Eramet Sa · EURONEXT:ERA
Eramet Sa — BofA C-Suite SMID Cap Conference & ODDO BHF Forum 2024
33 slides from Eramet Sa's conference presentation, January 2024
Slide 1: A New Era: Investor Presentation January 2024
A NEW ERA Investor Presentation January 2024 BofA C-Suite SMID Cap Conference & ODDO BHF Forum
Slide 2: Eramet at a glance
w eraMerT ERAMET AT A GLANCE
Slide 3: A global pure mining & metals company
I A global pure mining & metals company efaMet REFOCUSED ON FOUR ACTIVITIES IN M&M RECORD FINANCIAL RESULTS IN 2022 Adjusted EBITDA! 2022 Group Adj. turnover FCF €5.4bn generation €1.9bn €824m ADJUSTED SALES BY GEOGRAPHY* Leverage? 50% ASIA Employees? (Incl. 20% China, 7% Indonesia) 1 0, 404 Oo 2X 1
Slide 4: Operating in manganese, nickel, mineral sands & developing battery-grade lithium
Operating in manganese, nickel, mineral sands & developing battery-grade lithium MANGANESE In operation ASSETS World's largest manganese mine 6 metallurgical plants: lin France, 1 in Gabon, 3 in Norway &1in the US 2022 KPIs Sales: €3,151m EBITDA: €1,402m FCF: €835m Headcounts'!: 4,625 NICKEL In oper
Slide 5: World-class mining portfolio, a key differentiator
World-class mining portfolio, a key differentiator Moanda GABON 454"" RESOURCES! 44° >20° AVG.GRADE LIFE OF MINE ‘CAMEROON Weda Bay INDONESIA 2,800" RESOURCES? 1 3" e >22” AVG. GRADE LIFE OF MINE Gwedavay AUSTRALIA GCO SENEGAL 3,030" RESOURCES® >24 LIFE OF MINE - eramMerT Centenario ARGENTINA 15" 1.
Slide 6: A CSR commitment and performance recognized by leading rating agencies
. A A CSR commitment and performance recognized eramMetT by leading rating agencies " B- Prime ISS SG> Among the best in the industry a 2"4 decile in the M&M sector SUSTAINALYTICS Investor Presentation - January 2024
Slide 7: Expand value in resilient and fast-growing markets
Expand value in resilient and fast-growing markets Strategy aligned with global macro trends A eraMmMer,r GROW IN METALS supporting global economic development Producing low emission products and high-grade ore efficient for carbon intensity Capital asset utilization improvement Organic growth wa Pr
Slide 8: Now moving our focus to growth, keeping strict leverage control through the cycle
Now moving our focus to growth, keeping strict leverage control through the cycle O1 02 Balance sheet Capex » Maintain adjusted = Disciplined investment policy leverage below 1x on average through the cycle = Deliver organic growth with very quick payback and attractive returns = Unlock strategic gr
Slide 9: 2024 Key Strategic Priority: Centenario Lithium
2 2024 KEY STRATE¢ CENTENARIO-LITHi
Slide 10: Centenario lithium resource
aa eramMert : @. average varie 35070! L : of Li’ content - ‘es Life of ofr mine of 4GOYEARS +. Identified lithium-based energy transition trend a decade ahead 1 Investor Presentation - January 2024 LCE (Lithium Carbonate Equivalent), future resources subject to JORC certification |10
Slide 11: Our flagship Centenario project: first quartile cost position
Our flagship Centenario project SG eramMerT Phase 1 - Attractive profitability underpinned by first quartile cost position COST CURVE OF THE LITHIUM INDUSTRY (2028, ERAMET INTERNAL ESTIMATES) Cash cost! $/kg LCE 30 25 Current long- term price forecast (market consensus) Spot price 20 a eramMer;r 10
Slide 12: Our flagship Centenario project: state-of-the-art development
Our flagship Centenario project oneIsn ” State-of-the-art development showcasing “made in Eramet Development Phase 1 phase Unlocking the potential Phase 2 > . ; 1s tranche In-house DLE Partnership with Tsingshan since end-2021 technology (50.1% Eramet, 49.9% Tsingshan) cC.3OKt-LCE kt-LCE Production
Slide 13: Our flagship Centenario project: Phase 1 on time
Our flagship Centenario project Phase 1 on time and focused on commissioning Phase 1 advancement towards commissioning Past four years performance of our on-site demonstration c.85” COMPLETION RATE 1,420 PEOPLE ON THE CONSTRUCTION SITE c.90” LITHIUM RECOVERY AT DIRECT LITHIUM EXTRACTION Investor Pre
Slide 14: Our flagship Centenario project: Phase 2 first tranche
Our flagship Centenario project aS eramMert Phase 2, 1* tranche, conditionally board approved (construction permitting ongoing) ATTRACTIVE MARKET FUNDAMENTALS APPEALING PHASE 2 (1ST TRANCHE) METRICS kt k$/t LCE = Limited competitive pressure with >50% 30 a) 5.0 of new lithium projects to be hard roc
Slide 15: Our flagship Centenario project: scalable deposit with growth perspectives
Our flagship Centenario project een Scalable and high-quality deposit offering clear growth perspectives TARGETED CAPACITY PRODUCTION Strong upside to unlock (ON A 100% BASIS, IN kt-LCE) from a sequenced approach = Subsequent phases to be implemented with the same or better economics and sustainabil
Slide 16: eraMeryr
a eraMeryr y ; | 55 ara —s age TT
Slide 17: Robust plan for financial sustainability to support future growth
SA Robust plan for financial sustainability to support efaMet future growth SUSTAINED ERGRSMAES —_GRERATIONAL Soon EXCELLENCE Intrinsic performance Key differentiator izing on diversified enhancing competitiveness a6 al Sustainable financial policy Potential for shareholder return on with long-term
