Korea Zinc Co., Ltd. · KRX:010130
Korea Zinc — Investor Day (2023)
59 slides from Korea Zinc's investor day presentation, 2023
Slide 1: 2023 Investor Day
2023 ae40la
Slide 2: Agenda
2023 DHOl 01 EOFS D749} Oley 02 MANS 03 TDA 04 AS 7s SSE 05 ASMet FS! seth] Bat
Slide 3: 01 Korea Zinc's Past and Future
Slide 4: History
2023 240t4 INVESTOR DAY HISTORY = Kiss S217 1/ GBI cre 1974 UA40IHe AA 1978 Of Ae 1986 A BASHA BS (AB 1992 DRS & AHSA BS ( 1994 O;AASt ESE S} AlgaAt 1995 Fumer 54 2S 1997 1974 1978 1982 1986 1990 SMC Solar Farm HZ 2000 TSLS@ 2S 2004 5 WSS ES (S 2tE) 2015 Al2H|HEA| ES (A 420t=) 2016 Zinc Oxide Corpor
Slide 5: e{0t INVESTOR DAY
2023 e{0t INVESTOR DAY v}742t Olen ru 7a Ole > 7 BHHS Sct SEH AW Ale > LAME! 7/Su} SSS = © AAA] HBSS A[AOA2| AEA QA] AS > AS SHES Set La AAS » ZFAALOIO|| Z/ZS}O] SL Al = Ati-2! SChst + DH] 101421 Oz Qt IZ (CAGR 7.1%) ete ASel SaaS 20004 0/3 9547] AS ST} 7/z* Ole AMA = | sth BAY ABH OfLle} ESGUYS Set
Slide 6: 2033 targets
2023 240t4 INVESTOR DAY 0424 H2S0H OF JS 102! HE SS ABs |S | Weve BDA <5 ae i 246 17.7 15.4 6.2 41 10.2 118 } 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 BE Ale AAAI 712 (202302 YS OA) 6 AANA Heel 71% (49 : 22)
Slide 7: 02 Smelting Business
Slide 8: Smelting process
2023 240t4 INVESTOR DAY MBNASE “7H EIA. Co po] MlSet Ferric Oxide Co, Ni Oxide Sb, Bi, Te, etc ErSiot DRS* Process Unification AutoClave CHe3ot MIAIZICH Jumbo =2t AIAIZICH Cell House M74] [CH HHA * DRS (Direct Redox Smelter) : 2/4 Ats}-si Hie
Slide 9: 140} INVESTOR DAY
2023 140} INVESTOR DAY SAMBA MB eo SAMA A 2xPAA| AA AAA AA 2023 44 Sve tts Ste7Vta eal 5 PA AA : 430g
Slide 10: Metal market
2023 240t4 INVESTOR DAY 10 H = AHAIOHEE a2 HH oS e238 Ore, a Mabel aTe Of 8.4%, A 9.3% AHSE MA OH AS Bits 19/0/H, HA MAA 7 MA SIH MAA "A ~~“ 100}S9 HBSS C12 1003 ofA AF Ef MIE CH] S57, SPIO! OJeHO 1 ; ARESE Sass Ast silFote SS Base Metal Precious Metal ; —— - (%) In oP | 5 20 jane aT RIE!) ae | aEyO
Slide 11: Risk & Opportunity
2023 240t4 INVESTOR DAY Risk & Opportunity Opportunity - ™ BAt PO|OHS} —- AOS BBA * Treatment Charge : Ala += 2 MAA7SS SIM BSI Of} — May E17} OAS QIZHH, THEY] Ak 1 Mat TC* OE! (Beteul a) — TC oft 2akI Se Mel SCH 2x| Zl HIS: Zn 24%, Pb 26%, Ag 33%, Au 40%, Cu 70% s CHI} ie WW AEF LNG, SEH|S OFS} 11
