NEW QUEBEC GRAPHITE TRANSFORMATION STUDY FOR LAC CARHEIL PROJECT DELIVERS IMPRESSIVE ECONOMIC RESULTS

Study Demonstrates Significant Value for Project to Upgrade Graphite into
High Purity Products in Baie-Comeau - Supporting Canada's Critical Minerals Strategy

SYDNEY, April 29, 2026 /CNW/ -- Metals Australia Ltd and its wholly owned Canadian Subsidiary, Northern Resources Inc. are pleased to provide results from its Preliminary Economic Assessment Study to develop a new High Purity Graphite refinery near Baie-Comeau in Quebec.

The project plans to transform 75,000 tonnes per annum of flake graphite concentrate, sourced from the company's upstream project near Fermont, into 51,000 tonnes of High Purity graphite products annually over an initial 25-year project life.

The Study delivers a pre-tax project Discounted (8%) Net Present Value (NPV-8) of $2.05 billion USD, with a strong internal rate of return (IRR) of 25.6%. The project's current Mineral Resource has an average graphite grade of 10.2% - which is 2.4 times higher than that of Nouveau Monde Graphite's project - based on the publicly available data. The company also has significant upside - with 9 additional graphite zones over 33km - yet to be drilled at the project.  

The refinery, planned for Baie-Comeau, will employ 227 people and will contribute an estimated 21.5 M USD in direct wages annually to the local economy. Baie-Comeau was selected due to its significant freight advantage, pro-development business community, available industrial land and existing industrial infrastructure – including a rail ferry and deep-water port facilities.

The project will now be advanced directly to Final Feasibility Study which will progress in parallel with community and indigenous engagement activities.

The full ASX announcement is linked here: ASX Announcements | Metals Australia Limited

Metals Australia CEO & Northern Resources President, Paul Ferguson, commented:

"At a time when the world increasingly needs stable, secure, long terms supplies of critical minerals and the energy solutions that can be created from them, we have unveiled a world class project that is aligned with that strategic need.

Our Battery Anode Material Refinery in Quebec is clearly one of compelling economic and strategic advantage for Canada, the province of Quebec and our stakeholders.

Accelerating this project through feasibility is directly aligned with Canada's stated aim of having 5 graphite mines and 5 coated spherical, purified graphite refinery plants in place by 2040 – supported by a streamlined one project, one approval approach."

Further Information
Additional information is available at metalsaustralia.com.au/.

About Metals Australia Ltd
Metals Australia Ltd (ASX: MLS) is a Critical Minerals Project Development Company headquartered in Perth, Western Australia. The Company – through its Canadian subsidiary, Northern Resources Inc., is advancing the development of its Lac Carheil high-grade flake-graphite project in Quebec - a high-quality project well placed for the future delivery of premium and battery-grade graphite products to the North American market.

SOURCE Metals Australia Ltd

Metals Australia Ltd, Paul Ferguson, [email protected]; Metals Australia Ltd, Tanya Newby, [phone]; Metals Australia Ltd, Elizabeth Michael, [email protected]; Simon Falardeau, Simon Falardeau, [email protected]