Metals Australia Ltd.

Presentation Highlights:

• Metals Australia Ltd (ASX: MLS) continues to advance its Lac Carheil Graphite Project in Quebec as a strategically positioned, vertically integrated graphite development opportunity targeting both upstream concentrate production and downstream battery anode material refining, with the company advancing prefeasibility work for the mine and processing plant alongside a downstream Preliminary Economic Assessment focused on establishing “Canada’s next fully integrated graphite transformation project” near Baie-Comeau, while also progressing environmental studies, metallurgical programs, social engagement initiatives, and regional infrastructure planning through its wholly owned Quebec subsidiary Northern Resources Inc.
• During 2025 and into 2026, the company completed approximately 11,800m of drilling across the Lac Carheil project and expanded the graphite Mineral Resource by 3.3 times to 50Mt grading 10.2% contained graphite for 5.1Mt of contained graphite, while simultaneously completing open pit mine design work, concentrate plant engineering, and metallurgical studies for an 860Ktpa flake graphite concentrate operation designed to produce 100Ktpa of >95% TGC graphite concentrate, with management emphasizing that only one of ten identified graphite trends has been drilled to date and benchmarking the project favorably against Nouveau Monde Graphite based on higher grades, lower expected capital intensity, stronger downstream conversion metrics, and projected annual battery anode material production advantages.
• The downstream Preliminary Economic Assessment released in April 2026 outlined a proposed Battery Anode Material refinery near Baie-Comeau capable of transforming 75Ktpa of high-purity fine flake graphite concentrate into approximately 51Ktpa of coated spherical purified graphite products for lithium-ion battery applications, generating a projected pre-tax NPV8 of USD 2.05B (AUD 2.93B), post-tax NPV8 of USD 1.39B (AUD 1.98B), and a 25.6% IRR across an initial 25-year project life, with the company highlighting accelerating global EV demand, tightening Western supply chain dynamics, proposed U.S. tariffs on Chinese graphite active anode materials, and Canada’s growing support for domestic critical mineral supply chains as key macroeconomic drivers supporting long-term graphite pricing and project development momentum.

Research Highlights:

• Arrowhead is updating its coverage on Metals Australia Ltd (“Metals Australia” or “the Company”) with a fair value bracket of A$0.156 – A$0.191 (Share Price on May 14, 2026: A$0.022) based on the Discounted Cash Flow (DCF) and Relative Valuation (RV) methodologies.
• Metals Australia is an Australian critical minerals exploration and early-stage development company. The Company holds a portfolio of diverse projects in Canada and Australia, with exposure to a range of critical minerals – graphite, vanadium, titanium, copper, gold, silver, nickel, zinc, and iron. Metals Australia is listed on the Australian Stock Exchange under the ticker ASX: MLS and is investigating a joint company listing on the Toronto Ventures Exchange (TSX-V).
• The Company holds four key projects – the Lac Carheil Graphite Project (Flagship Project) and its associated Battery Anode Material (BAM) Refinery, the Corvette River Project, the Manindi Vanadium-Titanium-Magnetite (VTM) Project, and the Warrego East Copper-Gold Project.
• On April 28, 2026, MLS completed a Preliminary Economic Assessment (PEA) for the BAM Refinery in Baie Comeau, Québec, which is designed to produce over 51 Kt per annum (ktpa) of high-purity BAM products sourced from the Lac Carheil feed. The study delivered an after-tax NPV₈ of A$2.0 bn, IRR of 25.6%, and a 4.5 years payback period, with CTM ITC support of up to 30%.
• On September 30, 2025, the Company reported multi-element assay results at the flagship Lac Carheil Graphite Project, identifying gold, silver, gallium, copper, vanadium, nickel, zinc, and iron within the graphite zones for potential co-recovery alongside the 50.0 Mt @ 10.2% TGC resource. The PFS continues to advance, supported by up to C$600,000 in non-dilutive funding from the Québec Ministry of Natural Resources and Forests.
• At the Corvette River Project in Québec’s James Bay region, the Company holds tenements across the Felicie, East and West Pontois, and East and West Eade target areas, with all permits secured for the next phase of trenching and drilling.
• On February 18, 2026, Metals Australia released assay results for a 15-hole, 2,774m RC program at the Manindi West VTM Project, with 13 of 14 Discovery Zone holes returning thick, high-grade magnetite-ilmenite intervals over more than 1,200m of strike length. Metallurgical testwork also confirmed potential to produce high-purity (>97%) TiO₂, which commands a premium to conventional ilmenite.
• On December 19, 2025, MLS reported results from a 34-hole, 3,216m geochemical drilling program at the Warrego East Project, testing 5 Tennant Creek-style targets. Strong Cu-Co-Bi-Zn results with iron levels up to 24% suggest a deeper Cu-Au source similar to the nearby Warrego and White Devil deposits.
• The Company is well-positioned to benefit from the increasing demand for graphite driven by lithium-ion batteries and the broader energy transition through its Québec-based Lac Carheil Graphite Project and the associated BAM Refinery. Its location also provides access to the North American market amid increasing efforts by the U.S. government to localise critical mineral supply chains and Canada’s Critical Minerals Strategy, which targets five graphite mines and five downstream anode facilities by 2040.

