Announcement PDF ASX:3DA ASX Announcement 10 November 2026 1 Third Quarter 2026 Earnings Presentation …………………………………………………………………………………………………………… Amaero Inc. (NASDAQ:AMRO; ASX:3DA) (“Amaero” or the “Company”) advises that further to the ASX Announcement on 3 November 2026, the Company attaches its investor presentation for the quarter ended 30 September 2026. This announcement has been authorised for release by the Chairman and CEO. For further information, please contact: Amaero Inc. Brett Paduch Chief Financial Officer brett.paduch@amaeroinc.com Media & Investor Enquiries in Australia Jane Morgan Director jm@janemorganmanagement.com.au Media & Investor Enquiries in United States Shannon Devine MZ Group amaero@mzgroup.us About Amaero Amaero Inc. is a leading U.S.-based producer of high-value refractory and titanium alloy spherical powders for additive manufacturing (“AM”) and advanced manufacturing, and a pioneer in Powder Metallurgy Hot Isostatic Pressing (“PM-HIP”) manufacturing of large near-net-shape components utilized by the defense, space, aviation, commercial nuclear and medical industries with manufacturing and corporate headquarters located in Tennessee. We occupy a strategically critical position at the intersection of U.S. national security priorities that include rebuilding a more resilient and more scalable defense industrial base, reshoring sovereign manufacturing and supply chains and the adoption of additive and advanced manufacturing technologies. For more information, visit our website: www.amaeroinc.com. AMAERO INC. Third Quarter 2026 Earnings Presentation A leading U.S. domestic producer of high-value refractory and titanium alloy spherical powders & manufacturer of near-net- shape parts for mission-critical components November 9, 2026 Important Notice and Disclaimer This presentation has been prepared by Amaero Inc. ("Amaero" or the "Company") in connection with the release of its results for the third quarter ended September 30, 2026 and is intended to be read together with the Company's earnings release dated November 9, 2026 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 filed with the U.S. Securities and Exchange Commission (the "SEC"), including the "Risk Factors" contained therein. These documents are available free of charge on EDGAR at www.sec.gov and on the Company's investor website. These are the Company's first quarterly results reported as a U.S.-domiciled, Nasdaq-listed company and are presented in U.S. dollars in accordance with U.S. generally accepted accounting principles ("GAAP"). Comparative 2025 amounts, amounts for prior 2026 interim periods and fiscal year amounts are also presented in U.S. dollars in accordance with GAAP and may differ from amounts previously reported by the Company on the ASX, which were prepared in Australian dollars in accordance with Australian Accounting Standards. Financial information contained in this presentation is unaudited unless otherwise stated. Figures may not sum due to rounding. This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, tradenames and copyrights referred to in this presentation may be listed without the TM, SM © or ® symbols, but Amaero will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Unless otherwise indicated, all references in this presentation to "Amaero," the "Company," "we," "our," "us," or similar terms refer to Amaero Inc. and its subsidiaries. This presentation includes Adjusted EBITDA, a non-GAAP financial measure. We define Adjusted EBITDA as income (loss) from continuing operations before interest, taxes, depreciation, and amortization, further adjusted to remove the impact of stock-based compensation and costs related to the Redomiciliation, the IPO and preparation for the IPO. Adjusted EBITDA should not be considered in isolation or as an alternative to loss from continuing operations, the most directly comparable GAAP measure, and may not be comparable to similarly titled measures presented by other companies. A reconciliation of Adjusted EBITDA to loss from continuing operations is provided in the Appendix. We provide backlog information in this presentation. Our backlog represents the portion of legally binding contracts that are expected to result in future revenue within the next twelve months and supports predictable revenue expansion and facilitates forward revenue visibility. Backlog may also include change orders for any contracts that have been formally contracted. Our backlog consists of firm orders for metal powder, which are not subject to any customer right of termination for convenience, and orders for