Eramet Group detailed Presentation

2021 BofA Global Metals, & Steel Conference

18-20 MAY 2021 A global leading mining and metallurgical Group

2 divisions with global leading positions 2020 KPIs

High-Performance Mining and Metals Alloys Division Erasteel 4% Division 19% 81%

Aubert & Duval Sales 15% €3.6bn €3,553m Mineral Sands BU Manganese BU 8% 48% EBITDA €398m Nickel BU 25% 13,129 Long term and stable shareholders Employees in 20 countries

Other float 32.1% SORAME 36.9% + CEIR (Duval Family) €1.6bn 1.3% Market capitalisation end-April 2021 BRGM3 4.0% STCPI2 25.6% APE1 (French state)

1 APE (Agence des Participations de l’Etat) 2 STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by the New 2 Eramet – Group presentation, May 2021 Caledonian provinces 3 BRGM (Bureau de Recherches Géologiques et Minières): the French Geological Survey Office A committed, contributive and recognized corporate citizen

1 Societal engagement aligned with strategic vision A 2018-2023 CSR roadmap to structure and set the pace for our action plans Aligned with the United Nations’ Sustainable Development Goals

2 Contributing to the communities in which sites are located

First risk of the Mining and Metals sector: license to operate. Eramet’s DNA has always been to partner with the main countries and territories where it operates Beyond mining operation, the Group contributes to the local development and preserve the environment

2 Reducing energy/climate footprint

1 On-track to achieve our 2023 reduction target in products CO2 intensity (-26% vs 2018 ref)

New climate targets set in 2020 > -40% Reduction target in absolute CO2 emissions (vs 2019) > Carbon neutrality (scopes 1 and 2)

3 Continued improvement in extra-financial rating

1 CO2 tonnes per tonne of outgoing product 2 Non-precious metals 3 Eramet – Group presentation, May 2021 3 Climate Disclosure Project (CDP) 4 Ranking in the Climate Change survey Eramet group’s overwiew Key partnerships with host countries and territories

Eramet associates the main countries and territories where it operates

Gabon New-Caledonia Senegal Indonesia Around 29% of STCPI holds 34% of 10% of Grande Côte Eramet holds a Comilog’s share SLN’s share capital Opérations’s3 share 43% stake in in capital is owned by the STCPI holds around capital is owned by Strand Minerals Gabonese Republic 4% of Eramet’s share the Republic of Pte. Ltd, the capital Senegal holding company which owns 90% of PT Weda Bay Nickel Nippon Steel French Others 2 State Senegalese State Tsingshan 7% Gabonese 10% 10% State 29% 43% Eramet 34% 64% STCPI1 56% Eramet 57% Eramet 90% Eramet

Long-term relationship reinforced by the significant contribution to the local economies

#2 private employer in Gabon and main private employer in New Caledonia Sensitive & responsible for social and environmental related matters

1 STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by the New Caledonian provinces 5 Eramet – Group presentation, May 2021 2 1 share 3 TiZir’s operations in Senegal A longtime player

Successful start-up and ramp-up of the Weda Bay Nickel nickel ferroalloy production plant

Start-up of the Centernario pilot site (lithium project)

100% of TiZir owned by Eramet (OPA on MDL)

Launch of EcoTitanium Sale of ERACHEM and Bear Metallurgical Corporation Sale of Eurotungstene

Inauguration of Moanda Metallurgical Complex (2014) Weda Bay Nickel Creation of MKAD for the closed-die forging of parts for aeronautics (2015) partnership in Indonesia Diversification into manganese alloys and titanium dioxide through the acquisition of Tinfos Transfer of the 26% stake held by the French State to FSI Equation (which became APE) The Duval family becomes Creation of Eramine Sudamerica (lithium shareholder of Eramet, through project in Argentina) the contribution of Aubert & Duval

Diversification into ilmenite activities structure Listing of Eramet and zircon production through TiZir in Senegal

Acquisition of Weda Bay Nickel

Société Le Nickel was incorporated to (nickel project) in Indonesia Shareholding

operate nickel mines in New Caledonia Diversification of

Le Nickel became SLN, Diversification into forged and closed-die with Elf Aquitaine (French forged parts, following the contribution of government) holding a 50% stake Aubert & Duval to Eramet

The stake held by the Diversification into manganese, French state in SLN with the acquisition of a 61% stake Manganese increased to 70% of COMILOG in Gabon Nickel Creation Mineral Sands of Eramet-SLN (Sandouville) Lithium Acquisition of Erasteel (diversification Group into the production of high-speed steel) Alloys

1880 1974 1983 1985 1989-91 1994 1995-97 1999 2006 2008-09 2011 2012 2014-15 2016-17 2018 2019 2020

