Announcement PDF Australia: Perth,Western Australia USA: Houston, Texas Metallium Ltd (ACN 645 885 463) ASX: MTM | OTCQX: MTMCF ENGAGE WITH THIS ANNOUNCEMENT ON INVESTORHUB: HERE ASX Release 28 November 2025 2025 AGM Presentation Metallium Limited (“Metallium” or the “Company”) (ASX: MTM; OTCQX: MTMCF) is pleased to provide a copy of the Managing Director’s presentation for the Company’s 2025 Annual General Meeting being held today, Friday 28 November 2025. This announcement has been authorised for release by the Company Secretary. For further information, please contact: Michael Walshe Managing Director & CEO Metallium Ltd info@MetalliumInc.com | +61 8 6391 0112 Andrew Keys Investor Relations & Corporate Communications Keys Thomas Associates Andrew.keys@keysthomas.com | +61 400 400 380 ABOUT METALLIUM LIMITED Metallium Ltd (ABN 27 645 885 463), is pioneering a low-carbon, high-efficiency approach to recovering critical and precious metals from mineral concentrates and high-grade waste streams. The company’s patented Flash Joule Heating (FJH) technology enables the extraction of high-value materials—including gallium, germanium, antimony, rare earth elements, and gold—from feedstocks such as refinery scrap, e-waste, and monazite. Aligned with U.S. strategic supply chain objectives, Metallium has recently secured its first commercial site in Texas via its wholly owned subsidiary, Flash Metals USA Inc., marking a major step toward near-term production and revenue generation. To learn more, visit: Website: metalliuminc.com Contact: info@metalliuminc.com | +61 8 6391 0112 Investor Hub: investorhub.metalliuminc.com 𝕏 x.com/Metallium_MTM www.linkedin.com/company/metalliumltd USA Office: 12 Greenway Plaza, Suite 1100, Houston, Texas USA 77046 Australia Office: Unit 4, 22 Railway Road, Subiaco, Western AGM PRESENTATION 28 November 2025 REVOLUTIONARY METAL RECOVERY TECHNOLOGY Transforming waste streams and mineral ores into high-value products via breakthrough technology Metallium Ltd ASX: MTM / OTCQX: MTMCF Disclaimers This presentation has been prepared by Metallium Ltd (ACN 645 885 463) (“Metallium”, “MTM’ or “Company”) for the exclusive use of the party to whom Metallium delivers this document (the “Recipient”). The information contained in this document has been prepared in good faith by Metallium. However, to the maximum extent permitted by law, no representation or warranty, either express or implied, is made as to the accuracy, completeness, adequacy or reliability of the information contained in this document. This document contains only a synopsis of more detailed information in relation to the matters described herein and accordingly no reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information as presented herein. This document should not be regarded by the Recipient as a substitute for the exercise of its own judgment and the Recipient should conduct its own due diligence in respect of the contents of this document. To the maximum extent permitted by law, Metallium, its directors, officers, employees, advisers, and agents disclaim any or all liability for any loss or damage which may be suffered by any person as a result of the use of, or reliance upon, anything contained within or omitted from this document. This document has been prepared solely for informational purposes. This document does not constitute a prospectus or other form of disclosure document and is not to be construed as a solicitation, invitation or an offer to buy or sell any securities, or related financial instruments, in any jurisdiction. This document is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act 2001 (Cth) and has not been approved by any regulatory authority such as the Australian Securities and Investments Commission or the Australian Securities Exchange. The Recipient should not construe the contents of this document as legal, tax, accounting or financial or investment advice or a recommendation. The Recipient should consult its own legal counsel, tax and financial advisors concerning any matter described herein. This document does not purport to be all-inclusive or to contain all of the information that the Recipient may require. No investment, divestment or other financial decisions or actions should be based solely on the information in this document. The distribution of this document may be restricted by law in certain jurisdictions. The Recipient and any other persons who come into possession of the document must