Evolution Metals & Technologies Corp. · NASDAQ:EMAT
Evolution Metals & Technologies — Welsbach Technology Metals Acquisition — SPAC Merger (May 2025)
44 slides from Evolution Metals & Technologies's SPAC merger presentation, May 20, 2025
Slide 1: US Champion Critical Materials Supply Chain Project Zeus
US Champion Critical Materials Supply Chain Project Zeus May 2025
Slide 2: Disclaimers
Disclaimers Proprietary and Confidential | 2 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 evaluation of the proposed business combination (the “Business Combin
Slide 3: EM&T: US Champion in Critical Materials Supply Chain
China’s Dominance in Midstream Processing 1 Why EM&T Now? 2 EM&T Solution to Disrupt China 3 EM&T Deeply Experienced Leadership 4 EM&T Feedstock Strategy: End of Life Materials 5 Proven Technologies 6 Missouri Industrial Campus & Satellite Companies in Republic of Korea 7 EM&T Contracts 8 How Can EM
Slide 4: China's Dominance in Midstream Processing
• US Domestic magnet and battery materials supply chains continue to be in jeopardy, given the 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 rare earth elements:
Slide 5: China's Monopoly in Critical Materials Processing
Proprietary and Confidential | 5 Without a commercial solution to disrupt China’s dominance in midstream processing, virtually all US industries will continue to be dangerously dependent on China for critical materials processing and finished products from these critical materials. EM&T: US Champion
Slide 6: Escalating Geopolitical Tensions and Export Restrictions
Proprietary and Confidential | 6 • 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 impose
Slide 7: Executive Order on American Mineral Production
Proprietary and Confidential | 7 1 https ://www.whitehouse.gov/presidential - actions/2025/03/immediate - measures - to - increase - american - mineral - production/ 2 https://earthworks.org/blog/mineral - processing - on - military - bases - will - not - make - the - us - safer/ • The Executive Ord
Slide 8: REMSA Act and Production Tax Credit
Proprietary and Confidential | 8 • Aims to close the Processing - to - Magnet Gap in the U.S. • REMSA targets the domestic midstream and downstream bottleneck in permanent magnet manufacturing. • Direct Financial Incentive via Production Tax Credit • REMSA provides $ 30 /kg tax credit for magnets ma
Slide 9: Unleashing American Energy Executive Order
Proprietary and Confidential | 9 1 https ://www.whitehouse.gov/presidential - actions/2025/01/unleashing - american - energy/ 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.
Slide 10: EM&T Solution to Disrupt China
Proprietary and Confidential | 10 • EM&T expects to 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 separating radioactive eleme
Slide 11: EM&T Executive Management: Deeply Experienced Leadership
EM&T Executive Management: Deeply Experienced Leadership 4 as President of EM&T overseeing global regulatory and government affairs . Knaggs brings over 25 years of experience in government, military, critical supply chains and manufacturing sectors . He founded Knaggs Law PLLC and was previously CE
Slide 12: EM&T Executive Management: Deeply Experienced Leadership
EM&T Executive Management: Deeply Experienced Leadership 4 Dean Evans will serve as Chief Marketing Officer of EM&T overseeing OEM partnerships and sales . Evans brings over 25 years of experience in the automotive and technology industries . He has been recognized as a Forbes Top 20 Global CMO and
Slide 13: EM&T Nominated Board of Directors
David Wilcox Executive Chairman of the Board David Wilcox will serve as Executive Chairman of the Board of EM&T . He is currently the Managing Member of Evolution Metals LLC . His career began at Deutsche Bank based in London and New York and operated across four continents . Mr . Wilcox became a de
Slide 14: EM&T Nominated Board of Directors
Proprietary and Confidential | 14 1 One to three additional Directors may be appointed to the Board. EM&T Nominated Board of Directors 1 4 Americas COO for Corporate Banking, Global Operations Head for Equities, and Global COO for Markets Clearing, managing derivatives, FX, credit, and rates, while
Slide 15: EM&T Additional Key Leadership
Proprietary and Confidential | 15 EM&T Additional Key Leadership 4 experience in business development and leadership roles. He is currently the CEO of ADE Metals, a position he has held since 2015 . Previously, he served as Head of the Sales Department at BodyTech Med from 2009 to 2014 and as Presid
Slide 16: EM&T Feedstock Strategy: End of Life Materials
Proprietary and Confidential | 16 • EM&T expects to have proprietary access to attractive and abundant feedstock, focusing on end - of - life materials to: • recycle lithium - ion batteries to produce battery grade materials for OEM gigafactories ; • recycle e - waste including DoD e - waste to prod
Slide 17: US Government Funding Programs (DoD, DoE)
