Eramet Sa · EURONEXT:ERA
Eramet Sa — Investor Presentation (May 2025)
59 slides from Eramet Sa's investor presentation, May 13, 2025
Slide 1: Group Presentation May 2025
Group Presentation May 2025 1 ERAMET – GROUP PRESENTATION – MAY 2025
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: Eramet at a glance
Eramet at a glance 01
Slide 4: Eramet: a global pure-play Metals & Mining Company
Eramet: a global pure-play Metals & Mining Company Four businesses FY 2024 key metrics Manganese Nickel Adjusted EBITDA1 €814m €3.4bn 60% 31%2 of sales of sales 2024 Group Adjusted Adjusted FCF1 -€308m Mineral sands Lithium turnover1 9% 1st lithium production of sales end-December 2024 Adjusted Leve
Slide 5: Operating in manganese, nickel, mineral sands & ramping-up in lithium
Operating in manganese, nickel, mineral sands & ramping-up in lithium MANGANESE NICKEL MINERAL SANDS LITHIUM In operation In operation In operation In ramp-up ASSETS ASSETS ASSETS ASSETS Ore – Moanda (Gabon) Weda Bay (Indonesia) Eramet Grande Côte4 (Senegal) Centenario (Argentina) World’s largest HG
Slide 6: Diversified portfolio of world-class deposits and downstream processing
Diversified portfolio of world-class deposits and downstream processing MINING PROCESSING FRANCE R&D CENTER NORWAY 25 25 UNITED 25 Mn Mn 6 STATES Mn 28 28 ASIA Ni Ni INDONESIA AFRICA ARGENTINA 3 Li GABON 25 OCEANIA 28 Ni Mn SENEGAL 22 40 Ti Zr 1. Brazil, China, South Korea, India, Japan and Taiwan 6
Slide 7: A world-class mining portfolio
A world-class mining portfolio Large resource, long-life, high-grade, scalable deposits, with a 1st quartile cost curve positioning Moanda GABON Weda Bay INDONESIA GCO SENEGAL Centenario ARGENTINA CAMEROON 22 MAURITANIA Weda Bay 25 Libreville GABON 28 INDONESIA Ti Diogo 3 Dakar SENEGAL Mn Ni 40 Li M
Slide 8: Well positioned assets on the cash cost curve: resilient at low commodity prices
Well positioned assets on the cash cost curve: resilient at low commodity prices FY 2025 manganese ore cost curve CIF (simplified)1 Illustrative cash cost curve CIF for the lithium industry2 For illustrative purpose (2026, Benchmark Mineral Intelligence) 8 15 High-grade (>40%) Low-grade (<30%) 7 Med
Slide 9: Robust governance supported by stable shareholding since 1999
Robust governance supported by stable shareholding since 1999 Board of Directors1 Long-term reference shareholding French State3 Free float 27.1% 31.8% STCPI3 At 2024 Number of 18 44% 44% 4.0% year-end shares issued Members Nationalities Independency2 Parity2 Duval family 28,755,047 SORAME + CEIR Ch
Slide 10: A CSR commitment and performance recognized by leading ESG rating agencies
A CSR commitment and performance recognized by leading ESG rating agencies ➔ 1. Lower is better 10 ERAMET – GROUP PRESENTATION – MAY 2025
Slide 11: A strategy tailored to Energy Transition
A strategy tailored to Energy Transition 02
Slide 12: A strategy tailored to energy transition
A strategy tailored to energy transition Two strategic axes aligned with global macro-trends, supported by an ambitious CSR roadmap & focused on operational excellence GROW IN METALS supporting global SUSTAINABLY DEVELOP CRITICAL economic development METALS for the energy transition RESILIENT MARKET
Slide 13: Sustainable accelerators to drive further growth & capture value
Sustainable accelerators to drive further growth & capture value Innovation Digital transformation Decarbonization Eramet Ideas, an open innovation Sustainable operations & low- center emission products • Supporting delivery of the CSR Plant 4.0 • Electrification of mining roadmap operations and dec
Slide 14: Ambitious mid to long-term production targets
Ambitious mid to long-term production targets 25 22 40 Manganese ore Mineral sands Mn (Comilog) Ti Zr (Eramet Grande Côte) >8Mt PRODUCTION CAPACITY, CAN FLEX DEPENDING ON MARKET SITUATION >1.0Mt HMC PRODUCTION CAPACITY 28 3 Nickel ore Lithium Ni (PT WBN at 100%) Li (Centenario) c.60Mwmt >75kt-LCE MI
Slide 15: SLN (New Caledonia): no more impact on Eramet's balance sheet thanks to financing from the French State
SLN (New Caledonia): no more impact on Eramet’s balance sheet thanks to financing from the French State In €m Eramet no longer financing SLN’s cash needs while continuing its operational support to the company 614 2 2 Financing agreement signed in April 2024 with the French State 260 -257 257 1,297
