Investor Insight

Metals Australia offers investors exposure to a rapidly advancing, world-class graphite development project in Quebec with near-term development and study milestones, supported by strong government funding, outstanding battery-grade test results and a diversified exploration portfolio spanning critical, precious and base metals in Canada and Australia.

Overview

Metals Australia (ASX:MLS) is a mineral exploration and development company with a high-quality portfolio of critical minerals, precious and base metals projects located in the tier-1 mining jurisdictions of Quebec, Canada, Western Australia, and the Northern Territory.

The company’s Canadian portfolio comprises the Lac Carheil flake graphite project and the Corvette River gold, silver and base metals project. Its Australian portfolio includes the Manindi vanadium-titanium-magnetite and zinc-copper-silver project in Western Australia and the Warrego East copper-gold project in the Tennant Creek region of the Northern Territory.

Global decarbonisation policies and the accelerating adoption of electric vehicles and energy storage systems have increased demand for critical battery materials, particularly natural graphite, which remains the dominant anode material in lithium-ion batteries. Supply chains are currently highly concentrated, driving strategic interest in secure, non-Chinese sources of battery-grade graphite.

Metals Australia is focused on advancing Lac Carheil as a strategically significant North American graphite supply project. The updated mineral resource provides a strong foundation for ongoing feasibility work and downstream integration studies.

Metallurgical test work has demonstrated the ability to produce high-purity spherical graphite suitable for battery anode applications, with downstream electrochemical testing underway.

The company is also advancing its Corvette River gold and base metals exploration project, located adjacent to a world-class lithium discovery, and continues to progress its Australian projects at Manindi and Warrego East.

Company Highlights

• Metals Australia is rapidly advancing its flagship Lac Carheil graphite project in Quebec, Canada.
• The company holds a high-quality suite of exploration and development projects in tier-1 mining jurisdictions, including:
  • Lac Carheil (graphite) in Quebec, Canada
  • Corvette River (gold, silver and base metals) in Quebec, Canada
  • Manindi (vanadium-titanium-magnetite + zinc-copper-silver) in Western Australia
  • Warrego East in the Northern Territory (copper-gold)
• A 9,482 meters winter drilling program was completed at Lac Carheil in early 2025, increasing total drilling to ~11,800 meters, confirming continuous graphite mineralisation over 2.3 km of strike length on just one of ten mapped trends.
• The updated JORC 2012 mineral resource estimate now stands at: 50 Mt @ 10.2 percent total graphitic carbon (TGC) containing 5.1 Mt of graphite, including 24.8 Mt Indicated @ 11.3 percent TGC and 25.2 Mt Inferred @ 9.1 percent TGC
• Only about 6 to 7 percent of 36 km of mapped graphite trends have been drilled to date, highlighting substantial further growth potential.
• Battery-grade graphite testing confirmed:
  • 99.99 percent graphitic carbon (Cg) purity
  • ~72 percent conversion of concentrate into spherical graphite products
  • High tap density (~0.99 g/cm³)
  • Electrochemical test work now completed in Germany.
• A pre-feasibility study (PFS) for the upstream flake graphite operation is well advanced, with Lycopodium Minerals Canada leading plant design and DRA leading mine studies.
• Downstream studies for a battery anode material (BAM) facility are progressing with Dorfner Anzaplan.
• The project has received Quebec Government grant funding and has submitted applications to Canadian federal critical minerals infrastructure programs.
• Exploration and evaluation programs continue across the Corvette River, Manindi and Warrego East projects.
• Metals Australia is led by an experienced board and management team with a strong track record in discovery, development and project delivery.

Key Projects

Canada

Lac Carheil Flake Graphite Project (MLS 100 percent)

Through its Canadian subsidiary, Northern Resources Inc, the company is advancing the development of the Lac Carheil graphite project.

The Lac Carheil project is located in eastern Quebec, near the town of Fermont, with excellent access to infrastructure, hydropower and transport routes.

The updated JORC 2012 Mineral Resource is:

• 50 Mt @ 10.2 percent TGC for 5.1 Mt of contained graphite
• Indicated: 24.8 Mt @ 11.3 percent TGC of 2.8 Mt contained graphite
• Inferred: 25.2 Mt @ 9.1 percent TGC of 2.3 Mt contained graphite.

This represents a 3.3-fold increase over the maiden resource and has been defined from drilling on only one of ten graphite trends mapped across the project area. The 2025 drilling program confirmed a continuous mineralised strike length of 2.3 km, with mineralisation remaining open in all directions.

