Slide 1: First Quarter 2026 Results
Rahim Suleman CEO & President & Director Jonathan Baksh EVP & CFO First Quarter 2026 Results TSX: NEO.TO | Earnings call | May 12, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Information Non-IFRS Financial Measures This presentation contains “forward-looking information”, within the meaning of applicable securities laws in Canada. Forward-looking information This presentation refers to certain specified financial measures, including non-IFRS fi
Slide 3: Beating Expectations: Highest Adjusted EBITDA in Neo's history
Beating Expectations: Highest Adjusted EBITDA in Neo’s history (1) $36 million in Adjusted EBITDA(1), up from $17 million the prior year Trending Adjusted EBITDA(1) ($m) • Record Breaking Quarter for Rare Metals: Adjusted EBITDA(1) up (1) Quarterly Adjusted EBITDA up over 175% and revenue increased
Slide 4: Strategic Updates
Strategic Updates 1 Rare Metals Business 2 Rare Earth Magnets in Europe Heavy Rare Earth Separation 3 in Europe 4 AI Initiatives Announcement
Slide 5: Rare Metals & Critical Materials
Rare Metals & Critical Materials Gallium Tantalum Hafnium Niobium PROJECT VAULT
Slide 6: Gallium
Gallium Gallium Market Price USD/kg Used in semiconductors, lighting $1,883 and permanent magnets Neo: the largest and most experienced 179% 12-month increase gallium recycling and upgrading operator in North America $675 Apr-24 Apr-25 Apr-26 Source: Argus (monthly average USD/kg)
Slide 7: Hafnium and Tantalum
Hafnium and Tantalum Used in the Nuclear, Space Hafnium Market Price Tantalum Market Price and Aerospace industries USD/kg USD/kg $13,500 $808 Neo: the only recycler and processor of scrap hafnium in 265% Europe 12-month increase 158% 12-month increase $313 $3,700 Apr-24 Apr-25 Apr-26 Apr-24 Apr-25
Slide 8: European Permanent Magnet Facility
European Permanent Magnet Facility Production milestone 1 million permanent magnets produced 2-3 customer programs launching this year Phase 1B planning Engineering, long-lead equipment, supply chain planning Phase 1B ~2,000 mt to ~5,000 mt per year Long-term roadmap 20,000 mt annually
Slide 9: New HRE Separation Line in Silmet
New HRE Separation Line in Silmet Milestone delivered The first separation of terbium and dysprosium, completed entirely in Europe. Value chain extended Neo’s light and heavy rare earth separation gives us Europe's most vertically integrated magnetics platform.
Slide 10: Advancing AI Through Strategic Partnership
Advancing AI Through Strategic Partnership A defined target opportunity 30-years of operational data Extensive domain expertise Our data science team + TalTech team Operating infrastructure and + equipment to improve our models
Slide 11: Q1 2026 Financial Results
Q1 2026 Financial Results Strong Performance Supported By Resilient Demand, Cost Discipline and Strategic Execution $ $ $ $ 155M 36.2M 0.36 112.5M Q1’26 NET SALES ADJUSTED EBITDA(1) ADJUSTED EPS(1) NET DEBT Q1’25 $122M $17.1M $0.15 $(6.2m) 11 1. Non-IFRS Financial Measure. See "Non-IFRS Financial Me
Slide 12: Magnequench
Magnequench Volume (mt) Revenue Operating Income (US$000) Adjusted EBITDA (US$000) (1) 1,540 70,000 64,732 4,00 3,681 10,000 9,241 65,000 3,50 9,000 60,000 8,000 55,000 3,00 7,000 6,657 50,000 44,273 2,50 1,894 6,000 1,302 45,000 2,00 5,000 40,000 4,000 1,50 35,000 3,000 1,00 30,000 2,000 25,000 50
Slide 13: Chemical & Oxides
Chemical & Oxides Volume (mt) Revenue ($000s) Operating Income ($000s) Adjusted EBITDA ($000s) (1) 47,500 7,662 6,322 1,985 6,845 5,728 1,565 33,182 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2026 Hig hlights • Volu me: Emiss io n C atalyst volume grew 6.9%, building on a str
Slide 14: Rare Metals
Rare Metals (1) Volume (mt) Revenue ($000s) Operating Income ($000s) Adjusted EBITDA ($000s) 57,094 23,135 23,857 88 89 32,705 8,151 8,640 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2026 Highlights • Reven ue: Increased 74.6% year-over-year as th e segment continu es to benef
Slide 15: Strong Balance Sheet
Strong Balance Sheet Q4 2025 Q1 2026 Updated Full Year 2026 Adjusted $38M Cash $42M EBITDA Guidance: $103M Gross debt $155M $ 100M - $110M $205M Inventory $235M $198M Property, Plant & $199M Equipment 15
Slide 16: Closing Remarks
Closing Remarks Rahim Suleman
Slide 17: Q&A
Q&A
Slide 18: For further investor information and company updates
Performance Materials Corporate Headquarters Suite 1740, 121 King Street West Toronto, Ontario, Canada, M5H 3T9 Phone: (416) 367 8588 For further investor Follow us on: information and company A black updates: and white logo Jim Fitzpatrick SVP, Investor Relations & Communications ir@neomaterials.co