Hall Chadwick Acquisition Corp. · NASDAQ:HCAC
Hall Chadwick Acquisition — SPAC Merger (October 2026)
36 slides from Hall Chadwick Acquisition's SPAC merger presentation, Oct 2, 2026
Slide 1: Building America's domestic rare earth supply chain
Building America's domestic rare earth supply chain INVESTOR PRESENTATION October 2026 TM business combination with Hall Chadwick Acquisition Corp. (NASDAQ: HCAC)
Slide 2: Legal Disclaimer
2 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” LEGAL Disclaimer Purpose. This investor presentation (the "Presentation") is provided for informational purposes only and has been prepared to assist i nte rested parties in making their own evaluation wi
Slide 3: Legal Disclaimer (continued)
3 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” LEGAL Disclaimer (continued) Projections and estimates. Any projections, estimates, targets or forecasts in this Presentation (including capacity, capex, recovery rates, timelines a nd market data) are il
Slide 4: Table of Contents
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 4 1 Introduction 1 – 6 Cover, disclaimer, Executive Chairman address and board and management 2 The Transaction 7 – 11 HCAC transaction, use of proceeds, PIPE structure and pro forma capital structure 3 The
Slide 5: Executive Chairman Address
5 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” LEADERSHIP Executive Chairman Address Chairman and substantial shareholder MICK MCMULLEN Lead Investor and Chair 33 years of experience Michael “Mick” McMullen has served as a director and Executive Chair
Slide 6: Board and Management
6 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” LEADERSHIP Board and Management Mining, processing, government, finance, legal, and capital markets expertise BOARD OF DIRECTORS MICK MCMULLEN Lead Investor and Chair 33 years of experience AMARYLLIS KENN
Slide 7: The Transaction
SECTION 1 The Transaction TM (NASDAQ: HCAC)
Slide 8: HCAC Transaction
8 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” THE TRANSACTION HCAC Transaction All stock; $40M minimum cash; $350M at closing, $50M on the milestone DEAL STRUCTURE $400M Total consideration $350M Payable at closing $50M On Milestone Event 50 tpa MREO
Slide 9: Leveraging Raised Capital for Value
9 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” THE RAISE Leveraging Raised Capital for Value PIPE of ~US$50M funds the first 160 tpa REE sized plant¹ Amount (US$ millions) Sources 50 Private investment in public equities / non - redemption agreements
Slide 10: HCAC PIPE: Structure and Terms
10 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” THE RAISE HCAC PIPE: Structure and Terms As of October 1, 2026, the only binding PIPE agreements are those executed with entities managed and/or controlled by Mr. McMullen and two advisors of HCAC PIPE F
Slide 11: Pro Forma Capital Structure
11 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” THE TRANSACTION Pro Forma Capital Structure 35M shares at close + 5M shares on m ilestone; no cash adjustment AT MILESTONE EVENT AT CLOSING Shareholder % Shares % Shares 60.1% 40,000,000 58.2% 35,000,000
Slide 12: The Investment Case
SECTION 2 The Investment Case TM (NASDAQ: HCAC)
Slide 13: Investment Highlights
13 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” INVESTMENT CASE Investment Highlights US feedstock, US processing, US oxide U.S. Circular Supply Chain ▪ Magnet scrap → Nd, Pr, Dy, Tb; fully domestic ▪ Dy/Tb ~40% of value¹, export - controlled Fastest,
Slide 14: Four US Supply Challenges, Four Answers
14 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” POSITIONING Four US Supply Challenges, Four Answers Four bottlenecks; REEcycle answers each CHALLENGE SOLUTION Current supply chain concentrated in China¹ → US feedstock, processing and oxide New mines:
Slide 15: U.S. Government Funded and Patented Technology
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 15 U.S. GOVERNMENT FUNDED AND PATENTED TECHNOLOGY Source: ¹ Department of Defense; 2 Chemical & Engineering News; 3 Brownstein; 4 Metal Tech News Government - Funded U.S. Federal capital secured Patented Te
Slide 16: Market & Industry Overview
SECTION 3 Market & Industry Overview TM (NASDAQ: HCAC)
Slide 17: Rare Earths Are a National Security Priority
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 17 WHY NOW Rare Earths Are a National Security Priority The strategic problem • Neodymium, praseodymium, dysprosium and terbium are the core of high - performance permanent magnets — powering EV motors, pre
Slide 18: A Large Market in Structural Deficit
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 18 MARKET DEFICIT A Large Market in Structural Deficit ¹ $19B - >~$37B REE market 2025 → 2034 ~3x Demand growth by 2035 <1% Of REEs recycled today 40% Of basket value is Dy/Tb* Structural, policy - driven d
