Investment Rating - The report provides a recommendation for the industry [5] Core Insights - In Q2 2025, the nickel ore production decreased by 9% year-on-year to 7.08 million wet tons, while the NPI production increased by 20% year-on-year to 7,900 tons [1][2] - The lithium production at the Centenario plant was 270 tons, with a significant increase in sales to 480 tons compared to the previous quarter [3] - Manganese ore production was 1.76 million tons, showing an 11% year-on-year increase, while manganese alloy production decreased by 6% year-on-year [4][7] - The adjusted turnover for H1 2025 was €1.528 billion, reflecting a 7% decrease compared to H1 2024 [9][20] - The adjusted EBITDA for H1 2025 was €191 million, a 45% decline year-on-year, primarily due to lower nickel grades and operational challenges [10][11] Summary by Sections Nickel - Nickel ore production in Q2 2025 was 7.08 million wet tons, a 9% decrease year-on-year, while sales were 5.64 million wet tons, a 6% decrease year-on-year [1] - NPI production was 7,900 tons, a 20% increase year-on-year, with sales of 3,500 tons, a 21% increase year-on-year [2] Lithium - Lithium production (in LCE) was 270 tons in Q2 2025, down from 440 tons in Q1 2025, while sales increased significantly to 480 tons [3] - The Centenario plant is expected to reach its design capacity of 24,000 tons/year, with production delays impacting EBITDA [3][15] Manganese - Manganese ore and sinter production was 1.76 million tons, an 11% increase year-on-year, while sales were 1.43 million tons, a 2% decrease year-on-year [4] - Manganese alloy production was 160,000 tons, a 6% decrease year-on-year [7] Financial Performance - The adjusted turnover for H1 2025 was €1.528 billion, a 7% decrease from H1 2024, while adjusted EBITDA was €191 million, down 45% year-on-year [9][10] - The net income attributable to the group was -€152 million, reflecting a significant decline compared to the previous year [11][20] 2025 Outlook - Nickel production targets for 2025 have been revised to 36 to 39 million wet tons, with expectations of continued price premiums due to supply constraints [14] - Lithium production is projected to be between 4,000 and 7,000 tons for 2025, with increased capital expenditures anticipated [15] - Manganese transportation targets have been adjusted to 6.5 to 7 million tons for 2025, with cash cost targets revised to $2.1 to $2.3 per ton [16]

Core Insights - The company is focusing on operational efficiency following disappointing results in H1 2025, with a commitment to improve performance in the second half of the year [2][4][19] Financial Performance - Adjusted EBITDA (excluding SLN) for H1 2025 was €191 million, down 45% compared to H1 2024, primarily due to reduced contributions from PT WBN and unfavorable product mix [4][19] - Net Income, Group share (excluding SLN) was negative at -€101 million, a decline of €132 million year-on-year [4][19] - Adjusted Free Cash Flow was -€266 million, with liquidity remaining high at €1.7 billion [4][24] Operational Highlights - Safety performance remained strong with a Group TRIFR of 0.6, significantly better than the CSR roadmap target of <1.0 [5] - Manganese ore transported volumes are revised to between 6.5 and 7.0 million tonnes for 2025, with FOB cash costs adjusted to between $2.1 and $2.3/dmtu [4][47] - Nickel ore sales are projected between 36 and 39 million wet metric tonnes for 2025, reflecting revised licensing [4][64] Market Trends - Global carbon steel production declined by nearly 2% in H1 2025, with China experiencing a 3% drop due to reduced domestic demand [33][34] - The price index for manganese ore averaged $4.6/dmtu in H1 2025, down 14% year-on-year, influenced by increased supply from South Africa and Australia [38][39] - Global demand for lithium increased by 29% in H1 2025, driven by electric vehicle sales, while lithium supply also rose, leading to a surplus in the market [81][82] Strategic Initiatives - The company launched an in-depth operational review in June 2025 to enhance performance [4] - A controlled capex plan for 2025 is reiterated at between €400 million and €450 million, focusing on sustaining and strengthening rail transportation capacity [4][97] - The company is actively pursuing health prevention efforts as part of its "Act for Positive Mining" roadmap [8]

