Summary of Odyssey Marine Exploration Conference Call Company Overview - **Company**: Odyssey Marine Exploration, Inc. (NasdaqCM:OMEX) - **Industry**: Seabed minerals and critical minerals supply chain Key Points Macro Environment - The current U.S. administration is focused on securing critical minerals necessary for the economy and defense systems, highlighting a lack of domestic supply and reliance on imports for minerals like titanium and manganese, with 70%-80% of rare earths coming from outside the U.S. [3][4] - A recent U.S. Critical Minerals Ministerial involved 50 allied nations discussing trade policy and regulatory alignments to secure critical minerals [5] Strategic Projects - Odyssey has major projects in **Mexico** and the **Cook Islands**, benefiting from agreements with the U.S. government to enhance trade and regulatory alignment [6][7] - The U.S. government has announced **Project Vault**, a $12 billion initiative to stabilize the supply chain for critical minerals [7] Investment Opportunity - Odyssey is one of only two publicly traded companies in the U.S. focused on seabed minerals, with over a decade of experience in project management [9][10] - The company has a diversified portfolio targeting various commodities across different jurisdictions, which mitigates commodity and geopolitical risks [10][16] Project Details - **Mexico Project**: Focused on phosphate, essential for fertilizer, with a net present value (NPV) estimated between $200 million and $440 million based on a 35% ownership stake [21] - **Cook Islands Projects**: Targeting polymetallic nodules containing cobalt, manganese, and nickel, with an NPV of $4.7 billion for one project, and potential values for another project estimated between $330 million and $670 million [21][23] Technological and Operational Advantages - Odyssey has developed proprietary tools like the **Global Prospectivity System** to evaluate mineral opportunities across 150 exclusive economic zones [18] - The company has a strong partnership with **Royal Boskalis**, a leading dredging company, for its Mexico project [20] Market Dynamics - The U.S. government is shifting from policy intent to tangible action regarding offshore mineral leasing, creating near-term opportunities for companies like Odyssey [25][28] - The company is well-positioned to benefit from government partnerships and funding initiatives aimed at securing critical mineral supplies [30][31] Competitive Landscape - Odyssey differentiates itself from competitors like The Metals Company (TMC) by focusing on a broader range of minerals and avoiding the complexities of international regulatory environments [33][36] - The company emphasizes the importance of responsible operators in the emerging seabed minerals industry [34] Timeline for Production - The Mexico project could enter production within 12-18 months following resolution of regulatory issues, while the Cook Islands projects may take several years due to deeper water challenges [38][39] Conclusion - Odyssey Marine Exploration is strategically positioned to capitalize on the growing demand for critical minerals, supported by government initiatives and a diversified project portfolio, making it an attractive investment opportunity in the seabed minerals sector [15][30]

Fourth Quarter & Full-Year 2025 F e b r u a r y 2 5 , 2 0 2 6 FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Examples of such forward-looking statements include but are not limited to: (i) statements regarding the Company's results of operations and financial condition; (ii) statements of plans, objectives or goals of the ...

Core Viewpoint - Avalon Advanced Materials Inc. is focused on advancing critical minerals projects, particularly lithium and rare earth elements, to enhance North America's supply chain security [1][3]. Company Overview - Avalon Advanced Materials Inc. is a Canadian company dedicated to developing strategic assets that support secure domestic supply chains and long-term economic growth [3]. - The company is advancing the Nechalacho Rare Earth Elements and Zirconium Project in the Northwest Territories, which includes all light and heavy rare earth elements, yttrium, zirconium, tantalum, and niobium [3]. - Avalon is also developing Lake Superior Lithium Inc., Ontario's first midstream lithium hydroxide processing facility, located in Thunder Bay, to connect northern Ontario's lithium resources with the growing EV battery manufacturing base in southern Ontario and North America [3]. - The company is advancing the Separation Rapids Lithium Project through a joint venture with SCR Sibelco NV and is continuing exploration at its Snowbank lithium and Lilypad lithium-cesium deposits [3]. Upcoming Events - Lorin Crenshaw, the Chief Financial Officer, will present at the Red Cloud Securities 2026 Pre-PDAC Mining Showcase on February 27, 2026, at 10:00 a.m. ET [2]. - The presentation will consist of a 15-minute corporate overview followed by a 5-minute Q&A session [2].

