UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 333-283119-05

Evolution Metals LLC

(Exact name of registrant as specified in its charter)

Delaware		99-1246300
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

516 S Dixie Hwy, Unit 209
West Palm Beach, Florida		33401
(Address of principal executive offices)		(Zip Code)

+1 (561)-225-3205

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:		Trading Symbol(s)		Name of Each Exchange on Which Registered:
N/A		N/A		N/A

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐☒ No ☒☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☐	Large accelerated filer	☐	Accelerated filer
☒	Non-accelerated filer	☒	Smaller reporting company
		☒	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of ~~June 27~~August 19, 2025, there were 1100,000 member units, voting and 900,000 member units, ~~outstanding~~non-voting, par value $0.0001 per ~~share~~unit, of the registrant issued and outstanding.

EVOLUTION METALS LLC

FORM 10-Q FOR THE QUARTER ENDED ~~MACH~~JUNE 3130, 2025

TABLE OF CONTENTS

		Page
	PART 1 – Financial Information
Item 1.	Unaudited Condensed Consolidated Financial Statements:	1
	Condensed Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and for the Period from February 8, 2024 (inception) to March 31, 2024 (Unaudited)	2
	Condensed Consolidated Statements of Operations for the three months ended June 30, 2025 and 2024, for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Member’s (Deficit) Equity for the three months ended March 31, 2025 and for the Period from February 8, 2024 (inception) to March 31, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Changes in Members’ (Deficit) Equity for the three and six months ended June 30, 2025, the three months ended June 30, 2024 and the period from February 8, 2024 (inception) to June 30, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and for the Period from February 8, 2024 (inception) to March 31, 2024 (Unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024 (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5-1618
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1719
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	2325
Item 4.	Controls and Procedures	2325
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	2527
Item 1A.	Risk Factors	2527
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2628
Item 3.	Defaults upon Senior Securities	2628
Item 4.	Mine Safety Disclosures	2628
Item 5.	Other Information	2628
Item 6.	Exhibits	2729
	SIGNATURES	2931

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

EVOLUTION METALS LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2025			December 31, 2024
	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current assets
Cash	$	3,732,564		$	2,614,710
Cash and cash equivalents	$	1,614,314		$	2,614,710
Prepaid expenses and other current assets		~~147~~97,~~834~~944			23,191
Notes receivable, current, net		1,~~364~~308,~~962~~091			957,717
Notes receivable, related party, net		2,~~464~~872,~~850~~451			1,624,850
Convertible notes receivable, net		2,~~052~~125,~~527~~898			1,981,420
Total current assets		98,~~762~~018,~~737~~698			7,201,888
Deferred transaction costs		67,~~793~~988,~~212~~820			3,994,751
Notes receivable, net of current portion, net		~~4,500,000~~—			4,500,000
TOTAL ASSETS	$	2116,~~055~~007,~~949~~518		$	15,696,639
LIABILITIES AND MEMBER’S DEFICIT
LIABILITIES AND MEMBERS’ DEFICIT
Current liabilities
Accounts payable	$	34,~~897~~128,~~264~~600		$	1,523,278
Accrued expenses		6140,~~805~~086			84,337
July Investment Agreement Derivative (Note 8)		65112,~~803~~521,~~887~~314			53,231,638
CPU Share Allocation Obligations (Note 8)		174,~~426~~166,~~650~~671			10,231,516
Total current liabilities		87120,~~189~~856,~~606~~671			65,070,769
TOTAL LIABILITIES		87120,~~189~~856,~~606~~671			65,070,769
COMMITMENTS AND CONTINGENCIES (NOTE 11)
MEMBER’S DEFICIT
MEMBERS’ DEFICIT
Member units		100			100
Member units, voting, $0.0001 par value; unlimited units authorized at June 30, 2025 and December 31, 2024; 100,000 and 1,000,000 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively		10			100
Convertible preferred units		12,337,352			9,587,352
Member units, non-voting, $0.0001 par value; unlimited units authorized at June 30, 2025; 900,000 and 0 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively		90			—
Subscription Receivable		(1,500,000	)		—
Convertible preferred units, $0.0001 par value; unlimited units authorized at June 30, 2025 and December 31, 2024, 42,280,021 and 35,230,021 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively		12,337,352			9,587,352
Accumulated deficit		(76117,~~971~~186,~~109~~605	)		(58,961,582	)
TOTAL MEMBER’S DEFICIT		(66,133,657	)		(49,374,130	)
TOTAL MEMBERS’ DEFICIT		(104,849,153	)		(49,374,130	)
TOTAL LIABILITIES AND MEMBER’S DEFICIT	$	21,055,949		$	15,696,639
TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	16,007,518		$	15,696,639

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVOLUTION METALS LLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended March 31, 2025			For the Period from February 8 (inception) to March 31, 2024
	For the Three Months						For the Six Months Ended			For the Period from February 8, 2024 (inception) to
OPERATING EXPENSES
	Ended June 30,						June 30,			June 30,
General and administrative	$	1,850,749		$	149,906
	2025			2024			2025			2024
Sales and marketing		124,244			—
General and administrative expenses	$	1,673,241		$	705,894		$	3,523,990		$	855,800
Loss from operations		(1,974,993	)		(149,906	)
Sales and marketing		143,883			8,141			268,127			8,141
Other income (expense):
Loss from operations		(1,817,124	)		(714,035	)		(3,792,117	)		(863,941	)
Change in fair value of CPU Share Allocation Obligations		(2,491,598	)		—

Change in fair value of July Investment Agreement Derivative		(12,572,249	)		—
Other income (expense):
Day one loss on CPU Share Allocation Obligations		(403,536	)		—
Change in fair value of CPU Share Allocation Obligations		13,259,979			―			10,768,381			—
Interest income		493,037			—
Change in fair value of July Investment Agreement Derivative		(46,717,427	)		―			(59,289,676	)		—
Allowance for credit losses		(1,310,188	)		—
Day one loss on CPU Share Allocation Obligations		—			―			(403,536	)		—
Other income		250,000			—
Interest income		525,579			1,703			1,018,616			1,703
Total other expense, net		(16,034,534	)		—
Allowance for credit losses		(5,466,503	)		(2,750,755	)		(6,776,691	)		(2,750,755	)
Net loss	$	(18,009,527	)	$	(149,906	)
Other income		—			―			250,000			—
Weighted average participating member units, basic and diluted		1,000,000			1,000,000
Total other expense, net		(38,398,372	)		(2,749,052	)		(54,432,906	)		(2,749,052	)
Net loss per participating member units, basic and diluted	$	(18.01	)	$	(0.15	)

Net loss	$	(40,215,496	)	$	(3,463,087	)	$	(58,225,023	)	$	(3,612,993	)

Weighted average participating member units, basic and diluted		1,000,000			1,000,000			1,000,000			1,000,000
Net loss per participating member units, basic and diluted	$	(40.22	)	$	(3.46	)	$	(58.23	)	$	(3.61	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVOLUTION METALS LLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN ~~MEMBER~~MEMBERS’S (~~DEFICT~~DEFICIT) EQUITY

FOR THE THREE AND SIX MONTHS ENDED ~~MARCH~~JUNE 3130, 2025

	Member Units						Convertible Preferred Units				Subscription			Accumulated			Member’s
	Voting Member Units						Non -Voting Member Units				Convertible Preferred Units						Subscription			Accumulated			Members’
	Units			Amount			Units		~~Amount~~Amounts		~~Receivable~~Units			~~Deficit~~Amount			~~Deficit~~Receivable			Deficit			Deficit
Balance, January 1, 2025		1,000,000		$	100			~~35,230,021~~—	$	~~9,587,352~~—	$	—35,230,021		$	~~(58~~9,~~961~~587,~~582~~352	)	$	~~(49,374,130~~—	)	$	(58,961,582	)	$	(49,374,130	)
Issuance of convertible preferred units		—			—			~~7,050,000~~—	$	~~2,750,000~~—		(17,~~500~~050,000	)		—2,750,000			(1,~~250~~500,000	)		—			1,250,000
Net loss		—			—			—		—		—			~~(18,009,527~~—	)		~~(18,009,527~~—	)		(18,009,527	)		(18,009,527	)
Balance, March 31, 2025		1,000,000		$	100			~~42,280,021~~—	$	~~12,337,352~~—	$	(142,~~500~~280,~~000~~021	)	$	~~(76~~12,~~971~~337,~~109~~352	)	$	(661,~~133~~500,~~657~~000	)	$	(76,971,109	)	$	(66,133,657	)
Subscription proceeds received		—			—			—		—		—			—			1,500,000			—			1,500,000
Conversion of voting member units to non-voting member units		(900,000	)		(90	)		900,000		90		—			—			—			—			—
Net loss		—			—			—		—		—			—			—			(40,215,496	)		(40,215,496	)
Balance, June 30, 2025		100,000		$	10			900,000	$	90		42,280,021		$	12,337,352		$	—		$	(117,186,605	)	$	(104,849,153	)

FOR THE PERIOD FROM FEBRUARY 8, 2024 (INCEPTION) TO ~~MARCH~~JUNE 3130, 2024

	Member Units				Convertible Preferred Units				Accumulated			~~Member~~Members’s Equity
	Units		Amount		Units		Amount		Deficit			Deficit
Balance, February 8, 2024 (inception)		—	$	—		—	$	—	$	—		$	—
Issuance of member units		1,000,000		100		—		—		—			100
Issuance of convertible preferred units		—		—		1,100,003		1,100,003		—			1,100,003
Net loss		—		—		—		—		(149,906	)		(149,906	)
Balance, March 31, 2024		1,000,000	$	100		1,100,003	$	1,100,003	$	(149,906	)	$	950,197
Issuance of convertible preferred units		—		—		4,630,001		4,630,001		—			4,630,001
Net loss		—		—		—		—		(3,463,087	)		(3,463,087	)
Balance, June 30, 2024		1,000,000	$	100		5,730,004	$	5,730,004	$	(3,612,993	)	$	2,117,111

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVOLUTION METALS LLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Three Months Ended March 31, 2025			For the Period from February 8 (inception) to March 31, 2024
	For the Six Months Ended June 30, 2025			For the Period from February 8, 2024 (inception) to June 30, 2024
Cash flows from operating activities
Net loss	$	(1858,~~009~~225,~~527~~023	)	$	(~~149~~3,~~906~~612,993	)
Adjustments to reconcile net loss to net cash used in operating activities
Allowances for credit losses		16,~~310~~776,~~188~~691			—2,750,755
Day one loss on CPU Share Allocation Obligations		403,536			—
Change in fair value of CPU Share Allocation Obligations		2(10,~~491~~768,~~598~~381	)		—
Change in fair value of July Investment Agreement Derivative		1259,~~572~~289,~~249~~676			—
Payment in kind - interest		(474,050	)		—
Paid in kind - interest		(963,195	)		—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(~~124~~74,~~643~~753	)		~~(25,000~~—	)
Accounts payable		(~~209~~856,~~475~~240	)		—
Accrued expenses		(2244,~~532~~251	)		87211,316
Net cash used in operating activities		(24,~~062~~461,~~656~~940	)		(~~174~~650,~~819~~922	)
Cash flows from investing activities
Issuance of notes receivable		(~~474~~760,~~490~~748	)		(~~373~~1,~~737~~083,294	)
Issuance of notes receivable, related party		(1,680,000	)		—
Collection of notes receivable		200,000			—
Net cash used in investing activities		(2,154,490	)		(373,737	)
Issuance of notes receivable, related party		(2,495,201	)		(1,000,000	)
Issuance of convertible notes receivable		—			(2,500,000	)
Net cash used in investing activities		(3,055,949	)		(4,583,294	)
Cash flows from financing activities
Proceeds from issuance of member units		—			100
Proceeds from issuance of convertible preferred units		57,~~550~~050,000			15,~~100~~730,~~002~~004
Payments for deferred transaction costs		(~~215~~532,~~000~~507	)		—
Net cash provided by financing activities		56,~~335~~517,~~000~~493			15,~~100~~730,~~102~~104
Net change in cash		(1,~~117~~000,~~854~~396	)		~~551~~495,~~546~~888
Cash, beginning of period		2,614,710			—
Cash, end of period	$	31,~~732~~614,~~564~~314		$	~~551~~495,~~546~~888
Supplemental cash flow information:
Taxes paid	$	—		$	—
Interest paid	$	—		$	—
Supplemental disclosure of noncash investing and financing activities:
Fair value of CPU Share Allocation Obligations issued in connection with issuance of certain convertible preferred units	$	4,703,536		$	—
Deferred transaction costs included within accounts payable and accrued expenses	$	23,~~583,~~461,562		$	—
Convertible preferred units issued in exchange for subscription receivable	$	1,500,000		$	—

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

EVOLUTION METALS, LLC

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

~~MARCH 31~~JUNE 30, 2025

Note 1 — Description of Organization and Business Operations

Evolution Metals LLC (the “Company” or “EM LLC”) was formed in Delaware in February 2024 to develop a secure, reliable global supply chain for critical minerals and materials (“CMM”), leveraging advanced technologies and strategic consolidation of midstream and downstream manufacturers. The Company will support key industries, such as automotive while driving a sustainable future through efficient processing and the application of cutting edge robotics and artificial intelligence (“AI”). The Company has two wholly owned subsidiaries: EM LLC (Korea), incorporated in South Korea on January 10, 2025, and EMT Sub Co. Ltd (“EMT Sub”) incorporated in South Korea on January 21, 2025.

To achieve this vision, the Company entered into equity purchase agreements during 2024 to acquire a controlling equity interest in ~~five~~four separate entities (collectively, the “~~Five~~ Four Entities”) critical to the CMM supply chain in order to combine initial capabilities believed to serve as the foundation for the Company’s growth – — transforming raw materials into essential components for further manufacturing; recycling lithium batteries; producing materials that are essential feedstocks used in the production of advanced magnets, which include (a) bonded magnets that are vital components in various high-tech applications (including automotive, aerospace, and consumer electronics industries) and (b) sintered magnets that are crucial for high-performance applications (particularly in the defense and aerospace sectors where precision and durability are paramount); developing AI software and machines to drive automation, innovation, and efficiency to reduce labor costs, lower manufacturing reject rates, and automating the quality of control processes. The ~~Five~~Four Entities ~~include~~are four Korean companies ~~and one domestic company~~.

Upon completion of the acquisition of the ~~Five~~Four Entities, the ~~combined~~Company ~~company~~ is expected to produce materials annually, including magnets and battery metals to meet the ~~growing~~ growing global demand driven by the electrification of transportation, the expansion of green energies, advancements in healthcare technologies, military and defense manufacturing, and consumer appliances, among others.

On April 1, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Welsbach Technology Metals Acquisition Corp., a Delaware corporation (“WTMA”), and WTMA Merger Subsidiary LLC, a Delaware limited liability company and direct wholly owned subsidiary of WTMA (“Merger Sub”). On November 6, 2024, the Company, WTMA and Merger Sub entered into an Amended and Restated Agreement and Plan of Merger, as amended by the November 11, 2024 Amendment No 1 to Amended and Restated Agreement and Plan of Merger, the February 10, 2025 Amendment No 2 to Amended and Restated Agreement and Plan of Merger, the March 31, 2025 Amendment No 3 to Amended and Restated Agreement and Plan of Merger, ~~and~~ the June 11, 2025 Amendment No. 4 to Amended and Restated Agreement and Plan of Merger, and the July 21, 2025 Amendment No. 5 to Amended and Restated Agreement and Plan of Merger (collectively, the “Amended Merger Agreement”). The Amended Merger Agreement provides that Merger Sub will be merged with and into the Company, with the Company being the surviving corporation and resulting in EM LLC being a wholly owned subsidiary of WTMA (the “Merger” and, collectively with the other transactions contemplated by the Amended Merger Agreement, the “Business Combination”). The consummation of the transactions contemplated by the Merger Agreement are conditioned on the consummation of the acquisition of the ~~Five~~ Four Entities. After consummation of the Business Combination, WTMA is expected to change its name to Evolution Metals & Technologies Corp. (such post-closing entity is referred to as “New EM”). At closing of the Business Combination (the “Closing”), New EM’s common stock is expected to trade on the Nasdaq Stock Market LLC (“Nasdaq”) (see Note 4). On May 14, 2025, the Registration Statement on Form S-4 relating to the Business Combination was declared effective by the SEC. On July 29, 2025 and August 7, 2025, the Company filed Post-Effective Amendments to its Registration Statement on Form S-4 relating to the Business Combination. ~~was~~The Registration Statement, as amended, was declared effective by the SEC on August 8, 2025.

Note 2 — Liquidity and Going Concern

Historically, the Company’s primary sources of liquidity have been cash flows from issuance of convertible preferred units. The Company reported a net loss of $1858, ~~009~~225,~~527~~023 for the ~~three~~six months ended ~~March~~ 31June 30, 2025. As of ~~March~~June 3130, 2025, the Company had an aggregate cash balance of $31,~~732~~614,~~564~~314, and a net working capital deficit of $77112,~~426~~837,~~869~~973. These are indicators of substantial doubt as to the Company’s ability to continue as a going concern for at least one year from issuance of these unaudited condensed consolidated financial statements. The Company’s ability to continue as a going concern is dependent upon the management of its expenses and its ability to obtain necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due, and upon profitable operations.

The Company’s future capital requirements will depend on many factors, including the Company’s ~~timing~~consummation ~~and~~of ~~extent~~a ofbusiness ~~its research~~combination, ~~the~~ acquisition of processing facilities, ~~and~~ the ~~consummation~~build-out of its aplanned ~~business~~recycling ~~combination~~and processing facilities, research, and working capital (see Note 4). In order to finance these opportunities and associated costs, it is possible that the Company would need to raise additional financing if the proceeds received from the business combination and other equity financing are insufficient to support its business needs. While there can be no assurances, the Company intends to raise such capital through additional equity raises. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to it or at all. If the Company is unable to raise additional capital on acceptable terms when needed, its product development business, results of operations and financial condition would be materially and adversely affected.

As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern through twelve months from the date these financial statements are available to be issued. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Note 3 — Summary of Significant Accounting Policies

Basis of Presentation and ~~principles~~Principles of ~~consolidation~~Consolidation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), for interim financial information and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, all adjustments for a fair presentation have been included. Operating results for the three and six months ended ~~March~~June 3130, ~~2025~~ 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial ~~statement~~statements and notes thereto included in the Company’s audited financial statements filed with the Post-Effective Amendment No. 42 to Registration Statement on Form S-4/A (Registration No. 333-283119) onfiled ~~May~~with the SEC on 12August 6, 2025.

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Emerging Growth Company: The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups (“JOBS”) Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as to those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. The Company’s most significant assumptions and estimates relate to the estimation of the allowance for credit losses, fair value of the July Investment Agreement Derivative and the fair value of the CPU Share Allocation Obligation, which includes the post-money valuation of the Company, (see Note 8)~~, and the valuation of its cancelled liability-classified share-based payment transaction (see Note 10)~~. These estimates are based on assumptions which management believes are reasonable. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates.

Foreign ~~currency~~ Currency ~~translation~~ Translation and ~~transactions~~Transactions: The Company’s reporting currency is the U.S. dollar. The functional currency of each entity in the group is the currency of the primary economic environment in which it operates. Transactions in foreign ~~currencies~~ currencies are initially recorded into functional currency at the rates of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into functional currency at the rates of exchange prevailing at the balance sheet date. Non-monetary assets and liabilities are remeasured to the functional currency at exchange rates that prevailed on the date of inception of the transaction.

~~The~~Assets ~~Company~~and ~~translates~~liabilities ~~the~~are ~~financial~~translated ~~statements from the local (functional) currency into U.S. dollars~~ using the ~~year or reporting period end or average~~ exchange ~~rates~~ rate in ~~accordance~~effect ~~with the requirements of Accounting Standards Codification (“ASC”) subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities are translated at exchange rates~~ as of the balance sheet date. Expenses are translated atusing the average exchange rates in effect for the periods presented. The effects of translating financial statements from functional currency to reporting currency are recorded in accumulated other comprehensive income or loss as a component of member’s equity. For the three and six months ended ~~March~~June 31 30, 2025, there were no translation gains or losses recognized.

Gains and losses resulting from transactions denominated in a currency other than the functional currency of the entity are included in other (expense) income, net in the consolidated statements of operations using the average exchange rates in effect during the period.

Segment Information: Accounting Standards Codification (“ASC ”) subtopic 280, “Segment Reporting” (“ASC 280”), defines operating segments as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the ~~managing member~~manager, who has ultimate responsibility for the operating performance of the Company and the allocation of resources. The CODM reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment. The CODM assesses performance for the single reportable segment and decides how to allocate resources based on operating expenses that also are reported on the ~~statement~~statements of operations as net income. The measure of segment assets is reported on the balance ~~sheet~~sheets as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in operating expenses and cash and cash equivalents.

Operating expenses, inclusive of general and administrative costs and sales and marketing costs, are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to fund operations until the Business Combination closes. The CODM also reviews operating expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. The categories of operating expenses, as reported on the ~~statement~~statements of operations, are the significant segment expenses provided to the CODM on a regular basis.

Cash and Cash Equivalents: The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.

Concentration of Credit Risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in in a financial institution and notes receivables. Cash accounts in a financial institution may at times exceed the Federal Depository ~~Insurance~~ Insurance Corporation limit. The ~~amounts~~amount over these insured limits as of ~~March~~June 3130, 2025 ~~and December 31, 2024~~ was $31,~~468~~350,~~764 and $2,364,710, respectively~~514. As of ~~March~~June 3130, 2025 ~~and December 31~~, ~~2024,~~ the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.

