• Exceptional beneficiation result: FJH process increased TREO from 1.7% to 35.0% (~20× upgrade) in a single step flash
• Binding exclusive project rights: Metallium granted exclusive rights to apply FJH to all Harts Range ore and concentrates for at least 10 years
• Disruptive business model: Metallium's operating model requires no mining capital, with revenue generated through licensing fees and royalties

Metallium Ltd has announced a major step forward in establishing a Western heavy-rare-earth refining pathway through a new collaboration with New Frontier Minerals Ltd. Early testwork using Metallium's proprietary Flash Joule Heating (FJH) technology on material from NFM's Harts Range Project in the Northern Territory of Australia delivered exceptional enrichment in dysprosium (Dy) and terbium (Tb), two of the rarest and most strategic rare-earth elements. Metallium has simultaneously secured exclusive, project-linked rights to apply FJH to all future Harts Range material, reinforcing the Company's leadership in advanced rare-earth refining technology. The FJH process increased the total rare-earth oxide (TREO) content from ~1.7% to ~35% in a single step, representing a ~20× upgrade. Key heavy REEs Dy and Tb, and magnet REE Nd concentrations increased significantly, with Dy upgraded 53× and Tb upgraded 21×. The agreement provides Metallium with a high-margin, low-risk commercial model, as the Company is not required to fund or operate any mining activities, yet benefits from every tonne of Harts Range material that enters the market through licensing fees and royalties. This structure positions Metallium as a gatekeeper for heavy-rare-earth refining in the Western supply chain.

Metallium is currently modelling the next phase of optimisation, including additional FJH treatment and post-sample processing for increased recoveries. The Company is also generating Dy/Tb-rich 'super-concentrate' samples and delivering them to prospective U.S. magnet and defence customers for qualification, with the aim of delivering a commercial term-sheet for offtake or tolling by Q3-2026.