Presentation Highlights:

• Metals Australia Ltd (ASX: MLS) has steadily advanced its flagship Lac Carheil Graphite Project in Quebec through successive drilling and development programs since early 2025, expanding the Mineral Resource from 13.3 Mt at 11.5% TGC for 1.53 Mt of contained graphite to a substantially larger 50 Mt at 10.2% Cg for 5.1 Mt of contained graphite following approximately 11,800 meters of drilling completed during 2025, while parallel engineering work progressed across upstream mine design, prefeasibility-level metallurgy, and plant design for an 860 Kt per annum flake graphite concentrate operation capable of producing roughly 100 Kt per annum of >95% TGC graphite concentrate.
• Development momentum at Lac Carheil has expanded beyond upstream production toward a vertically integrated battery materials strategy, with engineering and test work confirming the ability to convert graphite concentrate into coated spherical purified graphite products at 99.99% fixed carbon purity and approximately 72% conversion efficiency, supporting the design of a 75 Kt per annum Battery Anode Material refinery targeting roughly 50,000 tons per year of CSPG output ahead of the company’s planned publication of its upstream Prefeasibility Study and downstream refinery studies in Q2 2026.
• Across the broader portfolio, Metals Australia has continued advancing exploration and resource-stage assets through 2025 and into early 2026, with drilling at the Manindi Project confirming titanium-vanadium-iron mineralization across roughly one kilometer of strike and delivering commercial-grade concentrates grading 66.0% Fe with 1.19% V₂O₅ and 43.8% TiO₂ with 38.2% Fe alongside the existing 1.08 Mt Zinc-Copper-Silver Mineral Resource, while the Corvette River gold prospects and Warrego East copper-gold project remain active exploration catalysts as the company enters 2026 with approximately USD 3.74M (AUD 5.59M) in cash, a market capitalization near USD 11.25M (AUD 16.83M), and additional Quebec government grant support of roughly USD 0.44M (AUD 0.66M) to continue advancing its critical minerals development pipeline.

Presentation Highlights:

• Metals Australia (ASX:MLS) continues to transform its Lac Carheil Graphite Project in Quebec into a globally scaled development asset following approximately 11,800 meters of 2025 drilling that expanded the Mineral Resource 3.3 times to 50 Mt at 10.2% Cg for 5.1 Mt of contained graphite, with 2.8 Mt in the Indicated category supporting advanced open pit mine design, completion of prefeasibility-level metallurgy, engineering of an 860 Kt per annum flake concentrate plant designed to produce 100 Kt per annum of >95% TGC product, and parallel advancement of a 75 Kt per annum downstream Battery Anode Material refinery targeting approximately 50,000 tons per annum of CSPG output ahead of the company’s upcoming Q2 2026 study publications.
• Momentum extended into Australia at the Manindi Project where drilling across the Titanium-Vanadium-Iron discovery confirmed mineralization in 14 of 15 holes over roughly 1 kilometer of strike with widths between 75 and 95 meters and mineralization open at depth, while metallurgical programs delivered two commercial-grade concentrates grading 66.0% Fe with 1.19% V2O5 and 43.8% TiO2 with 38.2% Fe, and advancement of the adjacent 1.08 Mt Zinc-Copper-Silver Mineral Resource at 6.52% Zn, 0.26% Cu and 3.19 g/t Ag positions the broader Manindi asset base for multi-commodity development leverage.
• Entering early 2026, the Company reported cash of approximately USD 3.74M (AUD 5.59M) as of December 31, 2025, a market capitalization of roughly USD 11.25M (AUD 16.83M) and an enterprise valuation near USD 7.52M (AUD 11.24M) as of February 10, 2026, alongside Quebec government grant support of about USD 0.44M (AUD 0.66M), positioning Metals Australia to deliver its graphite Pre-Feasibility Study (PFS), as well as downstream refinery studies, while continuing its exploration progress at Corvette River in Quebec and Warrego East in the Northern Territory.