Report Industry Investment Rating The report does not mention the industry investment rating. Core Viewpoints of the Report - In 2025, the global primary nickel supply will continue to increase, with an overall surplus, and the nickel price center will shift downward. The lower limit of the nickel price will approach the MHP integrated cost, and the upper limit will approach the RKEF nickel matte integrated cost. It is expected that the Shanghai nickel will trade between 110,000 - 130,000 yuan/ton in the second half of 2025 [6][12][13]. - The demand growth rate of stainless steel has declined, mainly due to the suppression of overseas tariff barriers on the production and sales of stainless steel end - products. The supply side has full elasticity, the over - capacity contradiction remains unchanged, and the cost reduction opens up the downward space for stainless steel. It is estimated that the stainless steel will oscillate between 12,200 - 13,500 yuan/ton in the second half of the year [1][22]. Summary According to the Directory 1. Persistent Excess Pattern of Primary Nickel - **Global Primary Nickel Supply - Demand Balance Sheet: Persistent Excess Situation** - In the first half of 2025, the global primary nickel supply was about 1.84 million tons, a year - on - year increase of about 10%. The consumption in the stainless steel and alloy industries had a relatively high growth rate. There was a slight inventory accumulation in the first half of the year. - For the second half of 2025, both supply and demand are expected to grow. The annual supply is expected to reach 3.77 million tons, with a year - on - year growth rate of about 4.7%, and the consumption is about 3.65 million tons, with a year - on - year growth rate of 4.9%. The annual surplus is expected to be 150,000 tons [30]. - **China's Primary Nickel Supply - Demand Still in Excess** - In the first half of 2025, China's primary nickel total supply was about 1.14 million tons, a year - on - year increase of 5.6%, with inventory accumulation of 120,000 tons. - In 2025, it is expected to maintain a double - growth in supply and demand. The annual primary nickel total supply is expected to be 2.5 million tons, consumption is 2.28 million tons, and the surplus is 250,000 tons [33][34]. 2. Primary Nickel Supply - **Collision between Traditional and Emerging Nickel Supply** - Since 2022, some high - cost nickel mines globally have reduced or stopped production, with a total reduction capacity of 360,000 tons of metal. In 2024, there were many reduction and shutdown projects in Australia and other regions. - The main variables in global primary nickel supply come from emerging nickel suppliers. Indonesia's nickel - iron new capacity is the largest part of the global primary nickel supply increment, and intermediate products such as wet - process MHP and high - grade nickel matte have a direct impact on refined nickel supply and demand [37][38][39]. - **Gradual Growth of Nickel Intermediate Product Supply** - In 2024, some new nickel wet - process and high - ice nickel capacities were put into production, and there are still more than 500,000 tons of wet - process under - construction and planned capacities. However, the actual production situation needs continuous tracking due to uncertainties in wet - process capacity production and the decline in the market share of ternary batteries [45]. - **China's Refined Nickel Production Remains at a High Level** - From January to May 2025, China's refined nickel cumulative production was 175,834 tons, a cumulative year - on - year increase of 43.91%. The import and export volume of refined nickel also increased significantly [59]. 3. Refined Nickel Consumption - **Sulfuric Acid Nickel's Consumption of Pure Nickel Remains Almost Zero** - Due to the large losses in the self - dissolution of nickel beans into sulfuric acid nickel in recent years, the consumption of refined nickel in the new energy sector has declined rapidly, and currently, nickel beans are basically not used to produce sulfuric acid nickel [67]. - **Growth in Electroplating and Stainless Steel Industries** - The downstream consumption of refined nickel is mainly concentrated in alloy, stainless steel, and electroplating industries, with alloy consumption accounting for about 55%, stainless steel about 20%, and electroplating about 15%. The consumption of electrolytic nickel in stainless steel, electroplating, and alloy industries increased year - on - year in the first half of the year, and it is expected to continue to grow in the second half of the year [10][68][71]. 4. Stainless Steel Sector - **Stainless Steel Capacity Statistics** - In 2025, China plans to add about 5.56 million tons of new stainless steel capacity, and Indonesia plans to add 1 million tons. However, due to many influencing factors and poor industry profit conditions, the future production progress is expected to be relatively slow [80]. - **Stainless Steel Production Statistics** - As of June 2025, the cumulative production of national stainless steel crude steel was 19.8466 million tons, a year - on - year increase of 9.03%. It is expected that the annual production of stainless steel crude steel will be about 41.5 million tons [85]. - **Stainless Steel Import and Export Data Statistics** - From January to May 2025, China's stainless steel imports decreased year - on - year, and exports increased year - on - year. The net export volume increased significantly. The import decline was mainly due to the reduction of cold - rolled coil imports