Annual Meeting 2024: Financial Presentation

AMG CRITICAL MATERIALS N.V.

THE ENERGY OF NATURE

Financial Presentation | Annual General Meeting May 2024

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CAUTIONARY NOTE

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This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

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Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans and objectives of management for future operations. These statements, which contain the words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated levels of profitability, growth, cost and synergy of the Company's recent acquisitions, the timely development and acceptance of new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein.

Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation.

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TABLE OF CONTENTS

2023 Financial Highlights	4
Q1 2024 Financial Highlights	6
Operational Update	9

Vanadium electrolyte project - Nuremberg, Germany

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FY 2023 FINANCIAL HIGHLIGHTS

ADJUSTED

EBITDA: $350M

ROCE: 26.3%

OPERATING CASH FLOW: $223M

FINANCIAL POSITION

• AMG's record high full year adjusted EBITDA was largely due to the strength of our Lithium and Vanadium businesses.
• AMG Lithium provided 67% of the Company's adjusted EBITDA for the year, while AMG Vanadium and AMG Technologies generated 23% and 10%, respectively.
• Return on capital employed was 26.3% versus 30.8% for full year 2022.
• Operating cash flow in 2023 was also the highest in the Company's history, and 33% higher than the $168 million in 2022.
• We were $38 million free cash flow positive for the year despite investing $169 million in capital projects as well as acquiring a 25% stake in Zinnwald in 2023.
• Unrestricted cash: $345 million
• Total net debt: $323 million
• Total liquidity: $540 million

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DIVISIONAL FINANCIAL HIGHLIGHTS - FY 2023 VS. FY 2022

REVENUE (IN MILLIONS OF US DOLLARS)	GROSS MARGIN
FY 2023: $1,625.9 MILLION	(IN MILLIONS OF US DOLLARS)
FY 2023: 24.0%
FY 2022: $1,642.8 MILLION
	FY 2022: 24.9%

AMG Lithium

AMG Vanadium

AMG Technologies

$389.1	FY 2023
FY 2022
$361.6	AMG Lithium
	$730.7
	$700.1	AMG Vanadium
$506.1
	$581.0	AMG Technologies

56.9%

59.3%

11.6%

13.2%

FY 2023

16.4%	FY 2022
17.6%

ADJUSTED EBITDA (IN MILLIONS OF US DOLLARS)		CAPITAL EXPENDITURES (IN MILLIONS OF US DOLLARS)
FY 2023: $350.5 MILLION			FY 2023: $168.9 MILLION
FY 2022: $342.6 MILLION			FY 2022: $190.9 MILLION
AMG Lithium			$228.8	AMG Lithium		$116.3
		$205.7		$60.6
AMG Vanadium		$88.4		AMG Vanadium		$46.1
	$76.4			$117.1
			FY 2023
AMG Technologies	$33.3		FY 2022	AMG Technologies	$6.5	FY 2023
$60.4	$13.2
			FY 2022

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Q1 2024 FINANCIAL HIGHLIGHTS

REVENUE: $358M

ADJUSTED

EBITDA: $31M

FINANCIAL POSITION

FINANCING

• AMG Vanadium provided 46% of the Company's revenue for the quarter, while AMG Technologies and AMG Lithium generated 42% and 12%, respectively.
• Adjusted EBITDA decreased from the $118 million in Q1 2023 largely due to the decline in prices compared to the prior period.
• Unrestricted cash: $285 million
• Total net debt: $381 million
• Total liquidity: $485 million
• In April, AMG entered into a new $100 million incremental term loan with the same pricing, terms and 2028 maturity as the existing $350 million term loan. By adding to our senior secured term loan at existing terms,

we will have approximately $450 million of secured debt capital, providing significant financial flexibility for 2024 and beyond.

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Q1 2024 REVENUE & ADJUSTED EBITDA BY SEGMENT

AMG LITHIUM

(IN MILLIONS OF US DOLLARS)

$130.7 $133.5

$89.8	$86.3					$82.1
							$62.3	$30.8	$41.6
							$29.6
														$5.8
Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24
				Revenue				EBITDA

AMG TECHNOLOGIES

(IN MILLIONS OF US DOLLARS)

												$151.4
$125.6	$125.0	$131.9	$123.5
						$9.1	$10.9	$10.6
$8.0	$5.4
Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24

Revenue EBITDA

Adjusted

EBITDA

decreased

due to decline

in metal

prices

Adjusted

EBITDA

increased

33% vs.

