1
OM Holdings Limited
Australia • China • Japan • Malaysia • Singapore • South Africa
April 2025 • Investor Presentation • ASX:OMH | Bursa:OMH (5298)
Q1 Key Updates and FY25 Production Guidance
Refinancing successfully completed with a US$168
million
million
syndicated
debt facility, along US$136
working
capital
and
bank
guarantees.
OM Sarawak received the Merit Award in the Large Enterprise category at the 11th Premier of Sarawak Environmental Award ceremony and was also awarded the ISO 9001:2015 certification for its quality management system
190
167
140
140
131
120-140
44
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Mn Alloy Production Volume(1) (kmt)318
294
264
238
217
200 - 230
72
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Exploration and Mining (Mn Ore)
The second UFP processing trial briefly achieved a peak throughput of 280-290 tph over 15 hours, with grades (35% Mn) and yield (10%) matching expectations.
A third trial commenced in mid-April. Target to achieve a continuous nameplate feed rate for more than 10 days with further optimization of the the classifiers.
Smelting (FeSi and Mn Alloy)
Two FeSi furnaces to undergo major maintenance in stages in April 2025 and June 2025 respectively
Q1 production in line with guidance
FY2019 - FY2021 OMQ + OM Sarawak production volume. FY2022 onwards purely OM Sarawak production volume.
Ferrosilicon Market Review
Prices range bound, given Chinese cost, with potential catalysts from Russian output
Relatively
fixed
input
costs,
earnings correlate well with absolute
prices
Prices follow typical commodity price cycles
China remains as marginal suppliers to the market. Continued downward pressure on prices (-8.5% Y0Y) due to lower demand and competition from Russian products. FeSi price decreased from US$1,185 to US$1,120 per tonne CIF Japan.
Outlook: Continued near term pressure with macroeconomic uncertainties, with major Chinese producers reducing production.
USD/mt
('000s mt)
Chinese FeSi Production
3M 2025 Avg FeSi: $1,148.33 / mt (-8.5% YoY)
$4,500
FeSi
Production
600
$4,000
$3,500
$3,000
500
400
$2,500 300
$2,000
$1,500
$1,000
200
100
$500
0
Jan-13
Sou
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25
rce: S&P Global Platts, CNFEOL
Manganese Ore and Alloy Market Review
Mn alloy prices restabilizing after volatility from upstream ore prices
Strong
monthly
contemporaneous
correlation between
alloys
"Conversion" margin
Mn Ore
and Mn
between
alloy prices mean-revert,
ore and
creating
resilience
Mn ore High Grade closed at US$4.97/dmtu CIF China, an increase of 21.8% from US$4.08/dmtu CIF China during the previous quarter. SiMn price increased from US$885 to US$965 per tonne CIF Japan on the back of stronger manganese ore prices.
Outlook: Prices normalizing, with the expectation of a key global ore supplier resuming operations. Reduced utilization rates globally add to price stability.
SiMn
USD/mt
Ore Inventory
(millions mt)
Manganese Ore Index
US$9.07 / dmtu
Japan SiMn Index
US$4.76 / dmtu
Chinese Ports Ore Inventory
3M 2025 Avg Mn Ore : $4.64 / dmtu (+8.4% YoY)
3M 2025 Avg SiMn : $960 / mt (+4.1% YoY)
$2,500 8.0
$2,000
$1,500
$1,000
7.0
6.0
5.0
4.0
3.0
$500
2.0
1.0
$0 0.0
Jan-13
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25
Source: Fastmarkets MB, S&P Global Platts, the IMnI, and CNFEOL
*High Carbon Ferromanganese (HCFeMn) not included due to relatively low liquidity and absence of representative non-Chinese Asian benchmark
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