Slide 12: Smelting plant improvement
2023 1240} INVESTOR DAY | ZIRE Shs AS17453 ae adele lst * Plant 57] 7ESZAI B! MES! : MASI! BZ INST 1130421 > TI2GHE ( 234 1102 HE CHM 2B 287 HAN) ° 244 MI BS Are: wz) Cu Smelter M3! (Cu dite : AZ! 4H — 6.62HE, +165%) #2 TSL Mt (Pb #ttsS Sh) #1 TSL : 7ESSAl AME S213} 4 SU, 30vk= 42ers) #2 #1 AMA : WS
Slide 13: STN
ay oc 2 aa Zz il STN el 3Et74] (202644~) 1H) roy 2et74l ( 1&t74] (~201744) Va A LIB MBA ZS(2026H4 OA) zo! a / KPC 5 ~ ’ KZAM Ferric Oxide e «te 7 Fumer — Cu Smelter Mt (S 20H Ale) “ = 13
Slide 14: Copper demand
2023 U2{0t@1 INVESTOR DAY SSS(1)- Ms a * Source : Bloomberg * ETS (Economic Transition Scenario), NZS(Net Zero Scenario) Global Cu 42 2! §§) Other demand m= Mined supply I Energy transition demand @ Share of transition in overall demand Million metric tons 75 100% 60 80% 45 60% 30 40% 15 20% 0% } EX
Slide 15: Value chain
2023 T40-e INVESTOR DAY SSS(1)- Ms Recycle Recycle & ASS! Value Chain 7S 15
Slide 16: a1240}1 INVESTOR DAY
2023 a1240}1 INVESTOR DAY AIEHSEY(2) - BHAI BH — 7) SMI Sulfur source AS 3 Free Sulfur= Hifi] SHAt C171 SOOKE AHA IS OC 22428) son O & SAMSUNG SK hynix AHAIZI | Al=! S7-FS (sth) 2023 2024 2025 2027 2029 2031 2033 16
Slide 17: SMC renewable energy
2023 z40r INVESTOR DAY SSSA(3) - SMC RE100S Set Green Metal 2841 Sun Metals Soi Bi FHOFat HME | 202514 OSE} 32} 124MW Bee Hel ASS OF SMC AAA HE 25% SS 204047 FAI =1=3 100 | cw 17 2024 2026 2028 2030 202314 SMC Ferric Oxide SY SY Ste
Slide 18: Smelting business financial targets
2023 240t4 INVESTOR DAY | MBAS Ath] OHSS MS 20334 MEVAISS HHS 13221 |S | oe, ow, HBS S Wi tral St | Capex 12.4 12.5 10,0 == oe 0.3 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 ete] : el BE ARE AAA 7/2 (20232 LYS OAR) s SH: HAMA A es 71
Slide 19: Troika Drive
Slide 20: Troika Drive
Troika Drive AIA! SISHSIOIM BZIS! MES ISI 20
Slide 21: Troika Drive
2023 240t4 INVESTOR DAY 7 MSHS ~ZI8IZ) Bt RI ISS} ELAKIZ 1 S7 “AIS SERS 8h (Ofe4/%4) -HAHEO] S2 Troika Drive Al@ 2IBASIOIM B45! MES 71/Sl SAtOl Stil ALS OL }X} 22] ZEA vis} He SLPS AL SEES OLAS] u oAb7t a17H A] BS] Alet ollol Be —_ -HO THIS SIPSt AISI / aouw ETE o SEI APY A] At SH] SitAsyt 3 AIRY OL
