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25th June 2014

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• Electrolysis process’ are regarded as highly efficient

• Relatively low temperature operation and lower energy consumption

• Inexpensive components for electrolysis – cheap, readily available salt and carbon

• No toxic gases used

• Powder feed to powder product

Background – simple, highly cost effective, greener process

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Elements being scaled up

Elements demonstrated in pure form

Elements that are possible to produce

Background - disruptive impact across periodic table

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Background - Metalysis’ process is not constrained by melting routes Most alloys today are made by melting the constituents together

However, melting constraints include density, melting point and boiling point differences

E.g. Titanium is normally only alloyed with 12 elements (4 have limits)

The Metalysis solid state process can produce innovative and conventional alloys

Indium

Magnesium

Aluminium

Neodymium

Beryllium

Gadolinium

Dysprosium

Nickel

Scandium

Titanium

Rhodium

Hafnium

Ruthenium

Molybdenum

Rhenium

Tungsten

90 Ti-10 Mo70 Ti-30 Ta

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Background – initial focus on two core products

• Metalysis has chosen to focus initially on two metals, tantalum and titanium• Tantalum is the initial entry market as it is specialist, low volume and high margin• Titanium is a larger market which could be transformed by the introduction of a low-cost production

process

PHASE 1:• High value metal - annual volumes of 2,500

tonnes in a market worth over $2 billion• Powder prices range from $500 – 2,000/kg• Mainly produced by the Hunter process • Substantial margin opportunities – a viable

business in its own right

PHASE 2:• High value metal - annual volumes of ~170

ktpa in a market worth over $10 billion• Powder prices range from $200-400/kg• All titanium is produced by the Kroll process• Current market size is constrained by the

cost of the metal, poised to expand rapidly if the cost can be lowered

• A significant value opportunity

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Metalysis Q4 2007 Metalysis Current

Commercial powder

Metalysis Tantalum powder morphology offers significant advantages

• The unique structure of Metalysis powder has the potential to deliver improved capacitive properties and electrical characteristics with reduced processing steps.

• Oxygen now at acceptable levels and carbon ca. 50ppm – now within reach of a high margin capacitor grade powder product.

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2010

2011

2012

2012

PIGMENT PRE-FORM PRODUCT

SPONGE

SUBSTITUTE POWDER

SPONGE

SUBSTITUTE

HONEYCOMB HONEYCOMB

PIGMENT PRE-FORM

BEAD

PIGMENT GRANULE POWDER

DIRECT ORE POWDER

2013

DIRECT ORE POWDER

3D PRINTED

PART

Background - Metalysis is all about low cost metal powders and alloys

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• Metalysis has developed a unique technology originally based on the FFC® Process invented at the University of Cambridge, UK

• The technology is capable of producing a vast range of metal powders for use in conventional and additive manufacturing at substantially lower cost

• Capable of producing metals for a range of niche and volume markets, including aerospace, electronics, bio-medical, petro-chemical and automotive

• Based on 10 years of R&D effort Metalysis has built a small industrial facility in the UK to demonstrate tantalum & titanium production

• 25 live, published families of patents originally based on the FFC® approach – substantially developed

Metalysis summary

Metalysis’ metal powder technology will transform global manufacturing