Proprietary and Confidential | 17 1. Department of Defense (DoD) : • Defense Production Act - Title III : $250mm invested since mid - 2023, offering: 1 • On March 20, 2025, President Donald J. Trump signed an executive order (see slide 6) waiving certain Defense Production Act (DPA) Title III requir
Slide 18: Missouri Industrial Campus & Satellite Companies in Republic of Korea
Proprietary and Confidential | 18 • EM&T plans to acquire one US company, which recycles lithium - ion batteries and production scrap battery materials ; and to acquire a portfolio of Korean companies, which process oxides, metals, alloy powder and alloy flake, produce bonded and sintered magnets, a
Slide 19: EM&T Planned Operations and Revenue Opportunities
Precious Metals Refineries Gigafactories/EV Battery Manufacturers Lithium Battery Recycler DoD Secured Facility E - Waste Sulfates, Carbonates & pCAM Multi Feedstock Processing Plant MMC* Recycler NFMC** Precious Metals NdPr Oxide NdPr Metal Plant NdPr Metals NdPr Alloy & Flake Plant Powder NdPr All
Slide 20: EM&T Planned Operations: REE Magnets Value Chain
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. EM&T Planned Operating Company Complete REE Supply Chain from End - of - Life Materials recycled to End - Use Applications E -
Slide 21: EM&T Planned Operations: Lithium-Ion Battery Value Chain
EM&T Planned Operating Company Complete Battery Value Chain from End - of - Life Materials and Production Scrap recycled to Gigafactory Input Materials 1 Spent Lithium - ion Batteries and Battery Materials 2 Mixed Metal Concentrate 3 Battery Sulfates/Carbonates & pCAM 4 High - performance EV Lithium
Slide 22: EM&T Planned Operations: DoD and Commercial E-Waste Value Chain
EM&T Planned Operating Company Complete E - Waste & Precious Metals Value Chain from End - of - Life Materials recycled to End - use Applications 1 DoD and Commercial E - Waste 2 Non - Ferrous Metal Concentrates 3 Precious Metals (Gold, Silver, Palladium, Copper) 4 Precious Metals Ingots DoD Secured
Slide 23: Government and Political Support
Proprietary and Confidential | 23 1. Missouri Leadership: • Missouri Governor Mike Kehoe is a strong supporter of EM&T’s plans, with the Governor assigning a dedicated state liaison, Ms . Sandra Cabot, to specifically assist with this project while maintaining the ongoing ear of the Governor about s
Slide 24: EM&T Contracts
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 EM&T planned business lines Feedstock contracts: 1. Spent lithium batteries and battery materials are expected to be secured throug
Slide 25: Proven Technologies
• Operating companies in Korea and Missouri are expected to expand into a singular industrial campus in Missouri . • All technologies expected to be utilized by EM&T are based on proven commercial - scale processes and/or are currently operating successfully in Korea and Missouri, ensuring reliabili
Slide 26: How EM&T Plans to Disrupt China's Monopoly
Proprietary and Confidential | 26 How EM&T Plans to Disrupt China’s 45 Year Monopoly of the Critical and Strategic Materials Supply Chain and to Build the US Champion 1 9 EM&T To Disrupt China’s Monopoly in Critical Materials China’s Critical Materials Monopoly Structure • For magnet materials, EM&T
Slide 27: How EM&T Plans to Disrupt China's Monopoly: Feedstock
1 Slides 26 - 31 sourced through the following Thorium Energy Alliance report which is publicly available through the following link: https://thoriumenergyalliance.com/wp - content/uploads/2023/05/ChinaSubsidiesStructuralAdvantages - ReleasedMay2.23.pdf Proprietary and Confidential | 27 2 https:// w
Slide 28: How EM&T Plans to Disrupt China's Monopoly: Economics
1 Slides 26 - 31 sourced through the following Thorium Energy Alliance report which is publicly available through the following link: Proprietary and Confidential | 28 <https://thoriumenergyalliance.com/wp - content/uploads/2023/05/ChinaSubsidiesStructuralAdvantages - ReleasedMay2.23.pdf> How EM&T P
Slide 29: How EM&T Plans to Disrupt China's Monopoly: Regulation
Proprietary and Confidential | 29 How EM&T Plans to Disrupt China’s 45 Year Monopoly of the Critical and Strategic Materials Supply Chain and to Build the US Champion 1 9 EM&T To Disrupt China’s Monopoly in Critical Materials China’s Critical Materials Monopoly Structure • EM&T avoids this regulator
Slide 30: How EM&T Plans to Disrupt China's Monopoly: IP and Experience
Proprietary and Confidential | 30 How EM&T Plans to Disrupt China’s 45 Year Monopoly of the Critical and Strategic Materials Supply Chain and to Build the US Champion 1 9 EM&T To Disrupt China’s Monopoly in Critical Materials China’s Critical Materials Monopoly Structure • EM&T possesses advanced IP
Slide 31: China Has Been Planning to Monopolize Critical Materials Since 1980
Proprietary and Confidential | 31 China Has Been Planning to Monopolize Critical Materials Since 1980 1 9 On 4 April 2025 China's MOFCOM announced export controls on NdFeB Magnets and 23 other Critical Materials plus a 34% tariff on US goods (China tariff on US goods currently at 125%) following Chi
Slide 32: Why is EM&T a Compelling Investment Now?
