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Announcement Diona-1 Operations Update 8 October 2025 Diona-1 - 23m Net Pay Confirmed - Testing to Follow  14 October 2025  Diona-1 Well Program Update 22 October 2025 Xstate Resources Limited (ASX: XST) has provided an operations update for Diona-1  within the Diona block, ATP 2077 , in the Surat–Bowen Basin, Queensland (Figure 1) . As at the time of writing, the well had reached 2,479 m MD , intersected its Jurassic primary target (non-hydrocarbon-bearing), and on entering the Permian encountered an ~181 m hydrocarbon-prone sequence with a significant overpressured gas column . Drilling is continuing to a planned ~2,530 m TD , with wireline logging to follow immediately after completion. Figure 1: Location of the Diona Block (source: XST)   Managing Director, Andrew Bald,  commented: “The Diona-1 well has proven the presence of (moveable) hydrocarbons across an unanticipated 180m+ (gross) column of the Permian section of this well. We cannot rule out that Diona-1 has intersected the updip edge of the Taroom Basin Centred Gas play, which, if present, could offer us the opportunity to prove up a significantly larger unconventional resource. The strategy of targeting a multi-stacked play has paid dividends and early signs are that this could be a remarkable outcome for the team and the Company. It is a credit to the geologists and geophysicists who have identified the opportunity. We are all very excited and looking forward to seeing the outcome of the wireline logging.” Highlights — 8 October 2025 (Operations Update) 2,479 m (MD)  drilled; primary and secondary targets intersected. ~181 m Permian-to-basement hydrocarbon-prone sequence  with a significant overpressured gas column ; kick controlled via mud-weight increases and circulation. Wireline logging is pending  after reaching ~2,530 m TD . Figure 2  shows a controlled flare  from circulating gas from Diona-1 well. Figure 2: Controlled flare of circulating gas from Diona-1 well (source: XST) Project overview - A Developing Gas Producer Story The Diona project  lies between the Silver Springs Gas Processing Facility  and the Waggamba Gas Field , adjacent to the Waggamba–Silver Springs gas pipeline . Diona-1 targets three proven reservoirs  — Showgrounds, Tinowon, Wallabella  — with early signs of flowing hydrocarbons in the lower two formations. Crucially, a pipeline is <100 m from the pad , with a valve tie-in ~1 km  away, indicating a potentially rapid path to market if commerciality is established. Xstate owns 51% of ATP 2077 ; Elixir Energy (ASX: EXR)  retains 100% beneficial ownership of Blocks A & B . Diona-1 spudded 27 September 2025 . What’s new? LWD indicates several Permian hydrocarbon-bearing sandstones warranting additional logging and testing . Drilling continues to ~2,530 m  before a wireline program  acquires the dataset required for final interpretation. Preliminary observations are encouraging  pending wireline confirmation. Why this matters - Diona Prospectivity Diona-1 is testing a low-risk four-way dip closed anticlinal structure at Showgrounds, Tinowon , and Wallabella  levels, with stratigraphic pinch-outs  to the west in Tinowon/Wallabella (Figure 3). The structure sits on a prominent nose plunging east into the Permian source kitchen , providing a credible charge model for gas (and possibly oil) . Combined with evidence of overpressure  and multiple sandstones , the play concept remains compelling, subject to reservoir quality and deliverability to be confirmed by logs/tests. Figure 3: Tinowon depth map highlighting structural closure and westward pinch-out—key trap geometry. (source: XST) Highlights — 14 Oct 2025 ASX update (wireline results) 23 m net gas pay (116 m gross) across three Permian intervals : Bandanna/Black Alley ( 13 m ), Tinowon ( 1 m ), Wallabella ( 9 m ); avg. porosity ~10%  (max up to ~14% by interval).  Wallabella upside : part of the interval wasn’t fully logged due to downhole constraints; LWD/mud logs indicate additional pay  potential.  Well reached TD 2,479 m , then cased to ~2 m of TD and cemented ; testing program to be finalised  (perforate/stimulate each zone independently ). Wireline logs at Diona-1 confirm three intervals of net gas pay in Permian sandstones, consistent with LWD and mud-log data. Downhole conditions limited full tool coverage over the Wallabella Sandstones , leaving that unit only partially evaluated. Net-pay figures were derived using cut-offs aligned with ERCE-Sproule’s contingent resource methodology  applied to Elixir’s nearby tight-gas permits. Table 1: Pay Zones (ERCE–Sproule Cut-offs) Managing Director, Andrew Bald,  commented: “These are extremely encouraging results for Diona-1. We now need to flow test each of the Permian reservoirs and we are very optimistic that we could see more upside from the unlogged Wallabella formation. Production testing will confirm flow rates from what could be a new gas discovery.   Highlights — 22 Oct 2025 deck (program & context) Drilled, cased & suspended (Oct 2025) ; significant gas shows over ~181 m ; net pay 23 m over 3 zones ; avg. porosity 10% . Figure 4: Ventia Rig 101 at Diona 1 (source: XST) Gas kick at base  not fully covered by logs suggests an additional partially evaluated gas zone ; gas safely flared at wellsite . Formations intersected:   Bandanna , Tinowon , Wallabella  (Permian). Figure 5: DIONA -1 Pay on Wireline Logs (source: XST) BCG angle:  Large continuous pay interval suggests basin-centred gas  potential beyond mapped closures; testing to determine flow rates . Figure 6: Closure & pinch-out suggesting BCG potential (source: XST) Location advantage reaffirmed:   <100 m to Waggamba pipeline , ~1 km to tie-in , ~15 km to Silver Springs plant (see Figure 1). Next steps Formalise the Operations Committee  and finalise the completion & testing plan . Perforate (and possibly stimulate) each of the three Permian pay zones independently  to obtain clean, zone-specific data. Execute flow tests  to determine deliverability and pressures; management explicitly flags flow-testing of each reservoir .       Assess the partially logged Wallabella interval  for additional pay  indicated on LWD/mud logs during testing/design.        Update resource estimates and forward work program  based on measured test results; planning contemplates revisions after data acquisition.          If results support it, progress tie-in options  leveraging proximity to pipeline (<100 m) and valve (~1 km) .   About Xstate Resources Limited Xstate Resources (ASX: XST) is an ASX-listed oil & gas company focused on its Diona project in Queensland, where it owns 51% of ATP 2077 (with Elixir Energy retaining 100% beneficial ownership of Blocks A & B). The Company spudded Diona-1 on 27 September 2025 and also holds exploration assets in the Sacramento Basin, California. Samso Concluding Comments This is our first Samso News for the Oil & Gas sector, and deciding to cover Xstate is based on my uptake of some IPO shares. I liked the concept and the understanding that this investment is a bet on the outcome of the drilling. My limited understanding of the outcome, at that time, was purely a binary result; however, the more I read into the sector, I see similarities in the thinking, but the way the information is presented is the main difference. For an investor that is not attuned to the oil and gas sector, my decision to sell or buy more was solely dependent on the reaction of the market. What that means is I was just going to follow the market. However, as I learned more about the reasons behind management optimism was all about the Taroom Trough. The Taroom Trough is why management is openly entertaining basin-centred gas  at the up-dip edge. That is not a claim of scale — it’s a vector for upside , pending data. My assessment of Risk is now based on whether the pressure from the drilled hole is sufficient to sustain any flow. If the logs are supportive and testing proceeds, the proximity to the pipeline is the key to the difference in a mineral mining scenario and one that is just about the ability to connect a pipe to the main line — a valuable advantage in any development scenario. The Samso Way – Seek the Research Always read the primary ASX release  in full and wait for the wireline/test updates  before forming a view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position, or particular or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation sees the benefit of what Samso is trying to achieve and has a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Algorae Signs Binding Term Sheet with Cadila Pharmaceuticals 20 October 2025 Algorae Pharmaceuticals Ltd (ASX: 1AI)  has executed a binding term sheet with Cadila Pharmaceuticals Limited for a proposed license and supply agreement  covering Australia and New Zealand. The partnership would see Algorae launch two generic medicines  targeting cardiovascular and metabolic disorders , with next steps focused on finalising a definitive agreement and preparing for TGA registration .   Highlights - A Solution for Cardiovascular and Metabolic Disorders Binding term sheet  signed with Cadila Pharmaceuticals , one of India’s largest privately held pharma companies. Scope covers two generic medicines  for Australia and New Zealand , aimed at cardiovascular and metabolic  markets. Parties will now work toward a definitive License & Supply Agreement (LSA)  to formalise operations. Post-LSA, Algorae will commence TGA registration planning and documentation  and update shareholders on approval timelines and anticipated revenue contributions  as the program advances. Cadila  operates facilities accredited by US FDA, EU, MHRA (UK), WHO, and TGA , supplying 100+ countries with a 9,000+ workforce ; Algorae reps recently met Cadila’s senior/technical teams in Ahmedabad.   Company & Partner Snapshot Algorae Pharmaceuticals (ASX: 1AI)  — An AI-enabled pharmaceutical development company leveraging its AlgoraeOS  platform (machine learning, deep learning, neural networks) to identify synergistic drug combinations addressing unmet medical needs, progressing candidates with research and pharma partners.  Cadila Pharmaceuticals Limited  — A vertically integrated pharma with APIs, finished formulations, CRAMS, and global accreditations ( US FDA, EU, MHRA, WHO, TGA ). Markets products across Asia, Africa, Europe, the Americas ; 9,000+ staff ; 350+ R&D scientists  across respiratory, cardiometabolic, GI, oncology, anti-infective, and pain. Founded in 1951 , led by Dr Rajiv Modi , mission of “ affordable innovation .”   