• Good operational performance of the Group’s main mining activities in H1 2024 (vs. H1 2023):
    • +33% in manganese ore volumes produced (vs. H1 2023), with a return to normal operating conditions
    • +40% in nickel ore volumes produced in Indonesia; albeit with -20% in volumes sold, reflecting the absence of low-grade saprolite sales’ permit
    • +33% in volumes of mineral sands produced
  • Strong decline in nickel selling prices and lower manganese ore selling prices (index rebound not yet fully materialised in Q2)
  • Negative contribution from SLN, with no impact on Eramet’s balance sheet thanks to new financing from the French State
  • Adjusted EBITDA[i] at €247m (including -€109m[ii] for SLN), down 27% in H1 2024 (vs. H1 2023) factoring in a strongly negative price effect over the period (-€304m); positive intrinsic performance (+€216m)
  • Net income, Group share negative at –€41m (including -€72m for SLN)
  • Negative Free Cash-Flow owing to continued growth capex. Slight increase in net debt to €711m and adjusted leverage[iii] of 1x; maturity extended by 1 year
  • Inauguration of the Group’s first direct lithium extraction plant in Argentina
  • Implementation of the new CSR roadmap, “Act for positive mining”, with further delivery progress, particularly in terms of employee social protection solutions
  • Outlook set against a favourable price environment for manganese ore: to date, market consensus is $8.9/dmtu in H2, (+66% vs. H1), leading to $7.3/dmtu over the year
  • Range adjusted for volume growth targets over the year:
  • Manganese ore transported in Gabon: between 0 and 7.5 Mt
  • Marketable nickel ore at Weda Bay: between 40 and 42 Mwmt[iv], given that the permit was not granted for low-grade saprolite sales
  • Lithium carbonate produced at Centenario: around 1 kt-LCE, with production scheduled to start in November
  • Financial performance in H2 expected to be significantly above that of H1, owing to favourable seasonality for mining activities and the price scenario. Calculated based on the Group’s volume target range and based on the indicative price consensus to date for the year, adjusted EBITDA would be positioned, for illustrative purposes, between €1.2bn and €1.3bn in 2024
  • 2024 capex plan revised downwards: between €550m and €600m[v] financed by the Group

[i] The definition of adjusted turnover and adjusted EBITDA presented in the financial glossary, in Appendix 8

[ii] Local company financial statements

[iii] The definition of adjusted leverage, an Alternative Performance Indicator, is presented in the financial glossary, in Appendix 8

[iv] Administrative approvals by the Indonesian government ongoing

[v] Excluding Tsingshan’s capital contributions to the Centenario project

 We achieved a good operational performance in the first half of the year, with normal operating conditions in Gabon and strong growth in production in Indonesia.

Our intrinsic progress enabled us to cope with a difficult pricing environment, and to continue to invest in the Group’s future growth, with limited impact on net debt.

We approach the second half of the year in a context of favourable seasonality for our activities, combined with a strong increase in manganese ore prices. This makes us particularly confident that our financial performance will improve very strongly between now and the end of the year.

We also just reached a milestone in our development of metals for the energy transition with the commissioning of our first lithium plant in Argentina. Production will start in November and this growth driver will fully contribute to the Group’s performances from 2025.

Christel Bories

Group Chair and CEO