Singapore & Australia Roadshow Presentation – March 2026

Singapore & Australia roadshow

March 27th to April 1st, 2026

Geoff Streeton, CDO Sandrine Nourry-Dabi, Head of IR

Summary

1

Eramet at a

Glance

2

Eramet

comprehensive

funding plan

3

Focus on

Centenario

4

Outlook &

Guidance

Appendices

Eramet

A global pure-play Metals & Mining company

Breakdown of sales by activity FY 2025 performance

Manganese

58%

of sales

9%

of sales

2025 Group

Adj. Sales3

€3.2bn

Nickel1

33%

of sales

Mineral Sands

1%

of sales

Lithium

Leverage

5.5x

Adjusted EBITDA3

€372m

Adjusted

FCF3

-€481m

Breakdown of sales by destination1

4%

15%

55%

26%

Others

North America

Europe

Asia

(incl. 24% China2,

14% Indonesia)

A challenging year leading to a stretched balance sheet, BUT decisive actions underway to restore financial resilience and sustainable capital structure

1. Including €413m ferronickel trading turnover, accounted at the Holding level in adjusted turnover

2. China, including Hong Kong

3. Adjusted sales (excluding SLN), Adjusted EBITDA (excluding SLN),and Adjusted FCF as defined in Appendix 10 - Financial Glossary of the FY2025 results press release (Feb. 18th, 2026)

4. Including 8,684 employees of Eramet group and 1,653 employees of PT Weda Bay Nickel

A global footprint anchored by a diversified portfolio of mining & processing sites

Mining & processing in Gabon

Moanda, the World's largest HGO manganese mine

1 Mn alloys plant

Mining & processing in Indonesia

Weda Bay, the world's

largest nicke mine

1 NPI plant

Processing in Norway, US & France

5 Mn alloys plants: 3 in Norway,1 in the US & 1 in France

New Caledonia

Mineral sands

Mining & processing in Argentina

One of the most attractive salars,

located in the "lithium triangle"

DLE plant in ramp-up 24 kt-LCE design capacity

Mining & processing in Senegal

EGC1, the world's largest single dredge operation

Titaniferous minerals & zircon extraction 2 processing plants

1. Eramet Grande Côte (ex GCO: Grande Côté Opération)

Key core capabilities enabling Tier-1 performance

Foundational strengths that allow Eramet to discover, build & operate world-class operations

Backbone of Eramet's ability

to create value

Proprietary R&D and processing know-how, such as DLE1

1. Direct Lithium Extraction

   A unique world-class mining portfolio positioned for sustainable growth

   Large resource, long-life, high-grade, scalable deposits

   Libreville

   Transgabonese railway

   Weda Bay

   Diogo

   GABON

   Dakar

   INDONESIA

   SENEGAL

   Moanda

   Franceville

   Jakarta

   Atlantic Ocean

   2,964 Mt resources1

   1.05% average grade

   c.20-years life of mine2

Salta

Centenario

ARGENTINA

24 kt-LCE/y

Centenario 1st DLE plant design capacity

>15 Mt resources1

407 mg/L lithium content

c.20-years life of mine2

Significant growth potential, achievable in 2028, to be flexed depending on market situation

Highly competitive positions securing profitability & resilience in challenging markets

Eramet's low-cost asset base to support cash generation as commodity prices emerge from downturns

Manganese ore 2026 cash cost curve CIF1

LT market consensus ($5.1/dmtu)2

2026 market consensus ($4.8/dmtu)2

7

6

Cash cost, $/dmtu

OPPORTUNISTIC LOW-GRADE

5

SEMI CARBONATED

4

HIGH-GRADE

OTHERS

3

GEMCO

MOANDA

2

Lithium 2026 cash cost curve CIF1,3

Optimised cash cost at nominal capacity for Eramet

2026 market consensus ($16.3k/t-LCE)2

LT market consensus ($14.6k/t-LCE)2

20

Cash cost, $/kg LCE CIF

15

10

5

1

Australia Gabon

South Africa

Others

0

0 250

500

750

1,000

1,250

1,500

1,750

2,000

1st quartile

Production Mt Mn

1st quartile

Production, kt LCE

High-grade (>40%) Medium-grade (30-40%) Low-grade (<30%)