Cadila Pharmaceuticals   Chief Commercial Officer, Mr Vishal Shah , commented: “This partnership represents an important step in executing our commercial strategy and expanding our product portfolio through a partner,” “Our focus now is on finalising the definitive agreement and preparing for regulatory submissions.” What’s Being Agreed & Why It Matters Scope:  License and supply for two generics in AU/NZ  aligned to large, chronic therapeutic areas (cardiovascular, metabolic).  Rationale:  Expands Algorae’s commercial footprint  via a world-class manufacturing partner  with global regulatory track record.  Operationalisation:  Execution of a definitive LSA will set the operational framework; TGA submissions  to follow.     Near-Term Work Program & Catalysts Definitive LSA  execution (operational terms locked).  TGA registration planning & documentation  initiation after LSA execution.  Shareholder updates  on approval timelines  and anticipated revenue contributions  as the program advances.   Samso Concluding Comments The ASX release by Algorae Pharmaceuticals reporting the signing of a binding term sheet with a credible manufacturer to progress two AU/NZ generics  in the cardiometabolic sector is a very good step forward. It lays down the commercial framework without overpromising and making shareholders and potential investors have confidence in the path forward. The value proposition is simple. The partner leverage— global regulatory accreditations  and scale, and paired with Algorae’s push to expand a near-term product portfolio, is obvious. This is all about creating capability and a pathway rather than immediate volumes. The near-term check boxes are simple. It is to execute the definitive LSA , then move into TGA documentation . Those milestones turn intent into process and will anchor more specific timelines and market detail. For now, one can assume that the groundwork completed. Hopefully for the company, the LSA signature will materialise and hence lead to TGA progress. The rest of the news will become the branches of a revenue-making business. DYOR is a very important aspect, as is the Samso way.   The Samso Way – Seek the Research Always read the source announcement  end-to-end (including the forward-looking statements ) before forming a view—and keep an eye out for the definitive LSA  and TGA  milestones in forthcoming updates. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Outstanding HighGrade Copper Rock Chips & Expanded Footprint 23 October 2025 E79 Gold Mines Limited (ASX: E79)  has sharpened the Mountain Home Copper–Gold (Figure 1) story in the NT with a simple but telling update (23 October 2025): fresh mapping plus 24 rock-chip samples have pushed high-grade copper outside the known gossan and onto parallel trends. With assays up to 35.9% Cu and Cu-Au-Bi mineralisation tracking along sinistral brittle faults, the footprint now looks more like a structural corridor than a single showing. Access has been secured, heritage fieldwork is done with approvals expected in the December quarter, and a co-funded airborne gravity survey over ~350 km² is booked for December—setting the stage to convert surface vectors into 2026 drill targets. In short, it’s scale plus structure, and the next datasets should tell us how big this system might be or not. Figure 1: Location map of the Mountain Home Project within the McArthur and Carpentaria Basins. (source: E79) Highlights - Finding a new Copper-Gold Mineral System Reconnaissance mapping and 24 rock-chip samples returned multiple high-grade copper assays, extending mineralisation around the Mountain Home Gossan. Key results include: MHR040: 35.9% Cu , MHR037: 32.5% Cu , MHR039: 18.55% Cu  (gossan area). Step-outs recording MHR036: 24.3% Cu & 0.11 g/t Au  (≈200 m south), MHR038: 22.5% Cu & 1.56 g/t Au  (parallel trend ≈150–200 m west), MHR049: 2.53% Cu (parallel trend ≈950 m north).  Access agreement  signed with the local pastoralist; heritage survey fieldwork completed  with approvals expected in December quarter 2025 , enabling initial drilling in 2026  post-wet season.  Co-funded airborne gravity survey  over ~ 350 km²  scheduled to commence December 2025  (NT Government GDC support, up to $150k ). Separate RC drilling grant up to $100k  applied to extend to May 2026 .  Mapping indicates brittle, sinistral fault-controlled quartz breccia and crack-seal veins  with Cu-Au-Bi ; mineralised envelope mapped for ~3 km  north of the gossan. Geological fingerprint suggests intra-cratonic Cu-Au (ICG)  affinity within the broader IOCG  family (Tennant Creek-style indicators noted).  Regional follow-up ~ 17.5 km NW returned up to 1,125 ppm Cu  in rock chips; anomaly remains open in all directions . E79 Gold CEO, Ned Summerhayes , commented: “The recent mapping and sampling programs were successful in significantly increasing the footprint of known high-grade copper and gold mineralisation at Mountain Home. “The mapping program, in conjunction with an independent expert, has enhanced our understanding of the Mountain Home Gossan and its surrounds, indicating a structural aspect to the mineralisation at the Mountain Home Gossan. “Pre-drilling approvals are progressing with a key access agreement signed with the local pastoralist and the required heritage survey field work also now completed over the Mountain Home Gossan. The results of the heritage survey, and the grant of the potential heritage licence, are both expected in the current December Quarter, which will allow for initial drilling to take place in 2026 at the conclusion of the wet season. “A large-scale co-funded gravity survey is scheduled to start in December, which will potentially map large-scale structures and prospective rock units over a 350km2 area and provide insights to discovery opportunities under cover.”   Consulting Geologist Carl Brauhart  commented: “The Mountain Home Project is in a very desirable address, with a geochemical signature and regional setting typical of Intracratonic copper-gold (ICG) systems. Notable ICG systems include Olympic Dam, Ernest Henry, Telfer and Winu, all of which lie in the hangingwall to a cratonic suture and postdate subduction tectonics by hundreds of millions of years. Although known mineralisation is quartz vein hosted, extreme Bi concentrations suggest a possible affinity with the Tennant Creek Au-Cu-Bi IOCG deposits. Clear brittle structural control mapped in the field, combined with the prospective geochemistry at the Mountain Home Gossan provide very important leads for exploring the wider Mountain Home Region.” Project Snapshot Location & tenure:  Mountain Home Copper–Gold Project, Northern Territory (EL32470 100%; EL33886 & EL33887 under application 100%; EL4178 & EL34179 mineral rights). E79 controls ~1,366 km²  across inliers of Proterozoic McArthur Basin  lithologies within the Carpentaria Basin. Work completed (Aug 2025):  24 rock-chip samples + detailed outcrop mapping over the gossan and surrounds. Assays via multi-element 4-acid digest (ICP-MS/OES) and gold by 50 g fire assay (Figure 2).   Figure 2: Location map of the Mountain Home Project with recent soil sample locations, and new target area. (source: E79)   Results & Interpretation (What’s Changed) (Figure 3) Footprint expanded:  High-grade copper now confirmed outside the known gossan along parallel trends  north and west, and to the south of prior sampling, indicating multiple conduits and a broader structural corridor.  Structural model:  Field mapping (with independent expert) identifies en-echelon, sinistral brittle faults  hosting Cu-Au-Bi mineralisation in quartz breccia/veins . Left-stepping jogs on regional faults are flagged as high-priority targets  for focused hydrothermal flow and mineral deposition.  Scale vector:  Similar brittle quartz breccias mapped ~3 km  north of the gossan—supporting a larger mineral system  beyond surface expressions.  Deposit style:  Early geochemical/structural fingerprints are consistent with ICG/IOCG systems ; the Cu-Au-Bi association draws comparison to Tennant Creek -type occurrences. (Preliminary—further work required). Figure 3: Map of the Mountain Home gossan area with recent and past rock chip sample locations. (source: E79)   Approvals, Programs & Timeline Access secured:  Agreement signed with the local pastoralist; heritage survey fieldwork completed  and approvals anticipated in Dec Q 2025 .  Near-term programs: Airborne gravity (Dec 2025):  Co-funded survey (~ 350 km² ). Aim: map major structures  and prospective rock units through cover to refine drill targets. (GDC supports up to $150k ).  RC drilling:  GDC grant (up to $100k ) under extension request to May 2026 ; initial drilling planned after the 2025–26 wet season  (calendar 2026 ).     