Evolution Metals & Technologies Corp. · NASDAQ:EMAT
Evolution Metals & Technologies — Welsbach Technology Metals Acquisition — SPAC Merger (January 2025)
28 slides from Evolution Metals & Technologies's SPAC merger presentation, Jan 24, 2025
Slide 1: US Champion Critical Materials Supply Chain Project Zeus
January 2025 US Champion Critical Materials Supply Chain Project Zeus
Slide 2: Disclaimer - Cautionary Statement Regarding Forward-Looking Statements
2 Proprietary and Confidential | Disclaimer - Cautionary Statement Regarding Forward - Looking Statements This presentation has been prepared by Welsbach Technology Metals Acquisition Corp (“WTMA”) and Evolution Metals LLC (“EM”) in order to assist interested parties in conducting their own evaluati
Slide 3: EM&T: US Champion in Critical Materials Supply Chain
3 Proprietary and Confidential | China’s Dominance in Midstream Processing Why EM&T Now? EM&T Solution to Disrupt China 1 2 3 Proven Technologies Missouri Industrial Campus & Satellite Companies in Republic of Korea EM&T Contracts 6 7 8 EM&T Deeply Experienced Team EM&T Feedstock Strategy: End of Li
Slide 4: US supply chains in jeopardy given dependence on China
4 Proprietary and Confidential | • US Domestic magnet and battery materials supply chains are in jeopardy given critical dependence on China . • China currently controls 80 % of global capacity to process critical minerals and an even larger share — nearly 90 % — of global processing capacity for ra
Slide 5: Escalating geopolitical tensions amplify risks of China-dependent value chains
5 Proprietary and Confidential | • Escalating global geopolitical tensions, heightened by the COVID pandemic, have amplified the risks of China - dependent value chains . • Geopolitical tensions between the US and China continue to escalate : » October 2022 , US semiconductor export restrictions imp
Slide 6: Unleashing American Energy executive order
6 Proprietary and Confidential | The recent "Unleashing American Energy" executive order, signed on January 20, 2025, presents a favorable environment for EM&T's operations in the critical materials sector. The key points include the following: 1 https://www.whitehouse.gov/presidential - actions/202
Slide 7: EM&T positioned to reduce US dependence on China
7 Proprietary and Confidential | • EM&T expects to be well positioned to help reduce US dependence on China and become the domestic magnet & battery materials marketplace champion. • By focusing on end - of - life materials through urban mining above ground, EM&T expects to avoid the challenge of se
Slide 8: EM&T management team
8 Proprietary and Confidential | Frank Moon will serve as Co - Chief Executive Officer for EM&T, overseeing operations in Asia and magnet midstream processing and downstream production . With over 35 years of experience in critical minerals and materials, Mr . Moon has held leadership roles in vario
Slide 9: EM&T management team (continued)
9 Proprietary and Confidential | Dean Evans will serve as Chief Marketing Officer of EM&T , bringing over 25 years of experience in the automotive and technology industries . He has been recognized as a Forbes Top 20 Global CMO and a Fortune 300 Top CMO . Mr . Evans has held leadership roles at Hyun
Slide 10: Feedstock strategy: end-of-life materials
10 Proprietary and Confidential | • EM&T expects to have proprietary access to attractive and abundant feedstock, focusing on end - of - life materials to: • recycle e - scrap including DoD e - scrap to produce oxides, metals, alloy powder and flakes, and sintered and bonded magnets for in dustries
Slide 11: US Govt Strategy: DoD e-Scrap Recycling and Precious Metals Value Chain
11 Proprietary and Confidential | EM&T US Govt Strategy: DoD e - Scrap Recycling and Precious Metals Value Chain Potential Funding Opportunities 1. Department of Defense (DoD) : • Defense Production Act - Title III : $250mm invested since mid - 2023, offering: 1 • Loans and loan guarantees. • Sole -
Slide 12: Roll-Up, Not a Startup
12 Proprietary and Confidential | Roll - Up, Not a Startup • EM&T plans to acquire one US company, which recycles lithium - ion batteries/battery materials, and a portfolio of Korean companies, which process oxides, metals, alloy powder and alloy flake and produces bonded and sintered magnets, and p
Slide 13: Planned Operations at Missouri Industrial Campus
13 Proprietary and Confidential | Precious Metals Refineries Gigafactories/EV Battery Manufacturers Lithium Battery Recycler DoD Secured Facility E - Scrap Recycler Sulfates,Carbonates & pCAM Multi Feedstock Processing Plant MMC* NFMC** Precious Metals NdPr Oxide NdPr Metal Plant NdPr Metals NdPr Al
Slide 14: Planned Operations: REE Magnets Value Chain
14 Proprietary and Confidential | EM&T expects to employ state - of - the - art Robotics and AI technology throughout its operational process to maximize efficiency, reduce costs and improve quality control. Complete REE Supply Chain from End - of - Life Materials recycled to End - use Applications
