FTSE COMPANY REPORT Share price analysis relative to sector and index performance European Metals Holdings EMH Industrial Metals and Mining — GBP 0.69 at close 14 May 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-May-2021 14-May-2021 14-May-2021 1.1 450 900 1D WTD MTD YTD 1 Absolute 0.0 -6.8 -4.2 7.8 400 800 Rel.Sector 1.2 -2.9 -7.5 -20.3 0.9 700 Rel.Market -1.1 -5.5 -4.8 -1.3 350 0.8 600 300 0.7 VALUATION 500 0.6 250 400 Trailing Relative Price Relative 0.5 Price Relative 200 300 PE -ve 0.4 Absolute Price (local currency) (local Price Absolute 150 EV/EBITDA -ve 200 0.3 PB 12.3 100 0.2 100 PCF -ve 0.1 50 0 Div Yield 0.0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Price/Sales +ve Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.0 100 90 90 Div Payout 0.0 90 80 80 ROE -ve 80 70 70 70 Index) Share Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 40 40 40 The Company is focusing in tin mining industry. RSI RSI (Absolute) 30 30 30 20 20 20 10 10 10 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 0 0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: European Metals Holdings 14 May 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 30-Apr-2021 30-Apr-2021 1 25 0.9 0.8 20 0.7 0.6 15 0.5 +1SD 0.4 10 0.3 Avg 0.2 5 0.1 -1SD 0 ‖ ‖ 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Bodycote 120.0 Trifast 13.5 Evraz 16.2 Hill & Smith Hldgs 48.7 Hill & Smith Hldgs 12.9 European Metals Holdings 12.3 Antofagasta 46.9 Glencore 9.6 Hill & Smith Hldgs 3.6 Kenmare Resources 37.6 Bodycote 9.3 Antofagasta 3.2 Anglo American 25.9 Antofagasta 9.1 Rio Tinto 2.9 Industrial Metals and Mining 16.1 Anglo American 6.4 Bodycote 2.1 BHP Group Plc 7.3 Rio Tinto 5.7 Trifast 1.9 Ferrexpo 5.3 Industrial Metals and Mining 5.6 Industrial Metals and Mining 1.9 Glencore -26.7 Ferrexpo 4.2 Glencore 1.4 European Metals Holdings -46.1 BHP Group Plc 3.5 BHP Group Plc 1.2 Trifast -120.0 European Metals Holdings 0.0 Kenmare Resources 0.7 -150 -100 -50 0 50 100 150 0 2 4 6 8 10 12 14 16 0 2 4 6 8 10 12 14 16 18 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 30-Apr-2021 30-Apr-2021 1 16 ‖ ‖ 0.9 14 0.8 12 0.7 0.6 10 0.5 8 0.4 6 0.3 4 0.2 0.1 2 0 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Trifast 14.7 BHP Group Plc 10.1 European Metals Holdings 15.0 Glencore 13.8 Evraz 5.7 Antofagasta 4.6 Hill & Smith Hldgs 12.6 Rio Tinto 5.6 Rio Tinto 2.9 Antofagasta 11.5 Industrial Metals and Mining 5.4 Kenmare Resources 2.6 Bodycote 10.8 Ferrexpo 3.3 Bodycote 2.4 Rio Tinto 7.7 Glencore 2.9 Anglo American 1.8 Industrial Metals and Mining 6.7 Antofagasta 2.1 BHP Group Plc 1.4 Evraz 6.3 Hill & Smith Hldgs 1.8 Evraz 1.2 Ferrexpo 4.8 Kenmare Resources 1.7 Industrial Metals and Mining 1.1 BHP Group Plc 3.7 Trifast 0.7 Trifast 1.1 European Metals Holdings -100.0 European Metals Holdings 0.0 Glencore 0.4 -120 -100 -80 -60 -40 -20 0 20 40 0 2 4 6 8 10 12 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: European Metals Holdings 14 May 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 30-Apr-2021 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 ‖ ‖ ‖ May-2016 May-2017 May-2018 May-2019 May-2020 Evraz 6.2 Bodycote 100.0 Evraz 50.0 Glencore 1.0 Antofagasta 100.0 Ferrexpo 46.6 Industrial Metals and Mining 0.6 Evraz 100.0 Rio Tinto 23.3 BHP Group Plc 0.6 Rio Tinto 92.1 BHP Group Plc 16.6 Hill & Smith Hldgs 0.5 Industrial Metals and Mining 89.5 Industrial Metals and Mining 12.4 Anglo American 0.5 BHP Group Plc 76.3 Anglo American 8.6 Rio Tinto 0.3 Hill & Smith Hldgs 35.0 Kenmare Resources 1.9 Bodycote 0.2 Kenmare Resources 0.0 Bodycote 0.1 Ferrexpo 0.2 Glencore 0.0 Trifast -0.2 Kenmare Resources 0.2 European Metals Holdings 0.0 Glencore -5.1 European Metals Holdings 0.0 Trifast 0.0 European Metals Holdings -31.6 0 1 2 3 4 5 6 7 0 20 40 60 80 100 120 -40 -30 -20 -10 0 10 20 30 40 50 60 ROE vs. PB — sector Du Pont Analysis 30-Apr-2021 20 1.2 18 1 0.9 0 16 0.8 EVR 1 0.7 14 0.6 -20 0.5 EMH 0.8 12 0.4 -40 0.3 10 -60 0.6 PB 0.2 0.1 8 0 -80 May-2016 May-2017 May-2018 May-2019 May-2020 0.4 6 -100 4 0.2 HILS -120 ANTO RIO FXPO 2 BOY AAL TRI Industrial Metal -140 0 GLEN BHP KMR 2017 2018 2019 2020 2021 0 0 10 20 30 40 50 60 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: European Metals Holdings 14 May 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector.