NEOMETALS LTD — AGM Information 2025

Nov 26, 2025

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Announcement
27 November 2025
ASX: NMT | OTCQX: NMTAY
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Chairman’s AGM 2025 Address

The past year was testing, both for your Company and, I especially acknowledge, for you as our shareholders, with the share price disappointingly trading recently in the single digit range.

Despite our being named as one of the AFR’s Most Innovative Companies, our commitment to sustainable resource recovery and recycling from the projected emerging lithium battery market was challenged by:

• a) the massive deterioration in global battery metals commodity prices;

• b) the slowdown in projected Western EV production and market penetration rates;

• c) the significant ascent of lower cost LFP batteries and Chinese EV’s;

• d) delays and cancellations of anticipated Western battery demand.

This in turn drove lower and later recycling volume projections as well as negative capital markets sentiment for the sector, testing the ability of recycling developers and operators to fund the increased development and working capital required until positive cashflow. Notably, insolvent administrations and corporate reconstructions of many battery recyclers in Europe and North America have ensued, anecdotally including two in the last month or so.

Against this background, your board strategically reviewed the Company’s position and project portfolio mix:

• a) including assessing the future quantum and timing of working capital requirements for the commercialisation of the Primobius venture and the likely timing of future dividends and royalties, resulting in the Board ultimately taking the difficult but prudent decision to negotiate an exit from its Primobius JV and associated interests, a divestment decision we appreciate disappointed some shareholders given that our exposure to this promising project may have been part of the rationale for their investment in Neometals. On the brighter side, the divestment saw Neometals not only realise significant upfront cash proceeds, as well as retaining upside exposure to the sector through a trailing royalty entitlement, but importantly relieved Neometals of significant ongoing capital commitments and future project risks in a dynamically uncertain climate for the sector at least in the short to medium term; and

• b) undertaking significant organisational restructuring to right-size the business, materially reducing its overheads including its headcount by more than 40%.

This approach reflects the Company’s focus on capital efficient, lower risk business models and a lean management structure to optimise value accretion and realisation from its business endeavours.

The Company’s other critical minerals processing technologies remain essential parts of our strategic asset portfolio mix, achieving progressive, albeit slower than strategically desired, outcomes through the year.

• a) With respect to our ELi (lithium processing) technology (“ELi”) after the completion of a two-year pilot plant program, we signed an MOU with Rio Tinto in June 2025 to facilitate and support funding of ELi’s industrial validation in a potential demonstration plant. Especially given Rio Tinto’s interest

ASX: NMT | OTCQX: NMTAY neometals.com.au

Neometals Ltd ACN 099 116 631 info@neometals.com.au

T +61 8 9322 1182 F +61 8 9321 0556 Level 1, 1292 Hay Street, West Perth WA 6005 Locked Bag 8, West Perth WA 6872

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Announcement : 27 November 2025 Chairman’s AGM 2025 Address

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(and that of other significant players in the lithium global supply chain), we remain confident as to ELi’s longer term development and value for the Company and its shareholders. Our 30% partner in the IP, Mineral Resources also remains committed and supportive to the continuing development and ultimate commercialisation of the technology.

• b) With respect to our Finnish Vanadium Recovery Project (VRP), as recently announced we received the confirmation for Euro grant funding from Business Finland for the project in the sum of €48.7M, conditional upon the commitment of the remaining necessary capital funding for the project, and in September 2024 we welcomed the EU-funded EIT Raw Materials GmbH (EIT) as an equity holder in the project vehicle Recycling Industries Scandinavia AB (NMT: 86.1%) at a €50M pre-money valuation and also granted it options to increase its holding up to 19.9% by subscribing a total of €10M. EIT has since subscribed for additional shares in February 25,now holding 2.2% in the project vehicle and with another subscription from EIT anticipated in the near term. The debt raising capital process for the project is well advanced and is expected to be complete once the equity has been sourced. Commitments for the equity phase have been slower due the historically low vanadium price, although noting the European vanadium price has increased each month this financial year driven by emerging prospective commodity supply constraints, developing static battery commodity demands and continuing Euro-geopolitical tensions.

With the gold price increasing around 50% since the last AGM, a decision was also taken to focus on the gold mineralisation within the Company’s existing Barrambie mining tenures. In September 2024 the outstanding potential of the area was identified with a maiden Exploration Target of between 335,000 and 775,000 ounces of gold at a grade of 1.3 to 2.3 g/t. Of the multiple targets and historic minesites reviewed, the Ironclad prospect was prioritised for its potential for near-term development and cashflow generation, having been the subject of a proposed open-pit mining and plant development in 1988.

