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AMG Advanced Metallurgical Group N.V.
November 2017 Investor Update
AMG Overview 4
Financial Highlights 9
AMG Lithium 17
Appendix 25
TABLE OF
CONTENTS
2
CAUTIONARY NOTE
THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED
METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY OTHER
PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF APPLICABLE SECURITIES LAWS.
This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire
securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection
with, any contract or commitment whatsoever.
This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any
accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of,
and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in
this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of
application to subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer
or commitment whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or
implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The
Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of
the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any
use of this presentation or its contents or otherwise arising in connection with the presentation.
Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business
strategy, plans and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,”
“estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the management board of directors of the
Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other
factors, the achievement of the anticipated levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the timely development and
acceptance of new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and
global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein.
Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any
of the forward-looking statements contained in this presentation.
The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.
This document has not been approved by any competent regulatory or supervisory authority.
3
AMG Advanced Metallurgical Group N.V.
AMG Overview
4
GLOBAL VIEW
• Need to contain CO2
emissions
• Operation growth and
increasing affluence need a
technology counterbalance
Global Trends
• AMG sources, processes, and
supplies the materials which
are critical because of market
demands
• Material science-based
solutions for energy
efficiency (lighter, stronger,
temperature resistant)
SupplyDemand
AMG is a critical materials company
5
AMG: MITIGATING TECHNOLOGIES
Products and processes saving raw
materials, energy and CO2 emissions
during manufacturing
(i.e., recycling of Ferrovanadium)
AMG: ENABLING TECHNOLOGIES
Products and processes saving
CO2 emissions during use
(i.e., light-weighting and fuel efficiency in
the aerospace and automotive industries)
A GLOBAL IMPERATIVE FOR THE 21ST CENTURY
CO2 REDUCTION
LEADER IN ADVANCED TECHNOLOGIES
TO ADDRESS CO2 REDUCTION
AMG has developed into a
leader in enabling technologies
6
EXCELLENT PLATFORM FOR ORGANIC AND ACQUISITION LED GROWTH
MISSION STATEMENT
To increase long-term value through industry
leadership, operational expertise and efficient
deployment of capital
STRATEGIC OBJECTIVE
Identifying long-term trends and leveraging those trends through technological excellence and
innovations in the indispensable areas of critical materials and vacuum technologies
Routine organic
growth of existing
business lines
Non-routine
expansion of existing
business lines
Transformational
projects
A
GROWTH OBJECTIVES
B C
AMG
Core
Business
+ + + ≥A B C
$200M *
EBITDA
in 5 years or less
* EBITDA target assumes current metal prices and no major acquisitions 7
PROCUREMENT
Sourcing material from remote
origins
OPERATIONS
World leader in advanced
metallurgical & mineral
processing
CUSTOMERS
Intense interaction with global
industrial leaders
AMG’S CORE KNOW-HOW
MARKETS
Operating in volatile
oligopolistic niche markets
8
AMG Advanced Metallurgical Group N.V.
Financial Highlights
9
AMG AT A GLANCE
AMG IS A GLOBAL
SUPPLIER OF
CRITICAL
MATERIALS TO:
Q3 2017 REVENUE
TRANSPORTATIONENERGY INFRASTRUCTURE SPECIALTY METALS
AND CHEMICALS
BY END MARKET: BY REGION:BY SEGMENT:
44% Europe
34% North America
17% Asia
5% ROW
21% Engineering
79% Critical
Materials
27% Infrastructure
21% Specialty Metals
& Chemicals
42% Transportation
10% Energy
Market leading producer of highly engineered specialty metals and vacuum furnace systems
~3,100
Employees
~$1 billion
Annual Revenues
At the forefront of
CO2 Reduction
10
Q3 2017 AT A GLANCE
• Q3 ‘17 EBITDA up 18%
versus Q3 ‘16 due to
improved profitability
within AMG Critical
Materials
• Annualized ROCE
increased to 21.5%
in Q3 2017 versus 18.0%
for Q3 2016
Net Debt Reduction
of $72.4 million since
December 2014
AMOUNTS IN $M
(EXCEPT EARNINGS PER SHARE) Q3 2017 Q3 2016 % CHANGE
Revenue $258.9 $247.5 5%
Gross Profit * $51.3 $46.3 11%
Gross Margin % 19.8% 18.8% 5%
Profit Before Income Taxes $15.5 $9.6 61%
EBITDA $27.6 $23.4 18%
EBITDA Margin % 10.7% 9.5% 13%
Net Debt (Cash) $15.4 ($1.9) 911%
Return On Capital Employed (ROCE) 21.5% 18.0% 19%
Net Income Attributable To Shareholders $14.0 $5.2 169%
Diluted Earnings Per Share 0.44 0.18 144%
* Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations.
