AMG Advanced Metallurgical N : First Quarter 2022 Investor Presentation

ACCELERATING THE ENERGY TRANSITION

Investor Presentation | First Quarter 2022

CAUTIONARY NOTE

This document contains proprietary information and is being provided solely for information purposes by AMG Advanced Metallurgical Group N.V. (The "Company") and may not be reproduced in any form or further distributed to any other person or published, in whole or in part, for any purpose, except with the prior written consent of the company. Failure to comply with this restriction may constitute a violation of applicable securities laws.

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.

This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

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.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

This document has not been approved by any competent regulatory or supervisory authority.

FINANCIAL HIGHLIGHTS

AMG CLEAN ENERGY MATERIALS FINANCIAL HIGHLIGHTS

REVENUE & EBITDA (IN MILLIONS OF US DOLLARS)

GROSS PROFIT EXCLUDING EXCEPTIONAL ITEMS

(IN MILLIONS OF US DOLLARS)

$143.7

$41.3

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

RevenueEBITDA

CAPITAL EXPENDITURES (IN MILLIONS OF US DOLLARS)

KEY HIGHLIGHTS

$49.3

$47.7

• • Gross profit before non-recurring items in Q1 2022 more than tripled compared to Q1 2021 primarily due to the higher vanadium, tantalum and lithium concentrate pricing

• • SG&A expenses in Q1 2022 were $10.8 million, $1.2 million higher than in Q1 2021 due to an increase in professional fees as a result of higher strategic project costs and higher share-based and variable compensation expense

  Q1 '21

  Q2 '21

  Q3 '21

  Q4 '21

  Q1 '22

• • EBITDA increased by $26.9 million in Q1 2022, to $37.2 million from $10.3 million due to the improved gross profit

AMG CRITICAL MINERALS FINANCIAL HIGHLIGHTS

REVENUE & EBITDA (IN MILLIONS OF US DOLLARS)

GROSS PROFIT EXCLUDING EXCEPTIONAL ITEMS

(IN MILLIONS OF US DOLLARS)

$106.9

$13.1

$13.4

$13.0

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q1 '21

Q2 '21

Q3 '21

Q4 '21

Q1 '22

RevenueEBITDA

CAPITAL EXPENDITURES (IN MILLIONS OF US DOLLARS)

KEY HIGHLIGHTS

$1.5

$1.4

$1.4

$1.3

• • Revenue increased by $34 million, or 47%, to $106.9 million, driven by strong sales volumes of antimony and graphite as well as higher sales prices across all three businesses

• • Gross profit before non-recurring items of $13.0 million was in line with Q1 2021

• • SG&A expenses in Q1 2022 slightly increased by $0.8 million, to $7.4 million, primarily due to higher share-based and variable compensation expense

  Q1 '21

  Q2 '21

  Q3 '21

  Q4 '21

  Q1 '22

• • EBITDA in Q1 2022 was $1.1 million lower than in Q1 2021 due to increased SG&A costs as well as the higher energy and shipping costs