Announcement PDF mtmcriticalmetals.com.au ENGAGE WITH METALLIUM ON INVESTORHUB: HERE Metallium Limited ASX: MTM | OTCQX: MTMCF | OTCQX ADR: MTLMY AUS: Perth, Western Australia USA: Houston, Texas ASX Release Published: 30 July 2026 QUARTERLY ACTIVITIES & CASHFLOW REPORT Metallium Limited (“Metallium” or the “Company”) (ASX: MTM; OTCQX: MTMCF; OTCQX ADR: MTLMY) is pleased to report on the June 2026 quarter, during which the Company continued to progress its technology development, commercial initiatives and the advancement of the Texas Technology Campus (“Gator Point”). PRODUCTION AND TECHNOLOGY ▪ Core Platform Substantially De-Risked: Following more than 100 Flash Joule Heating (FJH) test campaigns and the first successful prolonged multi-reactor operating campaign, Metallium is increasingly confident the core FJH platform has been substantially de-risked — validating its modular scale-up strategy and shifting focus from proving the technology to optimisation, scaling and commercialisation. ▪ Initial Product Sales Expect in 1H27: Company remains on track to commence commercial printed circuit board (PCB) processing & initial product sales during 1st half of 2027, subject to completion of commissioning, permitting & normal commercial execution activities ▪ Next Milestone — Chlorinated Multi-Reactor Commissioning: targeted for Q3 2026, following completion of environmental permitting. ▪ Development of proprietary printed PCB pre-processing flowsheet advancing, targeting improved throughput, economics, additional value recovery & new patentable intellectual property. ▪ Feedstock Supply: Binding contracts secure ~4,000 tpa of PCB feedstock, being approximately 50% of the Company's Stage 1 nameplate capacity of 8,000 tpa, supporting commissioning and early operations. ▪ Platform Versatility Demonstrated: Successful FJH testing completed across rare earths, gallium, germanium, platinum group metals and other critical metals, with results to be reported in an upcoming technical update in August, continue to expand commercial opportunities. ▪ Texas Technology Campus Advancing: Construction continued, with major site infrastructure and laboratory development progressing to support technology scale-up and commissioning. AGREEMENTS AND PARTNERSHIPS ▪ Commercial Momentum Accelerating: Expanded engagement across industry, AI, data centres, defence and government, with multiple partnership, feedstock and offtake opportunities advancing. ▪ Gallium & Germanium Strategic Sourcing Initiative: Progressing collaboration with Indium Corporation to source Ga, Ge and other technology metal-bearing secondary raw materials for future processing ▪ Meteoric & Element-USA Collaborations Extended: MOUs extended for a further 12 months, with rare earth and red mud testwork continuing. ▪ First Licensing Opportunity Progressing: Discussions advanced on the Company's first potential technology licensing arrangement, supporting its broader commercialisation strategy. ▪ Government & Defence Programs Advancing: Over US$600 million in identified funding opportunities, including pre-selection for U.S. government-supported initiatives with Rice University, Battelle Memorial Institute and Idaho National Laboratory, subject to further evaluation and funding approvals. ▪ South-East Asia Feedstock Strategy: Progressing strategic e-waste sourcing initiatives in South-East Asia to strengthen long-term feedstock security and support sovereign critical metals supply chains. CORPORATE ▪ Strong Balance Sheet: Cash balance of approximately A$65 million at quarter end. ▪ NASDAQ Preparation Advancing: PCAOB audit progressing well in support of the Company's planned U.S. listing and search advanced for an additional independent directors. For the period ending 30 June 2026 2 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) MTM Managing Director & CEO, Michael Walshe, commented: "Our objective over the past 12 months has been to systematically de-risk the Flash Joule Heating (FJH) platform before committing significant capital to commercial deployment. Following more than 100 test campaigns across multiple feedstocks, together with our first successful prolonged multi-reactor operating campaign, we are increasingly confident that the core FJH platform has now been substantially de-risked. Our focus has shifted from proving the technology to optimising, scaling and commercialising the platform." "Electronic waste remains our immediate commercial priority. During the quarter, extensive characterisation and testwork across multiple large-scale PCB feedstock batches significantly advanced our understanding of feedstock variability and processing behaviour. These learnings are driving development of a proprietary PCB pre-processing flowsheet designed to maximise reactor throughput, recover additional value streams, improve project economics and generate new patentable intellectual property that further strengthens Metallium's technology portfolio." "Our next major objective is to demonstrate