6 Eramet – Group presentation, May 2021 A global geographic footprint

FRANCE 12 sites 3 sites 2 sites 1site 1site 1site 3 sites EUROPE

1site

Manganese Nickel Mineral sands AFRICA Lithium AMERICAS Erasteel Aubert & Duval

ASIA-

OCEANIA 2020 Group turnover GABON (by sales destination) UNITED STATES Others 1site 1site Moanda France 7% ARGENTINA SENEGAL CHINA NEW 5% USA 19% 46% CALEDONIA 1 site 1site Asia Salar de Centenario- 1site 24% Ratones Diogo area INDIA Kouaoua, Europe Népoui, 1site Poum, Thio, Thiébaghi INDONESIA

7 Eramet – Group presentation, May 2021 Weda Bay Two main divisions; five business units

Eramet Group Innovation, Research Marketing and Development (incl. Mining and Metals High Performance Services2 Eramet Ideas) Division Alloys Division

Li

Manganese Nickel Mineral Sands Lithium Aubert & Erasteel BU BU BU (project mothballed) Duval

> Sales: > Sales: > Sales: > Sales: > Sales: €1,699m €539m €142m €905m €276m > EBITDA: > EBITDA: > EBITDA: > EBITDA: > EBITDA: €442m €-87m - €32m €21m €91m > FCF: > FCF: > FCF: > FCF: €1m > FCF: €68m1 €285m - €153m - €21m > Headcount: > Headcount: > Headcount: > Headcount: > Headcount: c.2,350 c.1,000 c.4,300 c.3,900 c.850

1 o/w GCO (€45m incl. BU Holding FCF, excl.TiZir bond interest charge ) and TTI (€23m)

8 Eramet – Group presentation, May 2021 2 Legal entity housing the sales and support functions of the Mining and Metals Division, as from 1 January 2021 Steels represent c.70% of Eramet sales

Recycling Other (Chemical High-speed steels, Toolings & Specialities and Foundry) Others Stainless Steel 4% 0% 3% Energy & Defense 2% 2% 3%

Aerospace 10% Steels: 68%

Other Mineral Sands 2% 4% 15% Pigment 4% 6% 21% 8% 48% 48% Ceramics 2% 6% 19% 43% Carbon Steel 25% Other Nickel 3%

23% Stainless Steel

9 Eramet – Group presentation, May 2021 Mining & Metals Division

Key Features A diversified Mining and Metals Division with significant resources and highly competitive mines

Manganese BU Nickel BU Mineral Sands BU

Gabon: 107 Mt resources of New Caledonia: 19.4 Mt resources of Senegal (Zircon & Ilmenite): 32.1 Mt manganese content nickel content resources (HMC) Resources’ lifetime > 40 years Indonesia: 9.3 Mt resources of nickel Resources’ lifetime > 30 years content Operated for 50 years Resources’ lifetime ~ 50 years Operated since 2014

Resources Operated for ~130 years (NC)

Lithium BU (project in Argentina): 10 Mt drainable resources (LCE1) – currently mothballed

New Caledonia: highly competitive up up Gabon: highly competitive Senegal: world’s largest single - manganese mine with very mines and 1 pyro metallurgical plant: dredge mineral sands operation high-grade ore (44%) Indonesia: a world-class deposit and Norway: 1 metallurgical plant Europe, USA, Gabon: 6 1 low-grade nickel ferroalloys2 plant pyro-metallurgical plants Normandy (France): high purity nickel

Industrial set refinery

New-Caledonia: 5.4 Mwmt of nickel 5.8 Mt manganese ore 3 ore produced o/w 2.5 Mwmt exported; c.760 kt of HMC produced produced 48 kt of ferronickel produced Indonesia: 3.4 Mwmt of nickel ore c.200 kt of titanium dioxide slag c.700 kt manganese alloys produced ; c.24 kt-Ni of low-grade produced produced

2020 Key figures Key 2020 nickel ferroalloys produced

1 Lithium Carbonate Equivalent 2 43% owned by Eramet in a joint-venture with Tsingshan, the leading global 11 Eramet – Group presentation, May 2021 producer of stainless steel 3 Heavy Minerals Concentrate (HM sands content) High seasonality in mining operations, strengthened by organic growth

High seasonality of key mining operations...