from Indonesia, and the export decline in May was mainly affected by the uncertainty of global tariff policies [98]. - **Analysis of Stainless Steel Terminal Industry Consumption** - The terminal consumption of 300 - series stainless steel is relatively dispersed. The real estate sector is the main drag factor, while the home appliance sector is the main consumption boost factor [104]. - **Statistics of Stainless Steel Profit Level** - As of early July 2025, the profit level of the stainless steel industry was low, and most enterprises faced great cost pressure [127]. - **Difficulty in Changing the Excess Supply - Demand Pattern of Stainless Steel** - Since 2022, the supply and demand of stainless steel have been in a state of excess. The subsequent production of stainless steel capacity to be put into production may not meet expectations, and the actual demand may be less than expected due to the uncertainty of global trade [133]. 5. Nickel - Stainless Steel Industry Chain Inventory - **Continuous Increase in Refined Nickel Inventory** - From December 27, 2024, to June 27, 2025, the global refined nickel visible inventory increased by 32,099 tons to 240,885 tons, and part of the inventory was converted into invisible inventory [11][134]. - **Relatively Stable Nickel - Iron Inventory** - Affected by the seasonality of Philippine nickel ore exports, China's nickel ore port inventory is at a medium level in the same period of history, and the nickel - iron spot inventory is at a relatively high position compared with the same period last year [139]. - **Summary of Stainless Steel Social Inventory and Futures Warehouse Receipt Data** - As of July 3, 2025, the social inventory of 300 - series stainless steel may remain at a high level in the third quarter and gradually decrease in the fourth quarter. The futures warehouse receipt decreased after reaching the highest level in March - early April, and the overall stainless steel inventory pressure still exists [141][142].

Report Industry Investment Rating - The rating for lithium carbonate is "Oscillation" [1] Core Viewpoints of the Report - The cycle of expanding production capacity is not over, and the pressure on the mining end to reduce inventory has marginally eased. The supply of global primary lithium resources in 2025 is expected to reach 1608,000 tons of LCE, a year-on-year increase of 272,000 tons of LCE. The downstream demand growth rate has been slightly revised down, and attention should be paid to the expected difference in apparent demand. The theoretical cost support in 2025 has dropped to 58,000 - 60,000 yuan/ton, and the cost curve is becoming flatter. It is expected that the operating range of the main lithium carbonate contract in the second half of the year will be 55,000 - 67,000 yuan/ton [2][3][4][5] Summary According to the Table of Contents 1. Market Review - In the first half of the year, the unexpectedly high production in the cathode material and cell sectors in January led to an upward revision of the annual demand growth rate, pushing up the price. After the Spring Festival, the over - supply in the salt sector and the negative feedback loop between ore and salt prices dragged down the price. Although some large salt factories started maintenance in April, the supply in the second quarter still increased month - on - month. The cost support moved down due to the decline in the current cost of enterprises, and the market sentiment became more pessimistic [18] 2. The Cycle of Expanding Production Capacity is Not Over, and the Pressure on the Mining End to Reduce Inventory has Marginally Eased 2.1 The Cycle of Expanding Production Capacity at the Resource End is Not Over - The supply of global primary lithium resources in 2025 is expected to be about 1.608 million tons of LCE, a year - on - year increase of 272,000 tons of LCE. The increase mainly comes from the resumption of production at Jiuxiawo and the output of Lagucuo and Daoxian Xiangyuan. Some projects' output has been slightly revised down. China, Africa, Argentina, and Chile have contributed significant year - on - year increments, while Australia's output has slightly decreased. The supply structure has become more diversified, and the risk of supply disruption is controllable [24][27][28] 2.2 The Differentiation between the Growth Rates of the Resource End and the Salt End: How Much Pressure is There on the Mining End to Reduce Inventory? - From January to May, the supply of lithium carbonate in the Chinese market increased by 42% year - on - year, far exceeding the resource end growth rate. The difference is mainly due to inventory changes. Overseas non - integrated miners have stable inventory days. African lithium mines have some inventory pressure, but it is controllable. The inventory in China has been decreasing, and the pressure to further reduce inventory is limited. The supply growth rate of lithium carbonate in the second half of the year