PM-HIP components. Certain of our PM-HIP component contracts permit the customer to terminate for convenience. In those cases, we are generally entitled to payment for work performed and costs incurred, subject to other adjustments, through the termination date, determined under the applicable contract's terms. All backlog information in this presentation is as of September 30, 2026 unless otherwise noted. This presentation includes forward-looking statements that reflect our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, performance, prospects, growth, strategies and the industry in which Amaero operates. Such forward-looking statements include, without limitation, statements regarding our financial guidance for 2026, the growth of our revenue, production, and backlog, the conversion of backlog into revenue, the performance and completion of existing contracts, capital deployment and operating cash usage, the sufficiency of our cash resources and our need for additional funding, the timing of commissioning of our fourth EIGA Premium atomizer and argon gas recycling system and their planned capabilities, plans to advance the qualification of our components through collaborations with Bechtel Plant Machinery and the U.S. Navy, and progress towards completion of our development program with the U.S. Department of War. These forward-looking statements are subject to risks, uncertainties and assumptions, including those described under "Risk Factors" in our Quarterly Report on Form 10-Q. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those made in or suggested by the forward-looking statements contained in this presentation as a result of numerous factors, many of which are beyond our control. Investors should note that past performance may not be indicative of results or developments in future periods. We do not undertake any obligation to update or revise any forward-looking statements in this presentation, except as required by applicable law or regulation. 2 Business Overview Hank J. Holland Chairman and Chief Executive Officer Amaero at a Glance 3 Commissioned Atomizers 1 Ordered Atomizer 191% YoY Revenue Growth (Q3 2026 TTM) $13.4M(2) Backlog (~100% of Q3 2026 TTM Revenue) KeyMetrics • High-purity spherical titanium powder for defense, aerospace, medical and consumer applications Titanium Alloy Powder • PM-HIP manufactured near-net-shape parts, providing a shorter-cycle alternative to constrained casting and forging supply chains PM-HIP Components ________________________ (1) Titanium powder capacity expected to increase to 720 MT per year upon commissioning of a fourth EIGA Premium atomizer in June 2027, bringing maximum powder capacity to 920 MT per year. (2) As of September 30, 2026. See Important Notice and Disclaimer for a definition of backlog. Amaero is a U.S.-domestic advanced materials and manufacturing platform positioned at the intersection of defense, reshoring, and additive manufacturing • High-temperature specialty powders for defense, space and commercial nuclear energy Refractory Alloy Powder 480 MT / year Current Titanium Powder Capacity(1) 200 MT / year Current Refractory Powder Capacity + 4 ProductLines Platform Strengths Powder and PM-HIP production at Amaero’s Tennessee plant, filling a gap in America’s manufacturing and supply chain for defense, space, aerospace, commercial nuclear and industrial sectors Three atomization lines are running today, with a fourth on order that is expected to be commissioned in June 2027. Expanded custom-designed and fabricated sieving system commissioned in August 2026. Q3 2026 YTD revenue equaled $11.5MM, increase of 170% over same period in 2025, with multi-year exclusive supplier agreements, as well as contracts with DoW and BPMI Why We Matter 5 Domestic production scale, proprietary PM-HIP know-how and an owner culture position Amaero to capture rising demand for sovereign manufacturing and supply chains Our Differentiators 01 Largest U.S. domestic production capacity for high-value refractory and titanium spherical powders 02 Pioneering experience in PM-HIP manufacturing of near-net-shape parts 03 Leading technical team that brings deep proprietary know-how in powder metallurgy, powder production and advanced manufacturing 04 Equity-ownership culture and commitment to excellence Four Tailwinds Behind Our Growth Critical bottlenecks in sovereign manufacturing and supply chains, including forgings More resilient and scalable sovereign defense industrial base Mid-stream processing and production for critical minerals Adoption of 3D printing and advanced manufacturing AMAERO