Eramet: Excellent year with EBITDA above €1bn and an acceleration of repositioning into activities which are driving growth

• New milestone for the Group which is refocusing on Mining and Metals activities, following the announcement of the signature of a Memorandum of Understanding for the divestment of Aubert & Duval²
• Confirmed positioning as a responsible and contributive company. 2021 commitments met or exceeded, particularly regarding climate and safety, with one of the lowest accident rates in the industry
• Excellent operational performance in manganese, nickel and mineral sands, and resilience in mining activity in New Caledonia:
  • Strong organic growth in ore production in Gabon at 7 Mt (+21% versus 2020)
  • Increase in manganese alloys production (747 kt, +7%), with an improvement in the mix and record price levels
  • Increase in nickel ore exports in New Caledonia to nearly 3 Mwmt (+17%)
  • Strong growth in nickel ore production in Weda Bay, with a fourfold increase to 14 Mwmt

• Construction of the lithium plant in Argentina restarted in response to the acceleration in demand for metals for the energy transition
• In the new Eramet scope, excluding operations sold or in the process of being sold¹:
  • Group EBITDA doubled to €1,051m in 2021, with a very significant contribution from manganese alloys, in a very favourable price environment partly offset by the strong increase in freight and energy costs
  • Free Cash-Flow (FCF) of €526m, including a contribution from Nickel activity in Weda Bay of €146m

• Including operations sold or in the process of being sold:
  • Net income, Group share at €298m
  • Strong reduction in net debt to €388m, with leverage³ below 1

• Proposal of a dividend of €2.5 per share
• Over the last two years, 64% increase in Group EBITDA mainly resulting from intrinsic gains of nearly €450m⁴

• 2022 Outlook:
  • Production targets up, including 7.5 Mt of manganese ore in Gabon, approximately 15 Mwmt in nickel ore in Indonesia⁵ and more than 4 Mwmt of nickel ore exports in New Caledonia
  • Invoiced selling prices for manganese alloys should remain slightly above 2021 on average for the year; consensus for average manganese ore prices at $5.2/dmtu and LME nickel prices at $19,800/t
  • Energy and freight prices are expected to continue to weigh on Eramet’s costs, similarly to those of coke
  • Based on the consensus of the abovementioned price forecasts, Group EBITDA would be approximately €1.2bn⁶ in 2022.

^{1 Excluding Aubert & Duval, Sandouville and Erasteel which, in accordance with the IFRS 5 standard – “Non-current assets held for sale and discontinued operations”, are presented as operations in the process of being sold in 2021 and 2020. See reconciliation tables in Appendix 1
2 The transaction is subject to consultation with employee representative bodies and all necessary regulatory approvals
3 Net debt-to-EBITDA ratio
4 Operations sold or in the process of being sold included5 Pending administrative approval
6 Based on an exchange rate at $/€1.18}