The Company is subject to potential credit risk related to business, economic and financial market conditions that affect entities it has advanced amounts to which has been heightened as a result of recent economic and financial market conditions, including in connection with the uncertainties and challenges in the overall economy, including, among other things, inflationary pressure and increased interest rates. Certain entities that have received advances from the Company have experienced significant financial difficulties (including bankruptcy), and others may experience financial difficulties in the future. These difficulties expose the Company to increased risk related to collectability.

Fair Value of Financial Instruments: ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based upon assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Inputs based on unadjusted quoted market prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable or can be corroborated by observable market data.

Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are both unobservable for the asset and liability in the market and significant to the overall fair value measurement.

An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets and liabilities measured at fair value are based on one or more of the following techniques noted in ASC 820:

●

Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

●

Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost).

●

Income approach: Techniques to convert future amounts to a single present value amount based upon market expectations (including present value techniques, option pricing, and excess earnings models).

The Company believes its valuation methods are appropriate and consistent with other market participants, however the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The Company’s financial instruments with a carrying value that approximates fair value consist of cash and cash equivalents, prepaid and other current assets, notes receivable, convertible notes receivable, accounts payable and accrued expenses because of the short-term nature or expected settlement dates of these instruments. The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, the July Investment Agreement Derivative (see Note 8), and the Convertible Preferred Unit Share Allocation Obligation (see Note 8)~~, and liability-classified share-based payment transactions (see Note 10)~~.

Notes Receivable: Notes receivable consists of secured and unsecured promissory notes with no conversion features and was accounted for as receivables in the scope of ASC 310, “Receivables” (“ASC 310”), which was initially recorded at present value and subsequently re-measured at amortized cost (see Note 65). Notes receivable is reported net of an allowance for credit losses on the accompanying balance ~~sheet~~ sheets.

Convertible Notes Receivable: Convertible notes receivable consists of convertible promissory notes that can convert into a privately held company’s equity securities at the Company’s election and was accounted for as receivables in the scope of ASC 310, which was initially recorded at present value and subsequently re-measured at amortized cost (see Note 6). The notes did not meet the definition of a debt security in the scope of ASC 320, “Investments – Debt Securities” (“ASC 320”). Convertible notes receivable is reported net of an allowance for credit losses on the accompanying balance ~~sheet~~sheets.

Allowance for Credit Losses: The Company recognizes an allowance for losses on notes receivable, convertible notes receivable and notes receivable – related party (collectively, the “Outstanding Receivables”) in an amount equal to the estimated probable losses net of recoveries. The Company currently monitors financial conditions of the companies it has Outstanding Receivables owed from on a continuing basis. After considering current economic conditions and specific and financial stability of its Outstanding Receivables counterparties, an allowance for credit losses is maintained in the balance ~~sheet~~sheets at a level which management believes is sufficient to cover all probable future credit losses as of the balance sheet date based on specific reserves and an expectation of future economic conditions that might impact collectability. The Company’s policy is to write off past-due accrued interest receivable by measuring an allowance for ~~credit~~ credit losses for accrued interest receivable on Outstanding Receivables balance. Outstanding Receivables are carried at amortized cost, net of allowances for credit losses. Amortized cost approximated book value as of ~~March~~June 3130, 2025 and December 31, 2024. After all ~~reasonable~~ reasonable attempts to collect a receivable have failed, the amount of the receivable is written off against the allowance.

Convertible ~~Preferred~~ Preferred Units: Convertible preferred units consist of preferred units issued with an option to convert into New EM common shares at the option of the holders (see Note 4). The convertible preferred units are accounted for as permanent equity in the scope of ASC 815, “Derivatives and Hedging” (“ASC 815”) and recorded at fair value which is representative of the proceeds received (see Note 9).

Derivative Liabilities: Certain agreements the Company entered into either require the Company to issue or provide the Company the option to issue a variable number of shares of New EM common shares to certain investors and vendors. The Company applies ASC 480, “Distinguishing ~~Liabilities~~ Liabilities and Equity” (“ASC 480”), ASC 815, and ASC 718, “Compensation – Stock Compensation” (“ASC 718”) in its evaluation of the terms of each agreement. Financial instruments that were identified in each agreement and

● meet the criteria to be accounted for as a liability in accordance with ASC 480 were reported at fair value at issuance and were re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying ~~statement~~statements of operations;

● do not meet the criteria to be accounted for as a liability in accordance with ASC 480 and do not meet the criteria to be accounted for as equity in accordance with ASC 815 are accounted for as a liability and were reported at fair value at issuance and were re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying ~~statement~~statements of operations;

●

meet the criteria of a liability-classified share-based payment transaction in accordance with ASC 718 were measured based on the fair value of the transaction on the date of grant and remeasured to fair value each reporting period until settlement or cancellation.

Agreements where multiple financial instruments are identified that would individually warrant separate accounting as a derivative instrument are bundled together as a single, compound embedded derivative that is bifurcated and accounted for separately from the host contract in accordance with ASC 815.

Impairment of Long-Lived Assets: The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10, “Impairment or Disposal of Long-Lived Assets” (“ASC 360-10”), which requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value. The Company did not record impairment losses during the ~~three~~period ~~months~~presented ~~ended~~in ~~March~~these ~~31,~~unaudited ~~2025~~condensed ~~and~~financial ~~period from February 8, 2024 (inception) to March 31, 2024~~statements.

Business Combinations: The Company accounts for business combinations under the acquisition method of accounting. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Goodwill is recognized to the extent by which the aggregate of the acquisition-date fair value of the consideration transferred and any noncontrolling interest in the acquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed, and noncontrolling interest requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates and asset lives among other items.

Deferred Transaction Costs: Commissions, legal fees and other costs that are direct and incremental costs directly related to the contemplated business combination transaction (See Note 4) are capitalized as deferred transaction costs until the consummation of the transaction. The costs will be reclassified to additional paid-in capital upon the closing of the transaction. If the transaction does not close, these transaction costs will be written off to general and administrative expenses at such time the transaction is determined to be unsuccessful. As of ~~March~~June 3130, 2025 and December 31, 2024, deferred transaction costs totaling $67,~~793~~988,~~212~~820 and $3,994,751, respectively, are recorded on the accompanying consolidated balance sheets related to the anticipated business combination (see Note 4).

Net Loss Per Unit: Net loss per ~~Participating~~unit ~~Member~~is ~~Unit:~~calculated ~~Basic~~and ~~net~~reported ~~loss~~under ~~per~~the ~~participating~~“two-class” ~~member~~method, ~~unit~~which is ~~computed~~an earnings allocation bymodel that ~~dividing~~treats participating securities ~~net~~as ~~income~~having ~~attributable~~ rights to earnings that ~~members~~otherwise bywould ~~the~~have ~~weighted~~been ~~average~~available ~~number~~to holders of ~~participating~~ member units. ~~outstanding~~Under ~~during~~ the ~~reporting~~two-class method, earnings for the period. ~~Diluted~~are ~~net~~required ~~loss~~to ~~per~~be allocated between member units and participating securities ~~unit~~based isupon ~~computed~~their ~~similar~~respective rights to ~~basic~~receive distributed and undistributed earnings. For net loss per ~~unit~~share computation ~~except~~purposes, ~~that~~ the ~~denominator~~Company’s member units, isvoting ~~increased~~and tomember ~~include~~units, ~~the~~non-voting ~~number~~are considered one single class of ~~additional~~common equity because ~~participating~~both classes have ~~member~~the ~~units~~same ~~that~~dividend ~~would~~and ~~have~~liquidation ~~been~~rights. ~~outstanding~~The ifCompany’s ~~the~~convertible ~~potential~~preferred ~~member~~units ~~unit~~do ~~equivalents~~not ~~had~~participate ~~been~~in ~~issued~~the ~~and~~earnings ifor losses of the ~~additional~~Company ~~participating member~~and ~~units~~are ~~were~~therefore ~~dilutive~~not participating securities.

~~For~~Basic ~~the~~net ~~three~~loss ~~months~~per ~~ended March~~unit ~~31,~~is ~~2025~~computed ~~and~~by dividing net loss for the period by ~~from~~the ~~February~~weighted 8,average ~~2024~~number ~~(inception)~~of tomember ~~March~~units ~~31,~~outstanding ~~2024,~~during the ~~Company~~period. In ~~diluted~~periods ~~weighted-average~~when ~~member~~the ~~units outstanding~~Company is ~~equal~~in toa ~~basic weighted-average member units, due to the Company’s~~ net loss position~~. Hence~~, potentially nodilutive ~~member~~securities ~~unit~~are ~~equivalents were~~excluded ~~included~~from in the computation of diluted net loss per unit ~~since~~because ~~such~~their inclusion would have ~~been~~an ~~antidilutive~~anti-dilutive effect. AtThus, ~~March~~basic ~~31,~~net ~~2025~~loss ~~and 2024,~~per ~~there~~unit ~~are~~is nothe ~~potentially~~same ~~dilutive~~as ~~securities~~diluted ~~currently~~net ~~issued~~loss ~~and~~per ~~outstanding~~unit.

~~The~~Diluted net loss per unit ~~Company’s~~is ~~convertible~~computed ~~preferred~~similar ~~units~~to dobasic ~~not~~net ~~participate~~loss inper unit except that the ~~earnings~~denominator oris ~~losses~~increased ofto include the ~~Company~~potential ~~and~~dilutive ~~are~~effect ~~therefore~~of ~~not participating~~member ~~securities.~~unit Asequivalents ~~such,~~on ~~separate~~the ~~presentation~~average number of ~~basic~~member ~~and~~units ~~diluted~~outstanding ~~earnings~~during ~~per~~the ~~unit~~period. ofAt ~~the~~June ~~convertible~~30, ~~preferred~~2025 ~~units~~and ~~under~~2024, ~~the~~there ~~two-class~~are no potentially ~~method~~dilutive ~~has~~securities ~~not~~currently ~~been~~issued ~~presented~~and outstanding.

Income Taxes: As of ~~March~~June 3130, 2025, the Company is a ~~single member~~ limited liability company treated as a disregarded entity for federal and state tax purposes with all income tax liabilities and benefits of the Company being passed through to the common ~~member~~members. As such, no recognition of federal or state income taxes for the Company has been provided for in the accompanying financial statements.

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”), which prescribes a recognition threshold and measurement process for accounting for uncertain tax positions and also provides guidance on various related matters such as derecognition, interest, penalties, and disclosures required. The Company does not have any entity-level uncertain tax positions. The Company files income tax returns in the U.S. federal jurisdictions and various state jurisdictions. Generally, the Company is subject to examination by U.S. federal (or state and local) income tax authorities for three years from filing a tax return.

Recent Accounting Pronouncements, adopted:

ASU 2024-01, “Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” (“ASU 2024-01”) introduces updates to accounting standards related to the classification and measurement of financial instruments under ASC 320. The update primarily focuses on clarifying guidance for equity securities, debt instruments, and other financial assets, particularly in the areas of fair value measurement and impairment recognition. It aims to improve consistency and comparability in the reporting of financial instruments by refining the criteria for classifying securities and enhancing the methodology for recognizing and measuring impairments. ASU 2024- 01 also mandates additional disclosures to provide greater transparency around the valuation techniques and assumptions used in determining the fair value of financial instruments. The update is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this standard did not have a material impact on the unaudited condensed consolidated financial statements.

Recent Accounting Pronouncements, not yet adopted:

ASU 2024-02, “Codification Improvements-Amendments to Remove References to the Concepts Statements” (“ASU 2024-02”) updates accounting standards for revenue recognition, lease accounting, and impairment of long-lived assets. ASU 2024-02 provides enhanced guidance for estimating variable consideration, accounting for contract modifications, determining lease terms, and simplifying impairment testing for long-lived assets. It also introduces increased disclosure requirements for financial instruments and derivatives. ASU 2024-02 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2024-02 is not expected to have a material effect on the Company’s consolidated financial statements

ASU 2024-03, “Disaggregation of Income Statement Expenses (“DISE”)” (“ASU 2024-03”) requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosure about selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures.

ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”) incorporates several disclosure and presentation requirements currently residing in SEC Regulation S-X and S-K into the ASC. The amendments are applied prospectively and are effective when the SEC removes the related requirements from Regulation S-X and S-K. Any amendments the SEC does not remove by June 30, 2027 will not be effective. Early adoption is prohibited. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures.

ASU 2025-03, “Business Combination and Consolidation: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025-03”) provides clarifying guidance on determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting, especially when companies merge with a special-purpose acquisition company (“SPAC”). ASU 2025-03 requires entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. Essentially, it aims to make financial reporting more comparable and decision-useful for investors by ensuring that the accounting acquirer is appropriately identified in acquisitions of VIEs, particularly in SPAC transactions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 including interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact this amended guidance may have on its financial statements.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s unaudited consolidated balance sheets, statements of operations and statements of cash flow

Note 4 — Proposed Business Combination

Merger Agreement with Welsbach Technology Metals Acquisition Corp

Key terms of the Amended Merger Agreement include, but are not limited to, the following:

● Each issued and outstanding share of the Company’s voting common member units, ~~and~~nonvoting ~~each~~common ~~issued~~member units, and ~~outstanding share of the Company’s~~ convertible preferred units on an as-converted basis will automatically be cancelled and converted into the right to receive the number of shares of New EM common stock in accordance with the Amended Merger Agreement.

● Total consideration is estimated to consist of (i) 416,436,066 New EM common stock ~~valued at $4,164,360,660~~ in exchange for the Company’s voting common member units issued and outstanding immediately prior to the Merger, (ii) 67,413,224 shares of New EM common stock in exchange for the Company’s nonvoting common member units issued and outstanding immediately prior to the Merger, (iii) 109,436,178 shares of New EM common stock in exchange for the Company’s convertible preferred units issued and outstanding immediately prior to the Merger and (iii) cash of $25,000,000.

●

The New EM board of directors after the Closing will consist of six directors, which shall initially include six director nominees designated by the Company and reasonably acceptable to WTMA.

● The obligations of the Company to consummate the Merger are conditioned on, among other things, that as of the Closing, New EM would have available to it a positive amount of cash after giving effect to (x) the amount in the WTMA trust account as of the Closing, after deducting the amount required to satisfy WTMA’s obligations to its stockholders (if any) that exercise their rights to redeem all or a portion of their shares of WTMA common stock pursuant to the WTMA charter and certain WTMA and EM LLC transaction expenses, plus (y) the amount of funding actually received by WTMA from its private investment in public equity offering prior to or substantially concurrently with the Closing, plus (z) the aggregate gross proceeds received or to be received by WTMA or EM LLC pursuant to any agreement or arrangement entered into prior to or substantially concurrently with the Closing in connection with the issuance or other grant of any interests of WTMA or EM LLC or any of WTMA’s subsidiaries, if any (the “Minimum Available Cash Condition”). The Minimum Available Cash Condition is for the sole benefit of EM LLC.11

● The ~~Closing~~obligations isof ~~subject~~the Company to ~~certain~~consummate ~~conditions,~~the ~~including,~~Merger ~~but~~are ~~not~~conditioned ~~limited~~on, toamong other things, ~~the~~that ~~approval~~as of the ~~Company’s~~Closing, ~~voting~~New ~~common~~EM ~~member~~would ~~and~~have ~~the~~available ~~approval~~to it a positive amount of cash after giving effect to (x) the ~~stockholders~~amount ofin the WTMA. ~~Holders~~trust account as of the Closing, after deducting the amount required to satisfy WTMA’s ~~public~~obligations ~~shares~~to ~~will~~its ~~have~~stockholders ~~the~~(if ~~opportunity~~any) that exercise their rights to redeem all or a portion of their shares of WTMA common stock pursuant to the WTMA charter and certain WTMA and EM LLC transaction expenses, plus (y) the amount of funding actually received by WTMA from its private investment in public ~~shares~~equity ~~for~~offering ~~cash~~prior to or substantially concurrently with the Closing, plus (z) the aggregate gross proceeds received or to be received by WTMA or EM LLC pursuant to any agreement or arrangement entered into prior to or substantially concurrently with the Closing in connection with the ~~Business~~issuance ~~Combination~~or other grant of any interests of WTMA or EM LLC or any of WTMA’s subsidiaries, if any (the “Minimum Available Cash Condition”). The Minimum Available Cash Condition is for the sole benefit of EM LLC.

In ● The Closing is subject to certain ~~circumstances~~conditions, including, ifbut not limited to, the ~~Business~~approval ~~Combination~~of ~~has~~the ~~not~~Company’s ~~been~~voting ~~consummated~~common bymember ~~September~~and ~~30,~~the ~~2025,~~approval ~~either~~of ~~party~~the ~~may~~stockholders ~~elect~~of ~~to terminate~~WTMA. Holders of WTMA’s public shares will have the ~~Amended~~opportunity ~~Merger~~to ~~Agreements~~redeem all or a portion of their public shares for cash in connection with the Business Combination.

11In certain circumstances, including if the Business Combination has not been consummated by September 30, 2025, either party may elect to terminate the Amended Merger Agreements.

~~During~~On ~~the period from February 8~~August 1, 2024, ~~(inception)~~in tosupport ~~December~~of ~~31,~~the ~~2024~~Business Combination, WTMA and the Company entered into ~~seven~~a ~~agreements~~Term toSheet ~~acquire~~(the ~~controlling~~“Term ~~interests~~Sheet”) inwith ~~seven~~Broughton ~~different entities~~Capital inGroup ~~connection~~(“BCG”) ~~with~~for ~~the~~BCG ~~Business~~to ~~Combination.~~provide an ~~Two~~equity investment of ~~these~~$500.0 million ~~agreements~~through ~~were~~a ~~terminated~~private asinvestment ofin ~~December~~public ~~31,~~equity ~~2024~~(“PIPE ~~and~~Anchor ~~the~~Equity ~~remaining~~Investment”) ~~agreements~~to be consummated concurrently with ~~five~~the ~~entities~~closing ~~were~~of ~~terminated~~the ~~and~~Business ~~replaced~~Combination. ~~with~~Additionally, ~~either~~the ~~(i)~~Term aSheet ~~share~~provides ~~exchange~~that ~~agreement~~BCG ~~between~~will ~~each~~provide a ofdebt facility (the ~~four~~“Debt ~~Korean companies~~Facility”) ~~and~~to New EM, or to a subsidiary of ~~the~~New ~~Company~~EM orguaranteed ~~(ii)~~by aNew ~~merger~~EM, ~~agreement~~to ~~between~~be consummated after the ~~one~~closing ~~domestic~~of ~~company and~~ the ~~Company~~Business ~~during February 2025~~Combination. ~~Each~~BCG’s ~~share~~commitments ~~exchange~~under ~~agreement~~the ~~and~~Term ~~merger~~Sheet ~~agreement~~are issubject ~~conditional~~to ~~upon~~further ~~the~~due ~~closing~~diligence ofand the ~~Business~~execution of ~~Combination~~definitive documentation.

In ~~February~~connection ~~2025~~with the Amended Merger Agreement, ~~EMT~~the ~~Sub~~Company entered into ~~share~~a ~~exchange~~Sponsor ~~agreements~~Support and Lock-Up Agreement with WTMA, Welsbach Acquisition Holdings LLC, a Delaware limited liability company (the “Sponsor”), and certain officers and directors of WTMA (“Sponsor Persons”) on November 6, 2024 and amended on February 10, 2025 WTMA (collectively, the ~~four~~“Amended ~~Korean~~Sponsor ~~domiciled~~Support ~~companies~~and ~~included~~Lock-Up Agreement”). Pursuant to the Amended Sponsor Support and Lock-Up Agreement, the Sponsor and Sponsor Persons agreed to, among other things, vote at least 2,237,876 shares of WTMA common stock (as defined within the ~~Five~~Amended ~~Entities~~Sponsor Support and Lock-Up Agreement), ~~under~~or ~~which~~approximately ~~EMT~~67.8% ~~Sub~~of ~~would~~the ~~acquire:~~issued and outstanding shares of WTMA common stock, in favor of the Amended Merger Agreement and the Business Combination. Also pursuant to the Amended Sponsor Support and Lock-Up Agreement, the Sponsor and Sponsor Persons agreed to certain customary lock-up restrictions on their ability to transfer their WTMA common stock and the shares of New EM common stock they will receive at closing of the Business Combination until the third anniversary of the close of the Business Combination.

Target	Shares of Target’s common stock		Exchange Ratio		EM Units		Value
NS World, Co., Ltd. (“NSW”)		289,055		0.0092006		2,659	$	12,970,000
Handa Lab Co., Ltd. (“Handa”)		380,800		0.0040385		1,538	$	7,500,000
KCM Industry Co., Ltd. (“KCM”)		21,666		0.1362832		2,953	$	14,400,000
KMMI, Inc.(“KMMI”)		22,080		0.4086131		9,022	$	44,000,000

In connection with the Amended Merger Agreement, the Company also entered into an EM Equityholder Support and Lock-Up Agreement with WTMA and the sole member of the Company on November 6, 2024 and amended on February 10, 2025 (collectively and as further supplemented, the “Amended EM Equityholder Lock-Up Agreement”). Pursuant to the Amended EM Equityholder Lock-Up Agreement, the sole voting member of the Company agreed to execute and deliver written consents with respect to the Company’s outstanding voting common member units to adopt the Amended Merger Agreement and related transactions, approving the Business Combination. Also pursuant to the Amended EM Equityholder Lock-up Agreement, the holders of the common member units of EM LLC agreed to certain customary lock-up restrictions on their ability to transfer their EM LLC common units and the shares of New EM common stock they will receive at closing of the Business Combination until the third anniversary of the close of the Business Combination.

