Announcement PDF MTM Critical Metals Ltd Australia: Perth, Western Australia USA: Houston, Texas ASX: MTM | OTCQB: MTMCF ASX RELEASE 23 MAY 2025 MTM Validates Production-Scale FJH Reaction System for Commercial Rollout and Modular Scale-Up mtmcriticalmetals.com.au Production-scale FJH crucible validated, de-risking modular Texas plant ahead of Q4 2025 commissioning ▪ MTM has successfully validated its production-scale reaction chamber (“crucible”), confirming readiness for deployment in the Company’s 1 tonne-per-day (1TPD) Flash Joule Heating (FJH) metal recovery plant in Texas. ▪ The upsized unit matched the heat transfer performance of smaller-scale prototypes, confirming scalability and materially reducing scale-up risk for commercial deployment. ▪ The validated crucible design reflects a substantial scale-up from the original lab-scale system developed at Rice University, underscoring MTM’s successful transition of FJH technology into an industrially viable platform. ▪ Additionally, test results suggest that each module may exceed prior throughput expectations, indicating the 1TPD plant—comprising multiple parallel crucibles—could achieve higher capacity from day one. ▪ This modular architecture enables efficient replication, with the newly secured site capable of accommodating multifold capacity expansions using the same validated design. MTM Critical Metals Limited (“MTM” or the “Company”) (ASX: MTM; OTCQB: MTMCF) is pleased to report the successful validation of its production-scale reaction chamber design – a core component of the proprietary FJH process – confirming readiness for scaled deployment at the Company’s U.S. commercial production facility in Texas. The reaction chamber or “crucible” forms part of MTM’s proprietary, patent-backed FJH process, which was developed by leading researchers at Rice University and is exclusively licensed to MTM for all metal recovery and mineral processing applications. FJH combines rapid electrical heating with targeted chemistry to unlock critical and precious metals from various feedstocks. • The enlarged reaction chamber demonstrated consistent and uniform heat transfer under representative conditions, validating its performance at full scale. With thermal performance confirmed, gas-solid reactions are expected to scale similarly—reinforcing confidence in the system’s overall scalability. • These results not only materially de-risk the modular scale-up strategy but also indicate that each crucible may outperform initial assumptions, suggesting the overall 1TPD plant—comprising multiple such units—could deliver significantly higher throughput than originally planned. MTM Managing Director & CEO, Michael Walshe, commented: “This successful test of the commercial-scale crucible marks a major technical milestone for MTM. It confirms that our Flash Joule Heating process scales effectively and that key thermal performance parameters are preserved at commercial reactor size. This materially reduces scale-up risk and supports potential throughput uplift from day one of operations.” “The modular plant design gives us flexibility to expand capacity by simply replicating this validated unit, making our approach both capital-efficient and rapidly scalable. As we progress toward commissioning later this year, our strategy continues to align with U.S. government policy on reshoring manufacturing and securing domestic supply chains for metals. MTM is well-positioned to support these goals and to advance as a leading player in the U.S. critical metals space as we execute on our commercial strategy”. Texas Processing Facility: MTM’s 5-hectare site in Chambers County, Texas, is fully permitted for industrial waste processing, with sealed road access, industrial-grade power supply, and capacity for multi-module expansion1. With the full-scale design validated and an expandable site secured, MTM is well-positioned to increase capacity significantly beyond the initial 1 TPD target—without modifying the core FJH process. Commissioning of the plant in Texas remains on schedule for the end of calendar year 2025 supporting U.S. critical metal supply chains. 1 See ASX: MTM announcement dated 13/05/2025 ‘Pre-permitted Production Site Secured for FJH Pilot Plant’. ENGAGE WITH THIS ANNOUNCEMENT ON INVESTORHUB: HERE ASX: MTM | OTCQB: MTMCF The FJH Process: The FJH process utilises advanced electrical-based heating and proprietary chemical pathways to rapidly convert complex feedstocks into recoverable metal chlorides. Feedstock is prepared and flash-heated to desired reaction temperatures, enabling selective chlorination of critical and precious metals such as gallium, indium, germanium, and gold. These vapours are then condensed and collected for refining or direct sale, while solid residues are safely managed and discharged. Figure 1: Commercial-scale crucible prototype used in recent testing – validated for modular deployment at MTM’s production plant Figure 2: MTM’s 5-hectare site – permitted, infrastructure-equipped, and ready to host scalable FJH metal recovery operations 2 ASX: MTM | OTCQB: MTMCF Figure 3: Modular FJH deployment model – the 1TPD system comprises multiple validated FJH crucibles operating in parallel, with the Texas site layout designed to enable future capacity expansion through replication of these modular processing units. 