• Confirmation of the intention to launch in Q4 2026 the €500 million capital increase with Preferential Subscription Rights (“PSRs”) announced in February 2026
  • A necessary transaction to restore the Group’s financial position, strengthen its equity base, maintain compliance with its bank covenants and continue executing its strategy. Eramet is also pursuing the other two pillars of its funding plan: performance improvement (in particular through ReSolution), and asset monetization.
  • Agreement reached between the two reference shareholders on the terms of their participation in the rights issue
  • Strategic decision by the French State to increase its stake in Eramet through a strategic investment by the Agence des Participations de l’Etat (“APE”), in line with its objectives to secure critical metals. Accordingly, as part of the transaction:
    • The APE will subscribe for its pro-rata share (27.1% of the share capital) and purchase, depending on the transaction reference price, all or part of Sorame-CEIR’s PSRs so that APE’s effective voting rights[i] at a General Meeting do not exceed 49%;
    • Should the APE not purchase all of Sorame-CEIR’s PSRs, Sorame-CEIR would then subscribe to the balance of the PSRs it received; Sorame-CEIR would subsequently have the right to exercise a put option, while the APE would have the right to exercise a call option, over the new shares subscribed for by Sorame-CEIR in the rights issue.
  • The Company’s other shareholders, in particular the free-float, will be able to participate in the rights issue by exercising their PSRs during the subscription period[ii]. Those who do not wish to participate may sell their PSRs on the market, notably allowing existing shareholders or new investors to acquire them and participate in the rights issue[iii].
  • Following its investment, the APE will become the Group’s largest shareholder, confirming Eramet’s strategic importance to French and European sovereignty in critical metals. Sorame-CEIR will become the second-largest shareholder.

[i] Effective voting rights: voting rights exercisable at a General Meeting, calculated on the basis of the average quorum across the 2024 to 2026 General Meetings

[ii] For retail shareholders, as the transaction is an offer to the public open in France, eligibility to participate must be assessed on a case-by-case basis, depending on their country of residence and in accordance with applicable securities laws and regulations

[iii] Subject to applicable securities regulations outside France

This transaction, which is essential to secure the Group’s financial sustainability, marks a major milestone for Eramet. It will enable us to execute in 2026 the capital increase announced in February as part of our funding plan.

On behalf of the Board of Directors, I welcome the agreement reached by our two reference shareholders in the Group’s best interests, as well as the French State’s strategic decision to increase its equity stake in Eramet.

We are taking a decisive step towards strengthening our future, pursuing our strategic roadmap and actively contributing to securing supplies of critical metals.

Christel Bories
Chair and Chief Executive Officer of Eramet

This agreement demonstrates the Government’s commitment to strengthening France’s strategic autonomy in the field of critical minerals and metals. Against a backdrop of intensifying international competition and the need to secure supplies of critical metals, we are making an ambitious commitment by becoming the Company’s largest shareholder.

Roland Lescure
Minister for the Economy, Finance and Industrial, Energy and Digital Sovereignty

As an Eramet shareholder since 1999, Sorame-CEIR is today renewing its commitment alongside the French State at a decisive moment.

By supporting this capital increase, we are opening, together with the French State, a new chapter in the Group’s history, focused on critical metals. This renewed partnership will give Eramet the means to establish itself as a key player in French and European sovereignty. Against a complex geopolitical backdrop, the French State’s commitment will be more valuable than ever in supporting the Group’s development. We are pursuing this shared ambition for Eramet, its employees and all its shareholders.

Jérôme Duval
Representative of Sorame-CEIR