Deutsche Rohstoff Ag · XETR:DR0
Deutsche Rohstoff — Investor Day (November 2025)
39 slides from Deutsche Rohstoff's investor day presentation, Nov 19, 2025
Slide 1: 5th Capital Markets Day
19. November 2025 th 5 Capital Markets Day 1
Slide 2: Disclaimer
Disclaimer This document is an abridged presentationof importantfacts of Deutsche RohstoffAG, Mannheim(DRAG; Company). The document has been preparedand publishedin its entiretyby DRAG. This presentationis not to be construedas investmentadviceby the Company. This presentationdoes not constitutean o
Slide 3: Deutsche Rohstoff AG 2025
3 DEUTSCHE ROHSTOFF AG 2025 ~ 13,900 BOEPD1 production per day ~ USD 500mreservevalues2 YE24 EUR 526mtotalassets STRONG SETUP FOR THE FUTURE EUR 70m cash Production and acreage secure growth potential +EUR 100mvalueof Almontystake Established as an oil producer in the US Global energy demand continu
Slide 4: 15 Years of Experience in Oil and Gas Production in the USA
4 15 Yearsof Experience in Oil and Gas Production in the USA Strategic land positions in 3 US states ▪ Founded in 2006, listed in Frankfurt since 2010 (FRA: DR0) ▪ Oil and gas production in the US since 2011 Wyoming Ohio ▪ Production from around 220 wells in Wyoming and Colorado Colorado Growth in t
Slide 5: Financial Highlights – 9M 2025
5 Financial Highlights – 9M 2025 Strong and stable oil production – Successful bond issue strengthens liquidity base for strategic growth Revenue Production Revenueremainedrobust despite lower oil prices and a EUR 150m 13,680 BOEPD Stabledespite fewerwells: Chinook wells& maturity effectsdrive produ
Slide 6: EUR 50 Million Bond Strengthens Liquidity and Creates Flexibility
6 EUR 50 Million Bond Strengthens Liquidity and Creates Flexibility Net Debt remains stable Use of Proceeds Debt Liquidity +22 +50 ▪ Reduction of USD-RBL in theUS in EURm in EURm 223 ▪ Additional joint venture with an established U.S. 201 50 oil and gas company in Wyoming Bond 25/30 58 ▪ “Dry Powder
Slide 7: Stock
Stock eee aa
Slide 8: Share Facts & Highlights
8 Share Facts & Highlights Shareholder structure Share buyback 2025 Dividend 2025 70% Privateindividuals SupervisoryBoard EUR 4 million EUR 2.00 15% 10% > 10,000shares & Management Completed ahead Top 10dividendstocks 60% of schedule according to Focus Money 50% Price increase Price/book value 20251
Slide 9: Liquidity of the Stock Increases Significantly
9 Liquidity of the Stock Increases Significantly Daily liquidity of the stock in shares +35% traded 17,359 YTD: ~0.5 million more shares traded than in the whole of 2024 12,868 ▪ YTD 3.7million shares traded vs. 3.2million FY24 ▪ YTD EUR 150million traded vs. EUR 118million FY24 2024 2025 ▪ YTD ~65%
Slide 10: Strong Price Performance, Especially Since the Beginning of April
10 Strong Price Performance, Especially Since the Beginning of April Share price performance including dividends since January 2019 in % COVID-19 350% 300% 258 250% 200% 150% 129%DAX 100% 71%Big cap peers1 50% 53%Small cap peers2 24% WTI Oil 0% -50% -100% 1Big cap peer group median consists of: OXY;
Slide 11: Oil Market
11 Oil Market 11
Slide 12: Inflation-adjusted Crude Oil Price
12 Inflation-adjusted Crude Oil Price 10-year average price for WTI since 1986 250 200 2006–2016 119 USD 150 1986–1996 1996–2006 2016– 100 USD 49 $50 74 ~60 USD 50 11/17/2025 0 1986 1991 1996 2001 2006 2011 2016 2021 WTI price WTI inflation adjusted Average 10 years(Inflation adjusted) 1Monthly WTI
Slide 13: Primary Energy, Global Consumption by Source 1950-2023
13 Primary Energy, Global Consumption by Source 1950-2023 Oil is the world's most important primary energy source, currently accounting for 33% of consumption, followed by natural gas at 24% 180.000 6% Other 160.000 2% Nuclear 7% Biomass 140.000 120.000 24% Gas 100.000 In TWh 80.000 33% Oil 60.000 4
Slide 14: Fragile Supply Despite Rising Demand – the CAPEX Gap is Growing