that our fully integrated PCB processing flowsheet is capable of supporting our Stage 1 nameplate capacity of approximately 8,000 tonnes per annum during the December quarter. Chlorinated commissioning is expected to commence in the very near-term following completion of the remaining permitting process, which has progressed alongside temporary relocation of operations during roof remediation works. Subject to completion of permitting, engineering and commissioning milestones, we continue to target initial saleable product from e-waste processing during the first half of calendar 2027." "Importantly, while electronic waste represents our first commercial application, successful development programs across rare earth elements, gallium, germanium, platinum group metals and other critical minerals continue to demonstrate the versatility of the FJH platform. These advances, to be reported in a separate technical announcement soon, include a potentially transformative breakthrough demonstrating the direct upgrading of raw, unbeneficiated rare earth ore into a high-value rare earth intermediate. “ “Combined with growing U.S. government support for domestic critical mineral supply chains and our expanding commercial pipeline, we believe Metallium is well positioned to commercialise the technology across multiple strategic industries. We are also progressing discussions regarding a potential first technology licensing arrangement, providing a complementary capital-light growth pathway alongside our owned processing operations. No commercial terms have been agreed and there is no certainty that any arrangement will be concluded. The Company will update the market if and when a definitive agreement is executed." Figure 1: A: Indicative Commercialisation Roadmap; B: Indicative Platform Growth Roadmap 3 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) 1. TECHNOLOGY DEVELOPMENT & OPERATIONS WHAT IS METALLIUM’S INTEGRATED TECHNOLOGY PLATFORM (ITP)? FJH is a platform technology that, in isolation, has demonstrated breakthrough results at the pilot scale across feedstocks spanning the periodic table. The pathway to industrial scale and superior economic efficiency relies on repeatability and disciplined end-to-end materials handling to achieve unit efficiency and maximise recoveries. Tactically, this requires: • The reactor to be presented with a feed stream that is ‘flash ready’: The characteristics of the batch fall within necessary constraints related to composition, uniform particle size distribution and moisture content • Bespoke processing pathways and ‘FJH recipes’ to optimise recoveries and unit efficiency: To extract as much value out of printed circuit boards, ceramic concentrates, semiconductor scrap and other high value waste streams, • Metallium classifies the feedstock characteristics to determine optimal processing pathway, a process which will be automated with learnings fed continuously back into the integrated processing platform What this means for the Company’s first, fully owned-and-operated plant, with a target nameplate capacity of 8000 tpa of e-waste, is the need for material handling, stockpile management, shredding, size reduction, moisture reduction and plastic removal unit operations. These circuits will be integrated and selectively utilised, in conjunction with our FJH reactors and post-processing circuits, depending on inbound feedstock characteristics. While a necessity to promote optimal FJH reactor performance and economics, this approach has the added benefits of: • Unlocking additional capacity in the reactors by only processing the high value metallic streams, thereby needing far fewer reactors than initially scoped to process 8000tpa of e-waste, allowing reactors to be dedicated to additional, newfound, high-value waste streams • Producing alternative, and nearer-term, revenue streams, from low-value components of waste streams, e.g. plastic, during continued reactor development Figure 2: PCB value recovery flowsheet (simplified) 4 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) WHAT ARE METALLIUM’S COMMERCIALISATION PATHWAYS AT THE TTC? The Texas Technology Campus (TTC) (or “Gator Point”) is the epicentre of technology development and demonstration of Metallium’s capability to process and generate revenue from 8,000tpa of e-waste, and additional high-value waste products. It is both a learning centre and commercial enterprise that supports the deployment of additional pilots for future wholly owned and operated plants and other commercial ventures currently being scoped in parallel. Figure 1 above on page 2 outlines Metallium's phased commercialisation pathway for its first flagship project at the TTC, centred on the Company's proprietary FJH reactor platform. The pathway reflects the Company's strategy of generating early commercial revenue from processing-as-a-service, and multiple parallel production streams, while progressively expanding product capability and plant integration. • The first