3-yrs average ore production (Mwmt) …and increasing share of mining business in Eramet’s portfolio

+17% +35% Ore production volumes (100 basis)

2.70 2.70 150 149 140 2.30 130 +3% 127 2.00 120 113 0.37 0.38 110 114 H1 H2 H1 H2 H1 H2 100 0 Mn ore Ni ore Mineral 2016 2017 2018 2019 2020 (Comilog) (SLN) Sands (GCO)

12 Eramet – Group presentation, May 2021 Steel (carbon and stainless) accounts for c. 70% of Eramet’s end-markets

Manganese BU Nickel BU Mineral Sands BU

st th 2nd global producer of high-grade Mn 1 high grade ferronickel producer 4 global producer of zircon ore worldwide 4th global producer of titanium 1st source of quality ore (exports from st source of Mn seaborne (Moanda feedstock 1 New-Caledonia)

mine) Market share Market 1st global producer of refined Mn alloys

Carbon steel Others Others TiO2 pigment 14% 89% Batteries 30% 8% 90% Nickel Zircon 50% CP Slag base 8% 10% alloys Chemistry 70% 20% 5% and other Stainless 6% application steel Chemicals Ceramics Others Titanium Main applications Main metal

13 Eramet – Group presentation, May 2021 Manganese main growth drivers: carbon steel (90% of global production) and China Manganese key features

3 types of manganese ore 1 > “Low-grade local” ore: < 30% of manganese content Manganese Ore > “Medium-grade” ore: > 30% but < 43% Average 0.4 t of Mn content > “Rich” / “High-grade” ore: > 43% per tonne of ore

Two manganese alloys families > Standard 2 • High carbon ferromanganese (6 to 8% carbon) • Standard silicomanganese (< 1.5 to 2% carbon) Manganese Alloys Average 1.8 t of Mn ore per > Refined tonne of • Of which medium carbon ferromanganese (< 1.5 to 2% carbon)

No futures market: OTC (over-the-counter) 3 negotiation Carbon steel > CRU index: bi-weekly 90% Carbon steel Average 10 kg of alloy per > Metal Bulletin index: weekly Manganese makes tonne of steel steel harder, more (7 kg of Mn content per 10% Others elastic and more tonne of steel) China: 57 % of global carbon steel production in wear-resistant. Widely used in the chemistry batteries, 2020 construction and fertiliser and paint automotive sectors. pigments and other metallurgical applications

14 Eramet – Group presentation, May 2021 Manganese BU: a first class competitiveness thanks to excellent mining operation

Manganese BU key features

A highly competitive manganese mine in Gabon (Moanda), operated by Comilog > High-grade oxyde ore 44% > First quartile cash cost

Two units of local transformation in Gabon, CIM and CMM, for high grade manganese production and manganese alloys

5 pyrometallurgical industrial plants in the USA and in Europe (1 in France, 3 in Main customers Main competitors Norway)

Ore transportation in Gabon operated by a 100% owned railway company (600 km of track)

15 Eramet – Group presentation, May 2021 Nickel main growth drivers: stainless steel and batteries

1 Nickel key features Extraction of ore in Two main types of nickel ore order to… > Sulfide-type ore (nickel combined with several other valuable metals) as in Canada, Russia to be transformed in nickel concentrate 2 > Laterite-type ore as in New-Caledonia …be transformed in and Indonesia to be transformed into nickel ferroalloys1… ferronickel, NPI (“Nickel Pig Iron”) or nickel 2 Ferronickel metal 23% Ni …or in pure nickel NPI salts2… 10 / 15% Ni 1 tonne of 300 series (stainless steel) contains 80 kg of nickel 70% 3 Nickel is traded on the LME index (pure

Stainless metal) steel …to satisfy mainly the Mass & surface resistance to stainless market Nickel oxidation; ductility; high 8% China : 61 % of global stainless steel demand base melting point; electrical production in 2020 alloys resistance; catalytic properties 8% Widely used in transport, Batteries construction, hygiene and 14% health Others

1 Ferronickel and NPI through pyrometallurgical process 16 Eramet – Group presentation, May 2021 2 Nickel salt and nickel metal through hydrometallurgical process Nickel BU: a key transformation underway

Nickel BU key features

Successful implementation of new business model in New Caledonia > 5 main operated mines and one pyrometallurgical plant > High-grade ferronickel (23% Ni) and nickel ore exported (1.7 to 1.9 % Ni)

Weda Bay nickel mine and low-grade ferroalloys plant already achieved great successes > 3.4 Mwmt of nickel ore produced in 2020, already at a pace of 6 Mwmt/year > 23.5 kt-Ni of nickel ferroalloys produced in 2020 thanks to quick ramp-up Main customers Main competitors  First-tier mine and low-grade ferroalloys production position

Ramp-up of the high purity nickel refinery in Sandouville, France > Production of nickel salts and high-purity nickel (total capacity of 15 kt)

17 Eramet – Group presentation, May 2021 Mineral Sands growth drivers: ceramics and pigments market

Zircon key features Titanium dioxide key features Long Term pricing agreement1 (spot prices in China only)

Dredge or Dredge 1 open pit mining mining followed followed by by mineral 1 separation mineral Titanium separation minerals (rutile, ilmenite, 2 2 leucoxene) Midstream : micronisation or Midstream 3 chemistry (optional): titanium slag / synthetic rutile 30% 89% Foundry/Refractory Finished 50% Downstream: products pigments and Ceramics titanium metal TiO2 pigment 20% 6% 5% Titanium Chemicals Others metal

