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Nyrstar Investor Presentation Nyrstar Investor Presentation August 2018 Important notice . This presentation has been prepared by the management of Nyrstar NV (the "Company"). It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever . The information included in this presentation has been provided to you solely for your information and background and is subject to updating, completion, revision and amendment and such information may change materially. Unless required by applicable law or regulation, no person is under any obligation to update or keep current the information contained in this presentation and any opinions expressed in relation thereto are subject to change without notice. No representation or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein. Neither the Company nor any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents . This presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, performance, prospects, growth, strategies and the industry in which the Company operates. These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects, growth or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results of operations, financial condition, liquidity and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation . This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction . The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. The Company’s shares have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States absent registration under the Securities Act or exemption from the registration requirement thereof 2 Table of Contents I. Introduction II. Key investment highlights III. Financial and operating results IV. Delivering a strong future for Nyrstar V. Appendix 3 Nyrstar today Global multi-metals business, with a market leading position in zinc and lead, and growing positions in other base and precious metals Geographically diverse smelters operating in OECD countries1 LTM3 Revenue EUR 3.7bn LTM3 Underlying EBITDA EUR 214m c. 4,100 employees LTM3 production 1,028kt zinc metal 139kt zinc in conc. Second largest zinc metal producer globally… …with consistent long term production 2017 zinc smelter production2 (kt Zn) Metal (kt) 1'192 1'019 1'011 195 158 179 178 185 1,050-1,100 187 171 801 583 457 1'125 1'084 1'088 1'097 1'115 1'015 1'019 Korea Zinc Nyrstar Glencore Hindustan Nexa Boliden 2011 2012 2013 2014 2015 2016 2017 2018 Zinc Zinc Resources Guidance Lead Zinc Market 9.1% 7.5% 7.4% 4.5% 4.5% 3.4% Share2 1 Excludes corporate offices and mining assets where sale has been agreed or completed 2 Wood Mackenzie Q2-18 Global zinc long-term outlook figures other than Nyrstar 3 LTM – last 12 months from July 2017 to June 2018 4 Source: Wood Mackenzie; Nyrstar company information Table of Contents I. Introduction II. Key investment highlights III. Financial and operating results IV. Delivering a strong future for Nyrstar V. Appendix 5 Key investment highlights Key investment highlights #1 Strong progress on key strategic initiatives #2 Excellence in smelting and mining #3 Robust industry backdrop #4 Significantly enhanced liquidity, capital structure and maturity profile #5 Expert management and Board #6 Strategic relationship with supportive cornerstone shareholder 6 Key investment highlights #1 Strong progress on key strategic initiatives Proactive operational and financial initiatives to transform Nyrstar into the leading global multi-metals business • Project optimised in 2017 to accelerate and de-risk ramp-up • First feed to TSL furnace achieved end October 2017. All major systems including slag Port Pirie caster and acid plant are in operation Redevelopment • Proportion of residue in feed for the new TSL furnace, at 57% during the month of July 2018, ahead of the fully ramped-up target of 40% • Underlying EBITDA uplift of ~ €130m per annum from 20201 • North American mines retained as a core component of the Nyrstar business Extract • Middle Tennessee successfully restarted and ramped-up maximum value from mining • Restart of Myra Falls in progress with first production in Q3 2018 • Full Potential optimisation review completed - targeting ~200kt of Zinc production by 2019 Optimise • Full potential assessments completed across all five zinc smelters by end Q3 2017 zinc smelting • Low-capex initiatives set to deliver substantial improvements in production and operating costs identified for delivery in 2018 and subsequent years Supported by Strengthened Strong macro balance sheet fundamentals 7 1 Uplift vs 2016 Underlying EBITDA applying 2016 macros Key investment highlights #2 Excellence in smelting and mining Clearly defined business model in metals processing generates significant gross profit from diverse sources Diverse sources of smelting gross profit • Paid to the smelters by miners in the form of concessions Treatment – Consistent source of gross profit driven by the annual charges benchmark TC LTM Metals Processing sources of gross profit1 (“TC”) – Small proportion (5-10%) of purchases are at spot treatment charge terms By-product Zinc and Sales Lead TCs 36% • Metal produced over and above the content the smelter has 14% paid for in concentrates purchased – Nyrstar’s operational excellence helps extract maximum free Free metal metal to supplement earnings from the TC Zinc and lead – Free metal set to increase once Port Pirie is fully operational Premium as higher value feedstock is processed 16% • Sales of refined metal made above the LME zinc and lead Metal reference price premiums – Significant portion of zinc / lead production above commodity grade due to strong R&D and technical know-how Zinc and lead free Metal 34% • Extraction of additional metals and by-products from the concentrates Total2: By- – High quality assets extract significant amounts of high value products by-products from the feedstock EUR 1,120m – Exposure set to increase once Port Pirie is fully ramped-up 1 LTM – last 12 months from July 2017 to June 2018; Note that the percentages in the chart refer to the gross profit contributed by each source as a percentage of Gross Profit excluding Other Gross Profit (total of EUR 990m) 2 Includes Other Gross Profit of EUR (98)m 8 Key investment highlights #2 Excellence in smelting and mining Project and earnings uplift overview Redevelopment allows Nyrstar to leverage the zinc smelter network Monthly volume of feed treated in TSL furnace • Major milestones reached on Port Pirie Redevelopment project with all % Residue in feed Quarterly TSL feed rate (kt) major systems now commissioned and ramp up on track - Volume of material treated continues to ramp-up ahead of schedule - Proportion of residue in feed for the new TSL furnace, at 54% 57% 57% during the month of July 2018, ahead of the fully ramped-up target of 40% 37% - Blast furnace optimisation during Q2’18 planned 78 maintenance shut removed bottlenecks - Sufficient internally generated residues (c. 400kt) stockpiled 48 on-site to feed the TSL furnace for the coming several years • Two year ramp up significantly de-risked 21 0.5 - Continuous operating time increasing every month since commencement of ramp-up in December 2017; Q4’17 Q1’18 Q2’18 Q3’18 proforma on ‒ Sinter plant / old acid plant operation extended to allow parallel July actual operation with TSL furnace and new acid plant in 2018 Projected increase in throughput - greater ability to use residues Revised Underlying EBITDA uplift profile1 Optimisation expected to 620kt drive run-rate earnings uplift in the region of EUR 130m p.a.
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