Corporate Presentation – October 2025

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.