Investor Presentation – May 2026

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.