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Evolution Metals & Technologies Reports Second Quarter 2026 Financial Results and Provides Corporate Update Executed on the delivery of a defense - grade , non - China rare earth magnet supply chain : became one of the only known commercial - scale producers with OEM - qualified NdFeB magnet grades and took delivery of the first non - China NdPr metal shipment ahead of the January 1 , 2027 DFARS deadline and the July 20 , 2026 Executive Order on Securing America's Defense Supply Chains Launched $ 100 million financing facility and progressed binding purchase orders for ULVAC sintered magnet production equipment scheduled for November 2026 delivery , supporting the Company's targeted scale - up to approximately 10,000 metric tons of annual rare earth magnet production capacity Subsequent to quarter - end , strengthened senior leadership with the appointment of Kenji Konishi , former Vice President and Chief Technology Officer of JL MAG Rare Earth , as Head of Magnet Engineering Production , and appointed four - star U.S. Air Force General Thomas A. Bussiere ( Ret . ) , former Commander of Air Force Global Strike Command , to the Board of Directors MIAMI , FL , Aug. 17 , 2026 ( GLOBE NEWSWIRE ) -- Evolution Metals & Technologies Corp. ( " EM & T " or the " Company " ) ( Nasdaq : EMAT ) , a U.S. - based critical materials and advanced manufacturing company focused on continuing to build a secure , vertically integrated supply chain for rare earth permanent magnets , battery materials , and related critical technologies , today reported financial results for the three and six months ended June 30 , 2026 and provided a corporate update on recent operational progress and business developments . David Wilcox , Executive Chairman of EM & T , stated : " Q2 was a defining quarter for EM & T as we continued to execute on all fronts of our commercial - scale , non - China rare earth magnet platform ahead of the January 1 , 2027 DFARS deadline restricting Chinese - origin rare earth magnets in U.S. defense systems . During the quarter we brought the first shipment of non - China NdPr metal into commercial magnet production , secured OEM qualifications across six high- performance NdFeB grades , and kept our ULVAC sintered - magnet equipment plan on schedule for November 2026 delivery that we expect will bring us to approximately 10,000 metric tons of annual rare earth magnet production capacity by year - end . Subsequent to quarter - end , we also welcomed a retired four - star general to our board who spent his career operating the very platforms that depend on the magnets we make . The July 20 , 2026 Executive Order on Securing America's Defense Supply Chains and the August 13 , 2026 White House tariff action on drones and their critical components confirm the strategic direction of the platform we have been building for eighteen years : a Western - aligned rare earth magnet supply chain purpose - built to serve the U.S. defense industrial base and its allies . We expect the pace of execution to continue accelerating through the second half . " Recent Corporate and Business Highlights • Continued commercial - scale rare earth magnet production : During the second quarter , the Company continued the commercial - scale production and sale of bonded and sintered rare earth permanent magnets through its consolidated operating subsidiaries , building on more than eighteen years of operating history serving global OEM customers across the automotive , consumer electronics , defense , and industrial sectors . The Company's grade 42SH sintered magnets remain in commercial production , and its grade 48SH high - performance sintered magnets remain in the final stages of customer quality certification . • Validated commercial - scale , non - China rare earth magnet supply capability : On June 11 , 2026 , the Company's subsidiaries completed OEM qualification with two Tier - 1 electronics OEMs across six NdFeB magnet grades - N48M , N50M , N42H , N45H , N35SH and N46SH - validating commercial - scale , non - China supply of high - performance rare earth permanent magnets ahead of the January 1 , 2027 DFARS 252.225-7052 deadline . The Company believes this positions EM & T among a very limited group of producers globally , and one of the only known Western producers , capable of delivering OEM - certified NdFeB magnets at commercial scale on the timeline required by the U.S. defense industrial base . • Executed non - China NdPr feedstock supply arrangement and received first shipment : On May 29 , 2026 , the Company entered into a bulk - supply agreement with Senri Trading Co. , Ltd. for neodymium - praseodymium ( NdPr ) metal produced entirely outside of China by SRE Vietnam , a wholly owned subsidiary of Japan's Tokai Trading Co. , Ltd. Subsequent to quarter - end , on July 22 , 2026 , the Company received the first five - metric - ton shipment - to the Company's knowledge , the first commercial shipment of non - China NdPr metal received by a U.S. - listed producer for use in DFARS - compliant magnet manufacturing . . $ 100 million convertible debenture facility with Yorkville Advisors Global : On May 7 , 2026 , the Company entered into a Securities Purchase Agreement with YA II PN , Ltd. , a fund managed by Yorkville Advisors Global , LP , providing for the issuance and sale of convertible debentures in an aggregate principal amount of up to $ 100.0 million . The Company issued a first convertible debenture of $ 20.0 million on May 7 , 2026 and , subsequent to quarter - end , a second convertible debenture of $ 5.775 million on July 14 , 2026 , with up to an additional $ 74.2 million available in subsequent tranches . The Company intends to use the proceeds to fund the buildout of its expanded rare earth magnet production capacity , including the ULVAC - supplied equipment described below , and for general corporate purposes . • Progressed ULVAC binding equipment supply contracts : On May 13 , 2026 , the Company entered into binding equipment supply contracts with ULVAC Korea , Ltd. , a subsidiary of ULVAC , Inc. - widely regarded as the global standard - setter for sintered NdFeB magnet production technology - covering thirteen high - performance sintered rare earth magnet production machines , with delivery and installation scheduled by November 2026. Upon commissioning , the Company expects the expansion to increase its annual rare earth magnet production capacity to approximately 10,000 metric tons , including approximately 6,000 metric tons of high - performance sintered magnets , positioning EM & T among the largest planned producers of rare earth permanent magnets outside of China ahead of the January 1 , 2027 DFARS 252.225-7052 effective date . • Continued alignment with an intensifying U.S. industrial policy environment : On July 20 , 2026 , the President of the United States issued an Executive Order titled " Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials , " which the Company believes sharpens enforcement of the existing DFARS 252.225-7052 rule by ending routine waivers and requiring formal mitigation plans for exceptions . Just recently , on August 13 , 2026 , the White House also announced tariff action on drones and drone components - including tariffs of up to 100 % on non- allied imports of larger drones and their critical components - which the Company believes reinforces demand for domestic , non - China rare earth permanent magnet supply , given the fundamental dependence of drone motors , gimbals and actuators on high - performance NdFeB magnets . Together with the January 14 , 2026 Section 232 Proclamation identifying rare earth permanent magnets as " vital to nearly all electronics and vehicles , " the approximately $ 12 billion Project Vault Strategic Critical Minerals Reserve , and the April 17 , 2026 U.S. - Korea Critical Minerals Framework , these actions reinforce EM & T's strategic positioning as a commercial - scale , non - China source of high - performance rare earth permanent magnets ahead of the January 1 , 2027 DFARS effective date . • Strengthened senior operating leadership and governance : Subsequent to quarter - end , on August 10 , 2026 , the Company appointed Kenji Konishi as Head of Magnet Engineering Production , together with a core team of senior Japanese magnet - manufacturing veterans . Mr. Konishi joins EM & T from JL MAG Rare Earth Co. , Ltd. , where he served as Vice President and Chief Technology Officer and oversaw annual revenue growth from approximately $ 115 million in 2015 to approximately $ 318 million in 2020 , and previously founded and led JL MAG Japan . His expertise spans sintered NdFeB , bonded and