Mitsui Mining and Smelting Co., Ltd.

5706

JP3888400003

Specialty Mining & Metals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-03 am EDT			5-day change	1st Jan Change
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May. 13	Mitsui Mining and Smelting Co., Ltd Opposes Shareholder Proposal	CI
Feb. 29	Mitsui Mining & Smelting Co., Ltd. agreed to acquire remaining 30% stake in Nippon Yttrium Co.,Ltd. from TOKIN Corporation.	CI

Mitsui Mining and Smelting : Explanation Meeting on the Business Creation Sector

May 20, 2024 at 06:07 am EDT

Material for the Explanation Meeting on

the Business Creation Sector

April 16, 2024

Business Creation Sector

Mitsui Mining & Smelting Co., Ltd.

Today's

Agenda

Participants and Materials

	Name	Position

	•	YASUDA Kiyotaka, Ph.D.	Senior Executive Officer and Senior General Manager of Business
			Creation Sector
	•	YAMAMOTO Takuya	Executive Officer and General Manager of Business Planning
			Department, Business Creation Sector
Participants	•	NAKAHARA Yunosuke, Ph.D.	Director of the R&D Center, Business Creation Sector

	•	SUZUOKA Kenji, Ph.D.	General Manager, SE Business Promotion Unit
	•	FUJII Joji	General Manager, HRDP Business Promotion Unit
	•	ANAI Kei	General Manager, AST Business Promotion Unit

	Topic	Document pages

	• Overview of the Business Creation Sector	PP. 2 to 6
	•	[A-SOLiD®], a Solid Electrolyte Business for All-Solid-State	PP. 7 to 13
		Batteries
	• [HRDP®] Specialty Carrier Business for Next Generation	PP. 14 to 17
Materials		Semiconductor Packaging
	• Cu Sinter Paste Business	PP. 18 to 19
	• CO2 Capture and Reuse Business (R&D Center Case Studies)	PP. 20 to 23
	• Owned Media "M-Lab" (Web Marketing & Open Innovation)	P. 24
	•	Copyrights and Disclaimer	P. 25

Overview of the

Business Creation

Sector

Positioning of the Business Creation Sector

Company purpose

Sector

mission

We promote the well-beingof the worldthrough a spirit of exploration and diverse technologies.

To be a "source" of the well-beingof the world. Three sentiments behind our mission: (1) Our company is a source of resolving issues to make the earth smile ≈ a starting point; (2) our sector is a source of company-wide businesses; and (3) the foundation of our competitive advantage is the intelligence of the source (material).

This is a sector of "Exploration"within Ambidexterity*, with priority allocation of management resources as a "Value Cultivation"sector within business portfolios.

Positioning of the Business Creation Sector

Ambidexterity		Business Portfolio Management

ExploitationExploration

Attractivemarkets	Circular economy	Next-generation electronics	Environment/ energy	Life science
Electronics	Mobility	Environment/ resource energy

Mobility Sector
	Engineered Materials Sector	Metal Sector	Business	Creation Sector

Corporate Planning & Control Sector Portfolio reconfiguration/synergy-

nurturing functions

A concept of ongoing innovation and survival by implementing both Exploitation, the continuous pursuit of existing businesses, and Exploration, the development of new businesses.

Value Cultivation				Value Expansion



Business	New businesses			Businesses	●Copper foil
		under focus

Creation Sector	sector					●Engineered powders
	* Utilization of M&A					Engineered

						Materials
				Mobility		Sector
	Business
			Sector
	Reconstruction				Metal Sector
	Office

Value Transformation			Value Reinforcement/Optimization

Business Values

Overview of the

Business Creation

Sector

History and Organization of the Business Creation Sector

In 2020, the Engineered Materials Research & Development Center and the New Business Planning Office under the Engineered Materials Sector were spun off into a new independent sector.

This new organization is autonomous and self-propelled, and handles everything from research and development to commercialization, having the internal strategic support functions necessary for business creation.

History of the Business Creation Sector		Organization Features

Engineered Materials Sector

Copper Foil Division

Engineered Powders Division

・

Engineered Materials Research

& Development Center

	2020

New Business Planning Office	Established as a new
	independent sector.

CVC

Value chain of the Business Creation Sector

Research	Development	Commercialization	Provision
Strategic support functions (DX, mass production technology, quality assurance,

intellectual property, accounting, human resources, etc.)
	Company-wide assets		of value
	External co-creation partners

(1) An autonomous, self-propelled organization

Handling of everything from R&D to commercialization
With strategic support functions for DX, mass production technology, quality assurance, IP, etc.