The share exchange agreements were approved by the shareholders of the four Korean domiciled companies on June 2, 2025, with no dissenting shareholders. The EM Units subject to the share exchange agreements (and corresponding shares of New EM common stock) are subject to the terms of a shareholder lock-up agreement that end on the third anniversary of the close of the Business Combination.12

InDuring ~~March 2025,~~ the ~~Company~~period ~~entered~~from ~~into an amended and restated agreement~~February ~~and~~8, ~~plan~~2024 of(inception) ~~merger~~to ~~with~~December ~~WTMA~~31, 2024, the Company, ~~Evolution~~entered ~~Metals~~into ~~New~~seven ~~LLC,~~agreements ato ~~wholly~~acquire ~~owned~~controlling ~~subsidiary~~interests ofin ~~the~~seven ~~Company (the “Acquiror”),~~different ~~Evolutions~~entities ~~Metals~~in ~~Merger~~connection ~~Sub~~with 3,the aBusiness ~~wholly~~Combination. ~~owned~~Two ~~subsidiary~~ of ~~the~~these ~~Acquiror~~agreements ~~(“Merger~~were ~~Sub~~terminated ~~3”),~~as ~~Critical~~of ~~Mineral~~December ~~Recovery~~31, ~~Inc. (“CMR”)~~2024, ~~NiCo~~one ~~Metals~~of ~~Group,~~these ~~LLC,~~agreements was ~~the~~terminated ~~sole~~as ~~stockholder~~ of ~~CMR~~July ~~(“NiCo”)~~3, ~~Robert~~2025, Nand ~~Feldman 2024 Family Irrevocable Trust (~~the ~~“RNIT~~remaining ~~Trust”)~~agreements ~~and~~with ~~Robert~~four Nentities ~~Feldman~~were ~~Revocable~~terminated ~~Trust (the “RNRT Trust”,~~ and ~~together~~replaced with ~~the~~share ~~RNIT~~exchange ~~Trust,~~agreements ~~the~~between ~~“Trusts”),~~each ~~Andrea~~of Sthe ~~Feldman~~four ~~and~~Korean ~~Robert~~companies ~~N Feldman (collectively with the Trusts~~ and ~~Andrea~~a Ssubsidiary ~~Feldman,~~of the Company (“~~Indirect Sellers~~EMT Sub”,). ~~and~~Each ~~Indirect~~share ~~Sellers~~exchange ~~together~~agreement ~~with~~is ~~NiCo,~~conditional upon the ~~“Sellers”)~~closing (of the ~~“March~~Business ~~2025~~Combination. ~~Merger~~Under ~~Agreement”)~~the ~~to effect~~share aexchange ~~business~~agreements ~~combination~~with ~~through~~the aFour ~~merger~~Entities, ofEMT ~~Merger~~ Sub ~~with~~would ~~and~~acquire ~~into CMR (~~the ~~“Merger”).~~following shares ~~The~~of ~~March~~each ~~2025~~target’s ~~Merger~~common ~~Agreement amended~~stock ~~and~~in ~~restated~~exchange for the ~~Agreement~~following ~~and~~number ~~Plan~~ of ~~Merger,~~non-voting ~~dated~~EM ~~February~~LLC ~~10,~~common ~~2025,~~member inunits ~~its~~to ~~entirety.~~be ~~Under~~contributed to ~~the~~EMT ~~terms~~Sub ofby ~~the~~EM ~~March 2025 Merger Agreement,~~LLC:

● the Company will contribute all of its rights pursuant to an investment agreement by and among RNRT Trust, the Company and an individual, to the Acquiror in exchange for equity interests in Acquiror (the “EM LLC Contribution”);

Target	Shares of Target’s common stock		Exchange Ratio		EM Units		Value
NS World, Co., Ltd. (“NSW”)		289,055		0.0092006		2,659	$	12,970,000
Handa Lab Co., Ltd. (“Handa”)		380,800		0.0040385		1,538	$	7,500,000
KCM Industry Co., Ltd. (“KCM”)		21,666		0.1362832		2,953	$	14,400,000
KMMI, Inc.(“KMMI”)		22,080		0.4086131		9,022	$	44,000,000

●The ~~following~~share ~~the~~exchange EMagreements were ~~LLC~~approved ~~Contribution~~by ~~and~~the ~~prior~~shareholders toof the ~~Merger,~~four ~~the~~Korean ~~Company~~domiciled ~~will~~companies ~~redeem~~on ~~from~~June ~~WTMA~~2, an2025, ~~amount~~with ofno ~~the~~dissenting ~~Company’s~~shareholders. ~~equity~~The ~~interests~~EM ~~equal~~Units subject to the ~~value~~share ofexchange ~~Acquiror~~agreements in(and ~~exchange~~corresponding ~~for~~shares aof ~~distribution~~New toEM ~~WTMA~~common ofstock) ~~all~~are ofsubject to the ~~equity~~terms ~~interest~~of inshareholder ~~Acquiror,~~lock-up agreements ~~such~~ that ~~immediately~~end ~~prior~~on to the ~~Merger,~~third ~~Acquiror~~anniversary ~~will~~of bethe aclose ~~wholly~~of ~~owned~~the ~~subsidiary~~Business ~~of WTMA;~~Combination.

●For ~~Merger~~the ~~Sub~~three 3months ~~will~~ended beJune ~~merged~~30, ~~with~~2025 and ~~into CMR~~2024, ~~with~~the ~~CMR~~Company ~~continuing~~has incurred asand ~~the~~paid ~~surviving~~$62,100 ~~entity~~and as$0, arespectively, ~~wholly~~in ~~owned~~connection ~~subsidiary~~with of the ~~Acquiror~~audit, inaccounting ~~exchange~~and ~~for~~legal afees ~~number~~ of ~~shares~~the ofseven ~~WTMA’s~~entities ~~common~~for ~~stock~~which agreements ~~having~~were aentered ~~value~~into. ofThe Company has incurred and paid $~~225~~594,~~000,000~~193 and ~~cash~~$0 in connection with the ~~amount~~audit, accounting and legal fees of ~~$125~~the seven entities for which agreements were entered into for the six months ended June 30,~~000~~ 2025 and the period from February 8,~~000~~ ~~paid~~2024 (inception) to ~~NiCo;~~June ~~and~~30, 2024, respectively.

●Terminated ~~WTMA~~Acquisitions ~~shall~~during ~~make a $50,000,000 capital contribution to CMR at the closing of the Merger which shall be used in part to repay CMR’s indebtedness.~~2025

~~The~~In ~~transactions~~March ~~contemplated by~~2025, the ~~March~~Company ~~2025~~entered ~~Merger~~into ~~Agreement~~an ~~are~~amended ~~subject~~and torestated ~~approval~~agreement and byplan ~~NiCo~~of asmerger with WTMA, the ~~sole~~Company ~~stockholder~~Critical ofMineral Recovery, Inc. (“CMR”), and ~~are~~the ~~contingent~~other onparties thereto (the ~~closing~~“March 2025 Merger Agreement”) providing for the acquisition of CMR. The March 2025 Merger Agreement amended and restated the ~~Business~~Agreement and ~~Combination~~Plan of Merger, dated February 10, 2025, in its entirety. The March 2025 Merger Agreement was terminated on July 3, 2025.

~~The~~In September 2024, the Company entered into a Transactional Advance Agreement (“CMR Advance Agreement”) with CMR. Under the CMR Advance Agreement, the Company ~~has~~agreed ~~incurred~~to ~~and~~advance ~~paid~~CMR $~~326~~12,~~593~~000,000 ~~and~~in $0three installments in connection with the ~~professional~~contemplated ~~fees~~acquisition of CMR. During the ~~Operating~~year ended ~~Companies~~December ~~for~~31, 2024, a total of $9,000,000 was advanced to CMR under the ~~three~~terms ~~months~~of the CMR Advance Agreement. Prior to the termination ~~ended~~of the March 312025 Merger Agreement, the Company recorded an allowance for credit losses on this amount of $4,500,000. In light of the termination of the March 2025 ~~and~~Merger Agreement effective July 3, 2025, the Company fully reserved for the ~~period~~monies ~~from~~advanced ~~February~~under 8the CMR Advance Agreement, ~~2024~~recording ~~(inception)~~an toadditional ~~March~~allowance 31for credit losses of $4,500,000 ~~2024~~for the three and six months ended June 30, ~~respectively~~2025.

1213

Note 5 — Notes Receivable

In March 2024, June 2024, September 2024, December 2024, March 2025 and ~~March~~June 2025, the Company entered into unsecured promissory notes with the Sponsor in the amounts of $373,737, $177,773, $192,068, $448,287, ~~and~~ $474,490 and $286,259, respectively (the “WTMA Sponsor Notes”). The WTMA Sponsor Notes are non-interest bearing and mature on the earlier of the (a) Closing or (b) liquidation of WTMA. For the three months ended March 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024, allowances for credit loss of $237,245 and $0, respectively, related to the WTMA Sponsor Notes were included in the accompanying statement of operations.

InFor ~~April~~the ~~2024,~~three ~~the~~months ~~Company~~ended ~~entered~~June ~~into~~30, a2025 ~~loan~~and ~~agreement~~2024, ~~(the~~allowances ~~“Clever~~for ~~Note”)~~credit ~~with~~loss ~~Clever~~of ~~Co.~~$143,129 ~~Ltd~~and ~~(“Clever”)~~$275,755, respectively, related to the WTMA Sponsor Notes were included in the ~~amount~~accompanying statements of ~~$200,000~~operations. ~~The Company~~For ~~collected~~ the ~~Clever~~six ~~Note~~months inended ~~full~~June ~~during~~30, ~~April~~ 2025. ~~Accordingly,~~and for the ~~Company~~period ~~removed~~from ~~the~~February ~~allowance~~8, 2024 (inception) to June 30, 2024, allowances for credit loss of $~~170~~380,~~000 that~~374 ~~was~~and ~~recorded~~$275,755, asrespectively, ofrelated ~~December~~to ~~31,~~the ~~2024~~WTMA ~~during~~Sponsor ~~the~~Notes ~~three~~were ~~months~~included ~~ended~~in the ~~March~~accompanying ~~31,~~statements ~~2025~~of operations.

In April 2024, the Company entered into a loan agreement (the “Clever Note”) 6with Clever Co. Ltd (“Clever”), in the amount of $200,000. The Company collected the Clever Note in full during —April ~~Convertible~~2025. ~~Notes~~Accordingly, ~~Receivable~~during the three and six months ended June 30, 2025, the Company removed the allowance for credit loss of $170,000 that was recorded as of December 31, 2024.

~~For the~~Note ~~three~~6 ~~months~~— ~~ended~~Convertible ~~March~~Notes 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024, paid in-kind interest income totaled $474,050 and $0, respectively, and are included as a component of interest income on the accompanying statement of operations. For the three months ended March 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024, an $11,630,990 allowance for credit losses related to the convertible promissory notes of Camston Wrather LLC issued to the Company in June 2024, August 2024 and September 2024, of which $1,005,990 is related to paid in-kind interest, were included in the accompanying statement of operations.Receivable

~~Note~~For the three months ended June 30, 2025 and 2024, paid in-kind interest 7income —totaled ~~Notes~~$489,145 ~~Receivable~~and $0, ~~Related~~respectively, ~~Party~~and for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024, paid in-kind interest income totaled $963,195 and $0, respectively, and are included as a component of interest income on the accompanying statements of operations.

InFor the three months ended ~~January~~June ~~2025~~30, ~~February~~ 2025, and ~~March 2025~~2024, ~~the~~an ~~Company~~allowance ~~entered~~for ~~into~~credit ~~four~~losses ~~additional unsecured promissory notes with the managing member~~ of ~~the Company in the amounts of~~ $~~502~~415,~~000,~~773 and $~~250~~1,875,000, ~~$620~~respectively,~~000,~~ ~~and~~related ~~$308,000~~to (the ~~“Q1~~convertible ~~2025~~promissory notes ~~Related~~outstanding ~~Party~~were ~~Notes”)~~included ~~such~~in ~~that~~ the ~~managing~~accompanying ~~member~~statements of ~~the~~operations, ~~Company in his individual capacity could make a foreign direct investment for the benefit~~ of ~~the~~which ~~Company. The~~$415,773 Q1and ~~2025~~$0, ~~Related~~respectively, ~~Party~~are ~~Notes~~related ~~are~~to ~~non~~paid in-~~interest~~kind ~~bearing and mature on the earlier of (a) the Closing or (b) December 31, 2025~~interest. For the ~~three~~ six months ended ~~March~~June 3130, 2025 and for the period from February 8, 2024 (inception) to ~~March~~June 3130, 2024, an allowance for credit losses of $~~840~~818,~~000~~717 and $01,875,000, respectively, related to the Q1outstanding ~~2025~~convertible ~~Related~~promissory ~~Party~~notes ~~Notes~~ were included in the accompanying ~~statement~~statements of operations, of which $818,717 and $0, respectively, are related to paid in-kind interest.

Note 8 7 — ~~Derivative~~Notes ~~Liabilities~~Receivable, Related Party

~~July~~In January 2025, February 2025, March 2025, April 2025 and May 2025 ~~Investment~~the ~~Agreement~~Company ~~Derivative~~entered into six unsecured promissory notes with the manager of the Company in the amounts of $502,000, $250,000, $620,000, $308,000, $565,201 and $250,000 (the “2025 Related Party Notes”) such that the manager of the Company in his individual capacity could make a foreign direct investment for the benefit of the Company. The 2025 Related Party Notes are non-interest bearing and mature on the earlier of (a) the Closing or (b) December 31, 2025.

~~The single,~~For ~~compound embedded derivative relating to~~ the ~~financial~~three ~~instruments~~and ~~provided~~six ~~pursuant~~months toended ~~the~~June ~~July~~30, ~~2024~~2025 ~~investment agreement with~~ an ~~existing~~allowance ~~holder~~for ~~of the Company’s convertible preferred units (the “July Investment Agreement Derivative”) was re-measured~~credit tolosses ~~fair value~~ of $65407,~~803,887~~601 and ~~$53~~1,~~231~~247,~~638~~602, atrespectively, ~~March~~related ~~31,~~to ~~2025~~all ~~and~~the ~~December~~outstanding ~~31,~~notes ~~2024~~receivable, ~~respectively~~related ~~(see~~party ~~Note~~were ~~10)~~included in the accompanying statements of operations. For the three months ended ~~March~~June 3130, ~~2025~~2024 and for the period from February 8, 2024 (inception) to ~~March~~June 3130, 2024, an ~~change~~allowance infor ~~fair~~credit ~~value~~losses of ~~July Investment Agreement Derivative of~~ $12500,~~572,249~~000 ~~and~~related ~~$0,~~to ~~respectively,~~all ~~were~~outstanding ~~recorded~~notes asreceivable, arelated ~~component~~party ofwas ~~other~~included ~~income~~in ~~(expense) on~~ the accompanying ~~statement~~statements of operations.

~~Convertible Preferred~~Note ~~Unit~~8 ~~Issuance~~— Derivative Liabilities

AtJuly ~~issuance~~Investment ~~date,~~Agreement the additional share allocation issuance obligations provided pursuant to the terms of certain of the Company’s convertible preferred units (the “CPU Share Allocation Obligation”) was measured at fair value of $4,703,536 and re-measured to fair value of $4,742,696 (see Note 10), respectively. For the three months ended March 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024, a day one loss on issuance of CPU Share Allocation Obligations of $403,536 and $0, respectively, were recorded as a component of other income (expense) on the accompanying statement of operations.Derivative

~~Note~~The single, compound embedded 9derivative —relating ~~Member~~to the financial instruments provided pursuant to the July 2024 investment agreement with an existing holder of the Company’s ~~Deficit~~convertible preferred units (the “July Investment Agreement Derivative”) was re-measured to fair value of $112,521,314 and $53,231,638 at June 30, 2025 and December 31, 2024, respectively (see Note 10).

Convertible Preferred Units: During the three months ended March 31, 2025, the Company issued 7,050,000 convertible preferred units in exchange for $1.00 per unit for gross proceeds of $7,050,000 (the “Q1 2025 Preferred Units”) as follows:14

	Convertible preferred units		Gross proceeds
January 2025		500,000	$	500,000
February 2025		2,700,000		2,700,000
March 2025		3,850,000		3,850,000
Total		7,050,000	$	7,050,000

For the three and six months ended June 30, 2025, the loss on change in fair value of the July Investment Agreement Derivative of $46,717,427 and $59,289,676, respectively, was recorded as a component of other income (expense) on the accompanying statements of operations. The related financial instrument was not issued as of June 30, 2024.

13Convertible Preferred Unit Issuance

At ~~March~~ ~~31,~~issuance ~~2025~~date, ~~$1,500,000 of~~ the ~~gross~~additional share ~~proceeds~~allocation ~~was~~issuance ~~not~~obligations ~~yet~~provided ~~received~~pursuant byto the ~~Company~~terms ~~and~~of ~~reflected~~certain asof athe ~~subscription~~Company’s ~~receivable~~convertible inpreferred ~~stockholder’s~~units (the ~~deficit.~~“CPU ~~These~~Share ~~proceeds~~Allocation ~~were~~Obligation”) ~~received~~and issued in ~~April~~the ~~2025.~~six ~~The~~months ~~Company~~ended ~~intends~~June to30, ~~use~~2025 ~~the~~was ~~proceeds~~measured ~~from~~at ~~the~~fair ~~convertible~~value ~~preferred~~of ~~unit issuances~~$4,703,536 asand ~~working~~re-measured ~~capital~~ to ~~complete~~fair ~~the~~value ~~Business~~at ~~Combination~~June 30, 2025 (~~See~~see Note 410). ~~The convertible preferred units are accounted for as permanent equity.~~

~~The Q1~~For ~~2025~~the ~~Preferred~~six ~~Units~~months ~~have~~ended June 30, 2025 and for the ~~same~~period ~~rights~~from February 8, ~~preferences~~2024 (inception) to June 30, ~~privileges~~2024, a day one loss on issuance of CPU Share Allocation Obligations of $403,536 and ~~restrictions~~$0, respectively, were recorded as ~~the~~a ~~outstanding~~component ~~convertible~~of ~~preferred~~other ~~units with~~income (expense) on the ~~exception~~accompanying statements of ~~the~~operations. ~~conversion~~These ~~ratio,~~financial ~~which~~instruments were not issued as ~~follows:~~of June 30, 2024.

	Convertible Preferred Units		Conversion Ratio	New EM common shares
January 2025		500,000	5:1		100,000
February 2025		2,700,000	5:1		540,000
March 2025		1,850,000	5:1		370,000
March 2025		2,000,000	1:1		2,000,000
Total		7,050,000			3,010,000

Note 9 — Members’ Deficit

~~Additionally,~~Members’ Units: ~~three~~On ofMay ~~the~~15, ~~convertible~~2025, ~~preferred~~the ~~units~~Company ~~include~~amended aits ~~CPU~~operating ~~Share~~agreement ~~Allocation~~to ~~Obligation~~create ~~representing~~a ~~pro~~non-voting ~~rata~~common ~~percentage~~member ofunit 1class.0% ofSubject to approval, the Company~~’s fully~~ ~~diluted~~may ~~ownership~~issue inan ~~New~~unlimited EMnumber atof ~~closing~~non-voting ofcommon ~~the~~member ~~Business~~units ~~Combination~~and ~~equal~~any tovoting ~~the~~common ~~percentage~~member ofunits ~~the~~can ~~investor’s~~be ~~investment~~converted into non-voting common member units. On May 15, 2025, 900,000 of the Company’s ~~convertible~~units ~~preferred~~held by the sole member were exchanged for 900,000 non-voting units and par was proportionately reclassified between the ~~investors~~classes ~~purchase~~of ~~divided~~members byunits. $2There was no net effect to equity for this exchange. At June 30, 2025, there were 100,000 voting common member units and 900,000 non-voting common member units issued and outstanding.

~~Note~~The 10voting and non-voting common member units have identical rights —and ~~Fair~~preferences ~~Value~~with ~~Measurements~~the exception of voting rights.

~~The~~Convertible Preferred ~~following~~Units: ~~table~~During ~~presents~~the ~~assets~~six ~~and~~months ~~liabilities~~ended ~~measured~~June at30, ~~fair~~2025, ~~value~~the byCompany ~~classification~~issued ~~within~~7,050,000 ~~the~~convertible ~~fair~~preferred ~~value~~units ~~hierarchy~~in atexchange ~~March~~for ~~31,~~$1.00 ~~2025~~per ~~and~~unit ~~December~~for 31gross proceeds of $7,050,000 ~~2024~~(the “Q1 2025 Preferred Units”) as follows:

March 31, 2025

	Convertible preferred units		Gross proceeds
January 2025		500,000	$	500,000
February 2025		2,700,000		2,700,000
March 2025		3,850,000		3,850,000
Total		7,050,000	$	7,050,000

	Level I		Level II		Level III		Total
Assets
Money Market Funds	$	3,607,557	$	—	$	—	$	3,607,557
Total assets	$	3,607,557	$	—	$	—	$	3,607,557
Liabilities
July Investment Agreement Derivative	$	—	$	—	$	65,803,887	$	65,803,887
CPU Share Allocation Obligation		—		—	$	17,426,650		17,426,650
Total liabilities	$	—	$	—	$	83,230,537	$	83,230,537

~~December~~The Company intends to use ~~31,~~the ~~2024~~proceeds from the convertible preferred unit issuances as working capital to complete the Business Combination (See Note 4). The convertible preferred units are accounted for as permanent equity.