Slide 15: Planned Operations: Lithium-Ion Battery Value Chain
15 Proprietary and Confidential | Complete Battery Value Chain from End - of - Life Materials recycled to Gigafactory Input Materials Spent Lithium - ion Batteries and Battery Materials 1 2 3 4 Mixed Metal Concentrate Battery Sulfates/Carbonates & pCAM High - performance EV Lithium Batteries EV Lith
Slide 16: Planned Operations: DoD E-Scrap Value Chain
16 Proprietary and Confidential | Complete E - Scrap & Precious Metals Value Chain from End - of - Life Materials recycled to End - use Applications DoD E - Scrap 1 2 3 4 Non - Ferrous Metal Concentrates Precious Metals (Gold, Silver, Palladium, Copper) Precious Metals Ingots DoD Secured Facility E
Slide 17: Strong Political and Community Support
17 Proprietary and Confidential | Strong Political and Community Support 1. Missouri Leadership: • Governor Mike Parson and Governor - Elect Mike Kehoe are strong supporters of EM&T’s plans, with Mr. Kehoe assigning a dedicated state liaison, Ms. Sandra Cabot, to specifically assist with this projec
Slide 18: Critical contracts driving projected revenue
18 Proprietary and Confidential | The critical contracts driving EM&T projected revenue are input supply contracts; the EM&T planned outputs are high - demand commodities sold to existing customers from the EM&T planned business lines Feedstock contracts: 1. Spent lithium batteries and battery mater
Slide 19: Planned Disruptive Cost Structure
19 Proprietary and Confidential | EM&T Planned Disruptive Cost Structure: Competing with China on Cost and Optimizing Profitability Recycling Operations to Support Magnet Making • Magnet making for EM&T has a large degree of strategic value globally to disrupt China’s monopoly in this space . • EM&T
Slide 20: Milestones to achieve projected revenue: first 12 months after closing
20 Proprietary and Confidential | Milestones to achieve Projected Revenue during the period 12 months after closing Milestones Role OpCo • Start construction of 2025 MFPP 1 month after closing, finish construction 12 months after. Production capacity of the plant at 6,366 tpa of lithium carbonate, 7
Slide 21: Milestones to achieve projected revenue: second 12 months after closing
21 Proprietary and Confidential | Milestones to achieve Projected Revenue during the second 12 months after closing Milestones Role OpCo • Start operation of 2025 MFPP by 13 months after closing, reach full capacity 6 months after. • Start construction of 2026 MFPP 13 months after closing, finish co
Slide 22: Preliminary EM&T Valuation
22 Proprietary and Confidential | $3.5bn $19.0bn Preliminary EM&T Valuation Enterprise Value Mid EV $11.2bn Using MP Materials EV/NTM Rev Multiple • MP Materials (MP) is the nearest comparable to Evolution Metals, being a US - listed REE company outside China. • Even so, MP Materials is a mining/ups
Slide 23: Valuation: EV/NTM Revenue Multiples
23 Proprietary and Confidential | 6.2x 9.8x 3.9x 3.4x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x EV/NTM Rev Multiple (x) Lynas Rare Earths Limited (ASX:LYC) MP Materials Corp. (NYSE:MP) Ecopro BM. Co., Ltd. (KOSDAQ:A247540) SungEel HiTech Co., Ltd. (KOSDAQ:A365340) *Publicly traded data as of 9 January 20
Slide 24: Synergies: team, feedstock and technology
24 Proprietary and Confidential | 1. Team, Business, and Capital Synergies 2. Feedstock Synergies for Permanent Magnets 3. Technological Innovation for Permanent Magnet Synergies • EM&T’s expected leadership includes experts in operations, government relations, and capital markets, ensuring efficien
Slide 25: Strategic alignment, coordinated growth and unified branding
25 Proprietary and Confidential | 7. Strategic Alignment to Counteract Chinese Dominance 8. Coordinated Growth and Innovation 9. Unified Branding Across Operating Companies • EM&T’s planned fully integrated domestic supply chain expected to offer independence from Chinese sources. • Anticipated tran
Slide 26: Post-M&A operational integration
26 Proprietary and Confidential | A EM&T has been in dialog with world - class post M&A operational integration firms, with the goal to mandate one post - closing. B Integration will streamline operations, align organizational goals, and establish standardized processes for sustained growth. C Post
Slide 27: EM&T PIPE Raise
27 Proprietary and Confidential | As part of the deSPAC merger, WTMA and EM will conduct PIPE Marketing to maximize after - market demand , designed to support the EM&T share price in after - market trading Anticipated key drivers for post - closing share price performance: 1 Oversubscribed book of
Slide 28: Planned CapEx and Working Capital; PIPE Use of Proceeds
28 Proprietary and Confidential | Planned CapEx and Working Capital during the period 3 years after closing ($mm) 1 Notes: 1 CapEx spend and Working Capital is modeled out until 3 years after closing. 2 Planned Offtake Financing/Working Capital Uses: A. Forward purchase agreements to lock in offtake
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