EMAT

Executed on the delivery of a defense-grade, non-China rare earth magnet supply chain: became one of the only known commercial-scale producers with OEM-qualified NdFeB magnet grades and took delivery of the first non-China NdPr metal shipment ahead of the January 1, 2027 DFARS deadline and the July 20, 2026 Executive Order on Securing America’s Defense Supply Chains Launched $100 million financing facility and progressed binding purchase orders for ULVAC sintered magnet production equipment scheduled for November 2026 delivery, supporting the Company’s targeted scale-up to approximately 10,000 metric tons of annual rare earth magnet production capacity Subsequent to quarter-end, strengthened senior leadership with the appointment of Kenji Konishi, former Vice President and Chief Technology Officer of JL MAG Rare Earth, as Head of Magnet Engineering Production, and appointed four-star U.S. Air Force General Thomas A. Bussiere (Ret.), former Commander of Air Force Global Strike Command, to the Board of Directors MIAMI, FL, Aug. 17, 2026 (GLOBE NEWSWIRE) -- Evolution Metals & Technologies Corp. (“EM&T” or the “Company”) (Nasdaq: EMAT), a U.S.-based critical materials and advanced manufacturing company focused on continuing to build a secure, vertically integrated supply chain for rare earth permanent magnets, battery materials, and related critical technologies, today reported financial results for the three and six months ended June 30, 2026 and provided a corporate update on recent operational progress and business developments. David Wilcox, Executive Chairman of EM&T, stated: “Q2 was a defining quarter for EM&T as we continued to execute on all fronts of our commercial-scale, non-China rare earth magnet platform ahead of the January 1, 2027 DFARS deadline restricting Chinese-origin rare earth magnets in U.S. defense systems. During the quarter we brought the first shipment of non-China NdPr metal into commercial magnet production, secured OEM qualifications across six high-performance NdFeB grades, and kept our ULVAC sintered-magnet equipment plan on schedule for November 2026 delivery that we expect will bring us to approximately 10,000 metric tons of annual rare earth magnet production capacity by year-end. Subsequent to quarter-end, we also welcomed a retired four-star general to our board who spent his career operating the very platforms that depend on the magnets we make. The July 20, 2026 Executive Order on Securing America’s Defense Supply Chains and the August 13, 2026 White House tariff action on drones and their critical components confirm the strategic direction of the platform we have been building for eighteen years: a Western-aligned rare earth magnet supply chain purpose-built to serve the U.S. defense industrial base and its allies. We expect the pace of execution to continue accelerating through the second half.” Recent Corporate and Business Highlights Continued commercial-scale rare earth magnet production: During the second quarter, the Company continued the commercial-scale production and sale of bonded and sintered rare earth permanent magnets through its consolidated operating subsidiaries, building on more than eighteen years of operating history serving global OEM customers across the automotive, consumer electronics, defense, and industrial sectors. The Company’s grade 42SH sintered magnets remain in commercial production, and its grade 48SH high-performance sintered magnets remain in the final stages of customer quality certification. Validated commercial-scale, non-China rare earth magnet supply capability: On June 11, 2026, the Company’s subsidiaries completed OEM qualification with two Tier-1 electronics OEMs across six NdFeB magnet grades - N48M, N50M, N42H, N45H, N35SH and N46SH - validating commercial-scale, non-China supply of high-performance rare earth permanent magnets ahead of the January 1, 2027 DFARS 252.225-7052 deadline. The Company believes this positions EM&T among a very limited group of producers globally, and one of the only known Western producers, capable of delivering OEM-certified NdFeB magnets at commercial scale on the timeline required by the U.S. defense industrial base. Executed non-China NdPr feedstock supply arrangement and received first shipment: On May 29, 2026, the Company entered into a bulk-supply agreement with Senri Trading Co., Ltd. for neodymium-praseodymium (NdPr) metal produced entirely outside of China by SRE Vietnam, a wholly owned subsidiary of Japan’s Tokai Trading Co., Ltd. Subsequent to quarter-end, on July 22, 2026, the Company received the first five-metric-ton shipment — to the Company’s knowledge, the first commercial shipment of non-China NdPr metal received by a U.S.