(2) A "market co-creation-type" business entity

Creation of new markets with external co-creation partners* The sector operates CVC for organic links with external assets.

Customers, universities, research institutions, suppliers, startups, equipment and complementary goods manufacturers

Overview of the

Business Creation

Sector

Vision, Value, and Business Domain of the Business Creation Sector

We create markets one after another by leveraging our strengths and external forces.

Our business domain for 2030 are "Environment/Energy," "Next-generation Electronics," and "Life Science."

Vision

An exciting co-creation group

that explores the futurewith material

intelligence

Value

Excitement (Challenges)

Vitality (Work)

Wholeheartedly (Fun)	Environment/
	Energy

Next-generation

electronics

Our	External
strengths	forces
	Customers
	Suppliers
	Startups	Business Domain for
	Universities,	2030
	research institutions,
	etc.

Life science

AI technologies	Driverless
	vehicles
	Security
Circular economy	Space industry

	Environment/Energy
	Agriculture	Resources
Electronics

Mobility

Life science

Robot technologies

The world in 2050

Overview of the

Business Creation

Sector

Year 2030 Goals and Major Policies of the Business Creation Sector

We will actively invest management resources toward the goal of contributing to profits of 10 billion yen* or more in 2030 from our new business themes.

Major Policies of the Business Creation Sector

		Policies	Management Resources
(1) Reinforcement of our R&D strengths		Expenses (hundred million yen)
	- Increase the number of R&D personnel.	300
-	Promote DX application.
-	Promote external collaboration.

Year 2030 Goals

Profit contribution > 10 billion yen

Environment/Energy

Reinforcement of commercialization promotion - Increase the number of personnel for
commercialization promotion.
- Implement strategic investments.
Enhancement of strategic support functions

Reinforce strategic support functions for production process development, IP, quality assurance, etc.

Reinforcement of sector competitiveness - Promote the spread of MVV.
- Enhance human capital.

Boost engagement.
Nurture global human resources, etc.

2016 Plan

2019 Plan

2022 Plan

Investments (hundred million yen)

100

2016 Plan

2019 Plan

2022 Plan

Personnel

500

2016

2019

2022

2025

SErelated themes

Next-generation

electronics

HRDP	Cu paste Others
	Portfolio reviews as needed
R&D	R&D
themes	themes

* The levels of R&D activities are deliberated on a case-by-case basis	5
within the framework of company-wide management asset allocation.

A-SOLiDⓇ

Solid electrolyte

Overview of the

Business Creation

Sector

Concrete Case Studies (Cases Studies in the Environmental/Energy Sector)

To realize the well-being of the world, we are promoting a vast number of themes based on keywords such as a "carbon neutral society," "recycling-oriented society," and "society in harmony with nature."

Contribute to a carbon neutral society

Technologies that facilitate the transition to EVs and FCVs
Technologies that support a hydrogen society
Technologies that contribute to the reduction of GHG emissions

	Blue: Themes to be
Commercialization	introduced today

HRDPⓇ

Special carrier for next generation semiconductors

Commercialization

Under

development

Contribute to circular economy

Technologies that contribute to energy and resource conservation
Materials that support material recycling and resource circulation

Collaborating

Methanol generation

from CO2

Contribute to harmonious coexistence

of nature and humans	Downsizing and energy
- Technologies that support the bioeconomy	conservation for chemical
processing

Cu sinter paste for power semiconductors

Collaborating

Collaborating Commercialization of nuclear fusion technology

Industrial structure transformation driven by photosynthesis-based technology

Business

Explanation:

A-SOLiD®

Project Overview

Year 2030 Contribute to realizing a decarbonized society through all-solid-state batteries and become the leading company for solid

vision electrolytes.

Product Overview		Market Scale in the 2030s

Target markets

Value we proposition

Next-generation batteries: All-solid-state batteries

Safer and more comfortable

electric vehicles (EVs)

Expansion of potential battery

uses by increasing

environmental adaptability

(high/low temperatures, etc.)	Photo provided by Maxell,	Photo provided by LIBTEC
	Ltd.