	Level I		Level II		Level III		Total
Assets
Money Market Funds	$	2,588,289	$	—	$	—	$	2,588,289
Total assets	$	2,588,289	$	—	$	—	$	2,588,289
Liabilities
July Investment Agreement Derivative	$	—	$	—	$	53,231,638	$	53,231,638
CPU Share Allocation Obligation		—		—	$	10,231,516		10,231,516
Total liabilities	$	—	$	—	$	63,463,154	$	63,463,154

The Q1 2025 Preferred Units have the same rights, preferences, privileges and restrictions as the outstanding convertible preferred units with the exception of the conversion ratio, which were as follows:

	Convertible Preferred Units		Conversion Ratio	New EM common shares
January 2025		500,000	5:1		100,000
February 2025		2,700,000	5:1		540,000
March 2025		1,850,000	5:1		370,000
March 2025		2,000,000	1:1		2,000,000
Total		7,050,000			3,010,000

~~The~~Additionally, three of the ~~following~~convertible ~~table~~preferred ~~provides~~units include a ~~reconciliation~~CPU ofShare ~~the~~Allocation ~~beginning~~Obligation ~~and~~representing ~~ending~~pro ~~balance~~rata ~~associated~~percentage ~~with~~of ~~the~~1.0% ~~liabilities~~of ~~measured~~the atCompany’s fully ~~fair~~diluted ~~value using~~ownership ~~significant~~in ~~unobservable~~New ~~inputs~~EM ~~(Level~~at ~~III)~~closing ~~for~~of the ~~three~~Business ~~months~~Combination ~~ended~~equal ~~March~~to ~~31,~~the ~~2025~~percentage ~~and~~of ~~for~~the investor’s investment into the ~~period~~Company’s ~~from~~convertible ~~February~~preferred 8,units ~~2024 (inception)~~the toinvestors ~~December~~purchase ~~31,~~divided ~~2024:~~by $2,000,000.

	July Investment Agreement Derivative (Level III)		CPU Share Allocation Obligation (Level III)
Balance, February 8, 2024 (inception)	$	—	$	—
Additions		37,660,336		8,370,647
Change in fair value		15,571,302		1,860,869
Balance, December 31, 2024	$	53,231,638	$	10,231,516
Additions		—		4,703,536
Change in fair value		12,572,249		2,491,598
Balance, March 31, 2025	$	65,803,887	$	17,426,650

Note 10 — Fair Value Measurements

~~Money~~The following table presents ~~Market~~assets ~~Funds~~and liabilities measured at fair value by classification within the fair value hierarchy at June 30, 2025 and December 31, 2024:

~~Money market~~June ~~funds are investments with maturities within three months of their purchase dates held at banks~~30, ~~that approximate fair value based on Level 1 measurements.~~ 2025

Derivative Liabilities

	Level I		Level II		Level III		Total
Assets
Money Market Funds	$	1,597,673	$	—	$	—	$	1,597,673
Total assets	$	1,597,673	$	—	$	—	$	1,597,673
Liabilities
July Investment Agreement Derivative	$	—	$	—	$	112,521,314	$	112,521,314
CPU Share Allocation Obligation		—		—	$	4,166,671		4,166,671
Total liabilities	$	—	$	—	$	116,687,985	$	116,687,985

~~The Company~~December ~~utilized scenario-based valuation models to value the July Investment Agreement Derivative and the CPU Share Allocation Obligations at issuance and March~~ 31, 2025. A key estimate used in the valuations of the July Investment Agreement Derivative and the CPU Share Allocation Obligations is an enterprise valuation of New EM, including the acquisition of the Five Entities, at the date of issuance and period end, which uses a sum-of-the-parts valuation model that combined the arm’s length purchase prices of the Five Entities pursuant to acquisition agreements signed with the Company on February 10, 2025, and the invested capital of the Company for each measurement date.2024

July Investment Agreement Derivative

	Level I		Level II		Level III		Total
Assets
Money Market Funds	$	2,588,289	$	—	$	—	$	2,588,289
Total assets	$	2,588,289	$	—	$	—	$	2,588,289
Liabilities
July Investment Agreement Derivative	$	—	$	—	$	53,231,638	$	53,231,638
CPU Share Allocation Obligation		—		—	$	10,231,516		10,231,516
Total liabilities	$	—	$	—	$	63,463,154	$	63,463,154

~~The Company utilized the following assumptions to value the July Investment Agreement Derivative:~~16

	March 31, 2025			December 31, 2024
Expected Business Combination date		June 30, 2025			June 30, 2025
Term		0.25			0.50
Risk free rate		4.2	%		4.2	%
CCC credit rating		10.8	%		8.7	%
Present value factor		0.99			0.98
Probability of Business Combination close		60.0	%		60.0	%
Expected Company fully diluted ownership of New EM		71.3	%		71.3	%
Additional share allocation percentage		10.0	%		10.0	%

The following table provides a reconciliation of the beginning and ending balance associated with the liabilities measured at fair value using significant unobservable inputs (Level III) for the six months ended June 30, 2025:

The change in fair value of July Investment Agreement Derivative of $12,572,249 and $0 were reported as a component of other income/(expense), on the accompanying statement of operations for the three months ended March 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024, respectively.

	July Investment Agreement Derivative (Level III)		CPU Share Allocation Obligation (Level III)

Balance, December 31, 2024	$	53,231,638	$	10,231,516
Additions		—		4,703,536
Change in fair value		12,572,249		2,491,598
Balance, March 31, 2025	$	65,803,887	$	17,426,650
Additions		—		—
Change in fair value		46,717,427		(13,259,979	)
Balance, June 30, 2025	$	112,521,314	$	4,166,671

~~CPU Share~~Money ~~Allocation~~Market ~~Obligation:~~ Funds

~~The CPU~~Money ~~Share~~market ~~Allocation~~funds ~~Obligations~~ are ~~contingent on the closing of the Business Combination and certain convertible preferred unit holders~~investments ~~entering~~with ~~into~~maturities ~~additional~~within ~~convertible~~three ~~preferred~~months ~~unit agreements in increments~~ of ~~$2,000,000.~~their Atpurchase ~~March~~dates ~~31,~~held ~~2025~~at ~~and December 31~~banks, ~~2024, the~~that ~~CPU~~approximate ~~Share~~fair ~~Allocation~~value ~~Obligation~~based ~~totaled~~on ~~7.9%~~Level ~~and~~1 4measurements.~~75%, respectively, representing an estimated 5.63 % and 2.85%, respectively, of outstanding shares of New EM Common Stock at the Closing.~~

15Derivative Liabilities

The Company utilized ~~the~~scenario-based ~~following~~valuation ~~assumptions~~models to value the July Investment Agreement Derivative and the CPU Share Allocation Obligations: at issuance and each reporting period. A key estimate used in the valuations of the July Investment Agreement Derivative and the CPU Share Allocation Obligations is an enterprise valuation of New EM. At the date of issuances and period end, the enterprise valuation of New EM included the acquisition of the Four Entities which uses a sum-of-the-parts valuation model that combined the arm’s length purchase prices of the Four Entities pursuant to acquisition agreements signed with the Company on February 10, 2025, and the invested capital of the Company for each measurement date. Prior to the termination of the March 2025 Merger Agreement, CMR was also included as a component of the sum-of-the-parts valuation model.

	March 31, 2025			March 2025 (issuances)			February 2025 (issuances)			December 31, 2024
Expected Business Combination date		June 30, 2025			June 30, 2025			June 30, 2025			June 30, 2025
Term		0.25			0.25			0.35-0.37			0.50
Risk free rate		4.23	%		4.33	%		4.31-4.34	%		4.2	%
Present value factor		0.99			0.99			0.99			0.98
Probability of Business Combination close		60.0	%		60.0	%		60.0	%		60.0	%
Expected Company fully diluted ownership of New EM		71.3	%		71.3	%		71.3	%		71.3	%
Additional share allocation percentages		7.90	%		1.80	%		1.35	%		4.75	%

July Investment Agreement Derivative

The ~~change~~ inCompany ~~fair~~utilized ~~value of CPU Share Allocation Obligation of $2,491,598 and $0 were reported as a component of other income, on~~ the ~~accompanying~~ ~~statement~~following ofassumptions ~~operations~~to ~~for~~value the ~~three~~July ~~months~~Investment ~~ended~~Agreement ~~March 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024, respectively.~~Derivative:

Note 11 — Commitments and Contingencies

	June 30, 2025			December 31, 2024

Expected Business Combination date		September 30, 2025			June 30, 2025
Term		0.25			0.50
Risk free rate		4.3	%		4.2	%
CCC credit rating		15.7	%		8.7	%
Present value factor		0.99			0.98
Probability of Business Combination close		60.0	%		60.0	%
Expected Company fully diluted ownership of New EM		73.4	%		71.3	%
Additional share allocation percentage		10.0	%		10.0	%

~~Indemnification Agreements:~~A ~~The~~loss ~~Company~~on ~~enters~~change ~~into contractual relationships that contain indemnification provisions~~ in ~~its~~fair value ~~normal course~~ of ~~business~~ ~~with~~July ~~other~~Investment ~~parties.~~Agreement ~~The~~Derivative ~~Company~~of ~~may~~$46,717,427 ~~agree~~and ~~to hold other parties harmless against specific losses~~$59,289,676 ~~such~~was reported as ~~those that could arise from~~ a ~~breach~~component of ~~representation,~~other ~~covenant,~~income/(expense) ~~or third party infringement claims. It may not be possible to determine~~ on the ~~maximum~~accompanying ~~potential amount~~statements of ~~liability~~operations ~~under~~for ~~such indemnification agreements due to~~ the ~~unique~~three ~~facts~~ and ~~circumstances~~six ~~that~~months ~~are~~ended ~~like~~June to30, ~~be involved in each particular claim and indemnification provision. Historically~~2025, ~~there have been no such indemnification claims~~respectively. ~~Management~~The ~~believes~~related ~~any~~financial instrument ~~liability~~was ~~arising from these agreements will~~ not beissued ~~material~~as toof ~~the~~June ~~Company’s~~30, ~~unaudited condensed consolidated financial statements~~2024.

~~Legal Matters:~~CPU ~~The~~Share ~~Company~~Allocation ~~may~~Obligation: periodically become involved in legal proceedings, legal actions, and claims arising in the normal course of business, including proceedings relating to intellectual property, safety and health, employment and other matters. Management believes that the outcome of such legal proceedings, legal actions, and claims will not have a significant adverse effect, individually, or in aggregate, on the Company’s financial position, results of operations or cash flows.

~~Note~~The 12CPU Share Allocation —Obligations ~~Related~~are ~~Party~~contingent ~~Transactions~~on the closing of the Business Combination and certain convertible preferred unit holders entering into additional convertible preferred unit agreements in increments of $2,000,000. At June 30, 2025 and December 31, 2024, the CPU Share Allocation Obligation totaled 7.9% and 4.75%, respectively, representing an estimated 5.79 % and 2.85%, respectively, of outstanding shares of New EM Common Stock at the Closing.

The Company has entered into transactions with its managing member or a company owned solely by its managing member for consulting services, reimbursement of travel expenses incurred on behalf of the Company, and issuance of five unsecured promissory notes receivable.17

~~For the~~The ~~three months ended March 31, 2025 and the period from February 8, 2024 (inception) to March 31, 2024, the~~ Company ~~reimbursed~~utilized ~~travel expenses and corporate expenses totaling $106,423 and $0, respectively, to~~ the ~~Company’s managing member. For three months ended~~ ~~March~~following ~~31,~~assumptions ~~2025 and the period from February 8, 2024 (inception)~~ to ~~March~~value ~~31, 2024,~~ the ~~Company~~CPU ~~paid~~Share $0Allocation and $37,848, respectively, to a company owned solely by the Company’s managing member for advisory services. These amounts are included in general and administrative expenses on the accompanying statements of operations.Obligations:

There were no amounts owed to or from the company owned solely by the Company’s managing member as of March 31, 2025 and December 31, 2024. There was $3,212 owed to the Company’s managing member and is included as a component of accounts payable on the accompanying balance sheets as of March 31, 2025 and December 31, 2024.

	June 30, 2025			March 2025 (issuances)			February 2025 (issuances)			December 31, 2024
Expected Business Combination date		September 30, 2025			June 30, 2025			June 30, 2025			June 30, 2025
Term		0.25			0.25			0.35-0.37			0.50
Risk free rate		4.32	%		4.33	%		4.31-4.34	%		4.2	%
Present value factor		0.99			0.99			0.99			0.98
Probability of Business Combination close		60.0	%		60.0	%		60.0	%		60.0	%
Expected Company fully diluted ownership of New EM		73.4	%		71.3	%		71.3	%		71.3	%
Additional share allocation percentages		7.90	%		1.80	%		1.35	%		4.75	%

~~Note~~A gain on change in fair value of CPU Share Allocation Obligation of $13,259,979 —and ~~Subsequent~~$10,768,381 ~~Events~~was reported as a component of other income, on the accompanying statements of operations for the three and six months ended June 30, 2025, respectively. The related financial instrument was not issued as of June 30, 2024.

~~The Company~~Note ~~evaluated~~11 ~~subsequent~~— ~~events~~Commitments and transactions that occurred after the balance sheet date up to the date that the unaudited condensed consolidated financial statements were issued. Based upon this review, other than as described below or within these unaudited condensed consolidated financial statements, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the consolidated financial statements. Contingencies

InIndemnification Agreements: ~~April~~The ~~2025~~Company ~~and~~enters ~~May~~into ~~2025,~~contractual ~~the~~relationships ~~Company~~that ~~entered~~contain ~~into~~indemnification ~~two~~provisions ~~additional~~in ~~unsecured~~its ~~promissory~~normal ~~note~~course of business with other ~~the~~parties. ~~managing~~The ~~member~~Company ofmay ~~the~~agree ~~Company~~to ~~in the~~hold ~~amount~~other ofparties ~~$565~~harmless against specific losses,~~201~~ ~~and~~such ~~$250~~as those that could arise from a breach of representation,~~000~~ covenant, ~~respectively~~or third party infringement claims. ~~The~~It ~~April~~may ~~2025~~not ~~Related~~be ~~Party~~possible ~~Note~~to ~~and~~determine the ~~May~~maximum ~~2025~~potential ~~Related~~amount ~~Party~~of ~~Note~~liability under such indemnification agreements due to the unique facts and circumstances that are ~~non-interest bearing~~like to be involved in each particular claim and ~~mature~~indemnification onprovision. ~~the~~Historically, ~~earlier~~there ofhave ~~(a)~~been no such indemnification claims. Management believes any liability arising from these agreements will not be material to the ~~Closing~~Company’s orunaudited ~~(b)~~condensed ~~December~~consolidated ~~31,~~financial ~~2025~~statements.

OnLegal Matters: ~~May~~The ~~16, 2025, the managing member and sole common unitholder of EM adopted an amendment to the~~ Company’s ~~Operating~~may ~~Agreement~~periodically ~~(the “Operating~~become ~~Agreement~~involved ~~Amendment”)~~in tolegal proceedings, ~~among~~legal ~~other things~~actions, ~~revise~~and ~~the~~claims ~~definition~~arising ~~of “Majority~~ in ~~Interest,” permit~~ the ~~issuance~~normal course of ~~non-voting units~~business, including ~~subject~~proceedings relating to ~~approval~~intellectual byproperty, EMsafety ~~LLC’s~~and ~~manager~~health, employment and ~~allow~~other ~~for~~matters. ~~the~~Management ~~transfer~~believes ofthat ~~units by~~ the ~~member to~~ aoutcome ~~trust~~of ~~or other entity if~~ such ~~transfer~~legal ~~is made for tax~~proceedings, ~~financial~~legal ~~or retirement planning purposes.On June 10~~actions, ~~2025, EM LLC entered into an Amendment No. 4 to Amended~~ and ~~Restated~~claims ~~Agreement~~will ~~and~~not ~~Plan~~have ofa ~~Merger~~significant ~~(the~~adverse ~~“Merger Agreement Amendment”)~~effect, ~~by and among EM~~individually, ~~WTMA~~or ~~and~~in ~~Merger Sub~~aggregate, on ~~which amended~~ the ~~Amended~~Company’s ~~Merger~~financial ~~Agreement by among other things~~position, ~~extending~~results ~~the Agreement End Date~~ of ~~the~~operations ~~Amended Merger~~or ~~Agreement~~cash ~~to September 30, 2025~~flows.

16Note 12 — Related Party Transactions

~~Item~~The Company has entered into transactions with its manager or a company 2.owned ~~MANAGEMENT’S~~solely ~~DISCUSSION~~by ~~AND~~its ~~ANALYSIS~~manager OFfor ~~FINANCIAL~~consulting ~~CONDITION~~services, ~~AND~~reimbursement ~~RESULTS~~of OFtravel ~~OPERATIONS~~expenses incurred on behalf of the Company, and issuance of eleven unsecured promissory notes receivable.

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our financial statements as of and for the three months ended March 31, 2025 and for the period from February 8, 2024 (inception) to March 31, 2024 and other information included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are not limited to, those identified below and those discussed in the sections titled “Risk Factors” and “Cautionary Note ~~Regarding~~ ~~Forward-Looking~~13 ~~Statements”~~— ~~included~~Subsequent ~~elsewhere in this report. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period. Amounts are presented in U.S. dollars.~~Events

~~Unless~~The Company evaluated subsequent ~~the~~events ~~context~~and ~~otherwise~~transactions ~~requires,~~that ~~references~~occurred inafter ~~this~~the ~~“Management’s~~balance ~~Discussion~~sheet ~~and~~date ~~Analysis~~up ofto ~~Financial~~the ~~Condition~~date ~~and~~that ~~Results~~the unaudited condensed consolidated financial ofstatements ~~Operations”~~were toissued. ~~“we,”~~Based ~~“us~~upon this review,” ~~“our~~other than as described below or within these unaudited condensed consolidated financial statements,” “the Company” ~~and~~did ~~“EM~~not ~~LLC”~~identify ~~generally refer~~any toother ~~Evolution~~subsequent ~~Metals~~events ~~LLC~~that would have required adjustment or disclosure in the consolidated financial statements.

~~Business~~In July 2025, the Company entered into one additional unsecured promissory ~~Overview~~note with the manager of the Company in the amount of $200,000 (the “July 2025 Related Party Note”). The July 2025 Related Party Note is non-interest bearing and matures on the earlier of (a) the Closing or (b) December 31, 2025.

~~EM LLC~~On isJuly a29, ~~newly~~2025 ~~formed~~and ~~entity~~August 7, ~~for~~2025, the ~~purpose~~Company offiled ~~developing~~Post-Effective aAmendments ~~secure,~~to ~~reliable~~its ~~global~~Registration ~~supply~~Statement ~~chain~~on ~~for~~Form ~~critical~~S-4 ~~minerals~~relating ~~and~~to ~~materials (“CMM”),~~the ~~that~~Business ~~leverages advanced technologies and strategic consolidation of midstream and downstream manufacturers~~Combination. The ~~Company~~Registration ~~will support key industries~~Statement, ~~such~~ as ~~automotive~~amended, ~~while~~was ~~driving~~declared aeffective ~~sustainable~~by ~~future through efficient processing and~~ the ~~application of~~SEC ~~cutting~~on ~~edge~~August ~~robotics~~8, ~~and artificial intelligence (“AI”)~~2025.

To achieve this vision, the Company and Welsbach Technology Metals Acquisition Corp., a Delaware company (“WTMA or the “SPAC”) have entered into agreements to acquire five Operating Companies (as defined below) critical to the CMM supply chain in order to combine initial capabilities believed to serve as the foundation for the Company’s growth — transforming raw materials into essential components for further manufacturing; recycling lithium batteries; producing materials that are essential feedstocks used in the production of advanced magnets, which include (a) bonded magnets that are vital components in various high-tech applications (including automotive, aerospace, and consumer electronics industries) and (b) sintered magnets that are crucial for high-performance applications (particularly in the defense and aerospace sectors where precision and durability are paramount); developing AI software and machines to drive automation, innovation, and efficiency to reduce labor costs, lower manufacturing reject rates, and automating the quality of control processes. The Operating Companies are expected to include Handa Lab Co., Ltd., a Korean company (“Handa Lab”), KCM Industry Co., Ltd., a Korean company (“KCM”), KMMI INC., a Korean company (“KMMI”), and NS World Co., Ltd., a Korean company (collectively with Handa Lab, KCM and KMMI, the “Korean Companies”),and Critical Mineral Recovery, Inc., a Missouri corporation (“CMR”). Upon completion of the Business Combination (as defined below), the combined company is expected to produce magnets and battery metals to meet the growing global demand driven by the electrification of transportation, the expansion of green energies, advancements in healthcare technologies, military and defense manufacturing, and consumer appliances.18

~~Recent~~Item 2. ~~Developments~~MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~Recent~~The following “Management’s ~~events~~Discussion ~~impacting~~and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our ~~business~~financial statements as of and for the three months ended June 30, 2025 and 2024, for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024 and other information included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements. Factors that could cause or contribute to those differences include, but are asnot ~~follows:~~limited to, those identified below and those discussed in the sections titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this report. Additionally, our historical results are not necessarily indicative of the results that may be expected in any future period. Amounts are presented in U.S. dollars.

~~Merger~~Unless the context otherwise ~~Agreement~~requires, ~~with~~references ~~Welsbach~~in ~~Technology~~this ~~Metals~~“Management’s ~~Acquisition~~Discussion ~~Corp~~and Analysis of Financial Condition and Results of Operations” to “we,” “us,” “our,” “the Company” and “EM LLC” generally refer to Evolution Metals LLC.