is likely to approach the resource end growth rate. The inventory of salt lakes in Chile and Argentina is low, and the shipping data can be used as a leading indicator for imports [36][40][51] 3. The Terminal Growth Rate has been Slightly Revised Down, and Attention Should be Paid to the Expected Difference in Apparent Demand 3.1 The Power Terminal Maintains High Growth, and the Uncertainty of Energy Storage has Marginally Increased - In the power terminal, from January to May, the cumulative year - on - year growth rates of new energy vehicles in China, Europe, and the United States were 44%, 27%, and 3% respectively. The growth rate in China may slow down in the second half of the year, but the end - of - year demand is still worth looking forward to. In Europe, the growth rate has exceeded expectations. In the United States, the policy pressure in the second half of the year is limited. The annual growth rate of global new energy vehicle sales is expected to be maintained at 20% - 26%. In the energy storage terminal, the demand expectation is pessimistic. Domestically, the cancellation of mandatory energy storage allocation has increased uncertainty, but the high winning bid volume in the first half of the year supports the demand in the second half. Overseas, the demand for exports to the United States may slow down, but the non - US market is performing well. The global energy storage cell shipments are expected to increase by 30% - 40% year - on - year [58][70][83] 3.2 The Inventory Days of Each Downstream Link Remain Neutral - After two years of inventory reduction, the inventory days of each downstream link have returned to a neutral level. The cathode material sector has maintained a low - inventory strategy, and there is little room for further inventory reduction. The cell sector has also achieved inventory reduction. The new energy vehicle inventory level is neutral, and the inventory pressure of some car companies is a structural problem. There may be trading opportunities due to the expected difference between the off - season and the peak season [84][87][88] 4. How to Understand the Downward Shift of Cost Support? - The updated balance sheet shows that the global lithium resources will have a surplus of 228,000 tons of LCE in 2025. The theoretical cost support in 2025 is 58,000 - 60,000 yuan/ton, down from the previous range. The cost reduction space of mature Australian mines is limited, while African projects may further reduce costs. The cost curve will become flatter, and the cost support will be marginally enhanced [97][98][102] 5. Investment Suggestions - In the second half of the year, the main lithium carbonate contract is expected to operate in the range of 55,000 - 67,000 yuan/ton. The market is relatively optimistic in the third quarter, and the price may decline at the end of the year. The space for unilateral trading is limited. It is recommended to try long positions at the lower end of the range in early Q3 and short positions at the end of Q3. It is more advisable to focus on the positive spread opportunity of LC2509 - LC2511 [106][107]

Report Summary 1. Market Performance - International precious metal futures generally closed higher, with COMEX gold futures rising 2.74% to $3,406.40 per ounce and COMEX silver futures rising 5.76% to $34.93 per ounce. The increase was supported by heightened risk aversion due to trade tensions and geopolitical risks [6][34]. - International oil prices rose across the board, with the US crude oil main - contract rising 3.7% to $63.04 per barrel and Brent crude oil main - contract rising 3.63% to $65.06 per barrel. The increase was due to OPEC+’s lower - than - expected production increase and geopolitical concerns [6][37]. - London base metals mostly closed higher, with LME zinc rising 2.79% to $2,693.00 per ton and LME nickel rising 1.79% to $15,510.00 per ton. Future market volatility may continue [2][37]. 2. Macroeconomic Information - In May 2025, the People's Bank of China conducted 700 billion yuan of outright reverse repurchase operations [4]. - At the end of the first quarter of 2025, the balance of RMB loans of financial institutions was 265.41 trillion yuan, a year - on - year increase of 7.4%. The balance of RMB real - estate loans was 53.54 trillion yuan, a year - on - year increase of 0.04% [7]. - In 2024, the national housing provident fund loans issued were 1.3 trillion yuan, and the housing provident fund deposit amount was 3631.783 billion yuan [7]. - The US factory activity contracted for the fourth consecutive month in May, and the import index fell to a 16 - year low [8]. 3. Energy and Chemical Futures - Zhengzhou Commodity Exchange resumed the designated glass delivery warehouse business of Hubei Yijun Yaoneng New Materials Co., Ltd. and added two new designated glass delivery warehouses [10]. - In May, the inventory days of domestic photovoltaic glass increased to over 30 days, an increase of more than 1 day compared with April [11]. - OPEC+ agreed to increase oil production by 411,000 barrels per day for the third consecutive month in July [14]. 