Eramet (OTCPK:ERMA.F) Conference Call Summary Company Overview - **Company**: Eramet - **Industry**: Mining and metallurgy, focusing on commodities such as manganese, lithium, and nickel Key Points and Arguments Leadership and Team - Paulo Castellari, CEO, has been with Eramet for six months and has extensive experience in the industry [1][4] - Abel Martins Alexandre, CFO, brings 15 years of experience in financial services and mining [3][12] Safety Concerns - 2025 has been a challenging year for safety, with four fatalities reported [5] - Operations in Senegal have achieved six years without lost time injuries, showcasing pockets of excellence [6] Macroeconomic Environment - The company is facing a challenging macroeconomic environment, including: - Manufacturing contraction in China, with PMI below 50 [13] - Increased U.S. tariffs from 3% to 18% [13] - Downward trend in industrial commodity prices since 2023, with some prices at cyclical lows [14] - Adverse exchange rate movements, with the euro appreciating 13% against the dollar [14] Commodity Pricing and Demand - Current commodity prices are significantly depressed, with some at levels seen during COVID-19 or 2016 [14] - Long-term demand for energy transition commodities (lithium and nickel) is expected to double in the next decade [16] - Demand for crude steel production remains strong, particularly in emerging markets [17] Operational Improvements - The company has launched the "Resolution" program targeting an EBITDA uplift of EUR 130-170 million over the next two years [7][40] - Expected one-off cash improvements of EUR 60-70 million in 2025 [8][39] - Focus on safety, operational excellence, and financial resilience as part of the Resolution program [21] Centenario Project - Centenario is currently operating at 65% nameplate capacity, with plans to reach 90% by mid-2026 and 100% within 18 months [11][28] - Cash operating costs for Centenario are targeted at $5,400-$5,800 per ton once at full capacity [29] Financial Resilience - Commitment to deleveraging and improving cash flow generation [35][37] - CapEx guidance reduced to EUR 425 million for the upcoming year [35] - Focus on maintaining adequate liquidity and engaging with lenders [36] Commercial Excellence - Identified potential EBITDA uplift of EUR 10-20 million from commercial excellence initiatives [31] - Emphasis on supply chain excellence and optimizing logistics to boost efficiency [32] Future Outlook - The company remains committed to its strategy of focusing on energy transition metals while ensuring operational stability and cost optimization [86] - Plans to provide more detailed guidance on CapEx and operational performance in future updates [82][85] Additional Important Information - The company is assessing the impact of EU safeguard measures on its operations, particularly in manganese [53] - Ongoing evaluation of options for accelerating deleveraging, including potential asset disposals [50][52] - The company is confident in its ability to navigate current challenges and leverage its existing capabilities for future growth [41][42]

Core Viewpoint - Tronox Holdings plc reported a significant decline in financial performance for Q3 2025, with a net loss of $99 million, driven by weaker demand, competitive pressures, and operational challenges in the titanium dioxide (TiO2) and zircon markets [2][5][6]. Financial Performance - Revenue for Q3 2025 was $699 million, a decrease of 13% year-over-year and a 4% decline from Q2 2025 [2][5]. - TiO2 revenue was $550 million, down 11% year-over-year, attributed to an 8% decline in sales volumes and a 5% decrease in average selling prices [6][7]. - Zircon revenue decreased by 20% to $59 million, driven by a 16% drop in average selling prices and a 4% decline in sales volumes [7]. - Adjusted EBITDA was $74 million, representing a 48% decrease from the previous year, with an adjusted EBITDA margin of 10.6% [8][9]. Operational Challenges - The company faced challenges from weaker-than-expected demand and aggressive inventory liquidation by competitors, impacting pricing and sales volumes [3][4]. - A restructuring charge of $27 million was included in the net loss, primarily related to the closure of the Botlek pigment plant [5][6]. Cost Management and Cash Flow - Tronox is implementing a cost improvement program expected to yield over $60 million in annualized savings by the end of 2025, with a longer-term goal of $125–$175 million by the end of 2026 [3][4]. - Free cash flow for Q3 2025 was a use of $137 million, with capital expenditures of $80 million [11][12]. Market Outlook - The company anticipates a 3-5% increase in TiO2 volumes and a 15-20% increase in zircon volumes for Q4 2025, despite pricing headwinds [4][12]. - Anti-dumping measures in various countries are expected to improve market conditions and sales volumes in the future [4][12]. Strategic Positioning - Tronox is positioned to benefit from the global shift away from reliance on Chinese rare earths, with significant mineral deposits in Australia and South Africa [11][12]. - The company has taken a 5% equity interest in Lion Rock Minerals, enhancing its rare earth strategy [11].

Core Viewpoint - Tronox Holdings plc is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between February 12, 2025, and July 30, 2025 [1][2] Company Performance - The lawsuit claims that Tronox provided overly positive statements while concealing material adverse facts about its commercial division and forecasting processes, which ultimately led to declining sales and increased costs [2] - On July 30, 2025, Tronox reported a significant reduction in TiO2 sales for the second quarter of fiscal 2025, attributing the decline to a softer coatings season and heightened competition [2] - Following the announcement, Tronox revised its 2025 financial outlook, lowering full-year revenue guidance and reducing its dividend by 60% [2] - The stock price of Tronox plummeted from $5.14 per share on July 30, 2025, to $3.19 per share on July 31, 2025, marking a decline of approximately 38% in one day [2] Legal Proceedings - Investors who suffered losses during the specified timeframe have until November 3, 2025, to request appointment as lead plaintiff in the class action [3] - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no out-of-pocket costs for class members [3] Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4] - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4]

Core Viewpoint - A class action lawsuit has been filed against Tronox Holdings plc for allegedly providing misleading statements about its financial health and sales forecasts, leading to significant losses for investors [8]. Allegation Details - The lawsuit claims that Tronox made overly positive statements while concealing adverse facts about its commercial division and sales forecasting capabilities, which ultimately resulted in a decline in revenue projections [8]. - The company reported a significant reduction in TiO2 sales for Q2 2025, attributing the decline to a weaker coatings season and increased competition, which led to a 60% reduction in its dividend and a lowered full-year revenue guidance [8]. Stock Performance - Following the announcement of disappointing financial results on July 30, 2025, Tronox's stock price plummeted from $5.14 to $3.19 per share, marking a decline of approximately 38% in just one day [8].

