Presidium of the 2026 Annual General Meeting of Shareholders

Delegates attending the 2026 Annual General Meeting of Shareholders

Financial performance surges on the back of the strategic metals “supercycle”

Growing demand for strategic metals in the era of artificial intelligence (AI) and semiconductors is ushering in a new growth cycle for the high-technology materials sector. MSR's advantages in strategic resource endowment, abundant reserves and deep-processing capability are creating the foundation for the company to improve business performance and reinforce its position in the global high-technology materials supply chain.

In 2025, MSR's revenue reached VND 7,443 billion (equivalent to USD 278 million[1]), representing a 19% increase year-on-year on a comparable basis[2].

Entering the first quarter of 2026, the price of APT (Ammonium Paratungstate) — the key intermediate product of tungsten — surpassed the USD 3,100/mtu threshold, significantly exceeding prior market forecast scenarios. As a result, MSR recorded preliminary first-quarter business results with estimated net revenue of approximately VND 2,993 billion (equivalent to USD 112 million[3]). After-tax profit is estimated at VND 537 billion (equivalent to USD 20 million), far exceeding the profit generated over all of 2025. These positive preliminary results mark an above-expectation start to the year and establish a firm foundation for growth momentum in the subsequent quarters of 2026.

Michael Glover, Chief Executive Officer of MSR, delivers remarks at the General Meeting

Dual growth drivers: favorable market conditions and solid internal fundamentals

The primary growth driver has been the tungsten price upswing, with APT (ammonium paratungstate) — MSR's flagship product — rising tenfold, from approximately USD 315/mtu at the start of 2025 to over USD 3,100/mtu at the start of 2026.

Beyond market factors, business results have also been supported by operational restructuring, the strengthening of internal capacity and improved financial discipline. Michael Glover, Chief Executive Officer of MSR, stated that through accelerating strategic investment, focusing on enhancing the value of the core product portfolio and optimizing operations, the company is converting its strategic materials advantage into sustainable financial growth and long-term value for all stakeholders.

Against a backdrop of strongly improved business performance driven by favorable commodity prices and enhanced operational efficiency, MSR expects to generate substantial operating cash flow in the period ahead. The company is prioritizing the deployment of this cash flow toward reinvestment to drive future growth and to reduce financial leverage. Should APT prices be maintained at an average above USD 1,500/mtu, MSR anticipates achieving net-zero debt status for the 2027–2028 period. This would open the door to dividend distributions for shareholders, marking a pivotal transition from the restructuring phase to a period of sustainable cash generation and optimized shareholder returns.

A section of the mineral processing line at Nui Phao Plant

AI and the global race for strategic materials

AI and semiconductor technology are becoming the central forces driving global innovation, generating sharply increased demand for strategic input materials. In this context, critical minerals serve as the foundation for modern industrial production. With a stable portfolio of important minerals in the supply chain, MSR holds the position of a trusted partner in supplying materials to the industries of the future.

Alongside the surge in artificial intelligence, the technology development race among major economies is driving demand for high-technology materials to unprecedented levels while supply continues to tighten. MSR holds a rare position in the global supply chain, with the capacity to provide a stable supply of essential materials to high-technology industries. MSR's flagship products — including tungsten, fluorite, bismuth and copper — are widely applied in electronics, semiconductors, batteries and energy storage. Among these, certain materials play a particularly critical and difficult-to-substitute role in applications requiring high precision, large-scale performance and stringent technical standards.

MTC high-technology processing plant

Tungsten — the “lifeblood” of the semiconductor and AI revolution

The driving force behind these positive business results is the rising demand trend for strategic metals, particularly tungsten — a material likened to the “lifeblood” of the semiconductor and artificial intelligence revolution. With its exceptional heat resistance and hardness approaching that of diamond, tungsten plays a critical role in numerous advanced technology applications, including microchip manufacturing, high-power electronics and high-performance computing systems at data centers.

According to multiple forecasts, the wave of investment in global AI infrastructure could reach USD 5–8 trillion by 2030, generating strong and sustained long-term demand for strategic metals. As the global mineral supply chain restructures to reduce dependence on certain traditional markets, MSR continues to affirm its position as a leading strategic tungsten supplier. MSR has held an average of approximately 21% of the non-China tungsten supply over the past five years.

The strategic materials sector is projected to continue growing strongly. Demand for semiconductors and batteries could double by 2030, driven by the rapid expansion of AI and data centers. Simultaneously, global tungsten demand is expected to increase by approximately 24,000 tons by 2030, while new supply remains constrained.

The imbalance between supply and demand is making reserve endowments and long-term extraction capacity more critical than ever. MSR employs an integrated model spanning mining, processing and deep processing, enabling the company to control input material sources, optimize processing efficiency and increase the proportion of high-value products throughout the production chain. MSR has also invested heavily in advanced processing technology, research and development and the production of high-technology products, thereby enhancing value across the global supply chain.

Bustling activity at the open-pit mining area

Operational innovation and sustainable development

Alongside its production and business activities, MSR is intensifying its ESG commitments and community programs. Over the past year, 8.3 million m³ of wastewater — equivalent to 79.5% of total water consumption — was recycled and reused, significantly reducing the company's environmental footprint. The company also implemented numerous community development programs, supporting over 5,200 households, including ethnic minority families and those in difficult circumstances. MSR remains one of the largest budget contributors in Thai Nguyen province, with a total contribution of VND 1,028 billion, affirming the company's active role in local socio-economic development.

In the coming time, the plan to transfer the company's stock listing to HOSE (Ho Chi Minh Stock Exchange) is underway, aiming to enhance transparency, standardize information disclosure to a higher level, improve share liquidity and broaden access for domestic and international institutional investors. This constitutes a strategic step in elevating the company's standing in the capital markets, enabling a more complete reflection of MSR's true value.

Phan Chien Thang, Deputy Chief Executive Officer of MSR, delivers remarks at the General Meeting of Shareholders

Addressing shareholders, Phan Chien Thang, Deputy Chief Executive Officer of MSR, emphasized that the company is standing at a “golden moment” for breakthrough growth. The convergence of valuable resource assets, world-class deep-processing capability, the trend among major powers to stockpile minerals for national defense purposes and the powerful expansion of AI technology driving surging materials demand are collectively creating a highly favorable foundation for the company's next phase of development.

The message “The Hidden Critical Mineral for the AI World” clearly reflects MSR's strategic direction to integrate Vietnam's strategic resources more deeply into the global high-technology supply chain.

With a solid financial foundation, a clear strategic direction and an ever-strengthening position in the global strategic materials supply chain, MSR stands ready to enter a new growth cycle — progressively expanding its role in the global high-technology materials value chain and contributing to the elevation of Vietnam as an important link in the digital economy of the future.