Regional Upside A separate regional target ~17.5 km NW  of Mountain Home Gossan returned up to 1,125 ppm Cu  in rock chips, validating earlier soil anomalies in Cu-Zn-Pb-Au ; the anomaly is open  and unconstrained —follow-up warranted post-gravity and infill geochem. About E79 Gold Mines Limited E79’s portfolio totals ~2,401 km²  (NT McArthur Basin; WA Laverton South & Murchison). On 3 Oct 2025 , E79 signed a Binding HOA to acquire 90% of Cue Metals Pty Ltd  (Cue Gold Project, Day Dawn Goldfield), with completion targeted late Nov 2025  (subject to shareholder approval). Figure 4: Map of E79 Gold’s exploration projects. (source: E79)     Samso Concluding Comments I have always liked the Mountain Home project as it is what I call "something new". The recent release on Mountain Home is the stage that goes beyond a “gossan-and-glamour” story, as it is now more about the emergence of a structure-driven narrative. Parallel trends, jogs, and a 3 km mapped envelope are the words you want to use to show before committing to drilling. As they say, surface copper grades get attention; plumbing gets value. The Cu–Au–Bi association and brittle quartz–breccia textures point towards an ICG/IOCG family resemblance. It is still a hypothesis, but it creates a reason for taking geophysics to a tighter geochem to vector along structures. I would think that reconnaissance drilling will start to test the strongest intersections of structure and geophysics. For the newcomers to mineral exploration, these steps are the journey of de-risking the postulations. It is good to see that land access is signed, heritage fieldwork completed, and co-funded gravity is scheduled—these are always good pragmatic steps that keep time and capital honest. If approvals land this quarter and the geophysical surveys and interpretations deliver coherent targets, first-pass drilling in 2026 can be decision-quality rather than speculative. The near-field gossan, the parallel trends, and the open regional anomaly to the northwest create multiple shots on goal over the next 6–12 months. For investors, the signal to watch is target convergence—when structure, geophysics, and geochemistry agree. Until then, DYOR and track the data cadence, not the noise. The Samso Way – Seek the Research Read the original ASX release and study the full assay table and figures before forming a view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Tronox Strategic Partnership to Accelerate Minta Project 15 October 2025 Lion Rock Minerals Limited (ASX: LRM)  has secured a strategic placement and technical partnership with Tronox Holdings plc (NYSE: TROX) —one of the world’s largest vertically-integrated titanium dioxide and zircon producers. This is not just funding; it’s an alignment with an operator that mines, upgrades, and markets titanium feedstocks (including rutile) and rare earth-bearing monazite at an industrial scale. The move signals an intention to fast-track drilling, resource definition, and metallurgy at Minta (Cameroon), with in-country lab capability also on the agenda. Figure 1: Tronox and LRM executives in Cameroon on the Minta Rutile & Monazite Project (source: LRM). Lion Rock Chief Executive Officer, Casper Adson , commented: “We are delighted to welcome Tronox as a strategic investor and development partner in the Minta Monazite and Rutile Project. Tronox’s senior leadership team has visited site, met with key government stakeholders and completed initial due diligence before committing to this investment. “Their participation provides both capability and immediate cash - creating a foundation for collaboration in rare earth and titanium feedstock development, processing and market access. This partnership aligns LRM’s high-quality resource base with Tronox’s established technical and operational expertise, including its strategic consideration in the downstream rare earth value chain. “With Tronox’s support, Lion Rock is positioned to accelerate the development of one of the most significant undeveloped monazite and rutile projects globally, delivering value for shareholders and contributing to secure, sustainable supply chains of critical minerals.” Tronox Chief Executive Officer, John Romano , commented: “The Lion Rock Project represents an opportunity for Tronox to advance its critical mineral strategy in rare earths and high-grade rutile. Our investment in Lion Rock reflects the exciting opportunity we see in the project’s potential to create meaningful value. We look forward to working with the Lion Rock team to assist with their development of this important resource as we continue to expand our presence in the rare-earths value chain.” Highlights - A New Narrative - Rutile and Monazite A$8.6m placement for ~5% : Tronox to invest A$8.6m via placement at A$0.056  per share ( 153,195,857  new shares); settlement expected 15 Oct 2025 .  Strategic partner with operating depth : Tronox brings mine-to-pigment know-how across titanium feedstocks (rutile) and monazite (rare earths), plus downstream processing expertise and market access.  Use of proceeds—rapid technical work : Funds to accelerate drilling, resource definition, metallurgical testwork/flowsheet validation (monazite & rutile), product qualification,  and to establish in-country analytical capacity  in Cameroon.  On-ground validation : Tronox senior leadership visited site in Cameroon  and met key stakeholders before committing.  Right to maintain : LRM will seek an ASX waiver to allow Tronox to maintain its holding in future raises (while ≥2.5%).     What this partnership actually means This is a potential marriage of funding and an off-taker. Is it a rutile and monazite menu ? . For Minta project, it will mean a faster conversion of geological potential into metallurgical reality and, critically, product qualification —a key de-risking step for both rutile and monazite-derived rare earth streams. For Tronox, it’s a foothold in high-grade rutile and an expansion vector in the rare earth value chain.   Transaction details at a glance Placement : 153,195,857 fully paid ordinary shares @ A$0.056 ; issued under LR 7.1; Tronox ~5%  on completion. Timing : Settlement expected 15 Oct 2025 . Commercial & Technical Services Agreement : Tronox to provide services to support development. Proceeds : Drilling, resource definition, metallurgy, flowsheet validation (rutile & monazite), product qualification, in-country lab, working capital.   Who is Tronox (and why that matters) Tronox is a global TiO₂ and zircon heavyweight with ~6,500 employees across six continents, operating mines in South Africa  and Australia, plus eight pigment plants  worldwide. The business integrates mining, upgrading (high-grade feedstocks), chlorination, separation, and downstream products— including monazite handling —and is actively expanding in rare earths . That operating breadth and process IP are directly relevant to Minta’s rutile and monazite flowsheets.    Project snapshot — Minta (Cameroon) Tenure : 18 granted exploration permits  + 3 under application  across ~8,800 km²  in a rutile-bearing province of central Cameroon.  Commodity mix : Rutile  (fine + large angular nuggets), monazite , zircon ; alluvial & residual  styles with little to no overburden in places.  Why it’s interesting : The presence of large, angular rutile nuggets  across broad areas suggests an additional rutile source that may materially lift total Valuable Heavy Mineral (VHM) grade  in target horizons.  Other occurrences : Zones of very high-grade zircon  at Minta Est; plus alluvial and hard-rock gold  in the NE, coincident with a geophysical anomaly  linked to granitic intrusions. Figure 2: Minta Rutile Project (source: LRM).   What to watch next Drilling cadence & scope : Whether LRM broadens drill coverage to convert areas with rutile nuggets and fine rutile into reportable resources. Metallurgy & flowsheet : Bench/variability testwork across rutile  and monazite  domains; clarity on recoveries, impurities, and product specs. Product qualification : Progress on bulk samples and off-take-style qualification pathways, especially for chlorination-grade rutile  and monazite-derived REE feed . In-country lab : Build-out and commissioning milestones for Cameroon-based analytical capacity  (turnaround times and QA/QC). ASX waiver outcome : Confirmation of Tronox’s right to maintain ownership in future raisings (≥2.5% condition).     Samso Concluding Comments Tronox stepping onto the register is an operator's vote of confidence that narrows the gap between intriguing geology and saleable product. Tronox is also indicating that the monazite is not a by-product. Is this a change in the focus of the narrative? Is this now a monazite narrative with some good ruitle numbers? Well, I think with the Rare Earth momentum starting to come back, in my opinion, this is what I am reading. This is not a negative change in direction; I think this is merely a shift in labeling. The value creation from both products is what shareholders should be focusing on. The confidence in Tronox becoming a shareholder of their potential feed source is a very good part of the Lion Rock journey. For Minta, the hurdle to create the value proposition is now tied to how quickly Lion Rock can convert surface evidence (rutile nuggets, fine-grained rutile, monazite) into defined resources and a defensible flowsheet. Product qualification will be the market’s litmus test. There is never a better period of the Lion Rock pathway where execution now matters more than narrative. Investors will want drilling results, mineral assemblages (only because that is what the investor's understanding is seeking), and some form of read on the future potential recoveries/impurities, and clear pathways on timing for the news. If the in-country lab comes online and shortens turnaround times, this will help in answering the previous questions, and that should be the management focus for this period. Figure 3: Lion Rock share price chart as of 25th October 2025 (source: CommSec). Don't forget that the usual risks still apply for any form of investing thoughts into Lion Rock. The Tronox partnership is a very good sign and this may lead to pressure to chase, but I caution this thinking. The recent share price devaluation (Figure 3) since this ASX release is worrying for the less informed retail space. As always, DYOR and keep an eye on the news coming out.    The Samso Way – Seek the Research Read the original announcement and track subsequent updates before forming conclusions. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Acquisition of Stabl-Im technology and Private Placement 16 October 2025 TrivarX Limited (ASX: TRI)   announced a binding option to acquire Stabl-Im™ , a stable-isotope MRI platform intended to enable early, repeatable, non-invasive detection and monitoring of brain tumours and metastases—an area with high unmet clinical need and limited safe imaging options. The transaction is paired with a $4.2m placement cornerstone by Dr Daniel Tillett  (founder/CEO of Nucleics and MD/CEO of Race Oncology, ASX: RAC), signalling both technical belief and strategic alignment. Highlights - Neurological Diagnostics Strategic acquisition:  TRI secures an exclusive option  over 100% of Stabl-Im™ IP  and associated stable-isotope cancer diagnostic IP from Nucleics Pty Ltd .  Clinical thesis:  Stabl-Im labels replicating cells  and reads them on standard MRI , aiming to detect tumour activity before lesions reach the 2–3 mm visibility threshold typical of surveillance MRI. No ionising radiation; designed for safe, repeatable monitoring .  Unmet need & market:   Brain metastases affect up to ~20%  of adult cancer patients; survival in advanced disease remains poor. TRI frames neuro-oncology imaging as a >US$2.5bn by 2030 opportunity, while the broader brain-metastases therapeutics market is projected to US$8.82bn by 2035 .  Clinical path:   Phase 1 first-in-human planned for CY26 , focused on safety, imaging precision, and reproducibility , followed by multi-site expansion.  