Core Viewpoint - Eramet has appointed Laetitia Brun as the new Chief Human Resources Officer, effective February 9, 2026, succeeding Anne-Marie Le Maignan, who is retiring after 22 years with the company [1][6]. Group 1: Leadership Transition - Laetitia Brun brings over 20 years of international HR experience across various industries, including chemicals, metallurgy, infrastructure, and transportation [3][4]. - Anne-Marie Le Maignan joined Eramet in 2003 and held several HR leadership roles, culminating in her position as Group Chief Human Resources Officer in 2020 [2]. Group 2: Laetitia Brun's Background - Brun's most recent role was as Group Chief Human Resources Officer at Seqens, where she was also part of the Executive Committee [4]. - She has held significant HR leadership positions at Rhodia and Solvay, focusing on learning & development, career management, and industrial relations [4][5]. - Brun has experience in leading transformation programs and developing HR strategies in complex, multicultural organizations [5]. Group 3: Company Statements - Paulo Castellari, CEO of Eramet, expressed gratitude to Anne-Marie Le Maignan for her contributions to the company's HR function and talent development [6]. - The company is optimistic about Brun's capabilities in driving transformation and enhancing performance and talent development within the organization [7]. Group 4: Company Overview - Eramet focuses on transforming mineral resources to provide sustainable solutions for industry growth and energy transition challenges [8]. - The company is involved in the recovery and development of essential metals such as manganese, nickel, lithium, and cobalt, contributing to sustainable infrastructure and technology [9].

Eramet (OTCPK:ERMA.F) Update / Briefing December 04, 2025 08:30 AM ET Company ParticipantsPaulo Castellari - CEOAbel Martins Alexandre - CFONone - Company RepresentativePaul Ciana - Managing Director of Global Chief Technical StrategistConference Call ParticipantsWilliam Dennis - Credit Research AnalystMaxime Kogge - Equity Analyst of Metals and MiningPaulo CastellariGood afternoon, everyone, and welcome. Very nice to be here. Thank you for investing the time with us today. We have today myself, Paulo Caste ...

Paulo CASTELLARI, CEO Abel MARTINS-ALEXANDRE, CFO 4 th December, 2025 Disclaimer Certain information contained in this presentation including any information on Eramet's plans or future financial or operating performance and any other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significa ...

Core Viewpoint - Indonesia's nickel industry, once thriving, is now struggling due to miscalculations in capacity expansion, technology adoption, and environmental considerations, leading to a significant decline in nickel prices and a reliance on imports despite having the largest nickel reserves globally [1][3][6][10]. Group 1: Industry Overview - Indonesia possesses 60% of the world's nickel reserves and previously experienced a boom in nickel exports, exceeding $30 billion annually [3]. - The country implemented a strategy to ban raw ore exports and mandated foreign investment in local smelting facilities, initially attracting major players like China's Tsingshan Holding and LG Energy Solution from South Korea [3][6]. Group 2: Misjudgments in Strategy - The first misjudgment was the unchecked expansion of production capacity, leading to a shift from a nickel shortage to a severe oversupply, with refined nickel capacity projected to exceed 2.2 million tons by 2024 [6]. - The second misjudgment involved falling behind in technology, as Indonesia focused on high-energy, high-emission pyrometallurgical processes while global battery technology shifted towards lithium iron phosphate batteries, which now dominate the market [6][10]. - The third misjudgment was neglecting environmental trends, as Indonesia's pyrometallurgical processes have carbon emissions three times higher than hydrometallurgical methods, leading to its nickel products being labeled as "dirty" under the EU's carbon border adjustment mechanism [6][10]. Group 3: Comparative Strategies - In contrast to Indonesia, China has adopted a different approach by upgrading technology, establishing strategic reserves of primary nickel, reducing dependency on nickel by 40%, and focusing on high-end breakthroughs in the industry [8]. Group 4: Lessons for Resource-Rich Countries - Indonesia's experience highlights common misconceptions among resource-rich nations, such as equating resource advantages with industrial advantages and blindly copying foreign models without considering local conditions [10][12]. - The importance of a robust industrial ecosystem and technological autonomy is emphasized over mere resource control, as environmental standards increasingly become trade barriers [12][14]. - The ultimate competitive edge lies not in mineral wealth but in technological innovation, manufacturing processes, and market insights, which will determine the sustainability of the industry as resources deplete [14].