On April 1, 2024, the Company entered into an Agreement and Plan of Merger with WTMA and WTMA Merger Subsidiary LLC, a Delaware limited liability company and direct wholly owned subsidiary of WTMA (“Merger Sub”). On November 6, 2024, the Company, WTMA and Merger Sub entered into an Amended and Restated Agreement and Plan of Merger, as amended by the November 11, 2024 Amendment No 1 to Amended and Restated Agreement and Plan of Merger, the February 10, 2025 Amendment No 2 to Amended and Restated Agreement and Plan of Merger, the March 31, 2025 Amendment No. 3 to Amended and Restated Agreement and Plan of Merger and the June 11, 2025 Amendment No. 4 to Amended and Restated Agreement and Plan of Merger (collectively, the “Amended Merger Agreement”). The Amended Merger Agreement provides that Merger Sub will be merged with and into the Company, with the Company being the surviving corporation and resulting in EM LLC being a wholly owned subsidiary of WTMA (the “Merger” and, collectively with the other transactions contemplated by the Amended Merger Agreement, the “Business ~~Combination”).~~ As part of the Business Combination, prior to the Merger, the Company expects to acquire all of the equity interests of each of the Korean Companies through a series of transactions, pursuant to which the equity holders of the Korean Companies will exchange their equity interests in the Korean Companies for EM LLC nonvoting common member units, and each of the Korean Companies will become a wholly owned subsidiary of the Company. In addition, as part of the Business Combination, WTMA expects to acquire all of the equity interests of CMR pursuant to a right that it will acquire from the Company upon consummation of the Merger. WTMA, the Company and certain other parties have entered into a definitive merger agreement pursuant to which WTMA will acquire (indirectly through one of its affiliates) CMR, and EM also has entered into definitive share exchange agreements to acquire each of the Korean Companies. The consummation of the transactions contemplated by the Merger Agreement are conditioned on the consummation of the acquisition of CMR and the Korean Companies. After consummation of the Business Combination, WTMA is expected to change its name to Evolution Metals & Technologies Corp. (“New EM”). At closing of the Business Combination (the “Closing”), New EM is expected to trade on the Nasdaq Stock Market LLC (“Nasdaq”) under the trading symbol “EMAT.”Overview

17EM LLC was formed in Delaware in February 2024 to develop a secure, reliable global supply chain for critical minerals and materials (“CMM”), leveraging advanced technologies and strategic consolidation of midstream and downstream manufacturers. The Company will support key industries, such as automotive while driving a sustainable future through efficient processing and the application of cutting edge robotics and artificial intelligence (“AI”).

~~Key~~To achieve this vision, the Company and Welsbach Technology Metals ~~terms~~Acquisition ofCorp., a Delaware company (“WTMA or the ~~Amended~~“SPAC”) ~~Merger~~have ~~Agreement~~entered into agreements to acquire the Four Entities (as defined below) critical to the CMM supply chain in order to combine initial capabilities believed to serve as the foundation for the Company’s growth — transforming raw materials into essential components for further manufacturing; recycling lithium batteries; producing materials that are essential feedstocks used in the production of advanced magnets, which include (a) bonded magnets that are vital components in various high-tech applications (including automotive, ~~but~~aerospace, and consumer electronics industries) and (b) sintered magnets that are ~~not~~crucial ~~limited~~for high-performance applications (particularly in the defense and aerospace sectors where precision and durability are paramount); developing AI software and machines to drive automation, innovation, and efficiency to reduce labor costs, lower manufacturing reject rates, and automating the ~~following:~~quality of control processes. The Operating Companies are expected to include Handa Lab Co., Ltd., a Korean company (“Handa Lab”), KCM Industry Co., Ltd., a Korean company (“KCM”), KMMI INC., a Korean company (“KMMI”), and NS World Co., Ltd., a Korean company (collectively with Handa Lab, KCM and KMMI, the “Four Entities”). Upon completion of the acquisition of the Four Entities, the Company is expected to produce materials annually, including magnets and battery metals to meet the growing global demand driven by the electrification of transportation, the expansion of green energies, advancements in healthcare technologies, military and defense manufacturing, and consumer appliances, among others.

●Recent Each issued and outstanding share of the Company’s common member units and each issued and outstanding share of the Company’s convertible preferred units on an as-converted basis will automatically be cancelled and converted into the right to receive the number of shares of New EM common stock in accordance with the Amended Merger Agreement.Developments

●Recent ~~Total~~events ~~consideration~~impacting isour business ~~estimated to consist of (i) New EM common stock valued at $4,164,360,660 in exchange for the Company’s common member units held by the Company’s voting common member that~~ are ~~issued~~as and outstanding immediately prior to the Merger, (ii) 67,413,224 shares of New EM common stock in exchange for the Company’s nonvoting common member units held by holders other than the Company’s voting common member issued and outstanding immediately prior to the Merger, (iii) 109,436,178 shares of New EM common stock in exchange for the Company’s convertible preferred units issued and outstanding immediately prior to the Merger and (iv) cash of $25,000,000.follows:

●Merger ~~The~~Agreement ~~New~~with EMWelsbach ~~board~~Technology ofMetals ~~directors after the Closing will consist of six directors, which shall initially include six director nominees designated by the Company and reasonably acceptable to WTMA.~~Acquisition Corp

●On ~~Any~~April 1, ~~outstanding~~2024, ~~options~~the Company entered into an Agreement and Plan of Merger with WTMA, ~~restricted~~and ~~stock~~WTMA ~~awards~~Merger Subsidiary LLC, a Delaware limited liability company and ~~restricted~~direct ~~member~~wholly ~~unit~~owned ~~awards~~subsidiary of WTMA (“Merger Sub”). On November 6, 2024, the Company, WTMA and Merger Sub entered into an Amended and Restated Agreement and Plan of Merger, as amended by the November 11, 2024 Amendment No 1 to Amended and Restated Agreement and Plan of Merger, the February 10, 2025 Amendment No 2 to Amended and Restated Agreement and Plan of Merger, the March 31, 2025 Amendment No 3 to Amended and Restated Agreement and Plan of Merger, the June 11, 2025 Amendment No. 4 to Amended and Restated Agreement and Plan of Merger, and the July 21, 2025 Amendment No. 5 to Amended and Restated Agreement and Plan of Merger (collectively, the “Amended Merger Agreement”). The Amended Merger Agreement provides that Merger Sub will be ~~converted~~merged with and into the ~~right~~Company, with the Company being the surviving corporation and resulting in EM LLC being a wholly owned subsidiary of WTMA (the “Merger” and, collectively with the other transactions contemplated by the Amended Merger Agreement, the “Business Combination”). As part of the Business Combination, prior to ~~receive~~the ~~options~~Merger, ~~restricted~~the ~~shares~~Company expects to acquire all of the equity interests of each of the Four Entities through a series of transactions, ~~and~~pursuant ~~restricted~~to ~~stock~~which ~~unit~~the ~~awards~~equity holders of the Four Entities will exchange their equity interests in the Four Entities for EM LLC non-voting common member units, ~~respectively~~and each of the Four Entities will become a wholly owned subsidiary of the company. EM has entered into definitive share exchange agreements to acquire each of the Four Entities. The consummation of the transactions contemplated by the Amended Merger Agreement are conditioned on the consummation of the acquisition of the Four Entities. After consummation of the Business Combination, WTMA is expected to change its name to Evolution Metals & Technologies Corp. (such post-closing entity is referred to as “New EM”). At closing of the Business Combination (the “Closing”), New EM’s common stock is ~~upon~~expected ~~substantially~~to trade on the ~~same~~Nasdaq ~~terms~~Stock Market LLC (“Nasdaq”) (see Note 4). On May 14, 2025, the initial Registration Statement on Form S-4 relating to the Business Combination was declared effective by the SEC and ~~conditions~~on August 8, 2025, the Post-Effective Amendment No. 2 to the Registration Statement on Form S-4 was declared effective by the SEC. On July 29, 2025 and August 7, 2025, the Company filed Post-Effective Amendments to its Registration Statement on Form S-4 relating to the Business Combination. The Registration Statement, as amended, was declared effective by the SEC on August 8, 2025.

●Key ~~The~~terms ~~Closing~~of isthe ~~subject~~Amended Merger toAgreement ~~certain conditions~~include, ~~including,~~ but are not limited to, the approval of the Company’s voting common member and the approval of the stockholders of WTMA. Holders of WTMA’s public shares will have the opportunity to redeem all or a portion of their public shares for cash in connection with the Business Combination.following:

~~In certain~~● ~~circumstances,~~Each ~~including~~issued ifand outstanding share of the ~~Merger~~Company’s ~~Agreement~~voting ~~has~~common ~~not~~member beunits, ~~consummated~~nonvoting bycommon ~~September~~member 30units, ~~2025,~~and ~~either~~convertible ~~party~~preferred ~~may~~units ~~elect~~on an as-converted basis will automatically be cancelled and converted into the right to ~~terminate~~ receive the number of shares of New EM common stock in accordance with the Amended Merger Agreement.

~~On August~~● 1,Total ~~2024,~~consideration inis ~~support~~estimated ofto ~~the~~consist ~~Business~~of ~~Combination, we entered into a Term Sheet~~ (~~the “Term Sheet”~~i) ~~with WTMA and Broughton Capital Group (“BCG”) for BCG~~416,436,066 toNew ~~provide~~EM ancommon ~~equity~~stock ~~investment of $500 million through a private investment~~ in ~~public~~exchange ~~equity (“PIPE~~for ~~Anchor~~the ~~Equity~~Company’s ~~Investment”)~~voting tocommon bemember ~~consummated~~units ~~concurrently~~issued ~~with~~and ~~the~~outstanding ~~Closing.~~immediately ~~Additionally,~~prior ~~pursuant~~ to the ~~Term Sheet~~Merger, ~~BCG~~ ~~will provide a debt facility~~ (~~“Debt Facility”~~ii) ~~to New EM~~67,413,224 orshares ~~to a subsidiary~~ of New EM ~~guaranteed~~common bystock ~~New~~in ~~EM,~~exchange tofor ~~be consummated after~~ the ~~Closing.~~Company’s ~~The~~nonvoting ~~closing~~common ofmember ~~the~~units ~~PIPE~~issued ~~Anchor Equity Investment~~ and ~~the~~outstanding ~~BCG~~immediately ~~Debt~~prior ~~Facility is subject~~ to the ~~satisfactory~~Merger, ~~completion of~~(iii) ~~BCG’s~~109,436,178 ~~on-going~~shares ~~due~~of ~~diligence,~~New ~~final~~EM ~~investment~~common ~~approvals,~~stock ~~execution~~in ofexchange anfor ~~equity~~the ~~subscription~~Company’s ~~agreement,~~convertible ~~execution~~preferred ofunits aissued ~~debt facility~~and ~~agreement,~~outstanding ~~the~~immediately ~~closing~~prior ofto the ~~Business~~Merger ~~Combination,~~ and ~~other~~(iv) ~~closing~~cash ~~conditions~~of $25,000,000.

~~In connection~~● ~~with~~The ~~the~~New ~~Amended~~EM ~~Merger~~board ~~Agreement,~~of wedirectors ~~entered~~after ~~into a Sponsor Support and Lock-Up Agreement with WTMA, Welsbach Acquisition Holdings LLC, a Delaware limited liability company (~~the ~~“Sponsor”),~~Closing ~~and~~will ~~certain~~consist ~~officers and directors~~ of ~~WTMA~~five ~~(“Sponsor Persons”) on November 6~~directors, ~~2024~~ which ~~was~~shall ~~amended~~initially oninclude ~~February~~five ~~10,~~director ~~2025~~nominees ~~WTMA~~designated ~~(the~~by ~~“Amended WTMA Lock-Up Agreement”). Pursuant to~~ the ~~Amended~~Company ~~WTMA Lock-Up Agreement, the Sponsor~~ and ~~Sponsor~~reasonably ~~Persons~~acceptable ~~agreed~~ to, ~~among other things, vote at least 2,237,876 shares of~~ WTMA ~~common stock, or approximately 67~~.8% of the issued and outstanding shares of WTMA common stock, in favor of the Amended Merger Agreement and the Business Combination. In addition, pursuant to the Amended WTMA Lock-Up Agreement, the Sponsor and Sponsor Persons agreed not to transfer any shares of WTMA common stock prior to the Closing and not to transfer any shares of New EM common stock that they acquire in connection with the Business Combination until the third anniversary of the Closing, in each case subject to certain exceptions.

~~In connection~~● ~~with~~Any ~~the~~outstanding ~~Amended Merger Agreement~~options, ~~the~~restricted ~~Company~~stock ~~also~~awards ~~entered into an EM Equityholder Support~~ and ~~Lock-Up~~restricted ~~Agreement~~member ~~with~~unit ~~WTMA and~~awards ~~the sole voting common member~~ of the Company onwill ~~November~~be 6,converted ~~2024,~~into ~~which was amended on February 10, 2025 and May 15, 2025 (~~the ~~“Amended EM~~right ~~Equityholder Lock-Up Agreement”). Pursuant~~ to ~~the~~receive ~~Amended~~options, EMrestricted ~~Equityholder Lock-Up Agreement~~shares, ~~the voting common member of the Company agreed to execute~~ and ~~deliver~~restricted ~~written~~stock ~~consent~~unit ~~to the adoption of the Amended Merger Agreement and related transactions~~awards, ~~approving the Business Combination. In addition~~respectively, ~~pursuant to the Amended EM Equityholder Lock-Up Agreement, the voting common member agreed not to transfer any EM LLC common member units prior to the Closing and not to transfer any shares~~ of New EM common stock ~~that~~upon ~~such~~substantially ~~member acquires in connection with~~ the ~~Business~~same ~~Combination~~terms ~~until~~and ~~the third anniversary of the Closing, in each case subject to certain exceptions~~conditions.

18● The obligations of the Company to consummate the Merger are conditioned on, among other things, that as of the Closing, New EM would have available to it a positive amount of cash after giving effect to (x) the amount in the WTMA trust account as of the Closing, after deducting the amount required to satisfy WTMA’s obligations to its stockholders (if any) that exercise their rights to redeem all or a portion of their shares of WTMA common stock pursuant to the WTMA charter and certain WTMA and EM LLC transaction expenses, plus (y) the amount of funding actually received by WTMA from its private investment in public equity offering prior to or substantially concurrently with the Closing, plus (z) the aggregate gross proceeds received or to be received by WTMA or EM LLC pursuant to any agreement or arrangement entered into prior to or substantially concurrently with the Closing in connection with the issuance or other grant of any interests of WTMA or EM LLC or any of WTMA’s subsidiaries, if any (the “Minimum Available Cash Condition”). The Minimum Available Cash Condition is for the sole benefit of EM LLC.

~~Issuance~~ ● The Closing is subject to certain conditions, including, but not limited to, the approval of ~~Note~~the ~~Receivables~~Company’s voting common member and ~~Note~~the ~~Receivables~~approval —of ~~Related~~the ~~Party~~stockholders of WTMA. Holders of WTMA’s public shares will have the opportunity to redeem all or a portion of their public shares for cash in connection with the Business Combination.

In ~~March~~certain ~~2024~~circumstances, ~~June 2024,~~ ~~September~~including ~~2024,~~if ~~December 2024 and March 2025,~~ the ~~Company~~Merger ~~entered~~Agreement ~~into~~has ~~unsecured~~not ~~promissory~~be ~~notes~~consummated ~~with~~by ~~the~~September ~~Sponsor in the amounts of $373~~30,~~737,~~ $177,773, $192,068, $448,287 and $474,490, respectively (the “WTMA Sponsor Notes”). The WTMA Sponsor Notes are non-interest bearing and mature on the earlier of the (a) Closing or (b) liquidation of WTMA. For the three months ended March 31, 2025 ~~and for the period from February 8~~, ~~2024~~either ~~(inception)~~party tomay ~~March~~elect ~~31, 2024, allowances for credit loss of $237,245 and $0, respectively, related~~ to ~~the~~terminate ~~WTMA Sponsor Notes were included in~~ the ~~accompanying~~Amended ~~statement of operations. At March 31, 2025 and December 31, 2024,~~Merger ~~the balance of the WTMA Sponsor Notes of $833,1782 and $595,933, respectively, is recorded net of allowance for credit losses of $833,1783 and $595,933, respectively~~Agreement.

InOn ~~January~~August 1, ~~2025~~2024, ~~February 2025~~in ~~and~~support ~~March~~of ~~2025~~the Business Combination, WTMA and the Company entered into ~~four~~a ~~unsecured~~Term ~~promissory~~Sheet ~~notes~~(the ~~receivable~~“Term Sheet”) with ~~the~~Broughton ~~managing~~Capital ~~member~~Group of(“BCG”) ~~the~~for ~~Company~~BCG into ~~the~~provide ~~amount~~an equity investment of $~~502,000,~~500.0 million ~~$250,000,~~through ~~$620,000~~a ~~and~~private ~~$308,000,~~investment ~~respectively~~in ~~(collectively,~~public ~~the~~equity (“Q1PIPE ~~2025~~Anchor ~~Related~~Equity ~~Party Notes~~Investment”)~~. The Q1~~ ~~2025~~to ~~Related~~be ~~Party~~consummated ~~Notes~~concurrently ~~are~~with ~~non-interest bearing and mature on~~ the ~~earlier~~closing of ~~(a)~~ the ~~Closing~~Business orCombination. ~~(b) December 31~~Additionally, ~~2025.~~the ~~For~~Term ~~the~~Sheet ~~three months~~provides ~~ended~~that ~~March~~BCG ~~31,~~will ~~2025~~provide a ~~and~~debt ~~for~~facility (the ~~period~~“Debt ~~from February 8, 2024 (inception~~Facility”) to ~~March~~New 31EM, ~~2024,~~or ~~allowances~~to ~~for~~a ~~credit~~subsidiary ~~losses~~ of ~~$589,000 and~~New ~~$0,~~EM ~~respectively,~~guaranteed ~~related~~by toNew ~~the~~EM, ~~Related~~to ~~Party~~be ~~Notes~~consummated ~~were~~after the ~~included~~closing inof the ~~accompanying~~Business ~~statement of operations~~Combination. AtBCG’s ~~March~~commitments ~~31,~~under ~~2025 and December 31, 2024,~~ the ~~balance~~Term ofSheet ~~the~~are ~~Related~~subject ~~Party~~to ~~Notes~~further ofdue ~~$2,464,850~~diligence and ~~$1,624,850,~~the ~~respectively, is recorded net of allowance~~execution ~~for credit losses~~ of ~~$2,464,850~~definitive ~~and $1,624,850, respectively~~documentation.

In ~~April~~connection ~~2025~~with the Amended Merger Agreement, the Company ~~entered~~ entered into ana ~~additional~~Sponsor ~~unsecured~~Support ~~promissory~~and ~~note~~Lock-Up Agreement with ~~the~~WTMA, ~~managing~~Welsbach ~~member~~Acquisition ofHoldings ~~the~~LLC, ~~Company~~a inDelaware limited liability company (the ~~amount~~“Sponsor”), and certain officers and directors of ~~$565~~WTMA (“Sponsor Persons”) on November 6,~~201~~ 2024, as amended on February 10, 2025 (collectively, the “~~April 2025~~Amended ~~Related~~Sponsor ~~Party~~Support ~~Note~~and Lock-Up Agreement”). ~~The~~Pursuant ~~April~~to ~~2025~~the ~~Related~~Amended ~~Party~~Sponsor ~~Note~~Support isand ~~non~~Lock-~~interest~~Up ~~bearing~~Agreement, the Sponsor and ~~matures~~Sponsor onPersons ~~the~~agreed ~~earlier~~to, among other things, vote at least 2,237,876 shares of WTMA common stock (aas defined within the Amended Sponsor Support and Lock-Up Agreement), or approximately 67.8% of the ~~Closing~~issued and outstanding shares of WTMA common stock, orin ~~(b)~~favor ~~December~~of 31the Amended Merger Agreement and the Business Combination. Also pursuant to the Amended Sponsor Support and Lock-Up Agreement, the ~~2025~~Sponsor and Sponsor Persons agreed to certain customary lock-up restrictions on their ability to transfer their WTMA common stock and the shares of New EM common stock they will receive at closing of the Business Combination until the third anniversary of the close of the Business Combination.

In ~~May~~connection ~~2025~~with the Amended Merger Agreement, the Company ~~entered~~also entered into an ~~additional~~EM ~~unsecured~~Equityholder ~~promissory note~~Support and Lock-Up Agreement with WTMA and the ~~managing~~sole member of the Company inon ~~the~~November 6, ~~amount~~2024, ofwhich ~~$250~~was amended on February 10,~~000~~ 2025 (collectively and as further supplemented, the “~~May~~Amended ~~2025~~EM ~~Related~~Equityholder ~~Party~~Lock-Up ~~Note~~Agreement”). Pursuant ~~The~~to ~~May~~the ~~2025~~Amended ~~Related~~EM Equityholder Lock-Up Agreement, the sole voting member of the Company agreed to execute and deliver written ~~Party~~consents ~~Note~~with isrespect ~~non-interest~~to ~~bearing~~the Company’s outstanding voting common member units to adopt the Amended Merger Agreement and ~~matures~~related transactions, approving the Business Combination. Also pursuant to the Amended EM Equityholder Lock-up Agreement, the holders of the common member units of EM LLC agreed to certain customary lock-up restrictions on their ability to transfer their EM LLC common units and the shares ~~earlier~~of New EM common stock they will receive at closing of ~~(a)~~the Business Combination until the ~~Closing~~third oranniversary ~~(b)~~of ~~December~~the ~~31,~~close ~~2025~~of the Business Combination.

