Electric Metals Usa Limited · TSXV:EML
Electric Metals Usa — Investor Presentation (October 2026)
24 slides from Electric Metals Usa's investor presentation, October 2026
Slide 1: Securing America's Manganese Supply Chain
Securing America’s Manganese Supply Chain Defense. Industry. Energy. American Production. American Processing. Secure Supply Chain Defense Industry Energy Armor, naval & Steel, specialty & Alkaline to lithium-ion & aerospace aluminum alloys grid storage October 2026 TSXV: EML OTCQB: EMUS
Slide 2: Cautionary Statement
Cautionary Statement those relating to currency controls and interest-rate fluctuations. PRESENTATION DISCLAIMER The Company’s actual results, programs, and financial position could differ materially from those anticipated in such FLI as a Information provided in this presentation is summarized and
Slide 3: No manganese: no steel, no batteries, no defense
No manganese No steel, no batteries, no defense Without manganese, America can’t build a tank, a warship, a drone, a battery, or a bridge. Yet no manganese has been mined in America in more than 50 years. China dominates production of high-value manganese products. We are working to change both. TSX
Slide 4: Bringing Manganese Back to America
1 · MARKET & STRATEGIC NEED Essential to steel, defense and batteries. 100% U.S. Why manganese? import reliance; China dominates processing. Bringing 2 · DEPOSIT, RESOURCE & PRODUCTS North America’s highest-grade manganese deposit. North Star Manganese Project Manganese Back Planned HPMSM/EMM plant
Slide 5: The U.S. Manganese Gap
The U.S. Manganese Gap No U.S. manganese mines, no HPMSM and no EMM production 100% THE PROBLEM The U.S. has ZERO manganese mines, and no HPMSM or EMM production. IMPORT DEPENDENT CHINA’S MONOPOLY China controls ~96% of global HPMSM processing and ~98% of EMM capacity. The U.S. is entirely beholden
Slide 6: Mining Is Diversified; Processing Is Not
Mining Is Diversified; Processing Is Not China’s share of global production across the battery and manganese supply chain Electric car production 70% 72% China is the leading refiner of most key energy Battery cells 80% minerals; the top refiner’s average share reached 72% in 2025, up from 70% in 20
Slide 7: Manganese: One Metal, Three Markets
Manganese: One Metal, Three Markets Planned North Star Manganese Project products: HPMSM for batteries, EMM for steel, alloys and defense Batteries Defense Industrial From the AA cell to the EV and the grid Critical for high-strength steels and alloys Essential to steel, with no practical substitute
Slide 8: What Are the Defense Applications?
What Are the Defense Applications? Each Electric Metals product maps to specific defense platforms Product Defense use Example platforms Why it matters Armor and high-hardness steels; naval hull steels (HY-80 / Combat vehicles, submarines, carriers, destroyers No U.S. EMM production; ~98% made in Ch
Slide 9: Battery Chemistry Is Moving Toward Manganese
Battery Chemistry Is Moving Toward Manganese Each major chemistry’s next generation adds manganese, from LFP in China to NMC in the U.S. MARKET TODAY NEXT GENERATION MANGANESE Mass-market EVs LFP LMFP China & global >55% of 2025 EV batteries; no Mn Manganese added for 15–20% more energy; in Chinese
Slide 10: North Star Manganese Project
North Star Manganese Project The supply-chain solution: An American mine-to-metal project North Star Manganese Project • Highest-grade manganese deposit in North America Emily Manganese • U.S. project addresses two high-purity Deposit manganese products (HPMSM / EMM) not currently produced domestica
Slide 11: Emily Manganese Project
Emily Manganese Project Location and infrastructure in Minnesota’s Cuyuna Iron Range POWER & GAS SKILLED MINING • Adjacent 69 kV power WORKFORCE line and three larger Minnesota supplies > 90% of lines nearby domestic U.S. iron ore • Major trunk gas pipeline production; Emily can leverage 20 miles so
Slide 12: Emily: Highest-Grade Manganese Deposit in North America
Emily: Highest-Grade Manganese Deposit in North America A known American deposit: drilled by U.S. Steel, confirmed by a 2025 NI 43-101 resource TOTAL RESOURCE GRADE, % Mn (MEASURED, INDICATED & INFERRED) FROM U.S. STEEL TO NI 43-101 1940s–50s Drilled by Pickands Mather and U.S. Steel in Minnesota’s
