What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-01-28 compared with 2025-02-27 · 73 added, 86 removed, 143 unchanged (53% of the section changed)

23 unchanged sentences

banning antimony, tungsten, and tantalum, as well as additional bans affecting tungsten and indium in February of 2025.

the U.S., the Secretary of Interior pursuant to authority under the Energy Act of 2020, acting through the director of the U.S.

Survey, determines the list of critical minerals and materials.

In the U.S., the Secretary

of Interior pursuant to authority under the Energy Act of 2020, acting through the director of the U.S.

Geological Survey, determines

the list of critical minerals and materials.

The final 2025 list of critical minerals includes the following 60 minerals:

Aluminum, antimony, arsenic, barite, beryllium, bismuth, cerium, cesium, chromium, cobalt, dysprosium,

erbium, europium, fluorspar, gadolinium, gallium, germanium, graphite, hafnium, holmium, indium, iridium, lanthanum, lithium, lutetium,

magnesium, manganese, neodymium, nickel, niobium, palladium, platinum, praseodymium, rhodium, rubidium, ruthenium, samarium, scandium,

tantalum, tellurium, terbium, thulium, tin, titanium, tungsten, vanadium, ytterbium, yttrium, zinc, and zirconium.

Energy Act of 2020 also requires the Secretary of Energy, acting through the Undersecretary for Science and Innovation, in conjunction

with other departments, to determine the Critical Materials List.

The Final 2023 Critical Materials list has 18, of which only four do

not appear on the Critical Minerals List.

The full list of critical materials includes aluminum, cobalt, copper*, dysprosium, electrical

steel* (grain-oriented electrical steel, non-grain-oriented electrical steel, and amorphous steel), fluorine, gallium, iridium, lithium,

magnesium, natural graphite, neodymium, nickel, platinum, praseodymium, terbium, silicon*, and silicon carbide* (asterisked materials

are unique to the critical materials list).

vital market for critical minerals and metals is the enabling component of the vital transition

of the energy market.

The infrastructure requirement for clean energy is dependent on the availability of the raw materials that these

minerals represent.

ability to generate, transmit, distribute, and store energy is at the center of all U.S.

Aluminum, antimony,

arsenic, barite, beryllium, bismuth, boron, cerium, cesium, chromium, cobalt, copper, dysprosium, erbium, europium, fluorspar, gadolinium,

gallium, germanium, graphite, hafnium, holmium, indium, iridium, lanthanum, lead, lithium, lutetium, magnesium, manganese, metallurgical

coal, neodymium, nickel, niobium, palladium, phosphate, platinum, potash, praseodymium, rhenium, rhodium, rubidium, ruthenium, samarium,

scandium, silicon, silver, tantalum, tellurium, terbium, thulium, tin, titanium, tungsten, uranium, vanadium, ytterbium, yttrium, zinc,

and zirconium.

The Energy Act of 2020 also requires the Secretary of Energy, acting

through the Undersecretary for Science and Innovation, in conjunction with other departments, to determine the Critical Materials List.

The Final 2023 Critical Materials list has 18, of which only two do not appear on the Critical Minerals List.

The full list of critical

materials includes aluminum, cobalt, copper, dysprosium, electrical steel* (grain-oriented electrical steel, non-grain-oriented electrical

steel, and amorphous steel), fluorine, gallium, iridium, lithium, magnesium, natural graphite, neodymium, nickel, platinum, praseodymium,

terbium, silicon, and silicon carbide* (asterisked materials are unique to the critical materials list).

vital market for critical minerals and metals is the enabling component of the vital transition of the energy market.

The infrastructure

requirement for clean energy is dependent on the availability of the raw materials that these minerals represent.

The ability to generate, transmit, distribute, and store energy is

at the center of all U.S.

industrial capacity.

Key examples that highlight

the growing importance that critical minerals play in the increasing demand for energy are renewable energy generation, electric vehicle

(EV) market growth, Artificial Intelligence (AI), data center expansion, cryptocurrency mining, among many other existing and developing

lithium, cobalt, and graphite are used in batteries.

