New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.9m free cash flow). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (CA$18.1m market cap, or US$12.9m). Announcement • May 29
Military Metals Corp. to Appeal Slovak Ministry of the Environment Decision Cancelling Exploration License for Trojarova Antimony-Gold Project Military Metals Corp. received an unscheduled review and formal decision from the Ministry of the Environment of the Slovak Republic cancelling the Company's exploration license on its Trojarova Antimony-Gold Project in Slovakia. The Company is currently reviewing the Decision in detail and assessing the full scope and implications of the Decision. The Company does not accept the Decision, and will pursue all legal avenues available to it, including but not limited to an appeal to the Minister of the Environment, required to be submitted within 15 days of the date of the Decision. The Company is committed to restoring its rights in respect of the Property, and will keep its shareholders and the public informed as the appeal process develops. The Ministry, in preparing and submitting to the European Commission Slovakia's National Program for the Exploration of Critical Mineral Raw Materials of the Slovak Republic pursuant to Article 19 of Regulation (EU) 2024/1252 of the European Parliament and of the Council, which establishes a framework to ensure a secure and sustainable supply of critical raw materials in Europe, expressly identified and included the Trojrov Project as one of the Slovak Republic's designated exploration areas focused on critical raw materials, specifically antimony, within Slovakia's official list of selected designated CRM exploration territories as of February 20, 2025. The Company interpreted the Ministry's express inclusion of the Trojrov Project within this report regarding an official national program - prepared in response to the European Parliament's critical raw materials framework - as a clear recognition by the Ministry of the importance of the Trojrov Project to Europe's long-term critical minerals supply security. The Company regards the Ministry's decision to cancel the Permit in respect of the Trojrov Project as unexpected and inconsistent with the goals of protecting the supply of critical minerals in Europe. The broader political and regulatory environment in Slovakia remains dynamic, including ongoing public discussions regarding environmental governance and ministerial leadership. Military Metals will continue to engage constructively with all relevant stakeholders while pursuing its legal rights. There can be no assurance that any appeal or other legal proceedings commenced by the Company will be successful, or that the Permit will be restored. New Risk • May 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.8m free cash flow). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (CA$35.4m market cap, or US$26.0m). 
