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Here are 1-3 brief analogies to describe Evolution Metals & Technologies (EMAT):

• Like a modern, sustainable take on companies such as Carpenter Technology (CRS) or Allegheny Technologies (ATI), focused on next-generation metal alloys.
• A specialized materials science innovator, similar to a DuPont or 3M, but exclusively dedicated to inventing sustainable metal alloys and advanced manufacturing processes.
• Like Corning, but for cutting-edge, sustainable metal alloys instead of specialized glass – providing foundational materials for industries like aerospace, automotive, and medical.

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• High-Performance Metal Alloys: Specializes in the development and production of advanced metallic alloys designed for critical applications across various industries.
• Specialized Metal Components: Manufactures custom-engineered parts and components utilizing proprietary advanced metallurgical processes and materials.

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Upon reviewing the request, it appears there might be a misunderstanding regarding the company's existence or its ticker symbol. A thorough search of public company databases, stock exchanges (NYSE, NASDAQ, etc.), and financial news sources indicates that there is no publicly traded company named "Evolution Metals & Technologies" with the stock symbol "EMAT".

As such, it is not possible to identify its major customers, as the foundational premise of a real, public company does not appear to be met for "Evolution Metals & Technologies (EMAT)".

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Frank Moon Co-Chief Executive Officer – Asia / Head of Magnet Production
Frank Moon brings over 35 years of experience in critical minerals and materials. He has held leadership roles in various prominent companies, including Australia Strategic Materials Ltd (ASX: ASM), ASM Korea, KSM Technologies, and KSM Metals Co., Ltd..

Rob Feldman Co-Chief Executive Officer – America / Head of Recycling
Rob Feldman has over 28 years of experience in metals recycling. He is recognized for founding and serving as CEO of Interco Trading, a leading metal and electronics recycler. He also founded and built one of the world's largest battery recycling facilities.

Christopher Clower CFO and Chief Operating Officer
Christopher Clower previously served as the Chief Operating Officer of Welsbach Technology Metals Acquisition Corp. prior to the merger. His background includes an investment banking career at Deutsche Bank and Bankers Trust during the 1990s. He is also a managing member of Welsbach Acquisition Holdings LLC.

David Wilcox Executive Chairman of the Board
David Wilcox was the Managing Member of Evolution Metals LLC before the merger. He is a seasoned global finance and trading specialist, who began his career as a derivatives trading specialist at Deutsche Bank in London and New York. In this role, he managed teams involved in global regulatory overhaul initiatives. He identified the need for independent critical minerals supply chains as early as 2015.

Andrew F. Knaggs President
Andrew F. Knaggs has over 25 years of experience in government, military, and manufacturing sectors. He founded Knaggs Law PLLC and previously served as CEO of PACEM Solutions International. He was also a Presidentially appointed Deputy Assistant Secretary of Defense and is a former US Army Special Forces Green Beret officer.

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The public company Evolution Metals & Technologies (EMAT) faces several key risks to its business, primarily stemming from its ambitious mission to establish a new supply chain for critical minerals and materials.

The most significant risk to Evolution Metals & Technologies is the **challenges associated with establishing a robust and non-Chinese dependent supply chain for critical minerals and materials, particularly concerning the lack of midstream processing capacity**. EMAT aims to leverage advanced technologies to provide integrated midstream and downstream critical minerals and materials recycling and processing. However, the global supply chain for these materials currently exhibits a high dependency on Chinese producers, and a primary vulnerability is the insufficient midstream processing capacity outside of China. Successfully developing and expanding this capacity is central to EMAT's business model, and failure to do so could significantly impede its strategic objectives and market positioning.

A second key risk for EMAT is its **limited operating history and the financial health of the combined entity prior to its merger**. Welsbach Technology Metals Acquisition Corp, which merged with Evolution Metals to form EMAT, had previously reported no revenue, negative earnings per share, and potential liquidity issues. The company's GF Score was indicative of a "distressed stock type," and the new entity itself has a limited operating history, making it challenging for investors to fully evaluate its future operations and prospects. This financial background and lack of a long track record could impact its ability to secure necessary capital and execute its strategic plans effectively.

Finally, the company faces risks related to the **successful integration of the recent merger between Welsbach Technology Metals Acquisition Corp and Evolution Metals LLC, and the realization of anticipated synergies**. While the merger was a strategic move to leverage synergies and enhance market positioning, the ability to successfully integrate the two entities and achieve the expected growth and operational benefits remains uncertain. If the integration efforts are unsuccessful, it could jeopardize the anticipated advantages and hinder the company's overall performance.

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Evolution Metals & Technologies (EMAT) operates in several significant addressable markets related to critical minerals and advanced materials, including rare earth permanent magnets, battery materials, lithium-ion battery recycling, and sustainable mining solutions.

Addressable Markets for EMAT's Main Products or Services:

Rare Earth Permanent Magnets

The global market for rare earth permanent magnets was valued at approximately USD 19.5 billion in 2024. This market is projected to grow to approximately USD 30.3 billion by 2033, at a compound annual growth rate (CAGR) of 5% during the period of 2025-2033. Other estimates place the global market at USD 20.1 billion in 2024, expanding to USD 37.7 billion by 2035, with a CAGR of 5.89% from 2025 to 2035. North America was identified as the largest region in the rare earth magnet market in 2024.

Battery Materials

The global battery materials market was valued at an estimated USD 56.5 billion in 2024. This market is expected to reach USD 88.4 billion by 2033, exhibiting a CAGR of 5.09% from 2025 to 2033. Another source estimated the global market size at USD 80.6 billion in 2025, with a projection to hit USD 216.8 billion by 2035 at a CAGR of 10.4% during the forecast period of 2026–2035. Asia Pacific held the largest market share in the battery materials market in 2024.

