Furthermore, in its analysis, Oddo BHF highlights that 'commodities remain supportive, with lithium prices near 25,000 dollars and nickel at 19,000 USD.' 'However, as the group has not yet reached full capacity at its nickel site in Argentina and its nickel ore mining permits in Indonesia are now exhausted, it will not be able to fully capitalize on this in the second half. Manganese prices are also showing signs of softening after a solid start to the year. Above all, given the complexity of the financial equation (ND/EBITDA > 5x) and governance (interim CEO, rumors of the Duval family exiting the capital), the stock is likely to remain largely uninvestable until the terms of the capital increase have been clarified,' it detailed.

On Tuesday, Eramet announced the appointment of Simon Henochsberg as Group Chief Financial Officer and member of the Executive Committee. He succeeds Abel Martins Alexandre, who left the company having only arrived in September, but who had been suspended since February shortly after the ousting of CEO Paulo Castellari. Simon Henochsberg had served as interim co-CFO since that date and was previously Chief of Staff to CEO Christel Bories between 2022 and 2025.

On this point, Oddo BHF stated it 'understands that Simon Henochsberg built strong relationships with the Duval family and the French State during this period, which should prove an asset in steering the group's complex financial roadmap in the coming months.'

Separately, three months after the fire at the WCP (Wet Concentration Plant) of the Eramet Grande Côte (EGC) site, Eramet announced its decision to initiate a gradual and partial restart of HMC (Heavy Mineral Concentrate) production at the end of April, at approximately 30% of nominal capacity. (The purpose of a WCP is to process vast quantities of raw sand containing very few valuable minerals, often between 1% and 10%, and eliminate as much waste as possible - quartz and clay - to produce an ultra-concentrated product: HMC, purified to over 80-90%).

The mining and metallurgical group has also commenced work to rebuild the damaged WCP facilities to their original specifications. This should allow for a restart and a gradual ramp-up to 100% production capacity by the first quarter of 2027.

Following the suspension of its mineral sands production targets, Eramet has reinstated new guidance, now expected between 300 and 400 kt-HMC (a unit of measurement used by mining companies to quantify production volume) in 2026. Force majeure clauses applicable to customer and supplier contracts remain in effect to date.

'Based on our discussions with the company, capex should remain manageable and largely covered by insurance,' Oddo BHF noted regarding this matter.

After 11:00 a.m., Eramet shares were down 0.65% at 53.60 EUR.