Funding & runway:   $4.2m placement  at $0.008/share (≈30% discount to 15-day VWAP $0.0116), with Directors $200k (subject to approval) and lead-manager options; use of funds spans IP completion , manufacturing & QC , regulatory engagement , and TRI’s existing AI/diagnostics programs .  People & validation:  Cornerstone support from Dr Tillett  and ongoing technical input  to TRI’s preclinical/clinical setup adds credibility and execution depth.     What Is Stabl-Im™? Healthy adult neurons rarely replicate. Tumour growth reactivates cellular replication . Stabl-Im proposes to label those replicating cells with safe, stable isotopes  and then use conventional MRI  to detect the signal, providing a non-invasive read-out of tumour activity  that can be repeated for surveillance without radiation or surgery. If validated, this could pull detection earlier  than morphology-only MRI (which typically registers lesions ≥2–3 mm), enabling timelier intervention  and finer-grained response monitoring . Nucleic’s Founder and CEO, Dr Daniel Tillett , commented: “We developed the Stabl-Im IP with the vision to transform how clinicians can detect and monitor metastatic brain tumours – safely, non-invasively, and earlier than ever before. This agreement with TrivarX marks an important next step in bringing this vision to life. TrivarX's experience and commitment to diagnostics and precision neuro-medicine make them the ideal partner to advance this breakthrough technology and take it to the clinic. I feel fortunate to be able to support TrivarX as both a cornerstone investor and ongoing collaborator. Stabl-Im has the potential to deliver a step-change in neuro-oncology care and I look forward working with TrivarX to see patients and shareholders benefit from this exciting technology.” TrivarX’s Non-executive Chairman, David Trimboli,  commented: “This transaction marks an important evolution for TrivarX, firmly strengthening our position in the neurological diagnostics sector, while providing exposure to the fast-growing brain cancer imaging market. The addition of Stabl-Im alongside the Company’s existing technology suite establishes a very powerful platform, for objective, data-driven diagnostics across mental health and neurology.” “Alongside this agreement, the Company has secured new funding to rapidly advance clinical development initiatives for Stabl-Im providing a strong foundation for clinical development. Securing cornerstone participation from Dr Tillett, adds further validation ot the Company’s pending strategy and I would like to take this opportunity to thank him, as well as existing shareholders for their ongoing support. We look forward to working alongside Daniel to deliver meaningful advancements in noninvasive diagnostics in the years ahead.”   Why This Matters Clinical gap:  Despite advances in systemic therapies, prognosis in brain metastases remains poor , and imaging windows can arrive too late  for optimal management. A safe, repeatable, activity-based  modality would be clinically meaningful  if it reliably brings forward detection  and tracks early treatment response .  Economic frame:  TRI references a >US$2.5bn neuro-oncology imaging market by 2030  (CAGR >7%) and a therapeutics market growing toward US$8.82bn by 2035 —adjacent spaces where better diagnostics  can influence patient flow, therapy selection, and monitoring .   Next Steps Near-term:  IP finalisation; manufacturing and QC validation  of stable-isotope compounds; FDA and EU pre-submission  activities; external regulatory/medical consultants engaged. Dr Tillett  to provide ongoing support through preclinical/clinical set-up. Clinical path:   Phase 1 in CY26 , readouts centered on safety , imaging precision , and reproducibility , with interim data used to advance into broader multi-site trials . Stabl-Im complements TRI’s mental-health diagnostics (MEB-001; single-lead algorithm ECG for cMDE screening).   Financing Overview Placement:   $4.2m  via 525m shares @ $0.008 , in two tranches  (T1 within LR 7.1 capacity ≈14% of SOI; T2 subject to shareholder approval around early December). ~30% discount  to 15-day VWAP ($0.0116). Lead manager 6% fee ; 20m options  at $0.015  (3-year expiry) subject to approval. Directors $200k  (approval required). Use of funds:   IP completion & DD , Stabl-Im development , TRI’s AI/diagnostics programs , working capital & admin . Acquisition mechanics: A$250k  option fee for a 90-day exclusive option . If exercised, no upfront cash/equity , but deferred consideration  via performance shares : Class A (250m)  → converts 1:1  upon successful Phase 1  within 4 years . Class B (500m)  → converts 1:1  upon successful Phase 2  within 4 years . Success definitions specified (Phase 1: safe/well-tolerated ; Phase 2: statistically significant  efficacy vs placebo/SOC on primary endpoint, acceptable safety ). 150m options  to Ora Capital Pty Ltd and Twenty1 Corp Pty Ltd  (50/50), subject to approval, for introducing/facilitating the acquisition.   Samso Concluding Comments What I like here is a message—earlier, safer surveillance of brain tumours—and a technical path that fits existing MRI workflows. If Stabl-Im™ can reliably tag replication and show a clean, repeatable signal, clinicians get a timelier window to act. That’s a meaningful clinical proposition, not a marketing slogan. And this is a good investable story. If management can execute well, then manufacturing consistency, protocol discipline, and transparent engagement with regulators will tell us if this can move beyond a neat laboratory story. Looks like Phase 1 (safety, signal quality, reproducibility) is the first box that needs to be ticked, as the study design will matter as much as the data. It looks like the first three points to watch would be: (1) validated QC of the labelled compounds, (2) the imaging endpoints and how they’re measured, and (3) the cadence of readouts. Markets tolerate time; they punish silence and drift. The cornerstone backing helps, and the platform logic across TRI’s programs is sensible. I think we can all agree that from here, it’s about turning intent into clinical proof. As Samso always encourages—do your own work: read the filings, track the trial registry, and weigh the evidence when it lands. The Samso Way – Seek the Research Read the source announcement, track clinical protocols as they’re registered, and cross-check claims against trial readouts and regulatory interactions. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Investor Presentation October 2025 OPERATIONAL UPDATE – PRODUCTION OF MAGNESIUM OXIDE COMMENCED 25 September 2025 Latrobe Magnesium (ASX: LMG)  is progressing an Australian-first pathway to produce magnesium and associated by-products from brown coal ash via a patented hydromet/thermal reduction process (Figure 1). In late September 2025, LMG confirmed first production of magnesium oxide (MgO) from its Hazelwood North Demonstration Plant. This operational milestone further de-risks the flowsheet ahead of magnesium metal commissioning.  Figure 1: Ash received and stored in Ash Bunker, ready for start-up. Loading of ash into hopper (left) and deliveries of acid for start-up (right) (source: LMG) Highlights (Figure 2) First MgO produced; ramp-up underway.  The Demonstration Plant completed operational start-up and is producing MgO; the team is ramping toward ~1,000 tpa steady-state  operations with structured training and preventative maintenance during planned pauses.  Feedstock and reagents secured.  >200 t of ash was delivered for start-up; LPG, industrial gases, and acid logistics are in place; supply chains remain secure.  By-products at production scale.  Char, silica, iron oxide , and agricultural lime have been produced; validation trials will now support long-term offtake for Demo and future Commercial Plants.  Scale-up pathway and timelines. Demo Plant: Mg metal commissioning/first ingot targeted Q1 CY2026 . Commercial Plant (10 ktpa, Victoria): BFS from 2026 , production targeted CY2027 H2 ; 100% of magnesium metal offtake contracted. International Plant (100 ktpa, Sarawak): hydropower access granted Mar 2025 ; FN-slag feed, low-carbon pathway.  Multi-commodity revenue.  By-products (SCM, iron oxide, lime, char) expected to contribute ~25% of revenue  at Commercial scale, diversifying cash flows.  Process advantage/emissions.  Patented hydromet approach (MgO/CaO feed vs carbonates) targets >60% CO₂ reduction  vs China-based magnesium producers.  Figure 2: Loading of MgO into 1t bags/storage area - product readying for offtake. (source: LMG)     1) What is the Latrobe Magnesium business? LMG converts brown coal ash (and, internationally, ferronickel slag) into magnesium metal and saleable by-products using a proprietary hydromet/thermal reduction process developed over many years and protected by international patents. The approach aims to recycle a waste stream, cut emissions intensity, and create a multi-product revenue base (magnesium + SCM, silica, lime, char, hematite).   Operationally, LMG is: De-risking at demonstration scale  in Victoria’s Latrobe Valley (Hazelwood North/Morwell), with MgO already produced and magnesium metal commissioning targeted for Q1 CY2026 . Scaling to a 10 ktpa Commercial Plant  in Victoria (Figure 3) with contracted offtake for 100%  of magnesium metal. Figure 3: Stage 1 Site – Morwell, Victoria (source: LMG)   Advancing a 100 ktpa International Plant  in Sarawak (Malaysia), leveraging hydropower (Figure 4). Figure 4: Operations Overview (source: LMG)   2) Investor Presentation (Oct 2025): Overview of the Business Strategy & Value Proposition.  LMG frames itself as a near-term magnesium producer with a technology moat (patented hydromet), a clear scale-up plan (1 ktpa → 10 ktpa → 100 ktpa), and multi-commodity revenue. The Demo Plant has had A$70m invested; IP development A$20m  over ~14 years with CSIRO collaboration.  Commercialization Path & Flow Sheet.  The Demo Plant’s flowsheet is intentionally similar to the 10 ktpa design, de-risking critical path items; MgO is leached, converted, briquetted, and reduced to 99.99% magnesium through the furnace step (Figure 5). Figure 5: Process and Flow Sheet. (source: LMG)   Market Position & Emissions.  Magnesium is designated a critical mineral by multiple governments; China and Russia currently dominate global supply. LMG’s feed chemistry (MgO/CaO) underpins a >60% CO₂ reduction  claim versus typical Chinese routes.  