Quebec Graphite Mine and Processing Plant Prefeasibility Study Confirms Strong Project Economics

PERTH, Australia, July 01, 2026 (GLOBE NEWSWIRE) -- Metals Australia Ltd (ASX: MLS), through its wholly owned Canadian subsidiary Northern Resources Inc., has reported strong Prefeasibility Study (PFS) results for the proposed open cut mine and flake graphite concentrate plant at its Lac Carheil Graphite Project in Quebec, Canada.

The study confirms the upstream component of the Company’s fully integrated graphite project is economically robust on a standalone basis and strongly positioned to support future North American and global battery supply chains. The project will produce 101,241 tonnes per year of high purity graphite concentrates over a 24-year project life.

The PFS delivers a pre-tax NPV of US$553 million [~C$790 m] using an 8% discount rate with a 22.0% internal rate of return and a payback period of 4.2 years.

The project is underpinned by a maiden Ore Reserve of 21.51 million tonnes grading 11.14% Cg for approximately 2.4 million tonnes of contained graphite.

Capital expenditure is US$346.3 million.

The project is located near Fermont, with access to established regional infrastructure and local communities. The project will create 143 full time jobs from 2030, increasing to 183 personnel over the life of the project.

Metals Australia will now advance the project toward Final Feasibility.

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

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

“Our fully integrated graphite project in Quebec continues to impress. The results we have reported from our prefeasibility study demonstrate that the upstream Mine and Flake Graphite Concentrate plant project, located near Fermont, is economically attractive on a standalone basis.

We see the project as Canada’s next fully integrated high purity graphite project - and we remain steadfast in our endeavour to progress it towards development.”

Further Information

Additional information is available at metalsaustralia.com.au/ or contact:

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.

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