11
DIVISIONAL FINANCIAL HIGHLIGHTS – Q3 2017 VS. Q3 2016
REVENUE
EBITDA
Q3 2017 EBITDA: $27.6
Q3 2017 REVENUE: $258.9 Q3 2017 GROSS MARGIN: 19.8%
GROSS MARGIN *
CAPITAL EXPENDITURE
Q3 2017 CAPEX: $23.2
$70.0
$177.5
$55.6
$203.4
AMG
Engineering
AMG Critical
Materials
Q3 2017
Q3 2016
$8.9
$14.5
$4.1
$23.5
AMG
Engineering
AMG Critical
Materials
Q3 2017
Q3 2016 $0.6
$7.7
$1.6
$21.6
AMG
Engineering
AMG Critical
Materials
Q3 2017
Q3 2016
20.5%
18.0%
26.2%
18.0%
AMG
Engineering
AMG Critical
Materials
Q3 2017
Q3 2016
(IN MILLIONS OF US DOLLARS)
(IN MILLIONS OF US DOLLARS) (IN MILLIONS OF US DOLLARS)
* Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations.
12
FINANCIAL HIGHLIGHTS
$23.4
$30.0
$33.0 $31.9
$27.6
Q3 16 Q4 16 Q1 17 Q2 17 Q3 17
$247.5 $237.9
$258.0 $262.0 $258.9
Q3 16 Q4 16 Q1 17 Q2 17 Q3 17
$46.3
$43.0
$52.5 $54.3 $51.3
Q3 16 Q4 16 Q1 17 Q2 17 Q3 17
REVENUE (IN MILLIONS OF US DOLLARS)
$68.1
$61.7
$81.8
$76.9
$40.5
Q3 16 Q4 16 Q1 17 Q2 17 Q3 17
* Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations.
GROSS PROFIT * (IN MILLIONS OF US DOLLARS)
ORDER INTAKE (IN MILLIONS OF US DOLLARS)EBITDA (IN MILLIONS OF US DOLLARS)
5%
YoY
18%
YoY
41%
YoY
11%
YoY
13
5 YEAR TREND – EBITDA & ROCE
• 2016 EBITDA is up 33%
due to product mix and
operational improvements
in Critical Materials as well
as a very strong
performance by
Engineering due to an
increase in demand for
furnaces from the
aerospace industry
• FY 2016 annualized ROCE
improved to 18.8% from
12.0% in FY 2015
• ROCE improvements
are the result of efficient
use of capital and
improved profitability
Annualized ROCE
EBITDA (IN MILLIONS OF US DOLLARS)
$83.5
$72.6
$85.7
$75.6
$100.7
2012 2013 2014 2015 2016
FY ‘16 ROCE
IMPROVED TO
18.8% FROM
12.0% IN FY ‘15
FY ‘16 EBITDA
UP 33%
VERSUS FY ‘15
9.2%
7.4%
11.9% 12.0%
18.8%
2012 2013 2014 2015 2016
14
5 YEAR TREND – NET DEBT & OPERATING CASH FLOW
• Net debt: $7.3 million
o $186.9 million reduction of net
debt since December 31, 2012
o Net Debt to LTM EBITDA:
0.07x
• AMG’s primary debt
facility is a $400 million
multicurrency term loan
and revolving credit facility
o 5 year term (until 2021) with
an accordion feature that
allows the Company, subject
to certain conditions, to
increase the commitment
amount by up to $100 million
o In compliance with all
debt covenants
• FY ‘16 net cash from
operating activities of
$56.2 million, which
included voluntary
cash contributions to
the Company’s pension
plans of $23.1 million
made during the year
$194.2
$160.5
$87.8
($1.0)
$7.3
2012 2013 2014 2015 2016
NET DEBT (CASH) (IN MILLIONS OF US DOLLARS)
OPERATING CASH FLOW (IN MILLIONS OF US DOLLARS)
$187M
REDUCTION
IN NET DEBT
SINCE 2012
FY 2016
OPERATING
CASH FLOW
OF $56.2M
$65.6 $69.7
$95.1
$76.3
$56.2
$23.1
2012 2013 2014 2015 2016
Pension contribution
$79.3
15
OUTLOOK: 2017-2018
OUTLOOK AMG expects full year 2017 EBITDA to improve by 10%, or
more, relative to 2016.
In 2018, AMG expects to continue its strong financial
performance and improve profitability relative to 2017.
AMG's management team is focused on delivering our
highly accretive lithium project and executing our long term
lithium strategy. In addition, we will continue to pursue other
acquisition opportunities and organic growth projects in
order to generate long term value for our shareholders.
AMG expects full year 2017 EBITDA to improve by 10%, or more, relative to 2016
16
AMG Advanced Metallurgical Group N.V.
AMG Lithium
17
AMG’S INTEGRATED LITHIUM STRATEGY
Lithium I Lithium II Lithium III
Upstream
(Spodumene)
Downstream
(Lithium Chemicals)
Spodumene Plant 1
90k MT per annum of
spodumene
production
Spodumene Plant 2
Increase spodumene
production to 180k MT per
annum
On November 2, 2017,
AMG announced that it had
mandated Outotec OYJ to
complete detailed
engineering for a second
lithium concentrate plant at
the Mibra mine in Brazil
Lithium Chemical Plant
Participation in lithium
value chain downstream
Potential Joint Venture
structure with existing
producer and/or
consumer of lithium
chemicals
Status: Under
construction
Status: Engineering
Status: Feasibility
study & due diligence
18
AMG LITHIUM – PROJECT STRENGTHS
AMG has operated the Mibra mine for 38 years
1) Existing management and mining infrastructure – not a new mine project
2) Strong understanding of the mine geology
3) Mining infrastructure already in place and operational
4) Ore extraction and crushing costs absorbed by profitable tantalum
operation
5) Spodumene plant will be fed via lithium deposits in existing tailings, as well
as incremental lithium-bearing tailings generated via tantalum production
• 2.8 million metric tons of spodumene plant feed stock already extracted
in the form of on-site tailings
6) AMG has operated a spodumene pilot plant since 2010
7) Strategic flexibility to further develop operational scope
19
AMG LITHIUM – SPODUMENE PROJECT OVERVIEW
Lithium Concentrate (Spodumene) Project
OBJECTIVE
Monetization of substantial lithium mineral deposits
currently residing in AMG Mineração's tailings ponds and
tailing stockpiles
Production facility to be co-located with AMG
Mineração's tantalum mine and upgrading plant in Brazil
TARGETED PRODUCTION
180,000 MT per year of lithium concentrate
STATUS
Plant 1 (90,000 MT per annum) capital investment of
approximately $50m was approved by the AMG
Supervisory Board on July 19th, 2016. Production to
commence mid-2018.