Slide 16: Eramet capital allocation policy
Eramet capital allocation policy 01 02 03 Balance sheet Capex Dividend ▪ Maintain adjusted leverage ▪ Disciplined investment policy ▪ Reward shareholders for their below 1x on average through the ▪ Deliver organic growth with very long-term commitment cycle quick payback and attractive ▪ Return valu
Slide 17: Act for positive mining: Our new ambitious CSR roadmap
“Act for positive mining”: Our new ambitious CSR roadmap Responsible mining is part of the solutions to support the energy transition 3 AREAS Care for people Trusted partner Transform our FOR ACTION TRANSLATED for nature value chain INTO 10 AMBITIONS 1 Take care of health and 4 Control & optimize wa
Slide 18: …and CSR Excellence
IRMA1: continued roll-out at mining sites, with first audit report to be released at Eramet Grande Côte in 2025 Mineral Sands (Eramet Grande Côte) Self Corrective Public assessment action plan Audit report 2025 Teams ramped up on all sites Lithium (Eramine) All aboard a transformative Self Correctiv
Slide 19: Eramet biodiversity commitments recognized by Act4nature International & Business for Nature
Eramet biodiversity commitments recognized by Act4nature International & Business for Nature Eramet’s biodiversity commitments focused on scope 1, particularly on Multiparty initiative mining activities Let by business networks with scientific partners, environmental 5 axes recognized by Act4nature
Slide 20: Grow in metals supporting global economic development
Grow in metals supporting global economic development 03
Slide 21: Pricing features of Eramet's businesses
Pricing features of Eramet’s businesses 25 28 22 40 3 Mn Ni Ti Zr Li Nickel ore floor price index OTC1 negotiation (“HPM Nickel”), set by Indonesian OTC1 negotiation authorities for Ni ore produced and OTC1 negotiation sold locally: Depending on the region: CRU index: bi-weekly HPM nickel 1.8%/35%2,
Slide 22: Manganese
25 Mn Manganese
Slide 23: Carbon steel, the main end-market of Manganese
25 Carbon steel, the main end-market of Manganese Mn Manganese Manganese Carbon ore alloys & others steel & others MANGANESE ALLOYS 0.35t Average content of Mn per tonne of ore 2.0t Average use of Mn ore per 10kg Average content of Mn alloy per tonne of alloy tonne of steel (c.7 kg of Mn content per
Slide 24: China driving demand for Manganese ore, with India emerging
25 China driving demand for Manganese ore, with India emerging Mn 2024 manganese ore global 2024 manganese alloys global 2024 carbon steel global production (Mn content) production production Other Other Other 9% South Africa 13% 9% Brazil, 3% Malaysia CIS2, 5% 48% China China 3% India, 5% 63% N. Am
Slide 25: Manganese activities in Gabon: an integrated value chain from the mine to the customer
25 Manganese activities in Gabon: an integrated value chain from the mine to the customer Mn Extraction, Moanda (Bangombé Okouma) Owendo Port, Libreville Railway Station Dry mining Stacking units Mn ore >44% grade Fine by-products c.38% grade Shipment Railway Station (Moanda) 50-200kt Stationary Mn
Slide 26: Moanda: world's largest high-grade Manganese deposit
Moanda: world’s largest high-grade Manganese deposit 25 positioned on the first quartile of its cost curve Mn Moanda – 2024 key figures Key players in high-grade Mn ore Other, 7% 2 plateaux operated by Comilog (63.7% Eramet) Bangombé & Okouma ICV, 4% 28% 465Mwmt resources1 NGM, 4% 1st global produce
Slide 27: A leading Manganese alloys producer well positioned to deliver the most attractive markets
25 A leading Manganese alloys producer well positioned to deliver the most attractive markets, North America & Europe Mn Alloys business – 2024 figures Key players 6 pyrometallurgical plants OM Holdings 1st global Kvinesdal, Marietta Dunkirk Moanda producer of Porsgrunn, refined Mn alloys Sauda Priv
Slide 28: Nickel
28 Ni Nickel
Slide 29: Stainless steel, today's main end-market for Nickel, with EV batteries showing solid growth
Stainless steel, today’s main end-market for Nickel, with EV batteries 28 showing solid growth Ni Nickel Primary nickel Stainless-steel ore production1 & batteries Sulfide-type ore Nickel Class I2 Canada, Russia Other Nickel Class I production: 10% alloys 26% of global production 7% Stainless Nickel
Slide 30: Indonesia installed as the largest player in Nickel, in a context of growing demand