~~Issuance of convertible preferred units~~20

~~During the~~Issuance ~~three~~of ~~months~~Note ~~ended~~Receivables ~~March~~and ~~31,~~Note ~~2025,~~Receivables ~~the~~— ~~Company issued convertible preferred units in exchange for $1.00 per unit as follows:~~Related Party

	Convertible preferred units		Gross proceeds
January 2025		500,000		500,000
February 2025		2,700,000		2,700,000
March 2025		3,850,000		3,850.000
Total		7,050,000	$	7,050,000

In March 2024, June 2024, September 2024, December 2024, March 2025 and June 2025, the Company entered into unsecured promissory notes with the Sponsor in the amounts of $373,737, $177,773, $192,068, $448,287, $474,490 and $286,259, respectively (the “WTMA Sponsor Notes”). The WTMA Sponsor Notes are non-interest bearing and mature on the earlier of the (a) Closing or (b) liquidation of WTMA. For the three months ended June 30, 2025 and 2024, allowances for credit loss of $143,129 and $275,755, respectively, and for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024, allowances for credit loss of $380,374 and $275,755, respectively, related to the WTMA Sponsor Notes were included in the accompanying statements of operations. At June 30, 2025 and December 31, 2024, the balance of the WTMA Sponsor Notes of $976,307 and $595,933, respectively, is recorded net of allowance for credit losses of $976,307 and $595,933, respectively.

~~Results~~In January 2025, February 2025, March 2025, April 2025 and May 2025 the Company entered into six unsecured promissory notes receivable with the manager of ~~Operations~~the ~~for~~Company in the amount of $502,000, $250,000, $620,000, $308,000, $565,201 and $250,000, respectively (collectively, the “2025 Related Party Notes”). The 2025 Related Party Notes are non-interest bearing and mature on the earlier of (a) the Closing or (b) December 31, 2025. For the three months ended ~~March~~June 3130, 2025 and 2024, allowances for credit losses of $407,601 and $0, respectively, and for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to ~~March~~June 30, 2024, allowances for credit losses of $1,247,601 and $0, respectively, related to the Related Party Notes were included in the accompanying statements of operations. At June 30, 2025 and December 31, 2024, the balance of the Related Party Notes of $2,872,451 and $1,624,850, respectively, is recorded net of allowance for credit losses of $2,872,451 and $1,624,850, respectively.

~~As of~~In ~~March~~July ~~31,~~ 2025, the Company entered ~~has~~into ~~not~~one ~~generated~~additional ~~any~~unsecured ~~revenue.~~promissory Asnote ofwith ~~March~~the ~~31,~~manager ~~2025,~~of the Company’s ~~expenses~~in ~~are~~the ~~associated~~amount ~~with~~of $200,000 (the “July 2025 ~~start~~Related Party Note”). The July 2025 Related Party Note is non-upinterest bearing and ~~costs~~mature ~~related~~on to the ~~potential~~earlier ~~Business~~of ~~Combination~~(a) asthe ~~described~~Closing ~~above~~or (b) December 31, 2025.

~~The following~~Issuance ~~table~~of ~~summarizes~~convertible ~~our~~preferred ~~financial results for the three months ended March 31, 2025 and the period from February 8, 2024 (inception) to March 31, 2024:~~units

	For the Three Months ended March 31, 2025			For the Period from February 8 (inception) to March 31, 2024
OPERATING EXPENSES
General and administrative	$	1,850,749		$	149,906
Sales and marketing		124,244			-
Loss from operations		(1,974,993	)		(149,906	)
Total other expenses, net		(16,034,534	)		-
Net loss	$	(18,009,527	)	$	(149,906	)

During the six months ended June 30, 2025, the Company issued convertible preferred units in exchange for $1.00 per unit as follows:

	Convertible preferred units		Gross proceeds
January 2025		500,000		500,000
February 2025		2,700,000		2,700,000
March 2025		3,850,000		3,850,000
Total		7,050,000	$	7,050,000

~~General~~Results of Operations for the three months ended June 30, 2025 and ~~administrative~~2024, for the six months ended June 30, 2025 and for the period from February 8, 2024 (inception) to June 30, 2024.

~~For the~~As ~~three~~of ~~months~~June ~~ended March 31~~30, 2025, ~~and~~ the Company ~~period~~has ~~from~~not ~~February~~generated 8any ~~(inception),~~revenue. ~~2025~~Since ~~to March 31~~inception, ~~2024,~~the ~~general~~Company’s ~~and administrative~~ expenses ~~consist~~are ~~primarily of legal fees, consulting fees and travel expenses~~ associated with start-up ~~expenditures~~ and costs related to to the potential Business Combination as described above.

~~Sales~~The following table summarizes our financial results for the three months ended June 30, 2025 and 2024, for the six months ended June 30, 2025 and for the period from ~~marketing~~February 8, 2024 (inception) to June 30, 2024:

For the three months ended March 31, 2025, sales and marketing expenses consist mainly of costs of awareness and marketing efforts in anticipation of the Business Combination.

							For the Six Months			For the Period from February 8, 2024 (inception)
	For the Three Months Ended June 30,						Ended June 30,			to June 30,
	2025			2024			2025			2024
OPERATING EXPENSES
General and administrative	$	1,673,241		$	705,894		$	3,523,990		$	855,800
Sales and marketing		143,883			8,141			268,127			8,141
Loss from operations		(1,817,124	)		(714,035	)		(3,792,117	)		(863,941	)
Total other expenses, net		(38,398,372	)		(2,749,052	)		(54,432,906	)		(2,749,052	)
Net loss	$	(40,215,496	)	$	(3,463,087	)	$	(58,225,023	)	$	(3,612,993	)

~~Total other expenses, net~~21

~~For~~General the three months ended March 31, 2025, total other expenses, net consists primarily of re-measurement losses associated with the change in fair value of embedded derivative liabilities associated with certain convertible preferred unit issuances of $15,063,847, an allowance for credit losses associated with our receivables of $1,310,188, partially offset by interest income earned on our cash and ~~interest bearing receivables of $493,037 and other income of $250,000 realized on the forgiveness of our payables.~~administrative

~~Liquidity~~For all periods presented, general and ~~Going~~administrative ~~Concern~~expenses consist primarily of legal fees, consulting fees and travel expenses associated with start-up expenditures and costs related to the potential Business Combination.

~~Historically,~~Sales the Company’s primary sources of liquidity have been cash flows from issuance of convertible preferred units. The Company reported a net loss of $18, 009,527 for the three months ended March 31, 2025. As of March 31, 2025, the Company had an aggregate cash balance of $3,732,564 and, a net working capital deficit of $77,426,869. These are indicators of substantial doubt as to the Company’s ability to continue as a going concern for at least one year from issuance of the unaudited condensed consolidated financial statements. The Company’s ability to continue as a going concern is dependent upon the management of its expenses and its ability to obtain necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due, and upon profitable operations.marketing

~~The Company’s~~For ~~future~~all ~~capital~~periods ~~requirements will depend on many factors~~presented, sales ~~including the Company’s timing~~ and ~~extent~~marketing ofexpenses ~~its~~consist ~~research, the~~mainly ~~acquisition~~ of ~~processing~~costs ~~facilities and the consummation~~ of aawareness ~~business combination. In order to finance these opportunities~~ and ~~associated~~ ~~costs,~~marketing itefforts isin ~~possible~~anticipation ~~that~~of the ~~Company~~Business ~~would need to raise additional financing if the proceeds received from the business combination and other equity financing are insufficient to support its business needs~~Combination. While there can be no assurances, the Company intends to raise such capital through additional equity raises. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to it or at all. If the Company is unable to raise additional capital on acceptable terms when needed, its product development business, results of operations and financial condition would be materially and adversely affected.

~~As a~~Total ~~result~~other ~~of the above~~expenses, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”)2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern through twelve months from the date these financial statements are available to be issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.net

~~Cash~~For ~~flows for~~ the three months ended June ~~March 31~~30, 2025, ~~and~~total other expenses, net consists primarily of re-measurement losses associated with the ~~period~~change ~~from~~in ~~February~~fair 8value of embedded derivative liabilities associated with certain convertible preferred unit issuances of $33,457,448, ~~2024~~an ~~(inception)~~allowance tofor ~~March~~credit 31losses associated with our receivables of $5,466,503, ~~2024~~partially offset by interest income earned on our cash and interest bearing receivables of $525,579 and $1,703, respectively.

~~The following~~For ~~table~~the ~~summarizes~~six ~~our~~months ~~cash~~ended June ~~flows~~30, ~~from~~2025, ~~operating~~total other expenses, ~~investing~~net ~~and~~consists ~~financing~~primarily ~~activities~~of ~~for~~re-measurement losses associated with the ~~three~~change ~~months~~in ~~ended~~fair ~~March~~value 31of embedded derivative liabilities associated with certain convertible preferred unit issuances of $48,521,295, ~~2025~~an allowance for credit losses associated with our receivables of $6,776,691, partially offset by interest income earned on our cash and ~~the~~interest ~~period~~bearing ~~from~~receivables ~~February~~of 8$1,018,616 and ~~2024~~other ~~(inception)~~income toof ~~March 31~~$250,000 ~~2024:~~realized on the forgiveness of our payables.

	For the Three Months ended March 31, 2025			For the period from February 8, 2024 (inception) to March 31, 2024
Net cash used in operating activities	$	(2,062,656	)	$	(174,819	)
Net cash used in investing activities	$	(2,154,490	)	$	(373,737	)
Net cash provided by financing activities	$	5,335,000		$	1,100,102

For the three months ended June 30 2024 and the period from February 8, 2024 (inception) to June 30, 2024, total other expenses, net consists primarily of an allowance for credit losses associated with our receivables of $2,750,755, partially offset by interest income earned on our cash and interest bearing receivables of $1,703.

20Liquidity and Going Concern

~~Net~~Historically, the Company’s primary sources of liquidity have been cash flows from issuance of convertible preferred units. The Company reported a net loss of $58,225,023 ~~used~~for inthe ~~operating~~six ~~activities~~months ended June 30, 2025. As of June 30, 2025, the Company had an aggregate cash balance of $1,614,314 and, a net working capital deficit of $112,837,973. These are indicators of substantial doubt as to the Company’s ability to continue as a going concern for at least one year from issuance of the unaudited condensed consolidated financial statements. The Company’s ability to continue as a going concern is dependent upon the management of its expenses and its ability to obtain necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due, and upon profitable operations.

~~For~~The Company’s future ~~the~~capital ~~three~~requirements ~~months~~will ~~ended~~depend ~~March~~on ~~31,~~many ~~2025~~factors, ~~net~~including ~~cash~~the ~~used~~Company’s intiming ~~operating~~and ~~activities~~extent ~~was~~of $2its research,~~062,656~~ asthe aacquisition ~~result~~ of processing ~~expenditure~~facilities ~~for~~and the ~~day-~~consummation of a business combination. In order to~~-day~~ finance these opportunities and associated costs, it ~~operations~~is ofpossible that the Company. ~~Included~~would ~~within~~need ~~this~~to ~~net~~raise ~~cash~~additional ~~used~~financing inif ~~operating~~the ~~activities~~proceeds received from the business combination and other equity financing are insufficient to support its business needs. While there can be no assurances, the ~~non-cash~~Company ~~expenses~~intends ~~associated~~to ~~with~~raise ~~recording~~such capital ~~derivative~~through ~~liabilities~~additional atequity ~~fair~~raises. ~~value~~If atadditional ~~issuance~~financing ~~and~~is ~~re-measuring~~required ~~these~~from ~~derivative~~outside ~~liabilities~~sources, the Company may not be able to ~~fair~~raise ~~value~~it on terms acceptable to it or at all. If the ~~reporting~~Company ~~period~~is unable to raise additional capital on acceptable terms when needed, its product development ~~end~~business, asresults ~~well~~of asoperations ~~the~~and ~~allowance~~financial ~~for~~condition ~~credit~~would ~~losses~~be materially and adversely affected.

~~For~~As a result of the above, in connection with the ~~period~~Company’s ~~from~~assessment ~~February~~of 8,going ~~2024~~concern considerations in accordance with Financial Accounting Standards Board (~~inception~~“FASB”) ~~March~~Accounting ~~31,~~Standards ~~2024~~Update (“ASU”) 2014-15, ~~net~~“Disclosures ~~cash~~of ~~used~~Uncertainties about inan ~~operating~~Entity’s ~~activities~~Ability ~~was~~to ~~$174,819~~Continue as a ~~result~~Going ofConcern,” ~~expenditure~~management has determined that the Company’s liquidity ~~for~~condition raises substantial doubt about the ~~day-~~Company’s ability to~~-day~~ ~~operations~~continue as a going concern through twelve months from the date these financial statements are available to be issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

~~Net~~Cash ~~cash~~flows for the six months ended June 30, 2025 and the period ~~used~~from inFebruary ~~investing~~8, ~~activities~~2024 (inception) to June 30, 2024

~~For the~~The ~~three~~following ~~months~~table ~~ended~~summarizes our ~~March~~cash ~~31,~~flows ~~2025~~from operating, ~~net~~investing ~~cash~~and ~~used~~financing ~~in investing~~ activities ~~was~~for ~~$2,154,490~~the assix amonths ~~result~~ended ofJune ~~the~~30, ~~Company’s~~2025 ~~issuance of note receivables~~ and ~~convertible~~the ~~note~~period ~~receivables,~~from ~~with $1~~February 8,~~680,000~~ of2024 ~~the~~(inception) ~~notes receivables issued~~ to aJune ~~related~~30, ~~party.~~2024:

For the period from February 8, 2024 (inception) March 31, 2024, net cash used in investing activities was $373,737 as a result of the Company’s issuance of note receivables.

	For the Six Months ended June 30, 2025			For the period from February 8, 2024 (inception) to June 30, 2024
Net cash used in operating activities	$	(4,461,940	)	$	(650,922	)
Net cash used in investing activities	$	(3,055,949	)	$	(4,583,294	)
Net cash provided by financing activities	$	6,517,493		$	5,730,104

~~Net cash flows provided by financing activities~~22

~~For the~~Net ~~three months ended March 31, 2025, net~~ cash ~~provided~~used byin ~~financing~~operating activities ~~was $5,335,000 as a result of proceeds from issuance of convertible preferred units of $5,550,000, partially offset by payments for deferred transaction costs of approximately $215,000.~~

For the ~~period~~six ~~from~~months ~~February~~ended June 830, ~~2024 (inception) March 31~~2025, ~~2024,~~ net cash ~~provided~~used byin ~~financing~~operating activities was $14,~~100~~461,~~002~~940 as a result of ~~proceeds~~ ~~from~~expenditure ~~issuance~~for the day-to-day operations of ~~convertible~~the ~~preferred~~Company. Included ~~units~~within this net cash used in operating activities are the non-cash expenses associated with recording derivative liabilities at fair value at issuance and ~~common~~re-measuring ~~member~~these ~~units~~derivative liabilities to fair value at the reporting period end as well as the allowance for credit losses.

~~Off~~For ~~balance~~the period from February ~~sheet~~8, ~~arrangements~~2024 (inception) June 30, 2024, net cash used in operating activities was $650,922 as a result of expenditure for the day-to-day operations of the Company as well as allowance for credit losses.

~~We did~~Net ~~not~~cash ~~have~~used ~~any~~in ~~off-balance~~investing ~~sheet arrangements as of March 31, 2025.~~activities

~~Emerging~~For the six months ended ~~Growth~~June 30, 2025, net cash used in investing activities was $3,055,949 as a result of the Company’s ~~Status~~issuance of note receivables and convertible note receivables totaling $3,255,949, partially offset by a $200,000 collection on a note receivables.

~~We are~~For ~~an emerging growth company as defined in~~ the ~~Jumpstart~~period ~~Our~~from ~~Business~~February 8, ~~Startups~~2024 (~~“JOBS”~~inception) ~~Act.~~June ~~The~~30, ~~JOBS~~2024, ~~Act~~net ~~permits~~cash ~~companies with~~used ~~emerging~~in ~~growth~~investing ~~company~~activities ~~status~~was ~~to take advantage of an extended transition period to comply with new or revised accounting standards~~$4, ~~delaying~~583,294 ~~the~~as ~~adoption~~a ofresult these accounting standards until they would apply to private companies. We have elected to use this extended transition period to enable us to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the ~~date~~Company’s weissuance ~~(i) are no longer an emerging growth company or (ii) affirmatively and irrevocably~~of ~~opts~~note ~~out~~receivables, ofnotes ~~the~~receivables ~~extended~~- ~~transition~~related ~~period provided in the JOBS Act. As a result~~party, ~~our~~and ~~financial~~convertible ~~statements~~notes ~~may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates~~receivables.

~~In addition,~~Net wecash ~~intend~~flows ~~to rely on the other exemptions and reduced reporting requirements~~ provided by ~~the~~financing JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an emerging growth company, we intend to rely on such exemptions, we are not required to, among other things: (i) provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation-related items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer’s compensation to median employee compensation.activities

~~We will~~For ~~remain an emerging growth company under~~ the ~~JOBS~~six ~~Act~~months ~~until the earliest of (i) the last day of our first fiscal year following~~ended ~~the~~June ~~fifth anniversary of the date of the first sale of common equity securities of EM LLC pursuant to an effective registration statement under the Securities Act of 1933~~30, ~~as amended~~2025, ~~(ii) the~~net ~~last~~cash ~~date~~provided ofby ~~our~~financing ~~fiscal~~activities ~~year~~was ~~in which we have total annual gross revenue of at least~~ $~~1.235 billion~~6,517,493 ~~(iii) the~~as ~~date on which we are deemed to be~~ a ~~“large~~result ~~accelerated~~of ~~filer”~~proceeds ~~under~~from ~~the~~issuance ~~rules~~ of ~~the~~convertible ~~Securities~~preferred units ~~and~~of ~~Exchange Commission (the “SEC”) with at least~~ $~~700 million~~7,050,000, ofpartially ~~outstanding~~offset ~~securities held~~ by ~~non-affiliates or~~payments ~~(iv) the~~for ~~date~~deferred ontransaction ~~which~~costs weof ~~have issued more than~~ $~~1 billion in non-convertible debt securities during the previous three years~~532,507.

~~Critical~~For the period from February ~~Accounting~~8, ~~Estimates~~2024 (inception) June 30, 2024, net cash provided by financing activities was $5,730,104 as a result of proceeds from issuance of convertible preferred units and common member units.

~~Basis of~~Off ~~Presentation:~~balance ~~The~~sheet accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), expressed in U.S. dollars. The accompanying financial statements reflect all adjustments including normal recurring adjustments, which, in the opinion of the Company’s management, are necessary to present fairly the financial position, results of operations, and cash flows for the periods presented in accordance with GAAP. References to GAAP issued by the FASB in the accompanying notes to the financial statements are to the FASB Accounting Standards Codification (“ASC”). The financial statements have been prepared assuming the Company will continue as a going concern.arrangements

21We did not have any off-balance sheet arrangements as of June 30, 2025.

~~Fair~~Emerging ~~Value~~Growth ~~of Financial Instruments: The~~ Company’s financial instruments with a carrying value that approximates fair value consist of cash and cash equivalents, other current assets, accounts payable and accrued expenses because of the short-term nature or expected settlement dates of these instruments. The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds, the July Investment Agreement Derivative, the CPU Share Allocation Obligation, and liability-classified share-based payment transactions.Status

~~Convertible~~We are an emerging growth ~~Notes~~company ~~Receivable:~~as ~~Convertible~~defined ~~notes~~in ~~receivable~~the ~~consists~~Jumpstart ofOur ~~convertible~~Business ~~promissory~~Startups ~~notes~~(“JOBS”) ~~that~~Act. ~~can~~The ~~convert~~JOBS ~~into~~Act apermits ~~privately~~companies ~~held~~with emerging growth company’s ~~equity~~status ~~securities~~to attake ~~the~~advantage ~~Company’s~~of ~~election~~an ~~and~~extended ~~was~~transition ~~accounted~~period ~~for~~to ascomply ~~receivables~~with innew ~~the~~or ~~scope~~revised accounting standards, delaying the adoption of ~~ASC~~these ~~310,~~accounting ~~“Receivables”,~~standards until they would apply to private companies. We have elected to use this extended transition period to enable ~~which~~us ~~was~~to ~~initially~~comply ~~recorded~~with atnew ~~present~~or ~~value~~revised ~~and~~accounting ~~subsequently~~standards ~~re-measured~~that athave ~~amortized~~different ~~cost.~~effective ~~The~~dates ~~notes~~for ~~did~~public ~~not~~and ~~meet~~private companies until the ~~definition~~earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of a ~~debt~~the ~~security~~extended transition period provided in the ~~scope~~JOBS ofAct. ~~ASC~~As ~~320~~a result, ~~“Investments~~our —financial ~~Debt~~statements ~~Securities”~~may ~~(“ASC~~not ~~320”).~~be ~~Convertible~~comparable ~~notes receivable~~to iscompanies ~~reported~~that ~~net~~comply ofwith ~~allowances~~the ~~for~~new ~~credit~~or revised ~~losses~~accounting onstandards ~~the~~as ~~accompanying~~of ~~balance~~public ~~sheet~~company effective dates.