Plant 2 (expansion to 180,000 MT per year) On
November 2, 2017, AMG announced that it had
mandated Outotec OYJ to complete detailed engineering
for a second spodumene plant. Final investment decision
expected December 2017.
AMG’s objective is to be the low-cost producer of spodumene globally
20
SPODUMENE PROJECT STATUS
Increased
Production
Resource
Expansion
Construction
Approval
Targeted increase in annual lithium concentrate production, to a
capacity of 180,000 tons, by end of 2019
AMG announced a multi-year contract to supply 90,000 tons per year
of lithium concentrate; deliveries commencing mid-2018.
Updated resource statement published 3 April 2017 – estimated life of the mineral
resource is approximately 20 years, based upon targeted production level of 180k
MT of lithium concentrate starting 2020
EPC Contract
Awarded
Offtake
Agreement
Established
Status
Complete
Complete
Complete
Complete
Engineering
work in
progress
AMG awarded EPC contract to Outotec (Finland) for turnkey delivery
of lithium concentrate plant
AMG approved construction of lithium concentrate plant at the AMG
Mibra mine, with annual production of 90,000 tons
Full offtake agreement established & production expected
to commence mid-2018 21
0
50
100
150
200
250
300
350
400
GREENBUSHES
TIANQI LITHIUM1
(TALISON)
WHABOUCHI
NEMASKA
PILGANGOORA
PILBARA MINERALS2
MT. CATTLIN
GENERAL MINING/
GALAXY
MT. MARION
NEOMETALS
PILGANGOORA
ALTURA MINING
ROSE
CRITICAL ELEMENTS
CORP.
Source: Roskill 2016, Ehren Gonzalez Ltda, Hatch; Note – Operating costs
only, not including transportation
Note: AMG cost estimates per Outotec of $127/MT; includes production costs
and SG&A costs; does not include cost of transportation to port
Estimate of AMG
operating cost of
$127/MT
(excl. transportation)
US$/MTLITHIUMCONCENTRATE
1 Greenbushes cost includes G&A but excludes selling expenses
2 Pilbara Minerals figure includes credits from tantalite production; includes
transport and loading costs of $37/t concentrate
AMG COST POSITION – LITHIUM CONCENTRATE (SPODUMENE)
22
LITHIUM: CAPTURING THE VALUE DOWNSTREAM
AMG MINERAÇÃO LCE BUYER
Cathode Producer
Purchase of LiOH
AMG Mibra Mine,
Brazil
Raw Material Spodumene
Lithium Chemical
Plant
Conversion of Spodumene to
Lithium Hydroxide
CONVERTCO JV
23
LITHIUM RESOURCE MAP
Volta
Grande C
6.6M tons
Volta
Grande A
17.7M tons
Tailings
24
AMG Advanced Metallurgical Group N.V.
Appendix
25
CRITICAL RAW MATERIALS: AMG NOW IN 7
• The EU identified 27 critical
raw materials* to the
European economy in
2017, focusing on two
determinants: economic
importance and supply risk
• The US identified 30 critical
materials* which are vital
to national defense,
primarily through assessing
supply risk
• AMG has a unique
critical materials
portfolio comprising:
o 7 EU critical raw materials
o 4 US critical raw materials
o Highly engineered Titanium
Alloys for the aerospace industry
o High value added Aluminum
Master Alloys
o Vanadium, Nickel and
Molybdenum from recycled
secondary raw materials
Heavy REE
Light REE
Magnesium
Germanium
Gallium
Beryllium
PGMs
Phosphate
Rock
Borate
TungstenVanadium
Aluminum
Tin Molybdenum
Nickel
Antimony
Silicon Metal
Natural
Graphite
Niobium
SUPPLYRISK
ECONOMIC IMPORTANCE
Chromium MetalTantalum
Melted or treated by AMG vacuum systemsProduced by AMG
Critical raw materials identified by the US and produced by AMG EU Critical Raw Materials
Titanium
Lithium
1 2017 list of Critical Raw Materials for the EU, September 2017; Strategic and Critical Materials 2015 Report on Stockpile Requirements by Department
of Defense in January 2015.
