Evolution Metals & Technologies Fails to Pay $34.7 Million Redemption to Yorkville; Discloses Plan to Withdraw Proposed Public Offering

(NASDAQ:EMAT) Evolution Metals & Technologies Corp. (EMAT) has failed to pay an aggregate redemption amount of $34,672,219.18 owed to YA II PN, Ltd. (Yorkville) under two convertible debentures. On October 14, 2026, EMAT elected to redeem the debentures by delivering irrevocable optional redemption notices under Section 1(d) of each instrument. The redemption notices covered the remaining $10.9 million of principal under the May 7, 2026 debenture and the full $22.0 million of principal under the September 17, 2026 debenture, plus 5% payment premiums and accrued interest. Payment was due on October 29, 2026, and EMAT has acknowledged that the five-trading-day cure period expired on November 5, 2026. EMAT did not make payment by the deadline. On November 5, 2026, EMAT’s Chief Financial Officer emailed Yorkville a draft registration statement on Form S-1 for an unannounced public offering, stating that EMAT had decided to withdraw the proposed offering due to market conditions and requested an extension until November 27, 2026 to pay the redemption amount. Yorkville did not request or consent to receiving this material non-public information. Under Section 4(f)(ii) of each Securities Purchase Agreement with EMAT, dated May 7, 2026 and September 17, 2026, Yorkville is permitted to disclose such information publicly. The draft S-1 described a firm-commitment underwritten public offering of an unspecified number of EMAT common shares, with the offering price to be negotiated and possibly at a discount to market. EMAT stated in the draft S-1 that it intended to use approximately $34.7 million of the net proceeds to redeem all convertible debentures issued to Yorkville, with the remainder for capital expenditures for expansion in the Republic of Korea, feedstock and raw-material procurement, working capital, infrastructure, and general corporate purposes. EMAT’s failure to pay the redemption amount when due and within the cure period constitutes an Event of Default under each debenture. Upon an Event of Default, the interest rate on the debentures rises to 18% per annum. Yorkville has the right to accelerate all amounts outstanding and to convert the debentures into EMAT common stock while the default continues. EMAT’s subsidiaries have guaranteed the Company’s obligations. Yorkville intends to exercise its conversion rights and may sell shares of EMAT common stock beginning on or after the date of this release. Yorkville reserves all of its rights and remedies.