Rare-earth minerals such as neodymium and samarium are essential to the magnets

of wind turbines and electric motors.

supported by copper, nickel, and rare earths are also required for the robust energy infrastructure,

power distribution, and thermal management demanded by the increasing demand for energy.

Additional essential minerals like aluminum

and neodymium are critical for transmission lines, transformers, and high-efficiency motors.

An unstable supply of these minerals threatens

the ability to meet the continued growth of demand for energy.

Key examples that highlight the growing importance that critical minerals play in the increasing

demand for energy are energy generation and storage, increase of Artificial Intelligence (AI), use, development and demand, data center

expansion and cryptocurrency mining, among many other existing and developing industries.

Nickel, lithium, cobalt, and graphite are used in batteries.

minerals such as neodymium and samarium are essential to the magnets necessary for turbines and electric motors.

supported by copper,

nickel, and rare earths, which are also required for the robust energy infrastructure, power distribution, and thermal management demanded

by the increasing demand for energy.

Additional essential minerals like aluminum and neodymium are critical for transmission lines, transformers,

and high-efficiency motors.

An unstable supply of these minerals threatens the ability to meet the continued growth of demand for energy.

chart in figure 1 depicts the projected growth of the demand for specific minerals that provide the base material for the manufacturing

3 unchanged sentences

https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions;

Role of Critical Minerals in Clean Energy Transitions”) .

The Role of Critical Minerals

in Clean Energy Transitions”).

Energy Storage Minerals

7 unchanged sentences

Department of the Interior U.S.

Geological Survey, MINERAL COMMODITY SUMMARIES 2023) .

Survey, MINERAL COMMODITY SUMMARIES 2023).

Critical Minerals List Associated with Key Industries

7 unchanged sentences

Mining, Processing, & Refining

primary business purpose of M2i MPR is to develop and supply the U.S.

sanctioned value chain of critical metals needed by the U.S.

its free trade partners.

M2i MPR will supply the 50 critical minerals, including the rare earth elements (“REE”) as defined

Geologic Survey in 2022, as well as the 18 critical materials defined by the U.S.

The primary business purpose of M2i MPR is to develop and supply the

value chain of critical metals needed by the U.S.

and its free trade partners.

M2i MPR will supply the 60 critical minerals, including

the rare earth elements (“REE”) as defined by the U.S.

Geologic Survey in 2025, as well as the 18 critical materials defined

Department of Energy in 2023.

These minerals

will be sourced globally from mines adhering to ethical and sustainable extraction principles and guidelines.

These minerals will be sourced globally from mines adhering to ethical and sustainable extraction

principles and guidelines.

Company’s focus is to enter strategic alliances (“SAs”) to further its business objectives;

8 unchanged sentences

(the “SA Agreement”) wherein Reforme and M2i will create an Australian proprietary limited company (“M2iAust”)

to source and trade critical metals and strategic minerals.

It is currently anticipated that M2i and Reforme Group will each be equal

shareholders in M2iAust.

It is currently anticipated that the SA Agreement will enable us to capitalize on Reforme’s expertise

in critical minerals.

Reforme is an innovative Australian mining services, infrastructure, recycling, and renewables company with specialized

expertise in the development of green and brown field mining projects with the demonstrated capability in end-to-end management of mine

operations, processing, logistics and off-take negotiations.

SA will play a pivotal role in advancing the critical minerals supply chain and contributing to the global energy transformation.

expect that the SA will extract critical minerals from existing brownfield mines’ tailings utilizing a novel extraction technology

and process developed by Reforme.

Reforme’s technology includes mine remediation methods to return the site to a state that would

satisfy government and community concerns.

It is anticipated that Reforme will grant M2iAust a right of first refusal to enter into offtake

agreements with Reforme or its related corporate bodies for any critical metals and strategic minerals extracted from mining tenements

owned or controlled by Reforme.

M2i will support the development of strategic resources by Reforme.

Together, the companies will refer

any third party off take opportunities in the Asia Pacific region for strategic resources to M2iAust.

M2iAust will negotiate offtake

agreements to secure offtake from Reforme and third parties for offtake which will be sold to M2i in subsequent offtake agreements.

SA has a term of 5 years unless agreed otherwise.

