PDAC Presentation – March 2026

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.