EMIn addition, we intend to ~~Convertible~~rely ~~Preferred~~on ~~Units:~~the EMother ~~Convertible~~exemptions ~~Preferred~~and ~~Units~~reduced ~~consist~~reporting ofrequirements ~~preferred~~provided ~~units~~by ~~issued~~the ~~with~~JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an ~~option~~emerging growth company, we intend to ~~convert~~rely ~~into~~on such exemptions, we are not required to, among other things: (i) provide ~~New~~an EMauditor’s ~~Common~~attestation ~~Stock~~report aton our system of internal controls over financial reporting pursuant to Section 404(b) of the ~~option~~Sarbanes-Oxley Act of 2002; (ii) provide all of the ~~holders.~~compensation ~~The~~disclosure EMthat ~~Convertible~~may ~~Preferred~~be ~~Units~~required ~~are~~of ~~accounted~~non-emerging ~~for~~growth aspublic companies ~~permanent~~under ~~equity~~the inDodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with any requirement that may be adopted by the ~~scope~~Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report ofproviding ~~ASC~~additional ~~815,~~information ~~“Derivatives~~about the audit and ~~Hedging”~~the financial statements (~~“ASC~~auditor ~~815”)~~discussion and ~~recorded~~analysis); atand ~~fair~~(iv) disclose certain ~~value~~executive ~~which~~compensation-related isitems ~~representative~~such ofas the ~~proceeds~~correlation between executive compensation and performance and comparisons of ~~received~~the Chief Executive Officer’s compensation to median employee compensation.

~~Derivative~~We will remain an emerging ~~Liabilities:~~growth ~~Certain~~company ~~agreements~~under the ~~Company~~JOBS ~~entered~~Act ~~into~~until ~~either~~the ~~require~~earliest of (i) the ~~Company~~last day toof ~~issue~~our orfirst ~~provide~~fiscal ~~the~~year ~~Company~~following the ~~option~~fifth anniversary toof ~~issue~~the adate ~~variable~~of ~~number~~the offirst ~~shares~~sale of ~~New~~common equity securities of EM ~~Common~~LLC ~~Stock~~pursuant to ~~certain~~an ~~investors~~effective ~~and~~registration ~~vendors.~~statement ~~The~~under ~~Company~~the ~~applies~~Securities Act ~~ASC~~of ~~480~~1933, ~~“Distinguishing Liabilities~~as ~~and~~amended, ~~Equity”~~ (~~“ASC 480”~~ii), the ~~ASC~~last ~~815,~~date ~~and~~of ~~ASC~~our ~~718~~fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the ~~“Compensation~~date —on ~~Stock~~which ~~Compensation~~we are deemed to be a “large accelerated filer” under the rules of the Securities and Exchange Commission (the “~~ASC 718~~SEC”) inwith ~~its~~at ~~evaluation~~least $700 million of ~~the~~outstanding ~~terms~~securities ofheld ~~each~~by ~~agreement.~~non-affiliates ~~Financial~~or ~~instruments~~(iv) the ~~that~~date on ~~were~~which ~~identified~~we have issued more than $1 billion in ~~each~~non-convertible ~~agreement~~debt ~~and~~securities during the previous three years.

● meet the criteria to be accounted for as a liability in accordance with ASC 480 were reported at fair value at issuance and re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying statement of operations;23

●Critical doAccounting not meet the criteria to be accounted for as a liability in accordance with ASC 480 and do not meet the criteria to be accounted for as equity in accordance with ASC 815 are accounted for as a liability and were reported at fair value at issuance and re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying statement of operations;Estimates

●Basis ~~meet~~of ~~the~~Presentation: The ~~criteria~~accompanying offinancial astatements ~~liability-classified~~have ~~share-based~~been ~~payment~~prepared ~~transaction~~ in accordance with ~~ASC~~U.S. ~~718~~generally ~~were~~accepted ~~measured~~accounting ~~based~~principles on(“GAAP”), expressed ~~the~~in ~~fair~~U.S. ~~value~~dollars. The accompanying financial statements reflect all adjustments including normal recurring adjustments, which, in the opinion of the ~~transaction~~Company’s onmanagement, are necessary to present fairly the ~~date~~financial position, results of ~~grant~~operations, and ~~remeasured~~cash flows for the periods presented in accordance with GAAP. References to ~~fair~~GAAP ~~value~~issued ~~each~~by ~~reporting~~the ~~period~~FASB ~~until~~in ~~settlement~~the accompanying notes to the financial statements are to the FASB Accounting Standards Codification (“ASC”). The financial statements have been prepared assuming the Company will continue as a going concern.

~~Agreements~~Fair Value of Financial ~~where~~Instruments: ~~multiple~~The Company’s financial instruments ~~are~~with ~~identified~~a carrying value that ~~would~~approximates ~~individually~~fair ~~warrant~~value ~~separate~~consist ~~accounting~~of ascash aand cash ~~derivative~~equivalents, ~~instrument~~other ~~are~~current assets, accounts payable and accrued expenses because of the short-term nature or expected settlement ~~bundled~~dates ~~together~~of asthese ainstruments. ~~single,~~The ~~compound~~Company’s ~~embedded~~financial ~~derivative~~instruments that isare ~~bifurcated~~measured ~~and~~at ~~accounted~~fair ~~for~~value ~~separately~~on ~~from~~a ~~the~~recurring ~~host~~basis ~~contract~~consist inof ~~accordance~~money ~~with~~market ~~ASC~~funds, ~~815~~the July Investment Agreement Derivative, the CPU Share Allocation Obligation, and liability-classified share-based payment transactions.

~~Allowance for~~Convertible ~~Credit~~Notes ~~Losses~~Receivable: Convertible ~~The Company recognizes an allowance for credit losses on~~ notes receivable, ~~convertible~~consists ~~notes receivable and notes receivable — related party in an amount equal to the estimated probable losses net~~ of ~~recoveries. The Company currently monitors financial conditions of the companies from which it has notes receivable,~~ convertible ~~notes~~promissory ~~receivable and~~ notes ~~receivable~~that —can ~~related party~~convert oninto a ~~continuing~~privately ~~basis.~~held ~~After~~company’s ~~considering~~equity securities ~~current~~at ~~economic~~the ~~conditions~~Company’s ~~and~~election ~~specific~~ and ~~financial~~was ~~stability~~accounted ~~of its note receivable, convertible notes receivable and notes receivable — related party counterparties, an allowance~~ for ~~credit~~as ~~losses~~receivables ~~is maintained~~ in the ~~balance~~scope ~~sheet~~of atASC a310, ~~level~~“Receivables”, which ~~management believes is sufficient to cover all probable future credit losses as of the balance~~ ~~sheet~~was ~~date~~initially ~~based~~recorded onat ~~specific~~present ~~reserves~~value and ansubsequently ~~expectation~~re-measured ofat ~~future~~amortized ~~economic conditions that might impact collectability~~cost. The ~~Company’s policy~~notes isdid tonot ~~write~~meet ~~off~~the ~~past-due~~definition ~~accrued~~of ~~interest~~a ~~receivable~~debt security in athe ~~timely~~scope ~~manner,~~of ~~and~~ASC ~~as such~~320, ~~the~~“Investments ~~Company~~— ~~elected~~Debt ~~not~~Securities” to(“ASC ~~measure an allowance for credit losses for accrued interest receivable on notes receivables outstanding~~320”). ~~Notes~~Convertible ~~receivable and~~ notes receivable ~~— related~~ ~~party~~is ~~are~~reported ~~carried at amortized cost,~~ net of allowances for credit losses. ~~Amortized~~on ~~cost approximated book value as March 31, 2025. After all reasonable attempts to collect a receivable have failed,~~ the ~~amount~~accompanying ofbalance ~~the receivable is written off against the allowance~~sheets.

22EM Convertible Preferred Units: EM Convertible Preferred Units consist of preferred units issued with an option to convert into New EM Common Stock at the option of the holders. The EM Convertible Preferred Units are accounted for as permanent equity in the scope of ASC 815, “Derivatives and Hedging” (“ASC 815”) and recorded at fair value which is representative of the proceeds received.

~~Cautionary~~Derivative Liabilities: ~~Statement~~Certain ~~Regarding~~agreements ~~Forward-Looking~~the ~~Statements~~Company entered into either require the Company to issue or provide the Company the option to issue a variable number of shares of New EM Common Stock to certain investors and vendors. The Company applies ASC 480, “Distinguishing Liabilities and Equity” (“ASC 480”), ASC 815, and ASC 718, “Compensation — Stock Compensation” (“ASC 718”) in its evaluation of the terms of each agreement. Financial instruments that were identified in each agreement and

~~Certain statements~~● ~~made~~meet ~~in this Quarterly Report on Form 10-Q are “forward looking statements” within~~ the ~~meaning~~criteria of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this Quarterly Report on Form 10-Q, the words “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations and beliefs of the management of EM LLC and are inherently subject to ~~uncertainties~~be ~~and~~accounted ~~changes~~for ~~in circumstances and their potential effects and speak only~~ as ~~of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve~~ a ~~number of~~liability risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: EM LLC is a newly formed company with no operating history or revenue; EM LLC’s ability to complete business combinations in accordance ~~with~~ its business strategy, including, but not limited to, the proposed Business Combination; the risk that the consummation of the proposed Business Combination is significantly delayed; the ability to recognize the anticipated benefits of the proposed Business Combination; the risk that the announcement and consummation of the proposed Business Combination disrupts EM LLC’s current plans; following the closing of the proposed Business Combination, New EM’s ability to successfully integrate the business and operations of EM LLC and the Operating Companies (the “Target Companies”) into its ongoing business operations and realize the intended benefits of New EM’s acquisition of the Target Companies; New EM’s ability to secure sufficient funding to successfully rebuild Critical Mineral Recovery, Inc.’s recycling facility with ~~significant~~ASC ~~expansion~~480 onwere ~~management’s~~reported ~~expected~~at ~~timeline~~fair ~~and~~value ~~budget, or~~ at ~~all;~~ ~~unexpected~~issuance ~~costs related to the proposed Business Combination; expectations regarding New EM’s strategies~~ and future financial performance, including future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, product and service acceptance, market trends, liquidity, cash flows and uses of cash, capital expenditures, and New EM’s ability to invest in growth initiatives; satisfaction or waiver (if applicable) of the conditions to the proposed Business Combination, including, among other things, approval of the proposed Business Combination and related agreements and transactions; the occurrence of any other event, change or other circumstances that could give rise to the termination of the Merger Agreement; the implementation, market acceptance and success of New EM’s business model and growth strategy; the ability to obtain or maintain the listing of New EM’s common stock on Nasdaq following the proposed Business Combination; the success in retaining or recruiting, or changes required in, New EM’s officers, key employees or directors following the completion of the proposed Business Combination; the impact of the regulatory environment and complexities with compliance related to such environment, including New EM’s ability to meet, and continue to meet, applicable regulatory requirements; New EM’s ability to execute its business plan, including with respect to its technical development and commercialization of products, and its growth and gore-~~to-market~~measured ~~strategies; New EM’s ability~~ to ~~achieve~~fair ~~sustained,~~value ~~long-term~~each ~~profitability~~reporting ~~and~~period ~~commercial success; operational risks, including~~ with respect to New EM’s use of agents or resellers in certain jurisdictions, New EM’s ability to scale up its manufacturing quantities of its products, New EM’s outsourcing of manufacturing and such manufacturers’ ability to satisfy New EM’s manufacturing needs on a timely basis, the availability of components or raw materials used to manufacture New EM’s products and New EM’s ability to process customer order backlog; New EM’s revenue deriving from a limited number of customers; geopolitical risk and changes in ~~applicable laws or regulations, including with respect to New EM’s planned operations outside of~~ the ~~U.S.~~estimated ~~and~~fair ~~Korea;~~value New EM’s ability to attract and retain talented personnel; New EM’s ability to compete with companies that have significantly more resources; New EM’s ability to meet certain certification and compliance standards; New EM’s ability to protect its intellectual property rights and ability to protect itself against potential intellectual property infringement claims; the outcome of ~~any known and unknown litigation and regulatory proceedings, including any proceedings that may be instituted against EM LLC following announcement of~~ the ~~proposed~~liability ~~Business~~recognized ~~Combination; and other factors detailed under the section entitled “Risk Factors” in the registration statement,~~ as ~~amended,~~a ~~filed with the Securities and Exchange Commission on Form S~~non-4cash ~~(Registration No.~~gain ~~333-283119). Should one~~ or ~~more~~loss ofon ~~these risks or uncertainties materialize or should any of~~ the ~~assumptions~~accompanying ~~made by the management of EM LLC prove incorrect, actual results may vary in material respects from those projected in these forward-looking~~ statements. ~~Except to the extent required by applicable law or regulation, EM LLC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date~~ of ~~this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events.~~operations;

~~ITEM 3.~~● ~~QUANTITATIVE~~do ~~AND~~not ~~QUALITATIVE~~meet ~~DISCLOSURES~~the ~~ABOUT~~criteria ~~MARKET~~to ~~RISK.~~be accounted for as a liability in accordance with ASC 480 and do not meet the criteria to be accounted for as equity in accordance with ASC 815 are accounted for as a liability and were reported at fair value at issuance and re-measured to fair value each reporting period with changes in the estimated fair value of the liability recognized as a non-cash gain or loss on the accompanying statements of operations;

~~We are~~● meet the criteria of a ~~smaller~~liability-classified ~~reporting~~share-based ~~company~~payment astransaction ~~defined~~in byaccordance ~~Rule 12b-2~~with ofASC ~~the~~718 ~~Securities~~were ~~Exchange~~measured ~~Act~~based on the fair value of ~~1934,~~the astransaction ~~amended~~on (the ~~“Exchange Act”),~~date ~~and~~of ~~are~~grant ~~not~~and ~~required~~remeasured to ~~provide~~fair ~~the~~value ~~information~~each ~~otherwise~~reporting ~~required~~period ~~under~~until ~~this item~~settlement.

~~ITEM~~Agreements where multiple 4.financial ~~CONTROLS~~instruments ~~AND~~are ~~PROCEDURES~~identified that would individually warrant separate accounting as a derivative instrument are bundled together as a single, compound embedded derivative that is bifurcated and accounted for separately from the host contract in accordance with ASC 815.

~~Management~~Allowance for Credit Losses: The Company recognizes an allowance for credit losses on notes receivable, convertible notes receivable and notes receivable — related party in an amount equal to the estimated probable losses net of recoveries. The Company currently monitors financial conditions of the companies from which it has notes receivable, convertible notes receivable and notes receivable — related party on a continuing basis. After considering current economic conditions and specific and financial stability of its note receivable, convertible notes receivable and notes receivable — related party counterparties, an allowance for credit losses is maintained in the balance sheets at a level which management believes is sufficient to cover all probable future credit losses as of the balance sheet date based on specific reserves and an expectation of future economic conditions that might impact collectability. The Company’s ~~Responsibilities~~policy is to write off past-due accrued interest receivable in a timely manner, and as such, the Company elected not to measure an allowance for credit ~~Controls~~losses for accrued interest receivable on notes receivables outstanding. Notes receivable and ~~Procedures~~notes receivable — related party are carried at amortized cost, net of allowances for credit losses. Amortized cost approximated book value as June 30, 2025. After all reasonable attempts to collect a receivable have failed, the amount of the receivable is written off against the allowance.

The Company’s management is responsible for establishing and maintaining adequate internal control over the Company’s financial reporting. The Company’s controls over financial reporting are designed under the supervision of the Company’s Managing Member, in his capacities as the principal executive officer and principal financial officer (the “Certifying Officer”), to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is accumulated and communicated to the Company’s management, including the Company’s Certifying Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.24

~~Evaluation~~Cautionary ofStatement ~~Disclosure~~Regarding ~~Controls~~Forward-Looking ~~and Procedures~~Statements

~~Under~~Certain statements made in this Quarterly Report on Form 10-Q are “forward looking statements” within the ~~supervision~~meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this Quarterly Report on Form 10-Q, the words “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and ~~with~~similar expressions may identify forward-looking statements, but the ~~participation~~absence of ~~our~~these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations and beliefs of the management of EM LLC and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: EM LLC is a newly formed company with no operating history or revenue; EM LLC’s ability to complete business combinations in accordance with its business strategy, including, ~~our~~but ~~Certifying~~not ~~Officer~~limited to, wethe ~~carried~~proposed ~~out~~Business anCombination; ~~evaluation~~the risk that the consummation of the ~~effectiveness~~ proposed Business Combination is significantly delayed; the ability to recognize the anticipated benefits of the proposed ~~design~~Business Combination; the risk that the announcement and ~~operation~~consummation of ~~our~~the ~~disclosure~~proposed ~~controls~~Business Combination disrupts EM LLC’s current plans; following the closing of the proposed Business Combination, New EM’s ability to successfully integrate the business and ~~procedures~~operations asof ~~defined~~EM inLLC ~~Rules~~and ~~13a-15~~the Four Entities (ethe “Target Companies”) into its ongoing business operations and ~~15d~~realize the intended benefits of New EM’s acquisition of the Target Companies; New EM’s ability to develop and operate its planned battery recycling facility that is tailored specifically to integrate with its downstream multi-15feedstock processing facility; New EM’s ability to source sufficient volumes of spent lithium-ion batteries from third parties; unexpected costs related to the proposed Business Combination; expectations regarding New EM’s strategies and future financial performance, including future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, product and service acceptance, market trends, liquidity, cash flows and uses of cash, capital expenditures, and New EM’s ability to invest in growth initiatives; satisfaction or waiver (eif applicable) ~~under~~of the ~~Exchange~~conditions to the proposed Business ~~Act~~Combination, asincluding, among other things, approval of ~~March~~the 31proposed Business Combination and related agreements and transactions; the occurrence of any other event, ~~2025.~~change ~~Based~~or other circumstances that could give rise to the termination of the Amended Merger Agreement; the implementation, market acceptance and success of New EM’s business model and growth strategy; the ability to obtain or maintain the listing of New EM’s common stock on ~~this~~Nasdaq ~~evaluation~~following the proposed Business Combination; the success in retaining or recruiting, or ~~management~~changes ~~concluded~~required ~~that~~in, ~~our~~New ~~financial~~EM’s ~~disclosure~~officers, ~~controls~~key employees or directors following the completion of the proposed Business Combination; the impact of the regulatory environment and ~~procedures~~complexities ~~were~~with ~~not~~compliance related to such environment, including New EM’s ability ~~effective~~to someet, asand continue to ~~timely~~meet, ~~record~~applicable regulatory requirements; New EM’s ability to execute its business plan, ~~process~~including with respect to its technical development and commercialization of products, ~~summarize~~and its growth and ~~report~~go-to-market ~~financial~~strategies; ~~information~~New ~~required~~EM’s ability to beachieve ~~included~~sustained, onlong-term ~~our~~profitability ~~SEC~~and ~~reports~~commercial ~~due~~success; operational risks, including with respect to New EM’s use of agents or resellers in certain jurisdictions, New EM’s ability to scale up its manufacturing quantities of its products, New EM’s outsourcing of manufacturing and such manufacturers’ ability to satisfy New EM’s manufacturing needs on a timely basis, the ~~Company~~availability of components or raw materials used to manufacture New EM’s products and New EM’s ability to process customer order backlog; New EM’s revenue deriving from a limited ~~internal~~number ~~resources~~of customers; geopolitical risk and ~~lack~~changes in applicable laws or regulations, including with respect to New EM’s planned operations outside of the U.S. and Korea; New EM’s ability to attract and retain talented personnel; New EM’s ability to compete with companies that have ~~multiple~~significantly ~~levels~~more ofresources; ~~transaction~~New EM’s ~~review.~~ability ~~However,~~to asmeet acertain ~~result~~certification and compliance standards; New EM’s ability to protect its intellectual property rights and ability to protect itself against potential intellectual property infringement claims; the outcome of ~~our~~any ~~evaluation~~known and ~~review~~unknown litigation ~~process~~and regulatory proceedings, ~~management~~including ~~believes~~any proceedings that may be instituted against EM LLC following announcement of the ~~financial~~proposed Business ~~statements~~Combination; and other ~~information~~factors ~~presented~~detailed ~~herewith~~under ~~are~~the section entitled “Risk Factors” in the registration statement, ~~materially~~as ~~correct~~amended, filed with the Securities and Exchange Commission on Form S-4 (Registration No. 333-283119). Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of EM LLC prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except to the extent required by applicable law or regulation, EM LLC undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events.

23ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

~~Internal~~We ~~Control~~are ~~Over~~a ~~Financial~~smaller ~~Reporting~~reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are not required to provide the information otherwise required under this item.