milestone, targeted for Q3 2026, is the commencement of specialised feedstock processing using one to two FJH reactors under a processing-as-a-service model, providing an opportunity to generate commercial revenue while continuing technology scale-up. Metallium is currently in the final stages of negotiating its inaugural commercial processing agreement, with execution expected to support this initial revenue-generating phase. Subject to finalisation, the Company expects to announce this agreement during August 2026. • Subsequent milestones include the production of PGM metal chlorides and precipitates, the production of metal and non-metal products from printed circuit boards (PCBs), a final investment decision on the next- generation continuous reactor, and ultimately nameplate processing of PCB feedstocks, PGM-rich materials and gallium-germanium products. • Delivery of these milestones will be supported by ongoing development of the FJH reactor platform across additional feedstocks, together with completion of the associated end-to-end process flowsheets, engineering, infrastructure, permitting and plant integration required to establish a fully commercial operation. • While the timing of future milestones remains subject to successful testing, engineering and regulatory approvals, the Company believes the maturity of the FJH platform now provides a clear pathway from technology development to sustainable commercial revenues. How are Metallium working to ensure success to maximise total shareholder return? Figure 3: Metallium’s value levers for success 5 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) Figure 4: Our primary reactor test building contains four commercial-scale semi-batch FJH reactors PRE-PROCESSING & BENEFICIATION CIRCUIT TESTING AND ENGINEERING Development of Metallium's proprietary end-to-end integrated e-waste processing platform continued during the quarter. Work focused on optimising the PCB feed preparation flowsheet to maximise utilisation of the FJH reactors while improving overall project economics. • As PCB feedstocks are inherently heterogeneous, ongoing testwork continues to optimise Metallium's integrated pre-processing flowsheet to maximise overall value recovery. The proprietary flowsheet is designed to recover saleable products from lower-value fractions through conventional processing while directing high-value material to the FJH platform. This integrated approach is expected to improve reactor utilisation, enhance overall project economics and create additional commercial opportunities across precious metals, gallium, germanium and other strategic products. • Recent PCB processing campaigns confirmed the viability of key dry mechanical separation concepts, demonstrating the ability to upgrade heterogeneous feedstocks before downstream FJH processing. Early results show the potential to recover high-value copper-rich concentrates while rejecting lower-value fractions, improving overall process efficiency and project economics. • Development of this proprietary PCB pre-processing flowsheet is driven by a simple commercial objective: maximising long-term shareholder returns. The integrated flowsheet is designed to increase reactor throughput, reduce operating costs, recover additional saleable products and generate new patentable intellectual property that further strengthens Metallium's technology portfolio. • By recovering value from both metallic and non-metallic components, Metallium expects to improve overall resource utilisation, reduce waste generation and strengthen project economics. Certain commercial PCB feedstocks currently under evaluation contain gold grades of up to approximately 700 g/t, highlighting the significant value potential within high-grade electronic waste streams. 6 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) Figure 5: 1. Mechanically separated gold fingers; 2. Milled PCB product; 3. Pyrolysed PCB’s; 4. Granulated and milled PCB’s Figure 6: 1. Solid gold particles visible in post-pyrolysis ‘metal-rich carbon’ (produced by pyrolysing PCBs; 2. Copper dominant product achieved from mechanical separation of shredded Printed circuit boards Metallium also continued expanding its contracted feedstock portfolio, securing binding agreements covering approximately 50% of its Stage 1 targeted PCB feedstock requirements. The Company continues to target a diversified procurement strategy combining long-term contracted supply with spot market purchases to provide both supply security and commercial flexibility. 