Earnings Presentation | Q4 2025 February 2026 Forward-Looking Statements & Non-GAAP Financial Measures Forward-looking statements This presentation includes "forward-looking" statements within the meaning of the federal securities laws. You can generally identify the company's forward-looking statements by words such as "will," "anticipate," "aspire," "believe," "could," "estimate," "expect," "forecast," "outlook," "intend," "may," "plan," "possible," "potential," "predict," "project," "seek," "target," "sh ...

Core Insights - Temas Resources Corp. is advancing its patented Regenerative Chloride Leach (RCL) metallurgical processing technology, which has shown potential for commercial-grade TiO2 production and enhanced revenue capture through multi-metal recovery [1][2] RCL Technology Overview - The RCL platform consists of 11 granted process patents, fully owned by Temas after acquiring ORF Technologies Inc. [1] - The technology is designed for efficient extraction of metals from complex mineralization, concentrates, slags, and tailings in an environmentally responsible manner [1][2] - Key attributes include the ability to process low-quality feedstocks, operate at atmospheric pressure and lower temperatures, and achieve closed-loop reagent recycling [1][2] Pilot-Scale Validation and Results - Extensive testing using material from the La Blache titanium-vanadium project has defined optimal operating conditions for TiO2 and Fe2O3 recovery [1] - Approximately 830 kg of La Blache deposit material processed yielded 88 kg of ultra-low impurity TiO2 powder with a purity of 99.8% [1][2] - The two-stage leach process achieved 80-85% titanium recovery and ~95% iron recovery, with further improvements expected [1][2] Cost Reductions and Efficiency - Pilot-scale testing demonstrated cost reductions exceeding 65% for TiO2 processing compared to conventional methods, driven by co-product capture and reduced energy intensity [1][2] - The RCL platform is expected to translate these efficiencies across other commodities and deposit types [1][2] Expanded Metallurgical Program - Temas is evaluating additional drill core to optimize the recovery of Gallium and Scandium, which are recognized as critical minerals in North America [2] - The expanded program aims to validate closed-loop circulation benefits and broaden the application of the RCL platform beyond titanium [2] Technology Commercialization and Third-Party Evaluation - The RCL platform is being evaluated by multiple third-party mining companies globally for its applicability to treat complex mineral deposits [2] - Discussions are ongoing under confidentiality arrangements for potential technology licensing and joint ventures in various regions, including Indonesia and Australia [2] Strategic Vision - The advancement of the RCL technology is central to Temas' long-term strategy, focusing on building a standalone, technology-led business through licensing and partnerships [2] - The company aims to enhance the economics of its titanium-vanadium projects while creating scalable, repeatable value [2]

Summary of Aluminium Industry Insights Industry Overview - The aluminium market is experiencing a structural bull case, supported by macroeconomic factors and fundamentals that are driving prices higher in the near term [1][2] - Recent price rallies have surpassed previous targets, indicating strong financial flows and broader strength in metals [1] Price Forecasts - The 0-3 month price target for aluminium has been upgraded to **US$3,400/ton** from **US$2,950/ton** [3] - The average price forecast for aluminium in **1Q'26** is now **US$3,100/ton**, up from **US$2,900/ton**, with a bull case scenario of **US$3,500/ton** [3] - The 6-12 month price target is set at **US$3,300/ton**, reflecting a constructive market backdrop while acknowledging potential volatility [3] Macro Conditions - Macro conditions are improving, with China's fixed-asset investment growth projected to turn positive at **2.0%** in **2026E**, up from **-2.8%** [4] - Infrastructure investment is expected to recover significantly from **-1%** to **6%**, and manufacturing growth is forecasted to rise from **1.5%** to **5%** [4] Policy Impacts - China's recent policy changes, including the removal of export tax rebates for photovoltaic-related products, are expected to create a surge in aluminium extrusion demand, particularly for PV frames and structural profiles [7] - The national 'Implementation Plan for High-Quality Development of the Aluminium Industry' aims to increase aluminium usage in household appliances, reinforcing the demand outlook [11] Demand Dynamics - The 'aluminium-for-copper' initiative in China is gaining traction, with manufacturers launching standards to promote aluminium substitution in home appliances [10] - This shift is expected to add incremental demand for aluminium, although the speed of adoption remains uncertain [10][11] Supply Constraints - The market is facing supply constraints that are slow to unwind, with a projected structural deficit of **61kt** in **2026**, widening to **847kt** in **2027** [8] - The current financial-driven rally may lead to higher volatility and potential corrections if physical indicators lag behind price momentum [3][8] Conclusion - The aluminium market is poised for growth, driven by macroeconomic improvements, supportive policies, and evolving demand dynamics. However, investors should remain cautious of potential volatility and consider hedging strategies during price dips [1][3][4]

