Berenberg conference presentation

1. AMG ADVANCED
METALLURGICAL GROUP N.V.
ENABLING THE
CIRCULAR ECONOMY
BERENBERG SDG CONFERENCE | APRIL 2021

2. CO2 Reduction 3
AMG at a Glance 4
AMG Business Segments 5
Critical Raw Materials 7
Safety Performance 8
Market Trends 9
Reporting on the SDGs 12
ECO2RP Summary 20
Financials 21
TABLE OF CONTENTS

3. AMG:
ENABLING TECHNOLOGIES
Products and processes saving CO2
emissions during use (e.g., light-weighting
and fuel efficiency in the aerospace and
automotive industries)
LEADER IN ADVANCED TECHNOLOGIES
TO ADDRESS CO2 REDUCTION
A GLOBAL IMPERATIVE
FOR THE 21ST CENTURY
CO2 REDUCTION
AMG:
MITIGATING TECHNOLOGIES
Products and processes saving raw
minerals, energy and CO2 emissions
during manufacturing (e.g., recycling
of Ferrovanadium)
3
2020
2019
56.6*
67.8
50.8
45.6
43.4
42.0
6.1%
* 2020 decrease due to the global pandemic significantly impacting
volumes in our aerospace exposed businesses.

4. 51% Critical
Materials
Technologies
23% Critical
Minerals
AMG AT A GLANCE
AMG IS A
GLOBAL SUPPLIER
OF CRITICAL
MINERALS TO:
FY 2020 REVENUE
TRANSPORTATION
ENERGY INFRASTRUCTURE SPECIALTY METALS
AND CHEMICALS
BY
SEGMENT
40% Europe
32% North America
23% Asia
5% ROW
20% Infrastructure
22% Specialty Metals
& Chemicals
40% Transportation
18% Energy
Market leading producer of highly
engineered specialty metals and
vacuum furnace systems
~3,000
Employees
~$1 billion
Annual Revenues
At the forefront of
CO2 Reduction
4
BY END
MARKET
BY
REGION
26% Clean Energy
Materials

5. AMG BUSINESS SEGMENTS
AMG CRITICAL MINERALS
AMG CLEAN ENERGY MATERIALS
AMG’s mining and recycling business AMG’s conversion and mining business
• Silicon Metal
• Graphite
• Antimony
5
32% Infrastructure
12%
Specialty Metals
& Chemicals
32% Transportation
24% Energy
2020
Revenue
• Vanadium
• Mineração (Tantalum & Lithium)
• Aluminum (Master Alloys)
29% Infrastructure
32%
Specialty Metals
& Chemicals
30% Transportation
9% Energy
2020
Revenue

6. AMG BUSINESS SEGMENTS
AMG ECO2RP
AMG CRITICAL MATERIALS
TECHNOLOGIES
AMG’s virtual business
6
25% Infrastructure
7% Specialty Metals
& Chemicals
50%
Transportation
18% Energy
2020
Revenue
AMG’s titanium alloys, vacuum systems
and services business
• Titanium Alloys
• Furnaces
• Heat treatment services
• Chrome Metal (Superalloys)
10% Infrastructure
23% Specialty Metals
& Chemicals
48%
Transportation
19% Energy
2020
Revenue
• Ferrovanadium
• Vanadium Aluminum
• Graphite Heat Insulation
• Turbine Coating Furnaces
• Casting and Sintering Furnaces
• Titanium Master Alloys
• Aluminum Master Alloys

7. CRITICAL RAW MATERIALS: AMG PRESENCE
7
US Critical Materials EU Critical Materials
Magnesium*
Germanium
Gallium
Beryllium
PGMs
Phosphate
Rock
Borate
Antimony
Silicon
Metal
Light REE
Heavy REE
Niobium
Natural
Graphite
Tungsten
Chromium
Metal Vanadium
Tantalum
Baryte
Bismuth
Cobalt
Fluorspar
Hafnium
Scandium
Indium
Phosphorus
Helium
Aluminum
Tin
Titanium
Lithium
Potash
Cesium
Manganese
Strontium
Rubidium
Tellurium
• AMG has a unique
critical materials
portfolio comprising
of 9 EU critical
materials and 10 US
critical materials
• The EU identifies
30 total critical raw
materials, the US 35
*AMG possesses technology license patent for production of Magnesium products
Sources: The 2020 EU Critical Raw Materials List, published September 2020; and the U.S. list of Critical
Materials per the May 2018 announcement by the U.S. Department of the Interior.
Rhenium
Uranium
Zirconium
Coking Coal
Natural
Rubber

