HyProMag USA

Commissioning of finished magnet production equipment targeted for H1-2027, ahead of fully integrated U.S. operations in Q2 2028

Company Starts Long-Lead Equipment Procurement, Increases Projected Magnet Production, and Progresses U.S. Build-Out

• Preparatory work for project execution phase to commence at HyProMag USA's Dallas-Fort Worth site, with the lease now fully in effect

• Parallel advancement of detailed engineering, procurement, feedstock sourcing and customer engagement efforts

• German Federal Ministry for Economic Affairs and Energy officially opens HyProMag plant in Pforzheim, Germany. HyProMag's second commercial scale rare earth sintered magnet manufacturing facility

• Facility further derisks HyProMag USA roll out and accelerates opportunity for U.S. customer magnet product verification

• Commissioning of Inserma hard disk drive magnet pre-processing system at the ILS facility in Williston, South Carolina

• Operational milestone advances U.S. rare earth magnet recycling platform and supports domestic supply chains for advanced manufacturing and AI infrastructure

• The Williston site houses two automated mobile skid-mounted Inserma pre-processing units that separate magnet assemblies from end-of-life hard disk drives in approximately three seconds per drive, with combined capacity exceeding 60,000 drives per week.

Equipment delivery supports commissioning pathway for planned U.S. rare earth magnet recycling platform; on-site operational milestone events to be announced following commissioning

UK Minister for Industry opens HyProMag UK's first commercial scale rare earth sintered magnet manufacturing facility

Facility derisks HyProMag USA roll out and accelerates opportunity for U.S. customer magnet product verification

Completed concept studies for expansion of South Carolina and Nevada hubs, increasing total HyProMag USA magnet and alloy production from 1,552 metric tons NdFeB to 4,656 metric tons NdFeB per annum, supporting scalable U.S. manufacturing strategy and reinforcing momentum towards a planned U.S. public listing

Greater than $2 billion post-tax NPV and 38.7% real IRR for expanded developments, based on forecast market pricesⁱ, support commencement of pre-feasibility studies for the expansions

Texas Facility Expansion Increases Magnet Capacity, Supports Domestic Critical-Minerals Supply Chains and Increases Post-Tax NPV to US$780 million (forecast prices) and US$409 million (current prices)

Milestone Advances U.S and Secures Location for Flagship Texas Facility Supporting Domestic Critical-Minerals Supply Chains