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 September 30, 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 November 17, 2025, there were 100,000 member units, voting and 900,000 member units, non-voting, par value $0.0001 per unit, of the registrant issued and outstanding.

EVOLUTION METALS LLC

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

		Page

	PART 1 – Financial Information
Item 1.	Unaudited Condensed Consolidated Financial Statements:	1
	Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended September 30, 2025 and 2024, for the nine months ended September 30, 2025 and for the period from February 8, 2024 (inception) to September 30, 2024 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Members’ Deficit for the three and nine months ended September 30, 2025, the three months ended September 30, 2024 and the period from February 8, 2024 (inception) to September 30, 2024 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and for the period from February 8, 2024 (inception) to September 30, 2024 (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5-18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25
Item 4.	Controls and Procedures	26
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
	SIGNATURES	30

PART I – FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

EVOLUTION METALS LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	16,287,235		$	2,614,710
Prepaid expenses and other current assets		44,387			23,191
Notes receivable, current, net		1,363,449			957,717
Notes receivable, related party, net		2,972,451			1,624,850
Convertible notes receivable, net		—			1,981,420
Total current assets		20,667,522			7,201,888
Deferred transaction costs		8,609,608			3,994,751
Notes receivable, net of current portion, net		—			4,500,000
TOTAL ASSETS	$	29,277,130		$	15,696,639

LIABILITIES AND MEMBERS’ DEFICIT
Current liabilities
Accounts payable	$	4,806,528		$	1,523,278
Accrued expenses		40,086			84,337
July Investment Agreement Derivative (Note 8)		118,523,292			53,231,638
CPU Share Allocation Obligations (Note 8)		9,603,496			10,231,516
Total current liabilities		132,973,402			65,070,769
TOTAL LIABILITIES		132,973,402			65,070,769

COMMITMENTS AND CONTINGENCIES (NOTE 11)

MEMBERS’ DEFICIT
Member units, voting, $0.0001 par value; unlimited units authorized as of September 30, 2025 and December 31, 2024; 100,000 and 1,000,000 units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		10			100
Member units, non-voting, $0.0001 par value; unlimited units authorized as of September 30, 2025; 900,000 and 0 units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		90			—
Convertible preferred units, $0.0001 par value; unlimited units authorized as of September 30, 2025 and December 31, 2024, 58,830,021 and 35,230,021 units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		25,591,383			9,587,352
Accumulated deficit		(129,288,622	)		(58,961,582	)
Accumulated other comprehensive income		867			—
TOTAL MEMBERS’ DEFICIT		(103,696,272	)		(49,374,130	)
TOTAL LIABILITIES AND MEMBERS’ DEFICIT	$	29,277,130		$	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 AND COMPREHENSIVE LOSS

	For the Three Months						For the Nine Months Ended			For the Period from February 8, 2024 (inception) to
	Ended September 30,						September 30,			September 30,
	2025			2024			2025			2024
Operating expenses:
General and administrative expenses	$	1,615,394		$	680,440		$	5,139,384		$	1,536,240
Sales and marketing		73,677			—			341,804			8,141
Loss from operations		(1,689,071	)		(680,440	)		(5,481,188	)		(1,544,381	)

Other income (expense):
Change in fair value of CPU Share Allocation Obligations		(2,140,856	)		(5,600	)		8,627,525			(5,600	)
Change in fair value of July Investment Agreement Derivative		(6,001,978	)		(12,005,663	)		(65,291,654	)		(12,005,663	)
Day one loss on CPU Share Allocation Obligations		—			—			(403,536	)		—
Day one loss on July Investment Agreement Derivatives		—			(20,160,319	)		—			(20,160,319	)
Interest income		528,858			46,740			1,547,474			48,443
Allowance for credit losses		(2,798,970	)		(11,396,034	)		(9,575,661	)		(14,146,789	)
Other income		—			—			250,000			—
Total other expense, net		(10,412,946	)		(43,520,876	)		(64,845,852	)		(46,269,928	)

Net loss	$	(12,102,017	)	$	(44,201,316	)	$	(70,327,040	)	$	(47,814,309	)
Other comprehensive income (loss):
Foreign currency translation adjustment		867			—			867			—
Total other comprehensive income		867			—			867			—
Comprehensive loss	$	(12,101,150	)	$	(44,201,316	)	$	(70,326,173	)	$	(47,814,309	)

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	$	(12.10	)	$	(44.20	)	$	(70.33	)	$	(47.81	)

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

EVOLUTION METALS LLC

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS’ DEFICIT

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

	Member Units, Voting						Member Units, Non -Voting				Convertible Preferred Units				Subscription			Accumulated			Accumulated Other Comprehensive		Members’
	Units			Amount			Units		Amounts		Units		Amount		Receivable			Deficit			Income		Deficit
Balance, January 1, 2025		1,000,000		$	100			—	$	—		35,230,021	$	9,587,352	$	—		$	(58,961,582	)	$		$	(49,374,130	)
Issuance of convertible preferred units		—			—			—		—		7,050,000		2,750,000		(1,500,000	)		—			—		1,250,000
Net loss		—			—			—		—		—		—		—			(18,009,527	)		—		(18,009,527	)
Balance, March 31, 2025		1,000,000			100			—		—		42,280,021		12,337,352		(1,500,000	)		(76,971,109	)		—		(66,133,657	)
Subscription proceeds received		—			—			—		—		—		—		1,500,000			—			—		1,500,000
Conversion of member units, voting to member units, non-voting		(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	)
Issuance of convertible preferred units		—			—			—		—		16,550,000		13,254,031		—			—			—		13,254,031
Foreign currency translation adjustment		—			—			—		—		—		—		—			—			867		867
Net loss		—			—			—		—		—		—		—			(12,102,017	)		—		(12,102,017)
Balance, September 30, 2025		100,000		$	10			900,000	$	90		58,830,021	$	25,591,383	$	—		$	(129,288,622	)	$	867	$	(103,696,272	)

