M2i Global, Inc.

What they do

The Company states it intends to operate three business divisions: M2i Mining, Processing & Refining, engaged in sourcing, extraction, processing, refining, transporting and selling primary minerals and metals; M2i Scrap & Recycling, engaged in collection, processing, transporting and selling of scrap, recycled and reused metals; and M2i Government and Defense Industrial Base, focused on aligning with U.S. policy to facilitate participation in U.S. government programs. It became the sole shareholder of U.S. Minerals and Metals Corp. (USMM) in May 2023, which it describes as the point it shifted operations to critical minerals. Reported annual revenue was $1,000 in 2022 and $3,400 in 2023.

Revenue drivers

• M2i Mining, Processing & Refining — Described as the business for sourcing, extraction, processing, refining, transporting and selling primary minerals and metals. No revenue by segment is disclosed in the excerpts provided.
• M2i Scrap & Recycling — Described as collection, processing, transporting and selling of scrap, recycled and reused metals. No revenue by segment is disclosed in the excerpts provided.
• M2i Government and Defense Industrial Base — Described as aligning with U.S. policy to facilitate participation in U.S. government programs, including a possible Strategic Minerals Reserve as an enhancement of the National Defense Stockpile. No revenue by segment is disclosed in the excerpts provided.
• Copper offtake from NTM Minerals — A June 30, 2024 exclusive offtake agreement with NTM Minerals Limited for 88,000 tonnes of copper sourced from the Redbank tenements, stated as currently valued at approximately $850 million, in return for 12 million shares of the Company's common stock. No offtake revenue has been reported.

Recent performance

Annual revenue was $1,000 in 2022 and $3,400 in 2023, and no annual revenue figures were reported in the data provided for 2024 or 2025. Net income moved from $17,837 positive in 2021 to a loss of $66,442 in 2022, then losses of $2.0M in 2023, $3.9M in 2024 and $6.5M in 2025. Operating cash flow went from $35,181 in 2021 to negative $13,010 in 2022 and then negative $1.6M in 2023, negative $2.1M in 2024 and negative $4.2M in 2025. The latest balance sheet shows total assets of $90,997, total liabilities of $5.6M and shareholder equity of negative $5.5M as of 2026-06-30. The last cash and equivalents figure provided is $44,914 as of 2023-08-31.

Strategy

Management says it aims to develop a portfolio of critical minerals and materials projects to provide an integrated solution to U.S. critical minerals supply challenges, and the 10-Q describes an intent to operate three divisions covering mining/processing/refining, scrap and recycling, and government/defense industrial base. The Company is using arrangements such as the Komodo Capital strategic partnership and the NTM Minerals copper offtake to access critical minerals for supply to the U.S. government and U.S. free trade partners. On July 28, 2025 it entered a merger agreement with Volato Group, Inc. under which the Company would survive as a wholly owned subsidiary of Volato. Volato delivered a termination notice on June 4, 2026, and the parties signed a Mutual Termination and Release Agreement on July 9, 2026, so that transaction is no longer in effect.

Risks

• No meaningful revenue base — Reported annual revenue was only $1,000 in 2022 and $3,400 in 2023, and no 2024 or 2025 revenue figures were reported in the data provided.
• Accumulated losses and cash burn — Net losses widened to $6.5M in 2025 and operating cash flow was negative $4.2M in 2025, with shareholder equity of negative $5.5M as of 2026-06-30.
• Thin liquidity relative to liabilities — Total assets of $90,997 against total liabilities of $5.6M as of 2026-06-30, and the last reported cash balance was $44,914 as of 2023-08-31.
• Failed merger with Volato — The July 28, 2025 merger agreement with Volato was terminated by Volato's June 4, 2026 notice and a Mutual Termination and Release Agreement was signed July 9, 2026, removing a planned transaction.

Outlook

Management describes its objective as securing reliable access to critical minerals and metals for the U.S., its allies and partners by developing a portfolio of critical minerals and materials projects. It points to U.S. dependence on foreign sources and to export bans such as China's December 2024 measures on antimony, tungsten and tantalum and February 2025 measures on tungsten and indium as underscoring the need for domestic supply. The Company says it intends to operate across mining/processing/refining, scrap and recycling, and government and defense industrial base divisions. With the Volato merger terminated, the filings provided do not identify any completed material transaction or revenue commitment.