7 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) TECHNOLOGY DEVELOPMENT Over the past 12 months, Metallium has completed more than 100 Flash Joule Heating (FJH) test campaigns across a diverse range of feedstocks. While these programs have demonstrated strong metallurgical performance across multiple commodities, they have also systematically validated the engineering and operational foundations of the FJH platform. The Company's technology development program has evaluated reactor design, automation, instrumentation, solids handling, fluidisation behaviour, materials of construction, process control and integrated operating procedures under increasingly representative operating conditions. These campaigns have generated the engineering data required to optimise reactor design, reduce scale-up risk and support commercial deployment. A significant milestone was achieved during the quarter with the successful prolonged operation of three FJH reactors operating simultaneously. The campaign demonstrated stable multi-reactor operation, achieving 83% availability and approximately 100% utilisation during active operation, while generating valuable operating and engineering data to support future optimisation and commercial deployment. Importantly, the campaign validated the operating platform rather than metallurgical performance, providing confidence in the scalability of Metallium's modular reactor architecture ahead of chlorinated commissioning. Table 1: Technology Development Milestones Technology Validation Milestones Status 100+ FJH campaigns across multiple feedstocks ✓ Extended reactor operation (12h +) ✓ Multi-reactor operation using inert feedstocks ✓ Automation & control systems validated ✓ Multi-reactor chlorination Next Integrated PCB flowsheet (~8,000 tpa) Q4 2026 Target Initial commercial operations H1 2027 Target Metallium's technology development philosophy has been to systematically de-risk the Flash Joule Heating platform through staged engineering and progressively larger reactor systems before committing significant capital to commercial deployment. • Figure 7 demonstrates the exceptional pace at which Metallium has advanced its proprietary FJH reactor platform from laboratory-scale experimentation to commercial deployment. • In approximately two years, the Company has successfully increased reactor throughput from 50 mg to 20 kg, representing a 400,000-fold scale-up across multiple validated engineering iterations. • Successfully achieving this progression is a major technical and commercial milestone, materially reducing scale-up risk and providing confidence that the core reactor technology can be deployed in revenue- generating applications. • The knowledge gained through each scale-up phase has informed reactor design, process optimisation and supporting plant infrastructure, positioning Metallium to transition from technology development to 8 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) commercial operations while providing the engineering foundation for its next-generation continuous reactor platform. Figure 7: Select prototypes depicting scale up of capacity along Metallium’s technology evolution During the quarter, Metallium achieved two significant commissioning milestones. • The Company successfully completed a 12-hour continuous commercial-scale reactor campaign validating reactor integrity, automation systems and operating procedures, before successfully demonstrating sustained operation of three FJH reactors operating simultaneously in parallel. • Together, these campaigns materially reduced technical scale-up risk and generated valuable engineering and operational data to support continued optimisation and commercial deployment. • A key milestone was achieved with the successful operation of three FJH reactors in parallel, at high operating temperatures utilising inert materials, providing an important demonstration of the scalability of the Company's modular reactor design. • The next phase of development will involve multi-reactor chlorinated campaigns, validating simultaneous metal recovery across multiple reactors under commercial operating conditions. 9 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) Figure 8: Latest iteration of Metallium’s commercial scale semi-batch reactor representing a 400,000x scale-up Figure 9: Snapshots from June multi-reactor testing campaign Metallium also continued to strengthen its internal technology capability through reactor upgrades, expansion of parallel test infrastructure and additional technical resources, supporting accelerated technology development and reducing scale-up risk. 10 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) MULTI-FEEDSTOCK TECHNOLOGY DEVELOPMENT While electronic waste remains Metallium's immediate commercial priority, the Company continued advancing development of its FJH platform across a range of strategic feedstocks during the quarter. Successful development programs spanning rare earth elements, germanium, platinum group metals, red mud and other critical minerals further demonstrated the versatility of the Company's technology platform and significantly expanded its addressable commercial and technology licensing opportunities beyond electronic waste recycling. Most significantly, recent testwork successfully demonstrated the direct upgrading of raw, unbeneficiated rare earth ore into a high-grade mixed rare earth chloride intermediate, in a single, unoptimised processing cycle. Unlike