Our initial modest RC drilling program resulted in our first JORC compliant gold resource enabling us to lodge a mining lease and commence the native title process. In parallel we have completed diamond drilling, preliminary metallurgical test work, waste characterisation and a further 82 hole RC program for 8,457 metres. This included a 42 RC hole infill and extension program at the Ironclad deposit. Our immediate objective is to expand the resource and improve the confidence to support the development of Ironclad under a production joint-venture with a mining contractor and toll-treatment at a regional third-party mill thus:

• a) containing material capex and opex investment for Neometals in exchange for a share of operating profit; and

• b) allowing our geology team to focus on accelerating the next tier of brownfields and greenfields prospects at Barrambie to generate a multi-deposit, long-term mine-plan over the broader mineralised area.

In addition, and as has recently been announced, with a joint venture party, we have executed an exclusive option agreement to use a significant suite of existing inactive oil and gas well infrastructure and geological data to explore for and potentially prove up, extract and produce subsurface critical mineral-bearing brines in the Paradox Basin, Utah USA. This is an exciting initiative presenting a staged and capital-light opportunity to develop a significant new enterprise in an investment supportive jurisdiction, with prospects of value accretion for Neometals from the environmentally friendly direct extraction of lithium, potassium and associated minerals from the vast Paradox Basin placer brine fields. This initiative leans into the Company’s unique set of globally relevant skills and experience in lithium and related minerals extraction and processing.

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Announcement : 27 November 2025 Chairman’s AGM 2025 Address

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Before closing, I wish to acknowledge all valued Neometals’ team members who have contributed throughout this journey, including directors Douglas Ritchie and Dr Jennifer Purdie who retire from the Board at the conclusion of this 2025 AGM. To add to the team, Gregory Evans was recently welcomed to the Board and, subject to his re-election at this AGM, we will lean on his deep corporate finance expertise as we continue to leverage our capabilities and knowledge towards generating corporate and shareholder value.

In closing, I also wish to acknowledge our shareholders and broader stakeholders whose support has held firm with the Company through the ups and downs over recent years. Your ongoing support is very much valued and it is your Board’s commitment to honour that support as we set about re-establishing strategic value in your investment.

Steven Cole – Chairman Neometals Ltd

Authorised for release by the Board of Neometals.

ENDS

For further information, visit www.neometals.com.au or contact:

Mark Boyne / Giuliano Giordani

Joint Company Secretary T +61 8 9322 1182 E cosec@neometals.com.au

About Neometals Ltd

Neometals’ purpose is to deliver stakeholder value by enabling the sustainable production of critical and valuable materials essential for a cleaner future. The Company is commercialising a portfolio of low-cost sustainable processing solutions for critical materials in parallel with the exploration and development of mining operations at its Barrambie Gold Project.

The Company’s upstream mineral asset has two distinct styles of mineralisation containing precious metals and industrial minerals:

• Barrambie Gold (100% NMT) – historic high-grade gold producing area in the prolific Murchison Gold Belt, with very limited modern exploration. Maiden gold exploration target highlighted potential for camp-scale brownfields gold discoveries. Active exploration program being undertaken in 2025. Barrambie is proximal to a number of third-party processing facilities and transport infrastructure.

The Company’s portfolio of processing solutions under development comprise:

• Lithium Chemicals (70% NMT) – patented ELi Process™ co-owned 30% by Mineral Resources Ltd, aiming to produce battery quality lithium hydroxide and carbonate from brine and/or hard-rock feedstocks at lowest quartile operating costs. Successfully completed Pilot scale test work and planning industrial validation with partners including Rio Tinto and commercialisation through a technology licensing business model.

• Vanadium Recovery (100% NMT) – patent pending hydrometallurgical process, aiming to produce high-purity vanadium pentoxide from steelmaking by-product (slag) at lowest-quartile operating cost and carbon footprint, under a technology licensing business model. Project financing process for first commercial plant in progress (86.1% NMT).

• Barrambie Titanium and Vanadium (100% NMT) – the world’s second highest grade hard-rock titanium deposit is currently in a divestment process.

ASX: NMT | OTCQX: NMTAY

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