Sources: Eramet analysis

1. Eramet 2026: Mn ore at mid-range of guidance for costs (royalties & freight assumed stable) & volumes / Lithium cash cost at nominal capacity & after optimisation

2. Market consensus as of end-February 2026 ; LT prices correspond to LT real (in USD of current year, i.e. 2026)

3. Based on a cash cost equivalent CIF China (Ex-Works + royalties + transportation costs + corporate costs)

Sustainably supporting global economic development & the energy transition

A strategy aligned with global macro-trends, underpinned by an ambitious CSR roadmap & leveraging on operational excellence to unlock value

GROW IN METALS supporting global economic development

RESILIENT MARKETS

SUSTAINABLY DEVELOP CRITICAL

METALS for the energy transition

FAST-GROWING MARKETS

Manganese ore & alloys Nickel

Mineral sands

Lithium

Nickel for batteries

FOCUS ON OPERATIONAL EXCELLENCE TO UNLOCK VALUE

Eramet: a well positioned western platform to secure critical metals

Underpinned by a diversified, resilient portfolio of Tier-1 assets with compelling growth optionality

• Indonesia is the only region globally showing growth in nickel production

• Eramet is one of the few western companies with an established presence in the country, offering unique long-term optionality

• Eramet is a leading, integrated player and has access to one of the last High-

Grade Ore (HGO) mine, a crucial differentiating factor to produce refined alloys

Potential to build a LT pipeline of battery-grade lithium (Centenario annual capacity potential >75kt-LCE)

Optionality to capture value across future manganese value chains, incl. EV batteries

Optionality to support the development of future nickel value chains in Indonesia

Mineral sands

Potential access to the Ti metal

value chain

With direct access to Li, Ni and Mn, Eramet is uniquely positioned across all key battery materials

Centenario successful ramp-up: a proven playbook for Eramet's execution capability

On track to deliver returns, 7 months after effective start of ramp-up, in a favourable price environment

Ramp-up journey in 2025

First lithium production: Dec. 24, 2024

2026 focus: ramping-up production to full capacity & capturing lithium price recovery momentum

Proprietary DLE technology operating at industrial scale & delivering

H1: commissioning issue of the Forced Evaporation unit overcome in May

H2: Sharp ramp-up achieved reaching close to 75% of nominal capacity in December

100

% of nameplate capacity

60

All capacity available

Mid-2026

End 2026

Successful 1st site visit for sell-side

analysts & bankers with highly positive feedback

1. McNulty methodology ramp up curves (C1 & C2): reference and benchmark for ramp-up

2. Evaporation-based projects commissioned in the Puna region, Eramet analysis in Dec. 2025

3. Production

Close to 100%

~90%

C1

C2 McNulty curves1

Other greenfield project in Argentina2

Other greenfield project in Argentina2

Delay in Forced evaporation unit commissioning

Sep. 2025

>50%

Dec. 2025

Close to 75%

Ramp-up

phase

Start-up / commissioning phase

1 6 12 18 24 28

Months in operation since end of commissioning

Growth optionality in lithium

A disciplined & targeted investment approach to drive expansion

Centenario full potential

Scalable mineral & sufficient freshwater resources

to support capacity expansion >75 kt-LCE per year

Ongoing study of low-risk growth options, incl.

expansion of existing plant & new plant on the salar

Growth options will deliver:

• Materially lower capital intensity & 1st quartile cash cost positioning

• Scale effect on fixed costs & improved input costs

• Quicker time to market with de-risked technology

• Eligibility to RIGI

Deliver the full ramp-up of Centenario and

demonstrate value creation

Leverage Centenario's extensive resource base for future phased expansions at lower capital intensity

