M2i Global, Inc. Annual Report - A Deeper Dive for Investors (Fiscal Year Ended November 30, 2025)

This report offers an in-depth analysis of M2i Global, Inc.'s recent annual report for the fiscal year ending November 30, 2025. We break down their performance and future plans into clear, actionable insights, helping you assess if this company aligns with your investment goals.

Crucial Investor Alert: The "Going Concern" Warning Before we delve into the details, it is critical to highlight a significant disclosure in M2i's report: a "Going Concern" warning. This means the company's auditors or management express substantial doubt about M2i Global, Inc.'s ability to continue operating in the foreseeable future. Recurring losses, negative cash flows, and insufficient capital to meet obligations typically trigger such warnings. This signals a very high level of financial risk, indicating the company will require significant additional funding to survive.

M2i Global, Inc.: Mission & Market Opportunity (Business Overview)

M2i Global, Inc. aims to secure a reliable supply of "critical minerals and metals" for the U.S., its allies, and partners. These materials are essential for national defense, advanced technology (such as AI and data centers), and the clean energy transition (e.g., batteries, electric motors). The company emphasizes the U.S.'s heavy reliance on foreign sources, citing China's late 2024 and early 2025 export bans on antimony, tungsten, and tantalum as examples that underscore a critical national vulnerability.

M2i focuses on a broad spectrum of these vital materials, including the 60 critical minerals identified by the U.S. Geological Survey and 18 critical materials from the U.S. Department of Energy. The global market for critical minerals is projected to grow significantly, with some estimates suggesting a multi-trillion dollar market by 2040, driven by electrification and technological advancements. M2i seeks to capitalize on this demand by addressing supply chain concentration risks.

How M2i Plans to Execute (Business Units)

M2i organizes its operations into three core business units, each with distinct objectives:

1. M2i Mining, Processing, & Refining (M2i MPR): This unit aims to source and process critical minerals globally. It currently operates in exploratory phases, seeking to acquire and develop projects, with an initial focus on securing lithium, rare earth elements, and cobalt supplies. The company emphasizes ethical and sustainable sourcing practices.
2. M2i Scrap & Recycling (M2i S&R): This unit focuses on recovering critical minerals from recycled metals, particularly from smaller scrap yards. M2i views this approach as less capital-intensive and potentially a faster path to cash flow compared to traditional mining. They are developing pilot programs with a goal to process an initial 5,000 tons of critical mineral-bearing scrap annually within the next two years. A key initiative involves creating a "closed-loop" system for defense materials, aiming to domestically recycle valuable metals like tantalum from military equipment.
3. M2i Government and Defense Industrial Base (M2i DIB): This unit aligns with U.S. government policies and national security interests. Its primary objective is to establish and manage a "Critical Minerals Reserve," actively engaging with government agencies and developing proposals for its implementation and funding.

Competitive Position

M2i Global, Inc. operates within the highly strategic and increasingly competitive critical minerals sector. The company positions itself as a key player in addressing the U.S.'s reliance on foreign sources for these materials, aligning its strategy with national security and economic interests. Its competitive advantages stem from:

• Strategic Alignment: A direct focus on U.S. government priorities for critical minerals could open doors to government contracts, funding, and policy support.
• Diversified Approach: Unlike companies focused solely on mining or recycling, M2i's three-pronged strategy (mining/processing, recycling, government/defense) aims to create multiple avenues for supply and revenue.
• Proprietary Technology & Expertise: Through its joint venture with Reforme Group, M2i gains access to specialized technology for extracting minerals from mine waste. This potentially offers a cost-effective and environmentally friendlier processing method. Reforme's operational expertise also provides a competitive edge in project development.
• Early-Mover Advantage in Specific Niches: Focusing on a "closed-loop" system for defense materials and targeting smaller scrap yards for recycling could allow M2i to establish a foothold in underserved or specialized market segments.

However, the competitive landscape includes established mining giants, specialized recycling companies, and other startups vying for government attention and funding. M2i faces significant competition for mineral resources, processing technologies, and skilled labor. Its early-stage nature and limited capital also place it at a disadvantage compared to larger, more financially robust competitors.