By leveraging their combined expertise and resources, the partners intend to establish

a more sustainable and efficient critical minerals ecosystem that fully aligns with the objectives outlined in the United States-Australian

Climate, Critical Minerals, and Clean Energy Transformation Compact.

to source and trade critical minerals and metals.

It is currently anticipated that M2i and Reforme Group will each be equal shareholders

It is currently anticipated that the SA Agreement will enable us to capitalize on Reforme’s expertise in critical minerals.

Reforme is an innovative Australian mining services, infrastructure, recycling, and renewables company with specialized expertise in

the development of green and brown field mining projects with the demonstrated capability in end-to-end management of mine operations,

processing, logistics and off-take negotiations.

The SA will play a pivotal role in advancing the critical minerals

supply chain needed for innovation, industrial demands, and energy expansion.

We expect that the SA will extract critical minerals from

existing brownfield mines’ tailings utilizing a novel extraction technologies and process developed by Reforme.

technology includes mine remediation methods to return the site to a state that would satisfy government and community concerns.

anticipated that Reforme will grant M2iAust a right of first refusal to enter into offtake agreements with Reforme or its related corporate

entities for any critical metals and strategic minerals extracted from mining tenements owned or controlled by Reforme.

M2i will support

the development of strategic resources by Reforme.

Together, the companies will refer any third party off take opportunities in the Asia

Pacific region for strategic resources to M2iAust.

M2iAust will negotiate offtake agreements to secure offtake from Reforme and third

parties for offtake which will be sold to M2i in subsequent offtake agreements.

The SA has a term of 5 years unless agreed otherwise.

By leveraging their combined expertise and resources, the partners intend to establish a more sustainable and efficient critical minerals

ecosystem that fully aligns with the objectives outlined in the United States-Australian Climate, Critical Minerals, and Clean Energy

Transformation Compact.

Company’s subsidiary, U.S.

35 unchanged sentences

are reused domestically rather than relying on foreign sources.

defense supply chain presents a significant volume of critical metals that can be effectively recycled and reused.

By tapping into this

resource and establishing M2i as an efficient supplier of this service, we can capture a considerable market share.

This opportunity

arises from the fact that no recycling company, to our knowledge, has successfully accomplished this on a large scale thus far.

Government and Defense Industrial Base

2 unchanged sentences

The cornerstone of the value proposition of M2i DIB is the creation and management

of the Strategic Minerals Reserve (“SMR”) in collaboration with the federal government to enable an uninterrupted supply

of the most critical minerals and metals to mitigate the current and future vulnerabilities of this vital supply chain.

We expect the

SMR to augment or enhance the National Defense Stockpile.

DIB will focus on two key efforts, the implementation of the SMR and the ongoing liaison with the government at the federal, state, and

local levels.

Critical to the success of the SMR will be the continuing dialogue with key congressional members.

We have established

congressional support in Nevada and are working to receive both an authorization in the annual National Defense Authorization Act as

well as an appropriation of funding to enable the implementation of the M2i.

DIB also aims to establish a collaboration with Hawthorne

Army Depot, located in Hawthorne, Nevada, to obtain storage and administrative space to conduct a pilot demonstration.

ongoing liaison with selected members of the congressional contingent from Nevada will act to ensure that the SMR pilot retains the focus

of the Critical Minerals Reserve (“CMR”) to enable an uninterrupted supply of the most critical minerals and metals to mitigate

the current and future vulnerabilities of this vital supply chain.

ongoing liaison with selected members of the congressional contingent from Nevada will act to ensure that the CMR pilot retains the focus

of each respective office.

We expect that the conclusion of a successful pilot will lead to the establishment of the second phase of

the SMR, which is to build out the SMR to multiple locations, and to stockpile critical minerals that would extend supply beyond the

DOD industry to private sector industry organizations in the event of a disruption to the flow of critical minerals.

We expect that the conclusion of a successful pilot in 2026 will lead to the establishment of the second phase

of the CMR, which is to build out the CMR to multiple locations, to ensure resilient supply chain of critical minerals to private sector

industry organizations.

the right people will be critical to our success.

40 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business