Industrial Minerals and Mining Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › INDUSTRIAL MINERALS AND MINING

Strategic Minerals Earn the Bid While Bulk Producers Hold the Line

This update covers what moved, what companies announced and what it means across Industrial Minerals and Mining for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   MATERIALS › MATERIALS › INDUSTRIAL MINERALS AND MINING

   This is the cover slide identifying the report as NeuraCap's bi-weekly Industrial Minerals and Mining industry events and M&A update for September 14–28, 2026.

   We open our bi-weekly Industrial Minerals and Mining update for September 14–28, 2026, covering what changed, who moved, what transacted and what it means. Let's walk through the two-week period's evidence together.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › INDUSTRIAL MINERALS AND MINING Strategic Minerals Earn the Bid While Bulk Producers Hold the Line This update covers what moved, what companies announced and what it means across Industrial Minerals and Mining for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Government Access and Downstream Progress Set the Period's Direction

   This slide summarizes the two-week period's bottom line across the 11 covered names.

   We start with the bottom line: across our 11 covered names, close-to-close moves diverged sharply over the two-week period, with the median return at -2.9%. Position within the set mattered more than the sector average, and the gap between the strongest and weakest names widened. Critical minerals optionality carried the upside while bulk producers held the line on their own merits. So what: the next decision should weigh where a name sits in that split, not just the sector's average move.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Government Access and Downstream Progress Set the Period's Direction The two-week period in one page · 11 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 7 of 11 Covered Names Fell; The Median Move Was -2.9% The median covered name returned -2.9% over the two-week period while the S&P 500 returned +1.6%. Position inside the set mattered more than the sector average: the distance between the strongest and the weakest covered name widened. 2 Critical Minerals Optionality Carried the Upside Critical Metals Corp. (CRML) returned +21.2% over the two-week period, including a +38.6% single-day move on Sep 21. Coverage that day put the Tanbreez exploitation permit back in front of investors and quoted the stock at $8. 3 One Transaction Entered the Record 5E Advanced Materials, Inc. announced the acquisition of Searles Valley Minerals, Inc. on Sep 15, with no enterprise value disclosed. The trailing 30 transactions in this sector carry a median EV / EBITDA of 8.9x. 4 The Standing Thesis Held: Business Model Comes Before Sector Average NeuraCap's sector study puts the CY2027E sector median at 6.9x EV / EBITDA, with the Premium tier at 23.1x and the Discount tier at 5.5x. This two-week period extended that split rather than closing it. +21.2% Best mover — Critical Metals Corp. (CRML) worst: ICL -6.7% · 4 up / 7 down of 11 covered -2.9% Sector median two-week return vs S&P 500 +1.6% 1 Transactions announced in the two-week period terms not fully disclosed

3. 03
   PUBLIC MARKET MOVERS

   Where the Period's Bid Went, and Where It Did Not

   This slide charts each covered name's two-week price move against the sector median and a materiality bar.

   We show each covered name's close-to-close move for the two-week period against a sector median of -2.9% and the S&P 500's +1.6%. Moves are filtered through a 7.6% materiality bar, so the names that cleared it are the ones the market treated as meaningful. Attribution ties each move only to filings and headlines recorded in the window; where none exists, we say so plainly. So what: the moves that cleared the bar are the ones worth building a view around.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Period's Bid Went, and Where It Did Not Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.9% · S&P 500 +1.6% · materiality bar ±7.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.9% Critical Metals Corp. (CRML) +21.2% Shares moved following the Sep 16 Tanbreez metallurgical results, which reported dissolution of eudialyte concentrate above 99% into ultra-high-purity products, and the Sep 21 reporting on the U.S.-Denmark-Greenland security pact. Permit status and metallurgy can reprice a development asset faster than any tons-sold number. COMPANY-SPECIFIC ICL Group Ltd (ICL) -6.7% No notable in-window news was identified that clearly explains the move. The decline of -6.7% ran wider than the set's median move of -2.9%. ICL Group Ltd sits in the study's Discount tier; the period's bid went elsewhere inside the covered set. UNEXPLAINED ioneer Ltd (IONR) +14.5% No notable in-window news was identified that clearly explains the move. The gain of +14.5% sits well above the set's median move of -2.9%. NeuraCap read: pre-production names in this set can trade on their own schedule, apart from the producing group. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Greenland Access, an AI Counterparty and a Merger Vote

   This slide lists the two-week period's highest-impact news events with links to their underlying source.