Slide 13: Confirmed High-Grade NI 43-101 Resource
Confirmed High-Grade NI 43-101 Resource North Star Manganese Project Resource Estimate Cutoff Metric Tons Density NI 43-101 North Star Class Mn (%) Fe (%) SiO₂ (%) Manganese Project (Mn%) (kt) (g/cm³) Resource Estimate 15 5,231.23 3.11 22.02 21.85 27.72 Calculated By Forte Dynamics, August 2025 Indi
Slide 14: HPMSM, EMM and EMD All Produced from Emily Ore
HPMSM, EMM and EMD All Produced from Emily Ore Proven chemistry. No proprietary barriers. High-Purity Manganese Sulfate Monohydrate HPMSM TEST WORK HISTORY Crystallized for battery markets · Kemetco for EML, 2024 1990–92 U.S. Bureau of Mines Electrolytic Manganese Metal 1995, 2009, 2011 EMM Colerain
Slide 15: PEA Base Case Highlights
PEA Base Case Highlights North Star Manganese Project PEA (NI 43-101, August 2025) — all figures in US$ US$1.39B 43.5% US$249.6M After-Tax NPV (10%) After-Tax IRR Avg. Annual After-Tax Cash Flow ECONOMICS Initial capital US$474.8 million 23-month payback from start of production. Significant optimiz
Slide 16: FEL-1 Validates the HPMSM Plant Capital Cost
FEL-1 Validates the HPMSM Plant Capital Cost Hargrove Class 5 study, Gulf Coast plant, September 2026 (US$ millions) PEA process plant capital PEA FEL-1 cost category FEL-1 First process line, 100,000 t/y Second process line, 100,000 t/y 240.0 120.0 Direct costs Indirect costs 207.0 33.9 US$451.7M F
Slide 17: Upside Not in the PEA
Upside Not in the PEA The PEA is a starting point: several value levers sit outside its economics 01 02 03 Exploration Ore sorting EMM circuit ~40% of the known deposit remains Simulated sorting upgraded an 8.2% Mn 10,000 tpy EMM circuit costed at undrilled, including areas with historical dataset t
Slide 18: Adam Smith: The Defense Exception
Adam Smith: The Defense Exception The Wealth of Nations (1776), Book IV, Chapter 2 THE RULE: ECONOMIC EFFICIENCY THE EXCEPTION: NATIONAL SECURITY “If a foreign country can supply us with a “…when some particular sort of industry is commodity cheaper than we ourselves can make it, necessary for the d
Slide 19: Government Capital Is Facilitating Partner
Government Capital Is Facilitating Partner How U.S. defense and industrial policy reaches a domestic supplier FIX THE REVENUE PROBLEM FIX THE CAPITAL PROBLEM PRECEDENTS: HOW DEALS ARE STRUCTURED • Price floors and government offtake • DPA Title III / Industrial Base Fund: — the MP Materials model $5
Slide 20: How a Project of This Scale Gets Financed
How a Project of This Scale Gets Financed Illustrative capital stack: not a Company financing plan ~50% ~15% ~10% ~25% Government & project debt Strategic / offtake Royalty, stream Equity & grants Layer What it provides What unlocks it North Star Manganese Project today Resource, PEA, FEL-1 and ore
Slide 21: Why Now: Upcoming Milestones and Policy Timeline
Why Now: Upcoming Milestones and Policy Timeline Planned work over the next ~6 months and key U.S. policy dates CATALYSTS Next ~6 months Next engineering phase for the Gulf Coast Expanded ore-sorting, geometallurgy and University of Minnesota magnetic- 01 plant, following FEL-1 02 mineral-speciation
Slide 22: Aligned Insiders, Experienced Board
Aligned Insiders, Experienced Board Electric Metals (USA) Limited | TSXV: EML | OTCQB: EMUS MANAGEMENT & BOARD US$25M 240.8M 19.2% Market cap (C$34M) Fully diluted shares Held by directors & Brian C. Savage MS BS Quinton Hennigh PhD MS BS officers BS CEO & Director QH Chairman Entrepreneurial busine
Slide 23: Investment Highlights
Investment Highlights Securing America’s manganese from mine to metal Strong PEA America Needs 01 North America’s 02 Economics, Capital 03 Manganese Highest-Grade Deposit Cost Validated ✓ 100% import reliant: no U.S. mining, HPMSM ✓ 7.6 Mt Indicated @ 19.07% Mn; 3.7 Mt Inferred ✓ US$1.39B after-tax
Slide 24: Securing America's Manganese Supply Chain
Securing America’s Manganese Supply Chain +1-303-656-9197 info@electricmetals.com www.electricmetals.com U.S. Registered Office 109 West 13th Street Wilmington, Delaware 19801 TSXV: EML OTCQB: EMUS
Electric Metals (USA) — Investor Presentation (October 2026) on 6ix