AsITEM of March 31, 2025, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations of our internal control over financial reporting, as defined in Rules 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 and based on the criteria for effective internal control described in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (as revised)4. ~~Based~~CONTROLS onAND our evaluation, management concluded that our internal control over financial reporting was not effective so as to timely record, process, summarize and report financial information required to be included on our Securities and Exchange Commission (“SEC”) reports due to the Company’s limited internal resources and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.PROCEDURES

Based on the foregoing, our Certifying Officer concluded that our internal control over financial reporting was not effective so as to timely record, process, summarize and report financial information required to be included on our Securities and Exchange Commission (“SEC”) reports due to the CompanyManagement’s ~~limited~~Responsibilities ~~internal~~for ~~resources~~Controls and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.Procedures

The ~~Certifying~~Company’s ~~Officer does~~management ~~not~~is ~~expect~~responsible ~~that~~for ~~the~~establishing ~~Company’s~~and ~~disclosure~~maintaining ~~controls~~adequate ~~and~~internal ~~procedures~~control orover ~~that~~the ~~its~~Company’s ~~internal~~financial reporting. The Company’s controls over financial reporting ~~will~~are ~~prevent all~~designed ~~error~~under ~~and~~the ~~all~~supervision ~~fraud.~~of Athe ~~control~~Company’s ~~system~~Manager, noin ~~matter~~his ~~how~~capacities ~~well~~as ~~conceived~~the principal executive officer and ~~operated,~~principal ~~can~~financial ~~provide~~officer ~~only~~(the ~~reasonable~~“Certifying Officer”), ~~not~~to ~~absolute,~~ensure ~~assurance~~ that ~~the~~information ~~objectives~~required ofto ~~the~~be ~~control~~disclosed by ~~system~~the ~~are~~Company ~~met.~~in ~~Further,~~ the ~~design~~reports ofthat the ~~control~~Company ~~system~~files ~~must~~or ~~reflect~~submits under the Securities ~~fact~~Exchange ~~that~~Act ~~there~~of ~~are~~1934, ~~resource~~as amended (the “Exchange ~~constraints~~Act”), is accumulated and communicated to the ~~benefit~~Company’s ofmanagement, ~~controls~~including ~~must~~the beCompany’s ~~considered~~Certifying ~~relative~~Officer, or persons performing similar functions, as appropriate to ~~their~~allow ~~costs~~timely decisions regarding required disclosure.

~~Because~~Evaluation of ~~the~~Disclosure ~~inherent~~Controls ~~limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues~~ and ~~instances of fraud, if any, within the Company have been detected.~~Procedures

~~The~~Under ~~Company~~the ~~has~~supervision ~~limited~~and with ~~resources~~the ~~and~~participation asof aour ~~result~~management, ~~material~~including ~~weaknesses~~our Certifying Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of June 30, 2025. Based on this evaluation, management concluded that our financial ~~reporting~~disclosure ~~currently~~controls ~~exists~~and procedures were not effective so as to timely record, ~~because~~process, ofsummarize and report financial information required to be included on our SEC reports due to the Company’s limited internal resources and ~~personnel~~lack of ability to have multiple levels of transaction review. However, ~~including~~as ~~those~~a ~~described~~result ~~below~~of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.

● The Company has an insufficient quantity of dedicated resources and experienced personnel involved in reviewing and designing internal controls. As a result, a material misstatement of the interim and annual financial statements could occur and not be prevented or detected on a timely basis.25

●Internal WeControl ~~have~~Over ~~not~~Financial ~~achieved the acceptable level of segregation of duties relative to key financial reporting functions.~~Reporting

AAs ~~material~~of ~~weakness~~June is30, a2025, under ~~deficiency~~the ~~(within~~supervision and with the ~~meaning~~participation of ~~the~~our ~~Public~~management, ~~Company~~we ~~Accounting~~conducted ~~Oversight~~an ~~Board~~evaluation ~~(PCAOB)~~of ~~auditing~~the ~~standard~~effectiveness 5)of orthe ~~combination~~design ofand ~~deficiencies~~operations inof our internal control over financial reporting, ~~such~~as ~~that~~defined ~~there~~in Rules is13a-15(f) aor 15d-15(f) ~~reasonable~~promulgated ~~possibility~~under ~~that~~the Securities Exchange aAct ~~material~~of ~~misstatement~~1934 and based on the criteria for effective internal control described in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the ~~Company’s~~Treadway Commission (as revised). Based on our evaluation, ~~annual~~management orconcluded ~~interim~~that our internal control over financial ~~statements~~reporting ~~will~~was not beeffective ~~prevented~~so oras ~~detected~~to ontimely arecord, ~~timely~~process, ~~basis.~~summarize ~~Management~~and report ~~has~~financial ~~determined~~information ~~that~~required ato ~~material weakness~~be ~~exists~~included on our Securities and Exchange Commission (“SEC”) reports due to athe Company’s limited internal resources and lack of ~~segregation~~ ability to have multiple levels of ~~duties~~transaction review. However, ~~resulting~~as ~~from~~a ~~the~~result ~~Company’s~~of our ~~limited~~evaluation ~~resources~~and review process, management believes that the financial statements and ~~personnel~~other information presented herewith are materially correct.

~~Remediation~~Based ~~Efforts~~on the foregoing, our Certifying Officer concluded that our internal control over financial reporting was not effective so as to ~~Address~~timely ~~Deficiencies~~record, process, summarize inand ~~Internal~~report ~~Control~~financial ~~Over~~information ~~Financial~~required ~~Reporting~~to be included on our Securities and Exchange Commission (“SEC”) reports due to the Company’s limited internal resources and lack of ability to have multiple levels of transaction review. However, as a result of our evaluation and review process, management believes that the financial statements and other information presented herewith are materially correct.

AsThe aCertifying ~~result~~Officer ofdoes not ~~these~~expect ~~findings,~~ that the ~~Certifying~~Company’s ~~Officer,~~disclosure ~~upon~~controls ~~obtaining~~and ~~sufficient~~procedures ~~capital~~or that its internal controls over financial reporting will prevent all error and ~~operations,~~all ~~intends~~fraud. toA ~~take~~control ~~practical~~system no matter how well conceived and operated, ~~cost-effective~~can ~~steps~~provide inonly ~~implementing internal~~reasonable, ~~controls~~not absolute, ~~including~~assurance that the ~~possible~~objectives ~~remedial~~of ~~measures~~the ~~set~~control ~~forth~~system ~~below~~are met. AsFurther, the design of ~~March~~the ~~31,~~control ~~2025,~~system wemust ~~did~~reflect ~~not~~the ~~have~~fact ~~sufficient~~that ~~capital~~there are resource constraints, and~~/or~~ ~~operations~~the tobenefit ~~implement~~of ~~any~~controls ofmust ~~the~~be ~~remedial~~considered ~~measures~~relative ~~described~~to ~~below:~~their costs.

●Because ~~Assessing~~of the ~~current~~inherent ~~duties of existing personnel and consultants, assigning additional duties to existing personnel and consultants, and,~~ limitations in aall ~~cost~~control ~~effective manner~~systems, ~~potentially~~no ~~hiring~~evaluation ~~additional~~of ~~personnel~~controls tocan ~~assist~~provide ~~with~~absolute ~~the~~assurance ~~preparation~~that ofall ~~the~~control ~~Company’s~~issues ~~financial~~and ~~statements~~instances ~~to allow for proper segregation~~ of ~~duties~~fraud, asif ~~well~~any, within asthe ~~additional~~Company ~~resources~~have ~~for~~been ~~control documentation~~detected.

●The ~~Retaining~~Company ~~formal~~has ~~documentation~~limited toresources and ~~evidence~~as ~~that~~a ~~review~~result, ofmaterial ~~the~~weaknesses ~~Company’s~~in financial ~~statements~~reporting ~~and~~currently ~~the~~exists, ~~underlying~~because ~~transactions~~of ~~has~~our ~~occurred~~limited resources and personnel, including those described below.

● ~~Assessing~~The ~~the~~Company ~~duties~~has ofan ~~the~~insufficient ~~existing~~quantity ~~officers~~ of ~~the~~dedicated ~~Company~~resources and, experienced personnel involved in areviewing ~~cost~~and ~~effective~~designing ~~manner~~internal controls. As a result, ~~possibly~~a ~~promote~~material ormisstatement ~~hire~~of ~~additional~~the ~~personnel~~interim toand ~~diversify~~annual ~~duties~~financial statements could occur and ~~responsibilities~~not ofbe ~~such~~prevented ~~executive~~or ~~officers~~detected on a timely basis.

● ~~Interviewing~~We ~~and~~have ~~potentially~~not ~~hiring~~achieved ~~outside~~the ~~consultants~~acceptable ~~that~~level ~~are~~of ~~experts~~segregation inof ~~designing~~duties ~~internal~~relative ~~controls~~to ~~over~~key financial reporting based on criteria established in Internal Control Integrated Framework issued by Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (as revised)functions.

~~Changes~~A material weakness is a deficiency (within the meaning of the Public Company Accounting Oversight Board (PCAOB) auditing standard 5) or combination of deficiencies in ~~Internal~~internal ~~Control~~control over ~~Financial~~financial ~~Reporting~~reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Management has determined that a material weakness exists due to a lack of segregation of duties, resulting from the Company’s limited resources and personnel.

~~There have~~Remediation ~~been~~Efforts noto ~~changes~~Address Deficiencies in ~~our~~Internal ~~internal~~Control ~~control~~Over ~~over~~Financial financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during our last fiscal quarter that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.Reporting

24As a result of these findings, the Certifying Officer, upon obtaining sufficient capital and operations, intends to take practical, cost-effective steps in implementing internal controls, including the possible remedial measures set forth below. As of June 30, 2025, we did not have sufficient capital and/or operations to implement any of the remedial measures described below:

~~PART II~~● -Assessing ~~OTHER~~the ~~INFORMATION~~current duties of existing personnel and consultants, assigning additional duties to existing personnel and consultants, and, in a cost effective manner, potentially hiring additional personnel to assist with the preparation of the Company’s financial statements to allow for proper segregation of duties, as well as additional resources for control documentation.

~~ITEM 1.~~● ~~LEGAL~~Retaining ~~PROCEEDINGS~~formal documentation to evidence that review of the Company’s financial statements and the underlying transactions has occurred.

~~None~~● Assessing the duties of the existing officers of the Company and, in a cost effective manner, possibly promote or hire additional personnel to diversify duties and responsibilities of such executive officers.

~~ITEM 1A.~~● ~~RISK~~Interviewing ~~FACTORS~~and potentially hiring outside consultants that are experts in designing internal controls over financial reporting based on criteria established in Internal Control Integrated Framework issued by Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) (as revised).

~~As a~~Changes ~~smaller reporting company, we are not required to include risk factors~~ in ~~this~~Internal ~~Quarterly~~Control ~~Report~~over ~~on Form 10-Q.~~Financial Reporting

~~For the~~There ~~complete~~have ~~list~~been ofno ~~risks~~changes in ~~relating to~~ our ~~operations,~~internal ~~see~~control ~~the~~over ~~section~~financial ~~titled~~reporting ~~“Risk~~(as ~~Factors”~~defined ~~contained~~ in ~~Amendment~~Rule ~~No. 4 to Registration Statement on Form S~~13a-~~4/A~~ 15(~~File No. 333-283119~~f) ofunder ~~Welsbach Technology Metals Acquisition Corp., filed with~~ the ~~SEC~~Exchange ~~on May~~Act) ~~12,~~that ~~2025,~~occurred asduring ~~well as any changes to such risk factors or additional risk factors disclosed from time to time in~~ our ~~future~~last ~~filings~~fiscal ~~with~~quarter ~~the~~that ~~SEC.~~have ~~Any~~materially ofaffected ~~these factors could result in a significant~~ or ~~material~~are ~~adverse~~reasonably ~~effect~~likely ~~on our results of operations or financial condition. Additional risk factors not presently known~~ to usmaterially oraffect ~~that we currently deem immaterial may also impair~~ our ~~business~~internal orcontrol ~~results of~~over ~~operations~~financial reporting.

2526

~~ITEM 2.~~PART ~~UNREGISTERED~~II ~~SALES~~- OFOTHER ~~EQUITY SECURITIES AND USE OF PROCEEDS.~~INFORMATION

~~The table below sets forth~~ITEM ~~unregistered~~1. ~~sales~~LEGAL ~~of equity securities in the period covered by this Quarterly Report on Form 10-Q~~PROCEEDINGS.

Date

Description (A)

Number

Purchaser

Aggregate Offering Price (US$)

Consideration

Exemption (B)

January 2025

Convertible Preferred Units

500,000

Private Investor

500,000

Cash

Private Offering

February 2025

Convertible Preferred Units

2,700,000

Private Investor

2,700,000

Cash

Private Offering

March 2025

Convertible Preferred Units

2,350,000

Private Investor

2,350,000

Cash

Private Offering

None.

~~A –~~ITEM ~~Convertible~~1A. ~~Preferred~~RISK ~~Units consist of preferred units issued with an option to convert into New EM Common Stock at the option of the holders~~FACTORS.

BAs –a ~~“Private Offering”~~smaller ~~above~~reporting ~~means that the Convertible Preferred Units were offered and sold to private investors pursuant to exemptions from the registration requirements under the United States Securities Act of 1933~~company, ~~as amended (the “Securities Act”), provided~~ bywe ~~Section~~are ~~4(a)(2)~~not ~~thereof~~required ~~and~~to ~~Rule~~include ~~506~~risk offactors ~~Regulation~~in Dthis ~~under~~Quarterly ~~the~~Report ~~Securities Act for issuances inside the United States~~ on ~~the~~Form ~~basis of representations and warranties of the private investors provided to the Company at the time of sale regarding certain factual matters~~10-Q.

~~ITEM~~For the complete list of risks relating to our operations, see the 3section titled “Risk Factors” contained in the Post-Effective Amendment No. ~~DEFAULTS~~2 ~~UPON~~to ~~SENIOR~~Registration ~~SECURITIES~~Statement on Form S-4 (Registration No. 333-283119) filed with the SEC on August 6, 2025, as well as any changes to such risk factors or additional risk factors disclosed from time to time in our future filings with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

~~None.~~27

ITEM 42. ~~MINE~~UNREGISTERED ~~SAFETY~~SALES ~~DISCLOSURES~~OF EQUITY SECURITIES AND USE OF PROCEEDS.

~~Not~~The table below sets forth ~~applicable~~unregistered sales of equity securities in the period covered by this Quarterly Report on Form 10-Q.

ITEM 5. OTHER INFORMATION.

Date

Description

Number

Purchaser

Aggregate
Offering
Price
(US$)

Consideration

Exemption

May 2025

Non-Voting Common Member Units

900,000

Existing Common Member Unit Holder

—

900,000 Voting Common Member Units

(A)

A – The Non-Voting Common Member Units were issued to the existing common member unit holder of EM LLC in exchange for an equal number of Voting Common Member Units, pursuant to the exemption from the registration requirements under the United States Securities Act of 1933, as amended (the “Securities Act”), provided by Section 3(a) ~~None~~(9) thereof.

~~(b) None~~ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

(c) The Managing Member has not adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended March 31, 2025 (each as defined in Item 408 of Regulation S-K under the Exchange Act)None.

26ITEM 4. MINE SAFETY DISCLOSURES.

~~ITEM 6.~~Not ~~EXHIBITS~~applicable.

~~The following~~ITEM ~~documents~~5. ~~are~~OTHER ~~filed as exhibits to this Quarterly Report on Form 10-Q~~INFORMATION.

~~EXHIBIT INDEX~~(a) None.

Exhibit Number		Description of Document
2.1¥		Amended and Restated Agreement and Plan of Merger, dated November 6, 2024, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.1 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.2¥		Amendment No. 1 to Amended and Restated Agreement and Plan of Merger, dated November 11, 2024, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.2 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.3¥		Amendment No. 2 to Amended and Restated Agreement and Plan of Merger, dated February 10, 2024, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.3 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.4¥		Amendment No. 3 to Amended and Restated Agreement and Plan of Merger, dated March 31, 2025, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.4 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.5¥		Amendment No. 4 to Amended and Restated Agreement and Plan of Merger, dated June 11, 2025, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.1 to Welsbach Technology Metals Acquisition Corp.’s Current Report on Form 8-K (File No. 001-41183), filed with the SEC on June 13, 2025).
3.1		Certificate of Formation of Evolution Metals LLC (incorporated by reference to Exhibit 3.8 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
3.2		Company Operating Agreement of Evolution Metals LLC (incorporated by reference to Exhibit 3.9 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
3.3		Amendment to Company Operating Agreement of Evolution Metals LLC, dated May 16, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 333-283119-05), filed with the SEC on June 13, 2025).
4.1		Specimen Membership Unit Certificate of Evolution Metals LLC. (included in Exhibit 3.2 hereto).
4.2		Specimen Convertible Preferred Unit Certificate of Evolution Metals LLC (incorporated by reference to Exhibit 4.7 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.1		Sponsor Support and Lock-up Agreement, dated November 6, 2024, by and among Welsbach Technology Metals Acquisition Corp., Evolution Metals LLC, Welsbach Acquisition Holdings LLC and the persons set forth on Schedule I thereto (incorporated by reference to Exhibit 10.21 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.2		Amendment to Sponsor Support and Lock-up Agreement, dated February 10, 2025, by and among Welsbach Technology Metals Acquisition Corp., Evolution metals LLC, Welsbach Acquisition Holdings LLC and the persons set forth on Schedule I thereto (incorporated by reference to Exhibit 10.39 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).

(b) None.

27(c) The Manager has not adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 (each as defined in Item 408 of Regulation S-K under the Exchange Act).

10.3		Company Equityholder Support and Lock-up Agreement, dated November 6, 2024, by and among Welsbach Technology Metals Acquisition Corp., Evolution metals LLC, Welsbach Acquisition Holdings LLC and the persons set forth on Schedule I thereto (incorporated by reference to Exhibit 10.22 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.4		Amendment to Company Equityholder Support and Lock-up Agreement, dated February 10, 2025, by and among Welsbach Technology Metals Acquisition Corp., Evolution metals LLC, Welsbach Acquisition Holdings LLC and the persons set forth on Schedule I thereto (incorporated by reference to Exhibit 10.41 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.5		Share Exchange Agreement, dated February 10, 2025, between Evolution Metals LLC and Handa Lab Co., Ltd (incorporated by reference to Exhibit 10.29 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.6		Amendment No. 1 to Share Exchange Agreement, dated March 31, 2025, between Evolution Metals LLC and Handa Lab Co., Ltd. (incorporated by reference to Exhibit 10.48 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.7		Share Exchange Agreement, dated February 10, 2025, between Evolution Metals LLC and KCM Industry, Ltd. (incorporated by reference to Exhibit 10.30 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.8		Amendment No. 1 to Share Exchange Agreement, dated March 31, 2025, between Evolution Metals LLC and KCM Industry, Ltd. (incorporated by reference to Exhibit 10.49 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.9		Share Exchange Agreement, dated February 10, 2025, between Evolution Metals LLC and KMMI INC. (incorporated by reference to Exhibit 10.31 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.10		Amendment No. 1 to Share Exchange Agreement, dated March 31, 2025, between Evolution Metals LLC and KMMI, INC. (incorporated by reference to Exhibit 10.50 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.11		Share Exchange Agreement, dated February 10, 2025, between Evolution Metals LLC and NS World Co., Ltd. (incorporated by reference to Exhibit 10.32 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.12		Amendment No. 1 to Share Exchange Agreement, dated March 31, 2025, between Evolution Metals LLC and NS World Co., Ltd. (incorporated by reference to Exhibit 10.51 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
10.13		Interco Master Trade Agreement, dated January 13, 2025, between Interco Trading, Inc. and Evolution Metals LLC (incorporated by reference to Exhibit 10.40 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
31.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*ITEM ~~Filed herewith~~6. ** Furnished herewith EXHIBITS.

¥The ~~Certain~~following ofdocuments ~~the~~are filed as exhibits ~~and/or schedules~~ to this ~~exhibit~~Quarterly ~~have~~Report ~~been~~on ~~omitted~~Form ~~in accordance with Regulation S~~10-~~K Item 601(a)(5)~~Q. ~~The registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.~~

28EXHIBIT INDEX

SIGNATURES

Exhibit Number		Description of Document
2.1¥		Amended and Restated Agreement and Plan of Merger, dated November 6, 2024, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.1 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.2¥		Amendment No. 1 to Amended and Restated Agreement and Plan of Merger, dated November 11, 2024, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.2 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.3¥		Amendment No. 2 to Amended and Restated Agreement and Plan of Merger, dated February 10, 2024, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.3 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.4¥		Amendment No. 3 to Amended and Restated Agreement and Plan of Merger, dated March 31, 2025, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.4 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
2.5¥		Amendment No. 4 to Amended and Restated Agreement and Plan of Merger, dated June 11, 2025, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.1 to Welsbach Technology Metals Acquisition Corp.’s Current Report on Form 8-K (File No. 001-41183), filed with the SEC on June 13, 2025).
2.6¥		Amendment No. 5 to Amended and Restated Agreement and Plan of Merger, dated July 21, 2025, by and among Welsbach Technology Metals Acquisition Corp., WTMA Merger Subsidiary LLC and Evolution Metals (incorporated by reference to Exhibit 2.1 to Welsbach Technology Metals Acquisition Corp.’s Current Report on Form 8-K (File No. 001-41183), filed with the SEC on August 5, 2025).
3.1		Certificate of Formation of Evolution Metals LLC (incorporated by reference to Exhibit 3.8 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).
3.2		Company Operating Agreement of Evolution Metals LLC (incorporated by reference to Exhibit 3.9 to Amendment No. 4 to Registration Statement on Form S-4/A (Registration No. 333-283119) of Welsbach Technology Metals Acquisition Corp., filed with the SEC on May 12, 2025).

~~In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~29

	EVOLUTION METALS LLC
3.3		Amendment to Company Operating Agreement of Evolution Metals LLC, dated May 16, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 333-283119-05), filed with the SEC on June 13, 2025).
Date: June 27, 2025	By:	/s/ David Wilcox
4.1		Specimen Membership Unit Certificate of Evolution Metals LLC. (included in Exhibit 3.2 hereto).
	Name:	David Wilcox
31.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	Title:	Managing Member
32.1**		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
		(Principal Executive Officer and Principal Financial Officer)
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

29* Filed herewith. ** Furnished herewith.

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xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure K Item 601(a)(5). The registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	EVOLUTION METALS LLC

Date: August 19, 2025	By:	/s/ David Wilcox
	Name:	David Wilcox
	Title:	Manager
		(Principal Executive Officer and Principal Financial Officer)

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