Eramet Sa · EURONEXT:ERA
Eramet Sa — Investor Presentation (December 2025)
30 slides from Eramet Sa's investor presentation, Dec 12, 2025
Slide 1: Inside Lithium
Inside Lithium December 12th, 2025 Salta, ARGENTINA Geoff STREETON, Group CDO Jean-Baptiste HOGARD, Lithium Senior VP Fabien BURDET, Lithium CPO
Slide 2: Disclaimer
Disclaimer Certain information contained in this presentation including any information on Eramet’s plans or future financial or operating performance and any other statements that express management’s expectations or estimates of future performance, constitute forward-looking statements. Such state
Slide 3: Today’s Speakers
Today’s Speakers Opening remarks Geoff Streeton Jean-Baptiste Hogard Fabien Burdet Chief Development Officer Lithium Senior VP Lithium Chief Process Officer 3 ERAMET – LITHIUM WEBINAR
Slide 4: Today’s highlights
Today’s highlights Centenario ramp up: Presenting Eramet’s key strengths in lithium brine processing the emerging new • Proprietary DLE technology delivering proven high-performance at Centenario lithium producer Key strengths • Integrated expertise across the value chain: from exploration to operat
Slide 5: Establishing leadership in lithium extraction from brine
Establishing leadership in lithium extraction from brine 01
Slide 6: At the core of our process: Direct Lithium Extraction
At the core of our process: Direct Lithium Extraction A step-change in lithium extraction from brine, enhancing capacity, selectivity & sustainability Lithium Extraction & Concentration Processes Liquid Pumping (Li-rich Brine) Hard Rock Mining (Ore) Natural Evaporation Industry trend Direct Lithium
Slide 7: Our overall process capabilities
Our overall process capabilities Unique capabilities from 15-years of continuous R&D in lithium extraction & processing Assembled resources Unique capabilities developed ~40 high-caliber engineers & technicians dedicated to lithium at Design full process flowsheet2 Eramet’s R&D center Develop & Indu
Slide 8: Our sorbent, at the heart of our process
Our sorbent, at the heart of our process A highly efficient proprietary adsorption technology supported by dedicated production in Europe, solely contracted to Eramet Development of Eramet proprietary sorbent for adsorption-DLE Comparison of Eramet generation 3 sorbent at iso-brine vs. 3 other sorbe
Slide 9: Our DLE performance in Centenario
Our DLE performance in Centenario Industrial-scale DLE, in line or above design targets Li recovery in DLE (%) 100 >90% 95 Yield in DLE recovery 90 Design yield DLE Jul Aug Sep Oct Nov Mg1 rejection rate in DLE (%) 100.0 >99% 99.5 99.0 Design Impurity DLE rejection rate selectivity Jul Aug Sep Oct N
Slide 10: Our flowsheet in Centenario
Our flowsheet in Centenario Overall process highly efficient, stable & sustainable in the DLE x 2 lithium global recovery1 vs. evaporation process Mature treatment and technology processing technologies Extraction / Refining & Li sorption Concentration Conversion No pre-concentration evaporation Bri
Slide 11: Our leadership in lithium extraction from brine
Our leadership in lithium extraction from brine Full in-house expertise: exploration, technology, development, & operations ~115 brine deposits assessed in the Extensive knowledge of brine deposits (particularly salar brines) Resource Lithium Triangle development End-to-end ESG approach integrating
Slide 12: World class producing asset with strong growth potential
Word class producing asset with strong growth potential 02
Slide 13: Centenario: a Tier-1 asset
Centenario: a Tier-1 asset First new generation DLE plant operating at industrial scale at the heart of the Lithium Triangle Ratones volcano Centenario plant Pacific Ocean Source for ~15 Mt-LCE1 • 100% owned by Eramet BOLIVIA resource sitting in the salars of • 24kt-LCE designed capacity Centenario
Slide 14: Centenario: stringent Health & Safety standards
Centenario: stringent Health & Safety standards Health & Safety approach tailored to achieve zero harm Health Upfront medical check Hypoxia Clinic at highest standard for (4,000m high) remote medicine Remoteness Emergency evacuation procedures TRIFR2 (up to 1,700 people on site) Process HAZOP1 safet
Slide 15: Centenario: development phase
Centenario: development phase ~10 years of de-risking from CSR to full process Free Prior Informed Consent (FPIC) obtained in 2020 (renewed in 2022) Strong social Environmental Impact Assessment (EIA) approved in 2019 acceptance to project (renewed in 2023) 80% of Eramet employees in Argentina comin