-listed producer for use in DFARS-compliant magnet manufacturing. $100 million convertible debenture facility with Yorkville Advisors Global: On May 7, 2026, the Company entered into a Securities Purchase Agreement with YA II PN, Ltd., a fund managed by Yorkville Advisors Global, LP, providing for the issuance and sale of convertible debentures in an aggregate principal amount of up to $100.0 million. The Company issued a first convertible debenture of $20.0 million on May 7, 2026 and, subsequent to quarter-end, a second convertible debenture of $5.775 million on July 14, 2026, with up to an additional $74.2 million available in subsequent tranches. The Company intends to use the proceeds to fund the buildout of its expanded rare earth magnet production capacity, including the ULVAC-supplied equipment described below, and for general corporate purposes. Progressed ULVAC binding equipment supply contracts: On May 13, 2026, the Company entered into binding equipment supply contracts with ULVAC Korea, Ltd., a subsidiary of ULVAC, Inc. — widely regarded as the global standard-setter for sintered NdFeB magnet production technology — covering thirteen high-performance sintered rare earth magnet production machines, with delivery and installation scheduled by November 2026. Upon commissioning, the Company expects the expansion to increase its annual rare earth magnet production capacity to approximately 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets, positioning EM&T among the largest planned producers of rare earth permanent magnets outside of China ahead of the January 1, 2027 DFARS 252.225-7052 effective date. Continued alignment with an intensifying U.S. industrial policy environment: On July 20, 2026, the President of the United States issued an Executive Order titled “Securing America’s Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials,” which the Company believes sharpens enforcement of the existing DFARS 252.225-7052 rule by ending routine waivers and requiring formal mitigation plans for exceptions. Just recently, on August 13, 2026, the White House also announced tariff action on drones and drone components - including tariffs of up to 100% on non-allied imports of larger drones and their critical components - which the Company believes reinforces demand for domestic, non-China rare earth permanent magnet supply, given the fundamental dependence of drone motors, gimbals and actuators on high-performance NdFeB magnets. Together with the January 14, 2026 Section 232 Proclamation identifying rare earth permanent magnets as “vital to nearly all electronics and vehicles,” the approximately $12 billion Project Vault Strategic Critical Minerals Reserve, and the April 17, 2026 U.S.-Korea Critical Minerals Framework, these actions reinforce EM&T’s strategic positioning as a commercial-scale, non-China source of high-performance rare earth permanent magnets ahead of the January 1, 2027 DFARS effective date. Strengthened senior operating leadership and governance: Subsequent to quarter-end, on August 10, 2026, the Company appointed Kenji Konishi as Head of Magnet Engineering Production, together with a core team of senior Japanese magnet-manufacturing veterans. Mr. Konishi joins EM&T from JL MAG Rare Earth Co., Ltd., where he served as Vice President and Chief Technology Officer and oversaw annual revenue growth from approximately $115 million in 2015 to approximately $318 million in 2020, and previously founded and led JL MAG Japan. His expertise spans sintered NdFeB, bonded and SmCo magnet systems, from alloy design through mass production. On August 12, 2026, the Company appointed retired U.S. Air Force four-star General Thomas A. Bussiere (Ret.), former Commander of Air Force Global Strike Command, as an independent director. Frank Moon, Chief Executive Officer of EM&T, added: “In the second quarter, we executed on the operational commitments we made in Q1. OEM qualification across six NdFeB grades is not marketing language, it is a gating step for defense-prime and Tier-1 electronics customers, and it takes years of magnet chemistry and process discipline to achieve. In parallel, our ULVAC equipment schedule remains on track for November 2026 delivery, and we received our first shipment of non-China NdPr metal into our production process. Equipment and financing get you a factory; operators get you a magnet business. That is why, subsequent to quarter-end, we recruited Kenji Konishi, former Vice President and Chief Technology Officer of JL MAG Rare Earth, and a core group of senior Japanese magnet-manufacturing veterans, alongside our existing 42-engineer, 11-PhD operating team. We believe EM&T will be producing at an annual rate of approximately 10,000 metric tons of rare earth magnets before the end of 2026, and we are focused on converting the near-term OEM and defense-prime pipeline into contracted volume.” Financial Highlights for the Three and Six Months Ended June 30, 2026 Adjusted Net Loss (Non-GAAP). Adjusted Net Loss was $13.6 million, or $(0.02) per basic and diluted share, for the three months ended June 30, 2026, compared with $7.4 million, or $(0.02) per basic and diluted share, for the three months ended June 30, 2025. Adjusted Net Loss was $28.6 million, or $(0.05) per basic and diluted share, for the six months ended June 30, 2026, compared with $10.0 million, or $(0.02) per basic and diluted share, for the six months ended June 30, 2025. Net Loss. Net loss for the three months ended June 30, 2026 was $11.9 million, or $(0.02) per basic and diluted share, compared with a net loss of $40.9 million, or $(0.09) per basic and diluted share, for the three months ended June 30, 2025. Net loss for the six months ended June 30, 2026 was $452.2 million, or $(0.73) per basic and diluted share, compared with a net loss of $58.9 million, or $(0.13) per basic and diluted share, for the six months ended June 30, 2025. The six-month net loss is materially affected by