   We walk through the period's highest-impact events, each linked to its underlying filing or article. Greenland access developments, a new AI counterparty relationship and a pending merger vote stand out as the catalysts investors reacted to most. Each 'why it matters' line is our read of the recorded evidence, not an assumption of cause, and every event traces back to its source. So what: these are the events to keep tracking forward, not just react to in hindsight.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Greenland Access, an AI Counterparty and a Merger Vote The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · CNBC Greenland-linked U.S. listings rallied after a U.S.-Denmark-Greenland security pact Government-to-government access decides which deposits a Western buyer or funder can realistically reach. The session showed how quickly that designation is priced. Ground that carries a strategic designation is now valued partly on policy access, not only on grade. Sep 21 · NEWS · 24/7 Wall Street Critical Metals' Tanbreez exploitation permit moved back into investor focus The coverage tied the pact directly to a named permit, and reported Critical Metals Corp. (CRML) up nearly 25% with the stock at $8. Permit stage is the gate that development-asset values hinge on. Permit visibility is the cheapest value driver a development-stage owner can improve. Sep 15 · NEWS · GlobeNewsWire Critical Metals advanced its pending merger to a shareholder vote after a court ruling Court orders convening the scheme meetings and registration of the scheme booklet move a pending combination from intention toward completion, which is what the market pays for. Process milestones, not announcements, are what tighten the discount on a pending combination. Sep 15 · NEWS · PRNewsWire Smart Sand booked investor meetings at the Lytham Partners Fall 2026 conference NeuraCap read: taking the story directly to investors signals a company confident in putting its contracted volume mix and delivered cost position up for scrutiny. Proppant names compete for capital on delivered cost and contract coverage, not on tons alone. Sep 25 · NEWS · Business Wire Atlas Energy Solutions signed equipment purchase agreements backed by an AI lab's cost reimbursement Atlas Energy Solutions Inc. (AESI), a Core-tier name in the study, added a counterparty from outside its usual completions demand channel and shared the capital exposure on the equipment. New counterparty classes can broaden a minerals and logistics business beyond its home cycle. Sep 24 · NEWS · GlobeNewsWire Oil-Dri's animal health business returned as World Dairy Expo media room sponsor Oil-Dri Corporation of America (ODC) keeps spending on the channel and brand position behind its formulated mineral products, where product qualification and switching friction do the work. Downstream formulation and branded distribution keep a sorbents business off the price-taker path.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Buyer Reaches for the Evaporite Next Door

   This slide covers the single M&A transaction announced during the two-week period.

   We cover the period's one announced transaction: 5E Advanced Materials' acquisition of Searles Valley Minerals on Sep 15, with no enterprise value disclosed. The trailing 30 transactions in this sector carry a median EV/EBITDA of 8.9x, which remains the working reference point given the absence of a disclosed multiple here. So what: acquirers evaluating adjacent assets in this space should anchor to that trailing median until a priced comparable emerges.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Buyer Reaches for the Evaporite Next Door 1 transaction announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 15 n/a 5E Advanced Materials, Inc. 5E Advanced Materials agreed to acquire Searles Valley Minerals, announced Sep 15 EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows the transaction announced on Sep 15. NeuraCap read: the logic is consistent with a buyer extending an adjacent evaporite position and using processing and distribution it already operates. HOW THE TARGET WAS VALUED No enterprise value or multiple was disclosed in the record. For reference, the trailing 30 transactions in this sector carry a median EV / EBITDA of 8.9x, against the study's CY2027E sector median of 6.9x.

6. 06
   WHAT IT MEANS

   What the Period Changes for Your Next Decision

   This slide translates the two-week period's evidence into observations for owners, acquirers and advisors.

   We translate the period into three views: owners and operators saw the market reward measurable operating attributes like cash cost per ton and delivered cost to the customer; acquirers gain one new precedent transaction while the trailing 8.9x median EV/EBITDA still holds; and advisors should lead with the split inside the set, not the sector average, where 7 of 11 covered names fell against a -2.9% median move. These are observations drawn from the recorded evidence, not recommendations. So what: each audience has a distinct, evidence-based lever to act on now.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Your Next Decision The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.9x 10 companies in the study 3 valuation tiers Standing thesis: Industrial Minerals and Mining Splits Between Bulk Minerals, Completions Services and Adjacent Models FOR OWNERS & OPERATORS The Attributes That Moved Were Measurable Ones Companies in the space traded on things operators control: recovery to specification, cash cost per ton at the mine, delivered cost to the customer, and contracted versus spot volume mix. FOR ACQUIRERS One New Transaction, and the Reference Set Holds The 5E Advanced Materials, Inc. acquisition of Searles Valley Minerals, Inc. adds an adjacent-asset precedent without a disclosed multiple, so the trailing median EV / EBITDA of 8.9x remains the working reference for producing assets. FOR ADVISORS Lead with the Split, Not the Sector Average The evidence to lead with is the separation inside the set: 7 of 11 covered names fell and the median move was -2.9%, while strategic-minerals developments drove the upside.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update's figures and statements.

   We close with how this update is built: every figure links to the record it was taken from, and the publishers and filings drawn on for the period are listed on this page. This is a reference page rather than a new finding, giving a reader the ability to verify each number before acting on it. So what: trust in the numbers comes from traceability, and this page is where that traceability lives.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Industrial Minerals and Mining Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T095326Z_336_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: cnbc.com · 247wallst.com · globenewswire.com · prnewswire.com · businesswire.com

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