From Spin-Out to U.S. Sovereign Manufacturer From an Australian additive manufacturing services start-up to the largest U.S. domestic production capacity for refractory and titanium alloy powders and pioneering PM-HIP manufacturing know-how Australian Origins 2013 – 2021 Recap & U.S. Pivot 2022 – 2023 Build-Out & Scale-Up 2024 – 2025 Redomiciliation & Listing 2026 – 2027E 2013 Amaero is founded as the commercial arm of Monash University's Centre for Additive Manufacturing May 2022 Pegasus Growth Capital (led by Hank Holland) anchors A$8M+ capital raise at A$0.21 per share Jun 2024 First EIGA premium atomizer commissioned, dedicated to refractory and specialty alloys Jun 2026 Third atomizer commissioned; fourth atomizer and argon recycling contracted December 2019 ASX IPO at A$0.20 per share; A$8M raised Sep 2022 Hank Holland appointed as Executive Chairman, later assumes CEO role. Pegasus underwrites and leads additional capital raises. Jun 2025 Second EIGA atomizer commissioned, dedicated to titanium alloy powders Jun 2026 U.S. redomiciliation completed, ASX listing retained via CDIs 2019 – 2021 Additive manufacturing business starts to grow and pivot to titanium powder begins Jul 2023 McDonald, Tennessee selected as the new manufacturing site Aug 2025 A$50M institutional placement at A$0.40 per share Oct 2026 Completed U.S. IPO and Nasdaq listing (AMRO) 6 Ti Powder Refractory Powder PM-HIP + + Hank Holland Chairman and Chief Executive Officer Experienced Leadership with Deep Technical Expertise Seasoned executives backed by leading technical team in powder metallurgy, gas atomization and PM-HIP LeadershipTeam Executive Spotlight  Hank Holland is a career investor who previously held senior roles at First Republic Investment Management, Merrill Lynch and Sanford C. Bernstein & Co.  Prior to joining Amaero, Holland built and managed one of the largest private wealth practices in the United States  Holland founded Pegasus Growth Capital using personal capital to invest in strategically important industrial businesses  In 2022, Amaero was brought to Holland’s attention as the Company addressed one of the primary bottlenecks in the defense sector – domestic production of specialty alloy powders  Holland, through his investment fund, Pegasus Growth Capital, has led and underwritten prior capital raises for Amaero, aligning his interests with those of other shareholders, and believes the Company will make a durable contribution to U.S. national security Eric Bono Chief Technology Officer Brett Paduch Chief Financial Officer Mick Maher Chief Strategy & Commercial Officer Technical Expertise Dr. Ron Aman VP, Technical Solutions Dr. Arun Chattopadhyay VP, Manufacturing & Development Fred Yolton Fellow – Powder Metallurgy & Materials Engineering Dr. Jonathan Pegues VP, Technology Development Melissa Denton Chief Administrative Officer Dr. Dave Schmidt Director Computational Analysis 7 Strategy: Subscale Markets, Defensive Moat 8 We focus on critical supply-chain bottlenecks and build proprietary capabilities Why Subscale Markets Subscale market at a critical bottleneck Limited competitive landscape Specialty margin structure Higher enterprise valuation multiple 1st-Mover Advantage + High Barriers to Entry = Defensive Moat 1st-Mover Advantage • Largest U.S. domestic capacity for refractory and titanium spherical powders • First PM-HIP low-rate initial production (LRIP) contract after 2+ years of development with BPMI and the U.S. Navy • $4.5M DoW contract to develop alternative refractory alloy powders High Barriers to Entry • Customer qualifications, including C103 qualified for manned space flight • Proprietary know-how in EIGA Premium commissioning, retrofit and process tuning • $52.2M invested in plant and equipment at an AS9100D- certified facility Defensive Moat • Few competitors in subscale markets with long qualification cycles • Long-term agreements and $13.4M backlog, up 180% YoY • Domestic, sovereign supply for U.S. defense and aerospace programs + = Leading Technology Coupled with Proprietary Know-How While EIGA Premium provides the underlying platform, our technical team delivers superior powder performance through proprietary commissioning, retrofit customization, and process tuning Commercially viable reactive powders require technical expertise – not just equipment DifferentiatedProcess Amaero EIGA Premium Conventional Point of Difference Crucible-Free / Non-Contact Crucible / Refractory Contact Melting Method Designed to Minimize Pick-Up Oxygen and Nitrogen Pick-Up Contamination ~2x Usable Yield on ~50% of the Gas Baseline Process