2 Chromium Metal (a subcategory of chrome ore) is not identified by the EU report
3 Scandium included due to use in production of Aluminum Alloys
Coking
Coal
Baryte
Helium
Bismuth
Natural
Rubber
Cobalt
Fluorspar
Hafnium
Scandium
Indium
Phosphorus
26
CRITICAL MATERIALS PRICES: 10 YEAR PERSPECTIVE
• Metal prices are
measured on a scale
of 0 to 10, with 0 and 10
representing the minimum
and maximum average
quarterly prices occurring
during the past 10 years
• The positions demonstrate
the current price level of
each metal with respect to
their various historical
price points over the past
10 years
AMG’s relevant
prices have started to
move into the second
quartile
0.8
1.4 1.4
4.3
2.5
4.2
0.9
3.2
4.3
3.0
3.4
0.0
0.9 1.0 1.1
2.5
1.7
0.9 0.8
2.6
0.9
2.8
0
2.5
5
7.5
10
Scale
Metals
Sep 2017 Position Sep 2016 Position
Cr Mo Ni FeV Ti Al C Si Ta Sb
Highest
Price in
10 years
Lowest
Price in
10 years
Nb
[unchanged]
Note: Metal Positions are measured on a scale of 0 to 10, with 0 being the minimum price and 10 being the maximum price. They are calculated
using the formula [(Sep ‘07 month avg – min. monthly avg) / (max. monthly avg – min. monthly avg) *10] where maximum and minimum monthly
averages are measured over the period 1 Sep ‘07 through 30 Sep ‘17.
[unchanged]
27
CRITICAL MATERIALS – AVERAGE QUARTERLY PRICES
MATERIALS
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Ferrovanadium ($/lb) $9.99 $10.65 $12.35 $12.30 $17.75
Molybdenum ($/lb) $7.01 $6.63 $7.90 $8.03 $8.21
Nickel ($/MT) $10,262 $10,685 $10,267 $9,222 $10,524
Aluminum ($/MT) $1,620 $1,710 $1,851 $1,909 $2,011
Chrome ($/lb) $3.67 $3.65 $3.83 $4.02 $3.93
Tantalum ($/lb) $60 $56 $57 $67 $75
Niobium Oxide ($/kg) $28 $26 $27 $30 $34
Ti Sponge ($/kg) $8.15 $8.15 $8.24 $8.74 $8.15
Antimony ($/MT) $7,271 $7,482 $8,098 $8,890 $8,291
Graphite ($/MT) * $763 $822 $730 $823 $997
Silicon Metal (€/MT) €1,648 €1,733 €1,993 €1,989 €1,927
Q3 ‘17 VS. Q3
‘16 % CHANGE
78%
17%
3%
24%
7%
24%
20%
–
14%
31%
17%
Q3 ‘17 VS. Q2
‘17 % CHANGE
44%
2%
14%
5%
(2%)
12%
15%
(7%)
(7%)
21%
(3%)
28
* 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.
MIBRA MINE IS A PROVEN RESOURCE PROVIDING MULTIPLE PRODUCT STREAMS
AMG MINERAÇÃO PRODUCTS AND MARKETS
PRODUCTS
Ta2O5 Concentrate & Tin
MARKETS
Electronics
PRODUCTS
Lithium Concentrate
(Spodumene)
MARKETS
Energy Storage
Ceramics
PEGMATITE ORE
AMG Mibra Mine
CRUSHING,
GRINDING,
SEPARATION AND
CONCENTRATION
FLOTATION
SPODUMENE PRODUCTION PROCESS OVERVIEW
29
FIRST SPODUMENE PLANT – LAYOUT
Feed
Grinding / Mag
Separation
Flotation
Filtration
30
CRITICAL MATERIALS – MARKET TRENDS
ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS & CHEM.
CRITICAL MATERIALS MARKET TRENDSMAJOR END MARKETS MAJOR CUSTOMERS
AMG ANTIMONY
ANTIMONY TRIOXIDE
ANTIMONY MASTERBATCHES
ANTIMONY PASTES
PLASTICSFLAME RETARDANTS
MICRO CAPACITORS,
SUPERALLOYS
AMG BRAZIL
TANTALUM & NIOBIUM
COMMUNICATIONS &
ELECTRONICS
FUEL EFFICIENCY
EXPANDED
POLYSTYRENE (EPS),
BATTERY ANODES
AMG GRAPHITE
NATURAL GRAPHITE
ENERGY SAVING
ENERGY STORAGE
ALUMINUM ALLOYS,
SOLAR
AMG SILICON
SILICON METAL
FUEL EFFICIENCY
CLEAN ENERGY
BATTERIES
AMG LITHIUM
LITHIUM CONCENTRATE
(SPODUMENE)
RENEWABLE ENERGY
COMMUNICATIONS &
ELECTRONICS
CONFIDENTIAL
31
CRITICAL MATERIALS – MARKET TRENDS
AMG ALUMINUM
ALUMINUM MASTER
ALLOYS
ALUMINUM POWDERS
FUEL EFFICIENCY
AEROSPACE,
AUTOMOTIVE
INFRASTRUCTURE
AMG VANADIUM
FERROVANADIUM
FERRONICKEL-
MOLYBDENUM
INFRASTRUCTURE
GROWTH
AEROSPACE
AMG TITANIUM
ALLOYS & COATINGS
TITANIUM MASTER ALLOYS
& COATINGS
FUEL EFFICIENCY
ENERGY SAVING
AMG SUPERALLOYS UK
CHROMIUM METAL
FUEL EFFICIENCYAEROSPACE
CRITICAL MATERIALS MARKET TRENDSMAJOR END MARKETS MAJOR CUSTOMERS
ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS & CHEM.