inform themselves about, and observe, any such restrictions. Cautionary Statement Regarding Exploration & Development, Values & Forward-Looking Information The tenements comprising the Company’s projects (“Projects”) are at various stages of exploration and development and potential investors should understand that mineral exploration and development are high-risk undertakings. There can be no assurance that exploration and development of the Projects, or any other tenements that Metallium may acquire in the future, will result in the discovery of an economic deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited. Specifically, investors are cautioned that the Projects have no reported mineral resources or ore reserves and that the proximity of the Projects to any deposit and any geological similarities with that deposit are no guarantee that the Project will be prospective for an economic reserve. It is a requirement of the ASX Listing Rules that the reporting of exploration results in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“JORC Code”). Investors outside Australia should note that while exploration results pertaining to the Projects comply with the JORC Code, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with National Instrument 43 101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the “Canadian NI 43 101 Standards”). The figures, valuations, forecasts, estimates, opinions and projections contained herein involve elements of subjective judgment and analysis and assumption. Metallium 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 / phrases such as “ambitions”, “aspire to”, “aspirations”, “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 forward-looking 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. To the maximum extent permitted by law, Metallium 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 Metallium 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. Metallium, 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. Illustrative Economics Disclaimer This document may include conceptual illustrations and indicative assumptions regarding potential business model economics. These do not represent final or actual financial outcomes, and have not been validated through pilot or commercial operations. All economic scenarios, value estimates, and modelling outputs are preliminary in nature, provided solely for illustrative purposes, and should not be relied upon for investment or commercial decision-making. Actual results may vary materially, and Metallium makes no representation or warranty as to the accuracy or completeness of any such forward-looking assumptions or outcomes. By accessing or reviewing this document, the Recipient acknowledges and agrees to the "Disclaimer" as detailed above. 2 3 METALLIUM: A GLOBAL METALS EXTRACTION TECHNOLOGY COMPANY ✓ Metallium has undergone a major transformation over the past 12 months. The company is now a global industrial technology platform with a first operating hub in the United States and a clear pathway to replicate nationally, and internationally. ✓ FY2025 delivered breakthrough achievements across all fronts: Technology validation, commercial agreements, a permanent U.S. footprint, and strategic partnerships spanning recycling, electronics and mining sectors. ✓ FJH has been de-risked at pilot scale: Identical reactor modules are being deployed at the full-scale plant in Texas. ✓ VISION 2030: BECOME THE GO-TO TECHNOLOGY SOLUTION FOR E-WASTE & CHALLENGING MINERAL PROCESSING OPPORTUNITIES, GLOBALLY 4 FY2025 – A BREAKTHROUGH YEAR FOR TECHNOLOGY AND COMMERCIALISATION 1 Strategic Commercial Agreements Feedstock agreement with Glencore Recycling (N. America) Additional partnerships with Indium Corporation, Ucore and multiple U.S. recyclers 2 Technology Validation Milestones ~20× upgrade of raw Harts Range REE ore and ~53× Dy enrichment Successfully extracted tin and palladium from e-waste PCBs achieving 86% tin and 82% palladium recovery rates 3 U.S. Footprint Established Long-term Texas Technology Campus lease with scalable capacity Additional site options across the U.S.. OTCQX Upliting & pathway to NASDAQ 4 FJH Module Design Finalised First commercial-scale FJH module ready for fabrication 5 Government Recognition SBIR Phase-I contract with the U.S. DoW for gallium recovery 5 METALLIUM AT A GLANCE Urban Mining / Recycling Build–Own–Operate model for e-waste and e-scrap processing. High- margin metal recovery including