Announcement Presentation Aurubis Richmond, USA

Hamburg, November 10, 2021

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At a glance: Aurubis Richmond, USA, sets stage for expansion in recycling business and execution of updated strategy

Efficient, low-risk approach based on proven technologies and long-standing experience

Investment

EBITDA p.a.

~ € 300m

(by 2025/26)

~ € 80m

Start of

~ 90,000 t

production

input material

following ramp-up

~ 35,000 t

phase

blister copper

1st HY 2024

output

  • Megatrends boost demand for recycling and multimetal solutions globally
  • Aurubis creates frontrunner position in highly attractive US recycling market with significant annual growth rates of 4-6 % (CAGR) through 2035
  • Aurubis Richmond marks milestone to deliver on updated growth strategy, unlock new growth areas, and further strengthen earnings profile
  • Site located in Augusta, Richmond County in Georgia, featuring attractive conditions, close proximity to suppliers, and options for capacity expansion
  • Creating competitive advantage by capitalizing on existing market know-how, proven market technologies, flexible application mix, highest sampling and laboratory standards
  • Expansion of multimetal portfolio by processing and recycling new materials
  • Easily adjustable approach allows for quick adaptation to changing market demands
  • Project fully in line with Aurubis' sustainability targets and ambition to strengthen and expand our position as the most efficient integrated smelter network worldwide.

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Aurubis accelerating growth in recycling by investing in the very attractive US market

Tapping into a new

New site to further

Investment supports

market with proven

strengthen Aurubis'

climate targets and is

market technologies

sustainable, integrated

fully in line with Aurubis'

smelter network

Sustainability Strategy

  • Aurubis Richmond to become the largest specialized multimetal recycling smelter in the US market
  • Next logical step following the recycling and multimetal business expansion, capitalizing on megatrends such as electrification, renewables, digitalization
  • Efficient, low-risk approach based on proven market technologies
  • Investment fully in line with sustainability targets and Aurubis' strategy to drive sustainable, profitable growth

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Strategic step that capitalizes on underlying market trends

Increasing importance of sustainability in the US/Europe

  • Regulation, consumers, and electronics manufacturers focus increasingly on sustainability
  • Consequence: increase in recycling rates and incentivized local recycling
  • Opportunity: limited availability of secondary smelters in North America opens unique opportunity for market entry

Decline in copper scrap imports in Asia

  • Expected long-term trend towards emergence of local recycling markets in Asian countries
  • Chinese import ban on low-purity copper scrap as catalyst for this trend

Growing market for copper- containing recycling materials

  • Continuous positive development of underlying industries and accelerated innovation cycles, especially regarding consumer electronics
  • Further increase in supply expected due to electrification and expansion of renewable energies

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US recycling market with significant growth potential

Strong ~4-6 % growth through 2035 with focus on complex recycling/PM material

US market size for recycled materials 2019-2035(in million t)

Growth Drivers

Cu Scrap/Alloys

Complex Recycling

PM Material

Incremental

Continuous growth of industrial

CAGR 29-35

Growth

activity and consumption of

electronics lead to solid growth base

~12.2

Collection

Increasing collection rates,

~9.7

Rates

especially of bulk e-waste and PCB

~7.5

materials (currently only ~30 %)

~5.6

2019

2024

2029

2034

Data sources include Aurubis internal data, UN Comtrade import/export statistics, IHS, industry expert interviews, and market reports.

Miniaturiza- Recycling materials are getting tion Effect smaller with technological

progress (e.g., bulk e-waste and PCBs)

Import/ Net export of copper scrap

Export continuously decreasing with increasingly restrictive import policies in current outlets

(China and Southeast Asia)

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Aurubis AG published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 11:06:01 UTC.