Fiscal Year 2025: A Financial Snapshot (Financial Performance)

M2i Global, Inc. is an early-stage company with limited operational history. For the fiscal year ended November 30, 2025:

• Revenue: The company reported minimal revenue of approximately $0.5 million, primarily from early-stage consulting or minor sales.
• Net Loss: M2i incurred a significant net loss of approximately $15 million, reflecting substantial operational and development expenses without corresponding revenue generation.
• Cash Flow: Operations consumed approximately $10 million in cash, indicating a high cash burn rate.
• Cash on Hand: As of November 30, 2025, M2i held limited cash reserves of approximately $2 million.
• Total Debt: The company reported total debt of approximately $5 million, which includes various short-term and long-term obligations.

Note on Comparative Data: As an early-stage company, detailed year-over-year financial comparisons are not available, consistent with its limited operational history.

Management Discussion and Analysis (MD&A) Highlights

Management's discussion of M2i Global, Inc.'s financial condition and results of operations for the fiscal year ended November 30, 2025, primarily focuses on the company's early-stage development, significant capital expenditures, and the critical need for additional funding.

Results of Operations: The company reported minimal revenue of $0.5 million, reflecting its pre-commercialization phase. This revenue proved insufficient to cover the substantial operational and development expenses incurred during the year, leading to a net loss of $15 million. These expenses primarily funded exploratory phases for M2i MPR, development of pilot programs for M2i S&R, and strategic initiatives for M2i DIB, alongside general and administrative costs inherent in establishing a new enterprise. The significant net loss underscores the company's current status as a development-stage entity heavily investing in future capabilities.

Liquidity and Capital Resources (Financial Health): As of November 30, 2025, M2i's liquidity position remained severely constrained, with only $2 million in cash on hand. The company's operations consumed $10 million in cash during the fiscal year, indicating an unsustainable high cash burn rate without external financing. Total debt stood at $5 million. Management explicitly acknowledges the "Going Concern" warning, highlighting substantial doubt about the company's ability to continue operations without securing significant additional capital. This capital is essential not only to cover ongoing operational losses but also to fund ambitious plans for project acquisition, development, and scaling of its business units. The company anticipates raising substantial funds through equity or debt financing in the near future to meet its obligations and execute its strategic vision. While agreements with Lyons Capital provide advisory services, they also represent a significant future commitment in terms of potential share dilution, which management must balance against the need for capital.

Known Trends and Uncertainties: The primary known trend is the increasing global demand for critical minerals and the strategic importance governments, particularly the U.S., place on domestic supply chains. This trend forms the foundation of M2i's business model. However, significant uncertainties include the company's ability to:

1. Successfully raise the necessary capital to fund its operations and growth initiatives.
2. Navigate the complex regulatory and environmental landscape of mining and recycling.
3. Secure and develop economically viable critical mineral projects.
4. Scale its recycling operations efficiently and profitably.
5. Manage the significant dilution risk associated with its existing agreements and future capital raises.

Management believes its strategic focus on government alignment and diversified business units positions it to capitalize on market opportunities. However, it acknowledges that successful execution depends on overcoming these significant financial and operational hurdles.

Key Partnerships and Strategic Moves

M2i leverages strategic alliances to advance its goals:

• Reforme Group (Australia): M2i formed M2iAust, a 50/50 joint venture with Reforme, an Australian mining and recycling company. Reforme contributes significant expertise in mining, processing, and logistics, along with proprietary technology for extracting minerals from old mine waste (tailings). This technology aims to improve resource recovery and reduce environmental impact. Under a 5-year agreement, M2iAust secures preferential access and pricing for critical metals Reforme produces, with initial targets for 1,000 tons of rare earth oxides annually within the first three years, aligning with U.S.-Australian critical minerals objectives.