Slide 16: Centenario: development phase
Centenario: development phase Strong support from Argentina & the Salta Province to our projects 5 greenfield Lithium Resource ownership open to private and foreign investors projects commissioned in Favourable Lithium fully concessible Argentina in the last jurisdiction Transparent and competitive
Slide 17: Centenario: construction phase
Centenario: construction phase Successful construction of a first-of-its-kind plant in a complex environment Build infrastructure for energy (gas compression plant) and labor transportation & housing (airstrip and camp) Construction of the DLE plant & lithium carbonate refinery La Puna1 Execute resp
Slide 18: Centenario: construction phase
Centenario: construction phase Sole greenfield Full-DLE in operation, constructed at competitive capex Sole Full-DLE greenfield project Capital intensity of major greenfield brine projects1 (outside China) commissioned by stage of development & type of extraction process 100,000 Lionheart 1 (Vulcan)
Slide 19: Centenario: operating phase
Centenario: operating phase Successful ramp-up on track to reach full capacity by end 2026 5-months to achieve 65% Centenario 24 kt-LCE All capacity available End 2026 capacity Mid-2026 Close to100% vs. 13-months for next 100 ~90% C1 Start-up / Ramp-up McNulty curves1 Other best ramp-up commissionin
Slide 20: Centenario: operating phase
Centenario: operating phase Targeting world-class cost position On target specific consumptions of reagents & energy Expected evolution of Cash Breakdown of optimized observed during ramp-up cost Ex-Works1 cash cost Ex-Works1 % 100 80 60 Energy access through 40 connection to gas 20 % nameplate capa
Slide 21: Centenario: operating phase
Centenario: operating phase Targeting first quartile position in the lithium cost curve Lithium 2026e cash cost curve CIF1 Optimised cash cost at nominal capacity for Eramet 15 Cash cost, $/kg LCE CIF 2026 market consensus (10,500 $/t-LCE)2 10 Strong 2025 YTD price3 resilience expected in 2025- 5 li
Slide 22: Centenario: marketing phase
Centenario: marketing phase Successful penetration in the battery value chain c.$8,500/t-LCE1 90% average realized price in 9m 2025 of sales realized in China vs. ~8,800 $/t-LCE for the SMM BG Li2CO3 99.5% & for battery applications 20 customers, including 50% of sales Made through GLENCORE under a
Slide 23: Centenario Full Potential
Centenario Full Potential 100 % ownership A disciplined & targeted investment approach to drive expansion 40-year life of mine (24 kt-LCE capacity) ~ 15 Mt-LCE resources ~15 Mt-LCE1 and sufficient freshwater resources 50km identified to support capacity expansion above 75 kt-LCE Ongoing study of low
Slide 24: Eramet lithium strategy
Eramet lithium strategy 03
Slide 25: Current lithium market outlook
Current lithium market outlook High demand growth, fast-transforming market, supply playing catch up Strong demand growth from batteries, with Supply to lag demand despite new sources of very large upside from ESS supply, as prices curbs investments and delays persist What could be next? China & Afr
Slide 26: Our strategic take on lithium
Our strategic take on lithium Accelerating structural shifts throughout the value chain put strategic pressure on new lithium project developers Lithium Conversion & CAM & Cell End-markets extraction Refining Manufacturing Key challenges Evolution of Certainty of lithium Which lithium Demand side li
Slide 27: Our competitive positioning
Our competitive positioning Well equipped to succeed Key success factors in lithium Match with Eramet capabilities Established expertise in lithium project development, full Reduce capital intensity flowsheet design and project construction & delivery • flowsheet design to minimize uncompetitive cap
Slide 28: Looking ahead: shaping the future of lithium leadership
Looking ahead: shaping the future of lithium leadership Positioning Eramet as a western leader in lithium Anchor direct customer relationships in the battery value chain and build foothold in higher-margin niche markets Commercial Diversify customer base, initially towards South Korea & Japan, follo
Slide 29: Q&A
Q&A 29 ERAMET – LITHIUM WEBINAR
Slide 30: ECfraAMeT
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