the $425.2 million non-cash charge recorded in the first quarter of 2026 relating to the change in fair value of the July Investment Agreement Derivative and the CPU Share Allocation Obligation, both of which were pre-combination financial instruments that were remeasured at the January 5, 2026 closing date, settled at closing, and are not expected to recur in future periods. The Company’s second quarter results were not materially affected by these instruments. Revenue and Gross Profit. Revenue was $1.6 million for the three months ended June 30, 2026, compared with none for the three months ended June 30, 2025. Revenue was $3.5 million for the six months ended June 30, 2026, compared with none for the six months ended June 30, 2025. The Company recognized a gross loss of $0.1 million for the three months ended June 30, 2026 and gross profit of $0.3 million for the six months ended June 30, 2026, in each case reflecting commercial pricing at the Company’s operating subsidiaries during a period in which the Company continued to prioritize magnet qualification, OEM engagement and preparation for the material capacity expansion described above. The Company did not recognize revenue or gross profit for the corresponding prior-year periods, prior to the consolidation of the operating subsidiaries in connection with the January 2026 Business Combination. Operating Expenses. Selling, general and administrative (“SG&A”) expenses for the three months ended June 30, 2026 were $12.1 million, compared with $2.9 million for the three months ended June 30, 2025. SG&A expenses for the six months ended June 30, 2026 were $28.2 million, compared with $5.7 million for the six months ended June 30, 2025. The year-over-year increase reflects (i) the consolidation of the Company’s operating subsidiaries following the January 2026 Business Combination and (ii) public company, transaction and post-combination integration costs. Sequentially, SG&A expenses for the second quarter of 2026 were lower than the first quarter of 2026, as certain one-time transaction and public company readiness costs incurred during the first quarter did not recur. Operating Loss. Operating loss for the second quarter of 2026 was $12.2 million, compared with an operating loss of $2.9 million for the second quarter of 2025. Operating loss for the six months ended June 30, 2026 was $27.8 million, compared with an operating loss of $5.7 million for the six months ended June 30, 2025. The change year-over-year reflects the increase in SG&A described above, partially offset by gross profit generated by the operating subsidiaries during the current-year period. Change in Fair Value of Financial Instruments. The Company recognized a non-cash gain of $1.7 million during the three months ended June 30, 2026 related to the change in fair value of the convertible debentures issued under the Yorkville facility. For the six months ended June 30, 2026, the Company recognized a non-cash charge of $423.6 million, substantially all of which was recorded in the first quarter of 2026 in connection with the pre-combination July Investment Agreement Derivative ($234.7 million) and CPU Share Allocation Obligation ($190.5 million), both of which were remeasured at the January 5, 2026 closing date, settled at closing, and are not expected to recur. These amounts are non-cash and do not affect the Company’s operating results or cash position. About Evolution Metals & Technologies Corp.Evolution Metals & Technologies Corp. (Nasdaq: EMAT) is a U.S.-based critical materials and advanced manufacturing company for rare earth permanent magnets, battery materials, and related critical minerals and technologies. By leveraging proven commercial-scale operations, advanced processing technologies, and strategic partnerships, EM&T operates what it believes is the only vertically integrated critical materials supply chain spanning end-of-life electronics and batteries, high-grade concentrates, and the manufacture of finished rare earth magnets (including high-performance rare earth magnets) and battery materials. For additional information, please visit https://investors.evolution-metals.com and follow the Company on LinkedIn. Non-GAAP Financial MeasuresThis press release includes certain non-GAAP financial measures, including Adjusted Net Loss and Adjusted Net Loss per share (basic and diluted). Adjusted Net Loss is defined as GAAP net loss adjusted to exclude the change in fair value of financial instruments. Adjusted Net Loss per share (basic and diluted) is defined as Adjusted Net Loss divided by weighted average basic and diluted shares outstanding for the applicable period. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company believes that the non-GAAP financial measures presented in this press release provide useful supplemental information to management and investors by isolating the impact of certain non-cash and non-recurring items, including the change in fair value of financial instruments described above. Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding EM&T’s plans, objectives, expectations, projections, strategies, anticipated production capacity, expansion plans, customer qualifications and certifications, machine delivery and commissioning timelines, competitive positioning, non-China feedstock sourcing arrangements and expected delivery volumes, compliance with DFARS 252.225-7052, the July 20, 2026 Executive Order “Securing America’s Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials,” and the August 13, 2026 White House tariff action on drones and their critical components, the Company’s ability to serve as a compliant supplier to U.S. defense prime contractors and their subcontractors under the mitigation-plan framework, the Company’s capital-formation activities, the availability and timing of tranches under the Yorkville convertible debenture facility, the Company’s ability to continue as a going concern, the expected contributions of recently appointed directors and senior management, and commercial operations. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to statements regarding future business strategy, production capacity, plans and goals, competitive strengths, and expansion and growth of our business. These forward-looking statements, along with terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should,” “believes,” “positioned,” and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those risks include risks related to changes in our operations; uncertainties concerning estimates and projections; industry-related risks; the commercial success of, and risks related to, our development activities; uncertainties and risks related to our reliance on contractors, equipment suppliers, and consultants; risks related to key personnel retention and the integration of newly hired personnel and teams, including the integration of Mr. Konishi and other recently appointed senior operating personnel; risks related to customer qualification and certification timelines and outcomes; risks related to customer concentration and customer relationships; risks related to the interpretation, enforcement, amendment, or repeal of DFARS 252.225-7052, the July 20, 2026 Executive Order, the August 13, 2026 White House tariff action on drones and their critical components, and related U.S. Government regulations; risks related to non-China feedstock sourcing, including timing and volume of deliveries under supply arrangements; risks related to defense contractor customer qualification under mitigation-plan frameworks and traceability documentation requirements; risks that the Company’s competitive positioning as a compliant supplier may not materialize as expected; risks related to machine delivery schedules, commissioning timelines, and production ramp-up; risks relating to the Company’s liquidity, its ability to continue as a going concern, and its ability to raise additional capital on acceptable terms or at all; risks related to the conversion mechanics, registration requirements, and other terms of the Yorkville convertible debenture facility; and risks that future U.S. industrial policy actions or changes thereto may not benefit the Company in the manner currently expected. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. While these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this press release, those results, performance, or achievements may not be indicative of results, performance, or achievements in later periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this press release speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments unless required by law. Additional information concerning these and other factors that may impact EM&T’s expectations and projections can be found in filings it makes with the SEC, including the Annual Report on Form 10-K of EM&T for the year ended December 31, 2025 filed with the SEC on February 20, 2026 and the Quarterly Report on Form 10-Q of EM&T for the three and six months ended June 30, 2026 to be filed with the SEC, in each case including the disclosures under “Risk Factors” therein, and other documents filed or to be filed with the SEC by EM&T. SEC filings are available on the SEC’s website at www.sec.gov. Investor Relations Contacts Judith McGarryEvolution Metals & Technologies [email protected] Arx Investor RelationsNorth American Equities [email protected] EVOLUTION METALS & TECHNOLOGIES CORP.CONDENSED CONSOLIDATED BALANCE SHEETS(U.S. dollars in thousands, except share and per share data) * Par value of common stock, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization discussed in Note 3. EVOLUTION METALS & TECHNOLOGIES CORP.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(U.S. dollars in thousands, except share and per share data) EVOLUTION METALS & TECHNOLOGIES CORP.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(U.S. dollars in thousands) EVOLUTION METALS & TECHNOLOGIES CORP.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES(U.S. dollars in thousands, except share and per share data) * Represents change less than $(0.01) per share.