28 Indonesia installed as the largest player in Nickel, in a context of growing demand Ni 2024 nickel ore global 2024 primary nickel2 global 2025e-2030e nickel production (Ni content) production (Ni content) global demand Other Stainless Batteries (inc. EV) Other, 11% Indonesia, 4.5Mt Indonesia, Oth
Slide 31: Weda Bay: world's largest nickel deposit positioned on the first quartile of its cost curve
Weda Bay: world’s largest nickel deposit positioned on the first 28 quartile of its cost curve Ni PT Weda Bay – 2024 figures Key players Partnership with Tsingshan (38.7% Eramet) World-class deposit operated since October 2019 2,800Mwmt resources1 Ore grade: 1.2-1.9% saprolite 1.0-1.4% limonite 30-y
Slide 32: Weda Bay mine: supplying an extensive industrial park (IWIP), including NPI & HPAL plants
28 Weda Bay mine: supplying an extensive industrial park (IWIP), including NPI & HPAL plants Ni Weda Bay mine PT Weda Bay Industrial Park (IWIP)4 ▪ Publication of the AMDAL1 decree in July 2024 and of the Feasibility Study1 in August, enabling PT WBN to target a > 80Mwmt Ni ore demand progressive ra
Slide 33: Mineral sands
22 40 Ti Zr Mineral sands
Slide 34: Ceramics & pigments, the main end-markets for Mineral sands
22 40 Ceramics & pigments, the main end-markets for Mineral sands Ti Zr Upstream & Midstream Downstream separation Main applications 2024 titanium 9% feedstocks production1 Dredge mining 4% 9.2M TiO2 units Titanium slag / Separation of titanium synthetic rutile Pigments Titanium metal minerals 87% O
Slide 35: Eramet Grande Côte: world's largest single dredge mineral sands operation
Eramet Grande Côte: world’s largest single dredge mineral 22 40 sands operation Ti Zr EGC – 2024 figures Key players 2,964Mt resources1 Yuxiao Group 25-year mining concession 5th largest producer of both titanium feedstock & zircon Main consumers 2nd largest non-integrated chloride ilmenite Pigments
Slide 36: Sustainably develop critical metals for the energy transition
Sustainably develop critical metals for the energy transition 04
Slide 37: Energy storage, the main end-market for lithium
3 Energy storage, the main end-market for lithium Li Energy Extraction Transformation storage Lubrificating From brines (lithium triangle1) Lithium carbonate greases, 2% Other, 2% Glass & Salar brines ceramics, 5% Centenario production Li2CO3 ramping-up in Argentina Main 70% of 2024 global productio
Slide 38: Centenario ramping-up with first lithium delivered end-2024
3 Centenario ramping-up with first lithium delivered end-2024: a step further to diversifying the Group into metals for the energy transition Li First lithium production Lithium asset 100% owned Ramp-up ongoing & sales achieved Full-ownership in Centenario 1st production achieved end- Production run
Slide 39: Joint marketing agreement with Glencore to clients in EV value chain, ESS & niche market
3 Joint marketing agreement with Glencore to clients in EV value chain, ESS & niche market Li Clients Lithium carbonate Joint marketing agreement production at of lithium carbonate from Centenario plant Centenario EV value chain, ESS & Supporting Eramet’s entrance other niche markets Delivery of lit
Slide 40: Building a pipeline of future growth options in energy transition metals
Building a pipeline of future growth options in energy transition metals Main projects Growth Geothermal Class 1 nickel in EV Battery opportunities for lithium in France Indonesia recycling lithium in Chile Mining concessions acquired in In 2023, Eramet and Électricité de late 2023 in the Atacama re
Slide 41: Highly committed for decarbonization through projects & innovations
05 Highly committed for decarbonization through projects & innovations
Slide 42: Eramet's carbon footprint: 82% linked to the value chain's upstream & downstream (scope 3)
Eramet’s carbon footprint: 82% linked to the value chain’s upstream & downstream (scope 3) Eramet’s 2024 carbon footprint (MtCO2) 69% Customers o/w: • Transformation by customers 61% • PT Weda Bay Nickel1 7% 10.0 Mt 18% o/w: 13% • Purchases Suppliers 8% • Transports 2.6 Mt 4% 1.9 Mt Scope 3 Scope 3
Slide 43: 83% of the Group's direct GHG emissions (Scope 1 & 2) come from pyrometallurgy
83% of the Group’s direct GHG emissions (Scope 1 & 2) come from pyrometallurgy Eramet’s 2024 scopes 1 & 2 GHG Eramet’s Scopes 1 & 2 GHG emissions emissions breakdown1 (MtCO2) reduction & targets1 (MtCO2) 0.3Mt -18% -40% -28% 0.2Mt Contribute Pyrometallurgy 0.2Mt to carbon 83% neutrality 3.3Mt 2.6 Mt
