Kensington Capital Acquisition Corp. VI · NYSE:KCA.U
Kensington Capital Acquisition Corp. VI — SPAC Merger (August 2026)
25 slides from Kensington Capital Acquisition Corp. VI's SPAC merger presentation, Aug 14, 2026
Slide 1: Investor Presentation
veste i v3 Pres sentatior
Slide 2: Disclaimer
Disclaimer emten ecg ary en ia rt Yn Corns mart Tee Sean SIG Sa ey ese egy fan ng Sine o teniger) ston ante ences eee congas Sarat “btn tw ow at pep oon nan don Sr oe matin et esd coaena nah Ganga eG baa argo HEN ory Sear om ben scons ne to ang = * Conn os ACS | H ‘pte Nee cary ny en ed yr See Sater
Slide 3: Disclaimer (Continued)
Disclaimer Continued * Nien wen te one Sone es ah OE Sarna se ent nt aetin ‘Picotto ees oe Sao ot marr Terese etry mena eg be omen pe Serpe penepenreenromtetenetshcerrtts ‘aaron Sonn ne “Somnaa
Slide 4: Transaction Overview
Transaction Nth Cycle and Kensington proposed business Overview combination to build U.S. domestic critical metals and rare earths capacity Kensington has identified Nth Cyclo as a Iesw0o8 ‘opportunity that has developed and is ‘commercializing @ breakthrough modular stecroetracion refining pation t
Slide 5: Leadership and today's presenters
Leadership and today’s presenters Founder-led, with deep industrial tech ‘commercialization experince. ‘Megan O'Connor, PhD Co-Founder and Chief Executive Officer reeman Chief Financial Officer MET «- BOuSTER PFA Sits
Slide 6: Nth Cycle is a pre-pay critical mineral refining company
[Nth Cyel isa pre-pay critical mineral fing company sa or ac $500M+ \ fonts cone Burlington, MA. A dt ic I Be 4 ropritary e608 etatn san | fmrereteni ewer OYSTER" Platform Redan : 2 ‘Strong Investor Base $1.18 2 exang a lone ; Binding Product saps uti fo tener ss pres 92M Cue Uns trig Tom Ste 0 coef
Slide 7: Critical minerals: the new oil
Critical minerals: the new oil Lust 08 pototoum defined 20th-contury ‘economic and geopolitical power rial ‘minerals are the defining resources of the 2ist contury. The largest bottleneck to onshoring these supply chains is refining 9% of critical mineral refining is 85) 7% controlled by China. A ti
Slide 8: The US is acting decisively to gain mineral independence
The US is acting decisively Donets oy cp a eek to gain mineral independence CChina’s grip on critical minerals refining Pty xx Focusing the effort ofthe US. goverment [1] upon $100B fice of Strategie Capital — Depertment of Wer 2) \encng eatery coving erties miners ord wat boa ple we a gona fo mcood
Slide 9: Traditional refining is expensive, slow, hard to permit and inflexible
Traditional refining is Expensive Slow Hard to Large and difficult to build in Permit Inflexible the West
Slide 10: Nth Cycle has created a modular refining platform
Nth Cycle has created a modular refining platform The key to unlocking critical mineral supply chains in the West. No oye actor Cheaper gra 210/ ve 38 pct perme aot oan cre Faster atte ws 2¢ meen! Cleaner Modular
Slide 11: Electroextraction and the OYSTER system
Electroextraction and the OYSTER® enim
Slide 12: Commercial Demonstration Facility
Commercial Demonstration Facility tine Prodct puty sconny Foirfold, OH
Slide 13: Nth Cycle can process a range of strategic minerals
Nth Cycle can process a range of strategic minerals Rere earths, Nickel, Cobalt, Lithium, and with enticpatod expnsion ite procul ‘gr0up and other strategic ated using pao NP arb LR Ga BGs Ste,
Slide 14: Pursuing a trillion-dollar metals market opportunity