8. SAFETY PERFORMANCE
8
LOST TIME INCIDENT RATE
0.82
1.06
1.12
1.19
1.95
TOTAL INCIDENT RATE
2017
2016
2015
2014
2013
1.31
1.68
2.02
2.23
3.30
0.63 1.26
0.80
2019 1.46
• 2020 year-end results demonstrate a 23% improvement in lost time rate and a 28% improvement in
total incident rate.
• Improvement driven by increased communication with business units and support from Corporate
EHS team through intensive focus on key facilities.
2018
1.05
0.62
2020

9. CLEAN ENERGY MATERIALS – MARKET TRENDS
CRITICAL MINERALS MAJOR END MARKETS MARKET TRENDS MAJOR CUSTOMERS
AMG VANADIUM
FERROVANADIUM
FERRONICKEL-MOLYBDENUM
INFRASTRUCTURE
INFRASTRUCTURE
GROWTH
AMG BRAZIL
TANTALUM & NIOBIUM
MICRO CAPACITORS,
SUPERALLOYS
COMMUNICATIONS &
ELECTRONICS
FUEL EFFICIENCY
AMG LITHIUM
LITHIUM CONCENTRATE
(SPODUMENE)
BATTERIES
RENEWABLE ENERGY
COMMUNICATIONS &
ELECTRONICS
AMG ALUMINUM
ALUMINUM MASTER ALLOYS
ALUMINUM POWDERS
AEROSPACE,
AUTOMOTIVE
FUEL EFFICIENCY
ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS AND CHEM.
9
CONFIDENTIAL

10. CRITICAL MINERALS – MARKET TRENDS
CRITICAL MINERALS MAJOR END MARKETS MARKET TRENDS MAJOR CUSTOMERS
AMG GRAPHITE
NATURAL GRAPHITE
EXPANDED POLYSTYRENE
(EPS), BATTERY ANODES
ENERGY SAVING
ENERGY STORAGE
AMG ANTIMONY
ANTIMONY TRIOXIDE
ANTIMONY MASTERBATCHES
ANTIMONY PASTES
FLAME RETARDANTS PLASTICS
AMG SILICON
SILICON METAL
ALUMINUM ALLOYS,
SOLAR
FUEL EFFICIENCY
CLEAN ENERGY
ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS AND CHEM.
10

11. CRITICAL MATERIALS TECHNOLOGIES – MARKET TRENDS
CRITICAL MINERALS MAJOR END MARKETS MARKET TRENDS MAJOR CUSTOMERS
AMG TITANIUM ALLOYS
TITANIUM MASTER ALLOYS
& COATINGS
AEROSPACE
FUEL EFFICIENCY
ENERGY SAVING
AMG ENGINEERING
CAPITAL GOODS
(VACUUM FURNACES)
AEROSPACE,
AUTOMOTIVE
FUEL EFFICIENCY
ELECTRONICS
AMG ENGINEERING
VACUUM HEAT
TREATMENT SERVICES
AEROSPACE,
AUTOMOTIVE
FUEL EFFICIENCY
AMG CHROME
CHROMIUM METAL
AEROSPACE, DISTRIBUTED
ENERGY, FUEL CELLS
FUEL EFFICIENCY
ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS AND CHEM.
11

12. A FOCUS ON CARBON REDUCTION
12
▪ AMG was founded on the basis of a key global trend of energy transformation:
clean energy and energy saving demands materials science-based solutions,
activating new demand for elements in the periodic table
▪ Our mission is to provide critical materials and related process technologies to
advance a less carbon intensive world.
▪ We endorse and support the definition of corporate social responsibility as set
by the World Business Council for Sustainable Development
“…the continuing commitment by business to behave ethically and contribute to
economic development while improving the quality of life of the workforce and their
families as well as of the local community and society at large.”

