareness Geology Series Samso Market Strategy 1.00 — WHERE PART 1 LEFT OFF Two headwinds, and the field they blow across Part 1 of this series followed two demand risks to their sources. The first relates to community resistance slowing the data centre buildout, and the second is the century-old contest with aluminium reopening at today's price ratio. Both were real. Both also turned out to be smaller and slower than the headline versions, a delay rather than a disappearance and finally, a ceiling on price rather than a hole in demand. This part asks why, if demand is genuinely uncertain, the copper price has been setting records anyway. The real answer may just be on the supply side, and it is not one fact but a stack of them.

Almasar Minerals IPO is bringing five newly granted Saudi gold-copper exploration licences to the ASX. With no Mineral Resource and little verified historical drilling, the IPO is fundamentally a bet on the ground, the management team and what A$4.5 million to A$7.9 million of exploration can uncover over the next two years. Almasar Minerals Limited is preparing to list on the Australian Securities Exchange under the proposed code AMK, giving Australian investors direct exposure to an early-stage gold and copper exploration portfolio in Saudi Arabia's Arabian Shield. The company offered between 40 million and 60 million shares at A$0.20 each to raise between A$8 million and A$12 million before costs. At listing, that would give Almasar an indicative market capitalisation of between A$23 million and A$27 million. The portfolio comprises five granted exploration licences - ND28, ND31, ND36, ND41 and NS142 - covering approximately 419.8 square kilometres (Figure 1). The licences sit within two metallogenic belts considered prospective for orogenic gold, volcanogenic massive sulphide copper-gold and porphyry-style mineral systems. There is an important qualification from the beginning. Almasar is not listing with a Mineral Resource, an Ore Reserve or an economic study. Its independent technical report describes all five licences as early-stage, pre-resource exploration opportunities. Historical work is limited, and much of the geological proposition is based on regional setting, government datasets, field reconnaissance and early surface geochemistry. That does not make the story uninteresting. It defines what the investment is. IPO investors are not buying known ounces or tonnes. They are funding a technically credentialled team to test whether five pieces of the Arabian Shield contain something that can ultimately be turned into a discovery. Figure 1:Regional location map of the Almasar licences in relation to major centres and transport infrastructure (Source: IPO Prospectus) At a Glance - AlMasar Minerals IPO IPO detail Prospectus position Proposed ASX code AMK Offer price A$0.20 per share Public offer A$8 million minimum to A$12 million maximum New shares offered 40 million to 60 million Shares on issue after the offer 115 million to 135 million Indicative market capitalisation A$23 million to A$27 million Pro-forma cash after the offer A$8.19 million to A$12.04 million Approximate implied enterprise value A$14.81 million to A$14.96 million Granted exploration licences Five Total licence area Approximately 419.8km² Mineral Resources or Ore Reserves None reported Public offer underwritten No Current anticipated ASX quotation 28 August 2026 at 12:00pm AEST The 60-Second Pitch Almasar's proposition rests on three ideas. The first is geological. The Arabian Shield forms part of the broader Arabian-Nubian Shield, a Neoproterozoic geological province extending through Saudi Arabia and northeast Africa. The same broad geological province hosts major gold and base-metal systems elsewhere, but much of the Saudi side has received less systematic modern exploration. The second is timing. Saudi Arabia is actively trying to develop mining as part of its economic diversification strategy. Exploration licences are being auctioned, regional datasets are improving, and foreign companies are being encouraged to participate. The third is execution. Almasar has assembled a board and management team combining economic geology, frontier-market operations and resource capital markets. The company intends to use modern mapping, geochemistry and geophysics to generate targets before committing the larger drilling spend. The attraction is clear enough: secure ground early, apply modern exploration methods and establish a position before the Arabian Shield becomes a more mature exploration province. The unanswered question is equally clear: has Almasar secured the right ground? That cannot be answered from the prospectus. It will be answered by the work that follows the listing. The Offer and What the Valuation Means The public offer was priced at A$0.20 per share, with a minimum raise of A$8 million and capacity to accept a further A$4 million in oversubscriptions. Table 1: Offer and valuation Capital structure Minimum subscription Maximum subscription Existing shares 75,000,001 75,000,001 New IPO shares 40,000,000 60,000,000 Total shares at listing 115,000,001 135,000,001 Existing shareholder ownership 65.22% 55.56% IPO investor ownership 34.78% 44.44% Indicative market capitalisation A$23.0m A$27.0m Pro-forma cash A$8.19m A$12.04m Approximate implied enterprise value A$14.81m A$14.96m The enterprise-value calculation is useful because it strips out the cash being raised. At either end of the offer, the market is effectively being asked to place a value of approximately A$15 million on Almasar's existing portfolio, people and operating platform before the new exploration money is spent. That is a more informative number than the A$27 million maximum market capitalisation on its own. It is also worth noting that Almasar completed a pre-IPO raise in February 2026 at A$0.12 per share. The IPO price is therefore approximately 66.7 per cent above that earlier funding price. Since then, the five licences have been granted and the company has progressed towards an ASX listing, so the two funding rounds do not represent identical stages of risk. Nevertheless, the price difference is part of the capital history IPO investors should understand. The offer is not underwritten. In addition to the ordinary shares, Almasar proposes to issue 12,888,888 options to directors, employees, the joint lead managers and Beacon. These options are exercisable at A$0.25 and expire three years from issue. They are out of the money at the IPO price, but they represent a future dilution consideration if the share price rises above the exercise price. Five Licences, Two Geological Corridors All five exploration licences are held through Almasar's Saudi operating subsidiary and were granted in February or April 2026 (Figure 2). Table 2: Al Masar exploration licences Licence Area Geological position Expiry ND28 72.4km² Nabitah-Ad Duwayhi belt 20 April 2028 ND31 73.7km² Nabitah-Ad Duwayhi belt 20 April 2028 ND36 89.6km² Nabitah-Ad Duwayhi belt 28 April 2028 ND41 93.8km² Nabitah-Ad Duwayhi belt 20 April 2028 NS142 90.0km² Nuqrah-As Safra belt 19 February 2028 The contiguous ND28, ND31 and ND36 licences form the main southern cluster. The prospectus describes this area as a structurally controlled corridor containing volcanic, volcaniclastic, sedimentary and intrusive rocks affected by northwest-trending shear systems. Figure 2 :Geology of Exploration Blocks ND28, ND31, ND36 (Independent Technical Assessment Report, 2026) The exploration concept includes orogenic gold and intrusion-related magmatic-hydrothermal systems, a broad family that can include porphyry, epithermal, skarn, manto and intrusion-related gold mineralisation. ND41 sits in the same broader metallogenic belt. Reconnaissance has identified structural fabrics, quartz and carbonate veining, and epidote-rich alteration within porphyritic volcanic and subvolcanic rocks. These are geological ingredients capable of justifying more work, but the independent geologist makes clear that no deposit-scale intrusive centre or diagnostic mineralised system has been confirmed. NS142 sits farther north in the Nuqrah-As Safra belt. It is considered conceptually prospective for orogenic gold and VMS-style copper-gold mineralisation within volcanic and volcaniclastic rocks cut by faults and dykes. What Has Actually Been Found? This is the section that matters most. The independent technical assessment reports no Mineral Resources, no Ore Reserves and no asset valuation. It describes the mineralisation potential as conceptual and based largely on geological setting, regional analogues and limited exploration results (Figure 3). Figure 3: Regional geology of the arabican sheild (Source: IPO Prospectus) At NS142, public records identify two gossanous occurrences in volcanic and volcaniclastic rocks, with gold recorded as a minor commodity. Historic drill collars were also observed during site reconnaissance, carrying identifiers and indicated depths of approximately 200 to 213 metres. However, no drill logs, assays, collar tables or technical reports are available. The original operator and purpose of the drilling are unknown. Those collars demonstrate that someone drilled the ground; they do not demonstrate what the drilling found. Almasar's soil work at NS142 has outlined multi-element enrichment, including arsenic and antimony with local gold and copper responses. These patterns may help direct follow-up work towards structurally focused hydrothermal systems. They are exploration vectors rather than evidence of an economic discovery. Across ND28 and ND36, a limited historical Ma'aden dataset contains 99 reconnaissance soil samples. Gold values ranged from 0.01 to 2.8 parts per billion, while the broader results showed weak copper-gold-silver responses. The independent report says these data do not define a coherent, high-amplitude anomaly, and Almasar places no reliance on them. No verified historical drill collars were identified within ND28, ND31, ND36 or ND41. At ND41, possible historical trenching, quartz veining and strong local epidote alteration provide reasons to conduct modern fieldwork. They do not yet establish mineralisation. This distinction is central to the IPO. Almasar has secured a potentially interesting geological position, but it still