Beyond Centenario

Continue innovation to improve competitiveness, capital intensity of future expansions & new projects

Enter targeted strategic projects and partnerships, by leveraging technical capabilities & track-record, with a focus on shareholder returns over large turn-key greenfield project stakes

IRMA 50 score

achieved at

Eramet Grande Côte

1st mineral sands mine & 1st mine in West Africa to publish an IRMA report

A CSR commitment & performance recognized by ESG rating agencies & IRMA

1. Lower is better

2. As at 09/03/2026

Eramet comprehensive funding plan

A 3-pillar funding plan to strengthen the balance sheet and measures implemented to preserve liquidity during its roll-out

I

Comprehensive plan to

strengthen the balance sheet

II

III

Project to launch a capital increase of around €500m in 2026

Performance improvement program, with initiatives already underway

incl. ReSolution

Equity base strengthening

Strategic review of assets

Approved by Eramet's board & reference shareholders

Performance Improvement plan

III

Equity base strengthening: the 3-pillar plan was approved by the Board of Directors on the 18th of February 2026

Reference shareholders have approved the principle of a capital increase of

around €500m in 2026

Appropriate resolutions will be proposed to May 2026 AGM

Reference shareholders are committed to voting these resolutions in the AGM

The overall funding plan is designed to enable Eramet to normalize credit ratios (gearing and net leverage) while improving financial liquidity and access to the bond market.

In the medium-term, this restored financial flexibility will also position the group to capture future growth opportunities.

I

Group performance improvement programme underway

ReSolution: a programme to ensure reliable tracking & delivery of intrinsic performance

Targets 2026

TRFIR <1

>90% HPI & HPO

Actions closed & verified

Zero injuries & high-potential incidents

EBITDA uplift embedded in 2026 intrinsic performance

€130-170m EBITDA uplift within 2-years

• Operational improvements, with 50+ initiatives embedded at asset level across volume & productivity improvement, cost & process efficiency, procurement optimisation and commercial improvement

• Does not include lithium volumes ramp-up & PT WBN

Strengthening cash

generation

Capex rationalisation

• Tighter approach to sustaining capex

• Targeted specific investments

  - 30 to - 40%

  Capex reduction in 2026

  vs. 2025 to €250-290m

  I

  Operational improvement plan

  Balanced 2026-2027 delivery with a significant contribution from Mn ore initiatives

  Manganese ore

Maximise mining throughput & costs

Strengthen safety & contractor management

Commercial initiatives to reinforce margins, improve commercial discipline

Supported by Eramet Value Office Ensure governance, discipline, coordination, on-time & on-target delivery across initiatives

I

Manganese ore: debottlenecking logistics in Gabon to drive EBITDA uplift

Transported volumes (Mt)

+11%

6.4-6.8

0.4

6.1

6.4

2025

2026e

~85-90% of EBITDA uplift

Boost the logistics chain to increase transported volumes

2025 2026e

I

Lithium: focus on ramp-up & Centenario optimisation

Targeting close to 100% capacity by end-2026 while optimising cash cost

End-26 Close to 100%

Ramp-up journey Cash cost expected at nominal capacity

%

00

80

Dec-25

Close to

75%

60

40

20

% nameplate capacity2

0

2025

2026

Full

ramp-up

$/kg-LCE

cash cost ex-works

2025

2026

2027

1

5,400-5,800

~5,000

$/t-LCE

2024

cash cost

Local inflation

Optimisation Optimised

cash cost

& others

Ex-Works1 (2025 vs. 2024)

Ex-Works1

(2025 values)

c.+$1,000

c.+$1,000

CIF

China

(royalties, freight & corporate costs)