Pursuing a trillion-dollar : Minidececacae metals market opportunity slectriation, defence, and Al bolton, i : i Hi i i |
Slide 15: Multiple business models
Multiple business models Tso business modal re being pursued aross intended to balance value tmerket and economic exposures capture, risk, & time-to-revenue Licensing & Equipment Sale Tolling Independent Refining | Penryn ested sce tno toceer Yeah pit es ad + Capo pt ot ng par + Rtn cite mi 0 Nn Oy
Slide 16: Commercial and project milestones across our business streams
Commercial and project milestones across our business streams lone Rare Earthe us+eu Fret Rr rth Element (REE patty thet ‘bypotses China fr retring end oxalic Confident! REE project evelopment portunity: joint ‘trvcture with losing indutry pertnor ionic rare earths Binding commitments across rare ea
Slide 17: Nth Cycle platform and technology expanding to global deployments
. 7 . Nth Cycle platform and technology expanding to global deployments (8 tine 0 Per eet 1 oot toa Commerc! " Ber Enh Pttorm ° ° ° ISNth Cycle Vx p Teatigure Bind 0 Butngton Ontske 1 Gownpnar " Nicos obo, ‘Company Founded HQ eponed Rare Earths Deployment Uti Dopioymont #2
Slide 18: Significant funding opportunities with US Government
$500M+ © $203” EXIM LO approvedt © Fret awards and funding commitments expected within £2 months! (© Fedor! debt. equity, ond grants if doployed, would reduce TopCo capital needed por prejct © Potent! export controls ond pice suppor. if ‘enacted could reinforce margins Design of a Pantera onto & ‘er
Slide 19: Leadership team
Leadership team Megan O'Connor, PhD Co-Founder and CEO Raffi Freeman Chief Financial Officer | we pte | ae pote ss = te me ees S02 tee Sprocrs a Recaro rok Serene Duke "Rem BS OUSTER Rey waavan> Yale Yale og Seat @caltech
Slide 20: Leadership team
Leadership team Gabi Knesel, PhO ilermo Espiga Chief Technology Officer Head of Project Development | He er xeon | 2+ Yon Expr ince erm ts scot gue 0 (ee Hgsus @rwecen —— Cucosuss
Slide 21: Leadership team
Leadership team Brandon Hoffingor Hood of Commercial VP, People Coxfounder & Science Advisor | Pen pete | Yor pace | tr pence tsietaSonat eye Somerton (=) ose PARTNERS Duke Yale waevare E EEE" LO
Slide 22: Transaction Overview
Transaction Overview ‘Assumes $100M PIPE with $40M Currently Committed loans ti Oy Rotor sor Store Pico $1000 PF Share Oustanog 206 12% aS = =| PE enact 109 (4 00be L-hlaas 5% ae Wn aoe sor con otc Set coon * nf we Bcenrenenaestyt
Slide 23: Critical Materials Market Performance
Critical Materials Market Performance Nth Cyel Ditferentiatore Prat’ © Poesy ota mia tig corey a” © crore tsoerenyenesonoert © Oeste patra he © meureet acing mets 9 Meearmrnimmmniemen Nth Cycle enters a peer set where comparable ms have compounded 7-8x post-isting, lo MP waren A $58.26 —_= Billy suo
Slide 24: Kensington Capital Acquisition Corp. VI
Kensington Capital Acquisition Corp. VI ‘Tock record of ereatng sherehelier value | Leadership Capabilities Nsgurant enters th etere pe carne ‘cote rd oper cept Topo ongirtng. ‘eemreion api cnon endmontactng seo Industry Expertise aioet arvana pane to carn pogun tan np corer a octatg commer
Slide 25: Business Combination Call Script for Recording
Megan’s Business Combination Call Script for Recording SLIDE 1 – Cover Page • Hello. My name is Megan O’Connor, and I’m the CEO and co-founder of Nth Cycle. SLIDE 2 – Disclaimer • Before I begin my remarks, please be aware that this presentation contains forward-looking statements that reflect our c
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