FOR THE PERIOD FROM FEBRUARY 8, 2024 (INCEPTION) TO SEPTEMBER 30, 2024

	Member Units, Voting				Convertible Preferred Units				Accumulated			Members’ Equity
	Units		Amount		Units		Amount		Deficit			(Deficit)
Balance, February 8, 2024 (inception)		—	$	—		—	$	—	$	—		$	—
Issuance of member units, voting		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
Issuance of convertible preferred units		—		—		19,600,017		1,692,144		—			1,692,144
Net loss		—		—		—		—		(44,201,316	)		(44,201,316	)
Balance, September 30, 2024		1,000,000	$	100		25,330,021	$	7,422,148	$	(47,814,309	)	$	(40,392,061	)

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 Nine Months Ended September 30, 2025			For the Period from February 8, 2024 (inception) to September 30, 2024
Cash flows from operating activities
Net loss	$	(70,327,040	)	$	(47,814,309	)
Adjustments to reconcile net loss to net cash used in operating activities
Allowances for credit losses		9,575,661			14,146,789
Day one loss on CPU Share Allocation Obligations		403,536			—
Day one loss on July Investment Agreement Derivatives		—			20,160,319
Change in fair value of CPU Share Allocation Obligations		(8,627,525	)		5,600
Change in fair value of July Investment Agreement Derivative		65,291,654			12,005,663
Paid in kind - interest		(1,482,909	)		—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(21,196	)		(25,000	)
Accounts payable		(480,292	)		141,291
Accrued expenses		(44,251	)		68,403
Net cash used in operating activities		(5,712,362	)		(1,311,244	)

Cash flows from investing activities
Issuance of notes receivable		(867,464	)		(7,275,362	)
Acquisition of notes receivable		(2,000	)		—
Collection of notes receivable		200,000			—
Issuance of notes receivable, related party		(2,695,201	)		(2,500,000	)
Issuance of convertible notes receivable		—			(12,500,000	)
Net cash used in investing activities		(3,364,665	)		(22,275,362	)

Cash flows from financing activities
Proceeds from issuance of convertible preferred units		23,600,000			7,830,005
Proceeds from July Investment Agreement		—			17,500,017
Proceeds from issuance of member units		—			100
Payments for deferred transaction costs		(851,315	)		(319,821	)
Net cash provided by financing activities		22,748,685			25,010,301
Effect of exchange rate changes on cash		867			—
Net change in cash		13,672,525			1,423,695
Cash, beginning of period		2,614,710			—
Cash, end of period	$	16,287,235		$	1,423,695

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	$	7,999,505		$	407,857
Fair value of July Investment Agreement Derivative issued in connection with issuance of certain convertible preferred units	$	—		$	17,500,017
Deferred transaction costs included within accounts payable and accrued expenses	$	3,763,542		$	321,043

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

SEPTEMBER 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 four separate Korean entities (collectively, the “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.

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.

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, 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 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 expected to trade on the Nasdaq 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. 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.

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 $70,327,040 for the nine months ended September 30, 2025. As of September 30, 2025, the Company had an aggregate cash balance of $16,287,235, and a net working capital deficit of $112,305,880. 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 consummation of a business combination, acquisition of processing facilities, the build-out of its planned recycling 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 unaudited condensed consolidated 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 of 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 nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s audited financial statements filed with the Post-Effective Amendment No. 2 to Registration Statement on Form S-4 (Registration No. 333-283119) filed with the SEC on August 7, 2025.

The accompanying unaudited condensed 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 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 determination of whether an acquired asset in an acquisition transaction meets the definition of a business, 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). 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 Translation and 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 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.

Assets and liabilities are translated using the exchange rate in effect as of the balance sheet date. Expenses are translated using the average exchange rates in effect for the periods presented. The effects of translating these unaudited condensed consolidated 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 nine months ended September 30, 2025, a translation gain of $867 was 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 unaudited condensed consolidated statements of operations and comprehensive loss 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 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. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics including operating expenses and cash and cash equivalents. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

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 unaudited condensed consolidated statements of operations and comprehensive loss, 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 a financial institution and notes receivables. Cash accounts in a financial institution may at times exceed the Federal Depository Insurance Corporation limit. The amount over these insured limits as of September 30, 2025 was $16,022,509. As of September 30, 2025, 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:

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

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

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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 CPU Share Allocation Obligations (see Note 8).

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 5). Notes receivable is reported net of an allowance for credit losses on the accompanying condensed consolidated balance 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, “Receivables”, 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 were reported net of an allowance for credit losses on the accompanying condensed consolidated balance 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 financial stability of its Outstanding Receivables counterparties, an allowance for credit losses is maintained in the condensed consolidated 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 policy is to write off past-due accrued interest receivable by measuring an allowance for 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 September 30, 2025 and December 31, 2024. After all reasonable attempts to collect a receivable have failed, the amount of the receivable is written off against the allowance.