Summary: Why is EM&T a Compelling Investment Now ? 9 Ability to Execute the Business Model Why Not Done Before ? • Large commercial scale, reliable and sustainable private sector solution for its customers for critical materials supply to replace China. • A “plug and play” solution for its customers
Slide 33: Milestones to Achieve Projected Revenue: First 12 Months After Closing
Milestones to achieve Projected Revenue during first 12 months after closing Proprietary and Confidential | 33 Milestones Role OpCo • Start construction of 2025 MFPP 2 months after closing, finish construction 11 months after . Production capacity of the plant at 6 , 366 tpa of lithium carbonate, 7
Slide 34: Milestones to Achieve Projected Revenue: Second 12 Months After Closing
Milestones to achieve Projected Revenue during second 12 months after closing Proprietary and Confidential | 34 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 constr
Slide 35: Valuation Versus Comparable Company
Proprietary and Confidential | 35 • A US - listed REE company outside China is the nearest comparable company to Evolution Metals & Technologies Corp. • However, the comparable company is a mining/upstream company. The comparable company’s revenue, EBITDA and cash flow is 100% reliant on China, as C
Slide 36: Valuation: EV/Forward Revenue Multiple Update
Proprietary and Confidential | 36 • As of May 16, 2025, the Comparable Company's EV/Forward Revenue Multiple, calculated using a 30 - trading - day VWAP, reflects a modest increase to 12.4x, compared to the 12.0x based on publicly available trading data as of April 10, 2025 as shown on page 35. • Fo
Slide 37: Valuation: Peer EV/Forward Revenue Multiples
Proprietary and Confidential | 37 Rare Earth Upstream and Processing EV Battery Recycling Blackmass / MMC Producer - The comparable company sells unprocessed REE product and is the only company with US jurisdiction, although the comparable company is 100% reliant on China for all Revenue and EBITDA,
Slide 38: Comparable Company Outperformed Nasdaq Year to Date
Proprietary and Confidential | 38 Valuation Comparable Company has outperformed Nasdaq by 38% Year to Date 10 1 Publicly traded data as of 16 May 2025. 1. We believe the comparable company’s outperformance is driven by: • Macro Geo - political Environment between USA and China in the rare earth and
Slide 39: Synergies and Operational Integration
1. Team, Business, and Capital Synergies • EM&T’s expected leadership includes experts in operations, government relations, and capital markets, ensuring efficient execution. • Proven operating entities expected to provide scalable infrastructure and reliable outputs. • Expected ability to secure fu
Slide 40: Synergies and Operational Integration (continued)
7. Strategic Alignment to Counteract Chinese Dominance • EM&T’s planned fully integrated domestic supply chain expected to offer independence from Chinese sources. • Anticipated transparent Nasdaq structure ensures trust while promoting ESG - aligned operations. • A reliable supply chain and ethical
Slide 41: Post-M&A Operational Integration
A B C EM&T has been in dialog with world - class post M&A operational integration firms, with the goal to mandate one post - closing. Integration will streamline operations, align organizational goals, and establish standardized processes for sustained growth. Post M&A operational integration expert
Slide 42: EM&T is a Compelling Sustainable Investment
EM&T is a Compelling Sustainable Investment for a Greener and Cleaner Future 12 Circular Economy & End - of - Life Materials Recycling Potential Carbon Credits & Emission Reductions Enabling the Energy Transition Through Critical Metals Recovery Job Creation & Economic Sustainability • Closed - loop
Slide 43: EM&T PIPE Raise
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: Oversubscribed book of demand, and strategically allocate s
Slide 44: EM&T PIPE Use of Proceeds
13 Proprietary and Confidential | 44 Amount Items $700mm Hydromet & Pyromet Plant $200mm DoD E - Waste Recycling Plant $200mm Metal & Alloy Plant $150mm Sintered Magnet Plant $125mm Working Capital $125mm Acquisition of CMR $100mm Securing Feedstock $100mm Battery Recycling Plant $100mm Bonded Magne
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