has to convert regional prospectivity into ranked targets, convert targets into drill intersections, and then determine whether any intersection belongs to a system with scale and grade. There are several value-creating steps ahead. There are also several points at which the geological thesis can fail. Where the Money Goes The prospectus budgets the proceeds over the first two years after listing. Table 3: Use of funds Use of funds Minimum raise Maximum raise Exploration and development A$4.479m A$7.936m Salaries A$1.120m A$1.122m Consultants A$0.492m A$0.492m Field and central office costs A$0.269m A$0.270m Working capital A$1.105m A$1.497m Offer costs A$0.805m A$0.953m Total available funds A$8.270m A$12.270m At the minimum raise, 54.16 per cent of available funds is directed to exploration and development. At the maximum, this rises to 64.68 per cent. The exploration budget is staged deliberately. Table 4: Exploration Budget Exploration activity Minimum raise Maximum raise Remote sensing A$0.175m A$0.310m Mapping A$0.426m A$0.755m Surface geochemistry A$0.381m A$0.675m Geophysics A$0.431m A$0.765m Drilling A$2.189m A$3.877m Assays A$0.877m A$1.554m Total exploration A$4.479m A$7.936m Drilling is the largest component, but most of it is budgeted for the second year. Under the minimum case, only A$350,000 of the A$2.189 million drilling budget sits in Year 1. Under the maximum case, Year 1 drilling is A$618,000 of a total A$3.877 million. This tells investors something about the likely news flow. The first phase is primarily about building the target pipeline through remote sensing, mapping, surface sampling and geophysics. More substantial drilling follows only if that work produces targets with sufficient geological, geochemical and geophysical support. That is technically sensible for early-stage ground. It also means investors should not assume the entire portfolio will be drilled immediately after listing. Who Is Running Almasar? The strength of the Almasar proposition is probably most visible in its leadership team. Dr Brock Salier, Chief Executive Officer and Managing Director, combines geology with resource capital markets. The prospectus says he was a founder and co-owner of Sprott Capital Partners/SCP Resource Finance, where he was involved in more than C$5 billion of capital raisings across more than 110 equity placements in the five years to 2023. Earlier roles included Rio Tinto, Accenture and GMP Europe. Christoph Naudé, Executive Director and Chief Operating Officer, has worked across investment banking, structured credit and natural-resources projects in frontier markets. He is based in Riyadh, giving the company operational presence in Saudi Arabia rather than managing the portfolio entirely from Perth. Dr John Mair, Independent Non-Executive Chairman, brings more than two decades of geology and mining-company leadership, including previous responsibility for advancing the Kvanefjeld rare-earth project in Greenland. Dr Christian Grainger, Independent Non-Executive Director, has more than 25 years of field experience and was a co-founder of Collective Mining and Cordoba Minerals. His background also includes Continental Gold, which was acquired by Zijin Mining, and work across major gold and copper systems in Latin America. Aaron Bertolatti, Non-Executive Director and Company Secretary, contributes ASX governance, accounting and corporate compliance experience. The board and management team collectively hold 38.55 million shares, representing 33.53 per cent of the company at the minimum subscription or 28.56 per cent at the maximum. That creates meaningful alignment, but it also concentrates influence. Dr Salier alone is expected to hold 22.40 per cent at the minimum raise or 19.08 per cent at the maximum. Approximately 47.44 million existing shares are expected to be restricted under ASX escrow arrangements, including approximately 46.38 million shares for 24 months and 1.05 million shares for 12 months. None of the IPO shares is expected to be restricted. Financial Position and Future Funding Almasar is pre-revenue and loss-making. The Australian parent recorded a loss of A$59,614 and net liabilities of A$59,613 for the short period from incorporation to 31 December 2025. The underlying Abu Dhabi holding group recorded a loss of AED2.95 million for the year ended 31 December 2025, reflecting staff, consulting, exploration, travel and establishment costs. After the IPO adjustments, the prospectus presents pro-forma cash of approximately A$8.19 million at the minimum raise and A$12.04 million at the maximum. Pro-forma net assets are approximately A$8.30 million and A$12.16 million respectively. The prospectus states that the funding is expected to cover approximately two years. Because Almasar has no operating revenue, further financing will be required if the company is to continue exploration beyond that program or accelerate a discovery. This is normal for an early-stage explorer, but it should remain part of the investment calculation. Success can require more capital just as easily as failure. A promising discovery generally increases the amount of drilling required before a resource can be defined. Key Risks The principal risks are not hidden. No defined discovery: The licences have no reported Mineral Resource or Ore Reserve. Regional prospectivity does not guarantee economic mineralisation. Limited exploration history: There is little verified drilling information, and the historical collars at NS142 have no available logs or assays. Licence tenure: The five licences expire in February or April 2028 and will require renewal. They also carry expenditure commitments, with bank guarantees equal to 15 per cent of those commitments. Protected-area overlap: A significant part of ND41 and minor portions of ND28, ND31 and ND36 overlap the Majami al-Hadb National Park. Almasar says it has no current plans to explore within those areas. Saudi regulatory and sovereign exposure: All operating assets are outside Australia and subject to Saudi laws, administrative processes, foreign-investment requirements and government discretion. Enforcement of Australian judgments against overseas assets may also be difficult. Regional geopolitical risk: Saudi Arabia operates in a region exposed to military tension, cross-border conflict and potential disruption to logistics and infrastructure. Future funding and dilution: The initial budget covers approximately two years. Further capital raisings are likely to be required. Shareholder concentration: Dr Salier will retain a substantial holding and corresponding voting influence after listing. Option dilution: Almost 12.9 million options will be issued to directors, employees and advisers at listing. Offer execution: The IPO is not underwritten. The prospectus timetable set 17 July 2026 as the closing date, and Almasar now appears on the ASX upcoming listings schedule. Samso Concluding Comments The easy way to sell the Almasar story is to describe Saudi Arabia as the next great mining frontier and point to the size of the Arabian Shield. That may be directionally correct, but it is not yet an investment answer. The prospectus is asking investors to value a team, five granted licences and a two-year exploration strategy. There are no ounces, tonnes or established drill intersections available to anchor the valuation. At the maximum subscription, Almasar would list with a market capitalisation of A$27 million and approximately A$12.04 million in pro-forma cash. The implied enterprise value is therefore close to A$15 million. That is the price being placed on the existing Saudi portfolio and the people assembled to explore it. There are reasons to pay attention. The licences are granted rather than merely applied for. The company has genuine in-country presence. The board carries more geological and capital-markets depth than the average first-time exploration float. Most importantly, the proposed work program is appropriately staged for ground at this level of maturity. There are also reasons not to run ahead of the evidence. The independent geologist repeatedly describes the potential as conceptual. Four of the five licences have no verified historical drilling. The historical holes at NS142 have no assays. The early Ma'aden soil work across part of the southern cluster is low tenor and does not define a coherent anomaly. Much of the first year will be spent creating targets rather than testing a known mineralised system. This is therefore not an IPO for investors seeking a near-term resource development story. It is an exploration proposition in the purest sense. For investors comfortable with frontier exploration risk, Almasar provides an unusual ASX entry into a jurisdiction attracting increasing mining attention. For more cautious investors, the sensible milestones are straightforward: watch the first detailed geochemistry and geophysics, see which targets survive the ranking process, and then assess what the drill rig produces. The management team provides credibility. The Arabian Shield provides the geological thesis. Neither removes the need for discovery. That is where the value still has to be created. 