Core Insights - Technological innovation is identified as the primary driving force for development, with a focus on enhancing the financial strategy and service system to support growth in the technology sector [1] Group 1: Company Development - Xiang Sai Optoelectronics, established in 2011, has focused on achieving self-sufficiency in high-end electronic materials, transitioning from reliance on imports to independent control [2] - The company has successfully integrated into the global semiconductor supply chain, with ambitions to contribute to the localization of upstream materials for the "light-chip-screen-end-network" ecosystem [2] Group 2: Financial Support - Industrial Bank's Wuhan branch has played a crucial role in supporting Xiang Sai Optoelectronics through various financing models, including a significant increase in credit lines to support the company's growth and new production base [2] - The bank has provided tailored financial solutions, such as a 30 million yuan credit loan processed in just three working days for another high-end copper strip manufacturer, demonstrating its commitment to addressing the financing needs of technology enterprises [3] Group 3: Strategic Focus - The bank has identified strategic emerging industries, including information technology, biomedicine, high-end equipment, new energy, and new materials, as core service areas, enhancing financial supply in these sectors [3] - The establishment of technology-focused branches in key innovation zones like Wuhan East Lake High-tech Zone is part of the bank's strategy to foster collaboration and innovation in the technology sector [3] Group 4: Performance Metrics - As of now, the bank has served 17,000 technology enterprises, with a total technology finance loan balance of 38.716 billion yuan [4]

Core Viewpoint - London base metals experienced a significant increase on December 30, with all major metals rising in price, indicating a positive trend in the market [1] Group 1: Price Movements - LME nickel rose by 6.11% to $16,780.0 per ton [1] - LME copper increased by 3.69% to $12,673.5 per ton [1] - LME tin saw a rise of 3.56% to $42,195.0 per ton [1] - LME zinc climbed by 1.34% to $3,130.0 per ton [1] - LME aluminum grew by 1.17% to $2,986.5 per ton [1] - LME lead increased by 0.95% to $2,024.5 per ton [1]

Core Points - St-Georges Eco-Mining Corp. held its Annual General Meeting (AGM) on December 12, 2025, with a total of 108,644,912 shares voted, representing 34.77% of the outstanding shares [1] - The voting results showed significant support for the election of directors and the appointment of auditors, with the majority of votes in favor [3][4] - The company is undergoing meaningful operational changes, particularly in the battery recycling and processing sector, and remains committed to its long-term vision despite challenges [5][6] Voting Results - A total of 91,627,802 shares (84.34%) voted in favor of the number of directors, while 17,017,110 shares (15.66%) voted against [3] - Frank Dumas received 69,540,864 votes (83.51%) in favor of his election, with 13,734,387 votes (16.49%) against [3] - The appointment of the auditor received 94,737,349 votes (87.20%) in favor, with no votes against [3] Company Operations - The company is actively engaged in the battery recycling sector, which has seen many participants exit, indicating a challenging environment [6] - St-Georges Eco-Mining Corp. is focused on developing new technologies and holds a diversified portfolio, including advanced battery processing, metallurgical R&D, and high-grade gold exploration projects [10] - Management's long-term compensation is aligned with shareholder interests, emphasizing equity ownership and value creation [7]

Core Insights - St-Georges Eco-Mining Corp. reported a net income of $56,346 for the six months ended September 30, 2025, a significant improvement from a net loss of $1,427,171 during the same period in 2024 [1] - The company's subsidiary, EVSX Corp., generated its first-ever revenue of $55,873 from battery processing operations at its facility in Thorold, Ontario [1][4] - The company has a diversified portfolio of assets and patent-pending intellectual property across several subsidiaries, including advanced battery processing, metallurgical R&D, and high-grade mineral exploration projects [3] Financial Highlights - Net income for the six months ended September 30, 2025, was $56,346 [1] - Total assets amounted to $29,498,376 [4] - Shareholders' equity stood at $22,626,732 [4] - Operating losses were reduced compared to prior periods [4] Operational Developments - EVSX's facility includes one multi-chemistry processing line and one specialized circuit, both of which operated intermittently during the reporting period [1] - St-Georges Metallurgy Corp. recorded revenues of $31,500 in October and $8,180 in November 2025 from the sale of residual materials generated by legacy R&D initiatives [4] - A new high-grade nickel-copper-PGE target zone was identified at the Manicouagan Project and disclosed in November 2025 [4]