Convertible Preferred Units: Convertible preferred units consist of preferred units issued with either (i) an option to convert into New EM common shares at the option of the holders or (ii) automatic conversion into New EM Common Stock ninety days after closing of the Business Combination. (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 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 unaudited condensed consolidated statements of operations and comprehensive loss;

●

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 unaudited condensed consolidated statements of operations and comprehensive loss;

●

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 periods presented in these unaudited condensed consolidated financial statements.

Business Combinations and Asset Acquisitions: The Company evaluates each acquisition transaction to determine whether the acquired asset meets the definition of a business and therefore should be accounted for as a business combination, or if the transaction should be accounted for as an asset acquisition. Under ASC 805, “Business Combinations”, an acquisition does not qualify as a business when substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets. If the Company determines that the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, the Company further considers whether the acquisition includes, at a minimum, inputs and processes that have the ability to create outputs in the form of revenue. If the assets acquired meet this criteria, the transaction is accounted for as a business combination.

The Company accounts for acquisitions that qualify as asset acquisitions utilizing a cost accumulation model whereby the purchase price of the acquisition is allocated to the assets acquired on a relative fair value basis on the date of acquisition. Inputs used to determine such fair values are primarily based upon internally developed models, publicly-available information, a risk-adjusted discount rate and/or publicly-available data regarding transactions consummated by other market participants, as applicable.

The Company accounts for business combinations under the acquisition method of accounting under ASC 805, whereby 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.

Transaction-related costs related to asset acquisitions are capitalized as part of the cost basis of the acquired assets. Transaction-related expenses and restructuring costs that are deemed to be part of an acquisition of a business are expensed as incurred.

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 September 30, 2025 and December 31, 2024, deferred transaction costs totaling $8,609,608 and $3,994,751, respectively, are recorded on the accompanying condensed consolidated balance sheets related to the anticipated business combination (see Note 4).

Net Loss Per Unit: Net loss per unit is calculated and reported under the “two-class” method, which is an earnings allocation model that treats participating securities as having rights to earnings that otherwise would have been available to holders of member units. Under the two-class method, earnings for the period are required to be allocated between member units and participating securities based upon their respective rights to receive distributed and undistributed earnings. For net loss per share computation purposes, the Company’s member units, voting and member units, non-voting are considered one single class of common equity because both classes have the same dividend and liquidation rights. The Company’s convertible preferred units do not participate in the earnings or losses of the Company and are therefore not participating securities.

Basic net loss per unit is computed by dividing net loss for the period by the weighted average number of member units outstanding during the period. In periods when the Company is in a net loss position, potentially dilutive securities are excluded from the computation of diluted net loss per unit because their inclusion would have an anti-dilutive effect. Thus, basic net loss per unit is the same as diluted net loss per unit.

Diluted net loss per unit is computed similar to basic net loss per unit except that the denominator is increased to include the potential dilutive effect of member unit equivalents on the average number of member units outstanding during the period. As of September 30, 2025 and 2024, there are no potentially dilutive securities currently issued and outstanding.

Income Taxes: As of September 30, 2025, the Company is a 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 holders of member units. As such, no recognition of federal or state income taxes for the Company has been provided for in the accompanying unaudited condensed consolidated 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. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and disclosures.

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 of this ASU on its consolidated financial statements and disclosures.

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 condensed consolidated balance sheets, statements of operations and comprehensive loss 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:

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Each issued and outstanding share of the Company’s voting member units, nonvoting member units, and 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.

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Total consideration is estimated to consist of (i) 416,436,066 New EM common stock in exchange for the Company’s voting 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 member units issued and outstanding immediately prior to the Merger, and (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.

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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.

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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.

●

The Closing is subject to certain conditions, including, but not limited to, the approval of the Company’s voting 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.

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

On August 1, 2024, in support of the Business Combination, WTMA and the Company entered into a Term Sheet (the “Term Sheet”) with Broughton Capital Group (“BCG”) for BCG to provide an equity investment of $500.0 million through a private investment in public equity (“PIPE Anchor Equity Investment”) to be consummated concurrently with the closing of the Business Combination. Additionally, the Term Sheet provides that BCG will provide a debt facility (the “Debt Facility”) to New EM, or to a subsidiary of New EM guaranteed by New EM, to be consummated after the closing of the Business Combination. BCG’s commitments under the Term Sheet are subject to further due diligence and the execution of definitive documentation.

In connection with the Amended Merger Agreement, the Company entered into a Sponsor 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 “Amended Sponsor Support and 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 Amended Sponsor Support and Lock-Up Agreement), 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. 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.

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 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 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.

During the period from February 8, 2024 (inception) to December 31, 2024, the Company entered into seven agreements to acquire controlling interests in seven different entities in connection with the Business Combination. Two of these agreements were terminated as of December 31, 2024, one of these agreements was terminated as of July 3, 2025, and the remaining agreements with four entities were terminated and replaced with share exchange agreements between each of the four Korean companies and a subsidiary of the Company (“EMT Sub”). Each share exchange agreement is conditional upon the closing of the Business Combination. Under the share exchange agreements with the Four Entities, EMT Sub would acquire the following shares of each target’s common stock in exchange for the following number of non-voting EM LLC member units to be contributed to EMT Sub by EM LLC:

Target	Shares of Target’s common stock		Exchange Ratio		EM Units		Value
NS World, Co., Ltd. (“NSW”)		289,055		0.009427		2,725	$	12,970,000
Handa Lab Co., Ltd. (“Handa”)		380,800		0.004138		1,576	$	7,500,000
KCM Industry Co., Ltd. (“KCM”)		21,666		0.1396		3,026	$	14,400,000
KMMI, Inc.(“KMMI”)		22,080		0.4187		9,244	$	44,000,000

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 shareholder lock-up agreements that end on the third anniversary of the close of the Business Combination.