14 Fragile Supply Despite Rising Demand – the CAPEX Gap is Growing Demand for oil has risen in 23 of the last 25 years1; 2 BOE production by start year 3 125 100 From 2020 COVID 19 Financial crisis 75 2010s 104 2000s mmBOPD 100 50 1990s 1980s 1970s 25 Before 1970 75 0 2000 2005 2010 2015 2020 2025 2
Slide 15: Operations & Outlook 2025
15 Operations & Outlook 2025 15
Slide 16: High Competitiveness in a Diversified Multi-Basin Portfolio
16 High Competitiveness in a Diversified Multi-Basin Portfolio Production in Wyoming and Colorado as well as strategic acreage position in Ohio Powder River Basin Appalachian ~0.2 million BOEPD ~ 11,500 BOEPD Basin Powder River Basin Area ~52,000 km2 ~70k acres/ 280 km2 12 active drilling rigs DOUGL
Slide 17: Portfolio Expansion in Ohio – Acreage Acquisition in the Utica Shale
17 Portfolio Expansion in Ohio – Acreage Acquisition in the Utica Shale Bright Rock acquires acreage in Ohio for around USD 11million Appalachian Basin ▪ Focus on oil & gas– approximately 50/50 split 480,000 km2 ▪ Target formation: Utica - Point Pleasant ▪ Recipe for success from Utah & Wyoming – Fo
Slide 18: Utica Shale – Extremely Attractive Economic Viability
18 Utica Shale – Extremely Attractive Economic Viability Market entry after careful exploration since early 2025 EOG Resources acquires Encino for USD 5.6 billion1 ▪ The Ohio-Utica region is developing into one of the most attractive "Tier 1"areaswith very good return prospects. EOG assumptions ▪ Br
Slide 19: Powder River Basin – the Core of Our Activities
19 Powder River Basin – the Core of Our Activities Growth region with strong production potential Horizontal wells drilled sinceJanuary 2010 Powder River Basin: − Approx. 11,000 producing wells − 75 operatorswith more than 10 active wells − Production~ 220,000 BOEPD − Total area~ 52,000 km² (larger
Slide 20: Comprehensive Acreage Position throughout the Powder River Basin
20 Comprehensive Acreage Position throughout the Powder River Basin Three accreage packages make DRAG one of the most active players in the PRB Producing wells Potential wells Over 100 potential wells ensure long-term development potential for many years to come Western PRB Eastern PRB 2025 2025 Man
Slide 21: Highly successful 2025 drilling program
21 Highly successful 2025 drilling program Single wells Chinook Pad ▪ One of the most successful drilling projects to date 200 ▪ Capex record: 4 Niobrara wells for USD 9 million ▪ Production record: ~100k barrels of oil after 6 months 150 1,000 barrels of oil RB 2 02 nP 5C 100 er hin st oo Ea k 50 -
Slide 22: 2025 Drilling Program very Successful so far
22 2025 Drilling Program very Successful so far DAYS PER WELL Tuffy Pad We improve the efficiency and consistency of our drilling processe ▪ First time 3x Mowry wells from one pad NIOBRARA ▪ Successful development could open up many locations ▪ Mowry costs higher, but also high production ~20 >14 >1
Slide 23: Evolution of our Well Performance
23 Evolution of our “Well Performance” Production in the first 12 monthsexceeding Type Curve Cumulative average production 250 200 2025Niobrara (4 wells Chinook) 2024 Niobrara (10 wells) 1,000 barrels of oil 2023Niobrara (8 wells) 150 2023Mowry (1 wells) SCOG Non-OP Partnership Niobrara (24 wells) 5
Slide 24: Doing More with Less
24 „Doing More with Less“ Lower capex and more oil per well drive return potential Declining CAPEX per well WTI Price >20% Base / High 60 75 CAPEX Scenario USD1 USD2 USD 12m 2-mile Niobrara well cost in USD 10m USD 9m mUSD(eastern areas) CAPEX per well USD 9m USD 9m 2023 2024 2025e Production in the
Slide 25: Single Well Economics – Fast Returns, Attractive Profitability
25 Single WellEconomics – Fast Returns, Attractive Profitability Economic example of a well in the PRB Cash-Flow per year Base case cumulative Cash Flow High case cumulative Cash Flow 1.000 Production BOPD 750 500 250 High case2 - IRR 85 % WTI – 75$ 0 CAPEX – USD 9m EUR 600,000 Bbl 20 Cash Flow inUS
Slide 26: Almonty – one of the most important Tungsten Producers in the Western World