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The company has identified 77,427 tonnes of historical A1 tailings grading 1.25g/t gold, creating another potential feed source for its existing Porcupine Flat processing operation as the company continues extracting value from its Victorian asset base. Kaiser Reef Limited (ASX: KAU) has defined an Inferred Mineral Resource of 77,427 tonnes at 1.25g/t gold for 3,124 ounces within historical tailings at its A1 Gold Mine in Victoria. Consequently, the company is now progressing plans to reclaim the material and process it through the Porcupine Flat Processing Plant at Maldon. Table 1: Kaiser Reef Tailing Summary The estimate follows a 28-hole air-core drilling program completed earlier this year and adds a potentially higher-grade source of feed to Kaiser's existing Victorian processing strategy. Kaiser is already reclaiming, trucking and processing lower-grade Union Hill stockpile material through Porcupine Flat. The company says that material is expected to support processing at approximately 10,000 tonnes per month until 2030, while the newly defined A1 tailings could provide supplementary higher-grade feed. Metallurgical testwork conducted by Kaiser has returned an estimated gold recovery of 83.6% for the A1 tailings through the Porcupine Flat processing route. The announcement does not materially change Kaiser's overall resource base, but it adds another piece to a broader strategy emerging across its Victorian operations: identify stranded or historical material, use infrastructure already under company control and generate additional processing options without first having to build a new standalone operation. Key Highlights A1 historical tailings estimated at 77,427t @ 1.25g/t Au for 3,124oz. Resource classified as Inferred under the JORC Code 2012. Estimate based on 28 air-core holes totalling 284 metres. Kaiser expects the material to be reclaimed and trucked to the Porcupine Flat Processing Plant at Maldon. Metallurgical testwork supports an estimated 83.6% gold recovery. A1 feed is expected to complement the lower-grade Union Hill stockpile currently being processed at Maldon. Kaiser is progressing execution plans for reclaiming the A1 tailings. A1 remains on care and maintenance, with the tailings representing a separate opportunity from any future development of the underground mine. A Small Resource With an Existing Destination The important part of the A1 announcement is arguably not the 3,124 ounces. It is where Kaiser intends to send them. The company already owns and operates the 200ktpa CIL Porcupine Flat Processing Plant at Maldon, removing one of the larger capital hurdles that would normally sit between a small historical stockpile and potential gold production. Kaiser says the A1 material will be reclaimed using open-pit techniques before being trucked to Porcupine Flat for processing. This makes the economic question around A1 quite different from that of a standalone 3,100-ounce development. The company does not need to justify building a processing facility around the tailings. Instead, it needs to determine whether the cost of reclaiming, transporting and treating the material through existing infrastructure can produce an acceptable margin. Managing Director Brad Valiukas said the company was progressing plans for execution, noting that current testing indicated gold recoveries above 80%. He also positioned A1 as part of the work underway across Kaiser's Victorian portfolio following the decision to place the underground mine on care and maintenance last year. That distinction is important. A1 underground mining is not being restarted as part of this announcement. Kaiser is instead identifying residual value within historical processed material already sitting at the site. Figure 1: A1 Tailings Estimate with Topography (Source: KAU announcement) Why the Grade Matters Kaiser currently has another historical material stream feeding Porcupine Flat. The Union Hill stockpile at Maldon contains an estimated 570,000 tonnes at 0.48g/t gold for approximately 8,600 ounces. The A1 tailings are considerably smaller in tonnage but carry a reported grade of 1.25g/t gold. Kaiser specifically describes the A1 material as a potential higher-grade complement to the current Maldon processing feed rather than as a replacement for it. That creates the possibility of feed blending becoming part of the value proposition. The announcement does not provide an operating cost, trucking cost, processing schedule or expected production contribution from A1, so it is too early to calculate what the tailings may contribute financially. What the company has established is the physical inventory, an Inferred resource classification and an indicative metallurgical recovery through the plant it intends to use. The economics are the next step. Figure 2: Location of KAU Operations (Source: KAU Website) What the Drilling Established Kaiser drilled 28 air-core holes for a total of 284 metres into the historical tailings material during 2026. The holes were drilled vertically, with samples collected at one-metre intervals and assayed for gold at the Gekko laboratory in Ballarat. The drilling produced a wide range of composite grades. Among the reported holes were 7 metres at 6.40g/t gold in A1AC_018, 4 metres at 9.57g/t in A1AC_019 and 12 metres at 2.90g/t in A1AC_020, alongside a number of longer intervals grading closer to the overall estimate. “This is a good result, and with gold again recently touching A$200 per gram, it makes sense to reclaim this historical material, adding to the processing options at our Maldon Gold Project and cleaning up the A1 site. However, these results should not be interpreted in the same manner as conventional drilling into an in-situ orebody. Kaiser explicitly notes that the material consists of tailings generated from historical processing operations and that no geological continuity is expected within the stockpile. Grade continuity is also subject to a high degree of uncertainty. That is one reason the entire estimate has been classified as Inferred. The Important Qualifications There are several technical points worth keeping in perspective. The A1 estimate is the first Mineral Resource reported for this tailings material, and Kaiser has used a zero-gram-per-tonne cut-off because the stockpile is treated as globally mineralised material rather than a conventional continuous orebody. No direct density measurements have yet been completed on the tailings. Kaiser instead adopted a density of 1.6 tonnes per cubic metre, based on industry benchmarking for unconsolidated tailings material. These assumptions are not unusual for an early-stage Inferred tailings estimate, but they do matter when considering the precision of the reported tonnage. The resource should therefore be viewed as an estimate supporting the next stage of evaluation rather than as a fixed production inventory. “Our Maldon Gold Project, including the Porcupine Flat Processing Plant and Union Hill Underground Mine, is a fully permitted operation in the heart of Victoria’s Golden Triangle. We are currently reclaiming, trucking and processing low-grade stockpile material, and pouring gold. The addition of some higher-grade material from A1 will be a bonus, and we continue to advance permitting to enable the reclaiming of surface material at Nuggetty .” More Than One Feed Source Emerging at Maldon The A1 announcement also fits within a broader pattern at Kaiser's Victorian operations. The company is already processing the Union Hill stockpile and pouring gold at Maldon. It is simultaneously advancing underground development at Union Hill and continuing permitting work aimed at gaining access to additional surface material at Nuggetty. A week before the A1 announcement, Kaiser reported that the first new underground development cut had been taken at Union Hill in almost eight years, establishing the Northern Drill Drive from which the company intends to test underexplored extensions of several historic reef systems. These are different opportunities. Union Hill underground development is primarily about exploration and potential future resource growth. The A1 tailings are about recovering value from material already mined and processed historically. The Union Hill stockpile provides the current processing feed. Together, they demonstrate how Kaiser is attempting to use the Porcupine Flat plant as the centre of a broader Victorian gold strategy rather than treating Maldon as a single-mine proposition. The Financial Context Kaiser enters this work from a stronger financial position than many junior companies attempting to restart historical gold operations. During the June quarter, Kaiser produced 6,000 ounces of gold, comprising 5,563 ounces from Henty and 437 ounces from Maldon, while closing the period with approximately A$37.2 million in cash and bullion. The company also reaffirmed combined Henty and Maldon production guidance of 32,000 ounces for the coming financial year. That context matters because Kaiser is not relying on the A1 tailings to establish itself as a gold producer. A1 instead represents an incremental opportunity within a business that already has producing assets, processing infrastructure and cash available for investment. That potentially gives Kaiser the flexibility to assess relatively modest opportunities that may not make sense as standalone developments but could become useful when connected to existing infrastructure. What Investors Should Watch There are now three practical questions around the A1 tailings. The first is permitting and execution. Kaiser says plans to reclaim the stockpile are being progressed, but no timetable for commencement has yet been provided. The second is economics. Investors will need to see the cost of reclaiming and transporting the material from A1 to Maldon and the resulting processing margin. The third is actual recovery and reconciliation once processing begins. The current resource contains 3,124 ounces of gold, but contained metal is not the same as recovered production. The company's resource work applies an estimated metallurgical recovery of 83.6%, and actual plant performance will ultimately determine what proportion of that gold becomes saleable metal. Those numbers will determine whether A1 becomes a useful processing supplement or simply a technically interesting historical stockpile. Samso Concluding Comments The 3,100 ounces of gold contained in the A1 tailings are not, by themselves, going to transform Kaiser Reef. That is probably the wrong way to look at this announcement. What interests me is what Kaiser is doing with the assets it already owns. A1 was placed on care and maintenance last year, but that has not stopped the company from looking for value around the operation. Kaiser has now drilled the old tailings, defined an Inferred resource and identified a processing route through infrastructure it already controls. That changes the equation. A small standalone resource can struggle to carry the capital required for mining infrastructure and a processing plant. Kaiser does not have that particular problem here. The Porcupine Flat plant is operating, Union Hill material is already being trucked and treated, and the A1 tailings potentially provide another feed source at a higher grade. There are still questions that need answering. The resource is Inferred. Density has been assumed rather than measured. Historical tailings do not have the geological continuity of an in-situ orebody. Most importantly, we do not yet have the complete economics of reclaiming the material and trucking it to Maldon. So I would not focus too heavily on the contained-ounce number. The more interesting question is what margin Kaiser can generate from those ounces using infrastructure it already owns. Kaiser is processing the Union Hill stockpile, developing underground access at Maldon, working towards additional surface material from Nuggetty and now potentially adding A1 tailings to the feed mix. None of those individual pieces necessarily needs to be company-changing. The value may come from how the pieces fit together. For investors, the next numbers worth watching are therefore not another estimate of contained gold. They are the recovery, processing cost and margin Kaiser can achieve when A1 material actually reaches Porcupine Flat. About Kaiser Reef Limited Kaiser Reef Limited (ASX: KAU) is an Australian gold producer operating the Henty Gold Mine in Tasmania and advancing its Victorian gold operations centred on the Maldon Gold Project. Henty is an established underground operation supported by a 199koz gold Ore Reserve and a processing plant with capacity above 300ktpa. Maldon includes a fully permitted and operating 200ktpa CIL processing facility, existing underground infrastructure and the Union Hill Gold Mine. The Maldon goldfield has historically produced approximately 1.75Moz at 28g/t gold. 