During the three and nine months ended September 30, 2025, the Company has incurred and paid $654,507 and $1,248,700, respectively, in connection with the audit, accounting and legal fees of the seven entities for which agreements were entered into. The Company has not incurred or paid any amounts in connection with the audit, accounting and legal fees of the seven entities for which agreements were entered into during the three months ended September 30, 2024 or the period from February 8, 2024 (inception) to September 30, 2024.

Terminated Acquisitions during 2025

In March 2025, the Company entered into an amended and restated agreement and plan of merger with WTMA, the Company Critical Mineral Recovery, Inc. (“CMR”), and the other parties thereto (the “March 2025 Merger Agreement”) providing for the acquisition of CMR. The March 2025 Merger Agreement amended and restated the Agreement and Plan of Merger, dated February 10, 2025, in its entirety. The March 2025 Merger Agreement was terminated on July 3, 2025.

In September 2024, the Company entered into a Transactional Advance Agreement (“CMR Advance Agreement”) with CMR. Under the CMR Advance Agreement, the Company agreed to advance CMR $12,000,000 in three installments in connection with the contemplated acquisition of CMR. During the year ended December 31, 2024, a total of $9,000,000 was advanced to CMR under the terms of the CMR Advance Agreement. Prior to the termination of the March 2025 Merger Agreement, the Company recorded an allowance for credit losses on this amount of $4,500,000. For the three and nine months ended September 30, 2025, allowances for credit loss of $0 and $4,500,000, respectively, were included in the accompanying condensed consolidated statements of operations and comprehensive loss in light of the termination of the March 2025 Merger Agreement effective July 3, 2025 in order to fully reserve for the monies advanced under the CMR Advance Agreement.

Note 5 — Notes Receivable

During 2025, the Company entered into unsecured promissory notes with the Sponsor totaling $867,464 (together with the unsecured promissory notes issued during 2024, 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 September 30, 2025 and 2024, allowances for credit loss of $53,358 and $96,034, respectively, related to the WTMA Sponsor Notes were included in the accompanying condensed consolidated statements of operations. For the nine months ended September 30, 2025 and for the period from February 8, 2024 (inception) to September 30, 2024, allowances for credit loss of $433,732 and $371,879, respectively, related to the WTMA Sponsor Notes were included in the accompanying condensed consolidated statements of operations and comprehensive loss.

During April 2024, the Company entered into a loan agreement (the “Clever Note”) with Clever Co. Ltd (“Clever”), in the amount of $200,000. The Company collected the Clever Note in full during April 2025. Accordingly, during the nine months ended September 30, 2025, the Company removed the allowance for credit loss of $170,000 that was recorded as of December 31, 2024.

During July 2025, the Company acquired two notes receivables with aggregate principal balance of $56,578,121 for an aggregate purchase price of $2,000. These acquisitions were determined to be asset acquisitions. Accordingly, the acquired notes receivable were recorded at cost on the acquisition date. There were no transactions costs incurred related to these acquisitions during the three and nine months ended September 30, 2025.

Note 6 — Convertible Notes Receivable

For the three and nine months ended September 30, 2025, paid in-kind interest income totaled $519,713 and $1,482,909, respectively, and was included as a component of interest income on the accompanying condensed consolidated statements of operations and comprehensive loss. For the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) to September 30, 2024, there was no paid in-kind interest income.

For the three and nine months ended September 30, 2025, an allowance for credit losses of $2,645,612 and $3,464,329, respectively, related to the convertible promissory notes outstanding were included in the accompanying condensed consolidated statements of operations and comprehensive loss, all of which were related to paid in-kind interest. For the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) to September 30, 2024, an allowance for credit losses of $7,500,000 and $9,375,000, respectively, related to the convertible promissory notes outstanding were included in the accompanying condensed consolidated statements of operations and comprehensive loss, of which no amounts were related to paid in-kind interest.

Note 7 — Notes Receivable, Related Party

During 2025 the Company entered into seven unsecured promissory notes with the voting member of the Company in the aggregate amount of $2,695,201 (the “2025 Related Party Notes”) such that the voting member 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.

For the three and nine months ended September 30, 2025 an allowance for credit losses of $100,000 and $1,347,600, respectively, related to all outstanding notes receivable, related party were included in the accompanying condensed consolidated statements of operations and comprehensive loss. For the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) to September 30, 2024, an allowance for credit losses of $750,000 and $1,250,000 related to all outstanding notes receivable, related party was included in the accompanying condensed consolidated statements of operations and comprehensive loss.

Note 8 — Derivative Liabilities

July Investment Agreement Derivative

The single, compound embedded derivative relating to the financial instruments provided pursuant to the July 2024 investment agreement with an existing holder of the Company’s convertible preferred units (the “July Investment Agreement Derivative”) was re-measured to fair value of $118,523,292 and $53,231,638 as of September 30, 2025 and December 31, 2024, respectively (see Note 10).

Convertible Preferred Unit Issuance

Certain convertible preferred unit issuances during the nine months ended September 30, 2025 (see Note 9) provided investors with additional share allocation issuance equal to a pro rata percentage of 1.0% of the Company’s fully diluted ownership in New EM at closing of the Business Combination equal to the percentage of the investor’s investment into the Company’s convertible preferred units the investors purchase divided by either (a) $2,000,000 or (ii) $4,000,000, as determined by the terms of each investor’s convertible preferred unit agreement (the “2025 CPU Share Allocation Obligations”).

