New York, NY — (October 27, 2026) — Traxys North America LLC (“Traxys”), a leading global physical trader and merchant in metals and natural resources, has entered into a strategic Memorandum of Understanding (MOU) with Flash Metals USA Inc. (“FMUSA”), a wholly owned U.S. subsidiary of Metallium Limited (ASX: MTM), to evaluate opportunities to develop domestic processing capacity and strengthen U.S. critical metals supply chains.

The collaboration will explore how Metallium’s Flash Joule Heating (FJH) technology and associated processing capabilities could combine with Traxys’ global sourcing, marketing, logistics, trading, and financing expertise to connect complex mineral and recycled feedstocks with downstream refiners and industrial consumers.

Evaluating Integrated Commercial Opportunities

Under the MOU, Traxys and FMUSA intend to evaluate opportunities across six areas:

• Feedstock sourcing and supply: Identifying suitable mineral, recycled and industrial-residue feedstocks for potential processing.
• Processing and tolling: Assessing commercial arrangements for processing materials through Metallium’s developing U.S. processing platform.
• Marketing and offtake: Evaluating potential routes to market for intermediate products and recovered metals, subject to product specifications and customer requirements.
• Price hedging: Exploring appropriate commodity pricing and hedging structures.
• Working capital and financing: Assessing offtake-linked prepayments, inventory financing and working capital facilities to support feedstock procurement, processing and commercial transactions.
• Strategic investment: Evaluating potential investment opportunities, subject to further assessment and separate agreements.

The assessment will cover a range of metals relevant to advanced manufacturing, defense, semiconductors and the energy transition, including rare earth elements, gallium, germanium, indium, tungsten, titanium, copper, nickel, magnesium, manganese and platinum group metals.

The scope of the MOU is exploratory. Specific products, feedstock volumes, processing arrangements and commercial priorities will depend on technical evaluations, material availability, customer specifications and project economics.

Potential structures include processing Traxys-owned or Traxys-financed feedstocks, prepayments against future product deliveries, and project-level financing or investment to support equipment and capacity expansion. Funding amounts, security arrangements, pricing and other commercial terms remain subject to negotiation and definitive agreements.

The parties aim to execute one or more definitive agreements for selected opportunities by 31 December 2026. Individual workstream timings remain indicative and may be adjusted by mutual agreement. The broader MOU continues through November 30, 2027 to support further opportunities; neither timeframe guarantees that a transaction will be concluded.

Connecting Processing Innovation with Global Markets

Metallium is developing its FJH-based processing platform at the Gator Point Technology Campus in Anahuac, Texas. The technology is intended to recover valuable metals from complex feedstocks, including electronic waste, industrial residues, recycled materials, and mineral resources.

FJH uses rapid electrical heating to support metal recovery as part of an integrated processing route. Metallium is developing routes that combine FJH with liberation, selective separation and impurity removal to produce metal-bearing intermediates for further separation, purification or refining. The process and resulting products depend on the feedstock and customer specifications; FJH alone does not establish a finished, customer-qualified metal product.

Traxys has also been selected as one of a limited number of trading firms to participate in the U.S. Government’s Project Vault initiative, which is designed to strengthen the availability of critical minerals for American industry. That designation is separate from this MOU; no U.S. Government funding, endorsement, or purchasing commitment is secured for either party under this specific agreement. The MOU does not confer Project Vault supplier status or program participation on Metallium or FMUSA. Any such opportunity requires separate qualification, approvals and agreements.

Alan Docter, Chairman of Traxys, said:

“Secure critical minerals supply chains are built through innovation and partnership. By combining Metallium's processing expertise with Traxys' global commercial platform, we have an opportunity to help strengthen domestic U.S. processing capacity and support the long-term resilience of the critical minerals value chain.”

Michael Walshe, Managing Director and CEO of Metallium, said:

“America’s critical-metals security depends on being able to process materials into usable products on American soil. Midstream processing is essential to that capability, and FJH is central to the solution Metallium is developing. Our aim is to unlock metals from complex or stranded feedstocks for downstream refining & manufacturing. Traxys brings sourcing, marketing and financing experience to help us connect that processing capability with reliable feedstock and customers. Importantly, this is about more than finding a buyer. Linking feedstock supply, product offtake and financing could reduce the working capital required to scale a domestic processing business.”

Next Steps

The initial work program focuses on prioritizing feedstocks and products, assessing feedstock and product specifications, customer qualification requirements and processing economics, and negotiating transaction-specific supply, tolling, offtake and financing terms.

Any commercial transactions pursued by Traxys and FMUSA will be subject to technical and commercial assessment, customary due diligence, relevant approvals, existing commitments and definitive agreements.

The MOU does not establish binding commitments for material volumes, pricing, offtake, financing or investment. The commercial framework is non-binding, while specified provisions, including those relating to intellectual property, confidentiality and disclosure, are binding. FMUSA is restricted from entering discussions with other parties regarding alternative commercial collaborations within the MOU’s defined scope until and including December 31, 2026. Traxys is not subject to an equivalent restriction. Apart from this restriction, the relationship is non-exclusive unless further rights are separately agreed in writing. Other third-party relationships remain subject to that restriction and applicable existing obligations. The MOU is effective from October 16, 2026 and runs until November 30, 2027, unless extended by mutual written agreement, and may be terminated by either party on 30 days’ written notice. The MOU’s term does not set the duration of any future supply, offtake or financing arrangement; those terms will be negotiated separately by product and project.

There can be no assurance that the discussions will result in definitive commercial agreements or completed transactions.

About Traxys

Traxys is a leading global physical commodity trader and merchant in the metals and natural resources sectors, with annual turnover in excess of USD 10 billion. Headquartered in Luxembourg and with over 20 offices worldwide, Traxys is engaged in sourcing, trading, marketing, and distributing non ferrous metals, ferro-alloys, minerals, industrial raw materials, and energy products.

Traxys has been named as a supplier to Project Vault, the U.S. Government-supported strategic critical minerals reserve program. Traxys is committed to the highest internationally recognized principles for responsible business conduct, and to ensuring that its operations are equitable, sustainable, and transparent. Learn more at www.traxys.com.

Please visit www.traxys.com for more information.

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About Metallium Limited

Metallium Ltd (ABN 27 645 885 463) is developing U.S. processing capability for critical and precious metals through its wholly owned subsidiary, Flash Metals USA Inc. Its strategy centres on Flash Joule Heating (FJH) and complementary processing steps to recover metals from mineral feedstocks, industrial residues, and recycled materials.

Metallium’s Gator Point Technology Campus in Anahuac, Texas supports development of its processing platform. The Company aims to provide part of the midstream capability needed to connect domestic and allied feedstocks with downstream refining and manufacturing. Commercial deployment remains subject to technical performance, scaling, product qualification, approvals, and funding.

To learn more, visit: metalliuminc.com

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