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

The first new underground development at Maldon in almost eight years moves Kaiser Reef beyond refurbishment and gives the company a platform to test several of the historic goldfield’s largely untested reef positions. Kaiser Reef Limited (ASX: KAU) has kicked off new underground development at the Union Hill Gold Mine within its Maldon Gold Project in Victoria, taking the first cut of the Northern Drill Drive and marking the first new development at the site in almost eight years. The development is significant because it is not being undertaken simply to rehabilitate old workings. It is designed to establish an underground drill position capable of testing areas north of the existing Union Hill workings, including extensions of the Eaglehawk and Linscott's Reefs and the parallel Ladies and Sailor's Reefs. For Kaiser, the milestone moves Maldon from refurbishment into active underground development and provides a clearer pathway towards determining whether the historic goldfield can deliver additional resources and, ultimately, support expanded production. Figure 1: Jumbo at the face, Northern Drill Drive (Source KAU ASX Announcement) The work also comes with some important context. Kaiser entered the September quarter with A$37.0 million in cash and A$0.2 million in bullion, having produced 6,000 ounces of gold across Henty and Maldon during the June quarter. The company has also reaffirmed production guidance of 32,000 ounces for the coming financial year from the two operations. That balance sheet gives the Maldon program a different complexion from a typical junior exploration campaign. Kaiser is funding development and exploration from within an operating gold business rather than relying solely on the promise of future discoveries. From Refurbishment to Development During the June quarter, refurbishment of the existing Union Hill decline had already commenced. The initial program was focused on establishing a northern underground drilling platform while stripping sections of the decline where necessary to provide a full-sized profile suitable for future life-of-mine haulage. The first development cut now takes that work a step further. Kaiser is no longer simply reopening access to historic workings. The company is creating new underground infrastructure specifically intended to improve its ability to test the geological system around Union Hill. The plan accompanying the August announcement shows the proposed drill position relative to the Eaglehawk, Linscott's, Ladies and Sailor's reef corridors, with substantial portions of those interpreted mineralised trends remaining untested (Figure 2) Figure 2: Union Hill North with proposed development and drill position to target untested sections of the Eaglehawk, Linscott’s, Ladies and Sailor’s Reefs (Source: KAU ASX Announcement) That is the central point of the announcement. Maldon has a long mining history, but Kaiser is attempting to use modern exploration from underground positions that can provide better access to parts of the system that have received relatively limited modern drilling. Managing Director Brad Valiukas described Maldon as a district-scale opportunity, noting that the field has historically produced approximately 1.75 million ounces of gold at 28g/t, despite numerous mines and lines of working remaining substantially underexplored. Figure 3: Maldon Gold Project (Source: KAU ASX Announcement) “Crucially, Maldon offers more than just historical pedigree and exploration upside. It is supported by a fully permitted and operating processing plant, a fully permitted mining lease and an existing decline that will allow both access for exploration and potential future production," said Valiukas Historical production alone does not establish the scale of what remains, but it provides the geological rationale for testing the extensions of these old reef systems more systematically. Underground Drilling Adds Another Dimension The Northern Drill Drive forms part of a broader exploration effort already underway across Maldon. Kaiser had approximately 4,350 metres of initial surface drilling planned at the end of the June quarter, with drilling expected to continue through the remainder of 2026. The first-round program includes Union Hill North, Nuggetty South, Nuggetty and additional targets being generated from mapping, soil sampling and planned geophysical work. Figure 4: Nuggetty Long Section showing 170m untested area in between successful drilling. (Source: KAU ASX Announcement) At Union Hill North, surface drilling is already intended to test the northern extensions of Eaglehawk Reef mineralisation ahead of, and beyond, the planned underground program. The new underground platform should therefore complement rather than replace the surface campaign. From an exploration perspective, the advantage is access. Underground drilling allows Kaiser to position the drill closer to the structures it wants to test and potentially drill reef orientations and extensions that may be difficult or inefficient to investigate from surface. That becomes particularly relevant in a mature goldfield where the obvious near-surface mineralisation has already attracted more than a century of mining attention. Existing Infrastructure Changes the Maldon Equation Another important part of the Maldon story is the infrastructure that already exists around the exploration opportunity. Kaiser describes Maldon as having a fully permitted and operating 200ktpa CIL processing facility, existing underground access and high-grade exploration potential. The company also holds the infrastructure and permits required to continue advancing the project within Victoria's historic Golden Triangle. Valiukas stated: “It’s a milestone for both the Maldon Gold Project and Kaiser to have jumbo development underway beneath Union Hill, establishing this new drill platform for exploration. We have been stripping some narrow sections at the top of the decline already, with a view to future haulage, but it’s good to now be taking cuts and breaking new ground at the Union Hill Gold Mine." This does not remove the need to demonstrate economic mineralisation. It does, however, mean that Kaiser is not starting with an isolated discovery requiring an entirely new mine, processing plant and access network. The company is simultaneously preparing sections of the Union Hill decline for potential future haulage while using that same underground access to establish exploration drill positions. Kaiser has said underground drilling forms part of its strategy to both define resources and clear the way for the next stage of development. That dual-purpose investment is worth noting. If drilling does not deliver sufficient mineralisation, the project still faces the usual exploration risk. If drilling is successful, however, some of the physical infrastructure required to advance the project is already being put in place. A Producing Business Funding Growth The June quarterly also provides useful perspective on Kaiser's ability to continue spending at Maldon. The company produced 5,563 ounces from Henty and 437 ounces from Maldon, for total quarterly production of 6,000 ounces, while closing the period with A$37.2 million in cash and bullion. “Kaiser is a profitable gold miner with a robust balance sheet and a strong pipeline of exploration and development opportunities. We are well-positioned to both capitalise on a strong gold price and add significant further value to our assets with targeted investment.” Kaiser also continued to reinvest across the business. During the quarter, the company spent approximately A$1.6 million on strategic land purchases at Maldon and A$1.4 million on Maldon exploration and set-up, alongside infrastructure investment at Henty, debt reduction and environmental bonding commitments. That expenditure helps explain the importance of the latest announcement. The Northern Drill Drive is the physical outcome of a broader program that has already been funded, commenced and progressively advanced. Rather than announcing an intention to eventually return underground at Maldon, Kaiser now has development equipment operating at the face. What Comes Next The next stage of the Maldon story will increasingly depend on what the drilling reveals. The first development cut does not, by itself, add ounces to Kaiser's resource base, nor does it establish that the untested reef positions will ultimately support commercial mining. It improves Kaiser's ability to answer those questions. For investors, that shifts the focus from rehabilitation progress towards exploration results from areas that have been difficult to test effectively from surface. Maldon's historical production of 1.75Moz