Investor Presentation – February 2026

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.