Form 10-Q Filed May 22, 2026; Nasdaq Has Confirmed Compliance and Closed the Matter MIAMI, FL, May 26, 2026 (GLOBE NEWSWIRE) -- Evolution Metals & Technologies Corp. (“EM&T” or the “Company”) (Nasdaq: EMAT), a U.S.-based critical materials and advanced manufacturing company focused on building a secure, vertically integrated supply chain for rare earth permanent magnets, battery materials, and related critical technologies, today announced that it received a notice (the “Notice”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that as it had not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2026 (the “Form 10-Q”), the Company no longer complies with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). The Company previously filed a Form 12b-25 with the SEC on May 15, 2026, disclosing that it was unable to file the Form 10-Q within the prescribed time period without unreasonable effort or expense. The Notice had no immediate effect on the listing of the Company’s common stock. The Company filed the Form 10-Q on May 22, 2026, thereby curing the deficiency described in the Notice. On May 26, 2026, the Company received notice from Nasdaq that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) and that the matter is now closed. About Evolution Metals & Technologies Corp.Evolution Metals & Technologies Corp. is a U.S. based critical materials and advanced manufacturing company listed on Nasdaq (EMAT). EMAT is focused on building a secure supply chain for rare earth permanent magnets, battery materials, and related critical technologies, leveraging proven commercial-scale operations, advanced processing technologies, and strategic partnerships. EM&T operates what it believes is the only known vertically stacked critical materials supply chain spanning from end-of-life electronics and batteries, as well as high-grade concentrates, through the manufacture of finished rare earth magnets, including high-performance rare earth magnets, and battery materials. For additional information, please visit https://investors.evolution-metals.com. Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding EMAT’s plans, objectives, expectations, projections, strategies, anticipated production capacity, expansion plans, machine delivery timelines, competitive positioning, and commercial operations. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to statements regarding future business strategy, production capacity, plans and goals, competitive strengths, and expansion and growth of our business. These forward-looking statements, along with terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should,” “believes,” “positioned,” and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those risks include risks related to changes in our operations; uncertainties concerning estimates and projections; industry-related risks; the commercial success of, and risks related to, our development activities; uncertainties and risks related to our reliance on contractors, equipment suppliers, and consultants; and risks related to machine delivery schedules, commissioning timelines, and production ramp-up. Those statements include statements regarding the intent, belief, or current expectations of EMAT and its management, as well as the assumptions on which such statements are based. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. While these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this press release, those results, performance, or achievements may not be indicative of results, performance, or achievements in later periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this press release speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments unless required by law. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks related to execution, financing, regulatory approvals, equipment delivery, and market conditions. Additional information concerning these and other factors that may impact EMAT’s expectations and projections can be found in filings it makes with the SEC, including the Annual Report on Form 10-K of EMAT for the year ended December 31, 2025 filed with the SEC on February 20, 2026 and the Report on Form 10-Q of EMAT for the three months ended March 31, 2026 filed with the SEC on May 22, 2026, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by EMAT. SEC filings are available on the SEC’s website at www.sec.gov. Investor Relations Contact:Judith McGarryEvolution Metals & Technologies [email protected] Arx Investor RelationsNorth American Equities [email protected]

EM&T now positioned as the only U.S.-listed company outside China with proven, commercial-scale production of rare earth permanent magnets, including high-performance grades, building on more than eighteen years of operating history Subsequent to quarter-end, secured binding purchase orders for thirteen ULVAC sintered rare earth magnet production machines, representing more than a full year of ULVAC’s planned global Western output, expected to scale annual rare earth magnet production capacity to approximately 10,000 metric tons by November 2026, ahead of the January 1, 2027 DFARS deadline restricting Chinese-origin rare earth magnets in U.S. defense systems Operating against a strongly aligned U.S. industrial policy backdrop, including the Trump administration’s January 2026 Section 232 Proclamation identifying rare earth permanent magnets as “vital to nearly all electronics and vehicles” and the February 2026 launch of the $12 billion Project Vault Strategic Critical Minerals Reserve MIAMI, FL, May 22, 2026 (GLOBE NEWSWIRE) -- Evolution Metals & Technologies Corp. (“EM&T” or the “Company”) (Nasdaq: EMAT), a U.S.