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The report highlights significant growth in nickel and lithium production, with nickel ore production increasing by 755% year-on-year to 12.32 million wet tons in Q3 2025, and lithium carbonate production reaching 2,080 tons [1][5]. - The report notes that the average grade of nickel ore sold by PT WBN has decreased significantly compared to Q3 2024, but it still commands a premium price due to limited domestic supply [2]. - The overall financial performance of the group showed a 10% decline in adjusted revenue to €720 million in Q3 2025, primarily due to lower sales prices, although sales volume increased by 22% [9]. Summary by Sections Nickel - Nickel ore production in Q3 2025 was 12.32 million wet tons, with a quarter-on-quarter increase of 74% and a year-on-year increase of 755% [1]. - NPI production reached 9,400 tons, reflecting a 19% quarter-on-quarter growth and a 27% year-on-year growth [3]. - The average grade of nickel ore sold decreased from 2.0% to 1.6% compared to Q3 2024, while the average moisture content increased [2]. Lithium - Lithium production in Q3 2025 was 2,080 tons, a significant increase from 270 tons in Q2 2025 [3]. - The Centenario plant in Argentina has improved its production capacity, achieving a utilization rate of 50% in September 2025 [5]. - Lithium sales reached 1,000 tons in Q3 2025, up from 480 tons in Q2 2025 [3]. Manganese - Manganese ore and sinter production totaled 1.874 million tons in Q3 2025, with a quarter-on-quarter increase of 6% but a year-on-year decrease of 8% [6]. - The average cash cost of manganese mining activities was $2.3 per ton, reflecting a 14% increase compared to Q3 2024 [6]. - Manganese alloy production was 174,000 tons, with a 9% quarter-on-quarter increase and a 5% year-on-year increase [7]. Financial Performance - The adjusted revenue for the group in Q3 2025 was €720 million, a 10% decrease from €804 million in Q3 2024 [9]. - The decline in revenue was attributed to a 25% drop in sales prices, particularly for manganese and nickel ores, despite a 22% increase in sales volume [9]. 2025 Outlook - Nickel demand is expected to grow in Q4 2025 due to increased stainless steel production in China, Indonesia, and India, while battery demand is anticipated to remain stable [10]. - Lithium demand is projected to continue rising, driven by electric vehicle sales, particularly in China, with expectations of a significant increase in battery-grade lithium prices [13]. - The manganese market is expected to remain oversupplied in Q4 2025, with stable supply but weak demand [16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current supply and demand of lithium carbonate are both strong. Although the resumption of production of lithium mines in Jiangxi is fluctuating, the production of lithium carbonate remains at a high level. High prices have intensified the wait - and - see sentiment of downstream buyers. If the weakening of demand is verified, there is still room for further price correction. It is recommended to hold short positions [3]. 3. Summary According to Related Contents 3.1 Market Data - **Futures Market**: On November 3, 2025, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 586,668 lots (-328,577), and the open interest was 525,184 lots (-14,744). The price difference between near - month and consecutive - one contracts was - 1480 yuan/ton, the price difference between consecutive - one and consecutive - two contracts was 120 yuan/ton, and the price difference between consecutive - two and consecutive - three contracts was 0 yuan/ton. The basis widened, reaching - 1280 yuan/ton [3]. - **Spot Market**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 81,000 yuan/ton (+450), the average price of industrial - grade lithium carbonate (99.2%, domestic) was 78,800 yuan/ton (+450), and the price difference between battery - grade and industrial - grade lithium carbonate was 2200 yuan/ton [3]. - **Raw Material Market**: The average price of lithium spodumene concentrate (6%, CIF China) was 941 US dollars/ton (-3), the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1350 yuan/ton (-30), and the average price of lithium mica (Li2O: 2.0% - 2.5%) was 2150 yuan/ton (-30) [3]. - **Downstream Product Market**: The average price of lithium hexafluorophosphate (99.95%, domestic) was 113,500 yuan/ton (+3000), the average price of ternary precursor 523 (polycrystalline/consumer - type) was 104,850 yuan/ton (+500), and the average price of ternary material 523 (single - crystal/power - type) was 139,450 yuan/ton (+150) [3]. 3.2 Supply and Demand Analysis - **Supply Side**: Last week, the production of lithium carbonate decreased, mainly due to a slight decline in the production of lithium carbonate from lithium spodumene. The Argentine subsidiary of the French mining company Eramet, Eramine, successfully resumed its lithium extraction project. The Centenario Ratones lithium carbonate plant produced 2080 tons of lithium carbonate equivalent (LCE) in the third quarter, almost three times the output of 710 tons in the January - June period. The company plans to reach full - load production in the next 6 - 9 months, with a designed production capacity of 24,000 tons/year of battery - grade lithium carbonate [3]. - **Demand Side**: Last week, the production of lithium iron phosphate increased, the production of ternary materials increased, and the production of power batteries increased. In November, the production of cobalt - lithium batteries increased, and the production of manganese - lithium batteries decreased. The production and sales growth rate of new energy vehicles slowed down in September, the 3C shipments were average, and the production of energy - storage batteries increased in November [3]. 3.3 Inventory Situation The registered warehouse receipts were 27,290 tons (-331), the social inventory decreased, the inventory of smelters and downstream decreased, and the inventory of other parts increased [3].