Slide 18: eramMer
SG eramMer > FES Bi
Slide 19: eraMeryr
a eraMeryr y ; | 55 ara —s age TT
Slide 20: Manganese operations penalized by logistics incidents in H1 2023
Manganese operations strongly penalized by non- A eraMmMer,r recurring logistics incidents in H1 2023; sustained ramp-up of Weda Bay mine throughout the year 9m production _ 9m ore sales? 4.8Mt 25.3Mwmt -16% vs. 2022 Weda- x2 vs. 2022 = 9m transportation Bay 9m NPI sales —_ a eee <1 ic 4.9mt = 10.5k
Slide 21: Very challenging price environment in 2023
Very challenging price environment in 2023: continued decline in selling prices in H2 vs H1 I eramMerT Manganese ore (CIF China 44%) » 2022 2023 Nickel ore & — SLN nickel org (CIF China 1.8%) — WB Nickel ore (HPM 1.8%/35%) 2022 — Silicomanganesé — Mediur-carbon ferromanganese Manganese alloys (Europ
Slide 22: Well positioned in the battery value-chain to sustainably create value
Well positioned in the battery value-chain to erametT sustainably create value leveraging on our core expertise PRIMARY SECONDARY UPSTREAM UPSTREAM > Refining & CAM > production Battery life cycle |)» High-return Positioned to business leveraging participate in the 21 on 1 quartile assets century (u
Slide 23: Lithium and Nickel poised to experience sustained high growth
Lithium and Nickel class | poised een to experience sustained high growth LITHIUM DEMAND 10-YEAR FORECASTS! NICKEL CLASS | DEMAND 10-YEAR FORECASTS!2 Li Demand, kt-LCE Ni Demand, kt 5000 5000 4000 4000 3000 CAGR 5000 , 2021-30 of +20” +12” 2000 2000 . all ‘ MILT al | 2021 2022 2023 2024 2025 2026 20
Slide 24: Lithium carbonate price evolution
ae . P SI Lithium carbonate price evolution erametT LITHIUM CARBONATE PRICE EVOLUTION (IN $K/T-LCE)) (source: spot price CIF Asia) 90 80 70 60 End-2023 50 $15,250/t 40 2019 2020 2021 2022 2023 @ Long-term price consensus Investor Presentation - January 2024 LCE: Lithium Carbonate Equivalents |24
Slide 25: Our flagship Centenario project: phased approach to de-risk
Our flagship Centenario project een Phased approach to de-risk our penetration in a growing market Start of phase 1 Start of phase 2 2021 2026 Phase 1 Conditional Eramet board approval Phase 2 1st tranche Subsequent phases TIMING TO BE CONFIRMED (Centenario) : : Arizaro TIMING TO BE CONFIRMED - HI 2
Slide 26: Nickel class in Indonesia
Nickel class 1 in Indonesia eramet Scope to create a significant source of competitive Western-controlled nickel SI O-BASF Ore sourced from the world-class | ELAMET wWecrate chemst-y PT Weda Bay Nickel orebody - - NY Leveraging our access to proven eramert Chinese HPAL technology Limonite ore feed *
Slide 27: EV Battery recycling
EV Battery recycling ef |Saectie, CK Favoring an integrated approach and partnership model Integrated Upstream Downstream H Recovering blackmass'! b) => battery recycling dismantling and shredding Extracting battery-grade Li, Ni and business model Li-ion batteries and scrap Co from blackmass * DFS f
Slide 28: Geothermal lithium in France
Geothermal lithium in France eramet Assessing the feasibility of a very low-carbon intensity project Ss Located in the emerging La —— eramet €S Rhine Valley geothermal lithium field th Bringing Leveraging on lithium our Direct exploration Lithium permits and Close to 0 Extraction expertise Target CO
Slide 29: Acquisition of exploration and mining concessions in Atacama region (Chile)
Acquisition of exploration and mining concessions in Atacama region (Chile) aS Significant milestone in Eramet's strategic push to build a portfolio of future projects in energy transition metals Additional $10m component subject to future project outcomes $95m Upfront payment Secures 100% ownership
Slide 30: Acquisition of exploration and mining concessions in Atacama region (Chile)
SA Acquisition of exploration and mining concessions erameT in Atacama region (Chile) Exploration potential for significant lithium brine resources ARGENTINA Investor Presentation - January 2024 c.120,000° OF EXPLORATION & MINING CONCESSIONS o/w c.40,000Ha of salars surfaces Sole concessions package
Slide 31: Act for positive mining
Act for positive mining eramMet Responsible mining is part of the solution to support the energy transition RESULT-ORIENTED TARGETS - Across all operational entities - Shared from field to corporate > eu) Entire organization aligned on best practices 131 Investor Presentation - January 2024
Slide 32: Aligning with the highest standard in responsible mining through CSR roadmap
Aligning with the highest standard eran in responsible mining through CSR roadmap A standard encompassing international best practices EQUAL multi- | | BEST-IN-CLASS | | ASSESSMENT | | TRANSPARENCY 100% stakeholders comprehensive process through governance standard of mining sites public report Incl
Slide 33: Contacts
A eraMmMer,r CONTACTS Director of Investor Relations Sandrine NOURRY-DABI sandrine.nourrydabi@eramet.com Investor Presentation - January 2024 133
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