-based critical materials and advanced manufacturing company focused on building a secure, vertically integrated supply chain for rare earth permanent magnets, battery materials, and related critical technologies, today reported financial results for the three months ended March 31, 2026 and provided a corporate update on recent operational progress and business developments. David Wilcox, Executive Chairman of EM&T, stated: “The first quarter of 2026 was a foundational transition for the Company. We successfully completed our transition to being a public company and began trading on  Nasdaq, bringing into a single public-company platform more than eighteen years of commercial-scale rare earth permanent magnet production serving global OEM customers. Subsequent to quarter-end, we secured a significant capital injection and immediately executed binding purchase orders for thirteen ULVAC sintered magnet production machines that, in our view, place EM&T on a credible path to deliver high-performance rare earth permanent magnets at the scale required by the U.S. defense industrial base ahead of the January 1, 2027 DFARS deadline. We are further encouraged by the positive policy tailwinds including the Trump administration’s January 2026 Section 232 Proclamation and February 2026 launch of Project Vault which we believe further underscore the strategic importance of building a vertically integrated, recycling-led U.S. critical materials supply chain, covering rare earth permanent magnets and battery materials, outside of China. We expect the pace of execution to accelerate from here.” Recent Corporate and Business Highlights Continued commercial-scale rare earth magnet production: During the quarter, the Company continued the commercial production and sale of bonded and sintered rare earth permanent magnets through its consolidated operating subsidiaries, building on more than eighteen years of operating history serving global OEM customers across the automotive, consumer electronics, defense, and industrial sectors. The Company’s grade 42SH sintered magnets remain in commercial production, with grade 48SH high-performance sintered magnets in the final stages of customer quality certification. The existing operating platform serves as the operational and technical foundation for the Company’s planned U.S. industrial campus expansion. Advanced commercial and strategic discussions in support of the U.S. industrial campus buildout: Throughout the first quarter, management progressed commercial discussions, supplier relationships, and customer engagements in support of the Company’s planned U.S. industrial campus, designed to scale total annual rare earth permanent magnet production capacity to approximately 55,000 metric tons, including approximately 47,000 metric tons of high-performance sintered magnets. The U.S. industrial campus is also designed to incorporate battery materials production, including precursor cathode active materials, in support of growing North American electric vehicle and energy storage demand. The Company expects to announce additional commercial and strategic milestones in the coming quarters as these workstreams mature. Began Trading on Nasdaq; a strategic foundation for capital formation and commercial scaling: On January 6, 2026, EM&T began trading on Nasdaq Global Market under the ticker “EMAT”. The Company believes the public-company platform established at the start of the quarter provided the foundation, capital markets access, and visibility required to execute on the Company’s strategy of becoming the largest planned producer of rare earth permanent magnets outside of China. $100 million convertible debenture facility with Yorkville Advisors Global: Subsequent to the end of the quarter, on May 7, 2026, the Company entered into a Securities Purchase Agreement with YA II PN, Ltd., a fund managed by Yorkville Advisors Global, LP, providing for the issuance and sale of convertible debentures in an aggregate principal amount of up to $100 million. The Company intends to use the proceeds to accelerate the expansion of its commercial operations, including the intended scaling of annual rare earth magnet production capacity through the integration of the ULVAC equipment described below and the broader buildout of its planned U.S. industrial campus. Binding purchase orders for thirteen ULVAC sintered rare earth magnet production machines: Subsequent to the end of the quarter, on May 13, 2026, the Company entered into binding purchase orders with ULVAC Korea, Ltd., a subsidiary of ULVAC, Inc.-widely regarded as the global standard-setter for sintered NdFeB magnet production technology- for thirteen high-performance sintered rare earth magnet production machines, with scheduled delivery and installation by November 2026. Upon commissioning, the Company expects this expansion to increase its annual rare earth magnet production capacity to approximately 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. The Company believes this scale-up will position EM&T to become the largest planned producer of rare earth permanent magnets outside of China and a strategic supplier to U.S. defense, automotive, wind energy, robotics, and advanced manufacturing customers ahead of the January 1, 2027 effective date of DFARS 252.225-7052, the U.S. Department of Defense rule restricting the use of Chinese-origin rare earth magnets in covered defense systems. Supportive U.S. industrial policy environment for domestic rare earth and critical materials producers: During and immediately following the