Efficiency Only Method Qualified at Scale Contamination May Exceed Tolerable Limits Refractory Alloys (C103) Why Our Advantage is Defensible Qualification & Talent NASA & AFRL Validation EIGA Premium Economics 9 2x 77% ½ Usable Powder Yield Gas Usage vs. Conventional Atomizers Minimum Cost Reduction Using Argon Recycling(1) C103 67 2+ Qualified with ADDMAN & NCAME Years of PM-HIP Development with BPMI & U.S. Navy Employees at the TN Facility “Non-contact EIGA is the industry standard for reactive and refractory materials.” – Dr. Mark Benedict, Senior Scientist, Air Force Research Laboratory ________________________ (1) Planned capability; not representative of current capability. Upon Equipment Commissioning After Proprietary Modifications Mission-Critical End Markets 10 Our powders and PM-HIP parts serve priority defense programs and commercial markets that need qualified, domestic supply Naval Nuclear and Priority Defense Systems • PM-HIP near-net-shape parts for the U.S. submarine industrial base • First LRIP contract with BPMI in July 2026 Hypersonic, Strategic Missile and Missile Defense • Refractory alloy powders, including C103, for high-temperature applications • $4.5M DoW alternative refractory alloy program Commercial Nuclear • PM-HIP components as an alternative to constrained castings and forgings Aerospace • Titanium alloy powder for aircraft structures and jet engine components Medical Device and Orthopedics • High-purity titanium powder for additively manufactured implants Consumer Electronics • Titanium powder for additively manufactured device components Our Customers(1) Diversified Customer Base 11 Our customer base spans defense primes, shipbuilders, commercial additive manufacturers, national laboratories, and U.S. government programs. ________________________ (1) Representative list of current and recent customers; not intended to be exhaustive. Foundational Buildout Completed 12 With the core plant in place, Amaero is shifting from build-out to scaling production ________________________ (1) Twelve months ended June 30, 2026, Amaero's first year of commercial production following commissioning of its first titanium EIGA Premium atomizer in June 2025. (2) As of September 30, 2026. See Important Notice and Disclaimer for a definition of backlog. Plant & Equipment $52.2M Gross PP&E as of Sep. 30, 2026, invested to complete the foundational buildout First Year of Commercial Production(1) $12.5M Revenue for the twelve months ended June 30, 2026 Backlog and Pipeline(2) $13.4M +180% YoY and +96% since Dec. 31, 2025, with a growing customer pipeline U.S. Listing AMRO Completed redomiciliation, U.S. IPO and Nasdaq listing; $17.0M net IPO proceeds THROUGH Q3 2026 Foundational Buildout Q4 2026 AND BEYOND Scaling Production and Growth • Three EIGA Premium atomizers with ~680 MT of annual capacity: ~480 MT titanium and ~200 MT refractory • Titanium throughput capacity doubled with the third atomizer and expanded sieving system in 2026 • PM-HIP moved into low-rate initial production with BPMI for the U.S. submarine industrial base • Growing backlog and pipeline position Amaero for strong year-over-year commercial growth • Q4 2026 guidance of $4.5M–$5.0M implies full year 2026 revenue of $16.0M–$16.5M, up 154%–162% • Argon gas recycling (Q1 2027) and fourth EIGA (June 2027) on track to add capacity and lower cost • Fixed production costs largely in place, so revenue growth is expected to drive operating leverage • Completed a comprehensive process, system, and facility safety review with Jensen Hughes, a leader in safety, dust hazards and risk-based engineering, and implemented remediation and improvements • Titanium powder production resumed in late July after an approximately six- week pause • No purchase order cancellations during or following the production pause, and no employee attrition during the pause • Custom-designed titanium sieving system commissioned in August; with the third EIGA Premium atomizer, it expanded titanium throughput capacity by ~100% • Commissioned third EIGA Premium atomizer in June 2026 • Now operating three EIGA Premium atomizers: one refractory and two titanium, representing annual capacity of ~200 MT refractory and ~480 MT titanium • Argon gas recycling system on track for commissioning Q1 2027; fourth EIGA on track for commissioning June 2027 Operational and Production Update 13 Progress on Strategic Initiatives 14 Progress Milestone Status Initiative Amaero Inc. (Delaware) replaced Amaero Ltd as parent company June 2026 Complete U.S. redomiciliation Trading as AMRO since October 15; $17.0M net