at 28g/t provides the geological pedigree. The processing plant, underground access and permits provide infrastructure. Kaiser's producing Henty operation and cash position provide financial support. The missing piece remains the geology. With new development now underway beneath Union Hill, Kaiser is putting itself in a better position to determine how much of that historic gold system remains to be found. Samso Concluding Comments There is a tendency in the exploration market to wait for drill results because drill results give us the numbers everyone wants to analyse. In this case, I think the more useful observation is what Kaiser is doing before those numbers arrive. The June quarterly told us that the Union Hill decline was being refurbished. The latest announcement tells us that Kaiser has moved beyond refurbishment and started breaking new ground. That is a small distinction in wording, but a much larger distinction operationally. The new development is being built to create access to parts of Eaglehawk, Linscott's, Ladies and Sailor's that remain poorly tested. At the same time, surface drilling is working across a broader collection of Maldon targets. The attraction of the story is therefore not simply the historical 1.75Moz at 28g/t headline. History alone does not create a modern resource. The more relevant question is whether modern exploration, using access that previous miners never had or never properly exploited, can demonstrate that meaningful high-grade gold remains around those old workings. Kaiser now has an operating gold mine at Henty, cash on the balance sheet, processing infrastructure at Maldon and a development jumbo working underground at Union Hill. The next part of the story should increasingly become about what that investment discovers. For investors, that is probably the part worth watching. About Kaiser Reef Limited Kaiser Reef Limited (ASX: KAU) is an Australian gold producer operating the Henty Gold Mine in Tasmania while advancing the Maldon Gold Project in Victoria. Henty is supported by a 199koz Ore Reserve and a processing facility with capacity above 300ktpa. Maldon provides the company's Victorian growth option through its existing underground access, permitted 200ktpa CIL processing plant and high-grade exploration potential. 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

In Part 2, fluorite was the villain — the calcium look-alike that makes a tungsten concentrate so hard to clean. But fluorite (fluorspar) is itself a critical mineral. So the question writes itself: if you can separate it, is the troublemaker actually a second product? The literature says yes — with conditions. Here is the evidence, sourced. Samso Insights Research Note Understanding Tungsten - Part 3 Samso Geology Series 1.00 — THE PIVOT One mineral, two destinies As we conclude the Understanding Tungsten series, we come to balance out the view of why the skarn tungsten deposits dominate the space. In Part 2, we talked about the issues of processing tungsten with "contaminants" complicating the discussion. Everything in Part 2 treated fluorite (CaF₂) as the enemy, being the main gangue mineral whose surface is so close to scheelite's that fatty acids float both, diluting the tungsten concentrate. That is all true. However, if we take a step back and understand the recent registration of fluorspar, the commercial name for fluorite, as the world's primary source of fluorine. With the ongoing narrative of critical minerals and the importance of being in the business of critical metals, Fluoride is suddenly in the limelight.

Visible gold has been logged at approximately 18 metres and 40 metres below the existing pit surface, placing the latest discovery directly within the area Aureka Limited is evaluating for potential early production. Aureka Limited (ASX: AKA) has reported two occurrences of visible gold in diamond hole NED035 at the St Arnaud-Comstock Gold Project in Victoria. The first occurrence was logged at 21.7 metres downhole, approximately 18 metres vertically below the existing Walkers pit surface. Multiple visible gold grains measuring between one and two millimetres were observed within a bedding-parallel quartz vein. A further 13 visible gold grains were logged at 61.2 metres downhole, approximately 40 metres below the pit surface. These grains measured between 0.5 and two millimetres and were hosted within a three-centimetre-thick quartz vein associated with a larger en-echelon extension vein set (Figure 1). Laboratory assays are expected within three to five weeks. This is the first visible gold reported by Aureka from the Walkers Shear, a secondary mineralised structure branching southeast from the main Comstock Shear. Previous visible gold occurrences at Comstock have largely been associated with the main structure. Figure 1: St Arnaud Comstock – Walkers Shear: visible gold - NED035 61. 2m down hole (Source: AKA ASX Announcement) Key Highlights Visible gold was observed at two shallow positions in diamond hole NED035. The occurrences sit approximately 18 metres and 40 metres vertically below the current Walkers pit surface. This is Aureka’s first reported visible gold within the Walkers Shear. NED035 forms part of an approximately 1,100-metre infill and historical drilling validation program. Laboratory assay results are expected within three to five weeks. Comstock contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold. Aureka has a binding toll-milling agreement with the Wedderburn Gold Mill, while the licensing process for its proposed early-production strategy remains underway. Why the Location Matters For Aureka, the significance is not simply that visible gold has appeared in the drill core. It is where that gold has been observed. Both occurrences are shallow and sit beneath a previously mined pit within the area being assessed as part of Aureka’s nearer-term production strategy. This gives NED035 greater strategic relevance than a deeper exploration result detached from existing access and infrastructure. The Walkers Shear is also separate from the better-known Comstock Shear. Establishing mineralisation within this secondary structure could improve Aureka’s understanding of how gold is distributed throughout the broader Comstock system (Figure 2). Figure 2: Plan View of the Walkers sub-pit and the Walkes main Shear with legacy drill intercepts projected to pit floor surface9 . Red/yellow star indicates visible gold intercepts reported in this release (Source: AKA ASX Announcement) Managing Director James Gurry said he was impressed to see Comstock “delivering again”, particularly because the visible gold had been encountered within the pit targeted for potential first production. Aureka drilled seven diamond holes at Comstock during 2025, with six returning what the company described as significant gold and/or silver results. The latest visible gold occurrences add another geological data point, but the pending assays will be needed before their grade significance can be assessed. Gurry added: "We drilled seven diamond holes at Comstock in 2025 with significant gold and/or silver results in six of these holes – this repeated success in a previously mined pit demonstrates the value we have at Comstock in the high-grade St Arnaud goldfield where, within 2km of our drill rig location, there is a history of mining 400koz of gold at 15g/t.” An Infill Program with a Defined Purpose NED035 is part of a 13-hole diamond drilling program (Figure 3) comprising approximately 1,100 metres. The holes have an average planned depth of less than 100 metres. The program has three principal objectives: Validate historical drilling results. Increase drill density within the current resource. Collect material for metallurgical testing. Figure 3: Diamond Drilling within the Walkers pit at the Comstock Gold Project. Picture taken June 2026 and shows rig targeting shallow depth drilling on the Walkers stockwork vein area and utilising the existing pit access ramp (Source: AKA ASX Announcement) If the drilling supports the historical data and demonstrates sufficient geological continuity, Aureka may be able to seek the reclassification of part of Comstock’s current 100 per cent Inferred Mineral Resource into a higher-confidence category. That would be an important step, but it would not constitute a mining decision. Aureka has explicitly noted that resource reclassification would be necessary, but not sufficient, for any future Scoping Study. Metallurgical, geotechnical, hydrogeological, environmental, regulatory, social and capital-cost work would still be required before a compliant Production Target or financial forecast could be established. Connecting the Drilling to the Production Strategy The Comstock deposit currently carries a JORC Inferred Mineral Resource of 56,000 ounces of gold grading 1.21g/t. It is located within a previously mined pit and approximately two kilometres north of the township of St Arnaud. The project also sits within reach of existing processing infrastructure. In July 2026, Aureka announced a binding toll-milling agreement with the Wedderburn Gold Mill. That agreement potentially gives the company a processing pathway without first having to build a standalone plant. The combination of an existing pit, shallow drilling, nearby processing capacity and a defined toll-milling arrangement explains why Comstock is being positioned as Aureka’s potential first-production asset. (Figure 4). Figure 4: Aureka’s projects relative to the Wedderburn Gold Processing Mill, owned by Core Prospecting Pty Ltd, with which a milling partnership has been signed. (Source: AKA ASX Announcement) However, the licensing process remains underway, and Aureka has not announced a compliant Production Target or forecast financial outcome. The toll-milling agreement provides a potential processing route; it does not remove the need for resource confidence, metallurgy, approvals and economic studies. Jozef Story, Exploration Manager, said: “It’s remarkable to see multiple visible gold intercepts from our infill and reaffirmation program along on the Walkers Structures, and so proximal to the pit floor surface. The near-surface visual occurrences of gold reinforce our targeting confidence to deliver additional shallow mineralised intercepts on the pathway of our vision of first up small-scale production here at Comstock.” Historical Results Provide the Context The Walkers pit has a history of shallow, high-grade drilling. Previously reported historical results (Figure 5) include: 14 metres at 7.2g/t gold from 18 metres. 