As of the issuance date, the 2025 CPU Share Allocation Obligations were measured at fair value of $7,999,505 (see Note 10). For the three and nine months ended September 30, 2025, day one losses on CPU Share Allocation Obligations totaled $403,536 and $0, respectively, and were recorded as a component of other income (expense) on the accompanying condensed consolidated statements of operations and comprehensive loss. There were no day one losses on CPU Share Allocation Obligations for the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) to September 30, 2024. All CPU Share Allocation Obligations were re-measured to fair value of $9,603,496 and $10,231,516 as of September 30, 2025 and December 31, 2024, respectively (see Note 10).

Note 9 — Members’ Deficit

Members’ Units: On May 15, 2025, the Company amended its operating agreement to create a non-voting member unit class. Subject to approval, the Company may issue an unlimited number of non-voting member units and any voting member units can be converted into non-voting member units. On May 15, 2025, 900,000 of the Company’s member units held by the sole member were exchanged for 900,000 non-voting member units and par was proportionately reclassified between the classes of members units. There was no net effect to members’ deficit for this exchange. As of September 30, 2025, there were 100,000 voting member units and 900,000 non-voting member units issued and outstanding.

The voting and non-voting member units have identical rights and preferences with the exception of voting rights.

Convertible Preferred Units: During the nine months ended September 30, 2025, the Company issued 23,600,000 convertible preferred units in exchange for $1.00 per unit for gross proceeds of $23,600,000 (the “2025 Preferred Units”).

The Company intends to use the proceeds from the 2025 Preferred Units as working capital to complete the Business Combination (See Note 4). The 2025 Preferred Units are accounted for as permanent equity.

The 2025 Preferred Units issued have the same rights, preferences, privileges and restrictions as the outstanding convertible preferred units with the exception of the conversion feature and ratio. For the 2025 Preferred Units issued during the three months ended March 31, 2025, shares of convertible preferred units are convertible into shares of New EM common shares at the option of the holder, according to a conversion ratio set forth in the holder’s convertible preferred unit agreement assuming a New EM common share price of $10.00 at closing of the Business Combination. For the 2025 Preferred Units issued during the three months ended September 30, 2025, shares of convertible preferred units are automatically converted into shares of New EM common shares ninety days after the Closing. The conversion ratio for the 2025 Preferred Units 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
September 2025		16,550,000		6:1		2,758,333
Total		23,600,000				5,768,333

All issuances of 2025 Preferred Units provide the investor an additional share allocation issuance (see Note 8).

Note 10 — Fair Value Measurements

The following table presents assets and liabilities measured at fair value by classification within the fair value hierarchy as of:

September 30, 2025	Level I		Level II		Level III		Total
Assets
Money Market Funds	$	16,267,592	$	—	$	—	$	16,267,592
Total assets	$	16,267,592	$	—	$	—	$	16,267,592
Liabilities
July Investment Agreement Derivative		—		—		118,523,292		118,523,292
CPU Share Allocation Obligation		—		—		9,603,496		9,603,496
Total liabilities	$	—	$	—	$	128,126,788	$	128,126,788

December 31, 2024	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 following table provides a reconciliation of the beginning and ending balance associated with the liabilities measured at fair value using significant unobservable inputs for the three and nine months ended September 30, 2025:

	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
Change in fair value		46,717,427		(13,259,979	)
Balance, June 30, 2025		112,521,314		4,166,671
Additions		—		3,295,969
Change in fair value		6,001,978		2,140,856
Balance, September 30, 2025	$	118,523,292	$	9,603,496

Money Market Funds

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

Derivative Liabilities

The Company utilized scenario-based valuation models to value the July Investment Agreement Derivative and the CPU Share Allocation Obligations (collectively, the “Derivative Liabilities”) at issuance and each reporting period. A key estimate used in the valuations of the Derivative Liabilities 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.

July Investment Agreement Derivative:

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

	September 30, 2025	December 31, 2024

Expected Business Combination date	December 30, 2025	June 30, 2025
Term (years)	0.25 years	0.50 years
Risk free rate	3.9%	4.2%
CCC credit rating	10.9%	8.7%
Present value factor	0.97	0.98
Probability of Business Combination close	60.0%	60.0%
Expected Company fully diluted ownership of New EM	97.84%	71.3%
Additional share allocation percentage	10.0%	10.0%

A loss on change in fair value of July Investment Agreement Derivative of $6,001,978 and $65,291,654 was reported as a component of other income (expense) on the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2025, respectively. A loss on change in fair value of July Investment Agreement Derivative of $12,005,663 was reported as a component of other income (expense) on the accompanying condensed consolidated statements of operations for the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) to September 30, 2024.

CPU Share Allocation Obligations:

The CPU Share Allocation Obligations are contingent 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 or $4,000,000, as defined in an investor’s specific convertible preferred unit agreement. As of September 30, 2025 and December 31, 2024, the CPU Share Allocation Obligation totaled 12.04% and 4.75%, respectively, which represented an estimated 7.72 % and 2.85%, respectively, of outstanding shares of New EM Common Stock at the Closing.