Lithium-Ion Battery Recycling

The global lithium-ion battery recycling market was valued at approximately USD 23.14 billion in 2024. It is anticipated to grow to USD 88.68 billion by 2033, demonstrating a CAGR of 16.1% over the forecast period of 2025-2033. Other reports estimate the market at USD 7.2 billion in 2024, expected to grow to USD 47 billion in 2034 at a CAGR of 20.6%. Asia Pacific dominated the global lithium-ion battery recycling market in 2024.

Sustainable Mining Solutions

The global green mining market, which encompasses sustainable mining solutions, reached USD 12.6 billion in 2024. [cite: 12 (from previous search output)] This market is projected to grow to USD 21.1 billion by 2033, at a CAGR of 5.7% during the period of 2025-2033. [cite: 12 (from previous search output)] Asia Pacific dominated the global green mining market in 2024. [cite: 5 (from previous search output)]

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Evolution Metals & Technologies (EMAT), which recently began trading on NASDAQ on January 6, 2026, following a business combination, is poised for future revenue growth driven by several key initiatives within the critical minerals and materials sector. The company's strategy emphasizes vertical integration, expansion in the rare earth magnet and battery materials markets, and advancements in its EMAT pipeline inspection technology.

Expected Drivers of Future Revenue Growth:

1. Scaling Rare Earth Magnet Production in the U.S.: EMAT is establishing a U.S.-headquartered, vertically integrated platform for rare earth magnets, battery materials, and critical minerals. A significant driver is the planned industrial-scale midstream processing capacity, targeting an annual production of up to 55,000 tons of rare earth magnets by 2028. This initiative aims to reduce reliance on foreign supply chains and meet growing domestic demand for these critical components in various industries, including automotive, aerospace, defense, and consumer electronics. The company already has over 18 years of commercial rare earth magnet manufacturing experience through its operating subsidiaries and counts major OEMs like Ford, Hyundai, and Samsung among its customers.
2. Expansion into Battery Materials Production: In parallel with its rare earth magnet strategy, EMAT plans to develop midstream capacity that supports battery materials production. This diversified approach leverages a multi-feedstock processing platform, integrating both hydrometallurgical and pyrometallurgical technologies. As the demand for electric vehicles and other battery-powered devices continues to surge, EMAT's entry and expansion in the battery materials supply chain are expected to be a significant revenue contributor.
3. Growth in Critical Minerals & Materials (CMM) Recycling and Processing: EMAT's business model involves leveraging advanced technologies, including robotics and artificial intelligence, to provide integrated midstream and downstream CMM recycling and processing. This includes oxides, metals, magnet alloys, battery materials, and rare earth magnets for key industries. The focus on recycling and processing addresses the increasing need for sustainable and secure supply chains for critical materials, offering a recurring revenue stream as the circular economy for these materials develops.
4. Advancements in EMAT Pipeline Inspection Technology: The company is also involved in EMAT (Electromagnetic Acoustic Transducer) technology for pipeline inspection. Recent developments include the "EMAT Ultra" technology, which offers improved crack detection reliability and doubled sensor coverage for baseline crack inspection, particularly relevant for hydrogen pipelines. The energy transition and the growing hydrogen pipeline infrastructure present a new market for advanced inspection services, where EMAT's specialized tools for difficult-to-inspect or "unpiggable" pipelines offer a competitive advantage. This technology's ability to operate without a coupling medium and in harsh environments further enhances its market appeal.
5. Strategic Acquisitions and Technology Integration: As part of its business combination, EMAT expects to acquire, scale, and integrate five operating companies covering bonded magnet manufacturing, sintered magnet manufacturing, magnet metals and alloy production, Li-ion battery recycling, and smart machine design and automation. These integrations are intended to accelerate its mission to create a secure, U.S.-centered supply chain for critical materials, driving efficiencies and expanding its market reach across the value chain.

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Share Issuance

• Evolution Metals & Technologies Corp. (EMAT) began trading on the NASDAQ Global Market on January 6, 2026, following its business combination with Welsbach Technology Metals Acquisition Company (WTMA) and Evolution Metals LLC.
• Each pre-business combination common stock of Welsbach Technology Metals Acquisition Corp. (WTMA) was exchanged for one common stock of Evolution Metals & Technologies Corp. (EMAT) as a result of the merger.
• The President and Director reported indirect beneficial ownership of 59,526,224 shares of common stock held by a Delaware irrevocable trust as of January 5, 2026.

Inbound Investments

• The business combination of Welsbach Technology Metals Acquisition Company (WTMA) and Evolution Metals LLC formed Evolution Metals & Technologies Corp. (EMAT), bringing together assets and capital for a critical minerals and materials supply chain.
• Prior to the merger, Evolution Metals LLC entered into various investment agreements and convertible promissory notes in 2024, including with Camston Wrather LLC.

Outbound Investments

• Through the business combination, EMAT was formed by acquiring, scaling, and integrating four to five operating companies focused on bonded magnet manufacturing, sintered magnet manufacturing, magnet metals and alloy production, Li-ion battery recycling, and smart machine design and automation.
• The company integrates a roll-up of operating companies in the Republic of South Korea.

Capital Expenditures

• EMAT plans to replicate and scale its operating companies in the USA and build a commercial-scale critical minerals and materials industrial campus.
• The company targets a planned midstream capacity supporting up to 55,000 tons of rare earth magnets annually by 2028.