A-SOLiD®, a solid electrolyte

A powder sulfide solid electrolyte necessary for all-solid-state batteries
Argyrodite-typestructure with high ion conductivity and durability, and exhibits excellent properties for use in batteries

Market scale

EV applications

Commercialization of initial models to begin from the late 2020s
Potential widespread adoption and rapid market growth by the 2030s

Industrial/special applications

Commercialization of all-solid-state batteries for F/A by Maxell, Ltd.
2024 will be the first year of all-solid-state battery commercialization.
Steady formulation of our own market for all-solid- state batteries

20252030

Widespread EVs

Initial EVs (high-end)

Industrial/special applications

2035 2040

Business

Explanation:

A-SOLiD®

Features and Expected Value of All-solid-state Batteries

Compared to conventional liquid LiBs, all-solid-state LiBs offer a "wide temperature range for use" and "high safety." They are expected to provide value in terms of smaller sizes, quicker charging, and higher energy density.

Comparison of LiB Features

				Composition		Form

Liquidtype						Refrigerant piping
Anode	Separator	Cathode	⚫ More than 70% is organic matter		Condenser
➢ Limited working temperature	Cathode

				range

➢ Risks of leakage/combustion

Working Temperature Range		Battery Design

				Cathodes: LMO, NCM,
	-20°C		60°C
				LFP

				Anodes: Graphite,
				LTO

All-solid-state		Anode	Solid electrolyte	Cathode
	Provision of value

No use of electrolyte solutions (Composed of only inorganic matter)
- Wider working temperature range
- Lower risks of leakage/combustion
- Rapid charging becomes possible

High level of safety

Smaller cooling space
Simplified BMS

Smaller and more

lightweight

-40°C	150°C	Potential of new materials
		Cathodes: High-voltage cathodes
		5V-class LNMO, etc.
Wider working temperature	Anodes: High-capacity anodes
Li metal, Si-types, etc.
range and improved heat

resistance
Rapid charging	High energy
becomes possible	density

Business

Explanation:

A-SOLiD®

All-solid-state Battery Market Trends

We can expect the market to expand, as there are already practical applications that make the most of the features of all-solid-state batteries. Companies have been actively making efforts to achieve EV commercialization in the latter half of the 2020s.

Annual demand (MWh)

Market forecast per application for all-solid-state batteries

Commercialization of high-

Development of cylindrical

General

capacity ceramic packaged

all-solid-state batteries for

all-solid-state batteries

use in main power supplies

General, etc.

News release (7/25/2022)

News release (10/26/2023)

Compound annual

EVs

growth rate (CAGR):

341%

Striving to create an all-

Announced 44 billion yen

Announced prototype

EVs

solid-statebattery-powered

in investments in 2024

manufacturing facilities

vehicle in 2027 to 2028

R&D for EVs

News release (6/13/2023)

Business briefing (4/12/2022)

News release (4/8/2022)

(Year)

Space

Adopted by a semiconductor

Discharge/charge functions

equipment manufacturer

confirmed in space

Data source: Solid-State Battery 2021 | Report | www.yole.fr

News release (2/27/2024)	News release (8/5/2022)
Copyright © Mitsui Mining & Smelting Co., Ltd. All Rights Reserved.	9

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Mitsui Mining & Smelting Co. Ltd. published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 10:06:49 UTC.

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Company Profile

Mitsui Mining and Smelting Co., Ltd. specializes in the production and marketing of non ferrous metals. Net sales (including intragroup) break down by activity as follows: - manufacturing of functional materials (39%) : electrolytic copper foils, battery materials, ceramic products, etc. The group also provides engineering services; - production of non ferrous metals (30.6%): zinc, gold, silver, zinc alloys, etc. Mitsui Mining and Smelting Co also offers non ferrous metals recycling services; - manufacturing of automotive parts and components (12.8%); - other (17.6%). Net sales are distributed geographically as follows: Japan (51.5%), China (13.9%), India (9.8%), Asia (16.7%), North America (5.1%) and other (3%).

Sector

Specialty Mining & Metals

Calendar

2024-08-05 - Q1 2024 Earnings Release (Projected)

Related indices

Nikkei 225

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Income Statement Evolution

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Ratings for Mitsui Mining and Smelting Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,076 JPY

Average target price

4,947 JPY

Spread / Average Target

-2.55%

Consensus

EPS Revisions

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Quarterly earnings - Rate of surprise

Company calendar

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Nonferrous Metal Processing

Mitsui Mining and Smelting Co., Ltd.

Equities

5706

JP3888400003

Specialty Mining & Metals

Mitsui Mining and Smelting : Explanation Meeting on the Business Creation Sector

EPS Revisions