Market Trends and Demand - Metals are essential for technology, defense, and the green transition, with megatrends driving long-term demand [6, 12] - By 2035, there will be over 200,000 new wind turbines, over 1,000 new hyper data centers, and over 50 million new electric vehicles, significantly increasing metals demand [14] - Global demand for Tellurium is expected to increase by 82% from 2025 to 2035 [16] - Global demand for Tin is expected to increase by 40% from 2025 to 2035 [16] - Global demand for Gold is expected to increase by 22% from 2025 to 2035 [16] Aurubis' Strategy and Competitive Advantages - Aurubis' unique smelter network enables multimetal excellence, processing 20 metals and elements [25, 27] - Aurubis maximizes recycling rate, achieving approximately 44% recycling content in copper cathode on average [30] - Aurubis is committed to strengthening its position as a leading copper and multimetal producer [46] - Aurubis is streamlining its existing strategy portfolio, focusing on its core business of multimetal and reducing capex intensity [79] Financial Performance and Outlook - Strategic projects are expected to contribute €260 million per year in EBITDA [79] - Aurubis expects operating EBITDA between €580-680 million for FY 2025/26 [180] - Aurubis aims to reduce net working capital by approximately €500 million in the mid-term [183]

Core Insights - LS-L&F Battery Solution (LLBS) has completed the construction of a new battery materials plant in the Saemangeum industrial complex, South Korea [1] - The facility, costing KRW 1 trillion (approximately US$ 708 million), is set to begin trial production in Q4 2025, with an initial capacity of 20,000 tons of battery precursor materials per year, aiming to expand to 120,000 tons by 2029 [2] - The plant will play a strategic role in localizing the precursor supply chain and reducing dependence on China, enhancing the trust of global clients by supplying cathode materials for various electric vehicles and energy storage systems [4] Production Capacity and Timeline - The new facility will start commercial production early next year, contingent on the completion of a nearby nickel sulfate feeder plant by LS Group's affiliate, LS MnM, which is expected to have a production capacity of 62,000 tons by 2029 [3] - The planned expansion to 120,000 tons of precursor materials will be sufficient to support the production of 1.3 million electric vehicles [2] Strategic Importance - The Saemangeum plant is positioned as a strategic hub amid a global reorganization of the precursor supply chain, aiming to strengthen supply reliability for premium and mass-market electric vehicles as well as large-scale energy storage systems [4]

Financial Data and Key Metrics Changes - The company reported a net loss of $74.3 million or $0.20 per share for Q2 2025, compared to a net loss of $20.2 million or $0.06 per share for the same period in 2024 [32] - Free cash flow for Q2 2025 was negative $10.7 million, an improvement from negative $12.2 million in Q2 2024 [33] - The cash balance increased significantly to approximately $120 million by July 4, 2025, following various capital raises [30][34] Business Line Data and Key Metrics Changes - The Pre-Feasibility Study (PFS) indicated a combined project net present value (NPV) of over $23 billion, with a clear capital-efficient path to first production [9][28] - The estimated recoverable nodules for the PFS is 164 million wet tons, with an assumed production start date in Q4 2027 and a life of mine of just over 18 years [21][22] - The revenue mix is expected to be 45% from nickel products, 28% from manganese, 17% from copper, and 9% from cobalt [24] Market Data and Key Metrics Changes - The company has renewed and strengthened agreements with the Republic of Nauru and the Kingdom of Tonga, emphasizing a science-based approach to developing the seabed mining industry [12] - The strategic investment of $85 million from Korea Zinc positions the company to supply refined metals in South Korea and potentially build new facilities in the USA [13] Company Strategy and Development Direction - The company aims to adapt to a capital-light approach while advancing its projects, maintaining a competitive edge in the seabed mining industry [8] - The focus is on achieving regulatory certainty and moving towards first production, with a target date set for Q4 2027 [10][11] - The company plans to build refining capacity in the USA to support its production and contribute to US mineral independence [25][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment, noting daily communication with NOAA and a supportive administration [42][43] - The company anticipates good news from regulators and expects to maintain a regular cadence of updates as it progresses through the permitting process [41][44] - There is confidence in the ability to manage normal business risks and supply chain issues, with a strong board and partnerships in place [52] Other Important Information - The company is pursuing funding opportunities from various US government departments for both offshore and onshore components of its operations [66][68] - The anticipated ramp-up in profitability is expected to support significant capital expenditures for onshore refining capacity after production begins [25][27] Q&A Session Summary Question: What work needs to be done to get through the feasibility level and the timeline? - The focus will be on finalizing agreements with Allsys and preparing for the investment decision to order long lead items for production [39] Question: What are the next major steps or milestones regarding permitting under NOAA? - The company expects good news from NOAA and is in daily contact with regulators, anticipating changes to fast-track permitting [41][42] Question: What factors could accelerate or slow down progress towards production? - Management believes there are no significant regulatory hurdles, and the focus will be on managing supply chain issues [52] Question: How will the capital expenditures be split among partners? - The breakdown of capital expenditures is still being finalized, but there is a long-standing assumption of splitting pre-production costs with Allsys [63] Question: Are there funding opportunities available for the offshore side? - The company is actively pursuing funding from various US government programs for both offshore and onshore components [66][68] Question: Could the processing plant development be expedited? - The company could accelerate the development of processing facilities if favorable terms are available from funding agencies [70]