4. Metal Futures - Last week, copper inventory on the Shanghai Futures Exchange increased by 7,120 tons, while aluminum, zinc, lead, and tin inventories decreased, and nickel inventory increased [16]. - In April 2025, the total import and export volume of automobile commodities was $23.09 billion, a month - on - month increase of 6.8%. From January to April, the cumulative import and export volume was $81.88 billion, a year - on - year decrease of 5.2% [16]. - Goldman Sachs raised its aluminum price forecast for the second half of 2025 to $2,280 per ton but lowered the forecasts for 2026 and 2027 [16][37]. 5. Black - Series Futures - In May 2025, the coking coal long - term agreement coal - steel linkage floating value decreased by 31.2 yuan/ton compared with April, a decline of 2.39% [18]. - Mongolia's ER company's coking coal has had 16 consecutive auction failures [19]. - The total inventory of imported iron ore at 47 ports decreased by 122,250 tons [22]. - The blast furnace operating rate of 247 steel mills was 83.87%, and the blast furnace iron - making capacity utilization rate was 90.69% [23]. - Gabon will stop exporting manganese ore raw materials from 2029 [24]. 6. Agricultural Product Futures - As of the week of May 30, the self - breeding and self - raising pig farming profit was 35.65 yuan/head, and the profit from purchasing piglets for farming was a loss of 84.37 yuan/head [26]. - Muyuan Co., Ltd. decided not to sell commercial pigs to secondary fattening customers [27]. - It is expected that the soybean imports will be 12 million tons in June, 9.5 million tons in July, and 8.5 million tons in August [28]. - As of the week of May 27, about 17% of US soybean - growing areas and 23% of US corn - growing areas were affected by drought [31]. - As of May 31, the 2024/25 Brazilian soybean harvest rate was 99.8% [31]. - As of the week of June 1, the US soybean good - to - excellent rate was 67%, and the planting rate was 84% [31]. - As of the week of May 29, the US soybean export inspection volume was 268,343 tons [31]. - At the end of March, Indonesia's palm oil inventory decreased by 213,000 tons compared with February, and the March production increased by 7% year - on - year [32]. 7. Financial Markets - Many institutions are avoiding 30 - year US Treasury bonds and choosing short - term bonds. US Treasury yields rose across the board, and the US junk - bond default rate in May hit a 15 - month high [38]. - European bond yields generally rose [39]. - The US dollar index fell 0.75% in late New York trading. Non - US currencies mostly rose. Morgan Stanley predicts that the US dollar will fall by about 9% by the middle of next year [42]. 8. Upcoming Economic Data and Events - Economic data to be released include Australia's Q1 current account, China's May Caixin Manufacturing PMI, etc. [45]. - Events to occur include China's central bank's 830 billion yuan of 7 - day reverse repurchase expiring, the RBA's release of the June monetary policy meeting minutes, etc. [47]

Group 1 - Shanghai International Reinsurance Center is accelerating its construction to enrich international financial products, allowing foreign traders to directly participate in trading six internationalized futures products including crude oil and low-sulfur fuel oil [1] - Eramet, a French mining company, is committed to maintaining 10,460 local jobs in Gabon despite the government's announcement to ban the export of manganese ore starting in 2029 [1] - Mysteel's survey of 247 steel mills shows a blast furnace operating rate of 83.87%, a capacity utilization rate of 90.69%, and a profit rate of 58.87%, with a daily average pig iron output of 2.4191 million tons [1] - As of May 31, the soybean harvest rate in Brazil for the 2024/25 season reached 99.8%, slightly up from 99.5% the previous week and higher than 98.8% in the same period last year [1] Group 2 - The USDA's weekly crop progress report indicates that as of June 1, the good-to-excellent rating for U.S. soybeans is at 67%, below the market expectation of 68%, with a planting rate of 84% [2] - U.S. soybean export inspection volume for the week ending May 29 was 268,343 tons, an increase from the previous week's revised figure of 200,022 tons, with shipments to China totaling 64,998 tons [2] - Indonesia's palm oil inventory decreased by 213,000 tons to 2 million tons as of the end of March, a 38% decline year-on-year, while total palm oil production increased by 7% to 4.8 million tons [2]