conventional rare earth flowsheets, which require multiple beneficiation, acid roasting and downstream separation stages before producing a comparable intermediate, these early results demonstrate the potential for FJH to substantially simplify front-end processing while producing a high-value chloride product compatible with conventional downstream refining. If successfully commercialised, this has the potential to materially reduce capital intensity, operating costs, chemical consumption, water usage and environmental footprint across a broad range of rare earth projects while creating a compelling new technology licensing opportunity for Metallium. The Company also completed successful development campaigns across germanium-bearing industrial wastes, platinum group metal-bearing catalytic converters, red mud and other strategic feedstocks. These programs demonstrated significant enrichment and recovery of critical metals from multiple waste streams while highlighting the broad applicability of the FJH platform across defence, semiconductor, AI infrastructure, data centre, industrial recycling and critical minerals markets. Collectively, these results substantially expand the Company's addressable commercial opportunity beyond its flagship electronic waste business and reinforce the potential for a capital-light technology licensing model alongside owned processing operations. Given the significance of these results, Metallium intends to release a dedicated technology update in the near term providing detailed results. Figure 10: Demonstrating the versatility of the Flash Joule Heating platform from recent testing: (1) Pulverised spent catalytic converter feedstock containing platinum group metals; (2) High-grade mixed rare earth chloride intermediate produced directly from raw, unbeneficiated rare earth ore. 11 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) TEXAS TECHNOLOGY CAMPUS (“GATOR POINT”) Construction and commissioning activities continued at the “Gator Point” Texas Technology Campus (TTC) during the quarter. Progress included ongoing building works, site infrastructure upgrades and development of the Company's analytical laboratory facilities, supporting the next phase of technology scale-up and commissioning. The Company also continued to progress its permitting activities with the Texas Commission on Environmental Quality (TCEQ). All requested supplementary information relating to the amendment of the existing permit was submitted during the quarter, with a determination anticipated during the September quarter. PERMITTING Metallium, in December 2025, secured permitting to support pilot scale chlorination testing activities at its Anahuac TTC. • As testing and engineering for Metallium’s expanded integrated technology platform both progress in parallel with construction and commissioning, the evolution in scope, along with necessary remediation work in the TTC’s main processing building, have necessitated supplementary permitting applications to be developed. • Following the identification of structural deficiencies in the roof of the planned main processing building (‘Area 140’), chlorination activities have been temporarily relocated to an adjacent building while roof remediation is completed, hence needing a permit adjustment. • Metallium continue to positively engage with the TCEQ to accelerate achievement of necessary permitting required to execute the complete TTC. This is being executed on a rolling basis to match the pace of commissioning and technology development. • To date, TCEQ-requested supplementary information has been formally submitted, in full, to support the completion of its next immediate technology development demonstration milestone, a 12-hour chlorinated multi reactor campaign. Approval of the amended permit will enable commencement of the planned 12-hour multi-reactor chlorination campaign, targeted for August/September, subject to TCEQ approval. • Permitting applications required for future milestones are being prepared in parallel and in anticipation of required date, for operation, as far as is possible with currently available flowsheet test data. Figure 11: Texas technology campus – May 2026 (plan view showing neighbouring landfill) 12 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) BUILDING REMEDIATION Civil engineering punch list items in Metallium’s central processing building are on track for completion against plan to facilitate completion of roof construction. The roof substructure is well progressed and certification to supporting members is underway. Pending inclement weather during the current hurricane season, the roof is expected to be completed by early September 2026. This key milestone will unlock the commencement of electrical and piping work within the area, and construction in adjacent feedstock receiving and processing areas. POWER ON SITE Approvals and applications have been achieved to prepare for power infrastructure, civil works are currently progressing