3 ASX: MTM | OTCQB: MTMCF Progress with Feedstock and Offtake Feedstock and product offtake agreements are advancing. MTM has secured over 1,000 tonnes per annum of e-waste from two leading U.S. recyclers and is progressing commercial arrangements with downstream partners, including for the sale of gallium and germanium products. These agreements, when executed, will underpin long-term operational certainty and support near-term revenue generation. Supporting U.S. National Strategic Priorities MTM’s FJH technology platform is directly aligned with U.S. federal initiatives to reshore critical mineral supply chains, reduce dependence on foreign refining capacity, and incentivise domestic clean-tech innovation via Department of Energy and Department of Defense grant programs. The Company is actively exploring multiple grant and non-dilutive funding opportunities and recently completed a highly productive visit to Washington, DC, where senior management engaged with Congressional offices and key stakeholders to advance MTM’s eligibility for support. Next Steps Procurement activities are underway, with on-site works scheduled to commence in Q3 2025. Commissioning remains on track for late Q4, after which MTM expects to initiate staged operations and product qualification with early offtake partners. This announcement has been authorised for release by the Board of Directors. For further information, please contact: Michael Walshe Managing Director & CEO MTM Critical Metals Ltd info@mtmcriticalmetals.com.au +61 8 6391 0112 PREVIOUS DISCLOSURE The information in this announcement is based on the following MTM Critical Metals Limited ASX announcements, which are all available from the MTM Critical Metals Limited website www.mtmcriticalmetals.com.au and the ASX website www.asx.com.au. Date Description 15 May 2025 Lease Terms for Critical Metals Recovery Facility 13 May 2025 Pre-permitted Production Site Secured for FJH Pilot Plant 03 March 2025 Key Engineering Milestone Complete for Technology Demo Plant 29 January 2025 Excellent Progress on US-Based Technology Demonstration Plant 30 October 2024 Progress Update on 1 TPD Demonstration Plant The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the relevant ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original ASX announcements. 4 ASX: MTM | OTCQB: MTMCF ABOUT MTM CRITICAL METALS LIMITED MTM Critical Metals Limited (ABN 27 645 885 463), is an ASX & OTCQB-listed company with management teams in Perth, Western Australia, and Texas, USA, and specialises in advanced metal recovery technologies. MTM’s 100%-owned USA subsidiary Flash Metals USA Inc is based in Texas, USA. MTM possess exclusive licensing rights to the innovative Flash Joule Heating technology, a cutting-edge metal recovery and mineral processing method developed by esteemed researchers at Rice University, USA. Flash Joule Heating (FJH) is an advanced electrothermal process that enhances metal recovery and mineral processing compared to traditional methods. By rapidly heating materials in a controlled atmosphere, FJH efficiently extracts metals like lithium from spodumene, gallium from scrap, and gold from E-Waste, among others. This technology has the potential to revolutionise metal recovery by reducing energy consumption, reagent use, and waste, offering a more economical and environmentally friendly alternative. To learn more, visit: Website: https://www.mtmcriticalmetals.com.au/ MTM’s Investor Hub: https://investorhub.mtmcriticalmetals.com.au/ Contact: info@mtmmetals.com.au USA: 12 Greenway Plaza, Suite 1100, Houston, Texas USA 77046 Australia: Suite 2, 38 Colin Street, West Perth, Western Australia 6005 | +61 8 6391 0112 CAUTIONARY STATEMENT REGARDING VALUES & FORWARD-LOOKING INFORMATION The figures, valuations, forecasts, estimates, opinions and projections contained herein involve elements of subjective judgment and analysis and assumption. MTM Critical Metals does not accept any liability in relation to any such matters, or to inform the Recipient of any matter arising or coming to the company’s notice after the date of this document which may affect any matter referred to herein. Any opinions expressed in this material are subject to change without notice, including as a result of using different assumptions and criteria. This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “expect”, and “intend” and statements than an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forwardlooking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. MTM Critical Metals undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. The Recipient should not place undue reliance upon forward-looking statements. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of MTM Critical Metals from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. MTM Critical Metals, its affiliates, directors, employees and/or agents expressly disclaim any and all liability relating or resulting from the use of all or any part of this document or any of the information contained herein. 5