By-products & Diversification.  Commercial Plant by-products (SCM, silica, calcium carbonate/Ag-lime, char, hematite) are depicted as ~25% of revenue, broadening customer exposure without incremental production cost (Figure 6). Figure 6: By-products with an indicative revenue mix to reinforce diversification. (source: LMG)   Funding & Use of Proceeds.  In October 2025, LMG tabled an A$8m  equity raising (A$4m placement + A$4m entitlement offer, A$0.023/share). Proceeds support commissioning of magnesium metal production at the Demo Plant, steady-state MgO, commencement of Commercial BFS, and working capital.   Project Snapshot Demo Plant (Victoria, 1 ktpa):  MgO in production; magnesium metal commissioning targeted Q1 CY2026 .  Commercial Plant (Victoria, 10 ktpa):  Of f takes covering 100%  of magnesium metal; BFS from 2026; production targeted CY2027 H2 .  International Plant (Sarawak, 100 ktpa):  FN-slag feed; hydropower access granted Mar 2025 ; emissions intensity guidance shown as ~4.0 t CO₂/t Mg  in project assumptions.   About Latrobe Magnesium Latrobe Magnesium (LMG) is commercialising a patented hydromet + thermal-reduction process to produce magnesium metal and cementitious by-products from brown-coal ash. Its Latrobe Valley Demonstration Plant has produced MgO, with magnesium metal commissioning targeted for Q1 CY2026, ahead of a 10,000 tpa Commercial Plant in H2 CY2027 (with planned long-term US offtake). LMG is also progressing a 100,000 tpa “Mega” Plant in Sarawak (PFS-A completed), positioning the business as a low-CO₂, circular-economy recycler serving automotive, aerospace, medical, and electronics demand. Samso Concluding Comments The LMG story is not something that mainstream investors have a lot of exposure to in the ASX. This has been a long journey, and from Figure 7, it has not been anywhere near being a darling for ASX investors. However, it does have a robust business model. One just needs to take time to understand. In this recent ASX release, it does appear to have ticked an important box: MgO is being produced and bagged. The ramp—punctuated by scheduled pauses for training and preventative maintenance—reads like a typical operation that is trying to build run-hours without breaking the plant. The next catalyst is to switch on the magnesium metal section and hit the Q1 CY2026  commissioning target. With the Demo flowsheet intentionally mirroring the 10 ktpa Commercial design, each successful step should be a de-risking scale-up, and the Commercial Plant already has 100%  of magnesium metal offtake in place. Management is doing its best to ride the business curve by diversifying. The by-products are flagged at ~ 25%  of Commercial revenue, which is a significant part of the balance sheet, and LMG has started validation trials now that the product exists at production scale. If those trials translate to firm contracts, that’s another leg under the revenue stool. Figure 7: Latrobe Magnesium share price chart as of 27th October 2025. (source: CommSec) What should investors look out for? I think a steady-state MgO and first sales, the metal commissioning window, and BFS momentum for the 10 ktpa plant are important. The value case strengthens if LMG can turn today’s MgO success into consistent plant availability and on-spec magnesium ingots—backed by offtake into the US market already flagged in the deck. The Samso Way – Seek the Research Always go back to the primary documents—read the operational update and the latest investor deck in full before forming a view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Drilling Commenced at Haddon Copper Prospect 30 September 2025 Encounter Resources Limited (ASX: ENR)  has kicked off a 6-hole RC program at the Haddon copper prospect (formerly BM5) within its 100%-owned Yeneena Copper Project in the Paterson Province, ~50 km SE of Nifty, WA (Figure 1). The target sits on a major fault with coincident EM resistive response and prior aircore results that finished in gossanous, multi-element anomalism—an undercover setting analogous in style to nearby sediment-hosted copper systems and magmatic Cu-Au deposits.  Figure 1: Yeneena Copper Project within the Encounter Paterson Province Copper Projects (source: ENR)   Key Highlights - Searching for Copper RC drilling underway (6 holes) at Haddon  to test a large EM resistive body in a favourable structural position. Three rigs operating across two provinces  (Paterson & West Arunta), indicating sustained near-term news flow. Prior aircore intercepts at end-of-hole with strong multi-element anomalism, including 15m @ 21.8 g/t Ag, 1,729 ppm Cu, 1,342 ppm Pb, 452 ppm Zn, 350 ppm Co from 69m (23PTAC0109) ; elevated Ag (to 55.1 g/t) and Pd (to 24.7 ppb) support a gossan model. Petrography : goethite replacing zoned (bravoitic) pyrite—textures typical of hydrothermal systems, consistent with weathered expression of copper sulphides along faulting . Target concept : primary mineralisation potentially at depth near the apex of an anticline adjacent to the mineralising fault; Broadhurst Formation setting is analogous to Nifty,  ~50 km NW.   Executive Chairman, Will Robinson, Commented: “The Paterson Province in WA is already home to several large-scale sedimentary copper and magmatic copper/gold deposits. Despite this proven potential, extensive sand cover has limited the rate of new discoveries. Haddon stands out as a compelling undercover copper target. It sits in a classic structural setting for a sediment-hosted deposit with a coincident EM resistive body that may represent silica alteration linked to a mineralising event. This is supported by highly anomalous silver, copper, lead and zinc values associated with a probable gossan intersected in prior aircore drilling. Our copper-focused exploration team is now drill testing this target in parallel with the multi-rig program underway in the West Arunta. Encounter is operating across two outstanding mineral provinces, with strong news flow expected in the months ahead.”     New Data The 6-hole RC drill plan targets the faulted corridor alongside the anticline’s interpreted core (Figure 2). Figure 2: Cross-section and drilling target at Haddon (source: ENR) A reasonable geological model vectors to depth, with mineralisation concentrated near the anticline crest and along the neighbouring mineralising fault (Figure 3). Figure 3: Haddon prospect exploration summary plan (1VD gravity) (source: ENR) Airborne EM mapping reveals additional fold axes and a low-conductivity belt (Figure 4) that sits over near-surface copper anomalism intercepted by several aircore holes—consistent with alteration related to a mineralising system. Figure 4: Haddon prospect exploration summary plan (VTEM 202m depth slice) (source: ENR)   Why this target matters (geology & model) Gossan confirmation : Petrography on 23PTAC0109 (Figure 5) shows goethite after zoned pyrite—textures common in hydrothermal systems (including sediment-hosted base metals)—supporting the interpretation that aircore hit the weathered expression of copper sulphides .  Structure + stratigraphy : The target sits within the Broadhurst Formation , adjacent to a major regional fault , a textbook setting  for sediment-hosted copper in the Paterson. The model vectors toward primary mineralisation at the anticline apex  near the fault.  Geophysics : The EM resistive zone (mapped in the VTEM depth slice) aligns with near-surface copper anomalism—an alteration proxy that can be associated with mineralising fluids. Figure 5: Gossanous samples in chip trays from Haddon drillhole 23PTAC0109 (assays reported in release dated 5 March 2024) (source: ENR)   Samso Concluding Comments The story at Haddon is looking interesting: structure (a major fault flanking an interpreted anticline), geophysics (a coherent low-conductivity/resistive feature), and geochemistry (gossanous, multi-element anomalism at end-of-hole in prior aircore). As we all know, it does not guarantee success, but it does justify putting RC holes into the core of the model rather than orbiting around the edges. The technical priority now is simple: test the anticline crest and the faulted corridor at depths where primary sulphides are plausible. In first-pass programs like this, downhole geology—sulphide descriptions, alteration intensity, veining, structures—often matters as much as assays. If the geology tracks the concept, vectoring the next collars becomes cheaper, faster, and smarter. Understanding the geology will negate any "issues" in the future. Encounter is now in a good position to test geology as funding will no longer be an issue. With the interest being generated from their "Carbonatite" story, this will be a great project to have in the background. Many great mineral projects are lost due to the simple fact of a lack of funding to sustain the discovery timeline. For investors, the near-term signals to watch are: drill results for the resistive body in regards to sulphides or strong alteration in chips. In addition, positive results supporting multi-element indicators such as Ag, Pb-Zn-Co pathfinders would be good. How quickly the team cycles into follow-up holes if the first hits are encouraging would be encouraging, although this will depend on the Company's progress in the Arunta. The simple truth is very simple, the need to see that the RC holes are converting weathered expressions into evidence of primary mineralisation. Projects are always about uncovering targets, and they are always tend to be binary—either the structural trap and fluid pathway line up at depth, or they don’t. Haddon is now at that critical “proof” juncture. As always, track the primary data and let the geology, not the narrative, lead the conclusion. As always, DYOR.   The Samso Way – Seek the Research Always go back to the source figures, logs, and tables  in the original release and track how drill data confirm—or refute—the model. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement High-Grade Silver Identified Ahead of Drilling 15 October 2025 Orange Minerals NL (ASX: OMX)  has released new surface sampling results from the Lennon’s Find polymetallic project in the Pilbara, with rock chips returning standout precious and base-metal grades along a 4.5 km mineralised corridor (Figure 1). The company is moving to a single 650m diamond hole in early November to directly test a pronounced induced polarisation (IP) anomaly interpreted as a potential feeder to the known zinc-lead-silver system. Figure 1:  Lennon’s Find Project location (source: OMX)   Highlights - A Silver Story? (Figure 2) Rock chips confirm high-grade mineralisation along 4.5 km trend , including: 2,948 g/t Ag, 3.55 g/t Au, 17.4% Pb (sample OLRS38) 746 g/t Ag, 3.4% Cu (OLRS22) 5.5 g/t Au & 22.4% Pb (OLRS35) 583 g/t Ag, 5.29% Cu & 5.70% Zn (OLRS20)  First deep test of the system:  650 m diamond hole scheduled for early November to drill the centre of a strong IP anomaly beneath the near-surface resource.  EIS support:  WA Government Exploration Incentive Scheme grant of A$110,930  to part-fund the program.  Existing resource at surface:   1.55 Mt @ 5.9% Zn, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, 84 g/t Ag  (near-surface; no prior deep drilling). Figure 2: Lennon’s Find Project conceptual VHMS model. (source: OMX) Orange Minerals Managing Director, Mr Chris Michael, commented: “The rock chip sampling has continued to confirm the strength of the mineralised corridor and refined our understanding of the system’s geometry. The upcoming 650-metre diamond hole will directly test the centre of the IP anomaly, which we interpret as the potential feeder zone of a larger VMS system beneath the surface.” Project snapshot Location:  Lennon’s Find, ~75 km SE of Marble Bar, Pilbara, WA (M45/368). Style:  stratiform, lenticular VMS-style Zn–Pb–Cu–Ag–Au associated with barite, hosted in the upper Duffer Formation  (Warrawoona Group) beneath/near the Apex Basalt contact. Known deposits along strike:   Grey Nurse, Tiger, Hammerhead, Mako, Bronze Whaler  (evenly spaced along the ~4.5 km corridor). Resource (near-surface):   1.55 Mt @ 5.9% Zn, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, 84 g/t Ag . Planned work:  single 650 m  diamond hole in Q4 2025  (early November start) to test the deep IP target below Hammerhead.   What’s new on the ground (Figure 3) Orange collected 35 new rock chip samples  to validate historical work and infill gaps where the mineralised surface expression thins or is offset by NE–SW faulting. Figure 3:  Rock chip locations along the 4.5km mineralised trend identified at the Lennon’s Find Project. (source: OMX) The best values include peak assays of Ag 2,948 ppm , Au 5.50 ppm , Cu 5.29% , Pb 22.40% , and Zn 5.70% (Figure 3) . Sample locations and significant results are compiled in Table 1. Table 1. Lennon’s Find Project significant rock chip assays.   November diamond drill program (first deep test) Hole:  650 m diamond tail to test the centre of the IP anomaly  situated beneath the existing resource  in the Duffer Formation. Target concept:  a VMS feeder zone  below zinc-barite-rich gossans that may represent distal expressions of a deeper core. Rationale:  the September 2024 IP survey—extending earlier 2018 work and preceded by soil geochemistry—defines an anomaly coincident with a linear magnetic trend and an overlying fault , increasing prospectivity.     Geophysical & geochemical framework (why the hole is where it is) (Figure 4) IP anomaly:  pronounced response directly beneath near-surface mineralisation and resource outlines. Magnetics & structure:  IP high is coincident with a linear magnetic feature and a mapped fault zone. Soils:  historical soils (Laconia 2012; 134 samples on 200 m spacing) show zinc anomalism tracking the main gossan trend (to 1,470 ppm Zn ), with Cu–Au elevation influenced by mafic units and structures—supporting the drill targeting (Figure 4).   Figure 4: Lennon’s Find historical soil geochemistry. (source: OMX) About Orange Minerals NL OMX is positioned in proven belts with a near-term focus on advancing a concentrated set of gold, base-metal, and critical minerals targets. The Company’s strategy is rapid, aggressive exploration across key assets, currently prioritising: NSW: Calarie & Wisemans Creek (gold/base metals) WA: Majestic/Kurnalpi (gold), Lennon’s Find (base metals), and Mulga Rocks (uranium/critical minerals) Samso Concluding Comments Orange is an intriguing story of lots of little projects and some potential corporate moves that are clearly observed with the recent share price movements (Figure 5). The Lennons Find project does show some interesting geology, and the delivery of high-grade silver is interesting; however, as I am highlighting, the recent share price movement for what I call substandard projects is more important. Figure 5: The share price chart for OMX as of the 24th October 2025. (source: Commsec) I am not indicating that the present projects are not good, I am just alluding to the fact that the recent share price movement is not reflecting the news that has come out from the projects. What one thinks of this comment should be part of your DYOR process. Look at the path that most of the company stories have evolved, and you will see a similarity. Is there a silver project developing at Lennons Find, or is there something that may come and add to the portfolio? Look out for our upcoming Samso Insights, where we will discuss some of these types of projects. Let's see if the news develops before the release of our thoughts. In the meantime, keep doing your DYOR. The Samso Way – Seek the Research Read the source document, scrutinise the tables, maps, and methods, and let the data—not the narrative—shape your conclusion. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .  To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Exploration Update over WYX Gallium Projects in WA 21 October 2025 Western Yilgarn Limited (ASX: WYX)   has kicked off ground-exploration planning over two gallium targets in Western Australia—Ida Holmes Junction (Figure 1) and New Norcia—building on very high-grade rock chips and historical aircore intercepts. The Company also confirms a newly granted exploration licence at New Norcia and outlines imminent on-ground reconnaissance, including helicopter follow-up over Ida Holmes Junction. Figure 1: The location of the Ida Holmes Junction Project, WA (source: WYX)   Highlights - A Evolving Gallium Story With Substance Systematic exploration now planned  at Ida Holmes Junction  to follow up high-grade gallium delineated in June 2025; helicopter-borne reconnaissance  slated to commence this month. Mineralisation remains open in all directions .  Two mineralised zones  mapped across E36/1020 and E36/1080 , ~ 21 km  apart.  Rock chip assays up to 195.5 g/t Ga (262.79 g/t Ga₂O₃) , with multiple high-grade samples including 146.0 g/t , 135.5 g/t , 117.5 g/t , and 97.9 g/t Ga .  New Norcia (E70/6705) granted  in the Darling Range Bauxite Mineral Field , ~ 25 km north of the Julimar West Bauxite Resource Project ; land-access negotiations underway to enable drilling.  Historical aircore (New Norcia) shows near-surface gallium : ABAC002: 9 m @ 95.83 g/t Ga₂O₃  from surface ABAC003: 2 m @ 134.3 g/t Ga₂O₃  from surface ABAC007: 6 m @ 110.24 g/t Ga₂O₃  from surface ABAC008: 9 m @ 110.28 g/t Ga₂O₃  from surface ABAC009: 4 m @ 95.61 g/t Ga₂O₃  from surface ABAC011: 8 m @ 90.22 g/t Ga₂O₃  from surface.   Western Yilgarn Non-Executive Director Mr Pedro Kastellorizos  commented: “We have commenced a systematic exploration planning program targeting high-grade gallium mineralisation across both the Ida Holmes Junction and New Norcia Projects in Western Australia. Field activities are expected to commence later this month, with helicopter-borne reconnaissance planned to follow up the highgrade gallium mineralisation previously delineated at Ida Holmes Junction. In parallel, with the New Norcia tenements now granted, the Company has initiated negotiations for land access agreements to enable the commencement of drilling programs aimed at testing the depth and strike continuity of the historically defined high-grade gallium mineralisation associated with bauxite.” Why this matters now — policy and market context  On 20 October 2025 , the U.S. and Australian governments announced support to advance a gallium plant at Alcoa’s Wagerup alumina refinery  in WA, targeting ~100 tpa  gallium output via a JV structure that includes Japan Australia Gallium Associates (JAGA/Sojitz)— as published here: Governments Announce Support For Alcoa’s Gallium Critical Mineral Development Project In Western Australia  (10/20/2025) The parties are targeting 2026  for FID and initial production, underscoring sovereign-supply priorities for a semiconductor-critical metal historically concentrated in a single global source. For WYX , which is exploring gallium tied to lateritic/bauxite systems, this policy tailwind signals a growing industrial pathway in WA—from discovery  to local processing/offtake —should continuity and scale be demonstrated. Ida Holmes Junction – follow-up over high-grade rock chips (Figure 2) WYX’s planned program aims to extend and better define the newly identified mineralised zones at Ida Holmes Junction, with reconnaissance to refine targets and test strike continuity . The presence of multiple, widely separated high-grade rock-chip results (including 195.5 g/t Ga ) indicates scale potential, and the Company notes the system remains open . Figure 2: E36/1020 high-grade gallium rock chip results   (source: WYX) New Norcia (E70/6705) – granted tenure with historical shallow gallium hits (Figure 3) With E70/6705 now granted , WYX is moving on access agreements to enable drilling programs  that will test depth and strike  of historically defined gallium (noted as associated with bauxite). Located within the Darling Range Bauxite Mineral Field  and in proximity (~25 km) to the Julimar West Bauxite Resource Project, it provides geological context and operational synergies. Figure 3: Location of Significant Gallium Drilling Intersections within E70/6705 (source: WYX)   Bauxite resource context across WYX projects WYX’s Global JORC (2012) Inferred bauxite resources  total 205.0 Mt @ 34.1% total Al₂O₃ and 23.7% total SiO₂  (Julimar West, Cardea 2, Cardea 3). A supplementary table using Bomb Digest reports 43.1 Mt @ 30.7% available Al₂O₃ and 6.43% reactive SiO₂  (Cardea 2, Cardea 3, New Norcia). These data frame New Norcia’s bauxite-gallium context.     