Portfolio Update: Strong Growth Performance and Five New Investment Opportunities: IPX, CMM, IFT, CSC, MP1

�Australian equities continued to navigate a market defined by several powerful them Contact Me for Wealth Management Information ( mark.elzayed@investorpulse.com.au ) Hi Eason, *Portfolio Update: Strong Growth Performance and Five New Investment Opportunities: IPX, CMM, IFT, CSC, MP1* Australian equities continued to navigate a market defined by several powerful themes during the period. While economic growth remains moderate and commodity markets experienced periods of volatility, investor enthusiasm surrounding artificial intelligence, digital infrastructure investment and long-term productivity gains continued to support many growth-oriented sectors. Against this backdrop, we are pleased to provide an update on the performance and positioning of our portfolios. Contact Me for Wealth Management Information ( mark.elzayed@investorpulse.com.au ) *Our Growth Portfolio* continued to benefit from these structural trends and delivered another period of strong relative performance. The portfolio returned 0.53% year to date and 26.67% over the past twelve months, with an annualised return of 17.33% since inception. Holdings such as Codan, Aussie Broadband, Megaport, GenusPlus, QBE Insurance, Origin Energy and Orica provided exposure to some of the key areas attracting capital across the Australian market, including communications infrastructure, energy investment and industrial activity. We believe the ongoing expansion of AI-related infrastructure, increasing demand for data connectivity and continued business investment in productivity-enhancing technologies remain important long-term drivers, particularly within the Australian mid-cap sector where many of these opportunities are emerging. *Our Income Portfolio* remained focused on delivering reliable income and long-term capital preservation through ownership of high-quality Australian businesses. While the portfolio recorded a year-to-date return of -1.50%, it continued to generate a dividend yield of 4.73% and has delivered an annualised return of 6.50% since inception. The portfolio's core holdings, including Commonwealth Bank, Wesfarmers, Goodman Group, APA Group, AGL Energy and Bank of Queensland, continue to provide exposure to sectors that generate stable earnings and attractive cash flows. As market leadership remained concentrated in growth and technology-related companies, many traditional income-generating sectors lagged in the short term. However, we remain confident that the portfolio's defensive characteristics, strong income generation and disciplined risk profile position it well to deliver attractive returns across a full market cycle. Contact Me for Wealth Management Information ( mark.elzayed@investorpulse.com.au ) *Our Balanced Portfolio* continued to achieve its objective of combining growth and income through diversified exposure to the Aussie market. The portfolio returned 2.41% year to date and 16.62% over the past year, while generating an annualised return of 13.98% since inception. Holdings including BHP, Commonwealth Bank, ANZ, Westpac, Telstra, Codan, Sandfire Resources, QBE Insurance, Aussie Broadband and GenusPlus allowed the portfolio to participate in a broad range of market opportunities. Performance was supported by resilience within the banking sector, ongoing investment linked to electrification and infrastructure development, and growing demand for digital connectivity across the economy. We believe this balanced exposure remains particularly valuable as investors navigate an environment where growth opportunities continue to emerge alongside ongoing geopolitical, economic and commodity-related uncertainties. During the month, we also expanded the Growth Portfolio with the addition of five new investments that we believe offer attractive long-term growth potential and complement our existing holdings. These companies were selected based on a combination of strong business fundamentals, favourable industry dynamics, scalable growth opportunities and valuations that we believe offer an attractive balance between risk and reward. The additions further diversify the portfolio while increasing exposure to several themes we expect to shape the Australian economy and equity market over the coming years. Below we provide a detailed overview of each new position and the investment rationale behind our decision to include them in the portfolio. *IperionX Ltd (ASX: IPX): The Titanium Supply Chain Challenger Positioned for America's Industrial Reset* IperionX Ltd has emerged as one of the most strategically aligned materials companies on the ASX as geopolitical tensions continue reshaping industrial supply chains. The company is building an integrated US titanium business focused on low-cost, low-carbon titanium production and downstream processing. Titanium remains a critical material for aerospace, defence systems, advanced manufacturing and additive manufacturing because of its high strength-to-weight ratio and corrosion resistance. The strategic relevance of titanium has increased sharply as Western governments seek to reduce dependence on foreign-controlled supply chains, particularly in sectors tied to defence and national security. The company's investment case strengthened materially after securing up to US$47.1m in US Department of Defense funding to support a secure domestic titanium supply chain. This was one of the strongest strategic validations among emerging ASX industrial companies over the past year. IperionX has also continued progressing pilot-scale production and commercial qualification pathways for titanium products. The