Financial Data and Key Metrics Changes - Q4 revenue was $1.2 billion, with adjusted EBITDA of $232 million, exceeding guidance [5][13] - Full year 2025 revenue totaled $4.6 billion, up 5% year-over-year, driven by 14% growth in aerospace and defense [5][13] - Adjusted EBITDA for 2025 exceeded $859 million, up 18% year-over-year, with adjusted EPS at $3.24, a 32% increase from 2024 [5][14] - Adjusted free cash flow totaled $380 million, up 53% from 2024, representing 124% of free cash flow returned to shareholders [5][14] Business Line Data and Key Metrics Changes - Aerospace and defense revenue represented 68% of total revenue in 2025, up from 62% in 2024, with jet engine sales growing 21% year-over-year [8][13] - Specialty energy business delivered 9% year-over-year growth in Q4, supported by multi-year customer commitments [8][9] - Adjusted EBITDA margins for the full year 2025 were 18.7%, a 200 basis point increase from 2024, with HPMC margins at 23.6% and AA&S margins at 16.3% [15] Market Data and Key Metrics Changes - Strong demand in aerospace and defense markets, with commercial aerospace demand accelerating and next-generation engines gaining market share [6][8] - Defense revenue grew 14% year-over-year, with missile sales up 127% due to sustained demand for specific alloys [8][39] - The company anticipates continued growth in defense spending, with a projected mid-teen growth rate for 2026 [22][39] Company Strategy and Development Direction - The company is focused on proprietary products and long-term agreements to secure pricing and expand market share [9][10] - Capital discipline and operational execution are central to the strategy, with a targeted capital investment of $220 million-$240 million for 2026 [10][19] - The company aims to prioritize aerospace and defense while strategically reducing capacity in industrial, medical, and electronics sectors [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in customer demand and operational execution, guiding for $1 billion of adjusted EBITDA in 2026, a 16% increase year-over-year [6][17] - The company expects continued margin expansion, with full-year consolidated margins projected to be around 20% in 2026 [23] - Management highlighted the importance of differentiated capabilities and strong customer partnerships in driving future growth [25] Other Important Information - The company has no significant debt repayments planned for 2026 and has repurchased about $1 billion of shares since 2022 [20] - The backlog remains just under one year of revenue, with expectations for it to increase as lead times for materials extend [70] Q&A Session Summary Question: Capacity expansion with customer support - Management explained that customer agreements ensure access to differentiated materials, allowing flexibility in capacity allocation [29][30] Question: Airframe growth visibility - Management noted that airframe inventories are normalizing, with modest improvements in order rates expected in the second half of 2026 [32] Question: Breakdown of defense revenue - Management provided insights into defense revenue, indicating naval and missile segments are key growth drivers, with missile spending expected to increase significantly [38][39] Question: 2027 guidance update - Management expressed confidence in the 2027 guidance, indicating a bias towards the top end of the EBITDA margin percentage [44] Question: Share gains opportunities - Management highlighted opportunities for share gains in defense, jet engines, and specialty energy, driven by customer demand and operational capabilities [48] Question: Pricing outlook for exotic alloys - Management indicated that pricing assumptions for 2026 are based on current market conditions, with significant movements in specialty alloys considered [56] Question: Headcount plans for 2026 - Management stated that headcount will remain stable, with some open positions to support new capacity, leveraging the existing experienced workforce [90] Question: Isothermal forging growth - Management confirmed that isothermal forging is in high demand, with lead times extending and continued growth expected from all major engine OEMs [94]

Core Insights - Noble Mineral Exploration Inc. has signed a drill contract for the Thomas Rare Earth property near Timmins, Ontario, indicating a strategic move to explore rare earth elements in response to geopolitical interests [1][6]. Group 1: Project Overview - The Thomas Carbonatite is identified as a magnetic feature resembling a classic carbonatite, which is a primary source of rare earth elements, niobium, zirconium, and phosphate oxide [1][2]. - The magnetic structure has never been drilled and does not outcrop on the surface, making this drilling initiative significant for confirming the existence of a carbonatite and testing for economic mineralization [3]. Group 2: Exploration Funding - Noble has received a grant from the Ontario Junior Exploration Program, providing a 50% rebate on exploration programs up to $200,000 for a total exploration budget of $400,000 [4]. Group 3: Company Background - Noble Mineral Exploration Inc. is a junior exploration company based in Canada, holding mineral and exploration rights in approximately 70,000 hectares in Northern Ontario and 24,000 hectares in Quebec, with plans for joint venture exploration programs [7]. - The company has various interests in other projects, including Project 81, which hosts drill-ready targets for gold, nickel-cobalt, and base metals [9].