Slide 19: Non-Cyclical Magnet Demand
19 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” DEMAND AREAS & APPLICATIONS Non - Cyclical Magnet Demand Demand set by defence programmes and installed hardware COMMERCIAL DEMAND GROWING Driven by NdFeB magnets Projected rare earth market¹ ~7.6% CAGR
Slide 20: Demand Growth Requires New Ex-China Supply
20 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” GROWTH & CONCENTRATION Demand Growth Requires New Ex - China Supply Mines take a decade or more; recycling ~18 months EX - CHINA SUPPLY VS 2035 DEMAND (IEA)¹ 50% 25% 20% 50% 75% 80% Mining Refining Magne
Slide 21: Structural Tailwinds: AI Data Centres
21 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” STRUCTURAL TAILWINDS Stream The build - out buys our oxide and supplies our feedstock AI PULLS ON MAGNET - BEARING HARDWARE ~US$400B five largest hyperscalers’ 2025 capex¹ Sold out HDDs for 2026; retail
Slide 22: Technology & Supply
SECTION 4 Technology & Supply TM (NASDAQ: HCAC)
Slide 23: Recycling: The Fastest, Lowest-Risk Path to New Supply
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 23 THE SOLUTION Supply Electricity & Diesel Mining Magnetic Separation Flotation Separation Calcination Water Leaching & Impurity Removal Extraction & Roasting Electricity Water & Chemical Process Sulfuric
Slide 24: Patented Process, Verified Product
24 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” PROCESS Patented Process, Verified Product Magnets in, oxide out: five steps, ~92% net recovery, three labs TWO UNIVERSITY OF HOUSTON PATENTS LICENSED EXCLUSIVELY 1 Decoat and size Decoated and sized by
Slide 25: REE Pricing: Why Location Matters
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 25 Source vs China Tb₄O₇ ($/kg) Dy₂O₃ ($/kg) Pricing Tier SMM 1.0x $780 $177 China EXW Domestic Argus Media ~1.6x $1,140 $290 FOB China Export Strat. Metals Invest ~4.4x $4,200 $930 Western ex - China Spot
Slide 26: REEcycle Modular Design Scaleable
26 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” PATHWAY COMPARISON REEcycle Modular Design Scaleable Modular process, multiple plants. Supply that can be added in months, not decades Pathway Product value Hazardous waste Capex Scalability REEcycle: ma
Slide 27: Capex vs. Scalability
27 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” POSITIONING Capex vs. Scalability REEcycle’s modular commercial plants have unrivaled scalability High Low SCALABILITY → Low Very high CAPEX → REEcycle: magnet to oxide Magnet to magnet Mixed e - waste t
Slide 28: North American REE Landscape
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 28 VALUATION* ($mm) HIGHLY SCALABLE MODULAR SYSTEM LOW CAPEX ENVIRONMENTALLY FRIENDLY LOW HAZARDOUS WASTE HIGH PRODUCT VALUE PROCESS Magnet to Oxides 400+ ~170 Mixed E - Waste to Oxides 800+ Magnet to Magne
Slide 29: Commercialization & Team
SECTION 5 Commercialization & Team TM (NASDAQ: HCAC)
Slide 30: Well Positioned to Execute on Its Strategic Roadmap
30 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” EXECUTION Well Positioned to Execute on Its Strategic Roadmap Demonstration Plant to be completed imminently; 160 tpa MREO sized plant to start up in late 2027 FIRST SCALABLE US MAGNET RECYCLER COMMERCIA
Slide 31: Feedstock & Offtake
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 31 COMMERCIAL PIPELINE Feedstock & Offtake Feedstock • Over a year of feedstock stockpiled and ready to process • Proprietary DDM network secures HDD magnet supply (~1,600 tpa U.S.) • Approached by several
Slide 32: Demonstration Plant
32 HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” OPERATIONS Demonstration Plant 12 tpa demonstration plant anticipated to be commissioned in October 2026 DDM and supply DDM Cooling tower and reactor Reactor Boiler Sieve Kiln and oven Steam lines instal
Slide 33: Financials & Peer Comparison
SECTION 6 Financials & Peer Comparison TM (NASDAQ: HCAC)
Slide 34: Summary Financials: Management Estimates
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 34 SUMMARY FINANCIALS ($M) (Y4) 2029E (Y3) 2028E (Y2) 2027E (Y1) 2026E $M $144.1 $83.5 $7.8 $0.6 Revenue 72.6% NM NM NA Growth % $79.3 $46.2 $4.7 $0.3 Gross Profit 55.0% 55.4% 60.3% 46.5% Margin % $77.6 $44
Slide 35: Select Public Comparable Companies
HCAC Business Combination with REEcycle “Building America’s domestic rare earth supply chain” 35 EV / Adj. EBITDA 29E EV / Adj. EBITDA 28E EV ($M) Company 5.2x 9.0x $400 REEcycle 18.9x 20.2x $10,243 MP Materials (NYSE: MP) 10.0x 7.1x $4,199 USA Rare Earth (NASDAQ: USAR) 7.2x 13.0x $2,058 Energy Fuel
Slide 36: Thank You
Thank You TM (NASDAQ: HCAC)
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