The Company utilized the following assumptions to value the CPU Share Allocation Obligations:

	September 30, 2025	September 2025 (issuances)	March 2025 (issuances)	February 2025 (issuances)	December 31, 2024
Expected Business Combination date	December 30, 2025	December 30, 2025	June 30, 2025	June 30, 2025	June 30, 2025
Term	0.25 years	0.27-0.29 years	0.25 years	0.35-0.37 years	0.50 years
Risk free rate	3.9%	3.9%	4.33%	4.31-4.34%	4.2%
Present value factor	0.99	0.99	0.99	0.99	0.98%
Probability of Business Combination close	60.0%	60.0%	60.0%	60.0%	60.0%
Expected Company fully diluted ownership of New EM	97.8%	97.8%	71.3%	71.3%	71.3%
Additional share allocation percentages	12.04%	4.14%	1.80%	1.35%	4.75%

A loss on change in fair value of CPU Share Allocation Obligations of $2,140,856 and a gain on change in fair value of CPU Share Allocation Obligations of $8,627,525 was reported as a component of other income (expense), on the accompanying condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2025, respectively. A loss on change in fair value of CPU Share Allocation Obligations of $5,600 was reported as a component of other income (expense), on the accompanying condensed consolidated statements of operations and comprehensive loss for the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) to September 30, 2024.

Note 11 — Commitments and Contingencies

Indemnification Agreements: The Company enters into contractual relationships that contain indemnification provisions in its normal course of business with other parties. The Company may agree to hold other parties harmless against specific losses, such as those that could arise from a breach of representation, covenant, or third party infringement claims. It may not be possible to determine the maximum potential amount of liability under such indemnification agreements due to the unique facts and circumstances that are like to be involved in each particular claim and indemnification provision. Historically, there have been no such indemnification claims. Management believes any liability arising from these agreements will not be material to the Company’s unaudited condensed consolidated financial statements.

Legal Matters: The Company may 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 12 — Related Party Transactions

During the three and nine months ended September 30, 2025, the Company reimbursed its voting member for travel expenses and corporate expenses incurred on behalf of the Company totaling $29,163 and $179,407, respectively. During the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) through September 30, 2024, the Company reimbursed its voting member for travel expenses and corporate expenses incurred on behalf of the Company totaling $173,738 and $292,958, respectively. These amounts are included in general and administrative expenses on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. As of September 30, 2025 and December 31, 2024, approximately $3,200 was owed to the Company’s voting member and is included as a component of accounts payable on the accompanying unaudited condensed consolidated balance sheets.

During the three months ended September 30, 2024 and for the period from February 8, 2024 (inception) through September 30, 2024, the Company paid a company owned 100% by its voting member for consulting services totaling $62,848. These amounts are included in general and administrative expenses on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. As of September 30, 2025 and December 31, 2024, no amounts were owed to this company.

During 2025, the Company advanced an aggregate of $2,695,201 to the Company’s voting member under unsecured, non-interest bearing promissory notes receivable (see Note 7).

Note 13 — Subsequent Events

The Company evaluated subsequent events 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 unaudited condensed consolidated financial statements.

Convertible Preferred Unit Issuances: During October 2025, the Company entered into four additional convertible preferred unit agreements to issue 641,000 convertible preferred units in exchange for $1.00 per unit for gross proceeds of $641,000 (the “Q4 2025 Preferred Units”). The Q4 2025 Preferred Units have the same rights, preferences, privileges and restrictions as the 2025 Preferred Units issued during the three months ended September 30 2025 (see Note 9) and a stated conversation ratio of 6:1, whereby 106,833 shares of New EM common stock would be issued in exchange for the 641,000 convertible preferred units. All issuances of Q4 2025 Preferred Units provide the investor an additional share allocation issuance (see Note 8).

Notes Receivable, Related Party: During October 2025 and November 2025, the Company entered into two unsecured promissory notes with its voting member in the aggregate amount of $450,000 such that the voting member of the Company in his individual capacity could make a foreign direct investment for the benefit of the Company with the same terms of the 2025 Related Party Notes (see Note 7).

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with our unaudited condensed consolidated financial statements as of and for the three months ended September 30, 2025 and 2024, for the nine months ended September 30, 2025 and for the period from February 8, 2024 (inception) to September 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 not 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.

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

Business Overview

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”).

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 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, 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 “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 Developments

Recent events impacting our business are as follows:

Merger Agreement with Welsbach Technology Metals Acquisition Corp

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, 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”). As part of the Business Combination, prior to the Merger, the Company expects to acquire all of the equity interests of each of the Four Entities through a series of transactions, pursuant to which the equity holders of the Four Entities will exchange their equity interests in the Four Entities for EM LLC non-voting member units, 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 expected to trade on the Nasdaq Stock Market LLC (“Nasdaq”). On May 14, 2025, the initial 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. The Registration Statement, as amended, was declared effective by the SEC on August 8, 2025.

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

●

Total consideration is estimated to consist of (i) 416,436,066 New EM common stock in exchange for the Company’s voting 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 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 (iv) cash of $25,000,000.

●

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

●

Any outstanding options, restricted stock awards and restricted member unit awards of the Company will be converted into the right to receive options, restricted shares, and restricted stock unit awards, respectively, of New EM common stock upon substantially the same terms and conditions.

●

In certain circumstances, including if the Merger Agreement has not be consummated by December 30, 2025, either party may elect to terminate the Amended Merger Agreement.

In connection with the Amended Merger Agreement, the Company entered into a Sponsor 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, as amended on February 10, 2025 (collectively, the “Amended Sponsor Support and 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 Amended Sponsor Support and Lock-Up Agreement), 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. 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.

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, which was 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 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 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.

Issuance of Note Receivables and Note Receivables — Related Party

During 2024 and 2025, the Company entered into unsecured promissory notes with the Sponsor in the amounts of $1,191,865 and $867,465, 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.

