Microwave Chemical, PMET, and Mitsui & Co. Sign MOU to Explore Commercialization of Low-Carbon Lithium Ore Smelting Technology Using Microwaves

Microwave Chemical Co., Ltd. (hereinafter, "our company") has signed a Memorandum of Understanding (MOU) with PMET Resources Inc. (hereinafter, "PMET"), a Canadian lithium resource development company, and Mitsui & Co., Ltd. (hereinafter, "Mitsui & Co."). This MOU concerns the application of our company's proprietary "microwave calcination*1 technology" (hereinafter, "this technology") to spodumene ore, a raw material for lithium mined from a mine developed by PMET, and joint studies for future commercialization.

This matter was announced by PMET on June 17, 2026 (local time)*2.

[Background]

Our company has been jointly researching, developing, and conducting pilot demonstrations of this technology with Mitsui & Co., verifying its effectiveness*3. With the participation of PMET, a mine development company, and the commencement of technical evaluations targeting their ore with a view to future business development, we are transitioning from the research and development phase to the business examination phase focused on commercialization.

[Overview]

The main objective of this collaboration is to conduct pilot plant tests using this technology on lithium resources such as PMET's "Shaakichiuwaanaan Project*4" at our Osaka office, and to evaluate the technical and commercial feasibility.

The main roles of each company are as follows:

PMET: Providing spodumene ore samples from this project, etc., and cooperating in the application of this technology to intermediate refining processes for the production of "high-value-added lithium intermediate materials" at the site.

Mitsui & Co.: Evaluating pilot tests utilizing their global project development and business development capabilities, and supporting discussions for future commercialization.

Our company: Leading pilot plant tests and technical management using our own technology, and leading conceptual design and equipment specification development for the calcination process in future commercial plants.

[Future Outlook]

We have already received spodumene ore from PMET and will proceed with tests in the pilot plant using it. After the completion of the pilot plant tests, the three parties will verify the results and consider moving to concrete discussions for the commercialization of this technology.

By utilizing inexpensive hydroelectric power from Quebec, Canada, where the mine is located, and applying this technology to produce "high-value-added lithium intermediate materials" on-site, we aim to significantly reduce transportation and logistics costs and build a more efficient, low-carbon, and geographically independent lithium supply chain. Furthermore, as this aligns with the critical minerals strategies and clean energy goals of various countries, we are also considering joint efforts to secure subsidies and grants from government agencies.

Our company will continue to work closely with Mitsui & Co. and PMET to contribute to solving issues related to critical minerals and achieving decarbonization. This initiative is also an important milestone in expanding our company's focus on the metal smelting and mining process business. We will accelerate the social implementation of this business starting with this project.

[Reference]

About PMET Resources Inc. (PMET)

A company engaged in the exploration and development of critical pegmatite minerals, holding a 100% stake in the "Shaakichiuwaanaan Project" located in the Eeyou Istchee James Bay region of Quebec, Canada. This project is one of the world's largest top-10 lithium pegmatite resources and holds significant potential as a supply base for critical minerals in North America.

*1 A heat treatment process that heats spodumene ore at high temperatures to change its crystal structure, thereby efficiently extracting lithium components.

*2 “PMET Advances On-Site Lithium Refining Strategy Through Technology Collaboration MOU with Mitsui and MWCC”

https://www.pmet.ca/news/pmet-advances-on-site-lithium-refining-strategy-through-technology-collaboration-mou-with-mitsui-and-mwcc/

*3 Press release dated September 29, 2025

"Commencement of Pilot Demonstration Tests for Joint Development of Low-Carbon Lithium Ore Smelting Technology Using Microwaves"

https://mwcc.jp/news/4129/

*4 A world-class lithium mine development project located in Quebec, Canada, 100% owned by PMET. It has year-round road access and is in close proximity to the region's hydroelectric power infrastructure.