Slide 22: The Call of the market
2023 240t4 INVESTOR DAY 7 MSHS The Call of the market Troika Drives? HISHE! AFQIM2! HSS MAO AlStZ3 AAWOILAAL BOS Ol Hot TEA ALA ™~ Captive +2 Recycled den 22
Slide 23: KZ Holdings Structure
2023 240} INVESTOR DAY KZ Holdings Structure (~ KOREA ZINC eo mez © AITHALOILLY © 2RHA| AN © ApBES z|2S os ose 23
Slide 24: RE100 and green hydrogen
SMC 고려아연 RE100 RE100 달성 달성 그린수소 연간 50만톤 생산 24
Slide 25: Renewable energy opportunity
2023 240t4 INVESTOR DAY AIRHASOILAAI SE EAs Opportunity 44 men Gy C- rk BK, Ml = oe un EF | ie 1) a oe Si) US £ | gl aA WH 8 S ax 2 Hy) Fe se Ws) 0 om £ oe We ol ool 86S mine = SST sel 8S Ol ly # ORO SO =n eC <i Wi Do; al» ol iy =O | BS] RR Keo KO =U) «OF CK aa isk «Kol! Ha 10 N Gr) La ir) (*—) / 7
Slide 26: Renewable energy business
2023 240t4 INVESTOR DAY AITHSSQILAAL SE LAA Se eal et S7tsct OletS ot ASAI 7| BO] OLA] BSt ABATE Set AITHAHEE AFEIAL TESA ARE AA! TEI ALE MISE AITHAHEE TEE ERS ZISH ~ pyar Ola > AMG ABI UY Kiet > S27 ATH KK HE ZO] 205014 ELABE! BY ABIAA AyesO] AIRMIZIAG EFS zIOBE AITHASEMALSIZHS EOF QILAXI Ot! 2154
Slide 27: Value chain
2023 240t4 INVESTOR DAY AIRHASOILAAI SE EAs KZ A'IXHASQILAAI SY 4 Value Chain TAS yore | =z (Caney: 18m) Duss a = Up-stream Mid-strea mM . .. Se own-stre aM Ean ee BS ad ae ol te Ze EHOFEE & ° HELIO} =z Anz OFDL|O} = FA 72 Szj OfL4A/ AMBH7| rst AS 2 reforming & Bwale| wet ESS TASB XX J \ yy J JX y,
Slide 28: Renewable energy financial targets
2023 1240} INVESTOR DAY | AIHANOILAAL SE AA +-%1 CAPEX 3341 B CAPA "3344 DhB ('24~'3314) 4.6GW 0.9471 8.32471 AAPA OYL|A] EBITDA Of4!5 : 79.4% 30% Equity Partner RA Al 5.BAA “Ong wD, {/ . “0Ataaanai “Chaananasti neil re “aT bose EMILY vee ; ial aigevbbdaaessteeyy ees ca us ey, “Cttaanganas AIR 71 AH
Slide 29: Nickel business roadmap
2023 140} INVESTOR DAY Z2KIMXI ASAH KEMCO (atu) KPC (hal) KZAM (s#) Ne AR 2017 2018 2019 e e e 2017.01 2018.02 2019.11 KEMCO saws 14154 ay (4.5kt Ni) (+6.5kt Ni) KPC Sas (23.10) 2020 e 2020.12 2at 348 (+11kt Ni) 2020.03 KZAM #13 2021 2022 2023 2024 2025 2023.11 All-In-One LIA WBA 7/SA4I Trafigura AS
Slide 30: Opportunity