During 2025 the Company entered into six unsecured promissory notes with the voting member of the Company in the aggregate amounts of $2,695,201 (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.

Issuance of convertible preferred units

During the nine months ended September 30, 2025, the Company issued 23,600,000 convertible preferred units in exchange for $1.00 per unit for gross proceeds of $23,600,000 (the “2025 Preferred Units”). During October 2025, the Company issued 641,000 convertible preferred units in exchange for $1.00 per unit for gross proceeds of $641,000 (the “Q4 2025 Preferred Units”).

All issuances of 2025 Preferred Units and Q4 2025 Preferred Units provide the investor an additional share allocation issuance equal to a pro rata percentage of 1.0% of the Company’s fully diluted ownership in New EM at closing of the Business Combination equal to the percentage of the investor’s investment into the Company’s convertible preferred units the investors purchase divided by either (a) $2,000,000 or (ii) $4,000,000, as determined by the terms of each investor’s convertible preferred unit agreement.

Results of Operations

As of September 30, 2025, the Company has not generated any revenue. Since inception, the Company’s expenses are associated with start-up and costs related to the potential Business Combination as described above.

The following table summarizes our financial results for the following periods:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,			For the Period from February 8, 2024 (inception) to September 30,
	2025			2024			2025			2024
Operating Expenses:
General and administrative	$	1,615,394		$	680,440		$	5,139,384		$	1,536,240
Sales and marketing		73,677			—			341,804			8,141
Loss from operations		(1,689,071	)		(680,440	)		(5,481,188	)		(1,544,381	)
Total other expense, net		(10,412,946	)		(43,520,876	)		(64,845,852	)		(46,269,928	)
Net loss	$	(12,102,017	)	$	(44,201,316	)	$	(70,327,040	)	$	(47,814,309	)

General and administrative

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

Sales and marketing

For all periods presented, sales and marketing expenses consist mainly of costs of awareness and marketing efforts in anticipation of the Business Combination.

Total other expenses, net

For the three months ended September 30, 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 $8,142,834, an allowance for credit losses associated with our receivables of $2,798,970, partially offset by interest income earned on our cash and interest bearing receivables of $528,858.

For the nine months ended September 30, 2025, total other expenses, net consists primarily of re-measurement losses, net associated with the change in fair value of embedded derivative liabilities associated with certain convertible preferred unit issuances of $56,664,129, day one loss on convertible preferred unit share allocation obligation of $403,536, an allowance for credit losses associated with our receivables of $9,575,661, partially offset by interest income earned on our cash and interest bearing receivables of $1,547,474 and other income of $250,000 realized on the forgiveness of our payables.

For the three months ended September 30, 2024, 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 $12,011,263, day one loss on July Investment Agreement Derivatives of $20,160,319, an allowance for credit losses associated with our receivables of $11,396,034, partially offset by interest income earned on our cash and interest bearing receivables of $46,740.

For the period from February 8, 2024 (inception) to September 30, 2024, 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 $12,011,263, day one loss on July Investment Agreement Derivatives of $20,160,319, an allowance for credit losses associated with our receivables of $14,146,789, partially offset by interest income earned on our cash and interest bearing receivables of $48,443.

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 $70,327,040 for the nine months ended September 30, 2025. As of September 30, 2025, the Company had an aggregate cash balance of $16,287,235 and, a net working capital deficit of $112,305,880. 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.

The Company’s future capital requirements will depend on many factors, including the Company’s timing and extent of its research, the acquisition of processing facilities and the consummation of a business combination. 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 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 the unaudited condensed consolidated financial statements were available to be issued. The 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.

Cash flows

The following table summarizes our cash flows from operating, investing and financing activities for the following periods:

	For the Nine Months ended September 30, 2025			For the Period from February 8, 2024 (inception) to September 30, 2024
Net cash used in operating activities	$	(5,712,362	)	$	(1,311,244	)
Net cash used in investing activities	$	(3,364,665	)	$	(22,275,362	)
Net cash provided by financing activities	$	22,748,685		$	25,010,301

Net cash flows used in operating activities

For the nine months ended September 30, 2025 and for the period from February 8, 2024 (inception) September 30, 2024, net cash used in operating activities of $5,712,362 and $1,311,244, respectively, was a result of expenditure for the day-to-day operations of the Company. Included within this net cash used in operating activities for both periods are the non-cash expenses associated with recording derivative liabilities at fair value at issuance and re-measuring these derivative liabilities to fair value at the reporting period end as well as the allowance for credit losses.

Net cash flows used in investing activities

For the nine months ended September 30, 2025, net cash used in investing activities was $3,364,665 as a result of the Company’s issuance of note receivable and notes receivable, related party totaling $3,562,665 and acquisition of notes receivable of $2,000, partially offset by collection on a note receivables of $200,000.

For the period from February 8, 2024 (inception) September 30, 2024, net cash used in investing activities was $22,275,362 as a result of the Company’s issuance of note receivables, notes receivables - related party, and convertible notes receivables.

Net cash flows provided by financing activities

For the nine months ended September 30, 2025, net cash provided by financing activities was $22,748,685 as a result of proceeds from issuance of convertible preferred units of $23,600,000, partially offset by payments for deferred transaction costs of $851,315.

For the period from February 8, 2024 (inception) September 30, 2024, net cash provided by financing activities was $25,010,301 as a result of proceeds from issuance of convertible preferred units of $7,830,005, proceeds of issuance of member units of $100 and proceeds from issuance of July Investment Agreement of $17,500,017, partially offset by payments for deferred transaction costs of $319,821.