5.8

5.4

2026-2027 priority on cash cost optimisation

namely through improvement in reagents consumption

1. Excluding royalties, freight and additional corporate costs

2. % of nameplate capacity calculated on production days only, not considering maintenance days

I

Large supply gap between IWIP demand & PT WBN's authorised volumes

RKAB limiting PT WBN to 12 Mwmt vs. an estimated demand of IWIP above 120 Mwmt in 2026

IWIP1 industrial set up Weda Bay mine (PT WBN)

22 NPI1 plants

73 RKEF production lines

>700 kt-Ni/yr of NPI capacity

PT WBN NPI Plant

43% Eramet with off-take contract

35.8 kt-Ni ferroalloy production in 2025

3 HPAL1 plants, 2 in operation, 1 starting up

>110 Mwmt

2025

demand

2025

supply by PT WBN

>120 Mwmt

12 Mwmt

2026e

demand

2026e

supply by PT WBN

2025 licensing

• Revised RKAB2 dated July 2025

• 42 Mwmt of production & sales volumes3

• o/w 3 Mwmt of internal sales to the NPI plant

  2026 initial licensing

• Early Feb., notification from the Indonesian authorities to proceed with the submission of an initial RKAB for 12 Mwmt

• Application as early as possible for an upward revision of production and sales quotas to reflect rising demand from IWIP

  12 MHP1 production lines

  240 kt-Ni/yr of MHP capacity

  Other plants under construction

  ~10% of the local industrial park's demand in 2026 to be supplied by PT WBN with the current RKAB limitation

  Longer-term

• AMDAL4 decree & Feasibility Study4 (dated 2024) enabling progressive ramp-up to around 60 Mwmt/year

1. IWIP: PT Indonesia Weda Bay Industrial Park; NPI: Nickel Pig Iron; HPAL: High Pressure Acid Leach; MHP: Mix Hydroxide Precipitate

2. RKAB : "Rencana Kerja dan Anggaran Biaya" (Full-year operating permit)

3. At 100%

4. AMDAL : Decree related to the Environmental and Social Impact Study issued by the Environment Ministry ; Feasibility Study: new mining Plan

2026: sizeable asset monetisation & capital base strengthening

Q1 2026

Q2 2026

Q3 2026

Q4 2026

FY 2025 results

Feb-26

2026 AGM

May-26

1. Focus on FCF protection

   Performance Improvement Plan

2. Asset

monetisation

Preparation

Targeted execution

III

Capital base Strengthening

Resolutions published

AGM resolutions

Targeted execution

Focus on Centenario

Eramet's 1st site visit at Centenario

Sell-side analysts & bankers, December 2025

Establishing leadership in lithium extraction from brine

Unique capabilities and a full in-house expertise from 15-years of continuous R&D in lithium extraction & processing

Assembled resources

Unique capabilities developed

~40 high-caliber engineers & technicians dedicated to lithium at

Eramet's R&D center

4 pilot-scale equipment at Eramet's R&D center (including SMB1 configuration), we can pilot test brines on-location anywhere

1 demonstration plant at site in Centenario

Design full process flowsheet2 Develop & Industrialize the DLE sorbent Pilot & adjust selected processes

Test & rank technologies for brine processing & DLE

Support operational start-up

Results delivered

3 generations of Eramet Sorbent developed

12 patents

4.5 years on-site piloting in Centenario

>180 weeks of onsite support R&D teams

>15 different deposits tested at pilot scale3

~15 third-party sorbents tested

~70 third-party technologies ranked / tested

No exposure to technology export bans

1. Simulated Moving Bed

2. Matching brine composition & process under a given set of constraint - water - energy - logistics…

   
   
   

3. Salar & deep brines

Industrial-scale DLE performance, in line or above design targets

A highly efficient proprietary adsorption technology supported by dedicated production in Europe1

DLE recovery

yield

100

95

90

Li recovery in DLE (%)