POSCO Holdings 2025. Q2 Earnings Release July 31, 2025 Disclaimer This presentation was prepared and circulated to shareholders and investors to release information regarding the company's business performance prior to completion of auditing for the period pertaining to the 2nd quarter of 2025. Given that this presentation is based on unaudited financial statements, certain figures may be modified in the course of the audit process. This presentation contains certain forward-looking statements relating to t ...

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $16.1 million, or $0.05 per share, compared to a net loss of $33.5 million, or $0.11 per share for the same period in 2023, indicating a significant improvement in financial performance [66] - Exploration and evaluation expenses decreased to $8.3 million from $26.7 million in Q4 2023, primarily due to the completion of Campaign 8 and reduced costs in environmental studies [66][67] - General and administrative expenses increased to $8.1 million from $6.6 million in Q4 2023, mainly due to higher share-based compensation and consulting costs [67] Business Line Data and Key Metrics Changes - The company successfully completed its first integrated collection system test since the 1970s, lifting over 3,000 tons of nodules to the surface, demonstrating advancements in operational capabilities [15] - The company has conducted 23 offshore research campaigns, significantly more than most contractors, showcasing its commitment to extensive research and development [16] Market Data and Key Metrics Changes - The company highlighted the geopolitical significance of deep-sea mining, noting that China is actively pursuing deep-sea mining partnerships, which could impact market dynamics and competition [30][31] - Increased interest from major economies in deep-sea resources could positively affect the total addressable market for the company's services [31] Company Strategy and Development Direction - The company announced a strategic shift to pursue commercial production through the U.S. regulatory framework, specifically the Deep Seabed Hard Mineral Resources Act (DSHMRA), as a response to delays in the International Seabed Authority (ISA) mining code [19][20] - The company aims to leverage its extensive environmental data and research to support its applications under the DSHMRA, positioning itself as a leader in responsible deep-sea mining [18][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's readiness to begin production, citing a wealth of environmental impact data and a robust regulatory framework under DSHMRA [18][19] - The management acknowledged the challenges posed by the ISA's delays but emphasized the potential for the U.S. to regain leadership in the deep-sea mining industry [32][34] Other Important Information - The company has gathered nearly one petabyte of environmental data, which is expected to support its applications and enhance public trust in its operations [59] - The company entered into a registered direct offering, issuing 19.9 million common shares and 9.95 million Class B warrants, raising gross proceeds of $19.9 million [69] Q&A Session Summary Question: Clarification on DSHMRA and License Areas - The company clarified that the DSHMRA allows access to high seas minerals, and while specific areas for application are still under discussion, they aim to utilize prior work done in the region [73][76][78] Question: Participation of Allseas in DSHMRA - Management confirmed that Allseas can legally participate as a partner, provided the production vessel is U.S. flagged [81] Question: NOAA Process vs. ISA Pathway - The company views the NOAA process as a new, advantageous path that complements the ISA process, leveraging existing environmental work [87][88] Question: Timeline for Economic Study - The economic study is expected to be completed in the first half of the year, ahead of the applications to the U.S. [96] Question: Environmental Impact Study Completion - The environmental impact study is progressing alongside the economic feasibility study, with data collection ongoing [100][102] Question: Termination of Contract with Third Sponsor State - The decision to terminate the contract was based on prioritizing resources towards more promising blocks, NORI and TAMO, which require focused investment [106][108] Question: Service Business Revenue Expectations - Management expressed optimism about the service business, anticipating revenue opportunities in the coming years due to the company's expertise and ongoing inquiries [110][112]