and anticipated for completion in August 2026 for power distribution to commence across site by October 2026. This is a critical milestone that will support ongoing testing and commissioning of various unit operations across the site. Figure 11: Texas technology campus - July 2026 ON-SITE LABORATORY The technology development cycle of Metallium’s reactor is staggered and relies heavily on the quality and turnaround time of lab testing results. By accelerating the delivery of its on-site lab, Metallium improves its internal capabilities, and reduces cost and cycle time of test result sample processing and analysis, increasing fidelity of results and de-risking and contracting its reactor technology development roadmap. In addition to its necessity for technology development the lab plays an additional important role, that is the adjudication of value to support fair commercial settlement of inbound feedstock. This is critical to shoring up value for Metallium’s operating margins. Metallium’s on-site lab is on track to be complete by August (dry lab) and October (wet lab). 13 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) Figure 12: Infrastructure, equipment, personnel and strategic partnerships continually added to bolster capability NEXT GENERATION CONCEPT DEVELOPMENT PROGRESSES Figure 13: Next generation ‘FJH-Nexus Continuous Reactor” concepts unlock step change in technology using continuous operation Extending Flash Joule Heating to Industrial-Scale Mining & Mineral Processing Metallium is developing FJH-Nexus, a next-generation continuous FJH platform designed to extend the Company's technology beyond high-value specialty feedstocks into large-scale mining, mineral processing and industrial waste applications. Leveraging the same core FJH technology, FJH-Nexus is being designed for continuous operation and significantly higher throughput, with the potential to expand Metallium's addressable market by approximately 20x relative to its initial commercial focus. 14 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) Initial target applications include: • Mining ores and concentrates – simplified processing routes for a range of critical mineral deposits. • Mine tailings and legacy waste – recovery of valuable metals from historical waste streams while supporting environmental rehabilitation. • Red mud remediation – recovery of critical minerals from bauxite residue while enabling waste valorisation. • Rare earth processing – direct production of high-value mixed rare earth chloride intermediates, creating a potential shortcut to conventional rare earth processing flowsheets. • Lithium processing – direct production of high-value lithium chloride, creating a potential shortcut to conventional lithium processing flowsheets Long-term Opportunity • Continuous, industrial-scale mineral processing platform. • Addresses substantially larger mining and industrial markets. • Creates significant project development and technology licensing opportunities. • Extends Flash Joule Heating into some of the world's largest critical minerals and industrial waste sectors. Table 2: FJH NEXUS vs SEMI-BATCH CURRENT FJH SYSTEMS FJH-NEXUS CONTINUOUS Semi-batch operation Continuous operation Optimised for high value streams Designed for larger-scale applications Modular deployment Industrial-scale throughput Lower throughput Higher throughput potential E-waste, Ga/Ge, specialty metals Mining, concentrates, tailings OPERATIONAL EXCELLENCE Operational capability was strengthened during Q2 2026 to support business scale-up and execution discipline. • Expanded our end-to-end scenario modelling to support investment prioritisation and commercial decision-making. • Implemented phase two of our ‘Tier 1’ Operational Excellence program including refreshed organisational structure, repackaging of core vendor contracts to de-risk delivery and renewed governance mechanisms. • Restructured data management systems through in-housing IT and increased data protection systems. • Implemented new safety management systems and supported excellent safety compliance with no lost time injuries reported. 15 ASX: MTM | OTCQX: MTMCF and MTLMY (ADR) 2. COMMERCIAL AGREEMENTS & BUSINESS DEVELOPMENT COMMERCIAL PIPELINE Commercial activity continued to accelerate during the quarter, with Metallium expanding engagement across industrial companies, AI and data centre operators, defence contractors, government agencies and strategic project partners. The Company is progressing multiple commercial opportunities spanning feedstock supply, technology deployment, strategic partnerships and downstream offtake arrangements across a range of critical minerals and recycling applications. Several opportunities have advanced into structured technical and commercial evaluation, reflecting growing industry confidence in the Company's Flash Joule Heating platform. INDIUM CORPORATION Building on the previously announced long-term offtake agreement, Metallium and Indium Corporation are progressing a