Core Insights - Eramet's turnover decreased by 10% in Q3 2025, amounting to €720 million, primarily due to a negative price effect of 25% and logistical challenges, despite a positive volume effect of 22% [6][20][30] Financial Performance - Adjusted turnover for manganese activities fell to €421 million, down 26% year-on-year, with manganese ore turnover declining by 35% to €221 million [17][21] - Nickel activity saw a significant increase, with adjusted turnover rising to €142 million, a 122% increase compared to Q3 2024, driven by a 567% increase in external nickel ore sales [38][39] - Mineral sands turnover decreased by 32% to €51 million, reflecting price pressures and a slight decrease in ilmenite volumes sold [55] Operational Challenges - Manganese ore transportation volumes declined by 13% to 1.6 million tonnes due to operational challenges on the rail network [21][31] - The company is facing a highly uncertain macroeconomic environment, which is negatively impacting demand and cash generation [6][20] Production and Sales - Lithium carbonate production ramped up significantly, reaching 2,080 tonnes in Q3 2025, with sales of 1,000 tonnes [66][72] - Nickel ore production in Indonesia increased to 12.3 million wet metric tonnes, with external sales volumes rising to 9.3 million wet metric tonnes [38][48] Market Trends - Global manganese ore consumption increased by 8% in Q3 2025, driven by sustained manganese alloys production, particularly in China [26] - The price index for manganese ore averaged $4.3/dmtu in Q3 2025, down 40% compared to Q3 2024, reflecting unfavorable comparatives [28] Strategic Initiatives - The company has initiated a performance improvement program focusing on safety, operational excellence, and financial resilience [5][6] - A revised Capex plan for 2025 is set between €400 million and €425 million, down from previous estimates [81] Outlook - The outlook for Q4 2025 indicates a continued decline in global carbon steel production, which is expected to impact manganese ore demand [35] - The lithium market is anticipated to remain in surplus, with prices under pressure, despite strong demand driven by electric vehicle sales [70][73]

Core Points - Eramet has announced the purchase of 16,400 of its own shares to allocate bonus shares to employees and corporate officers under specific provisions of the French Commercial Code [1] - The total aggregated daily volume of shares purchased over the specified period was 16,400, with a daily weighted average price of €61.99 [2] - Detailed transaction information for the week of October 13, 2025, is available on Eramet's website [3] Company Overview - Eramet is focused on transforming Earth's mineral resources to provide sustainable solutions for industrial growth and energy transition challenges [3][4] - The company is involved in the recovery and development of essential metals such as manganese, nickel, mineral sands, and lithium, contributing to a more sustainable world [4] - Eramet aims to be a reference for the responsible transformation of mineral resources, supporting robust infrastructures and efficient technologies [5]

Core Viewpoint - Vanguard Mining Corp. has terminated its agreement with American Salars Lithium Inc. regarding the sale of the Pocitos 1 Lithium Salar Project, allowing the company to retain full ownership and exploration potential of the project [1][3]. Company Summary - The Pocitos 1 Lithium Salar Project is an 800-hectare lithium brine property located in Salta Province, Argentina, which is part of a prolific lithium brine district [1][6]. - The agreement with American Salars was initially announced on June 17, 2024, and included an inferred lithium carbonate equivalent (LCE) mineral resource estimate [2]. - The termination was due to American Salars' failure to meet local government payment obligations and other creditor responsibilities [3]. - Vanguard's President and CEO, David Greenway, emphasized that regaining control of Pocitos 1 protects shareholder interests and maintains exposure to a valuable lithium project [4]. Industry Summary - Lithium carbonate prices in China have recently rebounded to approximately CNY 78,720 per tonne (US$10,957/tonne), reflecting a more than 25% increase over the past month [5]. - The Pocitos 1 project is situated in a region that accounts for over 50% of the world's lithium brine resources, highlighting its global significance [6]. - Argentina has become a key player in the lithium market, with over US$14 billion invested by international companies in the past three years, driven by favorable geological conditions and supportive policies [12]. - The province of Salta is recognized as a favorable mining jurisdiction, attracting significant investment and project development [13][16]. - Global lithium demand is projected to triple by 2035, driven by the growth of electric vehicles and renewable energy systems [14].

Group 1 - Eramet has appointed Abel Martins-Alexandre as the new Chief Financial Officer, effective September 15, 2025, succeeding Nicolas Carré [2][6] - Abel Martins-Alexandre brings over 25 years of experience in finance and the natural resources sector, with a strong background in corporate finance, capital markets, and strategic risk management [3][4] - The Group's CEO, Paulo Castellari, expressed gratitude to the outgoing CFO for his contributions during a significant transformation phase and welcomed Abel's expertise in driving operational efficiency and financial performance [6][7] Group 2 - Eramet focuses on transforming mineral resources to provide sustainable solutions for industrial growth and energy transition challenges, emphasizing its commitment to responsible practices [8][9] - The company is involved in the recovery and development of essential metals such as manganese, nickel, mineral sands, and lithium, which are crucial for sustainable infrastructure and technology [8][9]