Core Insights - Dalaroo Metals has made significant discoveries at its Blue Lagoon project in Greenland, revealing a district-scale system rich in critical minerals such as zirconium, hafnium, and rare earth elements (REEs) across a 2.7km strike [1] - The initial exploration has shown all 113 samples to have anomalous values, indicating a promising new critical metals district [1] Zirconium and Hafnium Findings - The project has identified concentrations exceeding 2% zirconium oxide and 40 parts per million (ppm) hafnium oxide across the entire 2.7km strike, suggesting a well-mineralised target area [2] - Hafnium is essential for next-generation microchips and semiconductors due to its high dielectric constant, which allows it to store significantly more electrical charge than traditional silicon dioxide-based semiconductors [2] Hafnium Oxide Properties - Hafnium oxide has a dielectric constant approximately six times higher than silicon dioxide, leading to a more than 1,000-fold reduction in electron leakage through transistors compared to silicon dioxide [3] - The current indicative sale price for high-purity hafnium oxide is A$16,297/kg (approximately $10,924.3/kg), reflecting its advanced chemical properties and growing demand in high-tech applications [3] Rare Earth Elements (REEs) Results - The Blue Lagoon project has returned high-grade REE results, with elevated magnet rare earth oxides (REOs) encountered at the surface, particularly enriched in dysprosium and terbium [4] - The sampling has shown low uranium levels, with a maximum reading of 25ppm triuranium octoxide, which is below the 100ppm uranium threshold required for permitting in Greenland [4][5] Exploration Potential - The scale and consistency of rare earth, niobium, and zirconium anomalism over a ~2.7km strike, combined with low uranium and thorium levels, confirm a robust and regionally extensive critical minerals system [6] - Initial surface sampling results demonstrate grades comparable with early-stage results from globally recognized alkaline-hosted rare earth systems in Greenland, indicating a fertile mineral system with potential for further exploration [7]

Core Viewpoint - Critical Metals is experiencing significant volatility in its stock price despite reporting positive exploration results, indicating challenges in valuation and investor confidence [1][6]. Group 1: Company Developments - Critical Metals has discovered minable quantities of rare-earth elements such as yttrium, cerium, gallium, hafnium, zirconium, niobium, and tantalum at its Tanbreez Rare Earth Project in Greenland [1][3]. - The company plans to prepare a revised Mineral Resource Estimate and advance mine planning studies based on these findings, suggesting the deposits could represent a world-class critical minerals resource [3]. Group 2: Financial Overview - Critical Metals has a market capitalization of $1.1 billion, yet it generates less than $1 million in annual revenue and operates at a loss, with approximately $7.3 million in cash and a negative free cash flow of twice that amount annually [5][6]. - The stock has shown a significant price range over the past year, fluctuating between $1.23 and $32.15, highlighting its volatility [5]. Group 3: Investor Sentiment - The lack of clear financial metrics regarding development costs, timelines, and expected production volumes leaves investors with uncertainty, making it difficult to assess the stock's true value [3][6]. - The stock is characterized as a momentum play, attracting traders but posing challenges for serious investors who may find it hard to justify an investment [6].