32
ENGINEERING – MARKET TRENDS
AMG ENGINEERING
CAPITAL GOODS
(VACUUM FURNACES)
FUEL EFFICIENCY
ELECTRONICS
AMG ENGINEERING
VACUUM HEAT TREATMENT
SERVICES
FUEL EFFICIENCY
AEROSPACE,
AUTOMOTIVE
AEROSPACE,
AUTOMOTIVE
PRODUCTS & SERVICES MARKET TRENDSMAJOR END MARKETS MAJOR CUSTOMERS
ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS & CHEM.
33

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November 2017 Investor Update

  • 1. AMG Advanced Metallurgical Group N.V. November 2017 Investor Update
  • 2. AMG Overview 4 Financial Highlights 9 AMG Lithium 17 Appendix 25 TABLE OF CONTENTS 2
  • 3. CAUTIONARY NOTE THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. This document has not been approved by any competent regulatory or supervisory authority. 3
  • 4. AMG Advanced Metallurgical Group N.V. AMG Overview 4
  • 5. GLOBAL VIEW • Need to contain CO2 emissions • Operation growth and increasing affluence need a technology counterbalance Global Trends • AMG sources, processes, and supplies the materials which are critical because of market demands • Material science-based solutions for energy efficiency (lighter, stronger, temperature resistant) SupplyDemand AMG is a critical materials company 5
  • 6. AMG: MITIGATING TECHNOLOGIES Products and processes saving raw materials, energy and CO2 emissions during manufacturing (i.e., recycling of Ferrovanadium) AMG: ENABLING TECHNOLOGIES Products and processes saving CO2 emissions during use (i.e., light-weighting and fuel efficiency in the aerospace and automotive industries) A GLOBAL IMPERATIVE FOR THE 21ST CENTURY CO2 REDUCTION LEADER IN ADVANCED TECHNOLOGIES TO ADDRESS CO2 REDUCTION AMG has developed into a leader in enabling technologies 6
  • 7. EXCELLENT PLATFORM FOR ORGANIC AND ACQUISITION LED GROWTH MISSION STATEMENT To increase long-term value through industry leadership, operational expertise and efficient deployment of capital STRATEGIC OBJECTIVE Identifying long-term trends and leveraging those trends through technological excellence and innovations in the indispensable areas of critical materials and vacuum technologies Routine organic growth of existing business lines Non-routine expansion of existing business lines Transformational projects A GROWTH OBJECTIVES B C AMG Core Business + + + ≥A B C $200M * EBITDA in 5 years or less * EBITDA target assumes current metal prices and no major acquisitions 7
  • 8. PROCUREMENT Sourcing material from remote origins OPERATIONS World leader in advanced metallurgical & mineral processing CUSTOMERS Intense interaction with global industrial leaders AMG’S CORE KNOW-HOW MARKETS Operating in volatile oligopolistic niche markets 8
  • 9. AMG Advanced Metallurgical Group N.V. Financial Highlights 9
  • 10. AMG AT A GLANCE AMG IS A GLOBAL SUPPLIER OF CRITICAL MATERIALS TO: Q3 2017 REVENUE TRANSPORTATIONENERGY INFRASTRUCTURE SPECIALTY METALS AND CHEMICALS BY END MARKET: BY REGION:BY SEGMENT: 44% Europe 34% North America 17% Asia 5% ROW 21% Engineering 79% Critical Materials 27% Infrastructure 21% Specialty Metals & Chemicals 42% Transportation 10% Energy Market leading producer of highly engineered specialty metals and vacuum furnace systems ~3,100 Employees ~$1 billion Annual Revenues At the forefront of CO2 Reduction 10
  • 11. Q3 2017 AT A GLANCE • Q3 ‘17 EBITDA up 18% versus Q3 ‘16 due to improved profitability within AMG Critical Materials • Annualized ROCE increased to 21.5% in Q3 2017 versus 18.0% for Q3 2016 Net Debt Reduction of $72.4 million since December 2014 AMOUNTS IN $M (EXCEPT EARNINGS PER SHARE) Q3 2017 Q3 2016 % CHANGE Revenue $258.9 $247.5 5% Gross Profit * $51.3 $46.3 11% Gross Margin % 19.8% 18.8% 5% Profit Before Income Taxes $15.5 $9.6 61% EBITDA $27.6 $23.4 18% EBITDA Margin % 10.7% 9.5% 13% Net Debt (Cash) $15.4 ($1.9) 911% Return On Capital Employed (ROCE) 21.5% 18.0% 19% Net Income Attributable To Shareholders $14.0 $5.2 169% Diluted Earnings Per Share 0.44 0.18 144% * Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations. 11