Slide 44: Decarbonization levers tailored to Eramet's challenges
Decarbonization levers tailored to Eramet’s challenges - 8% -28% + 29% 2025-2035 Installation of - 13% -40% energy recovery Scopes 1&2 unit in Sauda 2019-2024 Industrial trials - 15% Deployment of successfully 2019-2024 2025-2030 trucks fleet & performed in Marietta -20% linked to lower +24%, mainly
Slide 45: Decrease in carbon intensity limited in 2024, due to unfavorable product sales mix
Decrease in carbon intensity limited in 2024, due to unfavorable product sales mix Carbon intensity of Eramet's products (Scopes 1 & 2) 2024 performance (tCO2/t outgoing product) -24% realised 0.4 vs. -33% initial target CSR roadmap 2019-2024 Change in product sales mix negatively Achieved CSR roadm
Slide 46: Supporting Eramet's value chain in reducing its emissions
Supporting Eramet’s value chain in reducing its emissions Eramet’s 2024 scope 3 emissions breakdown Engaging with our value chain on Scope 3 (MtCO2) 67% 62% Others 1% 46% Energy 3% Transport 28% 5% Purchases 11.8Mt 8% Scope3 Joint-ventures 2019 … 2023 2024 … 2026 target 8% 67% of its suppliers and c
Slide 47: Building on Eramet's successful transformation
Building on Eramet’ successful transformation 06
Slide 48: 2025: strengthening Eramet's asset base
2025: strengthening Eramet’s asset base 2017-2024 2025 focus Major transformation Level-up Repositioned Eramet as a pure M&M player Become best operator: creating value through operational performance Opened 2 major deposits Unlocked Tier-one assets value through Become best project developer: rampi
Slide 49: Eramet perfectly positioned to further unlock value in a new era of metals
Eramet perfectly positioned to further unlock value in a new era of metals PURE-PLAY WORLD-CLASS WELL HIGHEST CSR COMMITMENT Mining & Metals ASSET BASE POSITIONED standards to a strict with proven track on attractive financial policy record markets 49 ERAMET – GROUP PRESENTATION – MAY 2025
Slide 50: Appendices
Appendices 07
Slide 51: A Mining & Metals longtime player
A Mining & Metals longtime player 1880 1985 1991 1994 1997 Nickel Nickel Alloys Group Manganese Société Le Nickel (SLN) was Eramet-SLN Erasteel acquired Initial public offering 61% of Comilog acquired incorporated to operate nickel created (diversification into highspeed of the Eramet Group (diversi
Slide 52: Positioning of Eramet in the M&M value chain
Positioning of Eramet in the M&M value chain Primary End markets / Mining transformation applications Comilog CMM Carbon steelmakers 25 Mn Porsgrunn, Sauda, Kvinesdal, Carbon steelmakers Marietta & Dunkirk NPI lines in 28 PT Weda Ni JV with Stainless steelmakers Bay Tsingshan 22 40 Pigments, ceramic
Slide 53: Eramet associates the main countries & territories where it operates
Eramet associates the main countries & territories where it operates Others, 7.4% Senegalese Gabonese PT Antam, 10% State State 10% Eramet 28.9% Eramet 100% Eramet 90% 38.7% Tsingshan Eramet 51.3% 63.7% Comilog PT Weda Bay Nickel Eramet Grande Côte Eramine shareholding shareholding shareholding shar
Slide 54: A seasoned & international Executive Committee
A seasoned & international Executive Committee Christel Bories has extensive industry experience and has developed considerable expertise in transforming Paulo has over 30 years' businesses and deploying strategies in complex international industrial environments. A graduate of the professional expe
Slide 55: Highly committed for decarbonization through projects & innovations
Highly committed for decarbonization through projects & innovations
Slide 56: Care for people: 2026 ambitions
Care for people: 2026 ambitions 1. After one year within the company 56 ERAMET – GROUP PRESENTATION – MAY 2025
Slide 57: Trusted partner for nature: 2026 ambitions
Trusted partner for nature: 2026 ambitions 1. After one year within the company 57 ERAMET – GROUP PRESENTATION – MAY 2025
Slide 58: Transform our value chain: 2026 ambitions
Transform our value chain: 2026 ambitions 1. Absolute target, in tons of CO2 vs. 2019 58 ERAMET – GROUP PRESENTATION – MAY 2025
Slide 59: Contacts
Contacts Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Relations Senior Analyst Fabien PONT fabien.pont@eramet.com