Core Insights - Energy Fuels Inc. and Astron Limited have received a non-binding and conditional Letter of Support from Export Finance Australia for up to A$80 million in senior debt project financing for the Donald Rare Earth and Mineral Sands Project, which has a total funding requirement of A$520 million [1][12]. Project Financing - The Donald Project aims for a 50% debt-to-equity gearing ratio and is collaborating with other Export Credit Agencies and senior lenders to finalize the financing syndicate [1][3]. - The Letter of Support is contingent upon satisfactory completion of due diligence, including financial, technical, environmental, and social assessments [2]. Project Overview - The Donald Project is one of Australia's most advanced critical mineral projects, targeting the production of rare earth elements (REEs) to be processed at Energy Fuels' facility in the U.S. [4]. - Production is expected to commence as early as the second half of 2027, pending project financing and a positive final investment decision (FID) [4]. Production Capacity - Phase 1 of the Donald Project is projected to produce an average of 7.2 thousand tonnes per annum of Rare Earth Element Concentrate (REEC), including up to 1,000 tonnes of Neodymium-Praseodymium oxides, 92 tonnes of Dysprosium oxide, and 16 tonnes of Terbium oxides annually [6]. - The White Mesa Mill in Utah has the capacity to process all of the Phase 1 REEC production and produce separated rare earth oxides [6]. Market Impact - The heavy rare earths produced from the Donald Project are expected to meet approximately one-third of U.S. demand for Dysprosium and a quarter of U.S. demand for Terbium, which are critical for clean energy, defense, and advanced manufacturing industries [7]. Broader Financing Strategy - The financing strategy includes advanced engagement with government agencies and commercial banks to secure the remaining debt financing [9]. - A staged equity investment of up to A$183 million from Energy Fuels is planned, with A$45 million expected prior to FID and A$138 million post-FID [10]. Project Significance - The Donald Project features a total mineral resource of 1.81 billion tonnes and is expected to be a globally significant source of critical minerals, supporting technologies vital to clean energy and advanced manufacturing [14].

Core Points - Avalon Advanced Materials Inc. has canceled its special meeting of shareholders originally scheduled for October 7, 2025, due to not meeting quorum requirements [1][2] - The matter intended for discussion at the meeting, the adoption of a shareholder rights plan, will be addressed at a later date [2] - Proxies submitted for the canceled meeting will not be valid for any future meetings regarding the shareholder rights plan [2] Company Overview - Avalon Advanced Materials Inc. is a Canadian critical minerals company focused on developing strategic assets to support secure domestic supply chains and long-term economic growth [4] - The company is working on vertically integrating the Ontario lithium supply chain through the development of Lake Superior Lithium Inc., which will be Ontario's first midstream lithium hydroxide processing facility [4] - Avalon is advancing the Separation Rapids Lithium Project and continuing exploration at its Snowbank lithium and Lilypad lithium-cesium deposits [4] - The company is also progressing the Nechalacho Rare Earths and Zirconium Project, which contains various critical minerals used in advanced technologies [4]

Financial Data and Key Metrics Changes - The company reported a strong first quarter with EBITDA exceeding the midpoint by $20 million, achieving a margin of 22.4% [77][89] - The company anticipates margin expansion opportunities, targeting 24% for the year and aiming for 30% in the HPMC segment [89] Business Line Data and Key Metrics Changes - Aerospace and Defense (A&D) now accounts for approximately 65% of total revenue, with energy, medical, and electronics contributing to about 80% [3][25] - Jet engines represent about 37% of revenues, with sales up 35% in Q1, and the aftermarket is expected to remain between 30% to 50% of jet engine revenues [5][21] Market Data and Key Metrics Changes - The company is experiencing strong demand across various markets, including aerospace, defense, and energy, with significant growth opportunities identified [25][26] - The company has secured a new five-year contract worth $1 billion with Airbus, bringing it to parity with Boeing [20][41] Company Strategy and Development Direction - The company has exited low-margin and commodity businesses, focusing on advanced materials and forgings to support growth in aerospace and defense [2][4] - The company is investing in new technologies, including a patent-pending nickel melting process aimed at eliminating defects, which will enhance its competitive position [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in aerospace and defense, citing strong demand and the potential for continued growth in MRO activities [18][21] - The company is well-positioned to meet future demand, with plans to increase capacity and improve productivity [8][25] Other Important Information - The company is one of only two suppliers for certain advanced materials, which provides a competitive advantage in the market [25][60] - The company has established long-term agreements with customers that extend to 2040, allowing for flexibility in pricing and material fluctuations [55][58] Q&A Session Summary Question: How do you see the year unfolding in Q2 and beyond? - Management anticipates continued strong performance in Q2, with evaluations for full-year guidance to occur after the second quarter [78][84] Question: What is the impact of tariffs on the business? - The tariff impact is minimal from a cost standpoint, with effective pass-through mechanisms in place [81][84] Question: What are the capital investment priorities for the next few years? - The company is focusing on titanium and nickel investments, as well as increasing production capacity for zirconium and hafnium [95][96] Question: How does the company plan for capacity needs in the long term? - The company engages in discussions with customers to align capital investments with anticipated demand, typically planning for a five-year horizon [66][70]