IPO proceeds October 2026 Complete Nasdaq listing Three atomizers now operating: ~480 MT titanium and ~200 MT refractory capacity June 2026 Complete Third EIGA Premium atomizer With the third atomizer, doubled titanium throughput capacity August 2026 Complete Titanium sieving system First BPMI low-rate initial production contract; first LRIP revenue in Q3 July 2026 Complete PM-HIP into production $4.5M contract ($4.4M in backlog); two high-temperature alloys down-selected and produced August 2027 In progress DoW refractory alloy program Targets at least a 77% cut in argon costs; $1.5M of payments remain Q1 2027 On track Argon gas recycling system Lifts powder capacity to 920 MT / year; $1.7M of payments remain June 2027 On track Fourth EIGA Premium atomizer Redomiciliation, Nasdaq listing, third atomizer and sieving system are complete; both 2027 capacity projects are on schedule ________________________ Milestone shows completion date for completed items and expected completion date for items in progress. Remaining payments are contracted capital commitments as of September 30, 2026. Q3 2026 Results and Outlook Brett Paduch Chief Financial Officer Hank J. Holland Chairman and Chief Executive Officer Q3 2026 Highlights 16 Revenue grew 35% and backlog nearly tripled YoY ________________________ (1) As of September 30, 2026. See Important Notice and Disclaimer for a definition of backlog. (2) Includes cash and cash equivalents excluding restricted cash. Revenue $4.1M +35% vs. $3.1M in Q3 2025 9M YTD Revenue $11.5M +170% vs. $4.3M in 9M YTD 2025 Cash Use Reduction $1.0M Op. cash use of $6.3M vs. $7.3M in Q3 2025 Cash Balance(2) $19.3M At Oct. 31, 2026, after October operating cash use and capex Commercial Progress • $4.5M U.S. Department of War contract to develop alternative refractory alloy powders, awarded in July • First BPMI LRIP contract, valued at $0.3M, moved PM-HIP from development into production • PM-HIP revenue up 146% to $0.9M, including first LRIP revenue Operational Execution • Titanium production resumed in late July after an approximately six-week safety pause, with no order cancellations during or since the pause and no staff attrition • Titanium throughput capacity doubled with the new sieving system and third EIGA Premium atomizer • Jensen Hughes safety review completed and remediation implemented Capital Markets • Listed on Nasdaq (AMRO) on Oct. 15; $17.0M net IPO proceeds received • EXIM amendment released $2.1M of restricted cash and moved liquidity covenant test to 2028 • $19.3M cash and cash equivalents at Oct. 31, 2026, after October operating cash use and capex Backlog(1) $13.4M +180% vs. $4.8M at Sep. 30, 2025 Revenue Guidance and Outlook 17 YoY Growth Current Outlook Prior Period Revenue ($ in millions) 121% – 146% $4.5 – $5.0 $2.0 Q4 2026 Guidance Oct.–Dec. 2026 69% – 79% $8.6 – $9.1 $5.1 Second Half 2026 – Includes Q4 Guidance Jul.–Dec. 2026 154% – 162% $16.0 – $16.5 $6.3 Full Year 2026 – Includes Q4 Guidance Jan.–Dec. 2026 Q4 2026 guidance of $4.5M–$5.0M implies full year 2026 revenue of $16.0M–$16.5M, up 154%–162% ________________________ Implied periods combine Q4 2026 guidance with reported revenue. Guidance is forward-looking; see Important Notice and Disclaimer. Key Assumptions • $13.4M backlog expected to convert to revenue within twelve months • Titanium output running on two atomizers with doubled throughput capacity • DoW program revenue recognized over time through August 2027 Change from Prior Outlook • First formal guidance as a U.S.-listed company • Prior disclosure was the preliminary Q3 range in the October prospectus; Q3 revenue landed near top of range Management Outlook • Bring capacity online: argon recycling in Q1 2027 and fourth EIGA in June 2027 • Deepen partnerships with defense and aerospace customers • Convert backlog into revenue Q3 2026 Results vs. Preliminary Ranges 18 vs. Range Actual Prelim. High(1) Prelim. Low(1) Q3 2026 ($ in thousands) GAAP Financial Measures Near top of range $4,113 $4,120 $3,960 Revenue Within range $4,959 $4,960 $4,950 Cash and cash equivalents(2) Favorable to range $(9,057) $(9,070) $(9,500) Net loss attributable to stockholders Key Performance Indicators and Non-GAAP Financial Measures Within range $13,437 $13,440 $13,430 Backlog(3) Favorable to range $(6,340) $(6,350) $(6,540) Net cash used in operating activities Favorable to range $(7,114) $(7,240) $(7,610) Adjusted EBITDA(4) Revenue landed near the top of the previously disclosed range; net loss, operating cash use and Adjusted EBITDA were favorable to the range ________________________ (1) Preliminary, unaudited