Samso Concluding Comments The WYX bauxite is developing into something much larger than my first thoughts. As the ASX market reacts to the whole Gallium story, what is underlying the business is not a standalone mining proposition. The Gallium story is more about being the byproduct of the Bayer process in the bauxite refinery. In our last Samso News, we made the comment that the business of bauxite in Western Australia is all about logistics and the ability to move the ore to a processing facility. When you take that into consideration, the Western Yilgarn projects are ideally located for this narrative. I can see that the Alcoa story has sparked a lot of interest in the share price. Speculators would pay to be cautious and follow the facts. In saying that, I do think that Alcoa will have a lot less stress with the anti-bauxite mining fraternity if they look at the Western Yilgarn potential. Figure 4: Western Yilgarn share price chart as of 23rd October 2025. (source: CommSec) The recent news with Alcoa will be the main theme only because this will give Alcoa more reasons to "talk" to Western Yilgarn. This is one of the no-brainer situations. What is not certain is the conclusion of any discussion, and what is not certain is any discussion of the metallurgical issues that the project may have. The Gallium grade that Western Yilgarn has been releasing is consistent with all known Australian bauxite, and there is no reason why there will be any major differences in the geology or future processing issues. I do not doubt that the recent statement from Alcoa in regards to a Gallium refining process in Australia is going to draw a lot of spotlight to the Western Yilgarn story. There is still caution to consider for shareholders and any potential investors, but this is definitely what I would call a #SAMSODYOR. The Samso Way – Seek the Research Read the primary documents, verify the assays and tenure details, and build your own conviction — #SamsoDYOR. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement HPA Project, Next phase of commercialisation underway 7 October 2025   Andromeda Metals Limited (ASX: ADN) has advanced its High-Purity Alumina (HPA) strategy, initiating pilot-scale testwork  to move its proprietary flowsheet from batch trials into continuous production — using refined kaolin feedstock from the Great White Project (Figure 1)—a key step flagged in the recent HPA Scoping Study. The program’s objective is to generate commercial samples of 4N HPA  for potential customers and to provide data inputs for the next feasibility phase .   Figure 1: The Great White Project (source: ADN) Highlights - The HPA Story Pilot-scale testwork  initiated to optimise Andromeda’s innovative HPA flowsheet  for continuous production (Figure 2). Figure 2: Andromeda’s Innovative Technology (source: ADN) Commercial 4N HPA (99.99%) samples  to be produced in multiple forms  (amorphous → crystalline; gamma → alpha) for customer evaluation .  Feedstock:  refined kaolin from the Great White Project .  Pilot outcomes to inform future feasibility studies  and generate an amorphous silicate by-product  for further value assessment.  Update follows the HPA Scoping Study (18 Sep 2025)  and 4N HPA breakthrough (1 May 2025)  noted by the Company. Sarah Clarke, Andromeda’s Acting Chief Executive Officer, commented : “We are excited to progress the HPA Project to the next stage of commercialisation, with the production of commercial samples of 4N HPA designed not only to demonstrate the technology in continuous process but also generate commercial samples for engagement with potential customers.” “The production of HPA represents a high-value, strategic growth opportunity that complements our premium kaolin product offering from the Great White Project. It also positions Andromeda to expand into the critical minerals sector, enhancing our product portfolio and exposure to emerging markets.” What’s new on the ground Andromeda has kicked off pilot-scale testwork  to shift its HPA process from prior batch runs —which achieved up to 99.9985% purity —into a continuous operation , validating the flowsheet at an intermediate scale and producing commercial-grade 4N samples  for market evaluation. The pilot will use refined kaolin from the Great White Project  as feedstock and is designed to deliver product-form flexibility  ( amorphous  → crystalline gamma → alpha ) to meet different end-use specifications. In parallel, the program will inform future feasibility studies  and produce an amorphous silicate by-product  for further assessment. Project snapshot & process (Figure 3) Input:  refined kaolin  from Great White . Process goal:  optimise an innovative flowsheet  under continuous  conditions. Output:   4N HPA  in varied forms for market sampling . By-product stream:   amorphous silicate  to be analysed for potential value . Commercialisation lane:  pilot → feasibility inputs + customer engagement via samples . Figure 3: Great White → De-risked and construction-ready (source: ADN).   Why this matters Management positions HPA as a strategic, high-value growth  avenue that complements premium kaolin  and extends ADN’s exposure to critical minerals markets , with the pilot aimed at both technical de-risking  and customer-led validation  through delivered samples (Figure 4).   Figure 4: HPA End Use Markets (source: CRU via ADN )   Next steps (Figure 5) Pilot execution & optimisation:  evidence of stable continuous runs  and reproducible quality.  Sample logistics:  timing, number of counterparties , and feedback  from potential customers on product specs.  Feasibility inputs:  how pilot data feeds into the next study phase  (design, capex/opex refinement, QA/QC envelopes).  By-product work:  analysis of amorphous silicate  for market applications  (if any). Figure 5: Andromeda’s Next steps: pilot testwork → customer engagement → market definition → PFS → development & funding (subject to funding/approvals). (source: ADN) Samso Concluding Comments This reads as a pivot from proof-of-concept to pilot-ready execution : taking a lab-validated flowsheet into continuous mode  and putting real samples in front of customers . The product-form flexibility (amorphous  → gamma/alpha crystalline) matters because end-use specs drive value  in HPA markets. From here, technically and with our very low level of understanding the HPA sector, the quality and consistency  of 4N output—and customer feedback —will tell us whether ADN’s process can translate efficiently into feasibility inputs . The mention of an amorphous silicate by-product  is worth tracking; any credit or offtake around by-products can sharpen project economics. Investors should look out for pilot run metrics  (uptime, impurity control, yield), sample acceptance cycles , and how quickly pilot learnings filter into a sharper feasibility case . That cadence will frame the commercialisation timeline  and the credibility of any future offtake dialogue. Figure 6: Andromeda’s share price chart as of 17th October 2025. (source commsec) The market (Figure 6) is definitely responding to the news, but I am not sure if there is much meat to the announcement. I am trying very hard to get ADN onto a Coffee with Samso and allow us to get a better understanding of the narrative. The Samso Way – Seek the Research Read the source documents, track the figures, and challenge the narrative—only evidence earns conviction. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Drilling Commenced at Western Queen Project 7 October 2025   Rumble Resources Limited (ASX: RTR)  has kicked off a ~20,000 m diamond program at Western Queen (Figure 1), with two DDH1 rigs chasing high-grade down-plunge gold beneath the South and Central pits while advancing sub-parallel tungsten lodes. The work targets growth/upgrade of the 370 koz @ 3.1 g/t Au MRE and builds on the 13.2 kt WO₃ tungsten MRE, supported by geotech and metallurgy (+93% historical Au recovery). The first rig started on 4 Oct, the second lands mid-Oct, with drilling to Feb 2026 ahead of an early-2026 MRE update.  Figure 1: Location Plan of the Western Queen Gold Project (source: RTR) Peter Harold, Managing Director and CEO  commented: “We are delighted that DDH1 has been able to mobilise a rig so quickly and get this major drill program underway. The program has three main aims which are to: • discover more gold resources down-plunge of the known resources at both Western Queen South and Central; • upgrade some of the existing Inferred Resources into the Indicated category; and • discover more high-grade tungsten resources. The drilling will also allow us the opportunity to do a geotechnical review of the ground conditions in the vicinity of the proposed portal and decline for the underground. We look forward to providing shareholders with regular updates on the drilling and assay results as they come to hand.” Highlights - Gold and Tungsten Story Up to 20,000 m diamond program  now underway (DDH1 providing two rigs) targeting high-grade down-plunge gold extensions  at Western Queen South and Central.  Program designed to grow the Western Queen gold MRE : 3.72 Mt @ 3.1 g/t Au for 370 koz Au (current) (Figure 2).  Infill drilling at Western Queen South  to upgrade part of 2.32 Mt @ 2.66 g/t Au for 198.9 koz  from Inferred → Indicated.  Concurrent focus on tungsten lodes  sub-parallel to gold over ~1.5 km strike  between the South and Central pits; aim to grow/upgrade maiden WQ tungsten MRE : 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃ , including a higher-grade domain 1.44 Mt @ 0.51% WO₃ for 7.4 kt WO₃ .  Geotech : two holes to assess ground conditions for the proposed underground portal/decline. Metallurgy : selected core to confirm +93% historical gold recoveries  across WQ South & Central.  Timeline : first rig started 4 October 2025 ; second rig mid-October ; program targeted to be completed by February 2026,  with basis for a revised MRE in early 2026 . Figure 2: DDH1 Drilling rig at Western Queen South (source: RTR)     Project Snapshot Western Queen  is Rumble’s near-term development focus, with ongoing resource growth through targeted drilling of high-grade shoots below existing pits (Western Queen South & Central) and parallel tungsten lodes. The current gold MRE totals 3.72 Mt @ 3.1 g/t Au for 370 koz , and the tungsten MRE totals 4.31 Mt @ 0.31% WO₃ for 13.2 kt WO₃ , as detailed in the Company’s July/August 2025 updates.     Work program (what RTR is doing now) Step-out diamond drilling  down-plunge at WQ South & Central to chase high-grade gold  extensions (Figure 3).  Infill  at WQ South to re-classify Inferred → Indicated , supporting potential mining studies (subject to permits, ore sales/tolling, and other conditions for FID).  