13. EVOLVING AMG’S COMMITMENT TO ESG
13
At AMG we have enacted three main sustainable development objectives
▪ To provide safe working conditions for our employees and be responsible
stewards of the environment;
▪ To meet or exceed regulatory standards by engaging in ethical business
practices; and
▪ To be a valued member of the local economy, community, and society by
contributing to solutions to address some of the fundamental
environmental and social challenges facing society today.
As part of our evolving ESG commitment and to provide additional context to
our objectives AMG mapped the SDGs to our business model

14. AMG COMMITTED TO A SUSTAINABLE FUTURE
14
• Lithium from tailings for use in
the advancement of the energy
battery-grade lithium hydroxide
• Investing in vanadium redox flow
battery technology
• Through furnace innovation and
recycling of critical materials
• Recycling waste catalyst and
minimizing landfilling and
environmental impacts
• World leader in turbine blade
coaters enabling higher
operating temperatures,
dramatically increasing fuel
economy and reducing CO2
• Largest supplier of
conflict-free tantalum
• Engaging with neighbors,
promoting and raising
awareness on resource
conservation and sustainability
• Promoting diversity in
the workplace and
management

15. U.N. Target 7.a: Facilitate access to clean energy research and technology, including renewable
energy, energy efficiency and advanced and cleaner fossil-fuel technology, and promote
investment in energy infrastructure and clean energy technology
15
• AMG fully endorses the benefit of transitioning to cleaner renewable energy sources.
• Six of AMG’s facilities with the most energy-intensive activities are currently certified to the ISO
50001 standard for energy management systems.
• Whether through solar, wind, or use of hydrological sources, AMG continues to focus, where
possible, to incorporate the use of renewable energy sources.
AFFORDABLE AND CLEAN ENERGY

16. U.N. Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with
increased resource-use efficiency and greater adoption of clean and environmentally sound
technologies and industrial processes
16
• Creating products that enable our customers to reduce their environmental impacts is the very
tenet upon which AMG was built.
• AMG has advanced metallurgical-based technologies to provide innovative solutions for
industrial challenges, developing solutions that reduce carbon emissions and minimize the
negative environmental effects of energy production and use.
• AMG products and technologies are enabling customers in aerospace, infrastructure,
transportation and industry to realize over 56 million MT of CO2 reduction in 2020.
INDUSTRY, INNOVATION AND INFRASTRUCTURE

17. U.N. Target 12.5: Substantially reduce waste generation through prevention, reduction, recycling and reuse
17
At AMG, we look beyond what other companies view as waste and see
potential for waste reduction and new product streams.
• That vision is how AMG’s Ferovan™ product was developed. Ferovan™ is
manufactured using spent refinery catalyst sourced as a waste product from
the crude oil refining industry.
• When blended with steel, Ferovan™ improves tensile strength and
corrosion resistance of steel alloys, as well as delivering environmental
benefits due to its lightweighting attributes.
• An LCA performed in 2018 suggested that using AMG Ferovan™ to
manufacture vanadium steel rebar could result in a 25 percent or more
GHG emissions mitigation benefit when compared with rebar made from a
standard carbon steel, enabling our customers to achieve significant carbon
reduction in their products.
• AMG estimates that in 2019 the use of Ferovan™ in place of steel
alternatives resulted in 2.8 million metric tons of CO2 savings for our
customers.
RESPONSIBLE CONSUMPTION AND PRODUCTION

18. U.N. Target 4.7: Ensure learners acquire the knowledge and skills needed to promote sustainable
development, through education for sustainable development and sustainable lifestyles…”
18
• At AMG we instill a value of empowerment in our employees and are committed to their
continued growth by investing through educational reimbursement programs, professional
training and promoting career advancement.
• AMG promotes and encourages investing in the communities where we work.
• Throughout the world AMG employees are giving back to their communities by engaging with
their neighbors, promoting and raising awareness on resource conservation and sustainability.
QUALITY EDUCATION

