25 th June 2014

1. 25th June 2014

2. Background – simple, highly cost effective, greener process • 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

3. Background - disruptive impact across periodic table Elements being scaled up Elements demonstrated in pure form Elements that are possible to produce

4. 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 Mo 70 Ti-30 Ta

5. 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 2: • High value metal - annual volumes of ~170 ktpain 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 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

6. Metalysis Tantalum powder morphology offers significant advantages Metalysis Q4 2007 Metalysis Current Commercial powder • 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.

7. Background - Metalysis is all about low cost metal powders and alloys HONEYCOMB HONEYCOMB SPONGE 2010 PIGMENT POWDER PRODUCT PRE-FORM SUBSTITUTE BEAD SPONGE 2011 PIGMENT PRE-FORM SUBSTITUTE 2012 POWDER GRANULE PIGMENT 2012 DIRECT ORE POWDER 3D PRINTED 2013 PART DIRECT ORE POWDER

8. Metalysis summary • 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’ metal powder technology will transform global manufacturing