Tungsten drilling  to expand/upgrade WO₃ resources and refine the controls/timing of mineralisation  for local and district-scale targeting.  Geotechnical  holes at the proposed portal/decline location. Met testwork  using selected diamond core to validate historical +93% Au recovery .  Figure 3: Western Queen Long Section showing target areas below Western Queen South and Central deposits (source: RTR)   About Rumble Resources Limited  Rumble Resources Ltd (ASX: RTR) is an Australian exploration company listed since July 2011, focused on adding value through selected WA mineral assets and disciplined acquisitions. Its portfolio includes the Western Queen Gold Project—being advanced for near-term cash flow with ongoing resource growth—and the Earaheedy Zn-Pb-Ag discovery, underscoring the team’s capability to find large-scale orebodies. Samso Concluding Comments Rumble’s Western Queen program reads as a sensible, staged de-risking exercise: step-outs to test the depth and continuity of high-grade gold, infill to lift resource confidence where it matters for studies, and parallel holes to define the tungsten lodes that sit within the same mining envelope. Adding geotech at the portal/decline location and fresh metallurgy to validate historical recoveries is exactly the kind of groundwork that shortens the path to credible mine planning. From an investor's lens, the drilling results need to stack up. As Samso has been following the Rumble story since March 2025 with a Samso Insight article, the story has been very inconsistent, which is probably more about the messaging than potentially the technical narrative. I do feel that the tungsten is not significant enough to add value, but what I will say is that a step back to look at the bigger picture may be a better path forward. The problem in doing that is that the market is hot to trot, and it needs stories and a marketable pathway. This is always a bad situation to be in, as the market needs will always win, and this may be to the detriment of the project, in terms of finding a more economical story for Western Queen. In my opinion, the bigger picture for Western Queen is that it is a brownfields system with known high-grade gold and now a tungsten vector that could prove strategically useful if drilling does what the targeting suggests—more ounces where the infrastructure already is, plus a maturing tungsten inventory—the project steps closer to study-ready status and a resource update that can re-frame the development conversation. DYOR and keep your eyes on the details as Rumble slowly unfolds this story to the ASX. The Samso Way – Seek the Research Anchor every view to the source—read the ASX, check the figures and tables, verify assumptions—and let the data, not the noise, drive the conclusion. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.

Announcement Kilometre-scale anomalies identified at the Murphy West 7 October 2025 DevEx Resources Limited (ASX: DEV) has put a clear frame around the Murphy West story: first-pass soils are lighting up kilometre-scale, multi-element pathfinder halos across radiometric and structural targets on the southern margin of the McArthur Basin (Figure 1), echoing the Junnagunna orientation model where Pb–Cu–Be mark buried uranium. The update is methodical—boots-on-ground sampling to tighten anomalies now, drill permitting underway, and a defined catalyst window with shallow multi-target drilling flagged for the 2026 field season.  Figure 1: DevEx’s NT Uranium Projects surrounding the uranium-endowed margin of the McArthur Basin (source: DEV) DevEx Managing Director, Todd Ross , commented: “These early results have already highlighted several exciting large-scale uranium targets, analogous to both the Westmoreland and Alligator River uranium deposits, for further follow-up. As results continue to be received, and our targeting confidence builds, we look forward to transitioning to our first phase of drilling at Murphy West. “DevEx has a dominant footprint in the McArthur Basin – which has strong geological similarities to the world-class Athabasca Basin in Canada – home to some of the world’s biggest uranium mines. Between our district-scale Murphy West Project and advanced Nabarlek Project we are continuing to advance towards our goal of making a company-changing uranium discovery in Northern Australia.”   Highlights - The Developing Uranium Story. First-pass surface geochemistry at Murphy West has outlined several kilometre-scale multi-element anomalies  coincident with radiometric/structural targets defined by 2024 airborne surveys.  >650 soil samples collected; ~450 assays received  so far, with results continuing to arrive as follow-up sampling expands priority targets.  Pathfinder suite (Pb–Cu–Be)  observed in soils above target areas, analogous to  geochemical responses over the Junnagunna uranium deposit  at Westmoreland (Laramide Resources Limited’s (ASX: LAM).  Drill permit applications  are being prepared; shallow multi-target drilling scheduled to commence ~April 2026  (start of the 2026 field season).  The McArthur Basin —DevEx’s broader focus area— is considered highly prospective  for large-scale unconformity-type uranium systems and is compared with the Athabasca Basin (Canada)  in terms of endowment potential.   Geology & Target Model in Brief The targets sit on-strike with the same stratigraphy that hosts major uranium to the east—most notably Laramide’s Westmoreland deposit in Queensland (65.8 Mlbs U₃O₈; see Figure 2)— supporting geological continuity and prospectivity along the southern margin of the McArthur Basin . Murphy West is testing both: 1.      Unconformity-style targets  near the Westmoreland Conglomerate unconformity, commonly associated with magnetic features; and 2.      Westmoreland-style targets  within or overlying the Westmoreland Conglomerate, locally influenced by favourable fault offsets. Airborne work (2024) and first-pass soils have outlined multiple, large priority anomalies—up to ~2 km—now being ground-truthed . Figure 2: Murphy West — field investigations testing airborne radiometric anomalies. (source: DEV)   What’s new on the ground? DevEx is executing a methodical, boots-on-ground soil program  to test radiometric and magnetic anomalies generated by the 2024 airborne survey. Priority anomalies overlie flat terrains masked by surficial regolith/transported cover (Figure 3) , making soil geochemistry an effective vectoring tool where radiometric signatures can be subdued. Figure 3: Area G — first-pass soil geochemistry showing kilometre-scale pathfinder anomalies with radiometric/structural targets. (source: DEV)   Early results show coincident pathfinder responses  aligning with the company’s target models (Figure 4). Figure 4: Area A — first-pass soil geochemistry with similar pathfinder footprints. (source: DEV) Why the pathfinders matter (Junnagunna analogue)? DevEx completed an orientation soil/vegetation survey at Junnagunna (with Laramide’s support), demonstrating that although U is not anomalous in surface soils , a characteristic pathfinder halo  (including Pb, Cu, Be ) reliably marks buried uranium  (Figure 5) beneath Siegal Volcanics  and surficial cover. The same pathfinder response is now observed at Murphy West  over select targets, strengthening the analogue. Figure 5: Orientation soil geochemistry at Junnagunna pinpointing mineralisation with pathfinders (source: DEV) Taken together, the orientation work supports a covered-uranium model where pathfinder halos vector to mineralisation beneath transported cover (Figure 6). Figure 6: Junnagunna summary cross section (Polito & Kyser, 2005). (source: DEV)     Next steps & timeline October–November 2025:  Additional surface sampling to expand the coincident targets ; receipt of remaining assays and integrated review.  Regulatory:   Drill permit applications being prepared for multiple target areas.  Field Season 2026 (~April start):   Shallow, multi-target drill program  to test the highest-priority anomalies.   Samso Concluding Comments Murphy West is shaping up to be an interesting proposition for DEV. First-pass soils are mapping out kilometre-scale pathfinder footprints over radiometric and structural targets along the McArthur margin, and the Junnagunna orientation work gives the model teeth: Pb–Cu–Be can light the way where uranium itself won’t show at surface. That’s the kind of signal you want in covered terrain. For me, the near-term work is all about completing the soil coverage, tightening the anomaly geometries, and converting the best footprints into permitted collars. Management is indicating a window in the 2026 field season for shallow, multi-target drilling, while near-term catalysts are additional assays, refined target maps, and permitting updates. This is a uranium play and its early stage of exploration. Investors or potential investors need to consider the timeline is not short. With the market being so hot in gold, this will be interesting as narratives are pointing to favourable market expectations for uranium stories in 2026.     The Samso Way – Seek the Research Follow the data, verify the sources, and let evidence—not hype—shape your investment view. Our mission is simple:  cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity. Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:  Coffee with Samso Samso Insights Samso News There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals. Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete. The Samso Philosophy: Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value. In Life, there is no such thing as a Free Lunch. Happy Investing, and the only four-letter word you need to know is DYOR .   To support our independent nature of our work, please head over to our Support Page  and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018. Disclaimer The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints. Read full Disclaimer.   Share to Grow: Your Bonus Samso has just released an eBook: How to Add Value to your Share Portfolio A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments.   Click  here to download this eBook . Download eBook If you find this article informative and useful, please help me share the information.  I try and write about topics that are interesting and have the potential to be of investment value.  It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au . About Samso Samso  is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.