3.1 metres at 17.24g/t gold from 22.5 metres. 2.2 metres at 27.4g/t gold from 63.2 metres. 2 metres at 11.30g/t gold from 68 metres Figure 5: St Arnaud Comstock Project showing previously reported drilling and intercepts outside current JORC Resource (Source: AKA ASX Announcement) These historical intersections help explain why Aureka is directing short, closely spaced diamond holes into the area. The current program is intended to test whether those results can be validated using modern drilling, geological logging and sampling procedures. NED035 has provided encouraging visual evidence, but the laboratory results and the broader drilling program will be needed to establish continuity. Visible Gold Is Not an Assay Result Aureka has cautioned investors that visible mineralisation should never be treated as a substitute for laboratory analysis. The two mineralised intervals in NED035 were logged from 21.5 to 21.8 metres and from 61.1 to 61.5 metres. In both cases, the visual abundance of gold was recorded at less than one per cent. Visible gold confirms that gold is present. It does not establish the grade of the surrounding interval, its true width or whether the result can be repeated across the structure. Those questions will only begin to be answered when the assays are returned. What Comes Next The immediate catalyst will be the assay results from NED035, expected within three to five weeks. Beyond those assays, investors will be watching for: Results from the remaining Comstock infill holes. Confirmation or otherwise of the historical high-grade intersections. Evidence of continuity along the Walkers Shear. Metallurgical testwork from the new core. Any proposed upgrade to the current Inferred Mineral Resource. Progress with licensing and the proposed toll-milling pathway. Aureka is also continuing diamond drilling at its Irvine Project near Stawell, where the Resolution deposit contains an Inferred Mineral Resource of 398,000 ounces of gold. About Aureka Limited Aureka Limited is a Victorian gold company with total reported Inferred Mineral Resources of approximately 455,000 ounces Its flagship Irvine Project in the Stawell Corridor contains an Inferred Mineral Resource of 398,000 ounces and is located approximately 16 kilometres from the operating Stawell Gold Mine. The St Arnaud-Comstock Gold and Silver Project contains an Inferred Mineral Resource of 56,000 ounces grading 1.21g/t gold and is being evaluated as Aureka’s potential nearer-term production opportunity. Aureka’s portfolio also includes the Jubilee Gold Exploration Project near Ballarat, the Morning Bill Gold and Base Metals Project and critical-minerals exploration opportunities within the greater St Arnaud area. Samso Concluding Comments The photographs of visible gold are the hook. The shallow location, the design of the drilling program and the potential connection to existing processing infrastructure are the substance. The assays are the test. For Aureka, the latest result is well placed. The visible gold occurs beneath an existing pit, within the secondary Walkers structure and inside the area being evaluated for potential early production. That makes NED035 relevant to more than exploration targeting. It may help Aureka test the historical drilling, improve confidence in the resource and collect the technical information needed to advance Comstock. However, visible gold does not establish an economic deposit. The investment significance will depend on the assays, the consistency of the remaining drilling and whether the program ultimately supports higher resource confidence and a credible development case. Comstock now has a clearly defined sequence of work ahead of it. The next step is to see whether the numbers support what can presently be seen in the core. 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Bronwyn Barnes steps into the Executive Chair role as Rimfire raises $2.3 million and separates its corporate and technical leadership functions. Rimfire Pacific Mining Limited (ASX: RIM) has moved to strengthen its leadership and funding position as the company continues to advance its scandium portfolio in New South Wales (Figure 1). The company has appointed experienced mining executive Bronwyn Barnes as Executive Chair from 1 September 2026, alongside a $2.3 million capital raising at $0.008 per share. Current Chairman Ian McCubbing will move to a Non-Executive Director role, while Managing Director and CEO David Hutton will become Technical Director. The changes come as Rimfire moves beyond resource definition and exploration into a period where metallurgical studies, additional drilling, funding discussions and potential strategic partnerships are increasingly running alongside the geological work. That makes the structure of the new leadership team worth noting. Hutton will continue to lead expanded exploration, resource development and technical studies, including metallurgical and engineering work and preparation towards feasibility study readiness. Barnes, meanwhile, will lead the company's strategic, commercial and funding initiatives. It creates a clearer separation between progressing the projects technically and building the corporate pathways around them. Figure 1: Location of Rimfire's Projects (Source: RIM Presentation) Experience Beyond Exploration Barnes brings more than three decades of resources-sector experience covering project development, corporate finance, mergers and acquisitions, capital markets, government engagement and corporate strategy. She is currently Executive Chair of Indiana Resources Limited (ASX: IDA), Non-Executive Chair of Finder Energy Limited (ASX: FDR) and Non-Executive Chair of Freedom Metals Acquisition Corporation (NASDAQ: FDMM). There is also an interesting thread in her recent corporate history. Barnes previously served as President and CEO of High Power Exploration (HPX). HPX identifies its major shareholder and technology provider as I-Pulse Inc., the US company founded and chaired by Robert Friedland. During Barnes' time leading HPX, the company was progressing major iron ore and infrastructure developments in Guinea and Liberia, involving project development, corporate strategy and government engagement. It is useful context rather than a comparison between companies. Rimfire's scandium portfolio is at a very different stage and scale, but Barnes comes into the role having worked in an environment where the corporate, funding and strategic elements of project development sat alongside the technical work. That experience appears consistent with the role Rimfire has now created for her. Outgoing Chairman Ian McCubbing said Barnes had a track record of building strategic partnerships, securing funding and delivering commercial outcomes, while Rimfire said her experience covered taking projects from resource definition through technical development and into commercial execution. Funding Next Stage The leadership changes have been accompanied by a $2.3 million placement, with 287.5 million new shares to be issued at $0.008 per share. Barnes and McCubbing have each committed $200,000 to the raising, with other directors and management contributing a further $185,000. The placement price represents a 27% discount to Rimfire's $0.011 closing price on 31 July 2026 and the five-day VWAP to that date. Placement participants will also receive one free attaching unlisted option for every new share, exercisable at $0.015 and expiring on 31 August 2029, subject to shareholder approval. The funding will be directed towards ongoing metallurgical work, drilling programs and working capital. The timing is relevant because Rimfire ended the June quarter with $585,000 in cash and $193,000 held in earn-in bank balances. The placement therefore provides additional capacity for a work program that was already beginning to expand. Murga Remains at the Centre - Rimfire's Scandium Exploration Rimfire's primary focus remains building a critical mass of scandium within the Fifield district of central New South Wales (Figure 2). The Murga Scandium Deposit currently contains an Inferred Mineral Resource of approximately 11,900 tonnes of scandium oxide. Figure 2: Fifield project locations showing Rimfire (red blocks) and Rio Tinto (blue), Sunrise Energy Metals (green) and Australia Mines (pink) (Source: RIM ASX Announcement). During the June quarter, Rimfire reported results from its first 14-day bottle-roll metallurgical tests on low-iron scandium mineralisation from Murga. The early test work indicated that, if the extraction rate recorded during those tests were maintained over a longer and more commercially realistic period, scandium recoveries of between 60% and 90% could potentially be achieved. Rimfire specifically notes that this remains subject to confirmation through longer-duration testing. Two Stage 2 bottle-roll tests are now underway over a substantially longer 160–180 day period. There is also further drilling being prepared across the portfolio. Rimfire has outlined approximately 2,500 metres of air-core drilling at Malamute, around 2,500 metres aimed at expanding Murga and a proposed 5,000-metre program across Kars and other Avondale targets, subject to approvals and the relevant joint-venture processes. The Commercial Work Has Already Started The appointment of Barnes also follows another development from the June quarter that sits alongside Rimfire's technical work. The company engaged UK-based Xcelsior Capital Advisors to assist with potential funding and engagement with strategic partners, OEMs, governments, international financial institutions and potential offtake partners. Xcelsior is an investment partner of Wogen, a specialist metals and minerals trading group with more than 50 years of experience in critical mineral markets, including scandium. That mandate provides some context for the leadership changes now being made. Rimfire still has substantial technical work ahead of it. The longer-duration metallurgical program is underway, resources are targeted for expansion and further drilling is being prepared. At the same time, the company is beginning to put more resources around the funding, strategic-partner and commercial side of the business. Barnes' appointment adds another layer to that process. 