2023 240t4 INVESTOR DAY Z2KIMXI ANAK r= 3 WIS teerS0 te SAXIAH 7174 OfFt 1 AES ldl ME =7Sal ChSSt MIAH SOTO CHAIDHS HOSO| Ase ot — ik — Q ses Met SAH AIS Se Stil LE Opportunity - = IRA* 25 MIE Atom SSNS SSA CH AHS Atl 713 LHAWSt 22401 CHE MALE SICH Chest AS Mel7tSet All-In-One MBAS Sol Flexibles!t H
Slide 31: Value chain
2023 240} INVESTOR DAY Z2KEMIAI ASM KZ LIZAKEd Value Chain <— at >< BAe > KEMCO oP sim asal (KPC) Ni OE 8.52HE/i4 1 & NCM22a] SEE /tA (BM3HENi/'A BSH) H : (LIAI|% 4 4ote) '24.0175SH | sre eae oe sobel H HHE| =| hax} ‘23.118 4a i ‘26HR SSE : ait it BSBA i OF 7H LIWArs eS : it ‘23.118 BS : ‘294% 7S SE
Slide 32: 240t4 INVESTOR DAY
2023 240t4 INVESTOR DAY Z2KIMXI ANAK ® AS +e Og Ost A7|S OM AS + Sut FA AD St = Ost 34/9 HIALIA ZlsH @ 100% 2|A}O|S2 Ae as @ He Crerst Ky =a SOLO —i>— (EEA:Kta) 60 26 13 2024 2025 2028
Slide 33: 100 100
100 100 90 80 70 80 80 80 80 60 60 50 70 60 50 40 33
Slide 34: Nickel financial targets
2023 1240} INVESTOR DAY | 2KEMKI ATH ‘3341 S CAPA* > SIAtL |Z : 85ktpa Ni MMI : 44ktpa Ni sit: 6O0ktpa Cu af / “Cerri EBITDA Of21S : 10.4% *s “Cetninaansi 34 ORNs a et hicehhtteesS Weer : _# CAPEX (24~'334) 2.12421 vc enettt ace KKke * CAPAE WIE JIE GE Sale AIA 71 OSH : ABA] A Cte Stal] 71 Capex :'2
Slide 35: Recycling roadmap
2023 140} INVESTOR DAY MAE! 2016 2018 2020 2022 2024 2026 2028 2030 e e = 2022.7 2024~2025 2026~2029 2030~ E-waste #2] lope ole ; STO F! AHAFS=4 | E-waste E-waste Capacity 230kt Eawaste)Canectyoant Sst 1zt AA Ste 2} AS Sth SABI (MHF Capacity 24kt) (+48kt) (+96kt) E-waste (>) 2024~2025 2026~2029 2030
Slide 36: Opportunity
2023 Oy A INVESTOR DAY ON rail ite ESG Zetoll (het 742! 2NHE OS MIS VSt Z}= BHO| THES BAO st feISSt AIRE S7k 3712! BSS FM, BI BH FA FAM Sst we \e1 Sa Opportunity - ™ M7 IKt HSS, SAME S Ate SBOE 20S SS S7t CIAHOIS OIF & clArole WE OFASEF rll SHAt CrOkSt 2K MEISE Qt Sul 2 71s BS 2H-MMel-MBS ei SBS St
Slide 37: E-waste recycling phases
2023 240t4 INVESTOR DAY Artest E-waste EYOFSS WHS HWE] F225 E-waste EXQRSY TH|nH'S TAIBHELE| {EKA 2024~2026 Paalel] Qos [exe] + E-waste Hl Hak 2 ts Sst o ENF WIOWS elAPOLS ALS HA + of{2| Black Mass AZ Mae] Ate 21S >» 2Et4] 2027~2029 > PIAPOIS Are OFSst [Ax2I] ADE [SAI] Qo > E-waste Ale 71 27H Olt E7
Slide 38: Value chain