26 Almonty – one of the most important Tungsten Producers in the Western World World-leading tungsten producer based in the USA ▪ Sangdong: Largest tungsten mine (excluding China) → production start in 2025 ▪ Operational mine in Portugal ~85% ~40% → Potential 2x production capacity of global tungste
Slide 27: Almonty Industries – Market Value of Shares exceeds EUR 140m
27 Almonty Industries – Market Value of Shares exceeds EUR 140m DRAG investment & loan toAlmonty Value Shares Credit instrument in EURm 1 in million Loans + interest 9 - Value of shares and 130-160 20-24 convertible bonds2 Total ~140-170 20-24 ▪ Book value as of 30 September 2025 of approximately EU
Slide 28: Financial Development
28 Financial Development 28
Slide 29: Volumes Produced and Prices Realized
29 Volumes Produced and Prices Realized Volumes Realized price Exchange rate in 1,000 after hedges in USD (EUR/USD) -7.3% -10.8% +3.3% +13.0% 4,028 3,735 +1.3% 74.01 1.174 1.082 1.118 1.039 2,367 2,399 65.99 +58.3% 2.06 3.26 BOE BO Oil Gas Average Closing price 9M 24 9M 25 9M 24 9M 25 FY 24 9M 25 ▪
Slide 30: Positive Revenue Mix Driven by Higher Oil Share
30 Positive Revenue Mix Driven by Higher Oil Share Oil share of production has been increasing since 2021 Realized price* 2021 2022 2023 2024 9M25 100% afterhedges in USD Gas & NGL 36% 3,3x 80% 45% 40% 47% ~66 55% USD 60% Oil share Price per 40% ~20 bbl oil 64% USD 55% 60% 53% Price per 20% 45% BOE
Slide 31: Key Group Figures as of 30. September 2025
31 Key Group Figures as of 30. September 2025 Income statement items Balance sheet & Cash Flow items In EURm 9M25 9M24 ↑ in % In EURm 9M25 FY 2024 ↑ in % Revenue 150.1 171.6 -12.5% Balance sheet total 526.1 552.5 -4.8% Other operating income 3.9 2.6 48.5% Property, plant and equipment 399.3 426.4 -6
Slide 32: Development of Equity, Cash Flow and Debt
32 Development of Equity, Cash Flow and Debt Equity Cash and cash equivalents -10% ▪ Currency translation +112% ▪ Strong Free Cash Flow 237.5 reserve decreases by 41.9 24.1 213.3 of EUR 26.5m EUR 34.0m 22.2 19.7 ▪ Bond tap used >60% for 40.6% ▪ Record dividend and debt repayments in the share buybac
Slide 33: Quarterly Development 2025
33 Quarterly Development 2025 TEUR 1Q25 2Q25 3Q25 9M25 9M24 Temporary effects Revenue 59.054 43.241 47.824 150.118 171.602 − Material costs increased in Q3 due to Other operating income 1.301 314 2.260 3.876 2.610 Colorado workover (~EUR 1.5m) Cost of materials (10.938) (8.332) (11.819) (31.090) (33
Slide 34: Outlook
Outlook ee ES : came,
Slide 35: High stability of the 2025 Guidance
35 High stability of the 2025 Guidance Forecast fulfillment strongly secured Stable outlook also for WTI @60 USD 79% 250 14.7 13.5– 14.5 15 Revenue 200 12.8 EUR 13 EUR 168 170-190m 158 150m 150 115-135 11 9 9M 25 2025e 100 7 75% 50 5 EBITDA 0 3 EUR 2023 2024 2025e 20261 EUR + Potentialgrowth prospec
Slide 36: Outlook Q4 2025 – Guidance Expected at Upper End of the Range
36 Outlook Q4 2025 – Guidance Expected at Upper End of the Range EUR Revenue 59m EUR EUR 43m 48m 4Q25 Revenue Sensitivity Oil price +0.3/-0.3 USD +/- 1 EURm Q1 25 Q2 25 Q3 25 Q4 25e Gas price +0.3/-0.2 USD +/- 0.5 EURm 4Q24 Revenue Depending on WTI & EUR/USD in EURm Exchange rate -0.4/+0.4 USD/EUR +
Slide 37: Q7, 24 68161 Mannheim info@rohstoff.de
37 Q7, 24 68161 Mannheim +49 621 490 817 0 info@rohstoff.de 37
Slide 38: Glossary
Glossary BBL (BBL/d) Barrel (per day) BO (BOPD) Barrel of oil (per day) BOE (BOEPD) Barrels of oil equivalent (per day) - natural gas is converted with a factor of 6,000 cubic feet per BOE CAPEX Capital Expenditure (defined as Investing Cash Flow for reasons of simplification) CO Colorado EBIT Earni
Slide 39: Glossary
Glossary Net Debt Net debt = financial liabilities - cash and cash equivalents NGL Natural Gas Liquids Non-Op Financial participation, without operational control OPEX Operating expenses PRB Powder River Basin RBL Reserve-based credit line The reserves include the reserves of the subsidiaries 1876 R