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 3). In a market measured in tens of tonnes, Samso notes that a single credible project can shift the entire supply narrative. Figure 3: 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. Samso Concluding Comments For Rimfire, in my opinion, this may be a transformational change. I have known Browyn Barnes for a few years, and she was on Coffee with Samso several times when she was the Executive Chair for Indiana Resources Limited (see below). Browyn comes with a lot of accolades in the industry and her trail of success is well captured in the media. I think the future pathway for Rimfire is looking more than interesting. Samso has taken up some shares from the market since the announcement, and I am looking forward to some more compelling news. David Hutton remains closely involved and moves into a position specifically focused on exploration, resource growth, metallurgy, engineering and technical studies. According to management, Bronwyn Barnes takes responsibility for the corporate, strategic and funding work around those activities. Meanwhile, Xcelsior has already been mandated to engage with potential funding groups, governments, OEMs, strategic partners and offtake parties. These are developments occurring while Rimfire continues the work of determining what its scandium portfolio can ultimately become. The company itself describes the strategy as expanding and upgrading the scandium resource base while progressing the technical, metallurgical and engineering work required for future development, alongside the pursuit of commercial opportunities and strategic partnerships. The latest announcement puts people and capital behind that stated strategy. 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 work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiative for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer, or solicitation to subscribe for, purchase, or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer. About Samso Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research. Samso News | www.samso.com.au | An Investor Lens on ASX-Listed Companies

Data centre pushback, aluminium substitution, and the Australian field A newspaper column raised two risks to the copper story: communities resisting data centres, and carmakers rewiring in aluminium. This Insight follows both threads to their sources, sets them against a century of substitution history, and then turns to the Australian ground: who produces, who holds a resource, and how to weigh the explorers still looking for one. Samso Insights Investor Awareness Geology Series Samso Market Strategy 1.00 — WHERE THE IDEA CAME FROM A newspaper thread, followed to its sources

The easy way to read the AI data-centre boom is to count the gigawatts being announced. The more useful questions are where those gigawatts will come from, who will pay for them and whether the proposed site can ever be connected. That distinction matters because the numbers being discussed are no longer ordinary commercial loads. A single hyperscale data centre campus can draw several hundred megawatts of continuous power, on a par with a mid-sized industrial precinct or a small city, and some of the proposals in this piece are pitched at up to 1GW or 2GW (Figure 1). Networks built for households and existing industry were never sized for that kind of load to arrive in one location almost overnight. That is the pressure behind Australia's shift from simply welcoming data centres to attaching conditions to them. Figure 1: Aerial view of Microsoft’s new AI data centre campus in Mt Pleasant, Wisconsin (Source: Microsoft) The conditions now on the table are specific. New large facilities are expected to help underwrite the new electricity supply they need, rather than draw down capacity meant for everyone else. They are expected to fund their own connection costs, rather than push those costs onto other network users. They are expected to curtail their own power use when the grid is under strain, so a heatwave that stresses household supply does not get worse because a data centre keeps running at full draw. And they are expected to show they use water efficiently, because the cooling systems large computing facilities need can be heavy water users in regions where water is already contested. On top of that, the federal government has directed that new data centres should mostly run on renewable energy. Gas can help firm that supply when the sun is not shining or the wind is not blowing, but is not meant to be the primary source. Put together, this reshapes who is actually well positioned in the sector. It favours companies that already hold a working combination of developable land, grid access, new generation, storage, gas firming and fibre, over companies that simply hold gas in the ground or have attached an "AI" label to a project that predates any of this - and it looks like resources and energy companies are well-positioned to fill this gap. This story discusses five ASX small caps that are well-positioned to host data centres The vocabulary, in plain English A hyperscaler is a very large technology company, such as a cloud computing provider, that builds and runs its own giant data centres. A heads of agreement, or HoA, is an early document that sets out what two parties intend to agree. It can be non-binding, where neither side is legally obliged to proceed, or binding, where the parties have made a legal commitment even before a full contract is signed. A power purchase agreement, or PPA, is a contract to buy electricity from a specific generator over a set period. MW means megawatt and GW means gigawatt, a GW is 1,000 MW, and both measure electricity capacity, not the amount actually used. Freehold land is land the company owns outright, as opposed to a lease or an option to buy. Firming means adding backup generation, such as gas or batteries, so that renewable power stays reliable when the sun is not shining or the wind is not blowing. Voluntary administration is a formal process where an independent administrator takes control of a company that cannot pay its debts, to work out whether it can be restructured, sold, or wound up. How do the ASX Data Centre optionality plays compare? Table 1: Companies with AI data centre optionality Company ASX Market cap Key asset AI-opportunity Stage 1414 Degrees 14D approximately A$43m Aurora Energy Precinct, SA Up to 1GW renewable-powered campus Proposed, feasibility stage, non-binding HoA signed Beetaloo Energy Australia BTL approximately A$346m Carpentaria gas plus Weddell site, Northern Territory 2GW off-grid gas-powered campus concept Pre-FEED, feasibility stage Strike Energy STX approximately A$341m South Erregulla gas plant and precinct, WA Firmed renewable-powered industrial and data precinct Under construction, commissioning, data centre case speculative Frontier Energy FHE approximately A$216m Waroona solar and battery site, WA Renewable-powered campus beside 330kV transmission infrastructure Under construction, early works, data centre case speculative Pilot Energy PGY approximately A$6.8m Cliff Head/Arrowsmith and Three Springs, WA Modular compute plus proposed 50MW solar and battery campus Operating 0.4MW module, proposed 50MW site, company in voluntary administration Prices and market caps above are indicative, mostly from 6 to 7 August 2026, calculated from market price and the latest disclosed or post-raising share count where available, and can differ across delayed data feeds. Approximate prices used were A$0.061 for 14D, A$0.230 for BTL, A$0.095 for STX, A$0.195 for FHE and A$0.054 for PGY. Pilot's market cap uses its last traded price because its securities are currently suspended. Readers should check current prices and suspension status on the ASX before making any decision. 1. 1414 Degrees (ASX: 14D) 14D controls the 15.8-square-kilometre Aurora Energy Precinct near Port Augusta, South Australia, under long-term tenure. Moreover, the company's silicon-based thermal energy storage technology – SiBrick® – safely and efficiently stores renewable electricity as latent heat (Figure 2). Figure 2: SiBrick® - company's silicon-based thermal energy storage technology (Source: 14D Website) The site has highway access, water infrastructure, transcontinental fibre and high-voltage transmission next door. Its approved 140MW/280MWh battery, up to 900MW of solar potential and a proposed data centre campus give it a workable combination of renewable power, storage and land. Management says an initial 17MW can connect through 33kV infrastructure, around 200MW through 275kV infrastructure, and up to 1GW through staged upgrades. These are development pathways, not power that is already contracted. The grid operator AEMO and network owner ElectraNet have accepted generator performance standards for the battery, but final connection terms, an electricity offtake deal and construction funding are still outstanding. In July 2026, 14D signed a non-binding HoA with an unnamed Australian operator. It gives that operator exclusivity over an initial 40-hectare parcel and covers up to 1GW in total. The operator is expected to bring capital and operating expertise, but no lease, PPA, named hyperscaler customer or financial terms have been disclosed. 2. Beetaloo Energy Australia (ASX: BTL) BTL holds exclusive negotiating rights, described as a "not-to-deal" arrangement rather than ownership or a signed lease, over 185 hectares at Weddell, about 30 kilometres from Darwin (Figure 3).The company has proposed a two-campus, up to 2GW AI data centre development there. The flat, cleared site sits near the planned Territory Energy Link and a proposed subsea cable landing point connecting to Asia. Figure 3: Beetaloo's Major holdings across both McArthur and Beetaloo Basins (Source: BTL Website) The concept would run on gas generated on site from BTL's Beetaloo gas holdings, built larger than needed so it does not draw power from the Northern Territory grid. Fibre access, water supply and cooling design have not been made public. The gas backing this concept sits at BTL's Carpentaria project, where the company reports about 1.6 trillion cubic feet of contingent gas resources. Pilot gas production is targeted for late 2026, so the fuel source is not yet in production. The Weddell project remains at concept and pre-FEED stage, meaning early feasibility work before a full front-end engineering design, and still needs a funding consortium, proven gas supply, financing, approvals and signed land and infrastructure agreements. A memorandum of understanding with Halliburton covers technical collaboration only, not project capital or a data centre customer. 