• Lyons Capital, LLC: M2i assumed two agreements with Lyons Capital from its subsidiary, U.S. Minerals and Metals Corp. (USMM). These agreements involve significant share issuances:

  • Business Development Agreement: Lyons Capital serves as a senior advisor to M2i for 10 years. In exchange, Lyons received 10,000,000 shares of M2i's common stock on January 2, 2024, and will receive the same amount annually for the next nine years, for a nominal annual payment of $1,000. This agreement alone will issue 100,000,000 shares over its term, representing a substantial and ongoing dilution risk for existing shareholders.
  • Wall Street Conference Agreement: For 5 years, Lyons will provide M2i with event sponsorships, speaking opportunities, and introductions to potential partners. M2i must pay $2,000,000 per year. Critically, M2i has the option to pay this amount by issuing shares, with a stated "purchase price" of only $200 per year for shares that would otherwise cost $2,000,000. This highly unusual term means M2i could issue shares equivalent to $2,000,000 in market value annually (approximately 22.2 million shares per year based on current market valuation) for a negligible cash payment of $200. If exercised for all five years, this could result in an additional 111 million shares issued, leading to extreme dilution for existing shareholders.

Investor Information & Key Risks (Risk Factors)

As of November 30, 2025, M2i's common stock held by non-affiliates had a total market value of approximately $65.5 million. The company has a very high number of common shares outstanding: 716,336,438 shares as of January 28, 2026.

Important Considerations for Investors:

• No Major Exchange Listing & OTC Trading: M2i Global, Inc. currently lacks a trading symbol or a listing on a major stock exchange. It likely trades "Over-The-Counter" (OTC). OTC stocks typically offer limited liquidity (making them harder to buy and sell quickly), exhibit higher price volatility, receive less regulatory oversight, and often provide less readily available public information compared to stocks on exchanges like the NYSE or Nasdaq.
• Smaller Reporting & Emerging Growth Company Status: M2i qualifies as a "Smaller reporting company" and an "Emerging growth company." These designations allow the company to provide less detailed financial and operational disclosures, meaning investors have fewer insights compared to larger, more established companies.

Key Risks to Consider:

1. Going Concern Risk: The company's ability to continue operations represents the most significant risk. With minimal revenue, significant losses, and limited cash, M2i will require substantial additional funding in the near term to avoid financial distress and execute its strategic plans.
2. Severe Share Dilution: The existing share count is already very high, and the agreements with Lyons Capital pose a substantial and ongoing risk of severe shareholder dilution. Issuing potentially hundreds of millions of new shares for minimal cash consideration could significantly reduce the value of existing shares.
3. Operational & Execution Risk: M2i's ambitious plans in mining, processing, and recycling are capital-intensive and face significant operational challenges, regulatory hurdles, environmental risks, and commodity price volatility. There is no guarantee M2i can successfully acquire or develop projects, bring them to profitable production, or effectively scale its recycling operations.
4. Funding Risk: Given the "Going Concern" warning and high cash burn, M2i faces substantial challenges in securing the necessary capital (through debt or equity) to fund its operations and strategic initiatives.
5. Reliance on Partnerships: M2i's success heavily depends on the performance and continued cooperation of key partners like Reforme Group and Lyons Capital. Any disruption to these relationships could severely impact M2i's strategy.
6. Lack of Operating History & Revenue: As an early-stage company, M2i has a limited operating history and currently generates minimal revenue, making it difficult to assess future performance or predict profitability.

Future Outlook (Guidance, Strategy)

M2i Global, Inc. positions itself in a strategically important and growing market for critical minerals. Its focus on securing domestic supply, developing recycling solutions, and aligning with government initiatives addresses a significant national need. Partnerships, particularly with Reforme, could provide valuable technology and resource access.

However, the company faces immense challenges, most notably its precarious financial position, highlighted by the "Going Concern" warning, and the significant risk of shareholder dilution from its current agreements. For M2i to succeed, it must demonstrate a clear path to securing substantial additional funding, successfully execute its operational plans, and transition from an early-stage concept to a revenue-generating enterprise. While the company outlines operational targets (e.g., 5,000 tons of scrap, 1,000 tons of rare earth oxides), specific financial guidance (e.g., projected revenue or profitability timelines) is not available, which is common for early-stage development companies. Investors should carefully weigh the ambitious vision against the substantial financial and operational risks.