GMR Announces Viability of New Sulphuric Acid Plant in Namibia

London, United Kingdom, 10 September 2025 – Green Metals Refining Ltd (GMR or the Company), a midstream refining company dedicated to the production of low-cost manganese chemicals for the Green Energy Transition, is delighted to announce the completion of the scoping study (Scoping Study) for a state-of-the-art sulphuric acid plant (Acid Plant) to be constructed near Walvis Bay, Namibia. The Acid Plant will be developed and owned by Kudu Chemicals (Pty) Ltd, a wholly owned subsidiary of GMR registered in Namibia.

Sulphuric acid is a key chemical because of its extensive use as a raw material, reagent, and catalyst in the production of countless industrial and consumer products. It is widely used in metals extraction, petrochemical and fertiliser industries, including in the production of battery-grade manganese at GMR’s planned Namibian manganese refinery (Manganese Refinery) and in the country’s established uranium and copper operations.

Namibia is already a net importer of sulphuric acid and this deficit is expected to grow significantly in the coming years because of a large pipeline of acid-consuming projects (copper, uranium, rare earths and fertiliser) being advanced in the country. This initiative, supported by the Namibia Investment Promotion and Development Board (NIPDB), is expected to play a key role in Namibia’s industrialisation drive while creating new economic opportunities and jobs.

GMR will import elemental sulphur through existing infrastructure in the port of Walvis Bay to produce 98.5% acid from the Acid Plant to be co-located with the Manganese Refinery in an industrial zone east of Walvis Bay. In addition to acid, the Acid Plant will generate significant surplus base load electricity and can also provide the Manganese Refinery with process steam.

The Scoping Study was undertaken by Creo Engineering Solutions, a Namibia based engineering firm, to define the technical parameters of the Acid Plant, prepare AACE Class 5 capital and operating cost estimates and to a deliver an appraisal of the project economics.

GMR plans to build the Acid Plant in stages rather than all at once. This step-by-step approach keeps the upfront costs lower, allows production to start sooner, and reduces demand-related risks. In total, the plant will eventually be able to produce about 720,000 tonnes of acid per year. The first stage alone will produce 175,000 tonnes of acid per year and is expected to deliver a solid return on investment (pre-tax IRR of 20%) based on an initial capital cost of US$59 million. Later stages are expected to perform even better, because the company can take advantage of economies of scale and the infrastructure already built.

An Environmental Impact Assessment (EIA) for both the Acid Plant and the Manganese Refinery is currently underway. The next step for the Acid Plant is completion of the feasibility study, which is expected to be finalised (along with the EIA) in the first half of 2026.

Derk Hartman, Founder & CEO of Green Metals Refining Ltd, commented:

“Initially GMR set out just to produce its own sulphuric acid as a key input for our planned battery-grade manganese refinery in Namibia. As Namibia is a net importer of sulphuric acid with a large pipeline of acid-consuming projects, we have established a compelling business case that can benefit local third-party metals projects, a number of whom have already expressed interest in buying acid from our Acid Plant. In addition, this access to sulphuric acid will unlock the country’s potential to export value-added products and will be essential to the successful industrialisation of Namibia. I would like to thank the NIPDB investment facilitation team for their invaluable in-country support, which has allowed us to make swift progress with our projects.“

Green Metals Refining Ltd (GMR) is a midstream refining company dedicated to the production of low-cost battery-grade manganese chemicals for the Green Energy Transition. To achieve this objective, GMR uses a proven business model – harnessing existing supply chains and optimising logistics – to produce low-carbon, battery-grade manganese at a low cost. GMR is a private company registered in the United Kingdom and has two wholly owned subsidiaries that are registered in Namibia, Green Metals Refining Namibia (Pty) Ltd and Kudu Chemicals (Pty) Ltd.

For additional information, please visit GMR’s website at www.greenmetalsrefining.com.

Contact:

Derk Hartman

Founder & CEO

dhartman@greenmetalsrefining.com

Disclaimer

Although GMR believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding GMR’s business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information.