2023 e{0t INVESTOR DAY Kissel — ee Value Chain 22! ee a |.) gangs E-waste ; i - Cu . |, | als 3 (Ag) ' > 2K WHEI2| Ze Scrap > MMH] L fi - al Ni, Co, Li Ag & MEE] — ) ») f a) HORS MH] «= EYORSE IY gL a ag Tae HAI AS Ag+ SR 38
Slide 39: Recycling financial targets
2023 D2{0}2l INVESTOR DAY OIALS | AiIZSt 41 CAPEX "3314 S CAPA "3344 DH ('24~'33L4) E-waste : 230ktpa ro) x Oo EHQF2t iHImHYs : 320ktpa 6.0471 1 5x rl THIKHEA2| : 60/40ktpa EBITDA DES : 9.5% (MAle| / SX 21) } My, ~~ 7) “Cttanaaaaat “Cit rrapaanai ONDA ieshs eee eeteee SS" SS : SSR cn gaabhadaaddteey
Slide 40: TD business financial targets
2023 240t4 INVESTOR DAY TODAS ATH! SY DHSSH Mt oO 20334 TDAFE! DHE 12.22% | OHS =) 2a] ME atest MM AlaHagoL1ay | Capex 8.9 0.2 7.1 6.2 ‘ 0.1 4.1 3.5 a 1.6 0.9 |? 0.8 0.1 o1 ney | | 0.1 : 0.1 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 C9] : el — AIAHAYOHLAA|O] EAM SOH] CHE PALE HO] BE SAl
Slide 41: TD business 2033 targets
2023 240} INVESTOR DAY TD MASE Mall 2033L4 TOMES OHZS9H : 12.2421 EBITDA OI! : 14.8% LM CAPEX : 11.922! BE SAE SAP 71 AAHBOILA|S| PAMSHO| Cot ALE AQ] HSH: ABA Sheet] 71 ry Capex :'24~'334 +44 71%
Slide 42: 04 Sustainability Management
Slide 43: KZ ESG
2023 140} INVESTOR DAY KZ ESG 2 Ms Eco- [4 friendly Renewable Energy Transparency ee Circular Economy Socially Secondary Responsible Battery Material 43
Slide 44: Green Metal
2023 L240r INVESTOR DAY AISI MATRA] 2EO@ Green Metal ANAt ——_ = Green Metal | AH At 2KEUAI ATH REI00ES Rl2tZ3 OILAAl, AS SICH ¥ AL ONLAZI Fa T=] = = = —_ AIBA A DSO} AIZHAOYL|A] BS! MSS AIA] Ste EILAHWS 2|AS+= Sci Green Metal A¥At 7] Ht OFe4 4lztZ BHH 2s 44
Slide 45: KZ ESG strategy
2023 240t4 INVESTOR DAY KZ ESG Al} Met LAH OIL A] Ate St Of|L1X] OF 3 | 7a SAA 2 AM y SCHAHo Zero ADE OHMAJAGY EO SSAt Meee AA HS 45 MBSA BS Hi H1 Jol OM [ot AWA a1 o3} —_ ESG IABP Ala) 7S OlAts| HF Sth 2 AAA SHS Ast ASrp0/AA Aa] 2st Se A|Aq He] pa)
Slide 46: T240r4 INVESTOR DAY
2023 T240r4 INVESTOR DAY NS7tSBS A! MALI SOOO TM ESG MEI! Mele Sot 1 — 7 — | a MAM! ESG BS a 202114 128 XIATHSAS ASI SY B! MEF AAIOl ESGAAE Az SA ESGASS st Wat OE G CH AZ DEMAS Say ASSAS Sat Bel 91948] 294 X12 HATSASABE Hs ESG ae aa SHA(E), AtS|(S), AlHHAEZE(G) EOI Per AFS7ASASS BSO] Het AAA ete] 2!