>90%

Yield in DLE

Jul Aug Sep Oct

Nov

Dec Jan Feb

DLE

selectivity

100.0

99.5

99.0

98.5

95.5

Mg2 rejection rate in DLE (%)

>99%

Impurity rejection rate

Jul

Aug Sep

Oct

Nov Dec jan Feb

in DLE

Lithium production rate

1.0

0.8

0.6

DLE Lithium production rate

Jul Aug Sep Oct Nov Dec Jan Feb

>0.83

kgLi/m3sorbent/h

1. Solely contracted for Erarmet

2. Magnesium for illustration ; similar rejection rate for other impurities

Overall process highly efficient, stable & sustainable in the DLE

A tailored-to-brine and derisked flowsheet design

technology

Mature treatment and

processing technologies

Extraction /

Li sorption

Concentration

Refining &

Conversion

LiCl

Depleted brine

Water loop

Re-injection under study

Li2CO3

Brine basin

~400-meter depth

1. Per unit of brine

2. Scope 1 to 3 (cradle-to-gate)

Li2CO3 to customers

x2

lithium global recovery1

vs. evaporation process

No pre-concentration

evaporation

~6

tCO2eq/t-LCE2

carbon footprint

Brine processed at

ambient temperature

Centenario: development phase

~10 years of de-risking from CSR to full process

Strong social acceptance to project

Dominant position on a large-scale resource

De-risked process flowsheet

Free Prior Informed Consent (FPIC) obtained in 2020 (renewed in 2022)

Environmental Impact Assessment (EIA) approved in 2019

(renewed in 2023)

80% of Eramet employees in Argentina coming from Salta

Strategic consolidation of 65 tenements (95% of total salar surface)

Resources (JORC) increased to c.15 Mt-LCE1 in 2025

Secure European production base for Eramet sorbent

c.10 years of DLE and end-to-end process testing from brine to refine Li2CO3

2012

Discovery of Centenario & Ratones salars

2022

Start of construction

1. Total mineral drainable (measured, indicated & inferred resources) resources for lithium as of January 1, 2025, see section 1.3 of the 2024 URD

Centenario: construction phase

Sole greenfield Full-DLE in operation, constructed at competitive capex

Capital intensity of major greenfield brine projects1 (outside China)

by stage of development & type of extraction process

Lionheart 1 (Vulcan)

3+ years

SWA 1

Mariana

Kachi

Sal de Vida

Rincon

Sal de Oro 1

Centenario

Exar

Pastos Grandes

Sal de Oro 2

Tres Quebradas

100,000

Capital intensity ($/t-LCE)

40,000

10,000

Construction start

Commissioned

Full ramp-up

Evaporation Full Direct Lithium Extraction Hybrid (DLE post-concentration ponds) Production capacity

1. Construction CAPEX only (excluding acquisition and development costs). Based on publicly available information and reflecting the sponsors' most updated & chosen design for the projects.

Sole

Full-DLE greenfield project commissioned

~$950m

DLE plant construction capex

(incl. non-production infrastructure)

On par

with peers using conventional evaporation on capital intensity but with superior unit opex

Centenario: marketing phase

Successful penetration in the battery value chain

c.$8,800/t-LCE1

average realized price in 2025

vs. ~9,300 $/t-LCE for the SMM BG Li2CO3 99.5%

90%

of sales realized in China & for battery applications

20 customers, including

50% of sales

Made through

under a co-

marketing agreement2

1. Based on FY 2025 turnover & sales volumes

2. Up to a total volume of 50kt-LCE over ~5 years

Outlook & guidance

2026 macro-trends

EUR/USD

2026 consensus2:

1.19 $/€

Hedging policy

• EUR/USD hedging implemented in 2026 to reduce FX exposure

• Partial coverage3 of annual exposure

• Hedged levels (1.20 $/€) close to

2026 consensus

Macro-economic environment

Positive momentum at the start of 2026

• More favourable pricing conditions since January

• Middle East conflict since late February fueling volatility through higher input costs (energy, freight, sulfur), unclear impact on commodity pricing