19. U.N. Target 10.2: Empower and promote the social, economic and political inclusion of all,
irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status
19
• AMG is committed to the protection of internationally decreed human rights.
• AMG adopted our Diversity Policy in 2017, in which we outline our objective of having at least
30 percent of the seats on the Supervisory Board and the Management Board be held by
each gender. At the end of 2019, the Management Board’s composition was 100 percent
male. The Supervisory Board’s composition was 67 percent male and 33 percent female.
REDUCED INEQUALITIES

20. 20
~ 81 MILLION $ OF 2018-2020 AVERAGE GROSS PROFIT DERIVED FROM ECO2RP
Strict selection criteria
Products are accepted in ECO2RP only when the enabled CO2 reduction
effect has been established by a LCA performed by a leading third-party expert
CO2 reduction enabled
by AMG’s products based
on the LCAs of 2018-2020
23% revenue contribution
by ECO2RP products in 2020
(up from 8% in 2010)
28% gross profit contribution
by ECO2RP products in 2020
(up from 5% in 2010)
23%
Revenues
ECO2RP
ECO2RP
Rest of AMG Rest of AMG
28%
Gross
Profit
AMG’S enabled CO2 emission reductions
(Million MT)
56.6
67.8
50.8
2020
2018
2019
ECO2RP IS THE PORTFOLIO OF AMG’S PRODUCTS ENABLING CO2
REDUCTION
* 2020 decrease due to the global pandemic significantly impacting volumes in our aerospace exposed businesses.
*

21. FINANCIALS
Lithium Processing,
AMG Brazil

22. FY 2020 AT A GLANCE
• AMG’s results have
trended positively
since Q2 2020.
• AMG management
believes that this
positive trend will
continue and expects
to exceed $100
million EBITDA in
2021.
22
AMOUNTS IN $M
(EXCEPT EARNINGS PER SHARE)
FY 2020 FY 2019 % CHANGE
Revenue $937.1 $1,188.6 (21%)
Gross Profit $112.7 $118.3 (5%)
Gross Margin % 12.0% 10.0% 20%
Loss before Income Taxes ($31.3) ($53.7) 42%
EBITDA $66.8 $121.4 (45%)
EBITDA Margin % 7.1% 10.2% (30%)
Net Debt (Cash) $287.9 $162.9 77%
Return On Capital Employed (ROCE) 3.5% 13.7% (74%)

23. CRITICAL MATERIALS — FULL YEAR AND CURRENT SPOT PRICES
23
MATERIALS
AVG
2019
AVG
2020
APR 12, 2021
SPOT
AVG ‘20 VS. AVG
‘19 % CHANGE
SPOT VS. AVG
‘20 % CHANGE
Ferrovanadium ($/lb) 1 $21.95 $10.81 $16.20 (51%) 50%
Molybdenum ($/lb) $11.43 $8.67 $11.18 (24%) 29%
Nickel ($/MT) $13,933 $13,788 $16,220 (1%) 18%
Aluminum ($/MT) $1,791 $1,704 $2,254 (5%) 32%
Chrome Metal ($/lb) $4.13 $3.22 $3.50 (22%) 9%
Tantalum ($/lb) $62.77 $60.15 $71.00 (4%) 18%
Spodumene ($/MT) $614 $428 $605 (30%) 41%
Antimony ($/MT) $6,722 $5,912 $11,025 (12%) 86%
Graphite ($/MT) 2 $982 $853 $975 (13%) 14%
Silicon Metal (€/MT) €1,696 €1,714 €2,325 1% 36%
1 Ferrovanadium prices shown per CRU.
2 Graphite prices shown above have been changed to Benchmark Minerals’ index (Graphite, flake, 94-95% C, +80 mesh, FOB China) to better reflect AMG Graphite’s high purity grade.

24. AMG CAPITAL RAISE
24
AMG raised in excess of €100M to fund
environmentally sustainable projects in the Clean
Energy Materials business
Building a battery grade lithium
hydroxide plant in Bitterfeld,
Germany to supply the
European EV battery market
€100M+
Additional spent catalyst recycling
capacity to produce ferrovanadium,
supporting Green infrastructure
Building commercial-scale
Vanadium Redox Flow Batteries
(VRFBs) to support lower, more
stable electricity usage at 2 sites
Next Generation Battery Technologies Circular Economies