Au, Ag, Cu, Pd, Ga, Ge. Mineral Processing (MP) Licensing & joint ventures for critical-mineral ore treatment. Asset- light deployment for rare earths and strategic minerals. Technology Advantages • Metal / mineral / feedstock agnostic • FJH: ultra-fast, modular, chemical-lean metal liberation • First hub operational in Texas with global roll-out planned • Targeting Europe, Middle East, Asia and Elsewhere Market Exposure • E-waste surge and circular economy transition • Semiconductor and critical technology metals • National security supply chain initiatives “Best-in-Class” Metal Recovery, Low Impact, Globally Deployable, Commercially Disruptive Business Models E-waste provides an accelerated path to FJH commercialisation owing to high-value PCB feedstock, abundant supply, and superior recoveries FJH offers transformational performance in MP, delivering rapid concentration / impurity removal, and significant reductions in acid, water, and energy consumption Processing-as-a-Service (PaaS) Build-Own-Operate (BOO) 6 THE GLOBAL CRITICAL METALS PROBLEM The Western World Is Entering a Critical-Metals Crunch Major Metal Repositories Far Higher in Grade vs. Typical Mineral Orebody E-waste is the world’s fastest-growing waste stream, rising at double-digit rates and containing vast quantities of precious & strategic metals. Current recovery methods are slow, costly and dominated by a handful of non-U.S. firms Modern Supply Chains Depend on China’s Processing Monopoly China dominates processing for REEs, battery materials and semiconductor metals. Non-Chinese refining capacity remains minimal, leaving global supply chains exposed to significant geopolitical and export-control risk. Inaccessible Mineral Resources Large volumes of REE ores and other mineral tailings are stranded because incumbent processing is chemically intensive, slow to deploy and difficult to scale. 7 INTRODUCTION TO FLASH JOULE HEATING Metallium's Core Technology – Rapid Thermal Liberation for Metal Recovery Ultrafast Heating: We apply a short burst of electric energy to crushed ore or waste. The feed heats in very short timeframes. Proprietary Chemistry: Target metals form chloride vapours which are condensed into high-purity metal chloride products → No acid leaching → No multi-stage smelting → No harmful tailings. What It Enables: FJH can unlock value from difficult materials like lithium concentrates, rare earth concentrates and intermediates, red mud tailings, and e-waste - faster and more economically than traditional methods. Designed for rapid deployment and modular scalability - enabling fast setup across distributed sites, with minimal permitting and infrastructure requirements. Single-step, low-carbon process to extract metals faster, with higher efficiency and lower reagent use than incumbent technologies. Metal Bearing Feedstock FJH Process Recovered Metal Products Metal-rich Feedstock + Proprietary Catalyst + Reactant Recovered Metal Chlorides A disruptive new pathway for critical and precious metals recovery 8 WHY FJH IS BREAKTHROUGH Technology Built for 21st-Century Metal Supply Chains Feed Versatility • PCBs, server boards, telecom equipment • Semiconductor manufacturing waste and Ga/Ge scrap • REE ionic clays and heavy-REE ores • Monazite concentrates and red-mud derivatives • Industrial catalysts and specialty-metal residues Low Capital Intensity • Modular units with <<< lower upfront investment vs alternatives • Standardised design enables replication across regions • Rapid deployment timeline vs traditional infrastructure Minimal Environmental Impact • Negligible water consumption vs hydrometallurgy • No acid circuits or cyanide leaching • Minimal tailings generation • Lower emissions profile Flexible Siting • Can operate near urban centres or mine sites • Small physical footprint suited to existing industrial zones • Favourable regulatory profile in OECD and allied nations 9 OUR BUSINESS MODEL: TWO ENGINES OF VALUE Technology Metals: Electronic Waste: Rare Earth Elements (REEs) Red Mud (Bauxite Residue) INDUSTRIAL PARTNER(S) BUSINESS MODEL End-to-end ownership of feedstock, processing, and metal sales: Metallium will source feedstock, operate its own facilities, & capture full value from recovered metals Licencing: Provide equipment & services to miners / processors. Monetise via Licensing & Production Royalties PRODUCTS Metal chlorides or derivatives incl. Gold Chloride – Highly saleable Various optionality for metal chlorides or more refined