Eramet: 2022 Integrated Report

2022

Integrated

Report

The purpose of the integrated report is to communicate to stakeholders the challenges Eramet is helping to address and how the Group's activities create financial and non-financial value. It draws on the reference framework established by the International Integrated Reporting Council (IIRC) and complements our other publications. The information presented has been selected based on its relevance and materiality. The integrated report is included in the Universal Registration Document (URD) and is also available as a standalone publication on Eramet's website.

IIRC is a member of the Value Reporting Foundation, a global non-profit organisation that offers a comprehensive range of resources designed to help companies and investors develop a common understanding of corporate value and how it is created, preserved or eroded.

Contents

of the integrated report

Manifesto______________________________________________3

Message from the Chair and CEO ____________________ 4

Profile_________________________________________________6

Organisation _________________________________________ 8

Activities ______________________________________________9

Locations_____________________________________________ 12

Challenges ___________________________________________14

Strategy_ _____________________________________________16

CSR Commitments_ _________________________________ 20

Business model _____________________________________ 22

Stakeholders ________________________________________ 24

Human Resources __________________________________ 26

Governance _________________________________________ 28

Risk management __________________________________ 30

Financial performance ______________________________ 32

Non-financial performance__________________________ 34

Outlook _____________________________________________ 35

Unless otherwise stated, the figures presented in this integrated report exclude discontinued operations (Sandouville, Aubert & Duval and Erasteel), pursuant to IFRS 5.

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Manifesto

Because the issue of availability and quality of raw materials is a key challenge in the ecological and energy transition, we are mobilising.

Because we firmly believe that the issue of the environment cannot be addressed without also tackling societal challenges, we are taking action.

These values and our actions are founded

on our corporate purpose: to become a reference for the responsible transformation of the Earth's mineral resources for "living well" together.

This reflects our ambition to be an agent of change and an effective, committed and contributing citizen. It guides all our strategic decisions and boosts our creativity and agility.

Contributing to the circular economy, taking control of our energy consumption and emissions, repositioning our strategy onto metals that are essential for the energy transition, sharing added value and preserving biodiversity: our corporate purpose conveys our collective ambition.

It guides our focus on human beings, whether that's our employees, whose safety and development are our priorities, the communities rooted in our operating areas, with which we engage, and more globally citizens, for whom metals are essential to living well, both individually and collectively.

This compass aligns us with the greatest of the challenges ahead: meeting the needs of current and future generations by providing metals

to further the energy transition and economic development, ensuring responsible procurement, and carefully managing the Earth's resources.

We are Eramet. And we are resolutely committed to becoming a key player in the mining and metallurgical industry and creating the conditions for lasting harmony between humanity and the Earth.

ERAMET 2022 INTEGRATED REPORT

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MESSAGE FROM THE CHAIR AND CEO

Christel Bories

CHAIR AND CHIEF EXECUTIVE OFFICER

"After a record year and having completed our strategic refocusing on our core business, Eramet is positioned as a key stakeholder in the beneficiation of responsible metals".

Adjusted EBITDA of €1.9 billion, an increase of 58%, free cash flow of €824 million and net debt reduced to €344 million.

These historic achievements highlight how successfully Eramet has found a path towards profitability and growth. We ended

2022 in a much stronger financial position: our debt is the lowest it has been in nearly

10 years, our asset base is extremely solid and has demonstrated its ability to generate cash. This excellent performance once again reflects the commitment of our teams in a year that has been hit by successive crises, each multiplying the destabilising impact on our economies.

In this context, being both a model of stability and agility is a challenge. Ending the 2022 financial year in a strong financial position is, therefore, a source of satisfaction in itself.

We have other causes for celebration as well.

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We have completed our strategic refocusing on our core business, positioning Eramet as a key stakeholder in the beneficiation

of responsible metals moving forward, building on a solid base of high-quality and growth-generating assets.

The nickel mine that we operate in Indonesia is the largest in the world. This activity started just two years ago and has been a great success, with the volume of ore it produces having doubled compared to the previous year.

Similarly, we operate the world's largest manganese mine, in Gabon. In 2022, it produced 7.5 million tonnes of ore, and still has significant potential for development over the coming years.

In addition, we have several very promising projects underway focusing on strategic metals for the energy transition, an area in which we have internal resources and know-howthat is essential to success.

In lithium, the start-up of our plant in Argentina is scheduled for the first quarter of 2024.

To tap into the extremely rich deposit of this site, we are looking into the possibility of expanding in order to quickly triple production, with an overall annual target of 75,000 tonnes.

Also with regard to lithium, we are jointly studying with Électricité de Strasbourg a production project in Alsace of around 10,000 tonnes per year by the end of the decade from geothermal brines.

In battery-gradenickel-cobaltin Indonesia, we are continuing feasibility studies with BASF, with a view to making an investment decision by the end of 2023.

Finally, we have entered into a partnership with Suez in the ReLieVe project to become a major stakeholder in recycling in Europe. The common goal of all of these projects is to position ourselves as a key stakeholder in the value chain of batteries for electric vehicles.

We are therefore not short on ambition when it comes to building the Eramet of tomorrow: a key producer of the metals that the world needs and a responsible stakeholder that applies the highest ESG standards to its operations.

"We have very promising projects under way focusing on energy transition metals".

We made further progress in this area as well in 2022. Our progress has been recognised by non-financial rating agencies - we have been rated Gold by EcoVadis and A- by the CDP Climate Change, placing us among the best-rated companies in the sector.

The number of accidents fell by 27% in 2022. We have achieved a more than six-foldreduction in five years, making us the leader in our industry.

We also continued our employee development programmes and our efforts to strengthen diversity within our teams. At the end of 2022, women accounted for nearly 26% of managers.

We have continued to develop our outreach programmes targeting local populations located close to our operations, and maintain our particular focus on rehabilitating sites and preserving biodiversity with

the development of local nurseries and a commitment to an exceptional level of restoration for cleared areas.

We believe that responsible mining

is not only possible but in fact essential. That is why we are ramping up our initiatives to progress faster and meet the increased demands of host countries and populations, as well as the need to accelerate

the decarbonisation of our industries in the fight against climate change.

We are resolutely focused on the future, ready to seize the opportunities that will be offered to us. The necessary energy transition has profoundly and permanently changed expectations. Europe has changed, investors have changed, and decision-makers have changed. Now stronger than ever,

Eramet is on its way to achieving its goal of becoming a champion of the new era of metals.

ERAMET 2022 INTEGRATED REPORT

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