18 Eramet – Group presentation, May 2021 1 LT agreements between buyers and sellers, on a yearly or half-year basis mainly; not exchange traded , no published price index Mineral Sands BU: operations integrated from the mine in Senegal to the beneficiation plant in Norway

Mineral Sands BU key features

TiZir Senegal (GCO): > Extraction of heavy mineral (mineral raw materials which contain heavy minerals concentrated). > Production of ilmenite (titanium-iron oxide), leucoxene, rutile and zircon

Ore rail transportation from the mine to the port of Dakar operated by TiZir Main competitors

TiZir Norway (TTI): Transformation of ilmenite (metallurgical valorization) into titanium slag and pig iron

19 Eramet – Group presentation, May 2021 Major projects able to deliver long-term sustainable supply of key battery materials: Nickel, Cobalt and Lithium

Ongoing mining operations Nickel-cobalt : Joint development with BASF at the Weda Bay mine in Indonesia Nickel & Cobalt sulphates dedicated to cathode-active-material production for li-ion batteries. BASF and Eramet study the feasibility of nickel-cobalt production for electric batteries from the Weda Bay mine in Indonesia. The project targets a start-up of a hydrometallurgical plant and refinery in the mid-2020s. Target production volumes : 42 kt of Nickel and 5 kt of Cobalt per year.

Pilot plant Lithium: A world class deposit in Argentina Salar of Centenario Ratones, Argentina 10 Mt LCE* of drainable resources (> 50 years) located in the Salta region. Battery grade lithium carbonate, with a 1st quartile cash-cost position among the best in the industry Project mothballed in April 2020 in the context of the global economic crisis.

An innovative process developed by Eramet Technology based on an active solid to extract and concentrate the lithium from brine resources Yield of 90%, superior to the traditional evaporation process, and confirmed by the pilot operations on site in real conditions since end 2019 Optimized water consumption thanks to recycling

20 Eramet – Group presentation, May 2021 * LCE = Lithium Carbonate Equivalent European projects dedicated to the battery value chain

An innovative closed-loop CO2-free lithium process for li-ion batteries from European natural recycling geothermal resources

A European partnership A European consortium

An innovative technology based on a direct lithium extraction process developed by 2 phases Eramet for its Centenario Project in Argentina • 2020-2021: R&D, pilot tests and initial studies A process adapted to the specificities of the geothermal European resources • 2022-2024: 1st industrial development (continuous piloting phase) Successful piloting tests end 2020 in real conditions in Alsace, France Objective: 15% market-share by 2030 Studies and larger scale pilots continuing in 2021 to demonstrate project feasibility

21 Eramet – Group presentation, May 2021 High Performance Alloys Division

Key Features A High Performance Alloys Division with unique know-how dedicated to strategic industries

Aubert & Duval Erasteel

2nd high-power closed-die forged parts 1st in powder high speed steel producer worldwide (cutting and cold tools) A world leader in: A world player in conventional high speed steels > high performance steels, superalloys and Market share Market titanium > large closed-die forgings

High-speed Aerospace 13% 92% steels, Tooling & Energy & Defence Specialities Others 19% 2020 Sales Recycling 2020 Sales €539m €142m 68% 8%

Long products Forged products Main applications Main High-speed Recycling1 Closed-die steels forged parts

23 Eramet – Group presentation, May 2021 1 Catalysts, metal oxides and batteries A comprehensive industrial set up with unique tools

16 industrial sites located in:

Europe (France, Sweden, Spain) Main competitors Asia (China, India) US

Main customers

11 industrial sites in France

24 Eramet – Group presentation, May 2021 R&D Innovation Eramet Ideas*, centre of excellence in mining, extractive metallurgy, alloys processing and recycling

Open innovation approach Leadership / partnership in European projects Collaboration with universities, industrials, start-ups on Our partners new technologies Creation of a shared laboratory with CNRS, « LILAB », to research metals of the energy transition

High-level R&D infrastructure in Trappes, near

More than 60 years of experience Laboratories, piloting halls High performance observation tools st Our main collaborative projects 150 1 experts, microscope in Europe ReLieve : developement of an innovative process to engineers and equipped with QEMSCAN recycle lithium batteries used in electric vehicles technicians mineralogy software SOLSA : improvement of the efficiency of mining exploration by combining technologies (sonic drilling, analytical equipment, IT) GO-4-0 : recovery of by-products from the steel and manganese metallurgy industries

26 Eramet – Group presentation, May 2021 * Eramet Ideas : Innovation, Development, Engineering for Advanced Solutions Director of Investor Relations

Sandrine NOURRY-DABI [email protected]