Core Viewpoint - The strategic partnership between Danantara Indonesia, the Indonesia Investment Authority (INA), and Eramet aims to establish a sustainable and integrated electric vehicle (EV) battery raw materials ecosystem in Indonesia, enhancing the country's position in the global nickel supply chain [3][4][5]. Group 1: Partnership Details - A Memorandum of Understanding (MoU) was signed to explore the establishment of a strategic investment platform in the nickel sector, covering both upstream and downstream operations [1][3]. - The signing ceremony was attended by Indonesian President Prabowo Subianto and French President Emmanuel Macron, highlighting the significance of the partnership [2]. Group 2: Objectives and Goals - The partnership aims to conduct a preliminary assessment to identify suitable projects that maximize the potential of Indonesia's national EV ecosystem and prepare a roadmap for future collaboration [3]. - The collaboration emphasizes adherence to strict international standards in asset management, prioritizing efficiency and economic value [3][4]. Group 3: Contributions and Expertise - Danantara Indonesia and INA will manage long-term financing to support investment development, while Eramet will provide technical expertise and experience in large-scale mining projects [4][5]. - Eramet has been active in Indonesia since 2006, contributing to the development of the country's largest nickel deposit and supporting sustainable development initiatives [8][9]. Group 4: Strategic Importance - The partnership is seen as a crucial step in strengthening Indonesia's critical minerals supply chain, particularly in the nickel sector, aligning with INA's investment focus [6][7]. - The collaboration aims to attract high-quality investments into Indonesia's strategic sectors, combining technical excellence with long-term financing structures [7].

Core Points - Eramet held its Ordinary and Extraordinary General Meeting on May 26, 2025, in Paris, where Paulo Castellari was appointed as the new Chief Executive Officer [2][3][6] - Christel Bories was renewed as Chair of the Board for another four years, receiving appreciation for her eight years of service as Chair and CEO [3][6] - The Board of Directors now consists of 18 members, including 7 independent members and 7 women, representing 44% of the Board [4] - Shareholders approved a dividend of €1.50 per share for the 2024 fiscal year, with the ex-dividend date set for June 2, 2025, and payment starting from June 4, 2025 [4][6] - Upcoming financial disclosures include the publication of 2025 half-year results on July 30, 2025, and third-quarter turnover on October 30, 2025 [5] Company Overview - Eramet focuses on transforming Earth's mineral resources to provide sustainable solutions for industrial growth and energy transition challenges [5][8] - The company aims to be a reference for the responsible transformation of mineral resources, contributing to sustainable infrastructure and efficient technologies [9]

Core Points - Eramet has announced the issuance of sustainability-linked bonds amounting to €100 million, which will be assimilated with previously issued bonds, increasing the total principal amount to €600 million [2][3]. Group 1: Bond Issuance Details - The new bonds will form a single series with the €500 million sustainability-linked bonds issued on 30 May 2024, which have an annual coupon of 6.5% [2]. - The net proceeds from the bond issuance will be utilized for Eramet's general corporate purposes [3]. - The settlement for the new bonds is scheduled for 28 May 2025, and they will be admitted to trading on the regulated market of Euronext in Paris [3]. Group 2: Company Overview - Eramet is focused on transforming Earth's mineral resources to provide sustainable solutions for industrial growth and energy transition challenges [13]. - 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 [13][14]. - Eramet aims to be a reference for the responsible transformation of mineral resources, supporting robust infrastructures and efficient technologies [14].

Core Points - The Ordinary and Extraordinary Shareholders' General Meeting of Eramet is scheduled for May 26, 2025, at 10:00 a.m. Paris time at the company's head office [1] - The prior Notice of Meeting, including the agenda and draft resolutions, was published on April 18, 2025, and the Convening Notice will be published on May 07, 2025 [2] - Shareholders can request preparatory documents for the Meeting and consult them at Eramet's head office or on the company's website [3] - The Meeting will be broadcast live via a webcast, which will also be available for replay [4] - Key upcoming dates include the release of the 2025 half-year results on July 30, 2025, and the third-quarter sales on October 30, 2025 [4] Company Overview - Eramet focuses on transforming Earth's mineral resources to provide sustainable solutions for industrial growth and energy transition challenges [4][5] - The company is involved in the recovery and development of essential metals such as manganese, nickel, mineral sands, and lithium [5] - Eramet aims to be a reference for the responsible transformation of mineral resources, contributing to robust infrastructures and efficient mobility solutions [6]