Q1 '23

AMG VANADIUM

(IN MILLIONS OF US DOLLARS)

$194.3	$180.9	$174.4
			$161.7	$165.1	Revenue
															decreased
									$29.5				vs. Q1 '23
												largely due
$20.3													to lower sales
			$15.7	$15.1				$14.4	prices
Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24

Revenue EBITDA

KEY HIGHLIGHTS

• AMG Lithium's revenue decreased 68% compared to Q1 2023, largely driven by the decline in market prices, specifically lithium, since Q1 2023, as well as the unabsorbed fixed costs incurred during construction and commissioning of the SP1+ expansion project in Brazil in the current quarter
• AMG Vanadium's revenue for Q1 2024 decreased by 15%, due primarily to lower sales prices in vanadium and chrome metal partially offset by increased volumes in vanadium
• AMG Technologies' Q1 2024 revenue increased by 21% compared to
  Q1 2023, driven by strong revenues in our engineering unit, as well as higher sales volumes of silicon and higher sales prices of graphite and antimony, partially offset by lower volumes in antimony and lower sales prices of silicon

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Q1 2024 AMG GROUP FINANCIAL HIGHLIGHTS
CASH FROM (USED IN) OPERATING ACTIVITIES	CAPITAL EXPENDITURES (IN MILLIONS OF US DOLLARS)
(IN MILLIONS OF US DOLLARS)
$93.4					$50.4
							$47.8
								$43.5
	$60.0
									$37.3
			$44.7
		$24.9		$108M			$27.2				$13M
				YoY							YoY
				($14.9)
Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24		Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24

NET (LOSS) INCOME ATTRIBUTABLE TO SHAREHOLDERS

(IN MILLIONS OF US DOLLARS)

$56.2

			$42.8
$1.72
			$1.28											93%
						$0.2	$2.2
													($0.50)	YoY
						$0.00	$0.07
													($16.3)
Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24
				Net Income				EPS

KEY HIGHLIGHTS

• Q1 2024 cash used in operating activities was $15 million, compared to cash from operating activities of $93 million in the same period in 2023; this decrease in operating cash flow was due to the lower sales prices during the current period
• CAPEX of $37 million during Q1 2024 mainly reflects our investment into the battery-grade lithium hydroxide plant in Bitterfeld, Germany, as well as the expansion of our spodumene capacity in Brazil
• Net loss attributable to shareholders decreased to $16 million for Q1 2024, due to the decreased profitability during the current quarter

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OPERATIONAL UPDATE

• In Brazil, the expansion of our lithium concentrate plant from 90,000 tons to 130,000 tons per annum is progressing as planned. We expect to reach full nameplate capacity of 130,000 tons in the fourth quarter of 2024.
• In Bitterfeld, Germany, AMG's lithium hydroxide refinery's first 20,000-ton module is on schedule, both in its advanced commissioning and product qualification process. We plan to ship production batches to clients in the third quarter of 2024.
• AMG Vanadium continues to implement its global satellite roasting strategy through the implementation of our recently acquired TTI technology.
• The vanadium electrolyte plant at AMG Titanium in Nuremberg, Germany is in the final stages of completion. We expect to have nameplate capacity available by the second half of 2024 as part of the vertical integration into LIVA batteries.
• Shell & AMG Recycling's (SARBV) "Supercenter" project in Saudi Arabia is in final stages of basic engineering for Phase 1. The joint venture has begun the selection process for financial advisors for nonrecourse project financing.

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OPERATIONAL UPDATE (CONT'D)

• In April, NewMOX SAS, Grenoble, France, was formed to service the nuclear fuel market. NewMOX is a subsidiary of ALD Vacuum Technologies GmbH, Hanau,
  Germany ("ALD"), AMG's engineering subsidiary focused on vacuum furnace technology, which includes sintering furnace systems enabling the production of commercial nuclear fuel from plutonium and depleted uranium (termed "MOX"). ALD's
  MOX technology has been applied in Germany, the United States, France, Belgium, the United Kingdom and recently ALD has been delivering such furnace systems to China.
• AMG LIVA is engaged in the execution of several battery projects to optimize the energy management of industrial plants and incorporate renewable energy sources. In June we will celebrate the opening of a 4.5 MWh energy storage system shifting wind and solar energy for our customer Wipotec, a major industrial client. The system enables 80% self-sufficiency and is also used for peak shaving, process heating and cooling, EV charging and grid services.

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