first quarter, the Trump administration took multiple actions that the Company believes underscore the strategic importance of, and capital tailwinds available to, the domestic critical materials supply chain. On January 14, 2026, the President of the United States issued Proclamation 11001 under Section 232 of the Trade Expansion Act of 1962, adjusting imports of processed critical minerals and their derivative products, including rare earth permanent magnets, and directing the Secretary of Commerce and the United States Trade Representative to negotiate agreements addressing national security risks arising from foreign supply concentration. Proclamation 11001 states that “rare earth permanent magnets — a derivative product of processed critical minerals — are used in and vital to nearly all electronics and vehicles.” On February 2, 2026, the Export-Import Bank of the United States, in coordination with the White House, announced Project Vault, the U.S. Strategic Critical Minerals Reserve, supported by a Direct Loan of up to $10 billion from EXIM and approximately $2 billion of private capital. On April 17, 2026, the United States and the Republic of Korea finalized the U.S.-Korea Critical Minerals Framework in Washington, reinforcing the strategic relevance of the Company’s Korean operating platform and planned U.S. industrial campus. The Company believes these actions, alongside the January 1, 2027 effective date of DFARS 252.225-7052, reinforce the strategic positioning of EM&T’s planned U.S. industrial campus and its existing commercial-scale rare earth magnet operations. Frank Moon, Chief Executive Officer of EM&T, added: “The first quarter was the quarter where we set the table. We finished the merger, resulting in the Company  trading on Nasdaq, and consolidated the operating subsidiaries that already have nearly two decades of commercial-scale rare earth magnet production behind them, while in parallel pushing forward the commercial conversations and supplier relationships that allowed us to move so decisively in May with Yorkville and ULVAC. The ULVAC binding purchase order would not have been possible without the decade-plus of relationship-building my engineering team brings to the table, but it also would not have been deliverable on this timeline without the public-company platform and capital base we put in place in the first quarter. With our team of 42 engineers and 11 PhDs, and with more than 30 years of experience making magnets and processing materials, we believe we will be producing at an annual rate of 10,000 tons of magnets before the end of 2026.” Financial Highlights for the Three Months Ended March 31, 2026 Adjusted Net Loss (Non-GAAP). Adjusted Net Loss was $15.1 million, or $(0.02) per basic and diluted share, for the three months ended March 31, 2026, compared with $2.5 million, or $(0.01) per basic and diluted share, for the three months ended March 31, 2025.1 Net Loss. Net loss for the three months ended March 31, 2026 was $440.3 million, or $(0.72) per basic and diluted share, compared with a net loss of $18.0 million, or $(0.04) per basic and diluted share, for the three months ended March 31, 2025. Gross Profit. Gross profit for the first quarter of 2026 was $0.4 million, representing a gross margin of approximately 24%, reflecting commercial pricing at the Company’s operating subsidiaries and the limited consolidated reporting period. Operating Expenses. Selling, general and administrative ("SG&A") expenses for the three months ended March 31, 2026 were $16.1 million, compared with $2.8 million for the three months ended March 31, 2025. The increase reflects (i) the consolidation of the Company's operating subsidiaries, (ii) approximately $1.5 million of corporate-level SG&A expenses paid by a related-party entity for the benefit of the Company, and (iii) one-time public-company, transaction, and post-combination integration costs incurred during the Company's first quarter as a Nasdaq-listed entity. Operating Loss. Operating loss for the first quarter of 2026 was $15.7 million, compared with an operating loss of $2.8 million for the first quarter of 2025. Change in Fair Value of Financial Instruments. The Company recognized a non-cash charge of $425.2 million in the three months ended March 31, 2026 related to the change in fair value of the July Investment Agreement Derivative ($234.7 million) and the CPU Share Allocation Obligation ($190.5 million). Both instruments were created prior to the business combination, were remeasured at fair value at the January 5, 2026 closing date based on the Company’s closing share price, and were settled and de-recognized at closing. These charges are non-cash, are not expected to recur in future periods, and do not affect the Company’s ongoing operating results or cash position. About Evolution Metals & Technologies Corp.Evolution Metals & Technologies Corp. is a U.S.