intermediates Metal chlorides or derivatives – Essential for semiconductors, photovoltaics etc. Gallium, Germanium, Indium, Tin, Antimony Gold, Copper, PGE -rich Printed Circuit Boards Alumina, Ga, REEs, Titanium Nd, Pr, Dy, Tb URBAN MINING (WASTE RECYCLING) MINERAL PROCESSING (MINING PROJECTS) Processing-as-a-Service (PaaS) Build-Own-Operate (BOO) 10 DUAL BUSINESS MODEL: MAXIMUM MARKET CAPTURE Urban Mining / Recycling Build–Own–Operate Model for High-Value Scrap Mineral Processing Advantages • Exposure to premium metal prices across multiple commodities • Rapid revenue cycles with short processing times • No dependency on exploration or mining cycles Advantages • This asset-light approach enables Metallium to scale globally with minimal capital intensity, leveraging partners' existing infrastructure whilst maintaining high-margin technology exposure • Multiple potential revenue streams: Technology fees, royalties, toll treatment margins • BOO model is replicable in all major e-waste generating geographies Feed Acquisition FJH Processing Metal Recovery Revenue Generation Licensing & Joint Ventures for Critical Metals Mine Site source of ore or tailings FJH Processing on site Metal Recovery Capture value through fees & royalties STRATEGIC PARTNERSHIP WITH INDIUM CORPORATION - UPDATE 11 ✓ Established 1934 in New York, USA, Indium Corp operates 16 facilities across 8 countries with 1000+ employees, serving high-tech industries (semiconductors, defence, etc.). ✓ Considered a global authority in Gallium, Germanium, and Indium supply amongst other specialty technology (electronics / semiconductors) metals. Indium Corporation – a private New York-based company – is a global leader in specialty metal refining, particularly for gallium, germanium, and indium used in semiconductors. ✓ Technical program progressing well: processing Ga/Ge scrap continues to deliver high-purity recovered products, consistent with the aims of the collaboration. ✓ QA/QC verification in progress: Recovered materials have been provided to Indium for independent analysis. Early feedback remains positive and aligned with expectations. ✓ Collaboration framework extended: The existing collaboration framework has been mutually extended to accommodate the completion of QA/QC and associated technical work. ✓ Pathway to binding agreements: Following QA/QC validation, both parties expect to advance discussions toward binding agreements. STRATEGIC PARTNERSHIPS WITH E-WASTE FEEDSTOCK SUPPLIERS - UPDATE 12 ✓ GLENCORE RECYCLING: Global leader in metals recycling with extensive U.S. operations and globally ✓ DYNAMIC LIFECYCLE INNOVATIONS: Major U.S. recycler & supplier of PCB material, with national intake across diverse e-scrap streams ✓ PLASTIC RECYCLING INC. (PRI): U.S. recycler and supplier of PCB-rich material, across multiple high-value e-waste sources ✓ OTHER POTENTIAL SUPPLIERS: Advanced discussions underway with additional U.S. and global recyclers to diversify supply ✓ PATHWAY TO BINDING AGREEMENTS: Active negotiations with Glencore, Dynamic, PRI and others toward multi-year supply contracts ✓ SCALABLE NATIONAL NETWORKS: Partners operate large U.S. recycling hubs supporting multi-site expansion ✓ COMMISSIONING FEEDSTOCK SECURED: Approximately 60t of mixed PCB already been secured to support commissioning Metallium is building a multi-supplier network for high-value PCB e-waste, partnering with major recyclers 13 THREE GLOBAL ASPIRATIONS FOR MARKET LEADERSHIP Benchmark for E-Waste & Tech- Metal Recycling Become the globally recognised benchmark technology for PCBs, telecom scrap, server boards and semiconductor waste. Focus metals: Au, Ag, Cu, Pd, Sn, Sb etc Go-To Tech for REE and other Critical Metal Ores & Tailings Establish FJH as the preferred front-end upgrading step for REE miners and magnet-metal producers. Capable of treating ionic clays, hard-rock ore, monazite, MREC and red-mud derivatives. Global Platform for Strategic Semiconductor Metal Recovery Become the leading recovery route for Ga, Ge, In and related strategic metals used in defence, AI, photonics and advanced semiconductors. – PILLAR  – – PILLAR  – – PILLAR  – E-WASTE RARE EARTHS / CRITICAL MINERALS GALLIUM / GERMANIUM 14 VISION 2030: A GLOBAL NETWORK OF FJH UNITS Metallium’s ambition is to expand toward a global network of recovery plants targeting precious, strategic and rare-earth metals from the world's fastest-growing waste streams and most challenging mineral feedstocks. The Platform Is Designed to Be Deployed Across: E-Waste Recycling Hubs Major urban centers with established collection infrastructure Semiconductor Corridors Electronics manufacturing zones generating high-value scrap Mineral Provinces REE mining regions and industrial processing centers Allied Geographies Nations seeking to secure critical-metal supply chains FJH's ultra-fast, chemical-lean, low-impact design allows Metallium to scale quickly, avoid the permitting and capital barriers of legacy processing, and operate close to feedstock sources — reducing transportation costs and carbon footprint. One modular technology — globally deployable. Modular. Scalable. Low impact. 