Slide 47: Risk, Effort and Opportunity
2023 T240r4 INVESTOR DAY Risk, Effort and Opportunity Elgort 2 MZAZOl Atai2t AHon 3 ALIAS S dt =0/7t [Als Sot ZIM ESG Ae OlOHEHAIAEIO] ASSSt 47
Slide 48: Green Metal Project
2023 T240t4 INVESTOR DAY Green Metal Project EIA Sis £4 0 > Carbon Trust 2!S 22! Or, =, &, LIZ4(2023)/ S, (2024) Green Metal AHAt 2023 2024 2025-2030 eee > 2080 Carbon Reduced ————___- —— Carbon Measured Carbon Measured Zinc || Silver || Copper Lead Gold Zinc || Silver | | Copper At J j Green Metal
Slide 49: 2050 carbon neutrality
2023 240t4 INVESTOR DAY 2050 EIAZSE] SOBH OSH AR a a | olRtetz3 TEgI44 ( | ) | Ned = 7" @ =p 713 HE lmtp} 415 7 MIot te (A8AF OS EH) A= Sul + SAEHI 71S HS (27) * SASHIMI S ASSIS CATS HA Ste (~'40) + Tet ALO] SS, MEE AS, ASS Sst let AS (~'40) + AIAWSONLAA| SHEA Ale AS 49 KZ Ole8 iy iy | I AABIM AtQ]
Slide 50: Green Metal carbon reduction
2023 240t4 INVESTOR DAY MRE! APSBS Plot KZ EtABEl 2050 S&B 0 [SE Green Metal 4#At (Et9|: CO2eq ton) -20% ¥ -40% ¥ WF | co: 100% “Gs y aS oe ) ©) Gia “7020-2030 #888 GG «HY ~—«oat-2040 gees «BGR 2001-2060 age eee SOS 50
Slide 51: 140} INVESTOR DAY
2023 140} INVESTOR DAY PIABSAIAH Sot ee o}ea| Wy: TIeYOIOH Ciel, APL ARTSY, OI OFET} a a eee» ~ one ne L__________-L-->D.l EEE, + Oe #e| OP] SHE: 26 + 1318 + Ae Al A274 : + Be ASO A + OFS ZHINIO! ALA] S! OFM aS + OFMDB| 44 GI XSI GAHAL, 77H SA AASt Stes Set MOL 7H4| © G71 OFA Ape HEE + AIS HPS HS SB
Slide 52: Mission Step (2024-2026)
PIABSAIAH Sot 2023 240t4 INVESTOR DAY -~Mission Step (2024-2026) 52
Slide 53: T240r4 INVESTOR DAY
2023 T240r4 INVESTOR DAY OlOHEHAIAt AlS7tSs 7HM QIRIS, DE, SEAL, TIZHAL, TIALS] S a SIAIAE CIA tel APR S SAS Sot Sz TH Al Oly Se QIHOll FIOFEt OfoHEHAIAL ot, Sad 22, Cha, oa aAaS Fl S ASIA EAT RE 2H FASE TPefop7| tet Fictota! 7H ABI Sad 7S FSI SAI 53
Slide 54: 140} INVESTOR DAY
2023 140} INVESTOR DAY NS7SBSeez oootTrTt 54
Slide 55: 05 Financial Strategy and Shareholder Return Policy
Slide 56: Consolidated EBITDA outlook
2023 240t4 INVESTOR DAY OZ DHBH 2 EBITDA MS 20334 423 DHE 25.324 |e MAAS ME TOWeSS | Capex _| 924 EBITDA —®- EBITDA CAGR 14% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 - 2033 : cto] : 2 ALTHALOHLAA|O| ALA SO}| CHBE ARIE HI] BE ARIE AAA 71Z (202342 LHe OAL) 56 DHE : AZANIA] A Ct sl 71
Slide 57: 2033 consolidated targets
2023 240} INVESTOR DAY MIRAE SE TOA MA DHoH : 25.3421 EBITDA Ota! : 13.3% = CAPEX : 17,1287! 57 BE AE AB 71E AIAHAN OIL] A|S] EAMSHO|] CHSt ALE AlL| OSH: ABA A tes 71 Capex :'24~'33'4 +4 7|%
Slide 58: Capital allocation strategy (2024-2033)
2023 1240} INVESTOR DAY | Capital allocation strategy (2024~2033) Shareholder value? ReturnS SCistot= 27] Met _ -7ASMe- — ~ 32521 + Sources Uses (2222+ a) Growth o Re; EBITDA 24.2271 = LICE o TIEN SAT 492471 ATA EAL 11.8221 S12 9 SSATP (202344 37131 712, ELSA} 8h) ~ 1.9221 M&A TBD aye Es Shareholder
Slide 59: Thank you
MII SICH FS BEN HIEWICL OSS HASH MES WSS 7B BS ASUCH