Off balance sheet arrangements

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

Emerging Growth Company Status

We are an emerging growth company as defined in the Jumpstart Our Business Startups (“JOBS”) Act. The JOBS Act permits companies with emerging growth company status to take advantage of an extended transition period to comply with new or revised accounting standards, delaying the adoption of 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 we (i) are 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, our unaudited condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting standards as of public company effective dates.

In addition, we intend to rely on the other exemptions and reduced reporting requirements provided by the 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 unaudited condensed consolidated 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.

We will remain an emerging growth company under the JOBS Act until the earliest of (i) the last day of our first fiscal year following the 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, as amended, (ii) the last date of our fiscal year in which we have total annual gross revenue of at least $1.235 billion, (iii) the date on which we are deemed to be a “large accelerated filer” under the rules of the Securities and Exchange Commission (the “SEC”) with at least $700 million of outstanding securities held by non-affiliates or (iv) the date on which we have issued more than $1 billion in non-convertible debt securities during the previous three years.

Critical Accounting Estimates

Basis of Presentation: 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. The accompanying unaudited condensed consolidated 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 unaudited condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). The unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The accompanying unaudited condensed consolidated financial statements are presented in US dollars and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Fair Value of Financial Instruments: 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, and the CPU Share Allocation Obligations.

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, “Receivables”, which was initially recorded at present value and subsequently re-measured at amortized cost. 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 allowances for credit losses on the accompanying condensed consolidated balance sheets.

Allowance for Credit Losses: The Company recognizes an allowance for credit 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 from which it has Outstanding Receivables on a continuing basis. After considering current economic conditions and financial stability of its Outstanding Receivables counterparties, an allowance for credit losses is maintained in the condensed consolidated 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 policy is to write off past-due accrued interest receivable by measuring an allowance for credit losses for accrued interest receivable on Outstanding Receivables balance. Outstanding Receivable are carried at amortized cost, net of allowances for credit losses. Amortized cost approximated book value as September 30, 2025 and December 31, 2024. After all reasonable attempts to collect a receivable have failed, the amount of the receivable is written off against the allowance.

Convertible Preferred Units: EM Convertible Preferred Units consist of preferred units issued with either (i) an option to convert into New EM Common Stock at the option of the holders or (ii) automatic conversion into New EM Common Stock ninety days after closing of the Business Combination. 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.

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 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

●

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 condensed consolidated 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 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 condensed consolidated statements of operations;

●

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this Quarterly Report on Form 10-Q are “forward looking statements” within the 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 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 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, 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 Four Entities (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 develop and operate its planned battery recycling facility that is tailored specifically to integrate with its downstream multi-feedstock 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 (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 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 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 go-to-market strategies; New EM’s ability to achieve sustained, long-term profitability and 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. and Korea; 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 Business Combination; and other factors detailed under the section entitled “Risk Factors” in the registration statement, as 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller 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.

ITEM 4. CONTROLS AND PROCEDURES

Management’s Responsibilities for Controls and Procedures

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 Manager, 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.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including 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 September 30, 2025. Based on this evaluation, management concluded that our financial disclosure controls and procedures were not effective so as to timely record, process, summarize and report financial information required to be included on our 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 unaudited condensed consolidated financial statements and other information presented herewith are materially correct.

Internal Control Over Financial Reporting

As of September 30, 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). Based on 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 unaudited condensed consolidated financial statements and other information presented herewith are materially correct.

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 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 unaudited condensed consolidated financial statements and other information presented herewith are materially correct.

The Certifying Officer does not expect that the Company’s disclosure controls and procedures or that its internal controls over financial reporting will prevent all error and all fraud. A control system no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of the control system must reflect the fact that there are resource constraints, and the benefit of controls must be considered relative to their costs.

Because of the inherent 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.

The Company has limited resources and as a result, material weaknesses in financial reporting currently exists, because of our limited resources and personnel, including those described below.

●

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 consolidated financial statements could occur and not be prevented or detected on a timely basis.

●

We have not achieved the acceptable level of segregation of duties relative to key financial reporting functions.

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 control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim consolidated 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.

Remediation Efforts to Address Deficiencies in Internal Control Over Financial Reporting

As 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 September 30, 2025, we did not have sufficient capital and/or operations to implement any of the remedial measures described below:

●

Assessing the 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 consolidated financial statements to allow for proper segregation of duties, as well as additional resources for control documentation.

●

Retaining formal documentation to evidence that review of the Company’s consolidated financial statements and the underlying transactions has occurred.

●

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.

●

Interviewing 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).

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over 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.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

As a smaller reporting company, we are not required to include risk factors in this Quarterly Report on Form 10-Q.

For the complete list of risks relating to our operations, see the section titled “Risk Factors” contained in the Post-Effective Amendment No. 2 to Registration Statement on Form S-4 (Registration No. 333-283119) filed with the SEC on August 7, 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.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

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

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)(9) thereof.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

(a) None.

(b) None.

(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 September 30, 2025 (each as defined in Item 408 of Regulation S-K under the Exchange Act).

ITEM 6. EXHIBITS.

The following documents are filed as exhibits to this Quarterly Report on Form 10-Q.

EXHIBIT INDEX

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).
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).
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).

*	Filed herewith.
**	Furnished herewith.

¥	Certain of the exhibits and/or schedules to this exhibit have been omitted in accordance with Regulation S-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: November 17, 2025	By:	/s/ David Wilcox
	Name:	David Wilcox
	Title:	Manager
		(Principal Executive Officer and Principal Financial Officer)

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