broader macro backdrop remains highly supportive. US defence budgets continue expanding, commercial aerospace production cycles are recovering, and industrial reshoring policies are accelerating under both political and strategic pressure. Importantly, the company's technology platform aims to produce titanium more efficiently and with lower environmental intensity than traditional methods, which could become increasingly valuable as industrial decarbonisation pressures grow. What differentiates IperionX from many critical minerals peers is that it is not simply leveraged to commodity prices. Instead, it is attempting to position itself deeper within the industrial manufacturing chain where margins and strategic value are often significantly higher. The company still carries execution risk because commercial scale-up remains ongoing, but few ASX-listed businesses currently sit as directly within the overlap of defence spending, sovereign industrial policy, advanced manufacturing and critical minerals security. As of May 2026, IperionX arguably represents one of the clearest long-duration strategic materials themes available to Australian investors. *Capricorn Metals Ltd (ASX: CMM): The Gold Producer Winning Through Discipline, Cash Flow and Consistency* Capricorn Metals Ltd has increasingly established itself as one of the highest-quality mid-tier gold producers in Australia through a combination of disciplined operational execution, production consistency and balance-sheet strength. The company's Karlawinda Gold Project in Western Australia has become recognised as one of the more reliable large-scale gold operations in the domestic market. In a sector often characterised by cost overruns and operational volatility, Capricorn has differentiated itself through consistency and capital discipline. That credibility matters increasingly in the current environment where investors are prioritising free cash flow generation over speculative expansion. The gold sector itself remains fundamentally attractive in 2026. Central bank buying has remained elevated globally, geopolitical uncertainty continues supporting demand for defensive assets, and persistent fiscal deficits across developed economies are reinforcing interest in hard assets and inflation hedges. Capricorn benefits from these macro conditions while maintaining relatively competitive production economics. The company reported FY25 gold production of approximately 122,000 ounces at all-in sustaining costs around A$1,370/oz, while continuing to generate strong operating cash flow and maintaining a robust balance sheet. Operationally, Karlawinda has continued outperforming many peer assets through stable throughput and recovery rates, which has strengthened institutional confidence in management's execution capability. The longer-term attraction is that Capricorn is transitioning beyond a single-asset producer. Growth pathways around Karlawinda and ongoing development work at Mt Gibson provide meaningful medium-term production expansion opportunities. Investors increasingly favour producers capable of combining operational reliability with organic growth rather than relying on expensive acquisitions. Capricorn fits that profile well. As of May 2026, the company represents a rare blend of defensive macro exposure, high-quality earnings generation and ongoing production growth potential, making it one of the stronger risk-adjusted mining exposures on the ASX. *Infratil Ltd (ASX: IFT): The Infrastructure Powerhouse Quietly Riding the AI Data Centre Boom* Infratil Ltd has evolved from a traditional infrastructure investment vehicle into one of the most strategically positioned AI and digital infrastructure exposures in the Australasian market. The company's growing exposure to hyperscale data centres through CDC Data Centres has fundamentally reshaped the investment narrative. As artificial intelligence adoption accelerates globally, demand for secure, high-capacity and power-intensive data centre infrastructure has expanded dramatically. Infratil therefore offers investors exposure to one of the strongest long-term infrastructure trends globally without requiring direct investment into highly volatile technology companies. The scale of value creation through CDC has been substantial. Infratil's investment in CDC Data Centres, initially established with a comparatively modest capital base, has now grown into a multi-billion-dollar infrastructure platform. CDC has expanded from around 30MW of data centre capacity in 2016 to approximately 2.5GW of operational and planned capacity across Australia and New Zealand. The business recently signed a 555MW hyperscale agreement with a US customer, highlighting the extraordinary scale of AI-related infrastructure demand currently emerging across the sector. This is particularly significant because hyperscale leasing activity globally has tightened available data centre capacity and increased the strategic value of sovereign infrastructure assets. Importantly, Infratil still retains diversification beyond data centres, including renewable energy, healthcare and airport infrastructure assets. That diversification creates resilience while still allowing the company to participate in structural AI infrastructure growth. Investors increasingly value businesses capable of combining long-duration secular growth with infrastructure-like cash flow visibility and disciplined capital allocation. Infratil fits that profile exceptionally well. As of May 2026, the company remains one of the cleaner institutional-quality exposures to the accelerating convergence between AI, energy demand and digital infrastructure expansion. *Capstone Copper Corp (ASX: CSC): The Copper Growth Story Leveraged to Electrification and Energy Demand* Capstone Copper Corp offers one of the more compelling large-scale copper growth exposures available to ASX investors at a time when copper continues benefiting from structural demand growth across electrification, renewable energy, industrial infrastructure and AI-linked power expansion. Copper remains essential for electric vehicles, transmission networks, battery systems, renewable infrastructure and data centre development. Unlike many commodity cycles driven primarily by speculation, copper demand growth is increasingly underpinned by physical infrastructure requirements globally. At the same time, new mine supply remains constrained due to permitting complexity, capital intensity and declining ore grades across several key jurisdictions. Operationally, Capstone has strengthened materially over the past year. The company reported Q1 2026 adjusted EBITDA of US$329.1m, marking its sixth consecutive quarterly EBITDA record. Net income attributable to shareholders reached US$102.5m, while leverage improved significantly with net debt declining to US$738m and net debt-to-EBITDA falling to 0.7x. Copper production during the quarter reached 47,960 tonnes despite operational disruption from industrial action at Mantoverde. Importantly, the company maintained full-year guidance of 200,000 to 230,000 tonnes of copper production, reinforcing confidence in the broader production trajectory. Realised copper prices also improved substantially, supporting margin expansion and stronger free cash generation. The strategic importance of Capstone lies in its transition from a project-heavy development story into a larger-scale cash-flow generator with embedded production growth. The Mantoverde Optimized expansion is expected to add approximately 20,000 tonnes of annual copper production while improving throughput and operational efficiency. Industry-wide copper supply constraints also remain increasingly visible despite periodic short-term volatility in pricing. In that environment, companies capable of delivering reliable production growth with improving balance-sheet strength are likely to remain strategically valuable. As of May 2026, Capstone appears well positioned to benefit from both cyclical copper strength and the longer-term electrification supercycle. *Megaport Ltd (ASX: MP1): The Network Infrastructure Enabler Behind the Global AI Expansion Cycle* Megaport Ltd operates in one of the fastest-growing segments of global digital infrastructure through its Network-as-a-Service platform. The company enables enterprises, cloud providers and data centre operators to connect flexibly and efficiently across distributed computing environments. While this may initially appear highly technical, the commercial significance has become increasingly important as artificial intelligence adoption accelerates globally. AI workloads require enormous data transfer capacity between cloud platforms, enterprise systems and GPU infrastructure. Megaport effectively provides the connectivity layer supporting this increasingly complex digital ecosystem. The investment case has strengthened because the company is no longer viewed solely as a high-growth technology business. Investors are increasingly seeing evidence of scalability, recurring revenue durability and operational leverage. Megaport has continued expanding annual recurring revenue while improving EBITDA margins and strengthening cash generation characteristics. The company's global platform now spans hundreds of enabled data centres and cloud on-ramps across multiple regions, creating network effects that become increasingly valuable as enterprise cloud complexity grows. Importantly, recurring usage patterns within digital infrastructure businesses tend to create more resilient revenue streams than traditional hardware-dependent technology models. The broader industry backdrop remains highly supportive. Hyperscale cloud providers continue expanding aggressively, enterprise AI deployment is increasing network complexity, and hybrid-cloud architectures are becoming more prevalent across global corporations. Megaport benefits directly from all three trends simultaneously. Unlike semiconductor manufacturers or hardware providers that face rapid product cycles, the company's value proposition is tied to orchestration and interconnectivity across ecosystems, which tends to produce more durable commercial relationships. As of May 2026, Megaport remains one of the clearest ASX-listed exposures to the accelerating global buildout of AI-driven digital infrastructure and enterprise cloud connectivity. *As always, we remain focused on identifying high-quality businesses with sustainable competitive advantages and attractive long-term growth prospects. While short-term market movements are often influenced by sentiment and macroeconomic developments, our investment process remains grounded in fundamental research, disciplined portfolio construction and a long-term perspective. We thank you for your continued trust and support.* Contact Me for Wealth Management Information ( mark.elzayed@investorpulse.com.au ) **Free Disclaimer:* The base platform has no monthly fees, however, brokerage fees apply when buying or selling stocks through the platform. Many thanks for reading our updates! Feel free to call us or reply to this email with suggestions. If you have some friends you think would be interested, let us know - we have a referral program available. *Very important & unique disclaimer provided by our legal team* This email and any files transmitted with it are confidential. 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