Private and Confidential © 2013 Metalysis Ltd. Low Cost Titanium - A Global Opportunity Kartik Rao IOM 3 - London, UK 12 th December 2013

Private and Confidential © 2013 Metalysis Ltd. Global Titanium Markets Source: Roskill, ITA, SMR High value metal - annual volumes of ~170,000 tonnes in a market worth between $5-10 billion The market for additive manufacturing is currently worth over $1 billion and is growing at 20% CAGR. The market for powders is expected to grow to ~$30 billion by 2025 Additive manufacturing grade powder prices range from $ /kg Aerospace grade – Demand from the aerospace industry remains strong due to use of composites and drive for fuel efficiency Industrial grade – Used in the petrochemical, desalination and medical industries – 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

Private and Confidential © 2013 Metalysis Ltd. 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 Simple, highly cost effective and greener process

Private and Confidential © 2013 Metalysis Ltd. A range of tailored titanium powder products COARSE POWDER DIRECT ORE & PIGMENT DERIVED POWDER SPHERICAL POWDER

Private and Confidential © 2013 Metalysis Ltd. Titanium ore $0.6/kg TiO 2 pigment $3.2/kg Metalysis Process Titanium powder could replace mill products and enables near net shape production and 3D printing Significant potential for reducing titanium processing costs Ti powder $ /kg Mill products $50-70/kg Billet $40/kg Ingot $25/kg Kroll sponge $11-15/kg TiCl 4 $1.5/kg Spherical powder Metalysis powder

Private and Confidential © 2013 Metalysis Ltd. Halving the price of aluminium has generated at least a ten-fold volume growth for aluminium Titanium market may have huge growth potential as per aluminium Aluminium industry price developmentAluminium industry volume development Source: USGS, European Aluminium Association

Private and Confidential © 2013 Metalysis Ltd. Titanium market can expand by displacing steels and other alloys Source: Roskill presentation, Minor Metals Conference 2013 Titanium has the potential to displace certain steels, stainless steels and high performance alloys, primarily in corrosion resistant applications Al and Mg Low cost Titanium

Private and Confidential © 2013 Metalysis Ltd. Low Cost Titanium: Routes to market Ti powder Press & Sinter Additive manufacturing CIP/HIP Direct powder extrusion Direct powder rolling ExtrusionRollingMachining

Private and Confidential © 2013 Metalysis Ltd. Research conducted with a wide range of parties

Private and Confidential © 2013 Metalysis Ltd. Summary Titanium has a very attractive combination of properties such as high strength, low density, excellent corrosion resistance, good high temperature performance Titanium’s major problem historically has been its high cost of extraction in-spite of its high abundance in the Earth’s crust Metalysis has developed a unique technology originally based on the FFC® Process invented at the University of Cambridge, capable of producing a vast range of metal powders for use in conventional and additive manufacturing at substantially lower cost Metalysis has been able to accelerate development with the help of grants, universities and potential end users. However, significant further effort is required to further innovation, development and commercial exploitation to develop a competitive UK advantage. Areas for focus: Alloy development, powder metallurgy, direct rolling and extrusion

Private and Confidential © 2013 Metalysis Ltd.