  • 12. DIVISIONAL FINANCIAL HIGHLIGHTS – Q3 2017 VS. Q3 2016 REVENUE EBITDA Q3 2017 EBITDA: $27.6 Q3 2017 REVENUE: $258.9 Q3 2017 GROSS MARGIN: 19.8% GROSS MARGIN * CAPITAL EXPENDITURE Q3 2017 CAPEX: $23.2 $70.0 $177.5 $55.6 $203.4 AMG Engineering AMG Critical Materials Q3 2017 Q3 2016 $8.9 $14.5 $4.1 $23.5 AMG Engineering AMG Critical Materials Q3 2017 Q3 2016 $0.6 $7.7 $1.6 $21.6 AMG Engineering AMG Critical Materials Q3 2017 Q3 2016 20.5% 18.0% 26.2% 18.0% AMG Engineering AMG Critical Materials Q3 2017 Q3 2016 (IN MILLIONS OF US DOLLARS) (IN MILLIONS OF US DOLLARS) (IN MILLIONS OF US DOLLARS) * Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations. 12
  • 13. FINANCIAL HIGHLIGHTS $23.4 $30.0 $33.0 $31.9 $27.6 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 $247.5 $237.9 $258.0 $262.0 $258.9 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 $46.3 $43.0 $52.5 $54.3 $51.3 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 REVENUE (IN MILLIONS OF US DOLLARS) $68.1 $61.7 $81.8 $76.9 $40.5 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 * Gross Profit has been restated to include restructuring expenses and asset impairment expenses, in order to take into consideration ESMA’s latest recommendations. GROSS PROFIT * (IN MILLIONS OF US DOLLARS) ORDER INTAKE (IN MILLIONS OF US DOLLARS)EBITDA (IN MILLIONS OF US DOLLARS) 5% YoY 18% YoY 41% YoY 11% YoY 13
  • 14. 5 YEAR TREND – EBITDA & ROCE • 2016 EBITDA is up 33% due to product mix and operational improvements in Critical Materials as well as a very strong performance by Engineering due to an increase in demand for furnaces from the aerospace industry • FY 2016 annualized ROCE improved to 18.8% from 12.0% in FY 2015 • ROCE improvements are the result of efficient use of capital and improved profitability Annualized ROCE EBITDA (IN MILLIONS OF US DOLLARS) $83.5 $72.6 $85.7 $75.6 $100.7 2012 2013 2014 2015 2016 FY ‘16 ROCE IMPROVED TO 18.8% FROM 12.0% IN FY ‘15 FY ‘16 EBITDA UP 33% VERSUS FY ‘15 9.2% 7.4% 11.9% 12.0% 18.8% 2012 2013 2014 2015 2016 14
  • 15. 5 YEAR TREND – NET DEBT & OPERATING CASH FLOW • Net debt: $7.3 million o $186.9 million reduction of net debt since December 31, 2012 o Net Debt to LTM EBITDA: 0.07x • AMG’s primary debt facility is a $400 million multicurrency term loan and revolving credit facility o 5 year term (until 2021) with an accordion feature that allows the Company, subject to certain conditions, to increase the commitment amount by up to $100 million o In compliance with all debt covenants • FY ‘16 net cash from operating activities of $56.2 million, which included voluntary cash contributions to the Company’s pension plans of $23.1 million made during the year $194.2 $160.5 $87.8 ($1.0) $7.3 2012 2013 2014 2015 2016 NET DEBT (CASH) (IN MILLIONS OF US DOLLARS) OPERATING CASH FLOW (IN MILLIONS OF US DOLLARS) $187M REDUCTION IN NET DEBT SINCE 2012 FY 2016 OPERATING CASH FLOW OF $56.2M $65.6 $69.7 $95.1 $76.3 $56.2 $23.1 2012 2013 2014 2015 2016 Pension contribution $79.3 15
  • 16. OUTLOOK: 2017-2018 OUTLOOK AMG expects full year 2017 EBITDA to improve by 10%, or more, relative to 2016. In 2018, AMG expects to continue its strong financial performance and improve profitability relative to 2017. AMG's management team is focused on delivering our highly accretive lithium project and executing our long term lithium strategy. In addition, we will continue to pursue other acquisition opportunities and organic growth projects in order to generate long term value for our shareholders. AMG expects full year 2017 EBITDA to improve by 10%, or more, relative to 2016 16
  • 17. AMG Advanced Metallurgical Group N.V. AMG Lithium 17
  • 18. AMG’S INTEGRATED LITHIUM STRATEGY Lithium I Lithium II Lithium III Upstream (Spodumene) Downstream (Lithium Chemicals) Spodumene Plant 1 90k MT per annum of spodumene production Spodumene Plant 2 Increase spodumene production to 180k MT per annum On November 2, 2017, AMG announced that it had mandated Outotec OYJ to complete detailed engineering for a second lithium concentrate plant at the Mibra mine in Brazil Lithium Chemical Plant Participation in lithium value chain downstream Potential Joint Venture structure with existing producer and/or consumer of lithium chemicals Status: Under construction Status: Engineering Status: Feasibility study & due diligence 18