3. Strike Energy (ASX: STX) Strike owns 3,500 hectares of freehold, previously cleared farmland at South Erregulla, roughly 280 kilometres north of Perth and 45 kilometres east of Three Springs, Western Australia (Figure 4).The site combines gas resources, planned renewable generation and an 85MW gas-fired power station. The original development case pointed to transmission lines about 15 kilometres away, gas reserves in the highest confidence category, and around 1.3 petajoules of annual fuel demand supporting more than 25 years of operation. Figure 4: Strike’s petroleum acreage in the onshore, northern Perth Basin (Source: STK Website) By 29 June 2026, all 20 generating units at the power station had been commissioned on gas. Grid and network commissioning, along with dedicated connection works, were still continuing at that date, so the power supply is not yet fully proven for a data centre load. The 85MW plant was designed mainly as a peaking and reserve-capacity asset, not dedicated round-the-clock baseload supply, so additional generation or storage would be needed to supply a data centre. Strike has publicly argued that gas, solar and wind in the Mid West region could support data centres, but this is company positioning rather than a signed deal. No data centre developer, hyperscaler customer, site plan, fibre connection, cooling water source or commercial agreement has been disclosed. 4. Frontier Energy (ASX: FHE) Frontier owns approximately 820 to 830 hectares at Waroona, around 120 kilometres south of Perth, about 500 metres from Western Power's Landwehr transmission terminal. Stage One of its project is 132MW of solar generation, an 81.5MW/565MWh battery, and a new 330kV substation. A fixed-price construction contract has been awarded, and lenders have given credit approval for debt of up to A$280 million, though that debt still needs final documentation and conditions to be met. Combined with an equity raising in July, management expects Stage One to be fully funded, with first power targeted for the second half of 2028. A further Stage Two, covering about 120MW of solar and an 80MW battery, has approvals in place. Figure 5: FHE Waroona Infrastructure (Source: FHE June 2026 Presentation) This makes Frontier one of the better renewable-powered land assets in the screen on paper, with freehold scale, a high-voltage connection point and long-duration storage matching the direction of federal policy. Water capacity, carrier-grade fibre and any formal data centre development application have not been publicly verified. Media reports said AI company Sharon AI had considered an equity position in Frontier, and that Frontier receives approaches from interested parties, but Sharon AI denied it had bought the reported stake. No agreement, customer or data centre plan has been announced by Frontier itself. 5. Pilot Energy (ASX: PGY) - In administration Pilot commissioned 0.4MW of a planned 1MW modular high-performance-compute facility at Arrowsmith, WA, in April 2026, using existing gas and part of its approximately 4.4MW of generation capacity. The remaining 0.6MW needs an electrical upgrade. Management has pointed to Starlink and a Vocus fibre route about 10 kilometres away, but a carrier-grade fibre connection, a confirmed water source and the actual workload running on the facility have not been verified. Separately, Pilot signed a binding HoA with a company called SNE, covering land acquisition, solar and battery storage and a proposed 50MW data centre at Three Springs, with milestone payments due to Pilot. Due diligence and the definitive contracts under that HoA were incomplete, and there was no certainty the deal would proceed to completion. Pilot subsequently appointed voluntary administrators, and its securities are now suspended from trading. That means the 0.4MW facility's current operating status, and whether its counterparties still intend to proceed, both need to be reconfirmed. Pilot's larger Mid West infrastructure, including roads, pipelines and an offshore reservoir at Cliff Head, may still hold value in its own right, but that infrastructure does not by itself make a working data centre campus. Which of the five stand out 1414 Degrees offers the widest gap between its roughly A$43 million market value and a potentially large campus of up to 1GW. Aurora already combines a large controlled site, transmission access, fibre, water infrastructure, solar potential and an approved battery project. The HoA is real, if early, commercial evidence. A binding lease, a staged connection agreement or a named creditworthy customer could change how the market sees the company. The current discount reflects that exclusivity is non-binding, grid capacity is not reserved at the full 1GW, and construction funding has not been arranged. Strike Energy's 3,500-hectare freehold precinct, dedicated gas, 85MW of generation and grid works are more tangible physical infrastructure than most companies on this list can show. A renewable partner and a signed data centre tenant could let Strike use its existing investment to move faster than a company starting from nothing. But Strike has no data centre counterparty at all. Its current valuation rests mainly on its energy assets, so upside from AI data centres is possible but unproven. Frontier Energy is the closest company to displacing Strike in this group. It has a better fit with the renewable-power policy direction, but its data centre interest is based on media reports rather than a signed agreement, and first power is not expected until 2028. Pilot Energy is the only one of the five that has both a binding, data centre-specific HoA and equipment already running at a customer-facing scale. On paper, that is more commercial progress than any of the other four can show. In practice, the company's move into voluntary administration overwhelms that progress. Whether the SNE agreement, the operating module, or Pilot's broader infrastructure hold any of their earlier value now depends on the outcome of the administration, not on the underlying data centre case. The risks that apply across this group Building a data centre-scale campus, plus new generation, storage and fibre, can cost far more than these companies are currently worth on the market. 14D has recently raised equity and would need considerably more capital to fund a full-scale campus. Frontier's credit-approved debt and equity package is the most advanced project funding among the five, but it is still subject to conditions. Beetaloo still needs to assemble consortium-scale capital before Weddell can proceed. Pilot's funding position is now a matter for its administrators rather than ordinary equity or debt raising. A nearby transmission line does not mean firm capacity is actually available. Connection studies, equipment needed to maintain grid stability, network upgrades, curtailment rules and queue position can all affect what a company can actually deliver. Announced capacity targets should not be treated as capacity that is already connected. Water rights and cooling design are often not disclosed. Dry cooling reduces water use but can increase construction cost and energy use. Being near a fibre route is not the same as having a confirmed, carrier-grade connection. Data centre, generation, transmission and water approvals are separate approval processes. Gas developments carry additional emissions, Traditional Owner, environmental and social approval risks. Land options or exclusivity periods can lapse before approvals are granted. Forecasts for AI computing demand may prove too high. More efficient chips, liquid cooling and changes in where workloads are located could reduce the value of remote sites. Large technology companies can also bypass smaller companies and contract directly with utilities. Gas price, how much of a contingent gas resource actually converts into a produced reserve, production decline and carbon costs can all reduce the economics of gas-fired, behind-the-meter power. Under Australia's developing policy framework, gas-only campuses face the most exposure, and renewable PPAs and storage are likely to be needed alongside them. An HoA, whether binding or non-binding, is not revenue on its own, and a signed agreement can still fail to complete, as Pilot's own situation shows. Small management teams have to manage energy, property, telecommunications and digital infrastructure work all at the same time, on top of everyday production and funding pressures. A company appointing administrators can leave every other commercial arrangement it has signed in doubt. Samso Concluding Comments 1414 Degrees has the most complete package among the five, on the evidence available. Aurora combines controlled land, high-voltage infrastructure, a fibre corridor, water access, solar potential and an approved battery, and its non-binding HoA is a step beyond a purely theoretical proposal. At a market value of roughly A$43 million, successfully de-risking the project could be significant for the company. It remains a high-risk development, with no confirmed customer, lease, large-scale connection or funding secured yet. Strike Energy has the more tangible, near-operational infrastructure of the remaining companies with an intact balance sheet, but no data centre counterparty at all. Frontier Energy would move ahead of Strike if it announced a credible operator, or a verified data centre fibre and water solution, of its own. Pilot Energy is the clearest illustration in this group of the gap between having signed something and having a viable business. 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