-based critical materials and advanced manufacturing company listed on Nasdaq (EMAT). EM&T is focused on building a secure, non-China-dependent supply chain for rare earth permanent magnets, battery materials, and related critical technologies, leveraging proven commercial-scale operations, advanced processing technologies, and strategic partnerships. EM&T operates what it believes is the only known vertically stacked critical materials supply chain spanning from end-of-life electronics and batteries, as well as high-grade concentrates, through the manufacture of finished rare earth magnets, including high-performance rare earth magnets, and battery materials. For additional information, please visit https://investors.evolution-metals.com. Non-GAAP Financial MeasuresThis press release includes certain non-GAAP financial measures, including Adjusted Net Loss and Adjusted Net Loss per share (basic and diluted). Adjusted Net Loss is defined as GAAP net loss adjusted to exclude the change in fair value of financial instruments. Adjusted Net Loss per share (basic and diluted) is defined as Adjusted Net Loss divided by weighted average basic and diluted shares outstanding for the applicable period. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions, and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company believes that the non-GAAP financial measures presented in this press release provide useful supplemental information to management and investors by isolating the  impact of certain non-cash and non-recurring items, including the change in fair value of financial instruments described above. Cautionary Note Regarding Forward-Looking StatementsThis press release may contain forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding EMAT’s plans, objectives, expectations, projections, strategies, anticipated production capacity, expansion plans, machine delivery timelines, equipment commissioning, capital-raising plans, the Company’s ability to continue as a going concern, the use of proceeds from the Yorkville convertible debenture facility, the timing and outcomes of commercial and strategic discussions, the impact of U.S. industrial policy actions on the Company, the Company’s competitive positioning, and commercial operations. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to statements regarding future business strategy, production capacity, plans and goals, competitive strengths, and expansion and growth of our business. These forward-looking statements, along with terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should,” “believes,” “positioned,” and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those risks include risks related to changes in our operations; uncertainties concerning estimates and projections; industry-related risks; the commercial success of, and risks related to, our development activities; uncertainties and risks related to our reliance on contractors, equipment suppliers, and consultants; risks related to machine delivery schedules, commissioning timelines, and production ramp-up; risks relating to the Company’s liquidity and its ability to raise additional capital on acceptable terms or at all; risks related to the conversion mechanics, registration requirements, and other terms of the Yorkville convertible debenture facility; and risks that future U.S. industrial policy actions or changes thereto may not benefit the Company in the manner currently expected. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. While these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this press release, those results, performance, or achievements may not be indicative of results, performance, or achievements in later periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this press release speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments unless required by law. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks related to execution, financing, regulatory approvals, equipment delivery, and market conditions. Additional information concerning these and other factors that may impact EMAT’s expectations and projections can be found in filings it makes with the SEC, including the Annual Report on Form 10-K of EMAT filed with the SEC on February 20, 2026 and the Quarterly Report on Form 10-Q for the three months ended March 31, 2026 to be filed with the SEC, in each case including the disclosures under “Risk Factors” therein, and other documents filed or to be filed with the SEC by EMAT. SEC filings are available on the SEC’s website at www.sec.gov. Investor Relations Contacts Judith McGarryEvolution Metals & Technologies [email protected] Arx Investor RelationsNorth American Equities [email protected] EVOLUTION METALS & TECHNOLOGIES CORP.CONDENSED CONSOLIDATED BALANCE SHEETS(U.S. dollars in thousands, except share and per share data) * Par value of common stock, additional paid-in capital and share data have been retroactively restated to give effect to the reverse recapitalization that is discussed in Note 3 to the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026.EVOLUTION METALS & TECHNOLOGIES CORP.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(U.S. dollars in thousands, except share and per share data) EVOLUTION METALS & TECHNOLOGIES CORP.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(U.S. dollars in thousands) EVOLUTION METALS & TECHNOLOGIES CORP.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(U.S. dollars in thousands, except per share data; unaudited) * Differences in per-share reconciliation due to rounding. 1 Adjusted Net Loss is a non-GAAP financial measure that excludes the non-cash change in fair value of financial instruments described above. See "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.