Presentation Highlights:

• Metals Australia Ltd (ASX: MLS) continues to accelerate development across its portfolio, focusing on its flagship Lac Carheil Graphite Project in Quebec where drilling programs totaling 9,482m expanded the mineral resource to 50Mt at 10.2% Cg for 5.1Mt contained graphite. The company advanced multiple studies including a Prefeasibility Study (PFS) with DRA Americas, a Project Economic Assessment (PEA) with Dorfner Anzaplan, and detailed design work by Lycopodium for a 100Kt per annum flake graphite concentrate plant. Metallurgical testing confirmed high-quality output exceeding 99.99% Cg, and Quebec government grant funding supported continued project de-risking amid growing global demand for graphite and supply disruptions in China.
• During mid to late 2025, Metals Australia expanded its Canadian exploration footprint through ongoing work at the Corvette River Project, confirming multiple gold corridors in the James Bay region with results of up to 4.42 g/t Au at West Eade and 0.83 g/t Au at East Eade, reinforcing the project’s polymetallic potential. Concurrently, the company advanced Australian projects, completing a five-target copper-gold drilling campaign at the Warrego East Project in the Northern Territory and preparing for further resource drilling at the Manindi Titanium-Vanadium-Iron discovery in Western Australia, where metallurgical tests yielded two commercial-grade concentrates grading up to 66% Fe and 1.19% V₂O₅.
• By October 2025, Metals Australia presented a well-funded growth position with AUD 8.5M in cash and a market capitalization of approximately AUD 25.6M, positioning itself as an emerging graphite and critical minerals developer across Canada and Australia. The company’s valuation, equivalent to only AUD 3.35 per resource ton, underscored significant upside potential as key studies and government-backed funding programs advanced toward publication milestones in 2026. With parallel progress across gold, vanadium, copper, and graphite projects, Metals Australia demonstrated a strong pipeline moving from discovery through to predevelopment in jurisdictions ranked among the world’s most stable and mining-friendly.

Arrowhead is updating its coverage on Metals Australia Ltd (“Metals Australia” or “the Company”) with a fair value bracket of A$0.071 – A$0.087 (Share Price on September 16, 2025: A$0.022) based on the Discounted Cash Flow (DCF) and Relative Valuation (RV) methodologies.

Report Highlights:

• Metals Australia is an Australian mineral exploration and early-stage development company. The Company holds a portfolio of diverse projects in Canada and Australia, with exposure to a range of critical minerals – graphite, nickel, vanadium, gold, silver, copper, zinc, titanium, and iron. The Company is listed on the Australian Stock Exchange under the ticker ASX: MLS.
• The Company holds four key projects – the Lac Carheil Graphite Project (Flagship Project), the Corvette River Project, the Warrego East Copper-Gold Project, and the Manindi Vanadium-Titanium-Magnetite (VTM) Project.
• On August 19, 2025, the Company released an updated MRE for its flagship Lac Carheil Graphite Project, reporting a JORC- and NI 43-101-compliant Mineral Resource of 50.0 Mt @ 10.2% TGC for 5.1 Mt of contained graphite, comprising 24.8 Mt indicated at 11.3% TGC and 25.2 Mt inferred at 9.1% TGC.
• Additionally, the Company also completed an RPEEE test in August 2025, confirming the entire 50.0 Mt resource is within a single, viable open-pit shell. The study also showed a reduced strip ratio (from 5.6 to 2.3) and a higher recovery rate (from 86.3% to 96.7%), supporting stronger project economics and long-term development potential.
• On September 11, 2025, Metals Australia announced progress on its Battery Anode Material plant design, confirming a preferred site at Sept-Îles and the completion of metallurgical test work, which achieved 99.99% fixed carbon purity with a 72% yield. The company also outlined a PEA design for 75 kilotonne per annum concentrate processing capacity.
• The Company is preparing further resource drilling at the Manindi VTM Project following successful metallurgical tests, which produced two commercial-grade concentrates with a combined recovery exceeding 65%. The project includes three granted Mining Leases and hosts a JORC-compliant Zinc-Copper-Silver Mineral Resource of 1.08 Mt @ 6.52% Zn, 0.26% Cu, and 3.19 g/t Ag.
• Metals Australia has commenced a 3,000m drilling program at the Warrego East Project. At the Corvette River Project, the Company also conducted trenching, which confirmed broad mineralisation across key zones and reinforced earlier high-grade rock chip results.
• The Company is well-positioned to benefit from the increasing demand for graphite driven by lithium-ion batteries and the broader energy transition through its Quebec-based Lac Carheil Graphite Project. Its location also provides access to the North American market amid increasing efforts by the U.S. government to localise critical mineral supply chains and Canada’s Critical Minerals Strategy, which targets five graphite mines and five downstream anode facilities by 2040.