15 GLOBAL ASPIRATIONS AND SCALING ROADMAP - EWASTE 16k Tonnes Per Year Stage-2 inbound PCB processing capacity at Gator Point, TX 50k+ Target annual production globally by 2030 across e-Waste <1% Market Penetration Of global PCB waste market needed to achieve 2030 targets* 2027 2030 2030 GEOGRAPHIC EXPANSION AMBITIONS United States First hub operational in Texas, with additional modules planned for West Coast and Northeast recycling centers Europe High e-waste volumes, strong circular-economy policy support, and favorable regulatory environment for clean-tech deployment Asia-Pacific Largest e-waste generation globally, major semiconductor manufacturing clusters, and critical- mineral processing hubs Middle East Growing electronics consumption, strategic geographic location, and government investment in industrial diversification Tonnes Per Year *Baldé, C.P., Forti, V., Kuehr, R. and Bel, G. (2024) The Global E-waste Monitor 2024. United Nations Institute for Training and Research (UNITAR). 16 THE NEXT 12 MONTHS – COMMERCIALISATION & EXPANSION PLANS 01 U.S. Stage-1 Commissioning & Nameplate Operation Commissioning and ramp-up of U.S. commercial facility in Texas to nameplate capacity, with ramp-up to nameplate and scale-up thereafter 02 Feedstock Contracts Execution of additional North American feedstock contracts with recyclers and electronic manufacturers 03 Global Project Scoping First scoping work for global hub locations, including site selection and partnership discussions 04 REE & Other Mineral Processing Technology Agreements New REE technology licensing agreements and potential royalty-bearing partnerships with mineral developers 05 Potential Non-Dilutive Funding U.S. government funding applications through Department of Energy, Department of War, EXIM Bank and DFC programs 06 Module Standardization & New FJH Module for Significantly Larger Capacity Standardization of FJH module designs for global deployment, incorporating lessons learned from Texas operations Prototyping of “Revision-2” FJH design for higher capacity processing 07 Expanded Test Results Additional metallurgical test results across e-waste, REE and semiconductor-metal feedstocks to support customer engagement 17 LOW EMISSIONS & ENVIRONMENTAL IMPACT ESG and Permitting Advantages FJH avoids large waste ponds, avoids acid or cyanide circuits, and reduces carbon and water intensity Small physical footprint and modularity allow operation near existing recycling centres and industrial precincts Minimal air emissions support easier permitting across OECD and non-OECD jurisdictions 337 462 +37% 4,850 650 -87% Sm yield per tonne of Co tonnes Energy consumption per tonne of Sm recovery MJ 6,200 1,000 -84% GHG emissions per tonne of Sm recovery Kg CO2 equivalent 550 370 170 -69% Processing inputs cost per tonne of Sm recovery $/t Hydromet plus remote mining Hydromet FJH Notes: Results are extrapolating lab-scale tests compared with typical hydromet parameters; Source: ASX:MTM release 15/10/2025 & Sustainable separation of rare earth elements from wastes | PNAS SmCo Magnets Case Study: Comparison of FJH & Hydrometallurgy 19 twitter.com/Metallium_MTM www.linkedin.com/company/metalliumltd https://www.linkedin.com/company/flash-metals-usa https://investorhub.metalliuminc.com/ ASX: MTM | OTCQX: MTMCF metalliuminc.com flashmetalsusa.com Metallium Ltd Unit 4, 22 Railway Road, Subiaco, Western Australia 6008 Phone +61 (08 )6391 0112 | Email info@metalliuminc.com Flash Metals USA Inc. 12 Greenway Plaza, Suite 1100, Houston, Texas USA 77046 Phone +1 (0) 713-724-3706 | Email info@metalliuminc.com Stock Exchange ASX The Future of Metals Recovery – Contact us to learn more or for partnership discussions Michael Walshe Managing Director & Chief Executive Officer Metallium Ltd Investor and Announcement Engagement