  • 19. AMG LITHIUM – PROJECT STRENGTHS AMG has operated the Mibra mine for 38 years 1) Existing management and mining infrastructure – not a new mine project 2) Strong understanding of the mine geology 3) Mining infrastructure already in place and operational 4) Ore extraction and crushing costs absorbed by profitable tantalum operation 5) Spodumene plant will be fed via lithium deposits in existing tailings, as well as incremental lithium-bearing tailings generated via tantalum production • 2.8 million metric tons of spodumene plant feed stock already extracted in the form of on-site tailings 6) AMG has operated a spodumene pilot plant since 2010 7) Strategic flexibility to further develop operational scope 19
  • 20. AMG LITHIUM – SPODUMENE PROJECT OVERVIEW Lithium Concentrate (Spodumene) Project OBJECTIVE Monetization of substantial lithium mineral deposits currently residing in AMG Mineração's tailings ponds and tailing stockpiles Production facility to be co-located with AMG Mineração's tantalum mine and upgrading plant in Brazil TARGETED PRODUCTION 180,000 MT per year of lithium concentrate STATUS Plant 1 (90,000 MT per annum) capital investment of approximately $50m was approved by the AMG Supervisory Board on July 19th, 2016. Production to commence mid-2018. Plant 2 (expansion to 180,000 MT per year) On November 2, 2017, AMG announced that it had mandated Outotec OYJ to complete detailed engineering for a second spodumene plant. Final investment decision expected December 2017. AMG’s objective is to be the low-cost producer of spodumene globally 20
  • 21. SPODUMENE PROJECT STATUS Increased Production Resource Expansion Construction Approval Targeted increase in annual lithium concentrate production, to a capacity of 180,000 tons, by end of 2019 AMG announced a multi-year contract to supply 90,000 tons per year of lithium concentrate; deliveries commencing mid-2018. Updated resource statement published 3 April 2017 – estimated life of the mineral resource is approximately 20 years, based upon targeted production level of 180k MT of lithium concentrate starting 2020 EPC Contract Awarded Offtake Agreement Established Status Complete Complete Complete Complete Engineering work in progress AMG awarded EPC contract to Outotec (Finland) for turnkey delivery of lithium concentrate plant AMG approved construction of lithium concentrate plant at the AMG Mibra mine, with annual production of 90,000 tons Full offtake agreement established & production expected to commence mid-2018 21
  • 22. 0 50 100 150 200 250 300 350 400 GREENBUSHES TIANQI LITHIUM1 (TALISON) WHABOUCHI NEMASKA PILGANGOORA PILBARA MINERALS2 MT. CATTLIN GENERAL MINING/ GALAXY MT. MARION NEOMETALS PILGANGOORA ALTURA MINING ROSE CRITICAL ELEMENTS CORP. Source: Roskill 2016, Ehren Gonzalez Ltda, Hatch; Note – Operating costs only, not including transportation Note: AMG cost estimates per Outotec of $127/MT; includes production costs and SG&A costs; does not include cost of transportation to port Estimate of AMG operating cost of $127/MT (excl. transportation) US$/MTLITHIUMCONCENTRATE 1 Greenbushes cost includes G&A but excludes selling expenses 2 Pilbara Minerals figure includes credits from tantalite production; includes transport and loading costs of $37/t concentrate AMG COST POSITION – LITHIUM CONCENTRATE (SPODUMENE) 22
  • 23. LITHIUM: CAPTURING THE VALUE DOWNSTREAM AMG MINERAÇÃO LCE BUYER Cathode Producer Purchase of LiOH AMG Mibra Mine, Brazil Raw Material Spodumene Lithium Chemical Plant Conversion of Spodumene to Lithium Hydroxide CONVERTCO JV 23
  • 24. LITHIUM RESOURCE MAP Volta Grande C 6.6M tons Volta Grande A 17.7M tons Tailings 24
  • 25. AMG Advanced Metallurgical Group N.V. Appendix 25
  • 26. CRITICAL RAW MATERIALS: AMG NOW IN 7 • The EU identified 27 critical raw materials* to the European economy in 2017, focusing on two determinants: economic importance and supply risk • The US identified 30 critical materials* which are vital to national defense, primarily through assessing supply risk • AMG has a unique critical materials portfolio comprising: o 7 EU critical raw materials o 4 US critical raw materials o Highly engineered Titanium Alloys for the aerospace industry o High value added Aluminum Master Alloys o Vanadium, Nickel and Molybdenum from recycled secondary raw materials Heavy REE Light REE Magnesium Germanium Gallium Beryllium PGMs Phosphate Rock Borate TungstenVanadium Aluminum Tin Molybdenum Nickel Antimony Silicon Metal Natural Graphite Niobium SUPPLYRISK ECONOMIC IMPORTANCE Chromium MetalTantalum Melted or treated by AMG vacuum systemsProduced by AMG Critical raw materials identified by the US and produced by AMG EU Critical Raw Materials Titanium Lithium 1 2017 list of Critical Raw Materials for the EU, September 2017; Strategic and Critical Materials 2015 Report on Stockpile Requirements by Department of Defense in January 2015. 2 Chromium Metal (a subcategory of chrome ore) is not identified by the EU report 3 Scandium included due to use in production of Aluminum Alloys Coking Coal Baryte Helium Bismuth Natural Rubber Cobalt Fluorspar Hafnium Scandium Indium Phosphorus 26