Core Points - Metallus (NYSE: MTUS) has agreed to extend its contract with the United Steelworkers (USW) Local 1123 until October 15, 2025, allowing for continued negotiations [1][2] - The current agreement affects approximately 1,200 bargaining employees at Metallus' Canton, Ohio operations [2] - Metallus reported sales of $1.1 billion in 2024 and has been in the business of producing high-quality steel for over 100 years [3] Company Overview - Metallus specializes in high-performance specialty metals, manufactured components, and supply chain solutions, primarily serving industrial, automotive, aerospace & defense, and energy markets [3] - The company employs around 1,850 people and is recognized as a premier U.S. producer of alloy steel bars and seamless mechanical tubing [3]

Core Viewpoint - Recent fluctuations in black metal prices are influenced by multiple factors including macroeconomic conditions, supply and demand dynamics, and industry chain interactions, with expectations of continued volatility in the short term [1] Macroeconomic Factors - Domestic growth stabilization is gaining traction, with a marginal recovery in the manufacturing PMI in June, leading to increased expectations for infrastructure investment and manufacturing equipment updates in the second half of the year [1] - In the U.S., May CPI data fell below expectations, raising interest rate cut expectations and causing a decline in the dollar index; however, significant policy divergence within the Federal Reserve and ongoing tariff concerns keep investors cautious [1] - Despite the Fed's liquidity release through potential rate cuts, corporate expansion intentions remain low, limiting actual demand growth [1] Supply Side Analysis - Raw material prices are stable, providing cost support; global iron ore supply is concentrated, with a tightening of high-grade ore at ports and high reliance on imports [1] - Coking coal prices are affected by domestic safety regulations, import country policies, and transportation issues, while coking enterprises are limiting production to maintain prices, reducing supply elasticity [1] Demand Side Analysis - Weakness in the real estate sector has significantly reduced demand for construction steel, although affordable housing projects provide some buffer [1] - Infrastructure project construction supports demand for rebar and other steel products, but is constrained by funding and seasonal factors [1] - Industrial manufacturing shows resilience in high-end steel demand, but global slowdown and trade tensions lead to order fluctuations, limiting substantial demand growth [1] Industry Chain Dynamics - The industry chain is tightly interconnected, with upstream raw material price fluctuations squeezing steel enterprise profits [1] - Midstream steel production is constrained by both cost and demand factors, leading to intensified homogeneous competition [1] - Downstream construction and manufacturing sectors are sensitive to steel prices, with cautious procurement leading to inventory accumulation risks; real estate debt risks are transmitted upstream, exacerbating industry chain instability [1] Conclusion - In summary, black metal prices are likely to remain volatile in the short term due to stable supply but high inventory levels, weak construction demand, limited industrial resilience, and the need for effective macroeconomic policies [1]

Group 1 - The city of Qingtongxia is focusing on ecological priority and green development, emphasizing new construction, renovation, and industrial extension to inject new momentum into high-quality development [1][5] - The Helan Mountain Wind Farm project by Ningxia Yinxing Energy Co., Ltd. has successfully upgraded its capacity by 254% through the replacement of old wind turbines with 18 new 5.0 MW units, achieving a total power generation of 32,851.92 million kWh [3] - Qingtongxia has implemented several major renewable energy projects, including pumped storage power stations and wind power, with a total installed capacity of 1.8562 million kW and an annual power generation of 3.076 billion kWh [3] Group 2 - Ningxia Dinghui Technology Co., Ltd. specializes in the development and recycling of zinc-containing industrial solid waste, utilizing a new technology that significantly improves energy efficiency and metal recovery rates [4] - The company can process 180,000 tons of zinc-containing waste annually, producing 20,000 tons of regenerated zinc ingots and achieving an industry-leading resource utilization rate [4] - The company holds over 80% market share in regenerated zinc products in Ningxia and has extended its technology to extract precious metals like gold and silver [4] Group 3 - Qingtongxia is actively implementing the "dual carbon" and "dual control" policies, focusing on technological upgrades to transition traditional industries from scale-speed models to quality-efficiency models [5] - From January to April, the energy consumption per unit of industrial added value decreased by 9.6%, and water consumption per unit of industrial added value dropped by 12.1% compared to 2020 [5] - The city has established four national-level green factories and three autonomous region-level green factories, continuously enhancing the "green content" of its industry [5]