estimated ranges included in the Company's final prospectus dated October 14, 2026 and filed with the Securities and Exchange Commission on October 15, 2026. (2) Does not reflect the release of approximately $2.1 million of restricted cash under the October 2026 amendment to the EXIM Bank Credit Agreement. (3) See Important Notice and Disclaimer for a definition of backlog. (4) Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for a reconciliation to loss from continuing operations. $1.0 $1.5 $1.9 $2.4 $5.3 $6.4 $10.6 $11.1 $6.3 $7.8 $12.5 $13.5 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Powder PM-HIP $0.3 $0.6 $0.6 $0.9 $1.7 $1.3 $4.9 $3.2 $2.0 $1.9 $5.5 $4.1 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue Performance TTM Revenue USD, millions Powder PM-HIP Quarterly Revenue USD, millions YoY Growth 418% 431% 538% 35% YoY Growth 369% 379% 438% 191% Financial Highlights TTM Revenue $13.5 million Up 191% vs. Q3 2025 TTM Q3 2026 Revenue $4.1 million Up 35% vs. Q3 2025 Backlog(1) $13.4 million Up 180% from $4.8 million as of Sep. 30, 2025 DoW Contract Award $4.5 million 13-month program for the development of alternative refractory alloy powders 19 ________________________ (1) Current backlog is as of September 30, 2026. See Important Notice and Disclaimer for a definition of backlog. Source: Q4 2025–Q2 2026 revenue per the Company’s final prospectus dated October 14, 2026 (Reg. No. 333-298612), Quarterly Results of Operations; Q3 2026 per unaudited financial statements. Q1–Q2 2026 product split derived from nine-month results. Q3 revenue rose 35% to $4.1M, and PM-HIP more than doubled to $0.9M Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 and Year-to-Date Financial Summary 20 Nine Months Ended Sep. 30 Three Months Ended Sep. 30 ($ in thousands, except per share) YoY 2025 2026 YoY 2025 2026 166% $3,537 $9,396 19% $2,679 $3,201 Metal powders 189% 732 2,114 146% 371 912 PM-HIP components 170% $4,269 $11,510 35% $3,050 $4,113 Total revenue 150% 7,638 19,078 170% 3,142 8,493 Cost of revenue - $(3,369) $(7,568) - $(92) $(4,380) Gross loss 48% 9,543 14,127 15% 3,727 4,276 Selling, general and administrative (27)% 274 201 (48)% 266 138 Research and development (10)% 120 108 - 120 - Loss on dispositions and impairment - $(13,306) $(22,004) - $(4,205) $(8,794) Loss from operations - $(12,826) $(22,490) - $(4,096) $(9,057) Net loss attributable to stockholders - $(0.72) $(0.94) - $(0.20) $(0.38) Net loss per share, basic and diluted - $(10,722) $(15,625) - $(3,072) $(7,114) Adjusted EBITDA(1) ________________________ (1) Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for a reconciliation to loss from continuing operations. Nine-month revenue rose 170% to $11.5M Key Takeaways 21 Revenue and backlog are growing while the capacity build stays on schedule Contains forward-looking statements. See Important Notice and Disclaimer. 01 Revenue grew 35% year over year Q3 revenue rose 35% to $4.1M, near the top of the prospectus range, and nine-month revenue rose 170% to $11.5M 02 Forward visibility improved Backlog of $13.4M is 2.8x the prior year, and Q4 2026 guidance implies full year 2026 revenue of $16.0M–$16.5M, up 154%–162% 03 Margins depend on titanium utilization Q3 gross loss reflects the late-July titanium restart and lower yields while the new sieving system was optimized; with titanium throughput capacity doubled, higher output spreads fixed production costs 04 The capacity build is on schedule Argon recycling (Q1 2027) and the fourth EIGA (June 2027) are on track, funded in part by $17.0M of October net IPO proceeds Appendix Adjusted EBITDA Reconciliation 23 Nine Months Ended Sep. 30 Three Months Ended Sep. 30 ($ in thousands) 2025 2026 2025 2026 $(12,997) $(22,490) $(4,097) $(9,057) Loss from continuing operations (403) (482) (168) (94) Interest income 170 1,176 132 479 Interest expense — — — — Income tax expense (benefit) 753 1,527 369 592 Depreciation and amortization 1,755 2,016 692 322 Stock-based compensation — 2,628 — 644 IPO-related costs(1) $(10,722) $(15,625) $(3,072) $(7,114) Adjusted EBITDA Reconciled to loss from continuing operations, the most directly comparable GAAP measure ________________________ (1) Represents non-ordinary course costs incurred related to the Redomiciliation and preparation for and costs related to the IPO. Adjusted EBITDA is income (loss) from continuing operations before interest, taxes, depreciation and amortization, further adjusted to remove stock-based compensation and Redomiciliation and IPO-related costs. See Important Notice and Disclaimer. (ASX: 3DA | OTC: AMROF)