Metallurgical and downstream test work has confirmed:

• Flotation concentrates exceeding 95 percent Cg
• Spherical graphite products achieving up to 99.99 percent purity
• High conversion rates and favourable tap densities

A PFS for the upstream mining and processing operation is advancing well, while a project economic assessment for a downstream BAM facility is advanced, targeting production of coated spherical graphite products.

Lac Carheil is strategically positioned to supply secure, low-carbon graphite into the growing North American and European battery markets.

Corvette River Gold, Silver and Base Metals Project (MLS 100 percent)

Australian Projects

The Corvette River project is located in Quebec’s James Bay region and comprises multiple prospects including West Eade, East Eade and Felicie. Recent field programs have confirmed multiple gold-bearing corridors, with trench and surface samples returning grades of up to 29.7 g/t gold. Follow-up exploration and drill planning activities are ongoing.

Manindi Project (MLS 80 percent)

Located in the Murchison region of Western Australia, the Manindi project hosts: a JORC-compliant resource of 1.08 Mt @ 6.52 percent Zn, 0.26 percent copper and 3.19 g/t silver, and a high-grade vanadium-titanium-magnetite (VTM) discovery hosted within a magnetic gabbro intrusion.

Metallurgical test work on the VTM discovery has produced two commercially attractive concentrates:

• Iron-vanadium concentrate grading ~66 percent Fe and 1.19 percent V₂O₅
• Titanium-iron concentrate grading ~43.8 percent TiO₂ and ~32 percent Fe

Warrego East Project (MLS 80 percent)

Management Team

Paul Ferguson – Chief Executive Officer

A mining engineer, Paul Ferguson has over three decades of experience in the resources and energy sectors across North America, Asia and Australia. He has extensive project development and operational experience working in Canada. He has worked in oil & gas major ExxonMobil across project stages, including feasibility, design, construction, and operation. He has worked in executive level roles within Australia, including at GMA Garnet and held increasingly more senior roles with BHP (Iron Ore & Coking Coal) and then with Exxon Coal Minerals and Mobil Oil Australia during the early stages of his career.

Tanya Newby – CFO and Joint Company Secretary

Tanya Newby is a finance and governance professional with over 20 years’ experience in various corporate and commercial roles. She has a strong background in the resources sector and has provided financial advice and assistance to several publicly listed entities through exploration, project development through to the production stage. She is a member of the Institute of Chartered Accountants, member of the Governance Institute of Australia and a graduate member of the Institute of Company Directors.

Michael Muhling – Joint Company Secretary

Michael Muhling has over two decades of experience in resources, including 15 years in senior roles with ASX-listed companies. He is a fellow of CPA Australia, The Chartered Governance Institute, and the Governance Institute of Australia.

Chris Ramsay – General Manager Geology

Chris Ramsay is a geologist and project manager with over 25 years of experience in the global mining industry. He has been involved in exploration, mine development and operations for mining projects in Australasia, Southeast Asia, and parts of Africa and North America.

Board

Michael Scivolo – Non-executive Chairman

Michael Scivolo has extensive accounting and taxation experience for corporate and non-corporate entities. He was a partner/director at a CPA firm until 2011 and has since been consulting in accounting and taxation. Scivolo is on the boards of several ASX-listed mining companies, including Sabre Resources, Golden Deeps and Tennant Minerals Ltd.

Alexander Biggs – Non-executive Director

Alexander Biggs has over 20 years of experience in the mining and engineering sectors. During his career, he has been involved in various activities, including operations, consulting, finance and capital raising. He is currently the managing director of Lightning Minerals (ASX) and was previously the managing director of Critical Resources (ASX: CRR). Biggs is a member of the Australian Institute of Mining and Metallurgy and a graduate of the Western Australian School of Mines.

Rachelle Domansky – Non-executive Director

Rachelle Domansky is an ESG and Mining and Energy Law specialist, and is a consultant psychologist to business and government. She is experienced in ESG, mining and sustainability law, media and marketing, human resources development and management, corporate culture, and education and training.

Rachelle’s current non-executive board positions are ASX listed Larvotto Resources (ASX:LRV), Hillgrove Mines, Quebec Lithium and Northern Resources.

Basil Conti – Non-executive Director

Basil Conti has been associated with the mining industry for over 25 years. He is a fellow of the Institute of Chartered Accountants Australia & NZ and was a partner/director of a chartered accounting firm in West Perth until 2015.