Core Viewpoint - Tronox Holdings plc is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between February 12, 2025, and July 30, 2025 [1][2] Company Performance - The lawsuit claims that Tronox provided overly positive statements while concealing material adverse facts about its commercial division and demand forecasting for its products [2] - Following the announcement of a significant reduction in TiO2 sales for Q2 2025, Tronox revised its full-year revenue guidance downward and cut its dividend by 60% [2] - The stock price of Tronox fell dramatically from $5.14 per share on July 30, 2025, to $3.19 per share on July 31, 2025, marking a decline of approximately 38% in one day [2] Legal Proceedings - Investors who suffered losses during the relevant timeframe have until November 3, 2025, to request to be appointed as lead plaintiff in the lawsuit [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4] - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4]

Core Viewpoint - Tronox Holdings plc is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between February 12, 2025, and July 30, 2025 [1][2] Group 1: Lawsuit Details - The lawsuit claims that Tronox provided overly positive statements while concealing material adverse facts about its commercial division and forecasting processes, which ultimately led to declining sales and increased costs [2] - On July 30, 2025, Tronox reported a significant reduction in TiO2 sales, attributing the decline to a "softer than anticipated coatings season and heightened competitive dynamics," leading to a lowered financial outlook and a 60% reduction in dividends [2] - Following the announcement, Tronox's stock price plummeted from $5.14 per share to $3.19 per share, marking a decline of approximately 38% in just one day [2] Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until November 3, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years and consistently ranking among the top securities litigation firms in the United States [4]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased common stock of Tronox Holdings plc between February 12, 2025, and July 30, 2025, about the upcoming lead plaintiff deadline on November 3, 2025, for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who bought Tronox common stock during the specified Class Period may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by the November 3, 2025 deadline [2][6]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements, including the largest securities class action settlement against a Chinese company at the time [3]. - The firm has consistently ranked among the top in securities class action settlements, recovering hundreds of millions of dollars for investors, including over $438 million in 2019 alone [3]. Group 3: Case Allegations - The lawsuit alleges that Tronox's management made overly positive statements regarding the company's growth and strength in its pigment and zircon commercial division while concealing material adverse facts about its forecasting capabilities [4]. - Despite optimistic long-term projections, Tronox's sales continued to decline, and costs increased, leading to a failure in meeting revenue projections, which resulted in investor damages when the true situation was revealed [4].

Core Points - A class action lawsuit has been filed against Tronox Holdings plc for allegedly providing misleading statements about its financial health and sales forecasts during the class period from February 12, 2025, to July 30, 2025 [8] - Following a significant decline in TiO2 sales and a reduction in the company's revenue guidance, Tronox's stock price fell approximately 38% in one day, from $5.14 to $3.19 per share [8] Allegation Details - The lawsuit claims that Tronox's management made overly positive statements while concealing adverse facts about the company's ability to forecast demand for its products, leading to a significant decline in sales and increased costs [8] - The company attributed the decline in sales to a "softer than anticipated coatings season and heightened competitive dynamics" [8] Next Steps - Investors who purchased Tronox shares during the class period and suffered losses are encouraged to contact the law firm Bragar Eagel & Squire for more information and to discuss their legal rights [4][8] - The deadline for investors to apply to be appointed as lead plaintiff in the lawsuit is November 3, 2025 [8]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Tronox Holdings plc due to significant financial losses and misleading statements made by the company regarding its performance and market conditions [4][6]. Company Performance - Tronox reported a significant reduction in TiO2 sales for Q2 2025, attributing the decline to a softer coatings season and increased competition [7]. - Following the announcement of poor financial results, Tronox revised its full-year revenue guidance downward and cut its dividend by 60% [7]. Stock Market Reaction - Tronox's stock price experienced a dramatic decline, falling from $5.14 per share on July 30, 2025, to $3.19 per share on July 31, 2025, marking a decrease of approximately 38% in just one day [8]. Legal Proceedings - A federal securities class action has been filed against Tronox, with a deadline of November 3, 2025, for investors to seek the role of lead plaintiff [4][9]. - The lead plaintiff is defined as the investor with the largest financial interest in the relief sought, who will oversee the litigation on behalf of the class [9].

Core Points - Tronox Holdings plc is facing a class action securities lawsuit due to alleged securities fraud that occurred between February 12, 2025, and July 30, 2025 [1] - The lawsuit claims that Tronox provided misleading statements about its commercial division and failed to accurately forecast demand for its products, leading to a significant decline in sales and a lowered financial outlook [2] - Following the announcement of poor financial results for Q2 2025, Tronox's stock price dropped approximately 38% in one day, from $5.14 to $3.19 per share [2] Company Performance - Tronox's Q2 2025 financial results revealed a significant reduction in TiO2 sales, attributed to a weaker coatings season and increased competition [2] - The company revised its full-year revenue guidance downward and reduced its dividend by 60% due to the sales decline [2] Legal Proceedings - Investors who suffered losses during the specified timeframe have until November 3, 2025, to request to be appointed as lead plaintiff in the class action [3] - Participation in the lawsuit does not require any out-of-pocket costs for class members [3] Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions for shareholders over the past 20 years [4]