  Prices1 (vs. FY 2025 actuals)

  2026 commodity

  consensus

  
  
  

  Mn ore ~$4.8/dmtu +6%

  Ni LME ~$16,450/t-Ni +9%

  Li carbonate ~$16,300/t-LCE +74%

  Other

  
  
  

• Mn alloys selling prices: high volatility

• Ni ore prices in Indonesia: increasing premiums

1. Mn ore 44% CIF; Li carbonate battery-grade CIF Asia; market consensus as of end-February 2026

2. Bloomberg for EUR/USD

3. As of end-March 2026 hedging is estimated to ~50% of the annual exposure, which can materially fluctuate depending on volumes & prices throughout the year

2026 guidance

6.4-6.8 Mt

Up from 6.1 Mt in 2025

Cash cost FOB

$2.4-2.6/dmtu

vs. $2.4/dmtu in 2025

Capex2

€250-290m

vs. €412m in 2025

Notification received to submit an initial RKAB for 12 Mwmt,

of which 9 Mwmt for external sales, with the intention to request an upward revision as early as possible

Sustaining capex

€150-190m

Guidance

suspended

Eramet Grande Côte under Force Majeure

Pending a more precise assessment of the impact of the fire incident at the WCP1

Debottlenecking capex

Of which:

~€100m

17-20 kt-LCE

Up from 6.7 kt-LCE in 2025

Ramp-up continuing throughout 2026, with production close to 100% of nameplate capacity by year-end

• ~€70m for reinforcement of logistics in Gabon

• ~€30m to complete the production capacity increase & decarbonation project in Senegal

1. Wet Concentration Plant

2. Excl. financing from the French State for SLN's capex

2026: a pivotal year focused on executing and delivering on the Group's funding plan

1

Safety first : with continued actions to reinforce the Group's safety standards. Keep TRIFR < 1, while targeting

zero injuries and High Potential Incidents

2

Deliver the Group operational roadmap, in particular:

• Achieve Centenario full ramp-up and optimize cash cost

• Improve railway capacity to transport Mn ore in Gabon and achieve target of 6.4-6.8 Mt

3

Deliver the 3-pillar funding plan to strengthen the balance sheet, as approved by the Board

4

Prepare the future to be ready to seize opportunities

Eramet's investment case

PURE-PLAY

Mining & Metals

A European mining leader powering industrial sovereignty1 and the energy transition

1.Aligned with the EU CRM Act

35 Eramet - Singapore & Australia roadshow

35 Eramet - Australian roadshow - March 2026

Appendices

"Act for positive mining" CSR roadmap

Care for people

1

Take care of health and safety of people on our sites

2

Provide an inclusive environment where everyone can grow

3

Accelerate the local & sustainable development for communities

4

Trusted partner

for nature

Control & optimize water consumption

5

Biodiversity preservation

6

Mitigate risk of pollution / Reduce environmental impact

7

8

9

10

Transform our

value chain

Reduce the CO2footprint of our value chain

Optimize mineral resources consumption and contribute to a circular economy

Develop responsible value chain that respects our Human rights and CSR requirements

Mining sites assessed1 by IRMA

Responsible mining, a key component of a fair energy transition

100%

sites with D&I2 label

Biodiversity towards net positive impact

-40% CO2emissions

reduction scopes 1&23

1. 100% of mining sites engaged in an independent assessment process

2. Diversity & Inclusion

3. Absolute target, in tons of CO2vs. 2019

2025: a very challenging year, marked by strong external headwinds but also internal issues impacting Group performance

Both internal & external dynamics exerted pressure on results

Adjusted EBITDA2

€372m

54% vs. 2024

Of which:

-€82m

Intrinsic performance

-€359m

External factors

Capex

-€412m €85m vs. 2024

Adjusted FCF2

-€481m €173m vs. 2024

Adjusted leverage2

5.5x

Vs. 1.8x in 2024

Gearing covenant3

125%

Waiver granted for Dec.2025 covenant test date

Net debt, excl. SLN

€2,046m

vs. €1,435m in 2024

No dividend payment

for 2025

1. Average production rate (in % of design capacity of the plant (24 kt-LCE)

2. See Appendix 10 - Financial Glossary of the related press release

3. Net debt-to-Shareholders' equity ratio, excluding IFRS 16 impact

2025 Financial KPIs & headcount by activity

Sales: €834m

EBITDA: €86m

FCF: €73m

Sales1: €1,009m

EBITDA1: €271m

FCF: -€27m

o/w Ore

Adj. Sales: €413m Adj. EBITDA: -€106m FCF: -€270m

Headcounts: 743

Sales: €41m EBITDA: -€51m FCF: -€226m

Headcounts: 536

Sales: €241m EBITDA: €78m FCF: -€69m

Headcounts: 833

Adj. Sales1,2: €618m

Adj. EBITDA1: €95m

Adj. FCF: €38m

Headcounts: 1,653

Sales: €1,843m EBITDA: €357m FCF: €46m

Headcounts: 4,742

1. Turnover related to external sales of manganese ore (excl. internal sales) and to Setrag transport activity other than Comilog's ore (€72m in 2025); EBITDA includes €52m related to Setrag transport activity other than Comilog's ore

   25

   Mn

High-grade manganese ore powering carbon steel & emerging market growth

1. 1 dmtu = 10 kg

Libreville

GABON

Transgabonese railway

Moanda

Franceville

Atlantic Ocean

Key figures - 2025

1st global producer of high-grade Mn ore

• 6.8 Mt ore production

  • 2.7 Mt of Mn content

  • 13% of worldwide Mn supply

    Market

    Carbon steel: the primary use of manganese

    
    
    

• 6.1 Mt transported ore to Owendo port

• Guidance 2026: 6.4-6.8 Mt

Construction

50-60%

Automotive

>10%

China leads global carbon steel

production, India accelerating growth

1. FOB cash cost excluding royalties & taxes

2. For an exchange rate of $/€1.20

3. Mn ore CIF 44% China

   A high-grade ore asset with a pricing premium

   • $2.4/dmtu1 cash cost FOB2

     - Guidance 2026: $2.4-2.6/dmtu1,3

   • $3.3/dmtu1 cash cost CIF

   • $4.5/dmtu1 average price in 20254

Others 14%

N. America

5%

Europe

7%

India 13%

Other Asia &

Oceania

13%

2025

1,849 Mt5

China 52%

Mn alloys global leadership with a lower carbon footprint

• 6 pyrometallurgical plants:

  • 3 in Norway: Kvinesdal, Porsgrunn, Sauda

  • 1 in the US: Marietta

  • 1 in France: Dunkirk

  • 1 in Gabon: Moanda

• c.820 kt capacity production of standard & refined Mn alloys

• c.45 kt capacity production of Mn oxydes

Sauda (Norway)

Key figures - 2025 Market

1st global producer of refined Mn alloys

• 653 kt alloys production1

  • "Value over volumes strategy"

  • 20% of worldwide demand for Mn alloys

• 639 kt alloys sales

Standard alloys

50-85% Mn content

2-8% carbon content

Steel (construction & machinery)

Refined alloys c.80% Mn content

0.1-1.5% carbon content

Premium steel (automotive & energy)

>60% of Mn alloys production in China

• 52% of refined - favorable mix

• Guidance 2026: stable volumes vs. 2025

Others Russia - 3% 10%

Norway - 3%

Malaysia -3%

India

2025

China 62%

19%

23.2 Mt2

1. 10 kg of alloys /t of steel ; 2.0 t of ore /t of alloy