  • 27. CRITICAL MATERIALS PRICES: 10 YEAR PERSPECTIVE • Metal prices are measured on a scale of 0 to 10, with 0 and 10 representing the minimum and maximum average quarterly prices occurring during the past 10 years • The positions demonstrate the current price level of each metal with respect to their various historical price points over the past 10 years AMG’s relevant prices have started to move into the second quartile 0.8 1.4 1.4 4.3 2.5 4.2 0.9 3.2 4.3 3.0 3.4 0.0 0.9 1.0 1.1 2.5 1.7 0.9 0.8 2.6 0.9 2.8 0 2.5 5 7.5 10 Scale Metals Sep 2017 Position Sep 2016 Position Cr Mo Ni FeV Ti Al C Si Ta Sb Highest Price in 10 years Lowest Price in 10 years Nb [unchanged] Note: Metal Positions are measured on a scale of 0 to 10, with 0 being the minimum price and 10 being the maximum price. They are calculated using the formula [(Sep ‘07 month avg – min. monthly avg) / (max. monthly avg – min. monthly avg) *10] where maximum and minimum monthly averages are measured over the period 1 Sep ‘07 through 30 Sep ‘17. [unchanged] 27
  • 28. CRITICAL MATERIALS – AVERAGE QUARTERLY PRICES MATERIALS Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Ferrovanadium ($/lb) $9.99 $10.65 $12.35 $12.30 $17.75 Molybdenum ($/lb) $7.01 $6.63 $7.90 $8.03 $8.21 Nickel ($/MT) $10,262 $10,685 $10,267 $9,222 $10,524 Aluminum ($/MT) $1,620 $1,710 $1,851 $1,909 $2,011 Chrome ($/lb) $3.67 $3.65 $3.83 $4.02 $3.93 Tantalum ($/lb) $60 $56 $57 $67 $75 Niobium Oxide ($/kg) $28 $26 $27 $30 $34 Ti Sponge ($/kg) $8.15 $8.15 $8.24 $8.74 $8.15 Antimony ($/MT) $7,271 $7,482 $8,098 $8,890 $8,291 Graphite ($/MT) * $763 $822 $730 $823 $997 Silicon Metal (€/MT) €1,648 €1,733 €1,993 €1,989 €1,927 Q3 ‘17 VS. Q3 ‘16 % CHANGE 78% 17% 3% 24% 7% 24% 20% – 14% 31% 17% Q3 ‘17 VS. Q2 ‘17 % CHANGE 44% 2% 14% 5% (2%) 12% 15% (7%) (7%) 21% (3%) 28 * 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.
  • 29. MIBRA MINE IS A PROVEN RESOURCE PROVIDING MULTIPLE PRODUCT STREAMS AMG MINERAÇÃO PRODUCTS AND MARKETS PRODUCTS Ta2O5 Concentrate & Tin MARKETS Electronics PRODUCTS Lithium Concentrate (Spodumene) MARKETS Energy Storage Ceramics PEGMATITE ORE AMG Mibra Mine CRUSHING, GRINDING, SEPARATION AND CONCENTRATION FLOTATION SPODUMENE PRODUCTION PROCESS OVERVIEW 29
  • 30. FIRST SPODUMENE PLANT – LAYOUT Feed Grinding / Mag Separation Flotation Filtration 30
  • 31. CRITICAL MATERIALS – MARKET TRENDS ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS & CHEM. CRITICAL MATERIALS MARKET TRENDSMAJOR END MARKETS MAJOR CUSTOMERS AMG ANTIMONY ANTIMONY TRIOXIDE ANTIMONY MASTERBATCHES ANTIMONY PASTES PLASTICSFLAME RETARDANTS MICRO CAPACITORS, SUPERALLOYS AMG BRAZIL TANTALUM & NIOBIUM COMMUNICATIONS & ELECTRONICS FUEL EFFICIENCY EXPANDED POLYSTYRENE (EPS), BATTERY ANODES AMG GRAPHITE NATURAL GRAPHITE ENERGY SAVING ENERGY STORAGE ALUMINUM ALLOYS, SOLAR AMG SILICON SILICON METAL FUEL EFFICIENCY CLEAN ENERGY BATTERIES AMG LITHIUM LITHIUM CONCENTRATE (SPODUMENE) RENEWABLE ENERGY COMMUNICATIONS & ELECTRONICS CONFIDENTIAL 31
  • 32. CRITICAL MATERIALS – MARKET TRENDS AMG ALUMINUM ALUMINUM MASTER ALLOYS ALUMINUM POWDERS FUEL EFFICIENCY AEROSPACE, AUTOMOTIVE INFRASTRUCTURE AMG VANADIUM FERROVANADIUM FERRONICKEL- MOLYBDENUM INFRASTRUCTURE GROWTH AEROSPACE AMG TITANIUM ALLOYS & COATINGS TITANIUM MASTER ALLOYS & COATINGS FUEL EFFICIENCY ENERGY SAVING AMG SUPERALLOYS UK CHROMIUM METAL FUEL EFFICIENCYAEROSPACE CRITICAL MATERIALS MARKET TRENDSMAJOR END MARKETS MAJOR CUSTOMERS ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS & CHEM. 32
  • 33. ENGINEERING – MARKET TRENDS AMG ENGINEERING CAPITAL GOODS (VACUUM FURNACES) FUEL EFFICIENCY ELECTRONICS AMG ENGINEERING VACUUM HEAT TREATMENT SERVICES FUEL EFFICIENCY AEROSPACE, AUTOMOTIVE AEROSPACE, AUTOMOTIVE PRODUCTS & SERVICES MARKET TRENDSMAJOR END MARKETS MAJOR CUSTOMERS ENERGY TRANSPORTATION INFRASTRUCTURE SPEC. METALS & CHEM. 33