MTM Critical Metals Limited entered into a binding convertible note agreements with sophisticated, wholesale, professional investors, or other investors for gross proceeds of $1,000,000 on November 21, 2023. The notes will mature in 12 months from the issue date. The notes carry an interest rate of 12% per annum.

The convertible notes will convert into a maximum of 14,374,975 shares. The convertible note agreement remains subject to and conditional upon shareholder approval for the issue of a portion of the securities that will be issued as part of the conversion of the notes. The company will pay management fee of 2% of the convertible note amount raised and a capital raising commission of 4% of the capital raised through the convertible note to Rockford Corporate Pty Ltd.